The

entrepreneurial
mind
Chapter 1

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Origin and nature
of
entrepreneurship
 Objectives

> Identify the origin and nature of

entrepreneurship
> Distinguish newness from innovation
> Enumerate the broad impact of Entrepreneurship
upon the economy
> Determine contemporary views of
Entrepreneurship

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 introduction
The concept of entrepreneurship has gone through an evolution
process that commenced with providing service in the
feudalistic society
Entrepreneurship or entrepreneurism was not purely a business
activity with profit as a primary motive or purpose . From
the service orientation it has involved into a kind of
endeavour still without definite bias as to whether an
entrepreneur exist in the business that is purely meant for
personal gain (profit )or simply providing services in
general.

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 introduction
Moreover an Entrepreneur is an inventor and developer of ideas
change agent , creative , persistent, and a class of his own
having his own value system
Entrepreneurship is now prevalent in various profession from
education , engineering , law and other areas of orientation ,
including those who never had any formal schooling in
business education.
The approach of an entrepreneur is focused on growth and
expansion orientation .

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 introduction

Entrepreneurship is a culture that is not a fad but a

very promising career option that can prepare a
person for a prosperous future and a nation that
is progressive and prosperous as well.

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 Evolution of entrepreneurship

>The term and idea of entrepreneurship appears to

be familiar , however , there is much more than
commonly perceive. Its origin remains to be unclear
but there are indications that the term entrepreneur
or entrepreneurship originated in Europe sometime
in middle ages. There is no controversy that the
word entrepreneur is of French origin from the word
entreprendre which simply means “to undertake”
>
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 Contemporary views on Entrepreneurship

> Lloyd Shefsky,in his book entitled, Entrepreneur

are Made not Born , defined entrepreneur by
dissecting the word entrepreneur into 3 parts as
follows :
entre means to enter
pre means before ;and
neur means nerve center

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 Contemporary views on Entrepreneurship

Lloyd Shefsky,practical view on the term

entrepreneur leads to a definition of the word as
someone who enters a business –any business –
in time to form or change substantially that
business nerve center

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 Contemporary views on Entrepreneurship
> Karl Vesper describes an entrepreneur in a broader
perspective by postulating that entrepreneurship
is now concern of various professions .
> For instance for 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.

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 Contemporary views on Entrepreneurship
> To a psychologist , entrepreneur could refer to such person
as typically driven by certain forces:need to obtain or attain
something , to experiment , to accomplish, or perhaps to
escape from authority of others .
> To one businessman an entrepreneur appears as a threat , an
aggressive competitor ,whereas to another businessman ,an
entrepreneur maybe an ally , a source of supply , a customer
or someone who good to invest .

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 Contemporary views on Entrepreneurship
> Professor Robert Nelson of the University of Illinois
defines entrepreneur as a person who is able to look at the
environment , identify opportunities to improve the
environment , marshal resources and implement action to
maximize those opportunities .
> He further emphasizes that the term entrepreneur is
meant to be used in the broadest sense and would include
persons in work situation in large , medium and small
enterprise as well as those in cooperatives

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 Contemporary views on Entrepreneurship
> Joseph Schumpeter described entrepreneurship as doing
things that are not generally done the ordinary course of
business routine .It is essentially a phenomenon that
comes under wider aspect of leadership.
> Jeffry Timmons described entrepreneurship as the ability
to create and build a vision from practically nothing,
Fundamentally it is a human and creative act this vision
requires willingness to take calculated risk -both personal
and financial and then do everything possible to reduce the
chances of failure.

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 Entrepreneurship is a process and approach

Entrepreneurship described by renowned scholars as

a dynamic and process and an approach.
As an approach an entrepreneur considers business
opportunity as a chance to solve the problem
rather than solving the problem itself

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 Entrepreneurship is a process and approach

> Albert Shapero pointed out that

entrepreneurship is a dynamic process of
innovation and new venture creation through 5
major dimensions
1. Individuals 4.process
2. Organization 5.institutions
3. Environment
>
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 Entrepreneurship is a process and approach

> Factors affecting entrepreneurial activity

1. Initiative – an individual or group takes the
initiative
2. Organization : resources are brought together
in organization to accomplish some objectives,
( or the resources in existing organization are
reorganized .)

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 The filipino Entrepreneur
> What is prevalent are the various write ups and
documentations of various successful entrepreneurs have
in many ways provided a compendium of materials pointing
to various traits and characteristics of a of a successful
Filipino businessman or entrepreneur. Quite obvious is that
entrepreneurship means or refer to that of being engaged
in small or medium enterprises establishing and managing
a business of his own

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 4

reasons why entrepreneurship is important

> Entrepreneurs are often thought of as national
assets to be refined, motivated and remunerated
to the greatest possible extent.
> Entrepreneurs can change the way we live and
work. If successful, their revolutions may improve
our standard of living. In short, in addition to
creating wealth from their entrepreneurial
ventures, they also create jobs and the conditions
for a flourishing society.

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 Thank you
ma.ellyn f.timario,
lpt