TYPE OF BUSINESS

• HOME-BASED BUSINESS
- Many small business ideas can be started from home which will save you rental
expenses.
- This can be anything from cooking to running an online business or starting any business
that you believe in.
• BUY A FRANCHISE
- A franchise is defined as an agreement between the franchisee (business owner) and the
fanchiser (parent company)
• INDEPENDENT CONTRACTING
- You can subcontract your skills and become a consulting or specialized services,
technical, or clerical jobs.
- An independent contractor is a person that provides goods or services to another entity
and gets paid on a freelance basis.
• TECHNOLOGY-BASED OR ONLINE BUSINESS
- There are various kinds of businesses that you can start using the internet.
• BUY AN EXISTING BUSINESS
- You can buy an existing business to continue the ongoing operations.
- It allows you to start out with an established business that is already generating income
and with existing customers.
• START A NEW BUSINESS
- You can start a new concept or improve an existing concept and build your business in
your locality.
• FAMOUS entrepreneurs
1. Socorro Ramos – National Bookstore
2. Edgar Sia – Mang Inasal
3. Tony Tan Caktiong – Jollibee
4. Cresida Tueres – Greenwhich Pizza
5. Joe Magsaysay – Potato Corner
6. Asyang Reyes - Aristocrat
7. Araceli & Jun Manas – Henlin
8. Milagros, Clarita, Dorris Leein – Goldilocks
9. Ben Chan – Bench
10. Henry Sy – SM investments/supermalls
11. Lucio Tan – Philippine Airlines Inc./ San Miguel Corp.
12. Andrew Tan – McDo’s biggest franchise/ Emperador.

CHARACTERISTICS OF A SUCCESSFUL
ENTREPRENEUR
• INNOVATIVE
 - ability to demonstrate support for innovation and organizational changes needed to
improve the organization’s effectiveness
• CREATIVE/GOOD ANALYTICAL SKILLS
- ability to think of new ideas, new ways to solve problems, take advantage of new
opportunities.
• GOOD COMMUNICATION SKILLS
- ability to express oneself clearly in conversations and interactions with others.
• HARDWORKING/STRONG INITIATIVE
- ability to identify what needs to be done and doing it before being asked or before the
situation requires it.
• ADAPTABLE/ FLEXIBLE
- Openness to different and new ways of doing things; willingness to modify one’s
preferred way of doing things.
• EFFICIENT/RELIABLE
- Ability to avoid wasting materials, energy, efforts, money and time in doing something.
• HONEST/CREDIBLE
- Ability to demonstrate integrity, responsibility, and trustworthiness.
• DISCIPLINED/DETERMINED
- Overcoming obstacles and doing what is important.
• CONFIDENT
- Faith in one’sown ideas and capability to be successful
• RISK TAKING
- ability to estimate or calculate risk to be worth taking and be willing to assume risk
because entrepreneurship involves uncertainty.
• GOOD INTERPERSONAL AND MOTIVATION SKILLS
- Ability to make other people enthusiastic about doing something.
• GOOD LEADERSHIP AND TEAM BUILDING SKILLS
- Ability to delegate responsibility, work with others and coach them to develop their
capabilities.
• PERSUASIVE
- It is an ability to negotiate or persuade customers, employees, potential leaders, banks,
partners, suppliers to cooperate.