ENTREPRENEURSHIP

The word “entrepreneur” is derived from the French verb enterprendre, which means „to undertake‟. This
refers to those who “undertake” the risk of new enterprises. An enterprise is created by an entrepreneur. The
process of creation is called “entrepreneurship”
Entrepreneurship is one of the resources economists categorize as integral to production; the three resources
are land/natural resources, labor and capital. An entrepreneur combines these three to manufacture goods or
provide services. They typically create a business plan, hire labor, acquire resources and financing, and provide
leadership and management for the business.

1. It involves developing new products or improving existing technologies, processes, designs and marketing to solve
problems, increase efficiency, reach new customers, and ultimately increase profits. Business Innovation
2. Involves sale or lease of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a
business. Business Opportunity
3. Refers to the act of creating a business or businesses while building and scaling it to generate a profit.
Entrepreneurship
4. Refers to their "means of securing the basic necessities (food, water, shelter and clothing) of life". Livelihood
5. The system of production, distribution and consumption. The overall measure of a currency system; as the national
economy. Economy
6. Is a person who sets up a business with the aim to make a profit? Entrepreneur
7. Refers to any significant alteration over time in behavior patterns and cultural values and norms. Social Change
8. Related to the differences between groups of people caused mainly by their financial situation. Socioeconomic
9. It is a new business that is formed with a plan and expectation that financial gain will follow. It is usually formed out of
a need for a service or product that is lacking in the market. Business Venture
10. It is simply the noun form of the adjective "relevant," which means "important to the matter at hand." Relevance

Meaning of Entrepreneurship and Entrepreneur

Entrepreneurship is… ∙
 The act of creating a business or businesses while building and scaling it to generate a profit. ∙
 An important driver of economic growth and innovation. ∙
 What people do to take their career and dreams into their hands and lead it in the direction of their
own choice
 About building a life on your own terms. No bosses. No restricting schedules. And no one holds you
back.
An entrepreneur is…
 ∙A person who sets up a business with the aim to make a profit and creates a new business, bearing
most of the risks and enjoying most of the rewards.
 An innovator, a source of new ideas, goods, services, and business/or procedures.
 Playing a key role in any economy, using the skills and initiative necessary to anticipate needs and
bring good new ideas to market.

Note: Understanding what an entrepreneur is can help more people recognize the value they contribute to
the world. Entrepreneurs take the idea and execute it while entrepreneurship is about execution of ideas.

Entrepreneurship in the Philippines (Batalla, V. (2011) The notion of the entrepreneur as simply one who
forms and manages business is apparent in government programs that attempt to develop small-scale
industries. In the Philippines, many entrepreneurial development-training programs rest on such assumptions.
But even without the presence of government support, the statistics for the past fifty years or so on the
number of business establishments formed every year would generally show an increasing trend. They