Five Salient Features of Entrepreneurship this necessary, this product modification will not

bring any benefit to the entrepreneur.

1. Art of Correct Practices

Entrepreneurship is an art and not a science thus,
there is a constant change; it continuously grows,
develops, improves and expands. As an art, it is
closely related to creativity that contributes to the
enhancement of the enterprise. Entrepreneurship
education teaches how failure makes people more
creative and innovative.
Ex:
The current situation we are in gave birth to many
opportunities. Food businesses that used to be for
dine-in purposes only evolved into food service
deliveries and DIY (Do IT Yourself) food kits to
name a few.
2. Wealth-creating venture
Although profit is a good indication of wealth,
improving the life of an entrepreneur in terms of
economic, financial, social, moral and
psychological aspects are also priceless outcomes
of entrepreneurship.
Ex:
Conscious Canvas PH creates lovely and well-
crafted tote bags that are ideal for everyday use
made by persons with disabilities (PWDs). What is
commendable with this business venture is that
10% of its profits goes to para-athletes. More than
the profit it brings about, loyalty of its workers and
admiration from other people in the community is
the real return of investment of this venture.
4. Opening and managing self-owned business
Businesses which are managed by other people
for the benefit of the owner falls under
intrapreneurship. Entrepreneurship is different
from intrapreneurship. The concept of
entrepreneurial endeavor may range from a small
sari-sari store up to multimillion companies as long
as the business is managed by the owner himself.
Ex:
A cake shop manager who works for the store
owner and receives a monthly salary cannot be
considered an entrepreneur despite that she is
handling a business. All profits go to the owner
(who just wait for the remittance of the sales)
himself and the manager is merely an employee.
5. Risk-taking venture
Risk is a part of any entrepreneurial endeavor. A
good entrepreneur does not avoid risks, rather
face them by analyzing the risks and good
decision-making skills for the survival of the
venture.
Ex:
The pandemic caused many business
establishments to cease operations and this had a
huge impact on the sales of business ventures.
Some entrepreneurs resort to online selling of
their products as to not fully stop their ventures
and have an alternative way of gaining profit
during this situation.

3. Providing valuable goods and services

Products and services are considered valuable
when they satisfy the needs and wants of the
customers. It also gives the buyers reason to
purchase your product over and over again and
even refer it to others.
Ex:
Adding armrests on the chairs of the wooden
dining sets will result to additional materials and
time spent on making a product thus increasing
the cost of production. If a customer does not find
00:03 01:16
[Music] kindly worked out on the following
00:08 01:18
welcome back students online task
00:10 01:19
how did you find your online activities write a short essay about the importance
00:12 01:22
it wasn't too hard right of entrepreneurship
00:14 01:23
so in this second video lesson of in the new normal second
00:17 01:27
discussing the meaning and concept of watch the story behind google as one of
00:19 01:29
entrepreneurship the most valuable and successful
00:22 01:31
we will highlight the importance of companies
00:24 01:32
entrepreneurship on earth
00:26 01:34
let's begin now we will talk about here [Music]
00:31 01:36
five importance of entrepreneurship third i want you to join us in giving
00:33 01:40
starting with your insight about the importance of
00:36 01:42
it provides employment and livelihood to entrepreneurship
00:39 01:43
the community and how can you apply that in your life
00:40 01:47
and to people second and lastly don't forget to take the quiz
00:44 01:50
new products are being introduced in the this will test how much you have learned
00:47 01:52
market about the topic
00:49 01:54
third we discover see you soon thank you
00:52 English (auto-generated)
new ways improving our one skills AllEntrepreneurshipListenableRelatedRecently
00:58 uploadedWatched
fourth through entrepreneurship it
01:01
showcased new technology industry and
01:04
products in the market
01:06
and lastly it satisfy the needs and
01:09
wants of people
01:11
in the community this concludes our
01:14
second video lesson
Entrepreneurship makes the following contributions
to the lives of the Filipinos, the local community
and the Philippine economy:

To the Filipinos:
1. It gives guidelines in the entrepreneur’s wealth
creating undertakings.
2. It aids in improving financial and social life.
3. It helps expand their creativity.
4. It brings about happiness, productiveness and
success in entrepreneur’s life.

To the Local Community:

1. It offers opportunity for employment in the
community.
2. It produces new demand in the market.
3. It contributes to increase in tax collection.
4. It accelerates the movement of different factors
of production.
5. It gives birth to new business opportunities.
6. It promotes a harmonious and loving community.
7. It boosts constructive competition.

To the Philippine Economy:

1. It promotes competitiveness, thus challenging
entrepreneurs to continue improving their products
and services.
2. It aids in identifying an entrepreneurial niche in
the international market.
3. It helps speed up economic recovery process of
the country during financial turmoil or breakdown.
4. It facilitates ease of money flow in the local
market.
5. It supports the Philippine government in its
yearning to have advantageous
economic ratings in the international market.