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Entrepreneurship

– is a proactive process of developing a business venture to make a profit.

It involves seeking opportunities for a market, establishing and operating a business out of the opportunity, and assessing its risks and rewards through close monitoring of the operations.

Between, to take

The word “entrepreneur” has a French origin and was coined from the words entre, which means “________”, and prender, which means “_________”

ENTREPRENEUR

is a unique individual who has the innate ability and extraordinary dedication to establish and manage a business, acknowledging all the risks and reaping its rewards.

ENTREPRENEUR

He/She will only expect returns once he or she already added or created value out of an opportunity.

The self – employed

They are not comfortable with the routines of a desk job.

The self – employed

They want to do things in their own way and start to feel agitated when controlled by the powers – that – be.

The self – employed

They do not want to conform to a fixed working schedule.

The manager

In this level, entrepreneurs feel the need to set up and ask some help from the people around them.

The manager

They delegate and hire potential employees to dot the work.

The leader.

Entrepreneurs in this level already enjoy seeing their people flourish, stepping up and producing great results with minimal supervision.

The investor

They look for more opportunities for their business to grow.

The investor

They may either purchase one or two businesses that can potentially add value to the company, or sell their established business (as a franchise) to potential entrepreneurs.

The true entrepreneur

Based on their experience, now aim for quality and excellence in their work. They have fully learned, and continue to practice, a four – step process of thinking

IDEALIZATION, VISUALIZATION, VERBALIZATION, MATERIALIZATION

4 Step Process of Thinking of Entrepreneurs

IDEALIZATION

Entrepreneurs dream enormously and desire to make the dream a reality.

VISUALIZATION

entrepreneurs start to create plans to make the dream a reality.

VERBALIZATION

involves sharing their ideas with other people, knowing that their vision is already occurring.

MATERIALIZATION

happens when the vision becomes a reality. In this stage, true entrepreneurs now have an income that keeps on multiplying even if they do not put much effort.

A technopreneur

is an entrepreneur who puts technology at the core of his or her business model.

A social entrepreneur

is one who recognizes the country’s social problems and turns them to profitable institutions with the intention of helping the disadvantaged community rather than making a profit.

An intrapreneur

is an entrepreneur in a large company or corporation who is tasked to think, establish, and run a new big idea or project. Intrapreneurs are usually the product managers or the business development managers of a company.

An extrapreneur

is an entrepreneur who hops from one company to another to act as the innovation champion, providing creative and efficient solutions.

Proactive.

Entrepreneurs are reactive rather than passive.

Proactive.

They address issues, problems, and challenges before they come rather than when they already happened.

Proactive.

They ensure that proper research is done, the risk factors are assessed, and plans are executed on a timely and most efficient way.

Agents of change.

Entrepreneurs are innovation champions.

Agents of change.

They see opportunities in hopeless and complex situations.

Agents of change.

They are always enthused to improve and develop new products and services and introduce them to the market.

Agents of change.

They don’t settle for mediocrity and the status quo.

Risk takers.

Entrepreneurs will not be successful if they do not take risks. By taking risks, entrepreneurs do not just grab opportunities left and right; they have to take into consideration the potential various threats they may encounter.

Have a sharp eye for opportunities.

Entrepreneurs have a talent for recognizing an opportunity even by using the macro level data only.

Have a sharp eye for opportunities.

They know how to assess the net cause and effect of an opportunity and decide intelligently if a venture should be considered or not.

Sociable.

Soft skills are one of the most important competencies of entrepreneurs as these stablish the relationship with the most important assets of the company – its people and its customers.

Networkers.

They know the key people to connect with

Networkers.

The work of this can be a very intimidating task, for it takes a lot of guts to pull it off.

Networkers.

Successful entrepreneurs gain trust of their valuable network and maintain a long – lasting relationship with them.

Decisive

Entrepreneurs always have a decision about their business.

Decisive

They do not settle for gray areas or unclear solutions.

Decisive

They do not leave an issue unsolved without a disposition.

Decisive

They make sure that all aspects of their business have clear objectives and strategies.

Decisive

They base their decisions an scientific calculations backed up by their experience and technical knowledge.

Balanced.

The minds of entrepreneurs should have a be between the analytical and the creative side.

Balanced.

Their brains are always playing with “unique ideas” that no one has ever thought of yet.

Eureka Moments

Entrepreneurs always have these moments and enjoy them.

Innovative.

The minds of entrepreneurs are rich with big ideas that can add value to their existing business or could become a game changer in the industry or business where they belong.

Innovative.

They do not stop improving and thinking of new and worthwhile ideas for their business.

Leaders.

Successful entrepreneurs always have the heart of a leader. To be successful leaders, they must be a source of inspiration for their employees.

Leaders.

They must be very humble, approachable, friendly, and also know how to listen to people’s concerns.

Communicators.

Entrepreneurs know how to use all forms of communication to effectively share ideas and address certain concerns with their customers or employees.

Specialists.

Entrepreneurs are experts in their chosen business.

Specialists.

They are tactical and are very keen with details.

Specialists.

When asked about specifics of their product or service, they can easily answer without heavily relying on their people.

Problem solvers.

Entrepreneurs possess critical thinking skills and look at problems as challenges or puzzles that they need to solve.

Problem solvers.

They know how to handle issues in any area of the business, be it finance, operations, or marketing.

Problem solvers.

They listen to the plight of their employees on certain problems involving their units, and come up with strategic solutions.

Entrepreneur

Income generated passively even when the entrepreneur is resting

Entrepreneur

Opportunity income unlimited, depending on the success of the business

Entrepreneur

Income only earned when the business is successful

Entrepreneur

Provides jobs, is the owner of the business and conducts the talent selection

Entrepreneur

Fully responsible for serving customers, making the business profitable/sustainable, and providing employee satisfaction

Entrepreneur

Has the power to disengage nonperforming employees applying the due process policy of disengaging personnel

Entrepreneur

Can venture into expansion of business such as franchising and buying other similar businesses.

Entrepreneur

 

Performs all necessary variable tasks to establish and manage a start – up business, which usually takes most of the entrepreneur’s time

Entrepreneur

Spend more hours on work than a regular employee and sometimes gets no sleep

Entrepreneur

Prepare policies, procedures, and memoranda for the business

Entrepreneur

Taxed on the net income; can claim taxable income deductions for allowable expenses incurred by the business

Entrepreneur

Is comfortable in doing multiple and challenging tasks and takes accountability with the risks and profits of the business; does not want to be confined in a box; thinks outside the box or sometimes thinks there is no box

Employee

Income generated actively (i.e., on working hours only)

Employee

no work = no pay

Employee

Income usually fixed per month and increases every year depending on the employer and the employee’s performance

Employee

Seeks for a job; is the one applying for a job and is interviewed by the company’s hiring officers

Employee

Has the goal of satisfying only the employer or the direct supervisor

Employee

Can only work for the current employer exclusively.

Employee

Fully dependent on the employer’s performance; is at risk of losing his or her job if the company does not perform well; may find it difficult to just leave their below par employer if this is their only source of income

Employee

Has routine tasks and works on regular or normal hours

Employee

Follows policies, procedures, and memoranda from the employer

Employee

Has a limited number of vacation days imposed by the employer

Employee

Taxed on the gross income; cannot use expenses incurred related to the job such as food and transportation expenses to claim for deductions from taxable income

Employee

May be comfortable with routines and minimal risks; may also be comfortable in working for the company itself

SOCIOCULTURAL

Health consciousness

SOCIOCULTURAL

Education level

SOCIOCULTURAL

Attitudes toward imported goods and services

SOCIOCULTURAL

Attitudes toward the person’s lifestyle

SOCIOCULTURAL

Attitudes toward product quality and customer service

SOCIOCULTURAL

Attitudes toward saving and investing

SOCIOCULTURAL

Emphasis on safety

SOCIOCULTURAL

Buying habits

SOCIOCULTURAL

Religion and beliefs

TECHNOLOGICAL

Basic infrastructure level

TECHNOLOGICAL

Rate of technological change

TECHNOLOGICAL

Spending on research and development

TECHNOLOGICAL

Technology incentives

TECHNOLOGICAL

Legislation regarding technology

TECHNOLOGICAL

Communication infrastructure

TECHNOLOGICAL

Access to newest technology

TECHNOLOGICAL

Internet infrastructure and penetration

 

ECOCOMIC

Growth rates

ECOCOMIC

Inflation rates

ECOCOMIC

Interest rates