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Lesson 1: Entrepreneurship

Definition of Entrepreneurship

  • Entrepreneurship is the science of converting processed ideas into a remarkable business venture.

  • It encompasses the capacity for innovation, investment, and market expansion in new products and techniques.

Relevance of Entrepreneurship to an Organization

  1. Development of Managerial Capabilities

    • Entrepreneurs improve their managerial skills through practical experience.

  2. Creation of Organizations

    • Entrepreneurship leads to the establishment of numerous organizations.

  3. Improving Standard of Living

    • Enhances the economic status of individuals and communities.

  4. Economic Development

    • Boosts not just the entrepreneur’s life, but also the surrounding society where the business operates.

Concept of Entrepreneurship

  • The term "Entrepreneur" originates from the French verb "entreprendre", meaning "to undertake".

  • Entrepreneurs undertake the risks associated with enterprises. The process of managing these enterprises is referred to as Entrepreneurship.

  • Entrepreneurs are innovators prepared to take risks and create unique solutions that meet market and societal needs.

Factors Affecting Entrepreneurship

  • Initiative: Taking action without being prompted.

  • Proactivity: Identifying and seizing opportunities.

  • Problem Solver: Maintaining good relationships through effective handling of issues.

  • Perseverance: Persisting through challenges to achieve goals.

  • Persuasion: Influencing others to buy products or services.

  • Planning: Setting plans and monitoring progress.

  • Risk Taking: Calculated risk-taking to achieve potential rewards.

  • Environmental Factors: Influences such as political, legal, economic, and social conditions.

Key Concepts and Common Competencies

  1. Locus of Control: Ability to understand that one’s actions influence outcomes.

  2. Specific Goal Setting: Setting clear business growth objectives for improved performance.

  3. Self-Efficacy: Maintaining self-confidence in one's abilities.

  4. Willingness to Learn: Continuous pursuit of new skills.

  5. Strong Initiative: High motivation to work hard.

  6. Adaptability & Flexibility: Ability to navigate change and make decisions with limited information.

  7. Willingness to Take Risk: Identifying, calculating, and managing risks effectively.

Competencies for Entrepreneurial Success

  1. Integrity: Upholding personal values in business decisions.

  2. Conceptual Thinking: Open to new ideas and approaches.

  3. Networking/Collaboration: Understanding the value of relationships and careful planning.

  4. Decisiveness: Flexibly resolving issues as they arise.

  5. Customer Relation Service: Building trust and exceeding customer expectations.

Roles of an Entrepreneurial Graduate
  • Business Consultant: Provides expert advice to other entrepreneurs.

  • Teacher: Shares knowledge through education.

  • Researcher: Works in research roles related to entrepreneurship.

  • Sales: Engages in selling entrepreneurial ideas or products.

  • Business Reporter: Reports on entrepreneurial ventures and business news.

Lesson 2: Job Opportunities

  • Job opportunities frequently remain exclusive among Filipinos, especially in economic zones.

  • Many workers earn a minimum wage that does not support family needs adequately.

  • Entrepreneurship aids in creating job opportunities, stimulating innovation, and fostering economic improvement.

Employment as a Factor in Economic Development

  • Entrepreneurs create jobs that spur national economic growth.

  • Money circulating through salaries enhances local industries, leading to new products and small enterprises.

Starting Point to Entrepreneurial Success

  1. Start Your Own Business: Transitioning from employee to entrepreneur is crucial for success.

  2. Explore the Business Environment: The Philippines offers vast opportunities; focus on producing quality goods and services.

  3. Be in Control: Effectively manage operations with dedicated teams sharing similar values.

  4. Financial Advising: Collaborate with competent accountants or financial advisors to manage finances efficiently.

  5. Seek Professional Advice: Recognize limitations and seek guidance on legal and operational matters.

Entrepreneurial Management Demand

  • Successful entrepreneurs often lack formal management education yet acquire essential expertise through experience.

Traits of an Entrepreneur

  1. Alertness to Opportunities: Entrepreneurs perceive chances that others may overlook.

  2. Health and Endurance: Willingness to work extensive hours to find solutions.

  3. Flexibility: Accommodates changes and finds new routes to success.

  4. Research-Oriented: Values questioning and learning from others to enhance results.

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