INTRODUCTION TO ENTREPRENEURSHIP

ENTREPRENEURSHIP

Entrepreneurship: It is the maximization of available resources in the community and transforming these into either products/services.

THE ENTREPRENEUR'S TASK

Entrepreneur: Responsible for assembling resources (land, labor, capital) to produce goods and services and deciding the rate of output.

ENTREPRENEURSHIP CONCEPT

Entrepreneur: Derived from the French word "entreprendre," meaning "to undertake"—those who undertake the risk of enterprise.

Entrepreneur: An innovator willing to take risks and generate ideas that provide profitable solutions to market needs.

INNOVATION

Innovation: Introducing a new method, procedure, or device and linking it to the needs of the community.

RELEVANCE OF ENTREPRENEURSHIP

Benefits of Entrepreneurship to SHS Students

Entrepreneurship: Teaches feasibility assessment, risk management, applying accounting principles, financial management, and more.

Relevance of Entrepreneurship to an Organization

Entrepreneurship: Develops managerial capabilities, creates organizations, improves the standard of living, and drives economic development.

IMPORTANCE OF ENTREPRENEURSHIP

Entrepreneurship: A key driver of the economy; creates wealth and jobs, often leading to the creation of large businesses.

CAREER OPPORTUNITIES IN ENTREPRENEURSHIP

Career Opportunities: Business consultant, sales manager, R&D, teacher, recruiter, and business reporter.

PERSONAL ENTREPRENEURIAL COMPETENCIES

Personal Entrepreneurial Competencies: Characteristics grouped into achievement, planning, and power clusters.

Achievement Cluster

Traits: Opportunity-seeker, committed, persistent, risk-taker, efficient, and quality-oriented.

Planning Cluster

Traits: Goal-setter, information-seeker, systematic in planning and monitoring.

Power Cluster

Traits: Persuasive, positive networker, self-confident.

CORE COMPETENCIES IN ENTREPRENEURSHIP

Core Competencies: Economic and dynamic activity, innovation, profit potential, and risk bearing.

ENTREPRENEURIAL SKILLS

Cognitive Skills

Cognitive Skills: Ability to understand, solve problems, create new ideas, and innovate new products and methods.

Technical Skills

Technical Skills: Knowledge and proficiency in specialized fields such as IT, accounting, marketing, and finance.

Interpersonal Skills

Interpersonal Skills: Verbal and non-verbal communication, listening, leading, and negotiating.

TYPES OF ENTREPRENEURS

Innovative Entrepreneurs

Innovative Entrepreneurs: Think newer and better ideas for business, impacting industries such as Apple, Uber, Airbnb, and Amazon.

Imitating Entrepreneurs

Imitating Entrepreneurs: Follow the path of innovative entrepreneurs due to environmental constraints.

Fabian Entrepreneurs

Fabian Entrepreneurs: Skeptical about change; adopt innovations only after successful trials by others (e.g., Kodak).

Drone Entrepreneurs

Drone Entrepreneurs: Satisfied with the existing mode of business, show no inclination towards market leadership, and are highly conservative.

Social Entrepreneurs

Social Entrepreneurs: Drive social innovation in fields like education, health, human rights, and the environment.