ENTREPRENEURSHIP

ENTREPRENEURSHIP
- has been defines as that ability to be able to know what products and services are needed by
people, and to be able to provide these things at the right time, at the right place, and to the right people,
and at the right place.
- It often trace to the French words “entreprende” or “one who undertake” which can
be translated as manager.
- Some researchers believe that it could also be derived from other French words
“celvi qui entreprend” which means “those who get things done.”

ENTREPRENEUR
- One, who organizes, manages and assumes the risk of a business or enterprise.
- Who has the ability to take a risk.

ENREPERENEUR AND BUSINESSMAN ARE THEY SAME? NO

BUSINESSMAN is oriented towards profit.
An ENTREPRENEUR focused in essence, he gives more importance to its employees, customers, and
the public.

ENTREPRENEURSHIP AND OPPORTUNITY

What do you think is the relationship of Entrepreneurship to opportunity?
Does an entrepreneur need to be opportunity seeker?
An Entrepreneur always seeks for an opportunity to provide the things needed by the people
on that specific time or season. He sees the need of the community and makes profit by providing what they
need.

ENTREPRENEUR AND CHANGES (INNOVATION)

Change is the only constant thing in this world. EVERYTHING CHANGES EVERYTIME.
How does an entrepreneur deal with changes?
Entrepreneurship involves introducing something new or novel. But this novelty
can be found in many forms – some way involve very dramatic changes, while others can be in small or subtle
modifications. This concept of introducing something is called innovation, defines as a new method, idea, or
product.

SUMMARY:

 ENTREPRENEURSHIP – has been defines as that ability to be able to know what products and services
are needed by people, and to be able to provide these things at the right time, at the right place, and
to the right people, and at the right place.
 ENTREPRENEUR - One, who organizes, manages and assumes the risk of a business or enterprise.

 OPPORTUNITY – a set of circumstances that makes it possible to do something.

 INNOVATION - introducing something new or novel. But this novelty can be found in many forms –
some way involve very dramatic changes, while others can be in small or subtle modifications. This
concept of introducing something,

TRAITS AND CHARACTERISTICS

TRAIT – is feature of an individual which is inherited. Trait comes genealogically.
CHARACTERISTICS – refers to the distinctive qualities that make up an individual. Characteristics need to be
built by a person and absorbed.

To become successful, an Entrepreneur should have the following 14 traits and characteristics. These
are listed by Peggy Lambing and Charles Kuehl in their book name Entrepreneurship.
14 TRAITS AND CHARACTERISTICS OF AN ENTREPRENEUR (PEGGY AMBING AND CHARLES KUEHL)

1. PASSION FOR BUSINESS

-this trait refers to the eagerness to be involved in commercial activities. Ex. To think of a great
good or service to sell, to produce, and to sell and market it, in order to gain a fair share of profit from it.
2. TENACITY DESPITE FAILURE
-is a trait exhibited by entrepreneurs because they are bound to meet with failures along the way,
since failure is inevitable. Hence, the tenacity to get up and persevere with the effort of staying on course
with the business is an important trait among entrepreneurs.
3. CONFIDENCE
-is a must-have trait for entrepreneurs, who should possess that belief in themselves and their
capabilities to see things through and get things done.
4. SELF-DETERMINATION
-is the belief that one’s fate or destiny lies really on one’s self-his beliefs, efforts and actions. An
entrepreneur usually does not subscribe to the thought of being controlled by blind fate or being tossed
about the winds of fate.
5. MANAGEMENT OF RISKS
-Entrepreneur know how to take risk but these risks are calculated risks that are well thought
out and considered. It is often a myth when people say that entrepreneurs are like gamblers who take big
risks.
6. SEEING CHANGES AS AN OPPORTUNITY
-the natural reaction to change is to resist it. But the attitude of most entrepreneurs is to
welcome change because it may contain an opportunity to open up a market, niche, improve the product
or better the way of doing the business.
7. TOLERANCE FOR AMBIGUITY
-it is the attitude of accepting the fact that things aren’t always going with our plans. Managing
an enterprise will cause you a lot of inconveniences that may cause so much chaos.
8. INITIATIVE AND NEED FOR ACHIEVEMENTS
-Entrepreneurs usually have a great need to achieve things and to have accomplishments. They
are highly motivated to create goals and reach them. They derive deep sense of satisfaction in
accomplishing things.
9. EYE FOR DETAIL
-having an eye for detail means knowing the importance of the little things that can determine
the quality of a product or service, commitment in a personal or business relationship and other matters.
10. CREATIVITY
-Entrepreneurs have often been said to be creative because they are not satisfied with just
copying or doing the same routine or churning out the same product.
11. SEEING THE BIG PICTURE
-although entrepreneurs have an eye for detail, they do not get lost in the details. They are able
to assess how particular decisions about operations or human resource can affect the other aspects of the
business.
12. HAVING SEVERAL MOTIVATING FACTORS
-Entrepreneurs are complex creatures who are motivated by many factors, aside of course from
the basic monetary ones: need achievement, desire for independence, to gain control over one’s fate, build
something for the challenge, like the challenge, and to live how and where one chooses.
13. GOAL-SETTING
-Entrepreneurs usually make clear goals that re realistic and achievable.
14. FLEXIBILITY
-Entrepreneurs are usually flexible in their decision making and actions, especially in the early
stages of the business, since things are still evolving.
 MOST SUCCESSFUL FILIPINO ENTREPRENEURS
HENRY SY SR. – Father of Philippine Retail (Retail King)
– former Richest Man in the country. (Net worth: US$19 billion (January 2019))
– Visionary
– SM Prime holdings
– Born in Fukien Province in the republic of China (now Xiamen,
Fujian Province, China), on October 15, 1924
– he opened his first sole-proprietorship store in Quiapo,
Manila in 1948. – He opened at least three shoe stores in the
Carriedo area which was then known for its heavy pedestrian traffic. His decision to sell shoes
was due to the losses his family experienced in World War II thinking that everyone would
need shoes following the aftermath of the war. – Sy was named “Richest Man of the Year”
by the Makati Business Club in 1999. – In 2017, Sy stepped down as chairman of
SM Investments Corporation and was given the honorary title of Chairman Emeritus as
recognition for being the founder of the SM Group. Jose Sio succeeded Sy as chairman.
– Sy died in his sleep at age
94. His body was discover on the morning of January 19, 2019 in his home in Forbes Park,
Makati.

“YOU HAVE TO HAVE A DREAM, WHETER BIG OR SMALL. THEN PLAN, FOCUS, WORK HARD AND BE
VERY DETERMINED TO ACHIEVE YOUR GOALS. THERE IS NO SUBSTITUTE FOR HARDWORK.”
---HENRY SY---
JOHN GOKONGWEI – Owner and founder of Universal Robina Corporation and Robinson’s Land and chain of
malls.
– Good heart and promotes welfare of employees.
– Net worth: 4.8 billion USD (2019)
– was born in China to a Chinese Filipino father who was a
scion of a wealthy Cebu- based family, with ancestral ties to China’s Southern Fujian
province. (Age: 92 years old) – is a Filipino billionaire businessman, and philanthropist.
– He has holdings in telecommunications, financial
services, petrochemicals, power generation, activation, food beverage, and
livestock farming. – he started his own company called
Amasia Trading, which imported flour, onions, fruits, used clothing, old newspaper
and magazines from the United States.

“SUCCESS IS NOT NECESSARILY ABOUT CONNECTIONS, OR CUTTING CORNERS, OR CHAMBA – THE

THREE Cs OF BAD BUSINESS. CALL IT TRITE, BUT BELIEVE ME: SUCCESS CAN BE ACHIEVED THROUGH HARD
WORK, FRUGALITY, INTEGRITY, RESPONSIVENESS TO CHANGE, AND MOST OF ALL, BOLDNESS TO DREAM”
---JOHN GOKONGWEI---
LUCIO TAN – Fortune Tobacco and Asia Brewery – Net worth: 3.7 billion USD (2019)
– humble and accepts deficiencies if his employees
– was born in Amoy (now Xiamen), Fujian, China. His parents moved to the Philippines
when he was a child.
– He earned a bachelor’s degree in Chemical Engineering from the Far Eastern
University in Manila. He mopped floors to pay states that while in college, Tan worked as a janitor
at a tobacco factory for school.
– In 1982, Tan established Asia Brewery. Now a subsidiary of LT Group,
the brewery was the only one then to compete with the market leader San Miguel.
– Tan’s exposure to tobacco business lead him in opening his own
“Fortune Tobacco” company in 1966.
 – He is also the founder of Allied Bank and Philippine National Bank. –
Philippine Airlines was also part of his companies.

“EVEN THE ACCOMPLISHED SUFFERS SETBACKS SOMETIMES. THE MORE BITTER THE LESSONS, THE
GREATER THE SUCCESSES WILL BE”
---LUCIO TAN---

TONY TAN CAKTIONG – Owner and founder of Jollibee Food Corporation and Double Dragon’s Properties Inc.
– Net worth: 3.6 billion USD (2019)
– Tan was born to Chinese immigrant parents from Fujian. He attended high school at Chiang Kai Shek
College and graduated from the University of Santo Tomas with a degree in chemical engineering.

TONY TAN AND THE JOLLIBEE FOOD CORP.

-Tan founded the fast food chain Jollibee in 1978, after having started it as an ice cream parlor in 1975.
-Tan had initially planned an ice cream parlor when he founded Jollibee, then added dishes such as
hamburgers, French fries, and fried chicken.
-Through expansion and acquisition of Greenwich Pizza Corp. This enabled it to enter the pizza-pasta segment.
In early 2006, Jollibee Foods Corporation bought out the remaining shares of its partners in Greenwich Pizza
Corporation, equivalent to a 20% stake, for P384 million in cash.
-Tan’s Jollibee has a total of 1,480 stores worldwide including Jollibee, Red Ribbon, Chowking, Greenwich,
Manong Pepe’s and Mang Inasal.

“IF YOU DREAM BIG AND PUT YOUR DREAMS INTO ACTION YOU WILL INDEFINITELY MAKE MISTAKES.
BUT DON’T BE SCARED TO MAKE MISTAKES. JUST BE QUICK TO RECOGNIZE THEM AND LEARN FROM THEM AS
FAST AS YOU CAN”
---TONY TAN CAKTIONG---
MANUEL “MANNY” VILLAR – Filipino Billionaire Businessman, senator and chairman of Nationalista Party.
– Net worth: 6.2 billion USD (2019)
–Owner of Camella Homes
– Manuel Bamba Villar Jr. was born on December 13, 1949 in Tondo, an impoverished and
densely populated district of Manila.
– He was raised in a poor family which the primary source of income is selling fish in the
market. – Villar finished his high school education at the Mapua Institute of Technology in Santa
Cruz, adjacent to Tondo. He attended the University of the Philippines – Diliman and earned his
bachelor’s degree in business administration in 1970.
– After obtaining his bachelor’s degree, Villar began his professional career working as
an accountant for Sycip, Gorres, Velayo & Co. (SGV & Co), the country’s largest accounting firm.
–In 1975, with an initial capital of P10, 000, Villar purchased two reconditioned
trucks and started a business delivering sand and gravel for construction companies in Las Piñas.
–From the loan, he kick-started building and selling homes at his first project, Camella
Homes Phase 1 and 2 in Las Piñas.
– In July 1995, Villar’s flagship property, C&P Homes, was listed on the Philippine
Stock Exchange and grew by more than a third in one day, ballooning Villar’s 80% stake in the company to
$1.5 billion. – As of September 2018, Forbes magazine ranks him as the 2 nd-wealthiest person in the
Philippines, with his net worth of US$5 billion or P269 billion.
–Many Villar also ventured into coffee shop business, Coffee Project (formerly The
Coffee Project) which has now 31 stores across the country.
– After the death of Henry Sy Sr., he was named as the Richest Filipino man alive.

“I FEEL MUCH YOUNGER NOW (THAT) I’M BACK AS AN ENTREPRENEUR. I’LL PROBABLY DIE AS AN
ENTEPRENEUR”
---MANNY VILLAR---
 THE ENTERPRISE
An enterprise can be defined as a business organization whose ultimate goal is profit maximization. A
business establishment run by an entrepreneur.
THREE MAJOR TYPES OF ENTERPRISE
1. MANUFACTURING ENTERPRISE
2. SERVICE ENTERPRISE
3. MERCHANDISING ENTERPRISE

MANUFACTURING ENTERPRISE
-A manufacturing enterprise is a business entity established to produce goods for sale to
wholesalers, retailers or end consumers. Some manufacturing enterprises are independent business. Other
are established as a joint venture between two or more firms.

SERVICE ENTERPRISE
-A service business is an enterprise composed of a professional or team of experts that deliver
work or aid in completing a task for the benefit of its customer. Landscaping, dental work, and getting your
taxes done are all service-based business.

MERCHANDISING ENTERPRISE
-A merchandising business sells goods, also known as merchandise. Good examples of
merchandising businesses include retail clothing, grocery stores and bookstores. Some businesses produce the
goods they sell, while other merchandises businesses buy and sell goods they’ve purchased wholesale.

FOUR MAJOR FORMS OF ENTERPRISE

SOLE PROPRIETORSHIP – run by a single person

– A sole proprietorship, also known as a sole tradership, individual
entrepreneurship or proprietorship, is a type of enterprise owned and run by one person and which there is
no legal distinction between the owner and the business entity.
EX. SARI-SARI STORE, LOCAL RESTAURANTS, HOME-BASED BUSINESS.

PARTNERSHIP – operated by two or more individuals

– If your business will be owned and operated by several individuals, you’ll want to take
a look at structuring your business as a partnership.
A.) in general partnership, the partners manage the company and assume responsibility for
the partnership’s debts and other obligations.
B.) A limited partnership has both general and limited partners. The general partners
own and operated the business and assume liability for the partnership, while the limited partners serve as
investors only; they have no control over the company and are not subject to the same liabilities as the
general partners.

CORPORATION – owned by its shareholder(s)

– a corporation is a legal entity that is separate and distinct from its owner. Under law,
corporations possess many of the same rights and responsibilities as individuals. They can enter contracts,
loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes. Some refer to a
corporation as a “legal person.”
EX. COCA-COLA, MICROSOFT, GOOGLE, TOYOTA MOTORS

COOPERATIVE – owned and operated by the people who use its products and services and who benefit from
what the company has to offer, it’s known as a cooperative. In part of the community focus of a cooperative
and the values behind co-ops. Among those values are: democracy, self-help, self-responsibility, equity,
equality, solidarity.

CLASSIFICATIONS OF ENTERPRISE
Can be also classified in to concept, size and goals.
CONCEPT: Breakthrough, Branching out and franchising
SIZE: may vary according to assets (micro, small and medium)
GOAL: It can be business enterprise or social enterprise