DANIELLA G.

LANGIT
BS, INDUSTRIAL ENGINEERING III
FOUNDATION UNIVERSITY

1. What is entrepreneurship?

As defined by Peter Ferdinand Drucker (1909-2005), an Austrian-American

management consultant, entrepreneurship is a systematic innovation consists of
deliberate analysis of the opportunities with purposeful and organized search for
changes that could be offered for economic and social innovation. Drucker simplify
entrepreneurship as always searching for change, addresses to it, and use it as a key to
door of opportunities. Additionally, he contends entrepreneurship as a discipline as
stated in one of his works, "Innovation and Entrepreneurship" published in 1986,
entrepreneurship is neither magic, nor mysterious, nor has something to do with
genetics. It is a discipline, and it can be learned and mastered because
entrepreneurship is not something natural or creative, but it is a duty to work at it and
practice.

2. What do I understand about it?

The development and running a new business is the common concept to

entrepreneurship, but this is actually a misconception for Peter F. Drucker.

Just because one is establishing a new business does not necessarily mean it is
entrepreneurial. But there is one exception, if that new business embraces and applies
the concept of systematic innovation. It is stated that for Drucker, entrepreneurship
searches for changes, deliberately analyzes it, exploits it, then use it as an opportunity.
Hence, this shows a systematized way of innovation due to its methodical approach.
Moreover, a better way for change to manifest after exploiting it is to innovate.

Ever since Peter F. Drucker was introduced in our quality management course, I
perceive an ideal entrepreneurship as a systematic and organized business with
purposeful goals to efficiently and effectively offer innovations.

Through systematic innovation, this moves resources from areas with lower yields
to those with higher yields. Further, this is the ideal approach to invest resources
because it embraces change and it tries out different things in an assiduous manner.
And for me, this is the definite and ideal way to embark an entrepreneurial journey
because you minimize or eliminate risk, and being involve in dealing with uncertainty. It
eliminates the risk in entering entrepreneurship because from the word 'systematic' in
systematic innovation, it implies that there must be discipline in handling
entrepreneurship. Which is why being an entrepreneur is neither being talented nor
being creative, but fulfilling the duty of being the entrepreneur, working your butt off and
being disciplined by integrating entrepreneurship with being systematic, having
management and organization, and being purposeful.