EBC-PRELIMS

Creates employers

when entrepreneurs put up their business, they employ people who possess different competencies and personal values to help them operate the enterprise.

develops new markets

entrepreneurs are opportunity seekers, creative and resourceful. They seek for new buyers or customers of their products are sold and look for other people who will be interested.

Introduces innovation

entrepreneurs innovate, innovation can be something ordinary or technological or breakthrough. this innovation is done for product, service or technology towards commercialization and generates economic wealth.

generates new sources of material

entrepreneurs are always in constant search for better and cheaper sources of materials they need. Finding new material providers helps the economic growth of the place. These could be sourced from other regions.

Stimulates investment interest in business ventures being created

When entrepreneurs engage in a new business, it stirs curiosity for other people to invest in the business because of the benefits it offers. This new investment contributes to economic growth.

Improves the quality of life

the new products and services developed by the entrepreneurs contribute to the increase in the personal benefit and convenience of people in society.

Serves as role models

entrepreneurs are people to be emulated by younger generations in the community and society at large.

Brings social benefits to the people

entrepreneurs pay taxes for every product or service sold in the market. They also pay for the permits and licenses to operate their businesses.

Utilizes and mobilizes indigenous resources

small and medium enterprises will always look for cheaper and local materials to supply their needs.

Provides more alternatives for consumers

the stiff competition in the market for quality and cheaper products and services requires the entrepreneurs to come up with more products and services consumers can choose for.

Development of Managerial capabilities

one of the benefits an entrepreneur gets is to develop his managerial skills.

Creation of Organizations

because of entrepreneurships many organizations will exist.

Improving Standard of Living

entrepreneurship can lift up the economic status of an individual.

Means of Economic Development

not only the life of the entrepreneur is improved but also the society where the business is located.

Entrepreneur

was derived from the French verb “entreprenerd”, which means “to undertake”

personality factors

Initiative, proactive, problem solver, perseverance, persuasion, planner, risk-taker

Environmental factors

political, climate, legal system, economic and social conditions and market situations.

Decisive

an entrepreneur must be firm in making decisions.

Communicator

an entrepreneur must have a convincing power.

Leader

an entrepreneur must have the charisma to be obeyed by his employees

Opportunity seeker

an entrepreneur must have the ability to be the first to see business chances.

Innovative entrepreneur

they are those who always make new things by thinking of new ideas.

Imitating entrepreneurs

they are those who don’t create new things but only follow the ideas of other entrepreneurs.

Fabian entrepreneurs

they are those skeptical. They don’t initiate but follow only after they are satisfied.

Drone entrepreneur

they are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business.

Social entrepreneurs

they are those who initiate changes in the various fields such as education, health, human rights, environment and enterprise development.

Career opportunities

1. Business Consultant

2. Teacher

3. Researcher

4. Sales

5. Business Reporter

Entrepreneurial mind frame

allows the entrepreneur to see things in a very positive and optimistic way in the midst of a difficult situation.

Entrepreneurial heart flame

Entrepreneur's driven passion, they are attracted to discover satisfaction in the act and process of discovery.

Entrepreneurial gut game

the ability of the entrepreneur to be intuitive. This is also known as intuition.

5 forces

a. Buyers
b. Potential new entrants
c. Rivalry among existing firms
d. Substitute products
e. Supplier

Competition

it is the act or process

of trying to get or win something.

Calculated risk-taking

It is doing everything possible to get the odds in their favor, and they often avoid taking unnecessary risks.

Commitment

It is the unwavering dedication to work for the common good of the society through one’s business.

Feedback-seeking

It is the taking of steps to know how well they are doing and how they might improve their performance.

Perseverance

It is the determination to succeed by overcoming obstacles and setbacks. Often, entrepreneurs will not easily give up when problems come their way.

Drive to achieve

It is the internal desire to pursue and attain challenging goals.

Self-confidence

It is the belief that together with the other people, things can be done in the business.

Opportunity orientation

It is the constant awareness of opportunities that exist in everyday life.

Innovativeness

It is the ability to come up with something different or unique every time. This can be in terms of a new product, service, process, market, or technology.

Responsibility

It is their willingness to put themselves in situations where they are personally responsible for the success or failure of the business operation.

Tolerance for failure

It is using it as a learning experience. The serious setbacks and disappointments become an integral part of the learning process.