What is the relevance of entrepreneurship to an organization?

1. Development of managerial skills

2. Creations of organizations
3. Improving the standard of living
4. Means of economic development
Concept of entrepreneurship
Entrepreneur

- Founders and builders of enterprises and businesses 0

- Derived from the French word ’’ entreprendre’’ meaning to undertake
- Undertake means to commit oneself to begin enterprise

Entrepreneurs are innovators

Innovators

- A person that introduces something new

FACTORS AFFECTING ENTREPRENEURSHIP

1. PERSONALITY FACTORS
a. Initiative – doing things even before being told
b. proactive – he can classify opportunities and size it
c. problem solver – he can retain great relationship with the people
d. perseverance – he will pursue things regardless of the challenges
e. persuasion – he can entice people to buy even if they don’t want to
f. planner – he makes plans before doings things and does not fail to monitor it

g. Risk-taker -which means that he is willing to gamble but he will calculate it first.

2. Environmental Factors which include

1. Political
2. Climate
3. legal system
4. economic
5. social conditions
6. market situations.
Common Competencies in Entrepreneurship
1. Decisive -an entrepreneur must be firm in making decisions.
2. Communicator -an entrepreneur must have a convincing power.
3. Leader -an entrepreneur must have the charisma to be obeyed by his employees.
4. Opportunity seeker -an entrepreneur must have the ability to be the first to see business
chances.
5. Proactive -controlling a situation by making things to happen or by preparing for possible
future problems.
6. Risk Taker -they have the courage to pursue their business ideas.
7. Innovative -the entrepreneurs have big business ideas and they do not stop improving and
thinking of new worthwhile ideas for their business.
Core Competencies in Entrepreneurship
1. Economic and dynamic activity -Entrepreneurship is an economic activity because it involves
the creation and operation of an enterprise with a view to creating value or wealth by ensuring
optimum utilization of limited resources.
2. Innovative -Entrepreneurs constantly look for new ideas, thus he needs to be creative.
3. Profit Potential -The entrepreneur can be compensated by his profit coming from the
operation.
4. Risk bearing – The entrepreneur needs to gamble but wise enough to offset the risk.
Types of Entrepreneurs
1. Innovative entrepreneur -They are those who always make new things by thinking of new
ideas. They have the ability to think newer, better and more economical ideas.
2. Imitating entrepreneurs -They are those who don’t create new things but only follow the ideas
of other entrepreneurs.
3. Fabian entrepreneurs -They are skeptical about changes to be made in the organization. They
don’t initiate but follow only after they are satisfied.
4. Drone entrepreneur -They are those who lives on the labor of others. They are die-hard
conservatives even ready to suffer the loss of business.
5. Social entrepreneurs -They are those who initiate changes and drive social innovation and
transformation in the various fields such as education, health, human rights, environment and
enterprise development.
Career Opportunities of Entrepreneurship
1. Business Consultant
-with the expertise of in the field of entrepreneurship, he can be a very good source of advices to
other entrepreneurs and would be business man.
2. Teacher -a graduate of an entrepreneurship can use his knowledge in teaching.
3. Researcher -the entrepreneur can be employed as researcher by an enterprise.
4. Sales -the entrepreneurship graduate can apply as salesman.
5. Business Reporter -the entrepreneur being expert in the field, he can be employed as business
reporter.
ETREPRENEURSHIP
- a science converting ideas into business.
- Process of actions of an entrepreneur who is always in search of something new
- Refers to concept of developing and managing business venture

ENTREPRENEURIAL IDEA

- A specific innovative way to satisfy want, overcome a problem, or meet a challenge

ENTREPRENEURAL OPPORTUNITY

- Defined as a want, problem, or challenge that can be addressed, solved, and/or satisfied by an
innovative initiative
ENTREPRENEUR

- Derived from the French word ’’ entreprendre’’ meaning to undertake

- They are innovators

Enterprise

- An organization that is engage in commercial activities

- Its goal is basically to earn profit
- Profit is the return of compensation to the entrepreneur

TYPES OF ENTREPRENEUR ACCORDING TO CONCEPT

1. an entrepreneur can involve a new concept
- means creating or stumbling on a new idea or concept, and creating and inventing something new
- innovator Steve jobs
2. an enterprise can be built on an existing concept, but giving rise to a new business
- means creating new business based in the existing concept
- Edjar ‘’Injap’’ J. Sia Founder of Mang inasal
3. an entrepreneur can involve an existing concept and existing business
 - an entrepreneur can have a laundry business
The traits/quality of an Entrepreneurship
1. initiative Does things before being asked
2. proactive Identifies and utilizes opportunities
3. perseverance Works against all odds to overcome obstacles and is never complacent with success
4. problem-solver Introduces innovative solutions to any obstacles and problems in the enterprise
5. persuasion Convinces customers
6. Self-confidence Makes decisions and sticks to his decision
7. Self-critical Learns from his mistakes and experience from others
8. A planner Collects information, prepares a plan, and monitors performance
9. risk-taker Willing to take calculated risks
10. Creativity The ability to come up with clever, workable solutions
11. business like Possessing the knowledge of your chosen business and having the savvy
attitude
12. confidence Having firm belief in your own capabilities
13. Relation skills The ability to get along with others
14.communication The ability to express yourself
skills
15. Ability to make The talents to analyze complex setuations
decisions