Who is an entrepreneur?

• Entrepreneurship-the process of creating

something new with value by devoting the
necessary time and effort, assuming the
accompanying financial, psychic, and social
risks , and receiving the resulting rewards of
monetary and personal satisfaction and
independence, Actually, this is an old concept
with a new flavor. Countries , have developed
 through time, one term for producer, seller and
service provider, all lumped into one—
”merchants”.
Four Basic Aspects of being an entrepreneur:
1. Creation of something of value
2. Devotion of necessary time and effort
3. Assumption of necessary risks
4. Getting rewards
Who is an entrepreneur?
-a person who starts and or operates a
business.
-He is someone not willing to work for
others.Instead, he wants others to work for him.
Usually, also his kind of business is single
proprietorship because he does everything from
production to selling.
 Employment and Income>>>>>Savings and
taxes>>>>>>>>>Entrepreneurs Investment
Vicious Cycle of Development
The previous cycle also shows that
entrepreneurs are:
mobilizers of capital, tax payers, suppliers of
products, employers, service providers
• Small and medium scale businesses are
important in the country because of the
following reasons:
1. They help provide the supply of products to
customers.
2. They help provide personal service
3. Small scale business serves as means of
earning to an unemployed individual.
4. The small and medium scale businesses also
provide employment to other people.
5. Small and medium scale entrepreneurs also
pay taxes to the government.
Such payment allows the government to
provide services to the people.
The characteristics of entrepreneurs are:
1. Strong desire to succeed.
2. They are risk takers.
3. They are creative
4. They take responsibility for their activities
5. They have a high level of confidence.
• The rewards of entrepreneurship are:
1. money or material return or profit.
2. freedom
3. psychological rewards
Problems of entrepreneurship are:
1.entrepreneurship demands hardwork.
2. entrepreneurship demands long working hours
3. entrepreneurship may cause emotional stress
• Reminder to the entrepreneur:
1. Be open to new ideas
2. Be close to the customers
3. Innovate. Be open to new ideas.
4. Produce through people.Trust them.
5. Be hands-on running your business.
6. Be clear with your values.
7. Know your expertise. Continue doing it.Stick to
know best.
8. Keep things simple.
9. Keep a lean staff.
10. Keep firm on directions but at the same time
give your people autonomy. Be good at
balancing the two,
Three important aspects of leading Filipino
Employees:
1. Social Acceptance:
a) An important requirement for any manager
to be perceived as good leadere by a Filipino is
to have genuine regard for workers.
b) Giving critical or corrective feedback is best
done in private.
2. Business Pleasure
a) Social scientists have noted that Filipinos do
not see work as separate from fun.
b) Managers can enhance their leadership
effectiveness by tapping into the Filipino menchant
for a pestive atmosphere at least when occasions
allow it.
c) New members in the work groups caan be
welcomed with some ritual fanfare by an assigned
or volunteer group of old members.
3. Professionalism and Personalism
a)The professional and the personal cannot be
completely separated.
b)This set of norms implies that managers nee
dto spend getting to know the personal
backgrounds and aspirations of subordinates in
the areas which the subordinate is willing to
disclose.