At the end of the lesson, you should be able to:

1. Identify the origin and nature of entrepreneurship

2. Distinguish newness from innovation

3. Enumerate the broad impact of Entrepreneurship on

the economy

4. Determine contemporary views on entrepreneurship

Contemporary Entrepreneurship

Entre = to enter

Pre = before

Neur = nerve center

An entrepreneur is someone who enters a business - any business in time to

form or · change substantially that business nerve center.
Contemporary Entrepreneurship

To an economist, an entrepreneur is one who brings resources, labor,

materials, and other assets into combinations that make their value greater
than before, and also one who introduces changes, innovation, and a new
order.

To a psychologist, an entrepreneur could refer to such a person as typically

driven by certain forces: the need to obtain or attain something, to
experiment, to accomplish, or perhaps to escape from the authority of
others.
Entrepreneur as process and approach

1. Identifying an opportunity
2. Understanding resource requirements
3. Acquiring resources
4. Planning
5. Implementing
Entrepreneur vs. Entrepreneurship

Entrepreneur Entrepreneurship
- Founder of a business - Varies from single to multiple projects
- An individual or team of - Is the art of turning an idea into a
people who not only venture.
generate profits but also
solve societal challenges
through products And
services.
Entrepreneur vs. Entrepreneurship

Entrepreneur Entrepreneurship
- Is a critical thinker - Provides the platform to make changes
through innovations and out-of-the-box
thinking.

- Typically initiates and - Is the procedure of starting a new

operates a new business business that prepares someone for both
risks and opportunities.
Entrepreneur vs. Entrepreneurship

Entrepreneur Entrepreneurship
- Coordinates the essential - Is the process of coordination that
requirements of an allows individuals to streamline their
organization. efforts and resources.
Entrepreneur Skills

1. Communication
Every entrepreneur needs to be an effective communicator. Whether a
person is a solo entrepreneur or runs a Fortune 500 company, they need to
understand how to communicate effectively to all stakeholders and
potential stakeholders that touch the business.
Entrepreneur Skills

2. Sales

The soft skill of sales goes hand-in-hand with the communication necessary
to be successful.

As an entrepreneur, this person needs to be able to sell anything and

everything. An entrepreneur needs to sell the business idea to potential
investors, the product or service to customers, and themselves to
employees.
Entrepreneur Skills

3. Focus

The path to successful entrepreneurship is riddled with ups and downs.

There are the highs of successes and the despairs of setbacks.

Successful entrepreneur needs to be able to focus so they can stay the

course when the going gets tough.
Entrepreneur Skills

4. Ability to Learn

The ability to learn is one of the most important skills to have in life, let
alone in entrepreneurship. If someone is building a business, however, the
ability to learn is required for success.
Entrepreneur Skills

5. Business Strategy

While a successful entrepreneur has, by definition, built a successful

company, the skill of business strategy is actually the fifth most important
skill that an entrepreneur needs.

Often, entrepreneurs achieve success in their businesses through their own

sheer strength of will.
Socio-Economic Benefits from Entrepreneurship

1. Entrepreneurship creates employment.

2. Entrepreneurship improves the quality of life.
3. Entrepreneurship contributes to a more equitable
distribution of income.
4. Entrepreneurship utilizes resources.
5. Entrepreneurship brings social benefits through the
government.
Traits and Characteristics of an Entrepreneur
1. Vision and Passion
2. Innovative
3. Risk Taker
4. Leader
5. Persistent
6. Ethical
7. Competitive Spirit
8. Resilient
End of Lesson 1