Entrepreneurship 2

ENTREPRENEURSHIP

Entrepreneurship
The act of creating a business or busines
ses while building and scaling it to generate
a profit.
An important driver of economic growth a
nd innovation.
What people do to take their career and
dreams into their hands and lead it in the di
rection of their own choice.
About building a life on your own terms.
No bosses. No restricting schedules. And n
o one holds you back.
Entrepreneur
A person who sets up a business with the
aim to make a profit and creates a new busin
ess, bearing most of the risks and enjoying m
ost of the rewards.
An innovator, a source of new ideas, goods
, services, and business/or procedures.
Playing a key role in any economy, using t
he skills and initiative necessary to anticipate
needs and bring good new ideas to market.
EVOLUTION OF THE
CONCEPT
EARLY PERIOD
The earliest definition of the entrepreneur as a go-
between is Marco Polo. He tried to establish trade
route to the far East. He used to sign a contract with a
venture capitalist to sell his goods.

MIDDLE AGES:
The term entrepreneur was referred to a person who
was managing large projects. He was not taking any
risk but was managing the projects using the
resources provided.
EVOLUTION OF THE
CONCEPT
16th-17th century:
An entrepreneur was a person who entered into a
contractual arrangement with the Govt. to perform a
service or to supply some goods.

18th CENTURY
The entrepreneur distinguished from the capitalist
who provides money for the products to be sold.
EVOLUTION OF THE
CONCEPT
19th-21st CENTURY
Creativity and innovation have made.
Importance of Entrepreneurship
1. Entrepreneurship generates new wealth in an economy.
2. Entrepreneurship decreases poverty.
3. It creates opportunities, ensures social justice, instills
confidence and stimulates the economy.
4. Entrepreneurship improves productivity
5. Entrepreneurs create jobs.
6. Entrepreneurs innovate.
7. Entrepreneurs create innovation and social change
8. Entrepreneurs give to society
Relevance of Entrepreneurship to
SHS Students
1. To prepare students for livelihood even before college.
2. Entrepreneurship education aids students from all socioecon
omic backgrounds to think outside the box and nurture unconve
ntional talents and skills.
3. Entrepreneurship develops their initiative and helps them to b
e more creative and self-confident in whatever they undertake a
nd to act in a socially responsible way.
4. It exposes students to numerous opportunities to learn how t
o think critically and analyze the pieces on the board.
Relevance of Entrepreneurship to
SHS Students
5. Being aware of all the important factors and seeing how they
affect each other is the foundation of a smart decision-making p
rocess.
6. Students have to be exposed to real-world examples and lear
n from their own experience.
7. Entrepreneurship education requires students to be innovativ
e, creative and collaborative with others.
8. Entrepreneurship education provides budding entrepreneurs
with the skills and knowledge to come up with business ideas a
nd develop their own
ventures.
Three levels of competencies
1. Personal competencies – These are your abil

ities to ground yourself so that
you are secure and self-assured in whatever sit
uation you may find yourself
(www.free-management-ebooks.com).
Ex. creativity, determination, integrity, self-critici
sm.
2. Interpersonal competencies – These are your

ability to lead, influence,
communicate, supervise, negotiate, and control
people at all levels. It is the
ability to get along with people and motivate pe
ople to perform jobs.
Entrepreneurs must effectively manage people (
baseread.com).
Ex. communication, engagement, delegation
3. Business competencies – These are set of pa

rticular abilities and knowledge
that sets a company apart from its competitors (
yourbusiness.azcentral.com). It
also refers to the key characteristics that succes
sful entrepreneurs should have
in order to be successful (www.mustangbols.co
m).
Ex. business vision, financial management, net
working
Core vs. Common
Competencies in
Entrepreneurship
Core Competencies
1. Organizing and Planning
2. Cash flow management
3. Personnel management
4. Operations and distribution
5. Customer Relations
6. Bookkeeping/Accounting
7. Promotions and Advertising
8. Resources Management
9. Financial Management
10. Information Management
Common Competencies
1. Analytical and critical thinking
2. Decision making
3. Leadership
4. Communication
5. Computer Literacy
6. Human Relations
7. Managing Change
8. Creative Thinking
9. Time Management
10. Conflict Management
ENTREPRENEUR
IN THE PAST TODAY
DIMENSION
EDUCATIONAL LESS EDUCATED HIGHLY EDUCATED
ATTAINMENT
AGE OLDER YOUNGER
GENDER MALES ONLY MIXED BY WOMEN AND

MEN
EXPERIENCE LESS BUSINESS AND MORE BUSINESS AND

EMPLOYMENT EMPLOYMENT
EXPERIENCE EXPERIENCE
UTILIZATION OF RELIES ON MANUAL PROFICIENT IN USE OF IT
INFORMATION SYSTEM
TECHNOLOGY
DRIVE ORIENTATION TO GET AHEAD TO MAKE A DIFFERENCE
Risks faced by Entrepreneurs
Financial Risk
Personal Risk
Career Risk
Psychological Risk
Classification of an Entrepreneur
INNOVATIVE ENTREPRENEURS
• They are generally aggressive on experimentati
on and cleverly put attractive possibilities into pr
actice.
• An innovative entrepreneur, introduces new go
ods, inaugurates new methods of production, dis
covers new markets and reorganizes the enterpri
se.
• Innovative entrepreneurs bring about a transfor
mation in lifestyle and are always interested in in
troducing innovations.
IMITATIVE ENTREPRENEURS
• Imitative entrepreneurs do not innovate th
e changes themselves, they only imitate te
chniques and technology innovated by oth
ers.
• They copy and learn from the innovating
entrepreneurs.
• While innovating entrepreneurs are creati
ve, imitative entrepreneurs are adoptive.
DRONE ENTREPRENEURS
• Drone entrepreneurs are those who refus
e to adopt and use opportunities to make c
hanges in production.
• They would not change the method of pro
duction already introduced.
• They follow the traditional method of prod
uction.
FABIAN ENTREPRENEURS
• These entrepreneurs are traditionally bou
nded.
• They would be cautious.
• They neither introduce new changes nor
adopt new methods innovated by others e
ntrepreneurs.
• They are shy and lazy.

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ENTREPRENEURSHIP

1. Personal competencies – These are your abil

2. Interpersonal competencies – These are your

3. Business competencies – These are set of pa

AGE OLDER YOUNGER

GENDER MALES ONLY MIXED BY WOMEN AND

EXPERIENCE LESS BUSINESS AND MORE BUSINESS AND

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