The

ENTREPRENEURIAL
MIND

INTRODUCTION
Prepared by:

ELE102 nur Team

September 12 – 16, 2022
/almarallag.v01/09.15.2021
Learning Objectives:
At the end of the session, the students shall be able
to:
➢define entrepreneurship

➢discuss a brief history of entrepreneurship

➢describe the contributions of entrepreneurship to

society and to the world’s health care system

➢describe an entrepreneur

➢discuss the qualities of an entrepreneur

 ENTREPRENEURSHIP
➢ originated from the French word “entreprende”
which means “to undertake”

➢ in Sanskrit – it is similar to the word

“anthaprerna” which means self-motivation

➢ in Tagalog/Filipino – the words closest to it are

“pangangalakal” or “pagnenegosyo”
 ENTREPRENEURSHIP
“Entrepreneurship is the “Entrepreneurship is based
purposeful activity of an on purposeful and
individual or a group of systematic innovation. It
associated individuals, included not only the
undertaken to initiate, independent businessman
maintain or aggrandize but also company directors
profit by production or and managers who actually
distribution of economic carry out innovative
goods and services” - A. functions.” - Joseph A.
H. Cole Schumpeter
 ENTREPRENEURSHIP

“Entrepreneurship is “Entrepreneurship
the process by which
individuals pursue is the art of
opportunities without turning an idea
regard to resources
into a business.” -
they currently control.”
- Stevenson & Jarillo Fred Wilson
 ENTREPRENEURSHIP

➢ both a SCIENCE and an ART

 ENTREPRENEURSHIP

Source: https://www.slideshare.net/gohar321/lecture-1-49061549
 BRIEF HISTORY of
ENTREPRENEURSHIP
LET US WATCH:
https://youtu.be/FslEB9qwHZ0
 Roles and Contribution of Entrepreneurship
to the Society (Economic Development)
1. Promotes Capital Formation
2. Creates Large-Scale Employment Opportunities
3. Promotes Balanced Regional Development

4. Reduces Concentration of Economic Power

5. Wealth Creation and Distribution
6. Increasing Gross National Product and Per Capita Income

7. Improvement in the Standard of Living

8. Promotes a Country's Export Trade
9. Induces Backward and Forward Linkages
10. Facilitates Overall Development
 Roles and Contribution of Entrepreneurship
to the Society (Economic Development)
Promotes Capital Formation
• Entrepreneurs promote capital formation by mobilizing the
idle savings of the public.
• They employ their own as well as borrowed resources for
setting up their enterprises.

Creates Large-Scale Employment Opportunities

• Entrepreneurs provide immediate large-scale employment to
the unemployed which is a chronic problem of
underdeveloped nations.
 Roles and Contribution of Entrepreneurship
to the Society (Economic Development)
Promotes Balanced Regional Development
• Entrepreneurs help to remove regional disparities through setting up
of industries in less developed and backward areas.
• The growth of industries and business in these areas lead to a large
number of public benefits like road transport, health, education,
entertainment, etc.

Reduces Concentration of Economic Power

• Industrial development normally lead to concentration of economic
power in the hands of a few individuals which results in the growth
of monopolies.
• In order to redress this problem a large number of entrepreneurs
need to be developed.
 Roles and Contribution of Entrepreneurship
to the Society (Economic Development)
Wealth Creation and Distribution
• It stimulates equitable redistribution of wealth and income in the
interest of the country to more people and geographic areas, thus
giving benefit to larger sections of the society.

Increasing Gross National Product and Per Capita Income

• Entrepreneurs are always on the look out for opportunities.
• They explore and exploit opportunities,, encourage effective
resource mobilization of capital and skill, bring in new products
and services and develops markets for growth of the economy.
• In this way, they help increasing gross national product as well as
per capita income of the people in a country.
 Roles and Contribution of Entrepreneurship
to the Society (Economic Development)
Improvement in the Standard of Living
• Increase in the standard of living of the people is a
characteristic feature of economic development of the country.
• Entrepreneurs play a key role in increasing the standard of
living of the people by adopting latest innovations in the
production of wide variety of goods and services in large scale
that too at a lower cost.

Promotes a Country's Export Trade

• Entrepreneurs help in promoting a country's export-trade,
which is an important ingredient of economic development.
 Roles and Contribution of Entrepreneurship
to the Society (Economic Development)
Induces Backward and Forward Linkages
• Entrepreneurs like to work in an environment of change and try
to maximize profits by innovation.
• When an enterprise is established in accordance with the
changing technology, it induces backward and forward linkages
which stimulate the process of economic development in the
country.

Facilitates Overall Development

• Entrepreneurs act as catalytic agent for change which results in
chain reaction by multiplying their entrepreneurial activities, thus
creating an environment of enthusiasm and conveying an impetus for
overall development of the area.
 Who is an
ENTREPRENEUR?
 The ENTREPRENEUR
➢ ... a person who is willing and able to convert a new idea or
invention into a successful innovation; having "the gale of
creative destruction" to replace in whole or in part inferior
innovations across markets and industries, simultaneously
creating new products including new business models
(Schumpeter)

➢ … a person who starts a new venture, taking the initiative and

risk associated with it and does so by crating something new to
provide value to customers (David Holt)

➢ ... are people who have the abilities to see and evaluate
business opportunities, together with the necessary resources
to take advantage of them, and to ensure appropriate action to
ensure success (International Labour Organization)
 The ENTREPRENEUR

Source: https://medium.com/hackernoon/20-essential-qualities-of-a-good-entrepreneur-cb8684a6f53c
The ENTREPRENEUR
References:

https://www.scribd.com/presentation/360931163/entrepreneurshipuni1-170105180156

http://oasis.col.org/bitstream/handle/11599/2465/2011_VUSSC_Intro-to-Entrepreneurship.pdf?sequence=1&isAllowed=y

https://www.slideshare.net/albertramanujan/introduction-to-entrepreneurship-70718160
 Do NOT FORGET to answer the
FORUM DISCUSSION 2 post-lecture.
Instructions are given in the channel
created for such purpose in your
respective MS Teams.
God bless!