GROUP 1 - The Entrepreneur and the Enterprise

Entrepreneur

Entrepreneur

An individual who is willing and able to turn a novel idea or invention into a thriving innovation, often with a focus on creating a successful business at their own financial risk.

Intrapreneur

An employee who acts like an entrepreneur for their employer, taking initiative and driving innovation within the organization.

Ecopreneur

An individual who starts and operates a business with a strong focus on environmental sustainability and social responsibility.

Megaentrepreneur

An entrepreneur who is known for starting and leading highly successful ventures, creating significant wealth and employment opportunities.

Microentrepreneur

An individual who engages in small-scale entrepreneurial activities, typically operating a small business with limited resources and a narrow focus.

Innovative Entrepreneur

An entrepreneur who actively seeks to create new and groundbreaking products, services, or business models.

Imitating Entrepreneur

An entrepreneur who duplicates successful models, products, or services rather than brainstorming completely new ideas, increasing the chance of desired outcomes.

Lifestyle Entrepreneur

An entrepreneur who prioritizes personal fulfillment and work-life balance, starting businesses that allow them to design their preferred lifestyles.

Social Entrepreneur

An entrepreneur who unwaveringly dedicates themselves to positively impacting society and the environment through their business ventures.

Novice Entrepreneur

An entrepreneur who has no prior business ownership experience.

Habitual Entrepreneur

An entrepreneur who has prior business ownership experience.

Nascent Entrepreneur

An entrepreneur who has created a new business but has yet to launch or fully establish it.

Drone Entrepreneur

An entrepreneur who does not like change and prefers traditional methods of doing business.

Fabian Entrepreneur

An entrepreneur who is skeptical about adopting or innovating, only changing when necessary.

Invention

The discovery of something new, unique, or like, often referring to the creation of something that does not currently exist.

Innovation

The creation or introduction of fresh ideas, concepts, or approaches to the market, often involving transforming existing inventions into something different.

Adaptation

The process of changing or adjusting a current product, idea, or process to suit new circumstances or requirements.

Imitation

The act of copying an existing product, idea, or process without significant modification or improvement.

Joseph Schumpeter (ECONOMIST)

An entrepreneur is willing and able to turn a novel idea or invention into a thriving innovation. Schumpeter is also famous for the phrase “creative destruction.”

Noah Webster (LEXICOGRAPHER)

An entrepreneur is a person who undertakes the creation of an enterprise or business that has the chance of profit (or success); someone who runs a business at his or her own financial risk.

Entrepreneur

Has IDEAS and makes these ideas happen or come to life.

Must have some BUSINESS SKILLS

Somebody who ASSUMES RISKS

Desire to MAKE PROFIT

Micro, Small, and Medium Enterprises (MSMEs)

are firms that meet the size standards set by certain governments or regions. The classifications may differ, but they are often classified based on characteristics such as the number of workers, yearly revenue, or total assets. These businesses are crucial to the economy, and their reach includes a diverse variety of industries and sectors such as manufacturing, services, agriculture, and commerce.

MICRO-ENTERPRISING

refers to a small business with few people working.

ONLINE SELLING

A.K.A. E-commerce completely eradicates customers' need to visit physical stores to make purchases. Online platforms facilitate the exchange of commodities and services with utmost ease.

MANUFACTURING

revolves around creating tangible products from raw materials for public use.

SERVICE BUSINESSES

focuses only on giving service, an intangible service, in various types such as in healthcare, education, finance, transportation, and more. Since this industry offers intangible products, consistent quality service is needed so people can feel a great customer experience.

TRADING / MERCHANDISING

Buying and selling products or goods are a part of these sectors. It is important to note that these businesses do not produce goods themselves; instead, it focuses on the distribution and sales of various products or goods.

RENTALS

This industry provides customers with goods, equipment, or properties for temporary use. It is paying fees for access to goods or properties without owning them outright and not paying much money outward.

Agricultural businesses

involve cultivating crops, raising livestock, and producing food, fibers, or other resources from the land most efficiently and profitably.

Aqua businesses

focus on the farming and harvesting of aquatic organisms that still respect the sustainability and conservation of marine life.

TECHNOPRENEURSHIP

This complex entrepreneurship involves merging technology prowess and entrepreneurial talent and skills. This industry requires software innovation, technology-based products, artificial intelligence, machine learning, and other advanced technologies.

MARK ZUCKERBURG

He developed the most popular social networking application. He created Facebook when he was at Harvard University, along with his friends. He started Facebook for university fellows’ internal communication, which lately has become the most robust and most popular social media network worldwide. He became the world’s youngest billionaire and technopreneur at 23.

ELON MUSK

He invented Tesla Motors, which are fully electric sports cars, that’s why he is the most famous technopreneur of present times. He was the one who made a fortune as an entrepreneur in the technology world. He founded PayPal, the popular online payment network. He invested $70 million in Tesla and $80 million in SpaceX and only has a little money. He went through many financial crises and took loans but today, he is the CEO of SpaceX and Tesla Motors. SpaceX is the first privately funded space company to send spaceships to the international space station for research.

ORLANDO VEA

He is one of the Filipino's most successful technopreneurs.

●       Co-founder of Smart Communications, Inc.

●       CEO at PLDT Communications & Energy Ventures, Inc.

●       CEO/Founder, Voyager Innovations Philippines

●       Founder and CEO of Paymaya

ECONOMIC ACTIVITY

Business is a monetary flow of labor and product creation and appropriation.

BUYING AND SELLING

Trading is the essential operation of any business. The company's activities include acquiring raw materials, plants and machinery, and fixed assets. It then sells the finished goods to buyers, distributors, and retailers.

CONTINUOUS PROCESS

Running a successful business requires consistent management by creating and distributing goods and services. Research and development and focusing on efficiency are crucial to gaining a competitive edge and increasing profitability.

PROFIT MOTIVE

A business needs profit to survive, grow, and expand. Without this, the concept of business would not exist.

RISK AND UNCERTAINTIES

Effective risk management is necessary for any business to thrive. Employing insurance and risk management strategies is vital in reducing potential risks and guaranteeing the company's security.

Predictable factors

Taxes, Changes in the volume of expected sales, Cost of supplies and equipment, Overhead costs, Salaries, and Cost of goods and services offered.

Unpredictable factors

Changes in trends and tastes of customers, the Impact of the local economy on the customer base, and any unexpected action your competitors take.

CREATIVE AND DYNAMIC

Businesses need to have the ability to adapt to ever-changing economic, social, and technological landscapes. Being imaginative is vital to achieving these goals.

CUSTOMER SATISFACTION

Modern businesses prioritize this through quality products at reasonable prices. MOST IMPORTANT AMONG THE REST.

SOCIAL ACTIVITY

By making products accessible to different segments of the public, business carries out a significant social role and addresses social issues. Business needs the backing of various parts of the public for their appropriate work.

GOVERNMENT CONTROL

The government ensures businesses operate for the greater good by implementing and modifying practices and laws to maintain effective management and control.

OPTIMUM UTILIZATION OF RESOURCES

Businesses utilize a country's material and non-material resources to achieve economic progress.

CORPORATE ENTREPRENEURSHIP

This happens within an existing organization or business where it opens new products to the market or offers new form services to other people. It allows employees to be creative and innovative inside the corporation.

Boss

is often described as the one who decides and assigns or delegates tasks to others. They are usually the owners of the business and often make the final decision.

Leader

is an individual who guides and communicates with other people. They can influence others through their visions, experiences, and doubts.

Flexibility and Agility

Local Presence

Personalized Customer Interactions

Give the Advantages of Being an MSME

Job Creation

Income Distribution

Entrepreneurship and Innovation

Contribution to GDP

Diversification of the Economy

Export Potential

Give the Economic Importance of MSMEs

Financial Potential

Independence and Autonomy

Innovation And Creativity

Impact and Legacy

WHAT ARE THE PROS OF BECOMING AN ENTREPRENEUR?

Financial Risk

Multiple Roles and Responsibilities

Market Competition

Regulatory and Legal Compliance

WHAT ARE THE CONS OF BECOMING AN ENTREPRENEUR?

Innovators

Provide Choice and Jobs

Help the economy grow

What are the roles of an Entrepreneur?

Inner Drive to Succeed.

Strong Belief in themselves.

Search for New Ideas and Innovation.

Openness to Change.

Competitive by Nature.

Highly Motivated and Energetic

Accepting Constructive Criticism and Rejection

WHAT ARE THE QUALITIES OF AN ENTREPRENEUR?

INTRAPRENEUR

MULTIPRENEUR

ECOPRENEUR

WHAT ARE THE VARIATIONS IN ENTREPRENEURSHIP?

MEGAENTREPRENEURS

MICROENTREPRENEURS

WHAT ARE THE TYPES OF ENTREPRENEURS?

INNOVATIVE ENTREPRENEUR

IMITATING ENTREPRENEUR

LIFESTYLE ENTREPRENEUR

SOCIAL ENTREPRENEUR

NOVICE ENTREPRENEUR

HABITUAL ENTREPRENEUR

NASCENT ENTREPRENEUR

DRONE ENTREPRENEUR

FABIAN ENTREPRENEUR

WHAT ARE THE OTHER TYPES OF ENTREPRENEURS?

MANUFACTURING

SERVICE BUSINESSES

TRADING / MERCHANDISING

RENTALS

AGRI [AGRICULTUTRE] AND AQUA [AQUACULTURE] BUSINESS

TECHNOPRENEURSHIP

WHAT ARE THE COMMON TYPES OF INDUSTRIES?

MARK ZUCKERBURG

ELON MUSK

ORLANDO VEA

GIVE FAMOUS TECHNOPRENEURS

ECONOMIC ACTIVITY

BUYING AND SELLING

CONTINUOUS PROCESS

PROFIT MOTIVE

RISK AND UNCERTAINTIES

CREATIVE AND DYNAMIC

CUSTOMER SATISFACTION

SOCIAL ACTIVITY

GOVERNMENT CONTROL

OPTIMUM UTILIZATION OF RESOURCES

WHAT ARE THE TEN IMPORTANT CHARACTERISTICS OF BUSINESS?