INTRODUCTION TO

ENTREPRENEURSHIP
Meaning of Entrepreneurship
Is a process of actions of an entrepreneur who is
always search of something new.

The word “entrepreneur” was derived from the French

verb “enterprende”, which means “to undertake”.
Relevance of Entrepreneurship to
Organization
1.Development of managerial capabilities.
- an entrepreneur studies a problem, identifies its
alternatives.
2. Creation of Organizations.
3. Improving standard of living.
4. Means of economic development.
CHARACTERISTICS AND QUALITIES
OF A SUCCESSFUL ENTREPRENEUR
1. Integrity
someone once said, “Right is right even if no one is
doing it, and wrong is wrong even if everyone is
doing it” We all hear stories about corporate greed
and corruption. However, the truth is, successful
entrepreneurs are rated “being honest with
everyone” the number one factor of their success.
CHARACTERISTICS AND QUALITIES OF A
SUCCESSFUL ENTREPRENEUR
2. Self- discipline
- to become a successful entrepreneur you have to be
highly disciplined. If you are trying to build a business
from the ground up, you will be faced with doing all
the job functions of a company, such as accounting,
marketing and costumer service. You have to develop
the ability to get things done, even when you don’t feel
like it. Luckily, you learn self-discipline with the right
information and conscious effort.
CHARACTERISTICS AND QUALITIES OF A
SUCCESSFUL ENTREPRENEUR
3. People skills
- another critical factor among successful
entrepreneurs is having good people skills. You should
make an effort to genuinely like, respect, and
appreciate other people. The ability to win people over
will carry you far in all walks of life, especially your
own business.
CHARACTERISTICS AND QUALITIES OF A
SUCCESSFUL ENTREPRENEUR
4. Strong work ethics
– there’s no substitute for hard work when it comes to
becoming a successful entrepreneur. Most people want
to do the fastest and easiest solution when it comes to
work. To be successful, dedicate yourself to persistent,
productive, and old fashioned hard work.
CHARACTERISTICS AND QUALITIES OF A
SUCCESSFUL ENTREPRENEUR
5. Passion
– you need to be passionate about your business. This
doesn’t necessarily mean you have to build a business
around something you love. You should identify a
profitable market and then build your business.
Loving your business will also make it easier to get
through the start-up phase, and other future obstacles.
CHARACTERISTICS AND QUALITIES OF A
SUCCESSFUL ENTREPRENEUR
6. Strong leadership qualities
- being able to communicate effectively, motivate others,
sell your ideas, and be decisive, are just a few qualities
of a good leader. In order to become a successful
entrepreneur you must dedicate yourself of improving
your leadership and abilities.
CHARACTERISTICS AND QUALITIES OF A
SUCCESSFUL ENTREPRENEUR
7. Competitiveness
– competition is everywhere. In business, it is the
survival of the fittest. If you can out market and
outperform your competitors, your chance of being a
successful entrepreneur will be much better. Play to
win, but never sacrifice your integrity for the sake of a
few bucks.
CHARACTERISTICS AND QUALITIES
OF A SUCCESSFUL ENTREPRENEUR
9. Sales ability
- The ability to convince others to make a conscious
decision is a key of becoming a successful
entrepreneur “People don’t buy for logical reasons.
They buy for emotional reasons”. Being able to appeal
to other people emotions is the key to selling your
ideas, products or services .
 IDENTIFY AND ANALYZE THE
EXISTING PROBLEMS AND NEEDS IN
THE COMMUNITY WHERE THERE
ARE BUSINESS OPPORTUNITIES
At the end of the lesson, you should
be able to:
1. conduct an environmental scanning where there are
business opportunities; and

2. identify and analyze the existing problems and needs

in the community.
How to identify the needs of the
community?
1. Through environmental scanning. This can be done
through:
 Interviews
 Sharing ideas with others
 Reading
 Observations
 Advertisement
Factors that can help identify the
needs in the community
1. Industrial Information
-are newspapers, technical and business journals that
provide techniques and information on business .

2. Local Specialized Skills

-traditional skills of the people in the community

3. Technology
-are modern gadgets which can be utilized to identify
business opportunities
Factors that can help identify the needs
in the community
4. Review of old projects in the community
-old projects may become attractive when market or
related production factors have changed
LET US REMEMBER:

The needs and problems in the

community are identified
through environmental
scanning where there are
business opportunities.