Don Mariano Marcos Memorial State University

South La Union Campus

Agoo, La Union

Notes for Entrepreneurship

1. Henry Sy
- The owner of SM malls (also known as shoe mart)
2. Tony Tan Caktiong
- The owner of Jollibee
3. Edgar Sia
- The owner of man inasal

SIA AND SY had often advised:

“Don't be afraid to think big, start small and move fast. If you don't do that, others will just be ahead of
you.”

Entrepreneurship

- Entrepreneurship is a process of actions of an entrepreneur who is always in search of

something new to exploit new ideas into gainful opportunities by accepting the risk and
uncertainty of the enterprise.

Concept of Entrepreneurship

Frank Lindsay – anticipating the new requirements of the society

Henry Cole – purposeful activities, to initiate and maintain and aggrandize by profit production or
distribution and services

What is Entrepreneur?

- Derived from French verb (entrependre) mean undertake

- innovators, willing to take risks and generate new ideas to create unique and potentially
profitable solutions to modern-day problems

take note:

Entrepreneur Person Searches for changes and

responds to it by starting a
enterprise
Entrepreneurship Process activities one by an
entrepreneur for setting up a
business or set of business,
taking on financial calculated
risk in the hope of profits
Enterprise Outcome is engaged in the trade of
goods, services or both to
customers.
 Don Mariano Marcos Memorial State University
South La Union Campus
Agoo, La Union

Factors affecting entrepreneurship

1. Personality Factors are entrepreneur core

A. Initiative- does things before being asked.

B. Proactive – identifies and utilizes opportunities

C. Perseverance - works against all odds to overcome obstacles and is never complacent with success.

D. Problem- Solver – develops and maintain relationship with customers and financers; conceives new
ideas and introduces innovative solutions.

E. Persuasion – convinces customers and financiers to patronize his business.

F. Self Confidence- makes decisions and sticks to his decisions

G. Self-critical – learns from his mistakes and from experiences of others.

H. A Planner – collects information, prepares a plan, and monitors performance.

I. Risk- taker – is willing to take calculated risks.

ENVIRONMENTAL FACTORS

- political climate, legal system, economic and social conditions and market situations

Economical and Dynamic Activity

- it involves the creation and operation of an enterprise with a view to creating value or
wealth by ensuring optimum utilization of scarce resources.

Innovation

- involves a continuous search for new ideas. It compels an individual to continuously evaluate
the existing modes of business operations so that more efficient and effective systems can
be evolved and adopted.

Profit potential

- The level of return or compensation to the entrepreneur for taking on the risk of developing
an idea into an actual business venture.

Risk Bearing

- The essence of entrepreneurship is the willingness to assume risk arising from the creation
and implementation of new ideas.