REVIEWER IN ENTREPRENEURSHIP

ENTREPRENEURSHIP – are often describe as innovator.

3C’s

 Commitment
 Coordination
 Competency

5P’s

 Profit
 Purpose
 Plan
 Partner
 Passion

Characteristics of an entrepreneur:

1. Ability to take risk.

2. Innovative
3. Visionary
4. Leadership
5. Open minded
6. Confident
7. Creating new venture
8. Strong network abilities

4p’s

 Production
 Place
 Promotion
 Price

Forms of buisness corporation partnership Sole Proprietorship

proprietorship
owner stockholders partners Sole proprietor

Investment stocks investment capital

govern Article of corporation Agreement/contract

earnings dividend Profit income Profit income

Service Business- provides intangible products.

Merchandising Business – type of business buys products at wholesale price and sells the same at retail
price.

Manufacturing Business – buys products with the intention of using them as materials in making new
products.

Sole Proprietorship- is a business owned by only one person.

Partnership- is a business owned by two or more persons who contribute resources into entity.

Corporation- is a business organization that has a separate legal personality from its owners.

Business- is an organization that strives for profit by providing goods and services desired by its
customer.

Quality of life - the general level of human happiness based on such things as life expectancy
educational standard health, sanitation, and leisure time.

Risk- the potential to lose time and money or otherwise not be able to accomplish an organization’s
goal.

Revenue- the money a company receives by providing services or selling goods to customers.

Cost- expenses incurred from creating and selling goods and services.

Profit- the money left over after all costs are paid.

Not-for-profit organization- an organization that exists to achieve some goal other that the usual
business goal for profit.

Natural Resources- commodities that are useful inputs for their natural state.

Labor- refers to the economic contributions of people working with their muscles

Capital- the inputs such tools, machinery, equipment, and building used to produce goods and services.

Entrepreneurs- people who combine the inputs of natural resources, labor and capital to produce goods
and services with the intention of making a profit or accomplishing a non profit goal.

Knowledge- the combined talents and skills of the workers.

Types of Business Environment

Micro Environment- is the internal environment.

Macro-External no control

Market-External Limited control

Elements of Micro Environment:

 Business Policy
 Management Structure
 Resources
  Culture and Image
 Function of the Business

Market environment- is a part of external environment

Macro Environment- is a part of external environment of the business.

External Environment Internal Environment

Technological Entrepreneurs

Economic managers

Political/legal Workers

Demographic Customers

Social

Competitive

Global

Economic Influences- this category is one of the most important external influences on business.

Political and Legal influences- the political climate of a country is another critical factor for managers to
consider in day to day business.

Demographic Factors- are an uncontrollable factor in the business environment and extremely
important to managers.

Social factors- Our attitudes, values, ethics, and lifestyle- influence what, how, where, and people
purchase products or services.

Technology- is the application of science and engineering skills and knowledge to solve production and
organizational problems.

Global or international Environment- business responses and managerial practices must be fine-tuned
to survive in the global environment.

Capitalism- an economic system based on competition in the marketplace and private ownership of the
factors of production.

Communism- economic system characterized by government ownership of viitually.

Socialism- is an economic in which the basics industries are owned by the government or by the private
sector under strong government control.

Republic Act 10679-Act of promoting entrepreneurship and financial education

Mixed Economic System- economic that combine several economic system.

Management Entrepreneurs Visionary

Managers

Day to day operating

Management Roles

 Interpersonal
 Informational
 Decisional

Management Skills

 Human Skills
 Technical Skills
 Conceptual Skills

Management Functions

 Planning
 Leading
 Operating
 Controlling

Not all managers are entrepreneur but all entrepreneur are managers.