ENTREPRENEURSHIP

MODULE 1 PPT #1
Jake Luther F. Francisco
11 - ICT DELL
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What i have known in entrepreneurship is the process of starting a business or other
organization. The entrepreneur develops a business model, acquires the human and
other required resources, us fully responsible for its success or failure and
entrepreneurship operates within an entrepreneurship ecosystem. But as a basic
entrepreneurship definition, that one is a bit limiting. The more modern entrepreneurship
definition is also about transforming the world by solving big problems. Like bringing
about social change or creating an innovative product that challenges the status of how
we live our lives on a daily basis. Entrepreneurship is what people do to take their
career and dreams into their hands and lead it in the direction they want. It’s about
building a life on your own terms. No bosses. No restricting schedules. And no one
holding you back. Entrepreneurs are able to take the first step into making the world a
better place for everyone in it, including themselves.

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Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along
with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship is
the starting of new businesses. They are the ones who take into account all the risk factors and then jump
head-first into their new idea of a venture equipped with thoughts and careful planning to make their
business a success. They administer and manage the way their business is going to function and think of
ways to improve the whole process. Entrepreneurship is the act of creating a business or businesses
while building and scaling it to generate a profit, just like our family, planning to make a sari-sari store and
sell something goods and grow a large profit.

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Risk-taking entrepreneurs calculates that they will not hesitate to dive into an uncertain
situation while innovatie entrepreneurs are materializing new ideas/ developing
technologies, which satisfy needs in the market and being financially independent but
making more money than paid jobs. Risk-taking is inherent in entrepreneurship. If you
aren’t prepared to take risks, you have no business being an entrepreneur.
Entrepreneurship is fundamentally linked to risk-taking. You’ll need to invest some of
your personal capital into a growing business in most cases. You’ll stake your
reputation on an unproven idea. You’ll sacrifice a steady paycheck for the first several
months to a year again, in most cases. And from there, every decision you make
carries some small risk -- your new hire might leave in a month, your lead generation
strategy might fail, your new approach might anger one of your best clients, and so on.
Accepting risk as a part of the deal, and you need to be ready for that as you enter the
entrepreneurial world.

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Capitalism sharply contrasts with other economic systems, like feudalism and socialism. In capitalism,
entrepreneurs are responsible for such economic decisions as what to produce, how much to produce, and what
method of production to adopt. Capitalism depends on harnessing private motives to produce the goods and
services that the public wants as efficientlt as possible. In capitalism, entrepreneurs are responsible for such
economic decisions as what to produce, how much to produce, and what method of production to
adopt.Capitalism not only leads to improved offerings, it also enhances industrial processes. Machinery created
by those with an entrepreneurial spirit has made the process of many manufacturing jobs much more efficient,
reducing the time required for menial tasks. Just think of what our lives would be like without word processing,
spread sheet, and data analysis programs. Services provided by many data analysts are quicker, easier to
manage, and more reliable than they have been in the past. These improvements have only come about because
entrepreneurs have been allowed to work freely, bringing their ideas to life.

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For me, Entrepreneurship is important for a number of reasons, from
promoting social change to driving innovation. Entrepreneurs are frequently
thought of as national assets to be cultivated, motivated, and remunerated to
the greatest possible extent. In fact, some of the most developed nations such
as the United States are world leaders due to their forward-thinking
innovation, research, and entrepreneurial individuals. Great entrepreneurs
have the ability to change the way we live and work, on local and national
bases. If successful, their innovations may improve standards of living, and in
addition to creating wealth with entrepreneurial ventures, they also create jobs
and contribute to a growing economy. The importance of entrepreneurship is
not to be understated.

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The example of challenges that entrepreneurs are facing right now is “Time
Management”. Time management might be the biggest problem faced by
entrepreneurs, who wear many (and sometimes all) hats. If you only had more
time, you could accomplish so much more, Second is “Hiring Employees”. The
hiring process can take several days of your time: reviewing resumes, sitting
through interviews, sifting through unqualified candidates. Then, you only hope
you can offer an attractive package to get the best people on board and retain
them. Lastly is “ Cash Time Management” when cash flow is essential to small
business survival, yet many entrepreneurs struggle to pay the bills while they’re
waiting for checks to arrive.

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Yes. Entrepreneurship is one of the most important tools that drives the
economy forward, hence improving the lifestyle, but Entrepreneurship
not only improve the quality of life of the Entrepreneur, it also improve
the quality of life of consumers, as many people get involve in
entrepreneurship, there are a lot of competition between them which
result to major breakthroughs in product development and also the
services that they offer, in contrast for example is the duopoly of smart
and globe, because of these there is no competition it results to little or
no development in the telecom industry.

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I think entrepreneurs play big role in driving a nation’s economic growth and
societal development. They inspire people to dream big and to push the
boundary of advancement. They initiate change in the way we work and live
for the better. And most importantly, they create jobs and fortune for a nation.
They pull the process of economic development through efficient use of
resources, manpower, and finance.

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