Activity 2

1. Enumerate and Explain the concepts of Entrepreneurship.

 As a student, entrepreneurship refers to a person who has an idea and plans

to implement it, generally by disrupting the present market with a new
product or service. Entrepreneurs are vital in market economies because they
may function as the country's economic development wheels. They create
new employment by developing new goods and services, resulting in an
acceleration of economic development. Finally, entrepreneurship is the art of
transforming an idea into a business.

It is also a method of action of an entrepreneur who is continually looking

for anything new in order to turn fresh ideas into profitable prospects by
accepting the risk and uncertainty of the surprise. You can't call yourself an
entrepreneur if you're afraid to take risks. Entrepreneurs are risk-takers who
invent fresh ideas to offer distinctive goods and profitable solutions to
modern-day challenges.

2. Briefly discuss the Competencies of the Complete Entrepreneur.

 The complete entrepreneur's competencies are originator, inspirer,

implementer, operator, and organizer. If you actively seek opportunities in
originator, An entrepreneur is quick to see and seize opportunities. He/she
does things before he/she is asked to work by people or forced by situation..
Successful entrepreneurs look for new ways to please existing customers.
There is also an information seeker, An entrepreneur undertakes personal
research on how to satisfy customers and solve problems. He/she knows that
different people have different capabilities that can be of help to them.
He/she seeks relevant information from his/her clients, suppliers,
competitors and others. He/she always wants to learn things which will help
the business to grow. The new product or service is referred to as "invent" in
originator. Following that is "extend," which is a new use or different
application of an already existing product, followed by "duplicate," which is
a creative replication of an existing concept. The next step is to synthesize,
which is the combination of existing and new factors into a new formulation.
In order to be a "inspirer," an entrepreneur needs have self-confidence,
tenacity, risk-taking qualities, and initiative. For me, this is one of the most
crucial entrepreneurial talents because if you don't have self-confidence or
are afraid of taking chances, you won't be able to call yourself an
entrepreneur, since a genuine entrepreneur isn't afraid of taking risks.
In “implementer”, An entrepreneur must have a purpose in mind, as well as
a high standard of efficiency and quality. Goal setting is critical since goals
are an essential component of operating a successful business. They may
provide you with a clear focus, encourage your personnel, and create goals
for your company to work toward. An entrepreneur sets meaningful and
challenging goals for him/herself. An entrepreneur does not just dream.
Him/she thinks and plans what he/she does. He/she is certain or has hope
about the future. Setting goals may also give you with a set of criteria to
determine whether or not your business is succeeding. The demand for
efficiency and quality, An entrepreneur is always competing with others to
do things better, quicker, and at a lower cost; he or she aspires for perfection.

In order to be a "operator," an entrepreneur must be persuasive, network, and

promote. Persuasion is an interpersonal talent that allows me to connect with
others around me. Networking is also vital in entrepreneurship because it
allows you to discover new chances such as company sales, asset sales,
partnerships, joint ventures, client leads, and presentation opportunities that
allow you to address people and give value to them. To put it another way,
great entrepreneurs must be persuasive. An entrepreneur acts to develop and
maintain business contacts by establishing good working relationship. Uses
deliberate strategies to influence others.
The last but not the least the “organizer”, in this competency an entrepreneur
was planning and monitoring, An entrepreneur plans for whatever he/she
expects in the business. He/she does not leave things to luck. He/she plans
by breaking large tasks down into small once and puts time limits against
them. Since and entrepreneur knows what to expect at any time he/she is
able to change plans and strategies to achieve what he/she aims at.