Introduction to

Entrepreneurship
(Innopreneurship ;
Entrepreneurship
and Innovation)
 Entrepreneurship

is the idea of one’s doing her/his

own business in simple context,
has always been perceived as
attractive not only by the
academicians but also by the
employees working in any job and
no matter what level or where
they’re working at.

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 Innopreneurship
is defined as the teaching and
practice of entrepreneurial action
aimed at the implementation of new
technical, organizational or
scientific findings into marketable
products and services as well as
their successful establishment as
novelties within the market.

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 Entrepreneur-

French word
entreprendre
meaning “to begin
something,
undertake.”
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Richard Cantillon
(1759), -an Irish
economist of
French descent-
first, who used
the term
entrepreneur.

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Who is an Entrepreneur ?

An entrepreneur is an owner of a business who

invests his/her resources to bring an idea to
life, setting the direction that transforms that
idea into reality, thus providing and gaining
vaue that balances effort, purpose and profit.

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Characteristics of Entrepreneurs
Characteristics are distinguishing traits or qualities
of an individual. These are favorable
interdependent characteristics which make one
successful and extraordinary person. Here some
of the most important characteristics of
entrepreneurs:

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Self confident. Entrepreneurs have a strong belief in their abilities, talents and skills.
They do not accept things as it ordinarily exist. They see to it that they can do better.

Hardworking. Successful people work far beyond the regular time-schedule. They
enjoy challenges and difficult tasks, and love their work. When people love work they
don’t consider it sacrifice but instead joy. In fact people who are always busy forget their
worries and problems.

Reasonable risk-taker. This characteristic makes one enjoys challenges but are
careful and experience less damage. Life is very uncertain. A successful entrepreneur
faces the fact that in business there are success and failure. So, to avoid high risk
situation the entrepreneur must gather complete data about the situation, analyze data
before making the decisions. Considering the risk –taking abilities of entrepreneurs,
they make things happen instead of making them just happen.

Positive thinker. They always think of the bright sides of life that success begets
success. If one thinks of doing the right things it will not turn out wrong. Individuals
who always think of failures and other negative thoughts will exactly get what they
think. Their failure consciousness ore defeatist attitude will make them experience
failure one after the other.
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 Innovative. Entrepreneurs are creative. They make new things in a
different ways. They are interested in exploring the unknown, and blaze
new paths for progress. Innovations are made in response to the needs of
people. For instance, high costs of production serve as an opportunity for
entrepreneurs to introduce a technology that can reduce costs of
production. Without innovations people will remain in their primitive stage
of development.

Decision- maker. Being creative and innovative, an entrepreneur makes

decisions on how to improve the products, how to explore new markets,
how to continuously satisfy consumers, and how to maximize profits.

Leadership. With the nature that entrepreneurs are task-oriented, they

are effective planners, organizers, implementers and achievers. Hence
they possess the qualities of good leaders as: selfless dedication, purpose
and vision, courage, conviction, integrity, tact, enthusiasm, perseverance
and honesty. 9
 Concepts of Filipino Entrepreneur
Self-reliant. An entrepreneur relies mainly on his own efforts in doing
works. He do away from depending on others and refuses to be
dictated.

Risk-taker. He dares to be challenged and transformed problems into

opportunities. Despite of setbacks, mistakes and failures, he continues
and starts all over again.

Creative. He is not satisfied with what is existing. He keeps on trying

new and better ways of doing things. He takes the initiative of exploring
the unknown. 10
 Industrious. He has a sense of perseverance and strong pride in the
workmanship of his product. He is quality conscious in all the components
of his business.

Humble. He is at work patiently, unmindful of his social status. He is

hands on with the related works of his business and not ashamed of doing
it.. He believes in simple needs and humble beginnings.

Helpful. He works with others from different fields believing that through
cooperative works, he shows that he truly cares for the welfare and the
development of the entire business.

Happy. Satisfaction of customers gives joy to the entrepreneur. So he

attends to the real needs of his customers with dispatch, efficiency and
graciousness. A happy man finds rewards in the joy of giving.
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 Who is an Innovator?

An Innovator who introduces either a new

process, product, services or business
model to the marketplace that becomes
commercially successful.

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 Determinants of Successful
Entrepreneurship
Ability to conceptualize and plan. An entrepreneur must plan considering all the aspects of the
business such as product, price ,cost inventory and other related matters in a coordinated manner for
the total operation of the business. He must have a foresight of upcoming problems and must at least
have in mind the necessary realistic solutions.

Ability to manage others. One function of entrepreneurship is to generate employment. This requires
management of people. The entrepreneur must be able to organize work assignments properly so as to
elicit maximum efficiency and productivity. Good human relations and communication should be skills
that an entrepreneur should possess to achieve the objectives of the enterprise.

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 Ability to manage time and to learn. In view of the various
functions of the entrepreneur, he should be an expert on time
management. He should also acquire basic training in small
business management and specialized courses in accounting,
finance, marketing and personal relations. Learning is a lifelong
process. Learning can also be acquired through reading,
attending seminars, traveling and being keen observer.

Ability to adapt to change. Sticking to traditional and

established practices resulted to stagnation. An entrepreneur
keep on searching for the changing needs and tastes of
consumers. Being creative and innovative make it easier for an
entrepreneur to quickly respond to change.
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 Prosperity for All
Profit is a requisite for a business. There are
three essential elements to create profit for a
business idea: cash, inventories and
receivables- collectively called the Wealth
Conversion Principle, as shown below:

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 Every business starts with an idea. Ideas are
based on the vision of the proponent. Then,
investment of cash (or the equivalent of cash) is
needed to bring the idea to life. The cash is used
to buy inventories (oftentimes on credit by
established businesses but cash would still be
needed to pay when credit becomes due),
inventories are sold, often with some credit terms
and when these receivables are collected, they are
converted back to cash. It is a cycle adding greater
value to the firm.
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 3 C’s Key Factors to Successful
Entrepreneurship

Commitment- strong drive to achieve goals and

objectives through focus and pro- active follow-
through.
Coordination- organization of different people or
groups coming from various functions to attain
efficiency, effectiveness and/or impact.
Competency- having a combination of ability,
attitude and behaviour to do a particular role or
job repetitively well.
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THANK
YOU!