Entrepreneurship. The process of starting and running one’s own business.

Is the art of
observing correct practices in managing and operating a self – owned, wealth – creating
business enterprise by providing goods and services that are valuable to the customer.

Entrepreneur. The term “entrepreneur” originates from the French word “entreprendre” which
means “to undertake”. It connotes a business paradigm which signifies the start of a new
business undertaking.

SALIENT FEATURES OF ENTREPRENEURSHIP

The salient features of entrepreneurship provide better understanding of the whole concept. They
also act as the point of references in determining whether a particular business endeavor is
operating within the realm of entrepreneurship. Noticeably the salient features of entrepreneurship
do not include the entrepreneurship as a source of livelihood or as the answer to the financial
problems of the owner of the business.

Entrepreneurship is an Art of Correct Practice. Entrepreneurship is an art not a science. It

is not governed by fixed and absolute rules, whereas science. Thus, there is a constant
change which denotes movement and innovation. As an art entrepreneurship is closely
related to creativity. This creativity results in new ideas which are the backbone of
entrepreneurship.

● Entrepreneurship is a Wealth creating Venture. Entrepreneurship is an undertaking

wherein wealth is created. The venture improves the life of the entrepreneur in terms of
economic, financial, social, moral, and psychological.

● Entrepreneurship Provides Valuable Goods and Services. Entrepreneurship creates

economic wealth by providing goods and services to the consumer. These goods and
services must have a value in order to create wealth otherwise they become wasted.

● Entrepreneurship Entails Opening and Managing the Self - Owned Enterprise. This
feature highlights two important elements: the concept of opening a self – owned enterprise
and the concept of managing it. It must be self –owned in order to qualify as an
entrepreneurial endeavor. A business is considered self – owned when the person managing
its daily activities, whether big or small.
 ● Entrepreneurship is a Risk-taking Venture. The basic concept of risk in entrepreneurship
can be expressed in this statement “Risk is inherent in an entrepreneurial venture”. In other
words, once an entrepreneurial venture is born because of new ideas or opportunities, risk
comes simultaneously with the venture. Risk cannot be detached from any entrepreneurial
endeavors and the only way to remove it is to close the venture.

However, closing the venture is not the ultimate answer in handling its inherent risk. The risk
in entrepreneurship is called a business risk.

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IMPORTANCE OF ENTREPRENEURSHIP

The significance of entrepreneurship in our lives cannot be undermined. Take a look at the small
businesses, whether ordinary or not, that are operating in your community. These can be small
restaurants or eateries, photocopying centers, convenience stores, and school supplies stores.
Assess their importance and contributions to your life and to other people.

IMPORTANCE TO THE FILIPINO

● It provides guidelines in their wealth-creating ventures.
● It helps improve their financial and social life.
● It helps broaden their creativity.
● It helps make their lives happy, fruitful, and successful.

IMPORTANCE TO THE LOCAL COMMUNITY

● It provides employment in the community.
● It creates new demand in the market.
● It makes a substantial contribution to the raising and collection of taxes.
● It

facilitates the movement of the factors of production.

● It creates a new business opportunity.
● It promotes a peaceful and loving community.
● It increases constructive competition.

IMPORTANCE TO THE PHILIPPINE ECONOMY

 ● It encourages competitiveness and challenges entrepreneurs to keep improving their products
and services.
● It helps find an entrepreneurial niche in the world market.
● It helps hasten the economic recovery process of the Philippines during financial crackdown.
● It facilitates the smooth flow of money in the local market.
● It assists the national government in its desire to have favorable economic ratings in the world
market.

Career Opportunities

Degree in entrepreneurship provides you a foundation in management, finance and business

operations. Entrepreneurship as a profession gives a great sense of independence & remarkable
amount of job satisfaction. Today, more & more young people are adopting entrepreneurship as a
career option.
As an entrepreneur, you can start up your own business but if you are not ready to begin your own
business, there are also other options available to use your entrepreneurship degree. You can work
as a business consultant in various government and private companies. You can also perform
teaching jobs at colleges and universities. Other career opportunities are: Small Business Owners,
Business Reporters, Fundraisers and Development Officers, Sales Managers, New Venture
Developers, Financial Analyst, Customer Service Representative, Supply Chain Manager and
Marketing Manager

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References:

Habaradas, Raymund B., (2018) Pathways to Entrepreneurship. Phoenix Publishing House.

Quezon City pp. 3 – 9

Panighari, S. (n.a.). Benefits of Entrepreneurship Education for Students. Retrieved from

https://www.thehighereducationreview.com/news/benefits-of-entrepreneurship-education-for
students-nid-1209.html

Career in Entrepreneurship. Retrieved from https:/ /www.sarvgyan.com /courses / entrepreneurs hip

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