NAME: CATHLYN GRACE P.
DETOPEREZ
GRADE & SECTION: 12- DESCARTES
SUBJECT: ENTREPRENEURSHIP
1. KEY CONCEPTS OF
ENTREPRENEURSHIP
 INNOVATION
An innovative entrepreneur is a person who has the
potential to design and bring innovative products to
market. They use innovation as an important driver for
enhancing a company's creativity, character, and thought
process. They also use it as the art of implementing new
ideas, strategies, and thought processes with a vision to
introduce or improve the present. Innovation is simply
defined in entrepreneurship as a focus on newness,
improvement, and the spread of ideas and technologies.
 RISK-TAKING
In the context of entrepreneurship, risk-taking is a
calculated and measured by product of starting a
business. Risk-taking in entrepreneurship is the process
of identifying, evaluating, mitigating, and trying out
potential opportunities and strategies that may help you
build or grow your business but could also lead to
personal or professional loss.  large extent. This is because entrepreneurs require a
 VISION
As an entrepreneur, you have many responsibilities and
details to look after but there are some key elements
which decide the future of your start-up. The vision of an
entrepreneur is essentially the dream, the aim, and the
target of his or her business. A company's vision is
essentially what sets it apart from competitors while also
serving as a goal that entrepreneurs want to accomplish.
 ORGANIZATION
One of the most basic tools and strategies for developing
new ideas and entrepreneurship is establishing the
entrepreneurial culture in the organization. An
entrepreneurial organization is said to be the one whose
essence is providing opportunism and bringing
innovation which would help in generating financial and
social worthiness.
2. FACTORS AFFECTING
ENTREPRENEURSHIP
Entrepreneurship is essential for the
development of any economy. 
 POLITICAL FACTORS
Political factors play a huge role in the development of
entrepreneurship in a given geographical area. This is
due to the fact that politicians determine the kind of
market that is present. The market may be capitalist,
communist, or a mixed economy in various nations.
These three markets each have extremely distinct effects
on how entrepreneurs must conduct themselves. In
contrast to communism, where entrepreneurs must have
strong ties to the political elite, capitalism depends on
breakthrough innovation. Hence, it has been noted that
entrepreneurship tends to grow in a region as a country
becomes more capitalistic.
 LEGAL FACTORS
According to Management Study Guide 2015,
Entrepreneurs are dependent upon law for a wide variety
of factors. The strength and fairness of the legal system
of a nation affect the quality of entrepreneurship to a
wide variety of legal services to function. For instance,
entrepreneurs would require the courts to enforce the
contracts that were entered to between parties. In many
countries such contracts are not enforceable and
therefore the resultant risk prohibits the development of
entrepreneurship. Then again, the entrepreneurs are
dependent on the courts for the protection of their
property rights.
 TAXATION
The government can also influence a high degree of
control on the market through provisions of taxation.
Some amount of taxation is necessary for the
government to maintain the legal and administrative
systems in place for the entire economy. However, a lot
of times governments resort to excessive taxation. They
usually adopt the policy of beggaring the rich and giving
it off to the poor. This goes against the basic tenets of
entrepreneurship which believes in survival of the fittest.
Therefore, countries where tax regimes are restrictive
find an outflow of entrepreneurs. In short, entrepreneurs
want to set up shop in places where there is minimal
interference from the government (MSG 2015).
 LABOR MARKETS
Labor is an important factor of production for almost any
kind of product or service. The fortunes of the
entrepreneurs are therefore dependent on the availability
of skilled labor at reasonable prices. However, in many
countries labor has become unionized. They demand
higher wages from the entrepreneurs and prohibit other
workers from working at a lower price. This creates an
upward surge in the costs required to produce and as
such has a negative effect on entrepreneurship (MSG
2015).
 RAW MATERIALS
Raw material is just like labor it consists of natural
resources is also an essential product required for any
industry. In some countries this raw material is available
through the market by paying a fair price. However, in
some country’s seller cartels gain complete control over
these natural resources. They sell the raw materials at
inflated prices and therefore usurp most of the profit that
the entrepreneur can obtain. Therefore, countries where
the supply of raw material faces such issues witness
depletion in the number of entrepreneurial ventures over
time.
 INFRASTRUCTURE
There are some services which are required by almost
every industry to flourish. These services would include
transport, electricity etc. Since these services are so
basic, they can be referred to as the infrastructure which
is required to develop any business.
3. COMMON COMPETENCIES IN
ENTREPRENEURSHIP
Entrepreneurial competency is a set of skills and
behaviour needed to create, develop, manage, and grow
a business venture. It also includes the ability to handle
the risks that come with running a business.
3 COMPETENCIES EVERY ENTREPRENEUR
SHOULD DEVELOP
1. Personal competencies: 
creativity, determination, integrity, tenacity, emotional
balance and self-criticism.
2. Interpersonal competencies: 
communication, engagement/charisma, delegation,
respect.
3. Business competencies:
business vision, resource management, networking,
negotiating skills.
Entrepreneurial Competencies
1. Initiative is the ability to turn ideas into action
through creativity, innovation, and risk-taking, as well as
the ability to plan and manage projects.
2. Systematic planning is based on a common sense,
graded approach to ensure that the level of detail in
planning is commensurate with the importance and
intended use of the work and the available resources.
3. Creativity and innovation in entrepreneurship link
by which creativity is the intellectual activity to create
new ideas while innovation is the action taken to
transform the new ideas into a result.
4. Risk taking and Risk Management -the field of risk
management deals with risk taking. It
involves identifying and analyzing risks and creating
plans to reduce the losses that an organization faces as it
conducts business.
5. Problem solving is the process of using innovation
and creative solutions to close that gap by resolving
societal, business, or technological problems.
6. Persistence is demonstrated by an
entrepreneur's continued positive maintenance of
entrepreneurial motivation and constantly-renewed
active engagement in a new business venture despite
counter forces or enticing alternatives.
7. Quality performance plays a crucial role in a
company's growth and performance. It is also a key
resource in the competition for customer relationships
8. Information management is the way a company
organizes information about the operation of its
business. Maintaining accurate records and customer
contact information is one application that provides rich
information that could be harnessed for delivering
improved services.
9. Persuation and influencing abilities is not only able
to convince customers to buy, but also to create a strong
network of connections excited about helping their
organization or idea grow.
4. CORE COMPETENCIES IN
ENTREPRENEURSHIP
The Entrepreneurial Core Competency is defined as
the combination of entrepreneurial concepts and
principles, entrepreneurial character traits and
entrepreneurial skills that provide and become the
ultimate source of competitive advantage of the
entrepreneur.
 Risk-taking abilities
 Out-of-the-box thinking and creativity
 Problem-solving abilities
 Taking initiative
 Persistence
 Persuasion and social skills
 Business management skills
 Critical thinking skills
 Networking skills
 Effective communication skills
5. TYPES OF ENTREPRENEURS
 Small Business Entrepreneur
A small business is independently owned and operated
and doesn’t have plans to expand into a large company.
 Large Business Entrepreneur
A large company is different from a small business in
that its goal is to expand by developing new products or
services — or even buying smaller companies — to meet
consumer demand. The goal of a large business
entrepreneur is to lead the initiatives that will help the
company increase its market value. To be a large
business entrepreneur, it helps to be strategic and have
the ability to focus on high-level goals.
 Startup Entrepreneur
A startup entrepreneur is the founder of a scalable
company. Startups are often technology focused and are
either bootstrapped or rely on funding from outside
investors.
 Solo Entrepreneur
A solo entrepreneur, or solopreneur as they’re often
referred to, is someone who operates a one-person
business. Similar to a small business entrepreneur in that
they are independently owned, a solopreneur doesn’t
work with partners. These types of entrepreneurs often
run service-based businesses like consulting, coaching,
or freelancing.
 Innovator Entrepreneur
is a person who brings new technology, process or
knowledge into life.
 Imitator Entrepreneur
These types of entrepreneurs take an existing business,
product, or service, and make it better. 
 Social Entrepreneur
This type of entrepreneur strives to make a difference
with their company, on either a small scale or a global
one. Leaders at nonprofits are great examples of social
entrepreneurs.
 Buyer Entrepreneur
This type of entrepreneur typically has extensive
experience building companies throughout their career
and uses that expertise to improve the companies they
buy.
 Researcher Entrepreneur
Researcher entrepreneurs are, as the name implies,
research and data-driven. They have in-depth expertise
about the product or service they offer and are motivated
to share that knowledge with their customers.
6. CAREER OPPORTUNITIES OF
ENTREPRENEURSHIP
 Social media managers are responsible
for overseeing the social media of a
company or brand. They may create and
implement campaigns to increase brand
exposure broad interact with customers
via social media. This job is great for
entrepreneurs as it provides valuable
social media skills and general marketing
experience.
 Public relations (PR) managers oversee
a company's public image. They may do
this by managing how the company is
portrayed to the public, communicating
with the media and completing other
 managing and promoting a positive view  Construction managers oversee
of the business. Experience in a PR construction projects from start to finish.
position can provide entrepreneurs with They manage construction teams, develop
insight into how to manage the public schedules and ensure the budget is
image of their own companies in the maintained. They also ensure workers
future. comply with regulations and the project is
 Real estate appraisers determine and completed on time. This position can
report on a property's value. They prepare provide valuable insight into management
reports, fill out legal paperwork and and social skills for entrepreneurs.
collect and analyze various data related to  A systems analyst is responsible for
real estate. This position offers great assessing and meeting a company's
networking opportunities for software and other IT needs. They may
entrepreneurs among investors and agents introduce new software or hardware
and provides experience in the valuation systems or find ways to improve a
of property and assets. company's current systems. This job
 Financial advisers guide people who provides extensive IT experience and can
want to invest and grow their finances. help entrepreneurs who plan on having
They assess their client's financial needs computer systems within their businesses.
and make decisions on their behalf to help
them meet financial goals. A job as a
financial adviser can equip aspiring
entrepreneurs with communication,
problem-solving and financial
management skills.
 Marketing managers develop and
oversee the execution of marketing
strategies for brands and businesses. These
professionals are primarily concerned with
how they can implement marketing tactics
to attract new clients and retain current
customers. Entrepreneurs often have to
develop strong marketing strategies to
advertise their businesses, so a job as a
marketing manager is a great way to gain
experience in professional marketing.
 Web developers create website design,
layout and functionality. They use
programming languages, like
HTML(Hypertext Markup Language) and
CSS (Cascading Style Sheets), to develop
user-friendly web pages based on the
client's requirements. Nearly every
company relies on technology to run and
advance its business. Working as a web
developer can offer a chance to obtain
valuable technology skills that can
translate into your career as an
entrepreneur.
 Sales managers oversee sales teams and
provide guidance to ensure the group
meets its sales goals. A sales manager may
also help set sales goals, analyze sales data
and trends and delegate various sales
tasks, such as assigning certain sales
territories to team members. A position as
a sales manager provides experience in
generating sales, setting and achieving
goals and managing a team.