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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.