ENTREPRENEURIAL MIND

9/19/2022

Entrepreneurs - SME and MSME

  • 99.51% of businesses in the Philippines are MSME (Medium to Small Enterprises)

MSMEs are the backbone the of PH Economy

^^Chapter 1^^

There is a boom in the entrepreneurial world in the United States. The Philippines are learning these ways through their environment (physical/online) and during the pandemic.

Indications of Increased Interest in Entrepreneurship

  • Books ( various books can be seen online about entrepreneurship)
  • College course (numerous courses offered about entrepreneurship)

What is Entrepreneurship?

  • %%Academic (Stevenson and Jarillo)%%
    • A process in which an individual pursues opportunities regardless of what they have and don’t have (resources).
  • %%Venture( Fred Wilson)%%
    • Art of turning an idea into a business
  • Explanation of What Entrepreneurs do
    • they assemble and integrate the resources that they have and transform an idea to a more profitable thing.

Corporate Entrepreneurship

  • turning a small entrepreneur to firm level.
  • All companies are members of corporate entrepreneurship.

2 Kinds of Firms

  1. ==Entrepreneurial Firms-== proactive, Innovative, Risk-taking; more profitable.
  2. ==Conservative Firms-== “wait and see”, less innovative, risk-averse.

Why become an Entrepreneur?

  • be your own boss.
  • desire to pursue their own ideas.
  • financial Rewards (main reason)

Characteristics you should have to be a successful Entrepreneur.

  • passion for the business (continue what you are doing).
  • product/customer focus ( learn to talk to other people).
  • tenacity despite failure (regardless of the challenges faced, have perseverance).
  • Execution Intelligence (Learn the processes and what it is done).

Common Myths

  • Entrepreneurs are not born, they are made.
  • Entrepreneurs are gambles
    • they are risk takers but the risks are calculated.
  • Motivated primarily by money.
    • not always the case as we can see in Social Entrepreneurship.
    • Social Entrepreneurship focuses on helping the society reach a certain goal.
  • Should be young and energetic.

Start Up Firms

  • %%Salary-substitute business%% : replace the salary they are receiving from others.
  • %%Lifestyle Firms:%% to continue their lifestyle such as doing vlogs, books, etc.
  • %%Entrepreneurial Firms%%: sees opportunities in their environment and bring new products and services to the market.
    • e.g. face shields

Changing Demographics of Entrepreneurs

Young entrepreneurs are flourishing nowadays as they decided to be an entrepreneur due to their learnings.

Economic Impact of Firms

  • Innovation: create something new.
  • Job Creation
  • Impact on Society
  • Impact on Larger firms: multiple small firms merge to become larger ones.

Entrepreneurial Process

  1. Decide to be one (Look at yourself)
  2. Develop successful business ideas (Environment, customer wants and needs, opportunities).
  3. Idea to Entrepreneurial firm (turning an idea into a firm)
  4. Managing and Growing an Entrepreneurial Firm