ENTREPRENEURSHIP

ENTREPRENEURSHIP – the act of creating a business while building and scaling it to

generate a profit.
- important driver of economic growth
- Aims to make a profit and create a business bearing most of the risks.
- An innovator, source of new ideas, goods, services, and businesses.
- Plays a key role in any economy by using the skill and initiative to bring good ideas to
the market.
ENTREPRENEURSHIP IN THE PHILIPPINES – the Barter System.
- Old method of exchange by using services and goods instead of money.
- It is important in empowering the poor, enhancing production, and as an impetus to
innovation.
- 1987 PHILIPPINE CONSTITUTION: Entrepreneurship is an engine of economic
growth.
RELEVANCE TO SHS STUDENTS:
1. Generates new wealth in an economy.
2. Decreases poverty
3. Creates opportunities, ensures social justice, instills confidence, and stimulates the
economy.
4. Improves productivity.
5. Creates jobs
6. Creates innovation and social change.
7. Give to society.
SALIENT FEATURES OF ENTREPRENEURSHIP:
1. VISION – The vision must be shared well, and the team must work hard to achieve it.
- Gives a clear purpose and goal to a business.
- It gives direction and works as a great motivational factor for the team.
2. INNOVATION – one of the main features of entrepreneurship.
- It is important to come up with fresh and unique ideas – you can succeed only if your
product is different.
3. RISK-TAKING CAPACITY – the amount of risk you are willing to take to run a
profitable business. Your capacity lies in minimizing risks as much as possible.
- entrepreneurship is all about taking risks.
- You should be able to invest time, effort, and money knowing that there are risks
involved.
4. HUMAN RESOURCE – you require professionals specializing in different fields to
manage a successful business.
- The essential feature of entrepreneurship is a strong team.
- Handpick your employees, assessing them and screening them on various levels.
5. ADAPTABILITY – important because in order to sustain in the market, you need to
adapt in its ways.
6. The ability to adapt is essential for entrepreneurs.
7. CORE VALUES – Entrepreneurship without values cannot survive for long.
- There must be a certain set of values to run the business ethically and smoothly.
- They must be clearly defined.