INTRODUCTION TO

ENTREPRENEURSHIP
MODULE 1
ENTREPRENEURSHIP

Entrepreneurship is a mantra in the age of globalized

economy. It is the groundwork and catalyst of
economic growth and revolution across nations.
Entrepreneurial activities prosper in societies with the
support of the government and which give much
importance to innovativeness and turn new ideas into
a breakthrough solution.
ENTREPRENEURSHIP

In the Philippines, small and medium enterprises

(SMEs) are concrete indicator and manifestation on
how entrepreneurship progress in our country.
They contribute continuously on the developing status
of our national economy.
ENTREPRENEURSHIP

Entrepreneurship as defined by Glider is “Making the

World forever new” It originates from the French word
“ENTREPRENDRE” meaning an undertaker.
Thus, an entrepreneur is a person who is willing to
undertake risks to create a new enterprise.
ENTREPRENEURSHIP

According to Schumpeter (1934), entrepreneurship is

carrying out new combinations of firm organization-
new products, new services, new sources of raw
materials, new methods of production, new markets,
and new forms of organization.
According to Hart, Stevenson, and Dial (1995), it is a
CHASING of opportunity without regard to resources
currently controlled but constrained by the founders’
previous choices and industry-related experience.
ENTREPRENEURSHIP

According to Kurato (2009), entrepreneurship is a dynamic

process of vision, change, and creation that requires an
application of energy and passion towards the creation
and implementation of new ideas and creative solutions.
According to Dyck and Neubert (2012), entrepreneurship
is conceiving an opportunity to offer new or improved
goods and services, showing the initiatives to pursue that
opportunity, making plans, mobilizing the resources
necessary to convert the opportunity into reality.
RELEVANCE OF ENTREPRENEURSHIP AND
ENTREPRENEURS
The relevance of entrepreneurships and entrepreneurs
cannot be denied, they plays an essential role in
economic growth and standard of living in the country.
Below are list of relevance of entrepreneurship and
entrepreneur in economic development of a country.
 RELEVANCE OF ENTREPRENEURSHIP AND
ENTREPRENEURS
1. Creates employment. When entrepreneurs put up their
businesses, they will hire or employ individuals who will be an asset
to the business because of their relevant competencies and personal
values aligned to the needed requirements of the enterprise.
2. Develops new market. Entrepreneurs are opportunity-seekers,
creative, and resourceful. This behavior or traits of an entrepreneurs
see to it that they can penetrate or establish new buyers for their
products and services. They go beyond their existing market to get
a new market share and look for interested individuals.
 RELEVANCE OF ENTREPRENEURSHIP AND
ENTREPRENEURS
3. Introduces innovation.
Entrepreneurs innovate. Innovation can be something
ordinary or technological or break through. Entrepreneurs are
open for change and that changes oftentimes begins with the
outside forces. This innovation promises optimization of
economic wealth and sustainability in business. Due to
innovation, other business fold, while others will open
flourish. Innovation is the game in business.
 RELEVANCE OF ENTREPRENEURSHIP AND
ENTREPRENEURS
4. Generates new materials.
Entrepreneurs are always in constant search for better and
cheaper sources of materials they need. This behavior focuses
of being resourceful and creative of an entrepreneur. When
they seek for new material providers in different areas
economic growth increases for that place because of the value
that have been created.
 RELEVANCE OF ENTREPRENEURSHIP AND
ENTREPRENEURS
5. Stimulates investment interest in the new business
ventures being created.
When entrepreneurs engage in a new business, it stimulate
curiosity for other to venture in the business because of the
benefits it offers. This new investment contributes to personal
and economic growth.
 RELEVANCE OF ENTREPRENEURSHIP AND
ENTREPRENEURS
5. Stimulates investment interest in the new business
ventures being created.
When entrepreneurs engage in a new business, it stimulate
curiosity for other to venture in the business because of the
benefits it offers. This new investment contributes to personal
and economic growth.
 RELEVANCE OF ENTREPRENEURSHIP AND
ENTREPRENEURS
6. Improves the quality of life.
The new products and services developed by the entrepreneur
contribute to the increase of personal benefit and
convenience of people in society. The introduction of
automatic and electrical gadgets and appliances manifest
improve better quality of life because it makes individuals
work easier and faster.
 RELEVANCE OF ENTREPRENEURSHIP AND
ENTREPRENEURS
7. Serves as role model.
Entrepreneurs are individuals to be emulated by younger
generations in the community and society. The traits,
attitude, and personality exude by them in seeking and
recognizing opportunities, ability to handle risk, alertness in
all circumstances, and creativity are just some of the
characteristic that should be imitate by them to become a
successful entrepreneurs in the future.
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ENTREPRENEURS
8. Bring social benefit to the people.
Entrepreneurs pay taxes for every product or services sold in
the market. Taxes is the lifeblood of the government. The
taxes collected from businesses will be used to provide social
services to the people such as education, health, as well as to
finance the build build program of the government.
 RELEVANCE OF ENTREPRENEURSHIP AND
ENTREPRENEURS
9. Utilizes and mobilizes indigenous resources.
Small and medium enterprise will always look for cheaper and
local materials to supply their needs. This actions of SMEs are
proof of being resourceful and creative because of using idle
or unused resources to meet their needs and at the same time
minimize cost. This also make the flow of business improve in
the area because of patronage of local resources and aided
them for not dependent on imported materials.
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ENTREPRENEURS
10. Provides more alternatives for consumers.
The rigid competition in the marketplace for quality and
cheaper products and services requires the entrepreneur to
come up with more products and services consumers can
choose from. Entrepreneurs should also come up with
strategies and ideas so that customers will prefer his products
and services among his/her competitors. Strategies such as
providing customers with diversified products, ethical in
producing and selling their products and services.