MODULE 7 – ENTREPRENEURSHIP 3.

Entrepreneurship and Community

Development
LEARNING 4. Government’s Role and Undertaking in
OBJECTIVES Entrepreneurship Development
5. The Entrepreneurial Process
6. Entrepreneurship and Franchising

After studying this module, you as a future English 7. Entrepreneurship and Social
teacher should be able to: Entrepreneurship

1. Define and understand the integral meaning

of entrepreneurship and entrepreneur;
OVERVIEW
2. Be acquainted with the role of an
Poverty is a phenomenon considered as the world’s
entrepreneur in economic development;
disease the affects many aspects of people’s lives.
3. Recognize government roles and It limits people’s access to their fundamental rights
undertaking in the development of and opportunity to reach their full potential. People
entrepreneurship; affected often experience a range of different
difficulties and/or disadvantages that that entrap
4. Identify and describe the key qualities of an them in poverty.
entrepreneur;
It is a truism that the community we foster connects
5. Identify and understand how students, academics, practitioners, policy makers,
entrepreneurship and franchising are and community members who have the collective
connected; power to truly change the world. People in the
community must develop their skills on how to
6. Have a deeper knowledge on the difference
successfully start, manage, diversity and expand
between entrepreneurship and social
business enterprises, Hence, the national
entrepreneurship;
government has to intensify its community
7. Better understand the economic development activities in order to transform
significance of social entrepreneurship in unemployed youth from job seekers into employers
the poverty reduction agenda of the of the workforce; for we truly need to believe that
government; and entrepreneurship, innovation and new ways of
thinking will turn the tables in the effort to end
8. Develop their skills on how to successfully poverty (2013 Alleviating Poverty through
start, manage, diversify and expand Entrepreneurship Summit).
business enterprises.
This chapter presents the concept for everyone to
incessantly eye for opportunity and adopt innovation
TOPIC as the core of entrepreneurship. It provides basic but
OUTLINE adequate information about entrepreneurship, the
1. Entrepreneurship and the Entrepreneur role of an entrepreneur in economic development,
2. Qualities Needed to Succeed in an the entrepreneurial process, how entrepreneurship
Entrepreneurial Environment and franchising are connected, difference between
entrepreneurship and social entrepreneurship and
their significance in the national economy. It likewise sprouting in urban and rural areas (cited in Sergio III,
equips NSTP-CWTS students to be aware and be Vargas and Villanueva, 2007).
equipped with knowledge and skills as to how they
Entrepreneurship is the process of creating
could take part with entrepreneurs, the local and the
something new with value by devoting the necessary
national government in an effectual implementation
time and effort, assuming the accompanying
of community services towards economic progress.
financial, psychic, and social risks and receiving the
resulting rewards of monetary and personal
satisfaction and independence (cited in Hisrich,
Peters and Shepherd, 2008).

ACTIVATING Prof. Hirsh states that entrepreneurship is more

PRIOR KNOWLEDGE than a word. It is a mission. According to him, we
must perceive opportunities inherent in changes; we
must create an environment in which success is
ENTREPRENEURSHIP AND
possible and the consequence of failure is tolerable
THE ENTREPRENUER (cited in Fajardo, 1997).

Entrepreneur Defined
Entrepreneurship Defined
The word entrepreneur originates from the French
The following are definition of entrepreneurship from
word “entreprendre” which means “to undertake.”
the point of view of some educators, experts and
Entrepreneur is an individual who organizes,
authorities:
manages and assumes the risk of business or
Entrepreneurship, according to Howard Stevenson enterprise (Webster Dictionary).
of the Harvard Business School, it is “exploiting an
Jean Baptiste Say, the French economist, described
opportunity regardless of the resources currently
entrepreneurs as “the venturesome individuals who
available.” Stevenson goes on to say, “The key to
stimulated economic progress by finding new and
this perspective is the focus on opportunity” (not
better ways of doing things.” For him, entrepreneurs
resources).
optimize the allocation and use of resources to
As defined by Prof. Nathaniel Left (cited in Fajardo, generate maximal profits.
1997), entrepreneurship is the capacity for
Entrepreneurs thrive on problems and are
innovation, investment and expansion in new
motivated by the idea of altering an unpleasant
markets, products and techniques. Entrepreneurship
situation. Rather than waiting for instructions;
according to him always gives birth to an innovation
entrepreneurs have initiate direct action. If the
whether it is a product, service or simply creating a
entrepreneur sees a more effective scheme of doing
new concept out of an existing one. It promotes the
things, he or she will not hesitate to do away with
creativity of an individual and enables him/her to
existing systems in favor of a whole new approach
share his/her products or innovativeness, people,
to a problem. An entrepreneur has the courage to
nowadays, are more of a thinker than a doer. Many
take calculated risks; he sometimes has to do things
of them are satisfied with involving themselves in
that others think are unwise and is undoable. The
new business ventures rather than being employees
entrepreneur also carries projects throughout
all their life. This is evidenced by the business
completion and is unconstrained by occasional
setbacks or challenges.
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,
innovations, and a new order.
To a psychologist, such a person is typically driven
by certain forces-the need to obtain or attain
something, to experiment, to accomplish, or perhaps
to escape the authority of others.
To one businessman, an entrepreneur appears as a
threat, an aggressive competitor, whereas another
businessman the same entrepreneur may be an ally,
a source of supply, a customer, or someone who
creates wealth for others ,as well as finds better
ways to utilize resources, reduce waste, and produce
jobs others are glad to get (Hisrich, Peters and
Shepherd, 2008).
An entrepreneur, therefore, is an innovator; he
innovates and sells. He must find, evaluate, and
develop an opportunity by overcoming the forces
that resist the creation of something new (Hisrich,
et.al., 2008).
Joseph Schumpeter, the 20th century economist
explained that the function of entrepreneurs is to
reform or revolutionize the pattern of production by
exploiting an invention or, more generally, an untried
technological possibility for producing a new
commodity or producing an old one in a new way, by
opening up a new source of supply of materials or a
new outlet for products, by reorganizing an industry
and so on.” For him entrepreneurs could achieve
their economic objectives if their mindsets are
innovative, creative and goal-oriented.
Schumpeter famously listed the five (5) main types
of innovations:
1. “a new good,”
2. “a new method of production,”
3. “a new market,”
4. “a new source of supply of raw materials,“
and
5. “the carrying out of a new organization of
any industry.”
QUALITIES NEEDED TO
SUCCEED IN AN
ENTREPRENEURIAL
ENVIRONMENT
1. Can Roll with the Punches – means being
comfortable with wearing many hats,
requires more flexibility and creativity and
enjoys being dynamic.
2. Endless Motivation – be more persistent to
have a greater chance of success.
3. Has the Hunger to learn – use everything
that happens to you as a learning
experience; use failure that occurs on your
path to success as a case study to further
improve your business; continue to sharpen
your skill sets and broaden your knowledge
base. Never stop learning and never let
someone tell you that something can’t be
done on you can’t do it; make things happen.
4. Tolerance of Ambiguity – what you’re doing
one day could be completely different the
next; expect to do things outside of your job
description and move quickly.
5. Love of the Circus – being equally willing to
manage, code, consult or empty the trash
cans in order to be “golden.”
6. Knows where to Drive – one needs to be
driven, self-motivated and enthusiastic.
7. Ability to get things Done – being able to
push forward, make decisions
independently, learn quickly from your
mistakes and adapt to constantly changing
circumstances and information are qualities
that every CEO seeks out.
8. Incredible Patience – to push as hard as
you can is important, but if you can’t deal
with waiting, entrepreneurship will be a
frustrating experience.
9. Unmatched Perseverance – means
commitment to your company, hard work,
patience, and having endurance.
10. Dedication is Key – with the right mixture of
perseverance, initiative, resiliency, and
vision.
 11. True Grit – the need to have passion.
12. Teamwork is a Must – every successful
entrepreneur requires the ability to be a
team player. You cannot do everything on
your own, so make sure you are willing to
share tasks or take on someone else’s
project.

ENTREPRENEURSHIP AND
COMMUNITY
DEVELOPMENT

Entrepreneurship as a Community Service

According to the Youth employment Network, Figure 1: Framework for livelihood Implementation
entrepreneurship is a veritable tool for tackling the (Sergio III, et.al. 2007).
twin challenge of poverty and unemployment. It is
for this reason that the national government has to Role of Entrepreneurship for Community

intensify its community development activities in Development

order to transform unemployed youth from job

The entrepreneur who is a business leader looks for
seekers into employers of the workforce.
ideas and puts them into effect in fostering

Each community has the need to create new breed economic growth and development.

of entrepreneurs who are not contributors to the Entrepreneurship is one of the most important

local and national economy. Indeed, people in the inputs in the economic development of a country.

community must also develop their skills on how to The entrepreneur acts as a trigger head to give spark

successfully start, manage, expand and/or diversify to economic activities by his entrepreneurial

business enterprise. decisions

(http://www.preservearticles.com/2011011). He
The framework illustrates how livelihood programs plays a pivotal role not only in the development of
should be implemented in our partner communities. industrial sector of a country but also in the farm
and service sector for community development.

(1) Promotes Capital Formation by mobilizing

the idle savings of public. They employ their
own as well as borrowed resources for
setting up their enterprises. Such type of
entrepreneurial activities leads to value
addition and creation of wealth, which is
very essential for the industrial and
economic development of the country.
(2) Creates Large-Scale Employment
Opportunities
Entrepreneurs provide immediate large-
scale employment to the unemployed which
 is a chronic problem of underdeveloped
nations. With the setting up of more and
more units by entrepreneurs, both on small
and large-scale numerous job opportunities
are created for others.as time passes, these
enterprises grow, providing direct
indirect employment opportunities to many
more. In this way, entrepreneurs play an
effective role in reducing the problem of
unemployment in the country which in turn
clears the path towards economic
development of the nation.
(3) Promotes Balanced Regional Development
Entrepreneurs help to remove regional
disparities through setting up of industries in
less developed and backward areas. The
growth of industries and business in these
areas lead to a large number of public
benefits like road transport,
education, entertainment, etc. Setting up of
more industries leads to more development
of backward regions and thereby promotes
balanced regional development.
(4) Reduce Concentration of Economic Power
Economic power is the natural outcome of
industrial and business activity. Industrial
development normally leads
concentration of economic power in the
hands of a few individuals which results in
the growth of monopolies. In order to
redress this problem a large number of
entrepreneurs need to be developed, which
will help reduce the concentration of
economic power amongst the population.
(5) Wealth Creation and Distribution
It stimulates equitable redistribution of
wealth and income in the interest of the
country to more people and geographic
areas, thus giving benefit to larger sections
of the society, Entrepreneurial activities also
generate more activities and give a
multiplier effect in the economy.
and (6) Increasing Gross National Product and Per
Capital Income
Entrepreneurs are always on the look-out for
opportunities. They explore and exploit
opportunities, encourage effective resource
mobilization of capital and skill, bring in new
products and services and develops
markets for growth of the economy. In this
way, they help increasing gross national
product as well as per capital income of the
people in the country. Increase in gross
national product and per capita income of
the people in a country, is a sign of
economic growth.
health,
(7) Improvement in the standard of Living
Increase in the standard of living of the
people is a characteristic feature of
economic development of the country.
Entrepreneurs play a key role in increasing
the standard of living of the people by
adopting latest innovations in the production
of wide variety of goods and services in
to large scale that too at a lower cost. This
enables the people to avail better quality
goods at lower prices which results in the
improvement of their standard of living.
(8) Promotes Country’s Export Trade
Entrepreneurs help in promoting a country’s
export-trade, which is an important
ingredient of economic development. They
produce goods and services in large scale
for the purpose earning huge amount of
foreign exchange from export in order to
combat the import. Dues requirement.
Hence import substitution and export
 promotion ensure economic independence 7. Public Administration
and development. 8. Production Technology
9. Marketing Assistance
(9) Induces Backward and Forward Linkages 10. Financial Assistance

Entrepreneurs like to work in an environment Government Undertaking for Entrepreneurship

of change and try to maximize profits by Development
innovation. When an enterprise is
established in accordance with the changing The government has instituted various
technology, it induces backward and undertaking to promote and develop entrepreneurial
forward linkages which stimulate the initiatives. The following are some of the noted
process of economic development in the undertakings:
country.
(10) Facilities Overall Development
1. The One Town One Product (OTOP) – a
Entrepreneurs act as catalytic agent for change
priority program to promote
which results in chain reaction. Once an
entrepreneurship that creates jobs. Through
enterprise is established, the process of OTOP, local chief executives of each city
industrialization is set in motion. This unit will and municipality take the lead in identifying,
generate demand for various types of units developing and promoting a specific
required by it and there will be so many other products or services that are seen with
units which require the output of this unit. This potential competitive advantage
(www.dti.gov.ph).
leads to overall development of an area due to
increase in demand and setting up of more and
OTOP-Philippines supports micro, small,
more units. It this way, the entrepreneurs
and medium enterprises (MSMEs) to
multiply their entrepreneurial activities, thus
manufacture, offer, and market distinctive
creating an environment of enthusiasm and
products or services through the use of
conveying an impetus for overall development
indigenous raw materials and local skills
in the community.
and talents. It offers a comprehensive
assistance package through a convergence
GOVERNMENT’S ROLE of services from local government units.
(LGUs), national government agencies
AND UNDERTAKING IN
(NGAs), and the private sector. This
ENTREPRENEURSHIP includes:
DEVELOPMENT

Roles of the Government in Entrepreneurship  Business counselling

Development  Appropriate technologies
 Skills and entrepreneurial training
 Marketing
1. Peace and Order
 Product designs and development
2. Political Stability
3. Price Stability
4. Revenue Collection
5. Infrastructure and Training Some of Pangasinan’s OTOP products are
6. Education and Training as follows:

 Lingayen’s Capital Town’s OTOP
producg is “Bagoong” as per
Ordinance No.6, s-2012 of the
Sangguniang Panlalalwigan of
Pangasinan;
 Dagupan City’s milkfish, the
popularly known “Banugs”;
 Sual and San Fabian are known for
their dried salted fish:
 Dasol and Infanta towns are where
hundreds of hectares of salt farm
are located;
 Calasiao is popular for its white
gold, sweet and bite-sized “puto”
 Bayambang is fastly known by food
enthusiasts because of its “buro”
the fermented rice –and fish mix.
 Binalonan and Bugallon for their
jugs of vinegar that are found on
stalls along the highways;
 San Carlos City is acknowledged for
its bamboo craft and its luscious
mangoes;
 Mangalan is recognized as the place
to go to when one craves tasty
“tapa”.
 Mapandan is known for its
molasses sugar;
 Sto. Tomas residents make bags
and other décor from cornhusks
after adopting corn as its OTOP;
 Bugallon chose to develop”duhat”
(native blackberry) wine instead of
improving on its nipa vinegar;
 Urdaneta City recently adopted
squash as its favored product after
the city’s training center developed
different recipes from the
vegetables.
 Alaminos City takes pride in its
tourism prospects because of the
Hundred Islands National Park; and
 Balungao is cashing in on its goat
trade.
2. The National Youth Commission offers the
Youth Entrepreneurship Financing Facility
Program (YEFFP) that aims to:
a) Enhance the entrepreneurial skills of the
Filipino Youth;
b) Support the business ventures of young
people with technical and
entrepreneurial skills, who otherwise are
ineligible under regular credit facilities,
by providing them easier access to
credit;
c) Encourage the self-employment of the
Filipino youth; and
d) Establish a credit program for
entrepreneurs.
3. The Medium-Term Philippine Development
Plan or MTPDP is the Philippines’ blueprint
of growth. This program envisions a nation
where only a small proportion of the
population is considered poor. The MTPDP
calls for the development of an
entrepreneurial culture by improving access
to information on business opportunities,
available raw materials, skills and
entrepreneurship training, prospective fund
sources and access to the latest
technologies. It also envisions a school
curriculum that incorporates
entrepreneurship education. Similarly, it
stresses the need to enhance employment
and livelihood opportunities of poor Filipinos
through entrepreneurship and microfinance.
However, the global crisis has made the
fight against poverty much more difficult. It
is for these reasons that the government
has to accelerate and intensify the
implementation of key provisions in the
MTPDP to maximize growth and protect the
most vulnerable, and to make growth
equitable and sustainable.
THE ENTREPRENEURIAL
PROCESS
Entrepreneurial process is the process of pursuing a
new venture, whether it be new products into
existing markets, existing products into new
markets, and/or the creation of a new organization.
The process has four distinct phases:
identification and evaluation of the opportunity; (2)
development of the business plan; (3) determination
of the required resources; and (4) management of
the resulting enterprise (see Table 1).
ENTREPRENEURSHIP AND
FRANCHISING
Entrepreneurship and franchising are two
concepts that are closely intertwined or connected.
Many entrepreneurs enter long-term relationships
such as franchising, an important area
entrepreneurship research (Mark Pruett & Greg
Winter, 2011). Franchising is a powerful economic
engine because of it is a sophisticated,
entrepreneurial alliance through which thousands of
individuals create vast wealth.
Opportunity is the core of entrepreneurship. Bill
Gates once said, “Vision is the easy part.” But when
you think you have the vision, the good idea, you very
next question must be, “Is it an opportunity.”
Therefore, an entrepreneur must understand what
separates an opportunity from an interesting idea.
They have to think in terms of the three subsets of
opportunity recognition: market demand, market
size and structure, and margin analysis.
Franchising happens when someone develops a
business model and sells the rights to operate it to
another entrepreneur, a franchise. The company
selling the right is the franchisor. The franchisee
(1) usually gets the rights to the business model for a
specific time period and a specific geographic area.
The key feature of a franchise system is that the
ownership of the brand and the modus operandi for
the delivery of the product are retained by the
franchisor, and execution is franchise responsibility.
McDonald’s, Pizza Hut, Inc. Jolibee, 7-Eleven, Inc.,
Aquabest, Bibingkinitan and the Generics Pharmacy
are just some of the top Franchises for 2013.
Although it is argued that there is no entrepreneurial
component in applying for and running a franchise, it
is indeed, beyond question that entrepreneurship
and franchising are connected. If we agree that
innovation is an integral part of entrepreneurship, the
requirement that a franchisee must comply with the
business model set forth by the franchisor-a
standard requirement in a franchise-stamps out
entrepreneurial discretion in the business. Indeed,
what is gained in a franchise entrepreneurial alliance
is a method for exploiting a business opportunity in
a competitive manner.
of ENTREPRENEURSHIP AND
SOCIAL
INTRPRENUERSHIP
A common misconception is that any businessman,
or anyone who starts business, is an entrepreneur.
According to economists say and Schumpeter,
starting a business is not the main component of
entrepreneurship. Rather, entrepreneurship is
concerned with stimulating economic progress
through innovation and action.
Social Entrepreneurship
According to J. Gregory Dees, social
entrepreneurship combines the passion of a social
mission with an image of business –like discipline,
innovation, and determination.
Social Entrepreneur
The social entrepreneur harnesses entrepreneurship
skills to do social good. The social entrepreneur’s
philanthropic energies are channeled into business
ventures, creating value in business so that
consumers are willing to pay for the goods and
services, and by doing so, the social entrepreneur
earns a profit which is invested in the social
ventures.
According to Martin & Osberg, social entrepreneurs
aim for value in the form of large-scale,
transformational benefit that accrues either to a
significant segment of society or to society at large.
Moreover, the social entrepreneur targets its
programs t the “underserved, neglected, or highly
disadvantaged population that lacks the financial
means or political clout to achieve the
transformative benefit on its own. For them, social
entrepreneurs are builders of a better world.
Just as entrepreneurs change the face of business,
social entrepreneurs act as the change agents for
society, seizing opportunities others miss and
improving systems, inventing new approaches, and
creating solutions to change society for the better.
While a business entrepreneur might create entirely
new industries, a social entrepreneur comes up with
new solutions to social problems and then
implements them on a large scale and they are
individuals with innovative solutions to society’s
most pressing social problems. They are ambitious
and persistent, tackling major social issues and
offering new ideas for wide-scale change.
Difference between Entrepreneurship and Social
Entrepreneurship
The entrepreneur’s final objective is wealth creation.
However, for the social entrepreneur, wealth creation
is simply a means to an end. The social entrepreneur
participates in profit-seeking business ventures if
only to use the profits generated to create valuable
social program for the whole community.
The Growing Need for Social Entrepreneurs
In the current economic crisis, financial pressures
are exacerbating existing social problems such as
poverty and unemployment. According to J. Gregory
Dees, social entrepreneurship is necessary to
mitigate the financial repercussions and
consequences on the most vulnerable in society.
If formal education that should be placed by parents
is being impede due to their sufferings from financial
burden, fewer children will attend school and fewer
people will receive adequate health care. This could
create tensions and violence that may increase as
the poor compete for jobs and income opportunities.
Progress will be lost, as families that have been
successful in moving out of poverty fall back into it.
As government, business, and household budgets
tighten, costly environmental protection and clean-
up efforts are in jeopardy. Because many social and
environmental issues are time sensitive, failure to
recognize the importance of social entrepreneurship
and provide adequate support for such efforts
during this downturn would be a serious mistake, as
stated by Dees.
Qualities of a Good entrepreneur
It is clear that anyone can become an entrepreneur,
but only the good entrepreneurs are successful and
manage to get the fruits of their investment. There
are some distinctive qualities that are required to be
a successful entrepreneur. Here is a list of some of
these qualities.
1. Perseverance
Whatever business you might be setting up,
there are times where you will face
problems. It is moment like this that you will
need to hold on and persevere. You will have
to believe in yourself and your products and
services in order to succeed.
2. Interpersonal Skills It almost goes without saying that to
become a successful entrepreneur, you
Business is all about dealing with people must be passionate about your business.
and you will need to be good at This does not necessarily mean you have to
communicating if you want to succeed. build a business around something you love.
Whether it is with your customers, suppliers You can (and should) identify a profitable
or employees it is important that you learn market and grow your business from there.
how to communicate in an effective way to
make sure that your business is run as
smoothly as possible. 7. Leadership

Although the definition of a leader is not

3. Willingness to take Calculated Risks easy, we recognize one when we see him in
action. Basically, it’s the ability to be in
A good entrepreneur should be ready to take charge of people and guide them to achieve
calculated risk if he or she wants to their objectives. A leader must be able to
succeed. Sometimes in business you will plan, motivate, coach and evaluate his staff.
need to trust your gut feelings and walk on A leader must also have both managerial
water. However you will need to distinguish and interpersonal skills.
between foolishness and calculated risk.
Make sure that you do your homework and
ensure that your business plan is feasible 8. Competitiveness
before getting started.
Composition is everywhere. Business is
4. Motivation strictly based on out compete your
competition. If you can establish your
It is important that an entrepreneur remain presence in the market, differentiate
motivated at all time. This is indeed more yourself from your competitors and surpass
important when you are pioneering a them by providing a product with better
business or activity as you will have no one quality and affordable price, your chances of
else with you. You should not let yourself being a successful entrepreneur will be
down and make sure that you keep going much larger.
forward.

9. Confidence
5. Time Management

This is another important quality that you Confidence is a key competence for
will need to have as a good entrepreneur. entrepreneurial success. It is easy to be
Time management will allow you to organize demoralized or frustrated if
yourself and make sure that you get all your
work done effectively.

6. Passion LEARNING
ACTIVITY 1
A. Concept Anchored
I. Identify what is being asked, defined
and/or explained.
1. The capacity for innovation, investment, and
expansion in new markets, products and techniques
as defined by Prof. Nathaniel Left.
2. One who brigs resources, labor, materials, and
other assets into combinations that make their
value greater than before, and also one who
introduces changes, innovations, and a new order.
3. A priority program to promote entrepreneurship
that creates jobs.
4. The Philippines’ blue print of growth that
envisions a nation where where only a small
proportion of the population is considered poor.
5. The process of pursuing a new venture, whether
it be new products into existing markets, existing
products into new markets, and/or the creation of a
new organization.
6. it happens when someone develops a business
model and sells the rights to operate it to another
entrepreneur.
7. In franchising, he is the company selling the right.
8. In a franchise business, he usually gets the rights
to the business model for a specific time period and
a specific geographic area.
9. It combines the passion of a social mission with
an image of business-like discipline, innovation, and
determination.
10. He is someone who aims for value in the form of
large-scale, transformational benefit that accrues
either to a significant segment of society or to
society at large.
II. Answer the following questions clearly and
briefly.
1. Enumerate five (5) qualities needed to succeed in
an entrepreneurial environment and explain each.
2. Cite and explain at least two (2) government
undertaking and initiative to promote economic
development.
SUMMARY
Even a farmer is an entrepreneurs; he promises to
pay the landowner for his farm or land, a fixed sum
of money without assurance for the profit he will
derive from his enterprise.
Entrepreneurship is the capacity for innovation,
investment and expansion in new markets, products
and techniques, It is more than a word; it is a
mission. We must perceive opportunities inherent in
changes; we must stimulate the desire for pursuing
the opportunities; and we must create an
environment in which success is possible and the
consequence of failure is tolerable.
An entrepreneur is one who organizes, manages,
and assumes the risks of a business or enterprise.
He must find, evaluate, and develop an opportunity
by overcoming the forces that resist the creation of
something new. Therefore, an entrepreneur is an
innovator who is willing to bear the risk as he sells.
Entrepreneurship and franchising are two concepts
that are closely intertwined or connected. Many
entrepreneurs enter long-term relationships such as
franchising because it is an important area of
entrepreneurship research. Franchising is a powerful
economic engine because of it is a sophisticated,
entrepreneurial alliance through which thousands of
individuals create vast wealth.

To be brief, social enterprises are vital and should be

seen as a positive force, as change agents providing
leading-edge innovation to social needs which are
usually unsatisfied. Social entrepreneurship has to
start at the grassroots level because it is at that
where it is often overlooked. This is a societal need
that deserves to be attended with much more
attention from academic theorists as well as policy
makers. It is not a panacea because it has to be
worked out within the overall social and economic
framework. This is especially important in
developing countries and welfare states facing
increasing financial stress.

Thus, creation of new business opportunities

through entrepreneurship, be it in the course of
franchising or social entrepreneurship, coupled with
productivity and innovation, will be contributory to
economic growth. This therefore means that when
there is more entrepreneurship in an economy more
growth is expected. Finally, whether an individual is
into entrepreneurship for purely profit margins or to
promote social value, entrepreneurship is highly
beneficial to the economy and the society.

REFERENCES

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