ENT RE P R EN EU R S H I P

AND B U S I N ES S

MRS. DESIREE T. CASTILLO

ENTREPRENEURSHIP DEFINED

•Is the capacityfor innovation, investment and expansion in

new markets, products and techniques (Prof. Nathaniel Left)
•The creation of something new or something different–
INNOVATION
ENTREPRENEURSHIP DEFINED
“Entrepreneurship is more than a word. It is a mission. We must
perceive opportunities inherent in change; we must create a
desire for pursuing the opportunities that arise; and we must
create an environment in which success is possible and the
consequences of failure are tolerable.”
-Professor Hirsh
BUSINESS DEFINED

-A person's regular occupation, profession, or trade

- An organization or economic system where goods and
services are exchanged for one another or for money
CONTRIBUTIONS OF ENTREPRENEURSHIP
1. DEVELOP NEW MARKETS – Under the modern concept of marketing,
markets are people who are willing and able to satisfy their needs. In
Economics, its called effective demand. Entrepreneurs can create buyers
or customers.
2. DISCOVER NEW SOURCES OF MATERIALS – Entrepreneurs are never satisfied
with traditional or existing sources of materials; they persist on
discovering new sources of materials to improve their enterprise.
CONTRIBUTIONS OF ENTREPRENEURSHIP
3. MOBILIZE CAPITAL RESOURCES – Entrepreneurs are the organizers and
coordinators of the major factors of production, such as land, labor and
capital. They properly mix these factors of production to create goods and
services
4. INTRODUCE NEW TECHNOLOGIES, NEW INDUSTRIES AND NEW PRODUCTS –
Entrepreneurs INTRODUCE SOMETHING NEW or something different.
Every year, there are new technologies and products. All these are intended
to satisfy human needs in a more convenient and pleasing way
CONTRIBUTIONS OF ENTREPRENEURSHIP

5. Create employment – The biggest employment is the private

business sector. Millions of job are provided by factories,
service industries, agricultural enterprise and numerous small-
scale businesses.
ENTREPRENEUR DEFINED
1. One who takes risks and makes innovations on the factors of
production. (Cantillon)
2. An adventurer, undertaker and projector . His function is to
supply and accumulate capital. (French concept)
3. An innovator; one who does new things or does things in a new
way. (Schumpeter)
ENTREPRENEUR DEFINED

Pure entrepreneurs are those who launch their own ventures

from scratch. They develop scarce resources into successful
business by their instinct for opportunity, sense of timing,
hard work, and idea-producing activity.
CHARACTERISTICS OF ENTREPRENEUR

Pure entrepreneurs are those who launch their own ventures

from scratch. They develop scarce resources into successful
business by their instinct for opportunity, sense of timing,
hard work, and idea-producing activity.