Entrepreneurial Management

REVIEWER

Week 1

Entrepreneurship has traditionally defined as the process of designing, launching and running a new business,
which typically begins as a small business

Loanword from French

First used in 1723

Implies quality of leadership initiative and innovation

Was studied by joseph Schumpeter in the 1930

Austrailian economist carl menger Ludwig von mises friedrich von hayek

Resulted in new industries and in new combinaions of currently existing inputs

The entrepreneur did not bear risk , the capitalist did

Believed that the equilibrium ideal was imperfect for Schumpeter 1934

The Entrepreneur and the innovator

Challenging status quo or for changing rules of business entrepreneur ae ofter described as innovators or
creative minds that can make things happen

Some entrepre. Are also innovatos this is not always the case it is important to make distinction as making
things happen is not the same as making new thing happen

Who is entrepreneur?

The owner of the business who invest his/her resources to bring an idea to life

Setting ddirection that tranforms that idea to reality

Provding and gaining value that balances effort puropose and profit

Description is different from a corporate entrepreneur who does everything like an entrepreneur but does not
have financial stake in business

Intrapreneur with an entrepreneurial spirit

5 Concepts of entrepreneurship

The entrepreneurship as missionary

-persives opportunities inherent in the exchange of goods with grear desire for profit

The entrepreneurship as an entra ordinary business man

-Has knowledge which ordinary people do not have

-This additional knowledge leads the entrepreneur to exploit the opportunities to make profit
The Entrepreneur is Goal Driven

-entrepreneur is goal driven and self-confident as he exercises the locus of control 

-sets high goals and strive to attain the projected target and accomplishments

The Entrepreneur is Marketing Man

- marketing environment is identified by entrepreneur

-he marshals his resources to pursue the opportunities and makes immediate action to exploit his personal
gain 

-needs and wants of the customers are properly identified.

The Entrepreneur Starts small to become big 

-perceives risk as opportunity and makes innovation or modifications as he exploits the resources available to
make it happen.

Week 2 Markup, Selling Price and Cost Price

The Markup %

- refers to the difference between the selling price of goodsor service and its cost

Solution: M = SP – CP /CP *100

SP-CP CP IV. LESSON PROPER M= x 100

The Selling Price

-Is the price that the buyer actually pays for the property, or personal consumption, in order to determine the
sales price

Solution:  SP = CP (M+100)

The Cost Price

-is the total amount of money used to provide a product

Solution: CP=100*SP/M+100
Week 3