G12-HUMSS-STEM-ENTREPRENEURSHIP

Introduction to Entrepreneurship

  • Instructor: Sir Renz Alex D. Onato

Definition and Importance

  • Entrepreneurship Mindset: Seeing opportunities continuously (Soledad O'Brien).

  • Economic Catalyst: Fundamental for growth and innovation in the global economy.

  • Supportive Environment: Thrives under government support and emphasis on innovation.

Current State in the Philippines

  • Role of SMEs: Small and Medium Enterprises (SMEs) are indicators of progress in entrepreneurship and contribute significantly to the national economy.

Evolving Definitions of Entrepreneurship

  • Over the years, definitions have varied but consistently highlight innovation, development, and societal achievement.

  • Glider's Definition: "Making the World forever new." Originates from "entreprendre" (to undertake), emphasizing risk-taking.

Key Definitions from Economists

  • Schumpeter (1934): New combinations of products, services, methods, and markets are essential.

  • Hart et al. (1995): Pursuing opportunities beyond current resource constraints influenced by previous choices.

  • Kurato (2009): Dynamic process of vision and creativity; demands energy and passion.

  • Dyck and Neubert (2012): Conceiving and acting on opportunities to enhance goods and services.

Relevance of Entrepreneurship

  • Essential for economic growth and improvement of living standards.

  • Key Contributions:

    1. Creates Employment: New businesses hire individuals, adding value.

    2. Develops New Markets: Entrepreneurs seek and establish new markets.

    3. Introduces Innovation: Drives technological and process changes.

    4. Generates New Materials: Seeks alternative, efficient material sources.

    5. Stimulates Investment: New ventures attract investments, fostering growth.

    6. Improves Quality of Life: New products enhance lifestyle and convenience.

    7. Serves as Role Models: Entrepreneurs set examples in risk-taking and innovation.

    8. Brings Social Benefit: Taxes from businesses fund public services.

    9. Utilizes Indigenous Resources: Promotes local economies and reduces dependency on imports.

    10. Provides Consumer Alternatives: Increases competition, offering diverse choices.

Business Proposal Format

  • Components: Title, Objectives, Information/Documentation, Opportunity, Plan.

Businessman vs Entrepreneur

  • Businessman: Operates based on existing ideas; focuses on competition.

  • Entrepreneur: Innovates with new concepts; embraces risk and cooperation.

Entrepreneurial Competencies

  • Importance: Critical for recognizing opportunities and achieving business goals.

  • Components: Personality, behavior, knowledge, and skills.

Levels of Entrepreneurial Competencies

  1. Personal: Creativity, Determination, Tenacity, Emotional Balance.

  2. Interpersonal: Communication, Charisma, Engagement, Respect.

  3. Business: Vision, Resource Management, Networking, Negotiation.

Characteristics of Successful Entrepreneurs

  • Achievement Cluster: Persistence, Opportunity seeking, Hard work, Coping with failure, Risk-taking.

  • Planning Cluster: Goal-oriented, Information seeking, Systematic planning, Future building.

  • Power Cluster: Self-confidence, Persuasion, Responding to feedback.