ENTREPRENEURSHIP

AND ITS CONCEPT

MODULE 1 WEEK 1
LEARNING OUTCOMES
1. Define what is an entrepreneur
2. Describe the key concepts in the making of an entrepreneur
3. Identify the factors that develop entrepreneurial activities and successes
4. Discuss the development of entrepreneurship
5. Elaborate the making of a Filipino entrepreneur and their profile; and
6. Discuss the challenges in Entrepreneurship
7. Discuss the entrepreneurial management demands
8. Discuss the profile of a successful entrepreneur
 ENTREPRENEURSHIP and the ENTREPRENEUR

ENTREPRENEURSHIP - It is a science of converting processed ideas into a remarkable business venture.

 It is also a capacity for innovation, investment and expansion in new market, products and techniques.

ENTREPRENEUR - is an individual who is alert to profitable opportunities for the exchange of goods or
services.

 One who organizes, manages, directs and assumes the risks of a business or enterprise. Being an
entrepreneur is a lifestyle or an attitude.
The Entrepreneurial Skills and Competencies
1. The Entrepreneur as a Missionary - the entrepreneur is a missionary who perceives opportunities
inherent in the exchange of goods with great desire for profit.
2. Entrepreneur is Goal-Driven - an entrepreneur is goal driven and self-confident as he exercises the
locus of control.
3. Entrepreneur is a Marketing Man - the entrepreneur marshalls his resources to pursue the
opportunities and makes immediate action to exploit his personal gain.
4. The Entrepreneur Starts Small to Become Big - they exploit the opportunities available for their
personal disposal.
 THE MAKING OF AN ENTREPRENEUR

The making of an entrepreneur is a dynamic process and an approach.

 As an approach. The entrepreneur considers the business opportunity as a chance to find new
ways to solve the problem rather solving the problem. Entrepreneurship is a process that can
be developed, learned, and nurtured.
 As a dynamic process. It is a dynamic process of innovation and the establishment of new
opportunity for the creation of new venture. The real entrepreneur is an individual with
greatest drive for expansion and growth and has prosperity to make a difference.
 Factors that Develop Entrepreneurial Activities

1. The Entrepreneur Takes the Initiative. With his great interest to capitalize on the opportunity at
hand, the entrepreneur takes the initiative of venturing into the business.
2. Organization of Capital Resources. While talents and ambitions are great resources of the
entrepreneur, financial and human resources are important ingredients in the start of the
organization.
3. The development of Administrative Machinery. It is based on the individual capacity to do the
job and not on personal connection with the entrepreneur.
4. The Development of Entrepreneurial Autonomy. He takes the lead in all the activities of the
organization especially in the early stages of operation.
5. The Development of SWOT Analysis. The entrepreneur must see the the environment of the
enterprise based on SWOT analysis so that the risk involve coulb be seen before it happens.
The Development of Entrepreneurship
The Making of a Filipino Entrepreneur

The food business outlet is one of the most abused and most prominent activities of some
Filipino business entrepreneurs, including that of small outlet in the distribution of basic grocery and other
items called “ sari-sari store or in some cases mini grocery stores. Please access this link for reference :
https://www.studocu.com/ph/document/urdaneta-city-university/business-administration/the-development
-of-entrepreneurship/32349537
 THE CHALLENGES FOR ENTREPRENEURSHIP

 The new entrepreneur must be a doer and willing to work hard until he achieves the task he
wants for himself.

 Personal attention and comprehensive awareness for the progress of the business is not trusted
on other people.

 The new entrepreneur mush have a high sense of integrity that he stands firm on his principles
and ideals.

 Emotional stability is an important factor in the making of an entrepreneur.

 The built in self-starting mechanism that drives an entrepreneur to success is his executive ability
to manage people and resources.
 THE ENTREPRENEURIAL MANANGEMENT DEMANDS

The demands for entrepreneurial success are common in most successful businessman:

 The entrepreneur is alert to opportunities and perceptive to make things happen.

 The entrepreneur has the health and endurance to work long hours.

 The entrepreneur of flexibility and change.

 The entrepreneur is self-assured.

 The entrepreneur seeks other’s opinion or make researches.

 PROFILE OF A SUCCESFUL ENTREPRENEUR

Most successful entrepreneurs are described to possess the following profiles:

 The entrepreneur has strong desire for independence.

 The entrepreneur develops strong drive to succeed.
 The entrepreneur has strong determination in decision making.
 The entrepreneur develop[s feedback mechanisms for result.
 The entrepreneur is a result-driven individual.
“Opportunity comes from one person’s idea that
influences others to take action.”