ENTREP M1

entreprendre

to undertake

entre

between

prendre

to take

Entrepreneurship

-philosophy or process that an entrepreneur seeks innovation and employment
-art of observing correct practices and managing and operating a self-owned, wealth-creating business by providing goods
-field of business that seeks to understand how opportunities to create something
-process of pursuing opportunities without limitation by resources currently at hand
-process of designing and running a new business venture for earning profits
-way of thinking

Entrepreneurship (new)

is the process of creating something different with value by devoting the necessary time and effort, assuming accompanying financial, psychic, social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence

entrepreneur

-person who undertakes an enterprise with chances of profit or loss
-an individual who bears the risk of operating business in the face of uncertainty about the future conditions
-organizes, operates and assumes the risks
-strongly advocates and correctly practices the concept of entrepreneurship
-searches for change, responds to it and exploits it as an opportunity
-forms an organization for commercial purpose
-one who creates a new business in the face of risk and uncertainty

entre

enter

pre

before

neur

nerve centre

businessman

-sets up an existing idea
-creates place in existing markets
market player
-calculative
-less risk
-conventional
-profit orientation
-very high competition

Enterprise

-bold undertaking
-where entrepreneurial activity is going on
-recognition of new market opportunities
-provides goods, services, creates jobs and contributes to national income

applies only to manufacturing business

merchandising and providing services are also of business ventures

applies only to small business

the amount of business capital does not serve as a reckoning ground for classifying whether the venture is operating within the concept of entrepreneurship or ordinary small business.

applies mostly to persons with good educational background in business courses

you must know the basic concepts and principles of entrepreneurship and apply them properly to your chosen business.
The practice of entrepreneurship does not even require any entrance examination in business course.

applies only to a good economy

finds opportunities in both flourishing and distressed economies

simply opening a small business

the first step in actualizing the entrepreneurial venture, as it is a long, continuing process

Truths about entrepreneurship

-not reserved for startups
-do not have a special set of personality traits
-can be taught
-not extreme risk takers
-collaborate more than compete
-act more than they plan
-life skill

Importance to filipino people

-guidelines in their wealth-creating ventures
-improve their financial and social life
-broaden their creativity
-make their lives happy, fruitful and successful

importance to the local community

-provides employment
-creates new demand
-makes substantial contributions to the raising and collection of taxes
-facilitates the movement of the factors of production
-creates new business opportunities
-promotes a peaceful and loving community
-increases constructive competition

importance to the philippine economy

-encourages competitiveness and thereby challenges entrepreneurs to keep improving their products and services
-helps find an entrepreneurial niche in the world market
-helps fasten the economic recovery process of the Philippines
-facilitates the smooth flow of money in the local market
-assists the national government in its desire to have a favorable economic rating in the world market

relevance of entrepreneurhsip to shs students

-prepare students for livelihood even before college
-aids students from all socioeconomic backgrounds to think outside the box and nurture unconventional talents and skills
-develops their initiative and helps them to be more creative and self-confident in whatever they undertake and to act in a socially responsible way.
-exposes students to numerous opportunities to learn how to think critically and analyze the pieces on the board.
-being aware of all the important factors and seeing how they affect each other is the foundation of a smart decision-making process
-exposed to real-world examples and learn from their own experience
-requires students to be innovative, creative, and collaborative
-come up with business ideas and develop their own ventures
-creation of entrepreneurial thinkers who have the skills and tools to start

What makes a successful entrepreneur?

-urge for achievement
-willingness to take moderate risks
-determination to win
-win-win personality
-ability to identify and explore new opportunities
-analytical ability to take strategic decisions
-perseverance
-flexibility
-capacity to plan and organize
-preparedness to undergo physical and emotional stress
-positive self-concept
-future orientation
-ethics and values

Who can become an entrepreneur?

-feels the need for achievement
-can take moderate risks
-posses skills in organizing
-who can capitalize on opportunities
-has some financial strength
-has the ability to work hard
-has the desire for responsibility
-clear perception of probability of success
-stimulation by feedback
-anyone
-does not have pervious experience