Overview

of
Entrepreneurship
What is Entrepreneurship?
Entrepreneurship is a proactive process of developing a
business venture to make a profit

It involves seeking opportunities for market

Establishing and operating a business out of the opportunity
Assessing risks and rewards through close monitoring of
operations
An entrepreneur is successful if the business that he or she envisioned has
materialized intro a thriving industry with regular costumers and financial
gain

Societal and economic benefits of entrepreneurship

Entrepreneurship produces more jobs that equate to an increase in national
income
– it creates job and wealth
Entrepreneurship amplifies economic activities of different sectors of
society
– A simple eatery and coffee shop in urban are important
Entrepreneurship introduces new and innovative products and services
– New products and services are always available because of ingenuity of
entrepreneurs to seek opportunities and improve them
Entrepreneurship improve people’s living standards
Entrepreneurship disperses the economic power and
creates equality
–it balances economy by distributing national income to
more businesses rather than monopoly
Entrepreneurship controls the local wealth and
balances regional development
–it makes sure local resources are distributed properly
(appropriation)
Entrepreneurship reduces social conflicts and political
Entrepreneurship elicits economic independence and capital formation
– it creates more wealth instead of borrowing wealth

Who is an Entrepreneur?
Entrepreneur has a French origin and was coined from the words entre
which means “between”, and prendre, which means “to take”

An entrepreneur is a unique individual who has the innate ability and
extraordinary dedication to establish and manage a business, acknowledging
all the reaps and rewards

It entails a holistic business talent to be considered one, ranging from the
product and marketing expertise to operations agility, and to financial
proficiency
Natural talent of an entrepreneur- being perceptive for
opportunities in his or her surroundings

Leadership- is the core of every entrepreneur

He or she is always excited about his/her business and
bravely takes risks
He or she innovates, executes his/her ideas and rarely
procrastinates
 Five levels of Entrepreneurial Development (Action Coach)
The self
employed
Persons who are not comfortable with the routines of a
desk job
They do not want to conform to a fixed working schedule
They want to do things on their own and start to feel
agitated when controlled by powers-that-be
The manager
 In this level, entrepreneurs feel the need to step up and ask
help from people around them
 They will begin to create positions that match the
requirement of business and the employees’ expertise
 Five levels of Entrepreneurial Development (Action Coach)
The leader
Entrepreneurs in this level already seeing their people flourish,
stepping and producing great results with minimal supervision
They already recognized key leaders in their organization
Entrepreneurs focus at this stage is the big picture and strategic
direction of business rather than generating sales and operating the
business
The investor
They look for more opportunities to grow
They may either purchase one or two businesses or sell established
business (franchise)
 Five levels of Entrepreneurial Development (Action Coach)
The true
entrepreneur
They aim for quality and excellence in their work
Four steps of learning
Idealization- entrepreneurs dream enormously and desire to build
environment
Visualization- entrepreneurs start to create plans to make the dream a
reality
Verbalization- involves sharing their ideas with other people knowing
their vision is occurring already
Materialization- happens when the vision becomes reality. In this stage,
true entrepreneurs now have an income that keeps on multiplying even if
they do not put much effort
 Types of Entrepreneur
Technopreneur- is an entrepreneur who puts technology at the core of his/her
business model

Social Entrepreneur- one who recognizes the country’s social problems and
turn them to profitable institutions with the intention of helping the
disadvantaged community rather than making a profit

Intrapreneur- one who is tasked to think, establish and run a new big idea or
project. They are usually the product managers or business development
managers

Extrapreneur- entrepreneur who hops from one company to another to act as

the innovation champion, providing creative and efficient solutions
 Common and Core Competencies in Entrepreneurship
To be considered a successful entrepreneur;
one must possess common entrepreneurial competencies that are
needed all throughout the entrepreneurial career
You should also possess core competencies that are needed for
business sustainability and management

Common traits of an entrepreneurs

Proactive.
Entrepreneurs are reactive rather than passive
They address issues, problems and challenges before they come rather
than when they already happened
Common traits of an entrepreneurs
Agent of change
Entrepreneurs are innovation champions. They are always enthused to
improve and develop new products and services and introduce them to
the market.
Risk takers
Entrepreneurs do not just grab opportunities left and right; they have to
take into consideration the potential various threats they may encounter.
Have a sharp eye for opportunities
Entrepreneurs know how to assess the net cause and effect of an
opportunity and decide intelligently if a venture should be considered or
not.
Common traits of an entrepreneurs
Sociable
Soft skills are one pf the most important competencies of entrepreneurs as
these establish the relationship with the most important assets of the company-
its people and customers.
Networkers
A networker knows the people to connect with. Successful entrepreneurs gain
trust of their valuable network and maintain long-lasting relationship with them
Decisive
Entrepreneurs do not settle for gray areas or unclear solutions, they do not
leave issue unsolved without disposition, they have clear objectives and
strategies
They base their decision on scientific calculations backep up by their
experience and technical knowledge
Common traits of an entrepreneurs
Balanced
The minds of entrepreneurs should have a balance between the
analytical and creative side (unique ideas)
Entrepreneurs always have “Eureka!” moments and enjoy them
Innovative
The minds of entrepreneurs are rich with big ideas that can add
value to their existing business or could become changer in the
industry or business where they belong
They do not stop improving and thinking of new and worthwhile
ideas for their business
Core traits of an entrepreneurs
Leaders
To be successful leaders, they must be a source of inspiration for their
employees
They must be very humble, approachable, friendly and also know how to
listen to people’s concerns
act according to responsibilities given to them and know how to unite the
team to bring out the best in every employee

Communicators
Entrepreneurs know how to use all forms of communication to effectively
share ideas and address certain concerns with costumers or employees
Effective communication not only provides people with a clear view of what
the business offers, they also help prevent mishaps in the organization
Core traits of an entrepreneurs
Specialists
Entrepreneurs are experts in their chosen business
They can easily think of innovating and improving the product or
service offerings because they know their intricacies
Problem solvers
Entrepreneurs possess critical thinking skills and look at
problems as challenges or puzzles that they need to solve
Entrepreneurs are able to solve problems by immersing
themselves in day-to-day activities, knowing what is happening in
and out of their business
They should also be aware of their employees’ personalities