CHAPTER 1 INTRODUCTION TO
ENTREPRENEURSHIP
ENTREPRENEUR
 an individual who UNDERTAKES THE RISK
associated with CREATING, ORGANIZING AND
OWNING a business.
 A person who organizes and operates a business or
businesses.
ENTREPRENEURSHIP
 defined as the ACT OF STARTING AND
RUNNING your OWN BUSINESS.
2 TYPES OF ENTREPRENEURSHIPS
SMALL BUSINESS Entrepreneurship
 refers to any kind of SMALL BUSINESS that
has been CREATED BY ONE PERSON.
 you only MAKE A PROFIT IF YOUR COMPANY
DOES, meaning you need to be very responsible.
LARGE COMPANY Entrepreneurship
 refers to any kind of LARGE BUSINESS that
has been CREATED BY 3 OR MORE PERSON.
ENTREPRENEURIAL MIND FRAME
 The entrepreneurial mind frame ALLOWS THE
ENTREPRENEUR TO SEE THINGS IN A VERY
POSITIVE AND OPTIMISTIC LIGHT in the midst
of crisis or difficult situations.
 Instead of being discouraged, the
ENTREPRENEUR IS ABLE TO USE THESE
PROBLEMATIC SITUATIONS AS
INSPIRATION IN CREATING NEW THINGS.
 In fact, in Chinese writing, the word CRISIS is
composed of two characters. The first character
means DANGER while the second character means
OPPORTUNITY.
ENTREPRENEURIAL PASSION
 Is the GREAT DESIRE TO ATTAIN A VISION OR
FULFILL A MISSION.
 It is about WANTING SOMETHING SO MUCH
that a person would be WILLING TO TOTALLY
DEVOTE ONESELF TO THE QUEST.

ENTREPRENEURIAL HEART FLAME
 Entrepreneurship is NOT JUST ABOUT
BUILDING A BUSINESS, it is also about
NURTURING RELATIONSHIPS WITH
CUSTOMERS, EMPLOYEES, AND SUPPLIERS.
 The entrepreneur looks after the INTERESTS OF
HIS OR HER PEOPLE BY MOTIVATING AND
ENCOURAGING them to be the best they can
become.
 This creates a CARING CULTURE THAT BRINGS
COLLABORATION among the people working
toward a common vision.
ENTREPRENEURIAL GUT GAME
 refers to the ability of the entrepreneur to sense
without using the five senses. This is also known as
intuition.
NEW PRODUCT DEVELOPMENT
Successful new products spring from the convergence of:
1. Creative Mind
o CONCEPTUALIZE AND DESIGNS a
product that consumers findsome use of it. It
likewise produces a product that is
PLEASING TO SEE, TOUCH, SMELL,
HEAR AND TASTE.
2. Technical Mind
o the TECHNOLOGY CREATOR. The
entrepreneur may not necessarily possess the
technical mind but this is what drives him or
her toconvert new knowledge into something
highly functional and operational.
3. Business Mind
o UTILIZE THE POTENTIALS OF NEW
PRODUCTS by CREATING THE
MARKET SPACE for them. It also
ORGANIZES SUFFICIENT FORCES
AND RESOURCES to develop, launch and
commercialize the new product in order to
maximize its market value.
2 ESSENTIAL CHARACTERISTICS OF THE
ENTREPRENEURIAL MIND
CREATIVITY
 The seed of entrepreneurship is the ABILITY TO
SEE THINGS DIFFERENTLY. Whether it’s with
new products or new processes.
 Entrepreneurs are DRIVEN BY INCREDIBLE
INSTINCT to see holes in the marketplace and COME
UP WITH CHANGE or new ideasto fill them.
4. ACTUALIZATION
a. The stage in which the entrepreneur operates
the business and utilizes resources to achieve
its goals.
5. HARVESTING
a. Harvesting is the procedure owners and
investors use to reap the value of their
investment in the firm

OPENNESS TO EXPERIMENTATION

 A COMFORT WITH EXPERIMENTATION goes

beyond trial and error.
 The ability to experiment with products, processes
and outcomes no matter where the results may lead,
is the key element of this quality.

CHAPTER 2 ENTREPRENEURIAL
PROCESS

ENTREPRENEURIAL PROCESS
 The entrepreneurial process involves finding and
analyzing opportunities and bringing resources
together to achieve them.

STEPS IN THE ENTREPRENEURIAL PROCESS

1. DISCOVERY
a. The stage in which the entrepreneur
generates ideas, recognize opportunities and
studies the market
b. Consider consumer needs and wants
c. Conduct surveys and questionnaires- to
generate ideas

d. Study demographics
2. CONCEPT DEVELOPMENT
a. Develop a business plan: a detailed proposal
describing the business idea.
3. RESOURCING
a. The stage in which the entrepreneur
identifies the financial, human and capital
resources needed for the business startup.
b. Hire employees
c. Identify potential investors