Technopreneurship Module 1

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Entrepreneurship

field of business that seeks to understand how opportunities to create something new while assuming the risk

Entrepreneurship

process of pursuing opportunities without limitation by resources currently in hand

Entrepreneurship

process of doing something new and something different for the purpose of creating wealth for the individual and adding value to society

Entrepreneur

risk-bearing activity in the economy

Entrepreneur

the economic agent who unites all means of production

Entrepreneur

an individual who carries out new combines of means of production

Entrepreneur

one who creates a new business in the face of risk and uncertainty

Entrepreneur

one who organizes, manages, and assumes the risks of a business

Creates opportunity

Ensures social justice

Instills confidence

Stimulates the economy

Teaches us to fail and persevere

Become creative, innovative, and inventive

NOTE: BETICS

Natures of Entrepreneurship

Creates opportunity

Through entrepreneurship, jobs are created, providing livelihood for people in the community. Entrepreneurship also provides the entrepreneur personal growth through life lessons learned in the venture, and financial growth in the form of profits.

Ensures social justice

Entrepreneurship makes sure that we all can get into an equal footing. Through entrepreneurship, we can all generate wealth and become successful. Through entrepreneurship, we all can have access to resources, and connect with other people.

Instills confidence

Entrepreneurship teaches us to be independent.

Stimulates the economy

Entrepreneurship creates demand. In turn, demand stimulates consumer spending

Teaches us to fail and persevere

In the practice of entrepreneurship, there is always a risk of failure.

Become creative, innovative, and inventive

Entrepreneurship stimulates our minds to think of new solutions to problems, new ways we can do things, and new products for efficient living.

Need for Achievement

Risk-taking

Open-mindedness

Tolerance of Ambiguity

Internal Locus of Control

Visionary

Entrepreneurial Characteristics

Need for Achievement

the desire to do well for the sake of an inner feeling of personal accomplishment

Risk-taking

doing something that involves danger or risk in order to achieve a goal

Open-mindedness

willing to learn and accept new ideas and opportunities

Tolerance of Ambiguity

is required for they need to confront rapidly changing situations where they are not able to anticipate the outcomes’ nature

Internal Locus of Control

defined as an individual’s perception of events being contingent upon one’s own action or characteristics

Visionary

constantly coming up with better and more cost-effective ways of bringing your products and services to your prospects and customers

Trading Entrepreneur

Manufacturing Entrepreneur

Agricultural Entrepreneur

Types of Entrepreneur based on type of business

Trading Entrepreneur

entrepreneurs in merchandising

Manufacturing Entrepreneur

entrepreneurs in producing

Agricultural Entrepreneur

entrepreneurs in agriculture

Small-scale Entrepreneur (15M below)

Medium-scale Entrepreneur (15M-100M)

Large-scale Entrepreneur (100M above)

Types of Entrepreneur based on size of enterprise

Technical Entrepreneur

Non-Technical Entrepreneur

Types of Entrepreneur based on technology

Non-Technical Entrepreneur

entrepreneurs holding tradition or culture

Innovating Entrepreneur

Imitative Entrepreneurs

Fabian Entrepreneurs

Drone Entrepreneurs

Types of Entrepreneur based on Clarence Danhof Classification

Innovating Entrepreneurs

entrepreneurs creating new and own inventions

Imitative Entrepreneurs

entrepreneurs that has certain changes but imitates and class A)

Fabian Entrepreneurs

entrepreneurs which don’t follow trends immedately

Drone Entrepreneurs

entrepreneurs which refuse to follow the trend

Private Entrepreneur

State Entrepreneur

Joint Entrepreneur

Types of Entrepreneur based on ownership

required education

required skills

career outlook

Difference between entrepreneur and regular employee

Lack of Innovative Ideas

Prior Experience

Capital Constraints

Funds

Menace of Multitasking

Standing Out from the Crowd

Few Resources

Sensible Scaling

Challenges Faced by Entrepreneurs

Lack of Innovative Ideas

lacking assets and ideas that differentiate them from their competitors

Prior Experience

many times, individuals who initiate and has the incentive to start businesses of their own are lacking in deep business experience

Capital Constraints

most start-ups do not have the assets that an objective investor considers valuable

Funds

costs tend to outpace income during a company's launch phase and most startups are either self-funded or require outside financing

Menace of Multitasking

when a startup is young, it is not uncommon for team members to have to pitch in where necessary until they're in a position to hire the help they need

Standing Out from the Crowd

one of the hardest things for many new startups is to differentiate themselves from everyone else

Few Resources

when you have very little money, it is tough to put your best foot forward, which just means that you get to be creative

Sensible Scaling

even after a successful launch, many startups find it hard to gain the traction they need to experience real growth

Niche Opportunities

Turbulent Market

Entrepreneurial Opportunities

Niche Opportunities

specific market or target market

Turbulent Market

Perfect or Pure Type

Imperfect or Non-pure

Basic Market Model / Industry and Market Structure

Pure Competition

Pure Monopoly

Perfect or Pure Type Basic Market Models

Monopolistic Competition

Oligopoly

Imperfect or Non-pure Basic Market Models

Pure Competition

A market situation where there is a large number of independent sellers offering identical products.

Pure Monopoly

A market situation where there is only one seller or producer supplying unique goods and services. Monopsony is known as one buyer market situation.

Monopolistic Competition

Pertains to market situation where there is relatively large number of small producers or suppliers selling similar but not identical products.

Oligopoly

A market situation where there are a few firms offering standardized or differentiated goods and services. A few buyer market situation is known as oligopsony.

Pure Competition

Large number of independent sellers.

Pure Monopoly

Only one producer or seller.

Monopolistic Competition

Large number of sellers acting independently.

Oligopoly

Very few firms dominate the market.

Pure Competition

Products are identical or homogenous.

Pure Monopoly

Products are unique.

Monopolistic Competition

Products are differentiated.

Oligopoly

Products are identical or differentiated.

Pure Competition

No buyer can influence the change in market price.

Pure Monopoly

The monopolist dictates the price.

Monopolistic Competition

There is limited control on price.

Oligopoly

There is price agreement among producers.

Pure Competition

There is no non-price competition.

Pure Monopoly

There may be no extensive advertising.

Monopolistic Competition

There is an aggressive non-price competition.

Oligopoly

Strong advertising.

Pure Competition

Easy for new firm to enter the market.

Pure Monopoly

Extremely difficult for new firms toe enter the market,

Monopolistic Competition

Entry of new firms is relatively easy.

Oligopoly

The entry of new firms in the market is diffciult.

Economic Freedom

Technology

Government Laws and Policies

Business Policies and Practices

Determinants of Market Structure

Free Market Economy

Command Economy

Mixed Economy

Economic System

Free Market Economy

The factors of production or distribution are owned and managed by private individuals or corporations. It has been known by the terms market economy or lassez faire economy.

Command Economy

It is exactly the opposite of capitalism. The factors of production and distribution are owned and managed by the state. It is also called a command economy or classless society.

Mixed Economy

It is a combination of capitalism and communism.