Learning Outcome

At the end of this lesson, the learner should be able to define

entrepreneur and entrepreneurship.
Factors that led to the situation of having no universal
definition of term Entrepreneurship:
1. Scholars have different point of views
2. Economic events have varying effects on the definition of terms
3. Previous researches on the entrepreneurship have different
frameworks
▪ Entrepreneur • Entrepreneurship
➢Originate from the French ➢Comes from the word
word entreprendre which Entrepreneur
means “to undertake” ➢Refers to a particular field
➢A person practicing of practice or process
Entrepreneurship
➢Defined as a person who strongly advocates and correctly practices
the concepts and principles of entrepreneurship in operating and
managing the self-owned business venture called Enterprise
➢An individual with distinct social characteristics or attribute (Joseph
Shumpeter)

➢A person who organizes, operates and assumes the risk of business

venture (American Heritage Desk Dictionary)
It is a art of observing correct practices in managing and
operating a self-owned wealth-creating business enterprise
by providing goods and services that are valuable to the
customers
➢Refers to a business or enterprise that correctly adopts
and practices the principles of entrepreneurship
➢Owned by one person with limited workforce of not more
than 20 person
➢It includes the small and medium enterprises (SMEs)
▪ Pertains to a business enterprise managed and
operated by an owner who is not an advocate of and
does not practice the concepts and principles of
entrepreneurship.
▪ It generates new wealth in an economy
▪ Decreases poverty
▪ It creates opportunities, ensure social justice, instills
confidence and stimulates the economy
▪ Improves productivity