entrep | prelim (71)

Enterprise

Today, is still used as an "attitude to life, an attitude of exploring, developing, leading, and taking initiatives."

is identifying, developing, and bringing a vision to life, be it an innovative idea or a better way of doing something. Also applies to business ventures and political and social decisions.

Enterprising

means "marked by imagination, initiative, and readiness to undertake new projects."

Entrepreneurial

means "willing to take risks to create value." Anyone - from an artist to a zoologist - can be.

Entrepreneurs create new businesses. | Economy

The goods and services offered by entrepreneurs can produce a cascading effect by stimulating related industries or sectors supporting the new venture to further economic development.

EXAMPLE:

The first call center operations in the Philippines encouraged other BPOs to also set up in the country due to its relatively cheap rates. Thus 2015, the Philippines replaced Mumbai as the 20d ranking BPO destination.

Entrepreneurs contribute greatly to national development. | Economy

Existing businesses may remain confined to the scope of existing markets and may hit a glass ceiling in terms of income. New and improved products, services, or technology from entrepreneurs enable new markets to be developed and new wealth to be created.

EXAMPLE:

Increased employment and higher earnings in the Philippines shall contribute to better national income through higher tax revenue and government spending. The government can use this revenue to invest in other struggling sectors and human capital.

Entrepreneurs create social change. | Economy

Through their unique offerings of new goods and services, entrepreneurs break away from tradition. This results in an improved quality of life, morale, and economic freedom.

EXAMPLE:

The water supply in a water-scarce region sometimes forces people to stop working to collect water. This will impact their business, productivity, and income. This innovation ensures people can focus on their jobs without worrying about necessities like water.

• Entrepreneurs on starting a business from scratch. | Spectrum

Many entrepreneurs start their businesses with a vision. It enables the entrepreneur to be productive. As a sole proprietor, the entrepreneur gets the first and only say - without having to run his/her decision by other parties, there will be no need for team meetings, collaboration, or voting. The entrepreneur can do what s/he wants and needs to do effectively, and the results will be up to his/her high standards.

• Entrepreneurs on starting a family business. | Spectrum

Entrepreneurs choose to start due to its long-term orientation. Most family businesses aim to maximize the well-being of current and future generations from a transgenerational perspective. This orientation results from the willingness of family members to pass down to their heirs a healthy and competitive firm.

• Entrepreneurs on entering a partnership. | Spectrum

Is an excellent way for entrepreneurs to leverage existing resources between parties. Having this can mean multiple sources of cash flow, which will benefit the business during the start-up and growth phases. This may lead to an expanded customer base, increasing earning potential. It can also be an additional source of creativity during brainstorming and problem-solving.

• Entrepreneurs on buying an existing business. | Spectrum

The idea is less risky than starting from scratch, however expensive it is. There is already an established customer base, reputation, and employees familiar with all aspects of the business. The entrepreneur does not have to set up new procedures, systems, and policies. Also, buying an existing business may give the entrepreneur valuable legal rights, such as patents or copyrights, which can prove very profitable. As for franchising, entrepreneurs enjoy a support system from the franchisor.

Economy with Society

They see the largest and most important circle.

Environment

as much smaller domains within.

; In this new way of looking at the world, this is the biggest circle.

Ray Andersen, CEO of Interface

Says, businesses need to wake up to the simple fact that "the economy is the wholly owned subsidiary of nature, not the other way around."

Triple Bottom Line (TBL)

was coined in 1994 by John Elkington, the founder of a British consultancy called Sustainability.

Profit | TBL

refers to the real economic value created by the business and enjoyed by the host society. It is the income and expenditures, taxes, business climate factors, employment, and business diversity factors, as well as the business's economic impact on society.

— the "bottom line" of the * and loss account.

People | TBL

refer to a business's impact on employees and outside the business (community). All stakeholders are interdependent via fair wages, fair-trade practices, safe work environments, retention rates, ethical standards, local hiring, local sourcing, local participation, local charitable contributions, and contributions to community living standards.

Planet | TBL

refers to environmental stewardship. Entrepreneurs enhance the natural order and minimize their ecological impact in a wide variety of ways that are cost-effective and easy to implement and adopt. It can be done through small efforts such as managing energy consumption, employing eco-friendly materials, managing water consumption, and minimizing waste in landfills.

Entrepreneurs Have an Empowering Perspective of Failure | Traits

EXAMPLE:

The traditional school system trains children to close their books and not ask for help when taking exams. Assessments are usually labeled as either pass or fail. Along the way, old-fashioned teachers also train students to believe failure is bad. In reality, failure is simply feedback. Failure is the way people learn and grow. For most people, failure is not a correction but a rejection.

Never take failure personally. Remember:

Failure is a verb, not a noun.

Entrepreneurs Know a Little About a Lot | Traits

EXAMPLE:

Smith once heard a story about a CEO meeting with an external visitor. An employee burst in during the meeting and said, "We've got a problem. We've got to handle this right now!" The CEO calmly looked at the employee and said, "Remember rule number five (5).

Rule number five (5): Don't take yourself so seriously.

Entrepreneurs Give and Receive Praise Correction | Traits

EXAMPLE:

A karate teacher uses a powerful tool to get the best from his students and himself. It's called "PCP," which stands for Praise, Correct, and Praise. For instance, if a child halfheartedly kicks his leg instead of kicking with force, the instructor might say, "Great, excellent, you got your leg moving in the right direction. Now let's do it with more strength." When the child kicks harder, the instructor gives him a high five and says, "That's it, good job!" Praise, then correct, then praise again.

A spoonful of sugar helps the medicine go down.

Entrepreneurs Fly with Eagles | Traits

EXAMPLE:

Ken Krogue, a writer at Forbes, had his friend, Troy Fullmer, experience a slight inconvenience during their meal together. He asked the waitress for a little change in how his meal was prepared, and the waitress responded with, "Oh, we can't do that, I'm sorry." Troy replied, "Can I talk to your manager?" The manager came out, and Troy immediately received the slight change he requested. It was possible.

People before the process. Customers before policy.

Entrepreneurs Look into The Future | Traits

Few people understand the power of vision. Vision makes things happen; good health does not just happen without a vision to make it happen; financial freedom does not just happen without a vision to make it happen. Vision attracts power. It's what attracts wisdom.

While it is important to value hindsight, don't let it limit your foresight.

Tony Tan Caktiong (Jollibee)

She was not intimidated when McDonald's had its first outlet in the Philippines.

; Filipinos have a sweet taste in food and like to smell everything they eat.

; Started establishing franchises outside the Philippines: Hong Kong, the Middle East, the USA, Italy, Canada, etc.

; These enabled millions of Filipino overseas workers to taste their homes in other countries.

Angeline Tham (Angkas Ride Sharing App)

is one of the top transportation choices for people living in cities across the Philippines and has already been downloaded more than 1.5 million times.

; has a 99.99-plus percent safety record, and she is working towards offering free training for 14 million bikers nationwide and planning to launch the country's first motorcycle ambulance.

Jollibee

Tony Tan Caktiong

Angkas Ride Sharing App

Angeline Tham

Howard Schultz (Starbucks Coffee Company)

He first joined * Coffee Company as its Marketing Director. In 1986, he opened his coffee shop called "Il Giornale." Later, the co-founders decided to sell the company to him.

; There are now about 30,000 locations worldwide.

; he retired in 2018 but rejoined the company. In 2023, he became the chairman emeritus and stepped down from the board of directors

Starbucks Coffee Company

Howard Schultz

Phil Knight (Nike)

He had been a track runner at the University of Oregon, where he observed the coach fiddling with the running shoes of the runners and the immediate effect it had on their performance.

; The enterprise was first called Blue Ribbon Sports and faced many problems, including financial disagreements with banks.

; Today, it generates nearly $45 billion or 2.5 trillion pesos in sales

Nike

Phil Knight

Reed Hastings (Netflix)

Marc Randolph co-founded

In 1997, an online movie rental service offering customers flat rates.

Around 2005, it tried to make a name for itself by shipping DVDs to customers and, later, allowing customers to stream movies and television shows online.

; ushered in the online streaming era. As of 2020. It reported 169 million paid subscribers and a revenue of $20.1 billion or 1.1 trillion pesos

Netflix

Reed Hastings | Marc Randolph co-founded

Amancio Ortega (Zara)

He left school at 14 to sew shirts by hand for a tailor. In 1968, following his ambition and intuition, he began a company called "Confecciones Goa" that sold dressing gowns, housecoats, and lingerie that women in cooperatives had made for him

In 1975, he and his wife Rosalia opened their first retail store, which offered higher quality made clothes at reasonable prices. By the 80s, we’re located throughout Spain.

; net worth is over $57.5 billion or 3.2 trillion pesos.

Zara

Amancio Ortega

Walt Disney (The Walt Disney Company)

The commercial success allowed to create a cartoon factory with teams of animators, musicians, and artists.

; turned that mouse into several amusement parks, feature-length animations, and a merchandising bonanza.

; After his death, the growth continued, making him and his mouse, the founders of the world's largest media company.

The Walt Disney Company

Walt Disney

Mark Zuckerberg (Meta)

He is the founder, chairman, and Chief Executive Officer , which he originally founded as Facebook.

; He studied computer science at Harvard and then opened an office in Palo Alto, California, where he raised $12.7 million or 635 million pesos in venture capital.

; He has developed a robust advertising and sales arm and rigorously built out Facebook's capabilities and user bandwidth by enabling native video services and live streaming.

; also spearheaded several acquisitions, including Instagram, Oculus VR, etc.

Meta

Mark Zuckerberg

Steve Jobs (Apple)

His mission was to build a personal, portable computer that everyone could use. They achieved that with their second model of the personal computer, the Apply IIc.

; In 1980, it went public with a market value of $1.2 billion or 66.7 billion pesos by the end of its first day of trading.

Apple

Steve Jobs

Elon Musk (SpaceX)

founded the aerospace company in 2002 to " revolutionize space technology, with the ultimate goal of enabling people to live on other planets," according to the company website.

; launched its newest rocket - Falcon Heavy

In addition he serves as chief executive of Tesla Motor Co., an electric car company, is chairman and co-founder of SolarCity, and is working to build a high-speed "Hyperloop" transportation system

SpaceX

Elon Musk

Falcon Heavy

the most powerful operational rocket in the world with reusable launchers - last February 6, 2018, with zero (0) failure.

Anne Wojcicki (23andMe)

She is the co-founder and CEO, which sells direct-to-consumer genetic testing kits that are easy to use

; it simply requires a person to mail in a saliva sample - and relatively inexpensive, at $99 or 5,000 pesos a test.

; The company's genome kits, which were named "Invention of the Year"

; In 2013, the company ran into trouble when it was ordered by the Food and Drug Administration (FDA) to stop selling its kits over questions about the reliability of the results.

; $115 million or 6.4 billion pesos

23andMe

Anne Wojcicki

Larry Page and Sergey Brin (Google/Alphabet)

In 2004, it went public. Since then, the company has diversified, rolling out products including Gmail, Google Maps, Google+, and Google Glass.

; The company also develops self-driving cars, robotics, life sciences, and Al products.

; are co-founders of * and have restructured the company to create *.

Google/Alphabet

Larry Page and Sergey Brin

Entrepreneurial Value Creation Theory

from the name itself, explains how entrepreneurs create value through a venture.

The vision of Merck & Co.

To make a difference in the lives of people globally through our innovative medicines, vaccines, and animal health products. We are committed to being the premier, research-intensive biopharmaceutical company dedicated to providing leading innovations and solutions for today and the future.

The Rationale for a Sustainable World

The short answer is: We are running out of resources due to our numerous technological successes.

But the revolution did not simply change the way we worked; it transformed the way we lived, the way we thought about ourselves, and the way we viewed the world. Nothing like it had ever occurred before.

Creating Beyond Reactive Problem-Solving

People get so drawn into fragmented views of the "problem" that they often resort to superficial quick fixes.

Creating

draws energy from dreams or visions of what people truly want to see exist (in concert with an accurate and insightful understanding of what is).

Reactive problem-solving

draws energy from crises, usually driven by fear (fear of the consequences if we fail to solve the problems).

Curiosity

is the spark of creativity and innovation, the best long-term investment a person can make.

Egon Zehnder

a global management consulting firm, found that as the business environment became more volatile and complex, the firm realized the importance of adapting to unforeseen situations by learning new skills. It began assessing candidates' potential in this area.

Curiosity | dimensions

- a thirst for new experiences and knowledge; an openness to feedback, learning, and change.

Insight

- the ability to gather and synthesize information that suggests new possibilities.

Engagement

- the ability to connect with others and communicate a vision.

Determination

- the persistence to overcome obstacles and achieve challenging goals.

Ask the right questions

First, differentiate an excellent question from a bad question. In general, a bad question does not encourage a substantive answer.

Eric Schmidt

a former board member at Apple. he was brought on to accelerate growth and provide some "parental supervision," as Sergey once said.

he is often credited with pioneering a 70/20/10 management model that believes innovation is cultivated best when employees spend 70% of their time on core business tasks, 20% on related projects, and 10% on unrelated projects.

Always listen without judgment

Curious people have no hidden agenda. They seek to understand the perspectives of others and are willing to sit in ambiguous, open, and curious without being invested in the outcome.

Kathy Taberner

co-founder of the Institute of Curiosity, curious people are non-blaming, non-shaming, and supportive, working together, focused on exploring options to find the best solution that supports collaboration and leads to innovation.

Process Innovation

A change in how a product or service is manufactured, created, or distributed to achieve greater efficiency.

EXAMPLE:

Zara, a clothing line by Amancio Ortega, does not spend money on commercial advertisements. Instead, they spread their brand through verbal communication between customers and with their labels only on their bags.

Product/Service Innovation

Creating new ideas that do not alter established business models.

EXAMPLE:

Cicret Bracelet, which looks like a wearable fitness band, is a waterproof bracelet that contains a projector. The app projects all the visuals from a smartphone onto the arm, from which the user can touch and manipulate the image, just like a smartphone.

Disruptive Innovation

Introduces a new value proposition. It either creates new markets or reshapes existing markets.

There are two (2) types of disruptive innovations: low-end and new-market.

also describes inventions that make products and services more accessible, affordable, and available to a larger population.

Low-end disruptive innovations

can occur when existing products and services are "too good" and hence overpriced relative to the value existing customers can use.

EXAMPLE: Netflix offers technologically integrated access to all types of video entertainment.

New-market disruptive innovations

can occur when existing product characteristics limit the number of potential consumers or force consumption to occur in inconvenient, centralized settings.

EXAMPLE: Skype is a low-cost telecommunication service that allows customers to call and message on the same interface more conveniently and for a fraction of the price of traditional telecommunication services.

Disruption is a process | Theory

The term "disruptive innovation" is misleading when it refers to a product or service at one fixed point rather than to the evolution of that product or service over time.

EXAMPLE:

The first minicomputers were disruptive not merely because they were low-end upstarts when they appeared on the scene nor because they were later perceived as superior to mainframes in many markets.

Disrupters often build business models that are very different from those of incumbents | Theory

Consider the healthcare industry. General practitioners operating out of their offices often rely on their years of experience and test results to interpret patients' symptoms, make diagnoses, and prescribe treatment. It is called a "solution shop" business model.

EXAMPLE:

Apple's iPhone. The product that Apple debuted in 2007 was a sustaining innovation in the smartphone market.

Some disruptive innovations succeed; some don't | Theory

A third common mistake is to focus on the results achieved - to claim that a company is disruptive by its success. But success is not built into the definition of disruption: Not every disruptive path leads to a triumph, and not every triumphant newcomer follows a disruptive way.

EXAMPLE:

Many internet-based retailers pursued disruptive paths in the late 1990s, but only a few prospered.

The mantra "disrupt or be disrupted" can misguide people | Theory

Incumbent companies need to respond to the disruption if it occurs, but they should not overreact by dismantling a still-profitable business.

EXAMPLE:

Companies may create a new division focused solely on the growth opportunities that arise from disruption.