Entrepreneurship

Entrepreneur
As the art of observing correct practices in
managing and operating a self-owned wealth-
creating business enterprise by providing goods
and services that are valuable to the consumers.
Entrepreneurship
as a Career
• Positive Aspects – being the Boss in his own
business, enjoying unlimited power, freedom to
think and do a good command over the
resources maximum utilization of opportunities,
generating employment for others, great
achievement motivation and increasing
achievement satisfaction.
Negative aspects – hard work,
continues commitments, long working
hours, facing challenges and frustration,
dependency on others to execute his
ideas, risk of failure, experiencing stress
and family will be generally ignored.
 Entrepreneur
•The term “entrepreneur” originates
from the French word entreprendre
which means “to undertake”
In general, an entrepreneur is a
person who creates new business,
taking risk in achieving the
objectives which they propose to
make profits and growth by
identifying some important
opportunities.
When an Entrepreneur starts a
new business, risk is involved.
Risk of Being an Entrepreneur
 Potential Business Failure
•Being fully responsible means
the success or failure of your
business rests of you.
 Unexpected Obstacles
•Problems can happen that
you don’t expect.
 Financial Insecurity
Many business don’t make much
money in the beginning, so you may
not always be able to pay yourself.
 Long Hours and Hard Work
• It’s not unusual for entrepreneurs to work a
lot of extra hour make their business
successful. This is especially true during the
initial start-up process.
 Why be an Entrepreneur?
1. Personal Satisfaction
2. Making your own rules
3. Doing work you enjoy
4. Creating Greater Wealth
5. Helping your Community
Characteristics
of
Successful
Entrepreneurs
Self-assessment – evaluating your strengths
and weaknesses is an important part of
becoming an entrepreneur.
a)An aptitude is a natural ability to do a
particular type of work or activity well.

b)An attitude is a way of viewing or thinking

about something that affects how you feel
about it. Entrepreneurs tend to be people with
positive attitudes.
 Personal Characteristics

1. Courage 6. Enthusiasm
2. Creativity 7. Honesty
3. Curiosity 8. Patience
4. Determination 9. Responsible
5. Discipline 10. Flexibility
 6 Specific Areas
in
Increasing the
Business and Entrepreneurial
1.Business Knowledge – reading
magazine and news paper articles,
search the internet, and talk to
business owner.
2. Financial Skills – strengthen your
math skills.
3. Career Exploration – evaluate your
strengths and weaknesses, explore careers
that you may be interested.
4. Community Awareness – look for
volunteering opportunities and find out if any
companies in your area provide internship
programs.
5. Education – Obtaining a good education
benefits you personally and open doors to
more career opportunities.

6. Relationships – spend time with people

who believe in you and inspire you.
 Small Business
and
Ordinary Small Business
A Small Business refers to a business or
enterprise that correctly adopts and
practices the principles of
entrepreneurships. It is owned by one
person with a limited workforce of not
more than 20 persons.
A Ordinary Small Business pertains to
a business enterprise manages and
operated by an owner who is not an
advocate of and does not practice the
concepts and principles of
entrepreneurship.
 Activity
• If there is a chance that you can start a
business, what business/product will it be
and why.
• What will be your process in putting up that
business? Explain.
What characteristics do you
posses right now that you will be
an entrepreneur in the future?
Explain.