Entrepreneurship - undertaking the risk for available opportunity to new revive an existing venture.

Specialization of
taking responsibility.

Intrapreneurship- product of modernization. A person who possess a skill of wielding.

Entrepreneur-a person who “undertakes” (entreprende) risk. A person who take responsibility in sound decision.

Entrepreneurial Behavior - behaviors “willingly” performed “only change is constant”.

Entrepreneurial Process - process or steps available for every entrepreneurs.

Social Entrepreneurship - growing field of entrepreneurship. Growing study of impact evaluation. Activity of
undertaking the responsibility of creating societal driven venture.

People - are the individuals who will have an important impact on a venture (employees)

Opportunity - customers will pay more than cost the venture it provided. Positive net present value

Context- influence the possible outcome of the opportunity. Includes, interest rates, regulations, macroeconomic
activity, technology, and competitors

Deals - direct and indirect contractual relationships

1. Evolution and definition of Entrepreneurship

Richard Cantillon in 17 century give the term entrepreneurship (undertaking ”entreprende” risk for opportunity and
turning it to business)

2. Importance of Entrepreneurship

Entrepreneurship spurs economic growth - New products and services addresses the needsand wants of the
consumers which stimulate market operation

Entrepreneurship adds to the national income of the country - generates income both for the people and the
government. Micro Small Medium Enterprises (MSMEs) also create opportunity to people and adds up to the national
income ofthe country

Entrepreneurship creates social change - Society tends to break away from traditions. replace the obsolete ones.
“only the word change is constant”

Entrepreneurship creates community development - also aims to contribute community development by supporting
NGO

Entrepreneurship gives rise to sound government policies - policymakers tend to regulate activity to avoid any
unwanted activities such as unfair market practices, pervasive corruption, financial crisis and even criminal activity.

3. Common myths about entrepreneurship

Entrepreneurs do not quit - quitting from something can make a person to become an entrepreneur.

Entrepreneurs know everything - nobody’s perfect. All about trying, failing then try again. 2 way learning

Entrepreneurs are the boss - no one is a boss you are in charge of your successful business, but you need to make
reports

Entrepreneurship is unstructured and chaotic - complex activity needs coordination among the players.

Entrepreneurship is all about money - money is not everything.

Entrepreneurship is fun - when you love what you are doing, is not that as easy. Just like a cycle, there are good
times and there are bad times.

Entrepreneurship is all about risk taking and gambling- Despite uncertainties, entrepreneurs tend to calculate the
risks
Entrepreneurship is all about inventing something new -
as long as you solve a certain problem or you address a certain need or you make other people lives’ easier, then it’s
entrepreneurship.

4. What/who is an entrepreneur?

An entrepreneur is a starter - frontline, searching and pursuing every available opportunity. Hunt for a possible
business venture. Initiates changes and innovations

An entrepreneur is a driver - takes the lead. Need to take incharge. Leadership is another primaryrequirement to
become an entrepreneur.

An entrepreneur is accountable responsible - responsibility to make it in the right path.

5. How do entrepreneurs think?

Entrepreneurs think by actions - always crave for actions to innovate and look for opportunities. Thinks of any
available “smart guesses” or hypotheses

Entrepreneurs think in possibilities - does not ensure perfection before doing any action. Perfection is an enemy of
progress. Calculated possibility can make them jump out.

Entrepreneurs can think in ambiguity - ambiguity and fear hinders their abled mind to perform efficiently. This led to
poor decisions. Thus, they can evaluate more options

Entrepreneurial thinking embraces risk - risks can make entrepreneurs more passionate and curious. Entrepreneurs
perceive risk as an area of opportunity.

Entrepreneurs think in patterns - study previous patterns before they create actions. Graphs and other available
charts guide them in their future pursuit of opportunity.

Entrepreneurs think incessantly - Entrepreneur continuously think of something that gives value. Continuous curiosity
is their main characteristics

Entrepreneurs think internally - Entrepreneurs do not let other people control their feelings or influence their
decisions. They only utilize external information to weigh in and calculate risks of their actions

Entrepreneurs think of value-add - Singular thinking is a big no for entrepreneurs. Entrepreneurship is a “no man is an
island” concept. Entrepreneur thinks for an action that give plurality in terms of its benefits and advantages.

Entrepreneurs think of giving meaning - desire for giving the world a better place to live.

6. How to become an Entrepreneur?

You value comfort over performance - Valuing comfort over performance or vice versa is a perception that can be
inculcated in the minds of entrepreneurs

You established Goals and Objectives - Meaningful and empirically centered vision in your mind always if you want to
become an entrepreneur. Defining your goals and objectives is a tedious task

You skillfully handle stress well - Entrepreneurs skillfully handle the stress by taking calculated risks and decisions.

7. Entrepreneurial Mind Process

Idea meant to address a lacuna or gap between products supplied and demanded by the players of market.
Contextually, the idea being referred here is the set of specific activities that an entrepreneur has in mind and that he
would like to explore it to address particular transactions

“opportunities” give entrepreneurs high probability of pursuing it. In this context, opportunity refers to an intended
product or service for which customers will pay more than cost the venture it provided. Economic terms, an
opportunity is a positive net present value project where the value of customer inflows exceeds the value of outflows
to all resource providers.

Conducting market research is deemed important as it tests hypotheses and determines the possible size of your
target customers. It gives entrepreneur an empirical basis whether the idea is worth pursuing. measures the demand
and prospective financial indicators of your prospective product/service to be offered. Also, by conducting market
research, it will allow entrepreneurs to know the willingness to pay which will allow you to determine the price of
product/service. Presently, the conduct of market research is now done using multimedia platforms such as google,
facebook, and among others

analyze and verify the data collected and draw conclusion/ decision - Is the data telling you to pursue your ideas
given the opportunities you have? as an entrepreneur you should be “objective”. objective means you are guided by
facts, reasons and viability of your ideas, not just purely bye motions and impulsive behavior.

have competent human resource Competent human resource means the resources are fit, able to produce the
expected outputs, knowledgeable and experienced in terms of what they are doing. Collaborate with people with
industry experience

8. Entrepreneurial Ecosystem

9. Characteristics of Entrepreneurial Ecosystem

10. Intrapreneurship

11. Intrapreneur

12. tools