LESSON 2 - ENTREPRENEURSHIP & ECONOMIC DEVELOPMENT and ENTREPRENEURSHIPCLASSIFICATION
This is in fact, the traditional Research and Development management approach.
Administrative Entrepreneurship
Under this category, all the administrative techniques and functions of entrepreneurial activity is included.
Administrative Entrepreneurship
refers to the process by which the overall health, well-being, and academic level of the general population improve.
Economic development
The emergence of this category of entrepreneurship occurs when there is a presence of a lot of favorable climate of encouragement as well as a motivation among the common masses.
Mass Entrepreneurship
This is a kind of entrepreneurship that we have in the PH.
Mass Entrepreneurship
All developed and underdeveloped nations take initiative in venture ideas to meet the preliminary shortage of private Entrepreneurs.
Public Entrepreneurship
These are different from private entrepreneurs because they work under government to solve public and environment issues.
Public Entrepreneurship
also they are not social entrepreneurs because they are bound to governments rules and regulations.
Public Entrepreneurship
referred to as the entrepreneurship that is come under the government through the various development agencies.
Public Entrepreneurship
Examples: Food caterers, beauty salon and local shops
Mass Entrepreneurship
It leads to increase the small and large enterprises in a nation.
Mass Entrepreneurship
scalability defined as the easy growth of the business. (hook up venture capitalists) (one time big time)
"Highly Scalable Business Models"
TYPES OF SOCIAL ENTERPRISES
1. Leverage non-profit 2. Hybrid non-profit 3. Social business venture
Can be the person who operates a business by hiring local people of family members. The majority of them funds their business through friends or family or business loans.
A small entrepreneur
It's trying to learn why you failed and how you are going to get back and become successful
Acquisitive
It achieves the competitors technical capacities. It keeps entrepreneurship sustainable in a competitive environment.
Acquisitive Entrepreneurship
It acquires something new of value, the competitive environment etc.
Acquisitive Entrepreneurship
The highlighted point is that some failures never prevent them from learning and developing new skills but also encourages them to figure out such new things all the times.
Acquisitive Entrepreneurship
This type of Entrepreneurship learns from other competencies or rival companies.
Acquisitive Entrepreneurship
All these tasks of this type of entrepreneurship maximize the efficiency of an organization and nukes the achievements of the firm and sustains in the competitive marketplace.
Administrative Entrepreneurship
It gives a very effective way to manage all the current as well as future situations of the business with merits and a competitive edge.
Administrative Entrepreneurship
It is the joint efforts of both the general management and scientific-technical personnel to identify areas for research and development of new products, techniques, or the improvement of the ones.
Administrative Entrepreneurship
- A formidable role has been played by agriculture in the growth of the economy and its development too. - When a business owner started to make developments in the field of agriculture.
Agripreneurship
- It is like a simple business and includes all the operations of a business firm such as manufacturing, production and distribution of farm supplies. - In addition to this, it also includes floriculture, horticulture, sericulture, animal husbandry, biotechnology and so on. - Basically, it is a type of farming business includes the profitability, use of digital technologies to improve solutions and reduce the wastage of crops.
Agripreneurship
In group psychotherapy, refers to a participant who stimulates an emotional reaction from fellow participants. Thus, this person actively participates and facilitates the process of sharing experiences.
Catalytic agent
- It is also named as "Green entrepreneurship". - It involves the perspectives that signify cooperation with the environment by working on their goals as well as profitability. - This term gained popularity in the year 1990s and termed as "Environmental entrepreneurship".
Ecopreneurship
- This type of entrepreneurship associated with the profitability only and emphasized the opportunities and not on the resources. - It uses the available resources lies between the hierarchies as well as handles the network on behalf of the entity. - It is viewed as profit-based entrepreneurship as all the operations held by taking profit as a major motive.
Commercial Entrepreneurship
- The motive of such firms is the betterment of society by leverage the business. - Sometimes, cultural entrepreneurs lie or rely on media tools like Twitter and Kickstarter to change the ideas, belief and behavior of the people through communication and influence.
Cultural Entrepreneurship
- These entrepreneurs' changes culturally who organize cultural, financial, social as well as human capital to make a profit out of it. - They produce products that are culturally good and generating a lot of opportunities for economy, society and culture.
Cultural Entrepreneurship
- These firms are coming from micro, small to large enterprises. - Such entrepreneurship works in cultural professions such as artists, writers, musicians, dancers, advertisers, blogger and vloggerss, architects and so on.
Cultural Entrepreneurship
Is an innovation that creates a new market and value network and eventually disrupts an existing market and value network, displacing established market-leading firms, products, and alliances.
Disruptive Innovation
- When a business owner produces goods and provides services within the boundaries of a nation - They follow all the rules and regulations related to the business established by the government of the country to grow their business domestically. - It complies with the policies of the government, highly convenient, culturally sensitive, adapts the technologies, better understand the local system, more opportunities for growth and risk as well as reward.
Domestic Entrepreneurship
- This is also known as E-Entrepreneurship or Cyberpreneurship. - Every business owner tries to shift to online business and get a reward from technology. - The term "Entrepreneurship" indicates analyzing and identifying the bunch of resources and converts the same to online venture business. - This sort of entrepreneur is also known as SENs (Self Employed Entrepreneurs).
E-Entrepreneurship
process by which countries with low living standards become nations with high living standards.
Economic development
process by which emerging economies become advanced economies.
Economic development
- Last but not least, this entrepreneurship is concerned with the problems of the environment while focusing on the operations of the business firm and its profit margin. - It has three main concepts such: >Eco-innovation, >Eco-opportunity and >Eco-commitment.
Ecopreneurship
Is involved in all strategic decision-making. (ENTREP or INTRAP)
Entrepreneur
the one setting up the business; the one hired by a businessman probably, a traditional businessman or by a large company. He is the one who is trying to think of ways, innovative ideas, procedures, methods and so on that would benefit the company. Basically, they are just hired by a company.
Entrepreneur; Intrapreneur
Small business and Scalable Startup Entrepreneurship are the same. (TRUE or FALSE)
FALSE
It involves the adoption of current technologies from across the world and takes on existing technologies with some few modifications that suit the local conditions.
Imitative Entrepreneurship
It is a model that assists to spread a new technology across the globe so that people can utilize it. (just like KROC)
Imitative Entrepreneurship
Under an agreement with a franchise, this entrepreneurship imitates or copying the operative products and services.
Imitative Entrepreneurship
Refers to higher levels of education and literacy, workers' income, health, and lifespan
Improved living standards
It executes them in a productive manner and ensures material gain for the organization.
Incubative Entrepreneurship
It generates and nurses new ideas and ventures within the organization.
Incubative Entrepreneurship
It manages it in a productive way and makes sure the material gain for the business firm.
Incubative Entrepreneurship
They pursue and help to get differentiated technologies to promote creations and innovations Microsoft, Nokia, etc.
Incubative Entrepreneurship
It is entrepreneurship that is managed and executed by an individual or a member of a family with some personal motives as well as initiatives.
Individual Entrepreneurship
- It is the whole process of entrepreneurship conducts ad, performs the activities of the business across the boundaries of the nation. - It involves various activities such as opening new branches of a business firm in new locations, exporting the products to other countries and get a license to sell as well as promote the products across the nations.
International Entrepreneurship
- The highlighted purpose of this entrepreneurship is to fulfill and satisfy the needs and wants of the target audiences. - This entrepreneurship gets the benefit when the demand for products increases internationally but the need for the same product is domestically not required or decreasing.
International Entrepreneurship
Shares decision-making power (ENTREP or INTRAP)
Intrapreneur
is an employee who is tasked with developing an innovative idea within a company and can draw on its resources to do so.
Intrapreneur
It is based related to the fostering the activities of entrepreneurs in a large organization by making improvements in the products and branding them to increase the profitability.
Intrapreneurship
The valuable asset for an organization considered as innovation and dedicated efforts by the intrapreneur.
Intrapreneurship
This term was coined by Gifford Pinchot in the year 1973.
Intrapreneurship
is the act of behaving like an entrepreneur while working within a large organization.
Intrapreneurship
- It is a collaboration of private and public entrepreneurship. - When a business enterprise is partly owned, controlled and managed by a private entrepreneur and the government.
Joint Entrepreneurship
Can be defined as an organization that has a solid set of life cycles.
Large Company Entrepreneurship
Create new variants apart from core products they manufacture.
Large Company Entrepreneurship
It includes customization in customer tastes as well as dealing with new competitors.
Large Company Entrepreneurship
It means the creation of a new business within the present organization.
Large Company Entrepreneurship
There is a solid involvement of sustaining innovation providing new sort of products (disruptive products).
Large Company Entrepreneurship
Comes from the famous proverb, "Hit the iron when it is hot" or "Strike while the iron is hot."
Opportunistic Entrepreneurship
New opportunities are also offered by the changes in the environment but not every business owner is able to identify the opportunities and utilize the same in a timely manner.
Opportunistic Entrepreneurship
described as identifying, exploiting, and performing the upcoming opportunities in the first hand.
Opportunistic Entrepreneurship
Examples: Tesla, Disney, different food chains and hospitals
Private Entrepreneurship
Initiate entrepreneurship under the private sector..
Private Entrepreneurship
The government of every nation gives ample support services via public as well as private concerns to motivate non-public initiative in taking the ventures of Entrepreneurship.
Private Entrepreneurship
speeds up the economic development and maintains a balance between a layer and mutual relationship.
Private Entrepreneurship
Can be defined as a business model where an organization is started on the basis of a unique idea.
Scalable Startup Entrepreneurship
In this version of entrepreneurship, the company is started with a vision that changes the universe.
Scalable Startup Entrepreneurship
It involved everything that ranges from creating a plan to all the way up to launching the business. - involve great sort of work, education and experience.
Scalable Startup Entrepreneurship
Their goal is to find out the repeatable and scalable business model. Once they find their model, they further started raising funds from venture capitalists for the growth of the business.
Scalable Startup Entrepreneurship
A greater number of businesses in society are small that employ more than 50% of total nongovernment workers in the Philippines
Small Business Entrepreneurship
The profit in these types of businesses is pretty less as the main reason behind them (among employers) is creating a living for their families.
Small Business Entrepreneurship
In this type of entrepreneurship, people in business are the innovators who target on development of products and services, so that social requirements and problems can be solved.
Social Entrepreneurship
Unlike scalable startup entrepreneurship, the main motive of entrepreneurship in this case is improving the world.
Social Entrepreneurship
- When a business firm is managed and operated wholly by the state or the government of the state. - All the trading, as well as industrial ventures, are fully undertaken by the state only and not a single entrepreneur is there.
State Entrepreneurship
- It is a blend of two words, technology and Entrepreneurship. - It is a kind of entrepreneurship in the intensive technology context and the process of amalgamating the entrepreneurial skills and technology where the technology is used as an essential part.
Technopreneurship
- These are a kind of mediator between the manufacturer of a product and its customers or retailers or wholesalers. - All the activities related to the trading of an organization are done through such type of entrepreneurs. It serves as middlemen for dealers, wholesalers, manufacturers and the customers.
Trading Entrepreneurship
- When the people from various groups of gender such as transgender and Hijra, comes up with some small scale businesses to fulfill their day to day needs. - It is associated with the third class of gender where people are not only beggars or sex workers, but they get their bread and butter from doing small scale business.
Transpreneurship
Economic development is all about---
improving living standards
