MN9 – ENTREPRENUERSHIP: Schedule: MODULE 1 – PART 2

A. CHARACTERISTICS OF ENTREPRENEURSHIP

1. Ability to take risks ∙ Starting any new venture involves a

considerable amount of failure.

∙ Requires courage and be able to evaluate

all factors and need to take risks which
is the essential part of being an
entrepreneur.

2. Innovation ∙ Highly innovative to generate new ideas

-continuous, never ending ideas
-innovation requires creativeness
-sustainability is also important

∙ Change can be the launching of a new

product that is new to the market or a
process that does the same thing but in a
more efficient and economical way.

3. Visionary and ∙ Must have a clear vision for the new

Leadership Quality
venture
-visionary
∙ Leadership is paramount because leaders
impart and guide employees towards
the right path of success.

4. Open Mind ∙ Every circumstance can be an

opportunity and used as a benefit to
the company.
-Attentive

5. Flexible ∙ Must be flexible and open to change

according to the situation.
-adapting to the entire experience
-must be open to all matters
∙ Equipped to embrace change in a product
or services, as when needed.
 6. Know your product
B. IMPORTANCE OF ENTREPRENEURSHIP
a. Accelerates Economic Growth
b. Innovation
c. Impact on Society and
Community Development
d. Support research and
Development
e. Develops and Improve
Existing Enterprises
End of Module 1 - Part 2
∙ Know well the product offering
∙ Aware of the trend in market
∙ Know if the product and service offering
meet the demand of the market or
whether time to tweak a little.
∙ Able to be accountable and then alter as
needed is a vital part of
entrepreneurship.
∙ Creates new products and services
∙ Provides new job opportunities .
∙ Utilizing resources in the most effective
ways.
∙ Serve as a HUB of innovations that
provides new product ventures, market,
technology and quality of goods
∙ Increases the standard of living of people
∙ Society improves if the employment base
is large and diversified.
∙ Brings change in the society and promote
facilities that assists the organization
towards a more stable and high quality
of community life.
∙ New product and services need to be
researched and tested before launching
in the market
∙ Increases the likelihood of finding
innovative solution to social
challenges faced by communities
around the world.