Introduction to Entrepreneurship

Entrepreneurship

a science of converting processed ideas into a remarkable business venture.

Enterprise (Object)

business or company. Project that (s especially difficult, complicated or nsky.

Entrepreneur (Person)

derived from the French root "entreprendre", meaning to begin something and undertake. person responsible for setting up a business or an enterpr[se.

Entrepreneurship is a lifelong learning process

- It started as early as elementary school and progressed through all levels Of education, Students discover and develop opportunities and take advantage of these.

Interpersonal skills

- They are very insightful with regards to the behavior of others-understanding motives and actions, quickly aware of strong relationships, and both verbal and non-verbal behaviors.

Self-efficacy

- believe in their own ability or self-confidence. Will persevere even in the face of setbacks, will take negative feedback more positively and use feedback to improve their performances.

Locus of control

- determine the state to which a person agreed that their actions can directly affect a situation or that they can control a result.

Ambition

- must be motivated, persÍstent, and persevere even in the face of situational challenges. Learners embrace new challenges while achieving to exceed set expectations and standards.

Need for achievement

- must have a high need for achievement take responsibility for outcomes.

Willingness to learn

- often pursue opportunities to acquire new skills and competencies.

Layers of competency

- universal competencies occupying the bottom portion of the pyramid. Specific competencies located near to the top.

Networking/collaboration

Ability to build professional relationships. Perceived as trustworthy Can negotiate with competitors, & identify mutual goals. 2,

Checking, examining & recording

Ability to maintain confidential records, easily locate and complete appropriate forms and paperwork, detect errors and make necessary corrections.

Innovation & creation

Apply their creativity to the form ulat[on of in ventive systems and products. They have an "opportunity orientation"-assessing changes in trends, identifying smell niche or group of markets, and seeking out opportunities to improve services and products.

Risk assessment & management

Can hand e risk management and can take into account legal actions. Stay informed of business Iáws and regulations, and bond to determine ways to prevent themselves against failure.

Entrepreneurship (Fajardo, 2009)

Capacity for innovation, investment, and expansion in new market, products and techniques

Marketing

Competent [n both executing strategies that promote their products and establish client/customer relationships. They conduct market analyses, set pricing objects and customer objections into sales acceptance.

Financial management

Competent at accounting and funds management managing cash flows and preparing estimated and projected balance sheets.

Creative/ critical thinking

Easily identify what is missing from current product streams and have imagination, creativity and empathy. Can analyze problems and creative innovative solutions.

Entrepreneurship (Process of action)

Entrepreneur (Person).

Business operations

Entrepreneurs performs business operations that are ablÊ to both carry out daily operations, such as scheduling manpower and maintaining inventories of goods and management human capabilities.

High-Growth, High-Value Entrepæneurship

Entrepreneurs typically offer Incentive compensation, manage business operations, build a strong entrepreneurial culture around determination end high work ethic, and form effective boards of directors and adv(sors_

Entrepreneurship as a key driver to our economy

It focuses in wealth and high majority of jobs created by small businesses started by entrepreneurially minded individuals.

Entrepreneurship will TRANSFORM LEARNERS TO BE INNOVATORS

Learners must be equipped with perseverance and determination ot an entrepreneurial mindset, They must take ownership of their own success,

Computer competency

Must be competent in the use of basic computer hardware and software.

Planning

Must be specific about the direction of their venture and the strategy they will adopt.

Business principles

Must understand the basic principles of business (e.g. market knowledge, economic principles, and ethical practices)

Organizing

Plan and prioritize work to ensure time is managed effectively, When goals are not met, they take necessary steps to get projects back-on track

Entrepreneurship will energize school management

School In the area of entrepreneurship must be access i ble, affordable and accountable of producing successful students.

Specific goal settings

Should be motivated to set goals, particularly business growth objectives. Goals that are specific, measurable, attatneble. Reel[stic and time-bound.

Workplace competencies

The application of knowledge, skills, attitudes, values and behaviors in the workplace. Many successful entrepreneurs place great velue on their Industry experiences prior to launching their own venture, as workplace com petencies.

Competencies

The capability, capacity and ability Of the learner in handling situation in various areas in business operations.

Problem solving and decision making

They can generate, evaluate, and implement solutions todifficult problems. They locate and utilize relevant information, and when necessary, generate alternative solutions.