What is Entrepreneurship?

The concept of entrepreneurship was first established in the 1700's, and the
meaning has evolved ever since. In the 20th century, economist Joseph
Schumpeter (1883-1950) focused on how the entrepreneur’s drive for
innovation and improvement creates upheaval and change. Schumpeter viewed
entrepreneurship as a force of “creative destruction”. The entrepreneur carries
out “creative destruction” or making a “new combination”, thereby helping
render “old ways” obsolete.
Entrepreneurship is a dynamic process that involves vision, transformation,
and creation. It necessitates the application of energy and passion to the
development and implementation of new ideas and concepts innovative
solutions; the ability to form an effective venture team; the ability to marshal
needed resources creatively; the fundamental skill of developing a solid
business plan; and, finally, the vision to identify opportunities.
Entrepreneurship has been defined by so many people in different ways.
We consider entrepreneurship as being about three things:

1. Value Creation: Value could be greater speed in delivery, cheaper

price, easier processes, more convenience, improved comfort, better
quality or increased quantity.

2. Job Creation: While certain jobs will be destroyed, others will be

created when you pursue value addition and creation.

3. Wealth Creation: Once value is perceived to be created, people tend to

be happy to pay for such added value. The more they pay for value
addition, the more the money generated.
 Successful Global and Local Entrepreneurs
• Global Technopreneurs
1. JEFF BEZOS
• CEO of an online empire Amazon.
• He built milestones in the e-commerce world.
2. ELON MUSK
• Invented Tesla Motors, which are fully electric sports cars.
• Most famous technopreneur of present times.
3. MARK ZUCKERBERG
• Developed the most popular social networking application.
• Zuckerberg created Facebook when he was at Harvard University along with his friends.
Initially, he created Facebook for university fellows’ internal communication, which
lately has become the strongest and most popular social media network worldwide.
4. BILL GATES
• Known for creating software called Microsoft.
• He created software and sold it to the first personal computer
company, and he became very successful.
5. KEVIN ROSE
• Famous for new technology and computer shows.
• He created Digg, the social site to discuss news and topics related to
the news.
Local Technopreneurs

1. DIOSDADO BANATAO
• Also known as “Dado”, is a Filipino technopreneur who rose from
poverty to wealth.
• Developed the first 10-Mbit Ethernet CMOS with silicone coupler data-
link control and transceiver chip.
• 2. JOEY GURANGO
• Mr. Gurango is a Filipino technopreneur who went through bankruptcy
and even loss of programmers. Now, he is a founder of successful
software companies.
• He is a part of the Philippine Center for Entrepreneurship’s Ten Most
Inspiring Technopreneurs.
3. ORLANDO VEA
• Co-founder of Smart Communications, Inc.
• CEO at PLDT Communications & Energy Ventures, Inc.
4. WINSTON DAMARILLO
• He used to work at Intel where he became a venture capitalist.
• He sold companies that were acquired by big names such as IBM and Iona
Technologies.
5. LEANDRO LEVISTE
• He started the 2 MWh Solar-Battery Micro-Grid project in Paulan, Oriental
Mindoro which is the first solar micro-grid of that scale in Asia.
• He opened the first solar panel factory in 2017.
 Q&A

• The three main components of entrepreneurship

according to the given passage are:

• Value Creation
• Job Creation
• Wealth Creation.
 Q&A
• Successful Global and Local Entrepreneurs, Global Technopreneurs
• 1. JEFF BEZOS
• CEO of an online empire Amazon.
• He built milestones in the e-commerce world.
• 2. ELON MUSK
• Invented Tesla Motors, which are fully electric sports cars.
• Most famous technopreneur of present times.
• 3. MARK ZUCKERBERG
• Developed the most popular social networking application.
• Zuckerberg created Facebook when he was at Harvard University along with his friends.
Initially, he created Facebook for university fellows’ internal communication, which lately has
become the strongest and most popular social media network w,.orldwide.
• 4. BILL GATES
• Known for creating software called Microsoft.
• He created software and sold it to the first personal
computer company, and he became very successful.
• 5. KEVIN ROSE
• Famous for new technology and computer shows.
• He created Digg, the social site to discuss news and
topics related to the news.