 The term entrepreneurship takes its origin from the French word ―entreprendre

which means to undertake.

 During the Middle Ages, feudal lords require fighting men and material resources to
wage war against feudal lords in other territories.

 In some old books the terms to ―go between and ―between taker mean similar to
―entreprendre. Hence, it was then used by merchants and traders in 17th and early
18th century.

It was in the 1755, Richard Cantilion, an Irish man living in France used the term

Entrepreneur in his composition, ―Essay on the Nature of Commerce

 Innovation became the central part of the entrepreneurship in the 19th century and
it has been widely used in various disciplines.

 Joseph Alois Schumpeter (1883 - 1950) became the father of entrepreneurship. He is

best known for his theories on business cycles and capitalist development and for
introducing the concept of entrepreneurship. He emphasize the role of entrepreneurs as
innovators and so the term entrepreneurship takes on a meaning of ―”creative
destruction”, a short description of radical innovation (Investopedia).

 Peter Drucker, who is well known as the father of modern management enriches the
definition of entrepreneurship by emphasizing ―change and ―opportunity; making the
role of entrepreneur as person who maximizes opportunities (Forbes).
 Entrepreneurship: The process whereby an individual or group of
individuals use organized efforts to pursue opportunities

 Business Opportunity: is what entrepreneurs pursue in order to
create value and grow by fulfilling wants and needs of target
market through innovation and uniqueness -regardless of personal
resource situation
CHARACTERISTIVS OF AN ENTREPRENEUR

1. WORK HARD
2. WANTS FINANCIAL SUCCESS
3. HAS FAMILY SUPPORT
4. IS ENERGETIC
5. HAS AN INTERNAL LOCUS OF CONTROL
6. TAKES RISKS
7. SACRIFICES EMPLOYMENT BENEFITS
8. HAS A NEED TO ACHEVE
9. HAS A BUSINESS EXPERIENCE
10. IS INDIPENDENT
11. HAS A SELF-EMPLOYED PARENT AS A ROLE MODEL
12. HAS SELF CONFIDENCE
13. HAS INTEGRITY
14. HAS DETERMINATION
15. ADAPTS TO CHANGE
16. HAS A GOOD NETWORK OF PROFESSIONALS
Entrepreneurship plays an influential role in the economic growth and standard of living of the country.
As a startup founder or small business owner, you may think that you are simply working hard to build
your own business and provide for yourself and your family. But you are actually doing a whole lot more
for your local community, state, region, and the country as a whole. Here are the top 7 important roles
an entrepreneur plays in the economic development of a country.

1. WEALTH CREATION AND SHARING-By establishing the business entity, entrepreneurs invest
their own resources and attract capital (in the form of debt, equity, etc.) from investors,
lenders and the public. This mobilizes public wealth and allows people to benefit from the
success of entrepreneurs and growing businesses. This kind of pooled capital that results in
wealth creation and distribution is one of the basic imperatives and goals of economic.

2. CREATE JOBS-Entrepreneurs are by nature and definition job creators, as opposed to job
seekers. The simple translation is that when you become an entrepreneur, there is one less job
seeker in the economy, and then you provide employment for multiple other job seekers. This
kind of job creation by new and existing businesses is again is one of the basic goals of
economic development.

3. BALANCED REGIONAL DEVELOPMENT- Entrepreneurs setting up new businesses and industrial

units help with regional development by locating in less developed and backward areas. The
growth of industries and business in these areas leads to infrastructure improvements like
better roads and rail links, airports, stable electricity and water supply, schools, hospitals,
shopping malls and other public and private services that would not otherwise be available.

4. GDP AND PER CAPITA INCOME-GDP is the total value of all goods and services produced in a
country in a year. It is considered to be a very important indicator of the economic strength of
a country and a positive change is an indicator of economic growth. In 2020, the GDP per
capita in the Philippines amounted to around 3,330.36 U.S. dollars.

5. STANDARD OF LIVING-Increase in the standard of living of people in a community is yet

another key goal of economic development. Entrepreneurs again play a key role in increasing
the standard of living in a community. They do this not just by creating jobs, but also by
developing and adopting innovations that lead to improvements in the quality of life of their
employees, customers, and other stakeholders in the community. For example, automation
that reduces production costs and enables faster production will make a business unit more
productive, while also providing its customers with the same goods at lower prices.

6. COMMUNITY DEVELOPMENT-Any growing business will eventually want to get started with
exports to expand their business to foreign markets. This is an important ingredient of
economic development since it provides access to bigger markets, and leads to currency
inflows and access to the latest cutting-edge technologies and processes being used in more
developed foreign markets. Another key benefit is that this expansion that leads to more
stable business revenue during economic downturns in the local economy.

7. WEALTH CREATION AND SHARING-Economic development doesn’t always translate into

community development. Community development requires infrastructure for education and
training, healthcare, and other public services. For example, you need highly educated and
skilled workers in a community to attract new businesses. If there are educational institutions,
technical training schools and internship opportunities, that will help build the pool of
educated and skilled workers.
Given the psychological endowments of the population, conditions refer to the environment in which an
individual carries out his or her entrepreneurial activities.

First, this refers to the national (or regional) cultural environment, and to the internal culture of
corporations.

The linkages between culture and entrepreneurship are by no means simple and straightforward, and
much is still unknown about these processes.

As we have seen in section 3, the history of the rise and fall of nations has shown that cultural vitality,
thriving sciences and high tide in entrepreneurship often coincide.

Second, the institutional framework, both on the national level and within firms, defines the incentives
for individuals to turn their ambitions into actions, and determines to what extent unnecessary barriers
will hamper them
 WHENEVER YOU SEE A SUCCESSFUL BUSINESS, SOMEONE ONCE MADE A COURAGEOUS DECISION

-Peter F. Drucker-

DAGDAGAN NYO NALANG TAPOS RESEND 2ME TNX 😽