Lesson_1-Introduction-to-Entrepreneurship

Introduction to Entrepreneurship

  • Entrepreneurship entails starting and managing a new business.

Definition of Entrepreneur

  • Originates from the French word "entreprendre" meaning "to undertake."

  • Refers to individuals who engage in entrepreneurial activities.

Understanding Entrepreneurship

  • Defined as both a field of practice and a process of undertaking business ventures.

Role of an Entrepreneur

  • According to the American Heritage Desk Dictionary:

    • An entrepreneur organizes, operates, and assumes risks of business ventures.

    • Advocates for entrepreneurship principles in running self-owned enterprises.

Entrepreneurship Defined

  • Defined as observing correct practices in managing wealth-creating business likely providing valuable goods and services to customers.

Key Contributors and Their Definitions of Entrepreneurship

  • Knight (1921): Profits come from bearing uncertainty and risk.

  • Schumpeter (1934): Involves combining firm organization with new products, services, and methods.

  • Shane (2003): Discovery and exploitation of opportunities for new goods, services, and processes.

  • Kuratko (2009): A dynamic process requiring energy and passion for new ideas creation.

  • Dyck and Neubert (2012): Conceiving and mobilizing resources for new or improved goods and services.

Small Business vs Ordinary Small Business

Small Business

  • A business adopting entrepreneurship principles with a workforce of up to 20 people.

  • Examples: grocery stores, restaurants.

Ordinary Small Business

  • Managed by owners who do not practice entrepreneurship principles.

  • Examples: small street food stalls, sari-sari stores.

Entrepreneur's Field and Expertise

Types of Entrepreneurs

  • Social Entrepreneur: Helps address social problems through profitable institutions, focusing on disadvantaged communities.

  • Technopreneur: Integrates technology centrally into their business model.

  • Extrapreneur: Moves between companies serving as an innovation champion.

  • Intrapreneur: Operates within a large corporation, initiating new projects.

Examples of Social Entrepreneurs

  • Dylan Wilk (Human Nature): Focuses on social and environmental welfare.

  • Shanon Khadka (Bayani Brew): Empowers farmers, promoting Filipino culture.

Examples of Technopreneurs

  • Orland Vea and Dave Fernando (Smart): Innovators in the tech industry.

Example of Extrapreneur

  • Tony Tan Caktiong (Jollibee Food Corp): Known for major brands including Jollibee, Mang Inasal, and Red Ribbon.

Example of Intrapreneur

  • Paul Buchheit (Gmail): Created Gmail as a pioneering email service with unique features.