ENTREPRENEURSHIP

GROUP 1 & 6

Members:
Dela cruz, Charlene
Dasco, Jeffrey
Pradela, Mark rodolf
Busque, Charmaine
Falceso, Lorenz Ros
Galit, Alexandra
Gemino, John Patrick
Bazar, Cristine
Rompe, Rochelle
Delos Santos, Marielle kim
Saradogan, Christian
Baterzal, Rica
Maningcay, Jossie
Malakas, Monica Joy
Villas, Shanyne
Caberoy, Trisha
David, Xyrhis
Balbin, Anna Cassandra
Mabag, Marina
ENTREPRENEURSHIP AND ENTREPRENEUR
Entrepreneurship is...
• The act of creating a business or businesses while building and scaling it to generate a profit.
• An important driver of economic growth and innovation.
• What people do to take their career and dreams into their hands and lead it in the direction of
their own choice.
• About building a life on your own terms. No bosses. No restricting schedules. And no one
holds you back.
An entrepreneur is...
• A person who sets up a business with the aim to make a profit and creates a new business,
bearing most of the risks and enjoying most of the rewards.
• The Term "entrepreneur" comes from the French word entreprendre which means "to
undertake".

TYPES OF ENTREPRENEURSHIPS
• Innovative Entrepreneur: They are those who always make new things by thinking of new
ideas. They have the ability to think newer, better, and more economical ideas.
• Imitating Entrepreneur: They are those who don't create new things but only follow the ideas of
other entrepreneurs.
• Fabian Entrepreneur: They are skeptical about changes to be made in the organization. They
don't initiate but follow only after they are satisfied.
• Drone Entrepreneur: They are those who live on the labor of others. They are die-hard
conservatives even ready to suffer the loss of business.
• Social Entrepreneur: They are those who initiate changes and drive social innovation and
transformation in the various field such as education, health, human rights, environment, and
enterprise development.

How to be an entrepreneur
Becoming your own boss is the ultimate dream for lots of people. Many crave the creative control,
flexible hours, and freedom that comes with being an entrepreneur.
But there’s a lot of work involved behind the scenes, and much of entrepreneurship is about planning,
strategy, and dedicated execution.
Becoming enterpreneur involves several steps:
1. Identify your passion and skills
2. Research and plan
3. Develop your business idea/create business plan
4. Secure funding
5. Legal considerations
6. Build a team
7. Market your business
8. Launch and iterate
9. Marketing and sales
10. Stay persistent and flexible
11. Continuous learning

Characteristics of an Entrepreneur
Risk-taking
• Courageous Decision Making: Entrepreneurs are willing to take calculated risks and make
challenging decisions to propel their ventures forward. They understand that risk- taking is
essential for growth.
• Bold Initiatives: They embrace uncertainty and are fearless in tackling new endeavors,
exploring uncharted territories, and disrupting industries with radical ideas.
Adaptability
• Flexibility: Entrepreneurs are adaptable, able to pivot and adjust quickly to changing market
conditions, customer feedback, and emerging trends.
• Open-mindedness: They are open to new perspectives, feedback, and ideas, enabling them to
adjust their strategies as needed to ensure continued success.
Passion and Perseverance
• Unwavering Passion: Entrepreneurs are driven by an unwavering passion for their ventures,
enabling them to overcome obstacles and setbacks with determination.
• Resilience: They demonstrate resilience, bouncing back from failures, learning from
experiences, and persisting in the face of adversity.
• Long-term Vision: They maintain a long-term vision that fuels their perseverance, allowing
them to stay focused on their goals despite challenges.
Resourcefulness
• Innovative Problem Solving: Entrepreneurs are adept at adapting to constraints and finding
creative solutions to obstacles, using available resources to their advantage.
• Efficient Use of Resources: They are skilled at optimizing available resources, whether
financial, human, or technological, to drive their ventures forward while minimizing waste.
Strong Work Ethic
• Relentless Dedication: Entrepreneurs exhibit relentless dedication, committing countless hours
to their endeavors, often working tirelessly to turn their visions into reality.
• Discipline and Commitment: They have a strong sense of discipline and are committed to their
work, ensuring that tasks are completed to the highest standards.
Resilience
Adaptation to Failure: Entrepreneurs embrace failure as a natural part of the journey, learning from it,
and using setbacks as opportunities for growth and improvement.

Mental Toughness: They exhibit mental toughness, staying focused, positive, and motivated, even
during the most challenging phases of their entrepreneurial endeavors

WHAT ARE THE EFFECTS OF ENTREPRENEURSHIP IN THE ECONOMY?

1. RAISES STANDARD OF LIVING
- a significant role of entrepreneurship in economic development is that it can greatly enhance the
standard of living for individuals and communities by setting up industries and creating wealth and
new positions.
2. ECONOMIC INDEPENDENCE
- Entrepreneurship can be a path to economic independence for both the country and the
entrepreneur. It reduces the nation’s dependence on imported goods and services and promotes self-
reliance. The manufactured goods and services can also be exported to foreign markets, leading to
expansion, self-reliance, currency inflow, and economic independence.
3. BENEFITS OF NEW FIRMS AND BUSINESSES
- Entrepreneurs identify market needs and develop solutions through their products and services to
begin their business venture. By starting new firms and businesses, entrepreneurs play a key role in
shaping the economy and creating a more dynamic and diverse business landscape.

4. CREATION OF JOBS
- Entrepreneurship is a pivotal driver of job creation. Running the operations of new businesses and
meeting the requirements of customers results in new work opportunities. Entrepreneurship also
drives innovation and competition that encourages other entrepreneurs and investments, creating
new jobs in a wide range of industries, from manufacturing and construction to service and
technology sectors.
5. ENCOURAGE CAPITAL FORMATION
- capital formation is the process of accumulating resources, such as savings and investments, to
fund new business ventures and support economic growth. Entrepreneurship can encourage capital
formation by attracting investment.
6. ELIMINATION OF POVERTY
- Entrepreneurship has the potential to lift people out of poverty by generating employment and
stimulating economic activity. Entrepreneurship also contributes to the development of local
economies and helps improve the overall standard of living.
7. COMMUNITY DEVELOPMENT
Entrepreneurship promotes economic growth, provides access to goods and services, and improves
the overall standard of living. Many entrepreneurs also make a positive impact on their communities
and improve their well-being by catering to underserved areas and developing environment-friendly
products. Their work can help build stronger, more vibrant communities and promote social and
economic development.
8. OPTIMAL USE OF RESOURCES
- Entrepreneurship can help identify market opportunities and allocate resources in the most
effective way possible. Entrepreneurs also play a key role in developing innovative products and
services that meet the needs of customers while optimizing the use of available resources.
9. INCREASES GROSS NATIONAL PRODUCT AND PER CAPITA INCOME
- Entrepreneurship can play a significant role in increasing economic growth and prosperity by
increasing Gross National Product (GNP) and Per Capita Income (PCI). GNP measures the total
economic output of a country while PCI calculates the average income per person. The increase in
GNP can lead to a rise in PCI. Entrepreneurship can contribute to GNP by creating new businesses
and industries, which can lead to job creation, increased consumer spending, and higher tax revenue.

10 Factors that an individual must consider to be a successful entrepreneur:

1. Passion
2. Market research
3. Problem-solving
4. Adaptability
5. Financial management
6. Networking
7. Effective communication
8. Resilience
9. Time management
10. Continuous learning

ADVANTAGE OF TECHNOLOGICAL ADVANCEMENT IN BUSINESS

1. Activities and automation can be streamlined through technology
2. Communication is made easier through technology
3. Technology makes hiring easy
4. Business information can be easily stored using technology
5. Technology expands market reach
DISADVANTAGES O TECHNOLOGICAL ADVANCEMENT IN BUSINESS
1. Productivity suffers from technology distraction
2. Technology increases security concerns
3. Technology is expensive to maintain
4. Data loss risks associated with technology
5. Technology can lead to lost productivity

MACROECONOMICS AND MICROECONOMICS

MACROECONOMICS

is the branch of economics that deals with the structure, performance, behavior, and decision-making
of the whole, or aggregate, economy.

MICROECONOMICS
Microeconomics is a part of economics that contemplates the traits of the decision-makers within the
economy such as households, individuals, and enterprises or firm.
The term ‘firm’ is usually used to refer to all sorts of trades. Microeconomics is different from the study
of macroeconomics that considers the economy as an entity.

CONCEPTS UNDER MICROECONOMICS

• Dearth, choice, and opportunity cost
• Price mechanism
• Demand
• Supply
• Elasticity
• Equilibrium
• Market intervention
• Theory of a firm or an enterprise

WHAT IS MARKETING MIX?

A marketing mix includes the tactics and tools you use to market your company’s offerings and
influence customers to buy to buy them. The best marketing mix is one that uses up-to-date market
research and data-driven strategies to reach customers and drive sales.

7 P’S OF MARKETING MIX

1.PRODUCT
Refers to any goods or services that are produced to meet the costumer’s wants,tastes and
preferences.Thats why product can be tangible and intangible.
Tangible-goods are products or items you can see, feel, and touch.
Example: books, food items, groceries, medicine, and skincare products.
Intangible-are services that can be bought, but cannot be touched.
Example:Hair Salon,Accounting Firm,Financial Services,Education

2.PLACE
It represents the location where the buyer and seller exchange goods or services.It is also known as
distribution channel.

This includes physical store as well as virtual stores or online shops in the market.

3.PRICE

It is a serious component of marketing mix.In the narrowest sense,it is the value of money in
exchange to a product or service.Hence,price is the value or the amount that a customer gives up
enjoying the benefits of having or using a product or service.

4.PROMOTION

It refers to the complete set of activities which communicate the product,brand or service to the
user.The idea here is to attract people to buy your product over the other.

Ex:Advertising,personal selling ,sales promotion,direct marketing and social media campaign.

5.PEOPLE

They are the ultimate marketing strategy because they are the one who sell and push the product.

Including team,audience,advertisers are the people in marketing this consists of people involved in
the product or service whether directly or indirectly.

One of the most important element of marketing mix today because of the remarkable rise of the
services industry,products are being sold through channels right now,if the retail channels are not
handled by right people the product will not be sold.On the other hand,services first class nowadays
the people who rendered the service must be competent and skilled,so that the clients or customers
will patronize your offered service,therefore right people are essential in marketing mix.

6.PACKAGING

It refers to the outside appearance of the product and how it is presented to the customers.

The best packaging should be attractive enough and cost effiecient to the customers.

7.POSITIONING
It refers to a process used by marketers to create an image in the minds of the target market.
When a company presents a product or service in a way that is different from the competitors that is
positioning.