FloranteFlorante

V. Andres, MAEd MAEd

V. Andres,
Learning Objectives

• What are True entrepreneurs

• Some Notable economists and entrepreneurs
• What is Entrepreneurship
• Difference between Small business owners vs entrepreneurs
• Myths about entrepreneurship
• Impact of entrepreneurship
• Theory development and key approaches of entrepreneurship
• Strategic formulation
• Key concepts
Evolution of Entrepreneurship
• Entrepreneur is derived from the French entreprendre, meaning
“to undertake.”
➢ The entrepreneur is one who undertakes to organize, manage, and
assume the risks of a business.
➢ Types of Business Risks:
➢ Strategic
➢ Compliance
➢ Operational
➢ Reputational
Amancio Ortega
Andy Grove & Gordon Moore
Bill Gates
Coco Chanel
Fred Smith
Gianni & Donatella Versace
Henry Ford
Howard Schultz
Jeff Bezos
Larry Page & Sergey Brin
Louis Francois Cartier
Mark Zuckerberg
Steve Jobs
George Ty
Henry Sy
John Gokongwei
Lucio Tan
Zobel de Ayalas
Alfredo M. Yao
Cecilio Kwok Pedro
Cresida Tueres
Edgar Sia
Gregorio G. Sanchez, Jr.

Joe Magsaysay
Mariano Que
Milagros, Clarita and Doris Leelin
Socorro Ramos
Tony Tan Caktiong
Tony Tan Caktiong (Jolibee)
Socorro Ramos (National Bookstore)
Edgar Sia (Mang Inasal)
Mariano Que (Mercury Drug)
Cresida Tueres (Greenwich Pizza)
Cecilio Kwok Pedro (Lamoiyan)
Alfredo M. Yao (Zest-O)
Gregorio G. Sanchez, Jr. (LactoPAFI)
Joe Magsaysay (Potato Corner)
Milagros, Clarita and Doris Leelin (Goldilocks)
Brief History of Entrepreneurship
• Earliest period – Marco Polo
as a go-between
• Middle ages – priests
• 17th century – John Law
• 20th century
• 21st century
• Tech-savvy
• Global citizens
• innovative
Notable Economists
• Richard Cantillon (1725), French economist;
“Entrepreneurs assume and organise the risk
of a business in return for profits.”

• Jean Baptiste Say (1803), French economist;

the Law of Markets: “Supply creates its own
demand.”

• Joseph Schumpeter (1932), Austrian political

economist; dynamic economic growth
known as “creative destruction.”
Small Business
Owners
• Independently own and
operate a small business
• Not dominant in their field
• Do not engage in many new
or innovative practices
• Simply expect stable sales and
profits
• Include those who purchase
already established business
as well as franchises
Entrepreneurs
• Recognize opportunities where others
see chaos, contradiction and confusion
• Aggressive catalysts for change within a
marketplace
• Break new barriers, challenge the unknown,
create breakthroughs
• Create jobs in a breathtaking pace
• All about innovation, profitability and growth,
thus,
• Their business are characterized by innovative
practices and sustainable growth
• Their mind-set revolutionizes the way business
is conducted at every level in every country
Summary Description of Entrepreneurship
Entrepreneurship (Robert C. Ronstadt)
• The dynamic process of creating incremental wealth.
• This wealth is created by individuals who assume major risks in terms
of equity, time, and/or career commitment of providing value for a
product or service.
• The product or service itself may or may not be new or unique but
the entrepreneur must somehow infuse value by securing and
allocating the necessary skills and resources.
Entrepreneurship: An Integrated Definition
• Entrepreneurship is a dynamic process of vision, change and creation.

Essential ingredients include:

• The willingness to take calculated risks in terms of time, equity or career;
• The ability to formulate an effective venture team;
• The creative skill to marshal resources;
• The fundamental skill of building a solid business plan; and finally,
• The vision to recognize opportunity where others see chaos, contradiction
and confusion.
Entrepreneurship
1. Entrepreneurs are only doers but not thinkers
2. Entrepreneurs are born and not made
3. Entrepreneurs are always inventors
4. Entrepreneurs are anti-academic and socially misfits
5. Entrepreneurs must fit the “profile”
6. All entrepreneurs need is money
7. All entrepreneurs need is luck
8. Entrepreneurship is unstructured and chaotic
9. Most entrepreneurial initiatives fail
10. Entrepreneurs are extreme risk takers
Entrepreneurs are critical contributes to economic growth through their …
Impact of Entrepreneurial Ventures
• Entrepreneurship provides job options for those who see
opportunities and those who need a source of income
• Minority groups are provided an avenue to contribute to the
mainstream market
• In the U.S. many baby boomers use entrepreneurship for second
career
Impact of Entrepreneurial Ventures
• Entrepreneurs continue to be the answer to any economic downturn
• Entrepreneurs enter and expand existing markets, thereby increasing
competition and economic efficiency
• Entrepreneurs create entirely new markets by offering innovative
products – new ventures having no direct competition
Impact of Entrepreneurial Ventures
• Large existing firms in mature markets; who have downsized
restructured and reinvented themselves after becoming more
entrepreneurial in the early 2000s are now thriving
• The U.S. is the leader in entrepreneurship education at both the
undergraduate and graduate levels
• Individuals with professional, technological or business degrees
exhibit the highest entrepreneurial activity rate.
Research Themes and Aspects of
Entrepreneurial Ventures
• Venture financing and other innovative financing techniques
• Corporate entrepreneurship – entrepreneurial activity with large
organizations
• Social entrepreneurship – seeking innovative solutions to world
problems
Research Themes and Aspects of
Entrepreneurial Ventures
• Entrepreneurial recognition – examining ways that entrepreneurs
think and act
• Women and minority entrepreneurs – learning from the unique
obstacles they face and have to overcome
• The global entrepreneurial movement – World Economic Forum
(WEF) research shows significant entrepreneurial success (2000-2009)
in the following countries: U.S., Canada, U.K., Germany, France,
Sweden, Norway, Israel, China, India, Japan, Australia and New
Zealand.
Research Themes and Aspects of
Entrepreneurial Ventures
• Family businesses have shown significant impact on job creation
innovation and economic renewal
• Entrepreneurship education – hottest topics in business and
engineering schools throughout the world; and has expanded to
include almost every major discipline.