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    Rofa Mae Medina
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    Entrepreneurship involves starting a business and taking on financial risk in the hope of profit. An entrepreneur is an individual who creates and runs their own business. While risk is involved, the rewards of entrepreneurship include personal satisfaction, freedom, wealth creation, and helping the community. Common myths about entrepreneurship include that entrepreneurs are born rather than made, only need money or luck to succeed, and experience high failure rates. In reality, opportunities exist where products can be sold at a higher price than cost, and becoming an entrepreneur requires skills, awareness, education and relationships to mitigate risks like business failure or financial insecurity.

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    LESSON 3

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    Entrepreneurship involves starting a business and taking on financial risk in the hope of profit. An entrepreneur is an individual who creates and runs their own business. While risk is involved, the rewards of entrepreneurship include personal satisfaction, freedom, wealth creation, and helping the community. Common myths about entrepreneurship include that entrepreneurs are born rather than made, only need money or luck to succeed, and experience high failure rates. In reality, opportunities exist where products can be sold at a higher price than cost, and becoming an entrepreneur requires skills, awareness, education and relationships to mitigate risks like business failure or financial insecurity.

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    65 views33 pages

    Lesson 3

    Uploaded by

    Rofa Mae Medina
    Entrepreneurship involves starting a business and taking on financial risk in the hope of profit. An entrepreneur is an individual who creates and runs their own business. While risk is involved, the rewards of entrepreneurship include personal satisfaction, freedom, wealth creation, and helping the community. Common myths about entrepreneurship include that entrepreneurs are born rather than made, only need money or luck to succeed, and experience high failure rates. In reality, opportunities exist where products can be sold at a higher price than cost, and becoming an entrepreneur requires skills, awareness, education and relationships to mitigate risks like business failure or financial insecurity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 33

    Entrepreneurship

    and
    Entrepreneur
    Defined

    December 2020
    Entrepreneurship
    ⋆ Entrepreneurship derives
    from the French word
    entreprende, meaning to
    undertake.
    ⋆ It is the art of turning an
    idea into a business
    ⋆ The activity of setting a
    business, taking on financial
    risk in the hope of profit.
    Entrepreneur
    ⋆ An individual who
    undertakes the risk
    associated with creating,
    organizing, and owning a
    business.
    ⋆ Someone who creates and
    runs business is called an
    Entrepreneur.
    When an Entrepreneur starts a

    “ new business, risk is involved.


    Risk is the chance of losing
    something.
    Employees work for someone else
    and Entrepreneurs work for
    themselves, entrepreneurs risk
    more than employees.
    Why be an
    Entrepreneur?
    Be an
    Entrepreneur
    The biggest reward of becoming an
    entrepreneur is the personal
    satisfaction that comes from having the
    freedom to make your own business
    decisions and then act on them.
    “ Making
    your own
    rules…
    “ Doing work
    you enjoy …
    “ Creating
    Greater
    Wealth …
    “ Helping your
    community …
    Why study
    Entrepreneurship?
    Think like an
    “ Entrepreneur
    when you are
    an employee
    ⋆Observe
    ⋆Listen
    ⋆Think
    THE MYTHS OF
    Entrepreneurship
    Myth 1:
    Entrepreneurs
    are doers, not
    thinkers
    Myth 2:
    Entrepreneurs
    are born, not
    made
    Myth 3:
    Entrepreneurs
    are always
    inventors
    Myth 4:
    Entrepreneurs
    are academic
    and social
    misfits
    Myth 5:
    Entrepreneurs
    must fit the
    “profile”
    Myth 6:
    All you need
    is money to
    be an
    Entrepreneur
    Failure due to a lack of proper
    financing often is an indicator of
    other problems:
    ⋆Managerial Incompetence
    ⋆Lack of financial understanding
    ⋆Poor investments
    ⋆Poor planning
    Myth 7:
    All you need
    is Luck to be
    an
    Entrepreneur
    Myth 8:
    Ignorance is
    a bliss for an
    Entrepreneur
    Myth 9:
    Entrepreneurs
    seek success
    but experience
    high failure
    rates
    Myth 10:
    Entrepreneurs
    are extreme
    risk takers
    (Gamblers)
    What is
    Opportunity?
    Entrepreneurial
    Opportunities
    ⋆Something you can make money with, develop a
    business around it, or create value with it.
    ⋆Usually defined as situations where products and
    services can be sold at a price greater than the cost
    of their production. It is a situation where
    entrepreneurs can take action to make profit.
    Key Concept for
    Entrepreneurship
    ⋆Opportunity ⋆The presence of
    ⋆Resource use risk
    ⋆Creation of ⋆The desire to
    something new create value
    Risks of being an
    Entrepreneur
    ⋆Potential ⋆Financial
    Business Failure Insecurity
    ⋆Unexpected ⋆Long Hours and
    Obstacle Hard Work
    Increasing your
    Potential
    ⋆Business Knowledge Awareness
    ⋆Financial Skills ⋆Education
    ⋆Career Exploration ⋆Relationships
    ⋆Community

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