ENTREPRENEURSHIP REVIEWER

LESSON 1

What is Entrepreneurship?

 A process of creating or setting up a business.

 the ability and readiness to develop, organize and run a business enterprise, along with any of
its uncertainties in order to make a profit.
 Entrepreneurship is the human resource that assumes the risk in order to produce a product or
service. The entrepreneur combines the necessary economic resources of land, labor, and
capital with managing, organizing, and decision-making.

BUSINESS

 Analytical
 Existing Model
 Prefer to play it safe
 Works On Profit
 Creates Problems

ENTREPRENEURSHIP

 Possibility
 New Original Model
 Centered On Risk-Taking
 Works On Passion
 Solves Problems

ENTREPRENEUR

1. Keep on searching for something new

2. Looks at his/her own business as a wealth-creating venture.

3. Only sells valuable goods and services that highly satisfy their customers

4. Opens & manages his/her own business - clearly sets the goals of his/her business.

5. Face business risks intelligently & find ways to minimize the effects of the risk.

BUSINESSMAN

1. Only builds upon existing ideas to gain immediate earnings from his/her business

2. Opens a business with the working philosophy that it will provide an income

3. Sells goods or services for a price that may not be valuable to anyone

4. Opens his/her own business but hires someone else to manage it.

5. Does not understand the nature of business risk/ Avoids risk and only favors operating under
favorable condition.
CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS

- Self-confidence
- Passion
- Motivation
- Product knowledge
- Ability to network
- Optimism
- Vision
- Goal mindset
- Risk-taking
- Creativity
- Persuasiveness
- Decision-making
- Tenacity
- Money management
- Adaptability

ENTREPRENUERIAL CONCEPT

- Innovative
- High achievement capacity
- Result oriented
- Organization and coordination
- Personality, identity, or role transformation process
- Risk bearing
- Managerial skill
- Creative and leadership
- Professional concept
- Business oriented

PRINCIPLES OF ENTREPRENEURSHIP

1. Be a Solution Provider - If you provide solutions to better the world, your customers will increase.
In business, the higher your customers, the higher the profit.

2. Have a Vision - have a defined purpose and pursue it

3. Choose the Right Team - must have the same mindset, attitude, drive, tenacity, perseverance,
and an underlying belief.

4. Viable Product/Service - fulfill a need, be innovative

5. Capital – a good business plan always draws investors

6. Accountability - you are accountable for the success or failure of your business, not your
employees, investors, or advisors.

7. Growth and Marketing - Success in business is not a one-time event; it is an ongoing process.
Marketing helps in getting your product known and good sales come from good marketing.

8. Know your Customers - Your customer base determines the life of your business.

9. Priorities - “Decide what to do and do it, then decide what not to do and don’t do it “.

10. Never give Up - Visons must turn onto reality.