STEM ENTREPRENEURSHIP
LESSON#1 INTRODUCTION TO ENTREPRENEURSHIP
(MS. EVANGELINE JONES) | 2ND SEM | A.Y. 2022-2023
Transcribed by: (Aldrin Christian N. Vergano)
OUTLINE:
I. Entrepreneur or Entrepreneurship
A. Difference between
Entrepreneurship and Entrepreneur
B. Small business vs. Ordinary small
businesses
II. Salient Features of Entrepreneurship
ENTREPRENEUR OR ENTREPRENEURSHIP
Entrepreneur
• Originated from the French word
entreprendre which means “to undertake”,
signifies the start of new business
undertaking.
• An individual that develops a new creation.
• A person who organizes, operates,
assumes, and strongly advocates and
correctly practice the concepts and
principles of entrepreneurship in operations
the managing the self-owed business
venture.
o Venture is also known as
“enterprise” which means a
company or business.
Entrepreneurship
• A process of creating, launching, and
managing.
• The art of observing correct practices in
managing and operation a self-owned
wealth-creating business enterprise by
proving goods and services that are
valuable to the customers.
• Refers to a particular field of process that is
practiced by entrepreneurs.
SMALL BUSINESS VS. ORDINARY SMALL
BUSINESS
Small Business
• Refers to business or enterprise that
correctly adopts and practices the
principles of entrepreneurship, owned
by one person and a limited workforce of
not more than 20 persons.
• A privately owned corporation, partnership
or sole proprietorship that has fewer
employees and less annual revenue than a
corporation or regular-sized business.
Ordinary Small Business
• Pertains to a business enterprise
managed and operated by an owner who
is not an advocate of and does not
practice the concepts and principles of
entrepreneurship.
• Not considered as entrepreneurship as
an advocacy. Merely intend their business
to serve as the source of their livelihood or a
means to lessen their financial problems.
Entrepreneur or Entrepreneurship
SALIENT FEATURES OF ENTREPRENEURSHIP
• Providing values to customers - Valuable
goods and services highly satisfy the target
buyers in terms of quality and price. The
value defines from the perspective of the
buyers and not from the entrepreneur. Not
every person considers the same things as
valuable. It is important that you analyze
your target consumers in the field of
entrepreneurship.
• Wealth-creating venture - Wealth is
created when the benefits derived by the
owner in providing goods and services to
the customer are abundant enough to cover
Baptista, Cinco, Daquera, Delos Santos, Martin, Prince, Vergaño | 1
 the cost incurred by the business. An
entrepreneur looks at his/her own business
as a wealth-creating venture, while an
ordinary businessperson regards his/her
small business basically as a source of
income.

• Opening and managing self-owned

business - The business is considered self-
owned when the person managing its daily
activities is also its owner. This is a
straightforward requirement of
entrepreneurship. Business that are being
manage by others for the owners do not fall
within the spere of entrepreneurship. Such
business is operating under the concept of
intrapreneurship. Planning is an important
principle in management. It refers to the
process of setting the goals of the business.
The entrepreneur, being the owner and
manager, must clearly set the goals of
his/her business.

• Risk-taking venture - The risk in

entrepreneurship is called a business risk.
“risk is inherent in an entrepreneurial
venture” meaning once entrepreneurial
venture is born because of new ideas or
opportunities, risk comes simultaneously
with venture. Entrepreneur should face
business risk intelligently.

• Art of correct practices –

Entrepreneurship is an art not a science, it
is dynamic. Entrepreneurship is also related
to creativity; creativity results in new ideas
which are the backbone of
entrepreneurship. In entrepreneurship it is
important that the business activities are
performed correctly.

Baptista, Cinco, Daquera, Delos Santos, Martin, Prince, Vergaño | 2