ENTREP - Week 1-2: The Concept of Entrepeneurship

1. Initiative 2. Sees and acts on opportunities 3. Persistence 4. Information Seeking 5. Concern for Work Quality 6. Commitment to Work Contract 7. Efficiency Orientation 8. Systematic Planning 9. Problem Solving 10. Self-Confidence 11. Assertiveness 12. Persuasion 13. Use of Influence Strategies

Entrepreneurial Competencies

1. 20th 2. Joseph Schumpeter (1883-1950)

In the ____ century, an economist named ______ _________ (____-____) studied how the entrepreneurs are motivated to look, innovate, and create new and better ways of doing business.

Persistence

In today's business world, there are lot of competitors that are trying to take a share of the pie or the so called market. The entrepreneur's main job when it comes to competition is to be able to persist in aiming and taking actions for the firm's growth by getting the greatest number of customers.

Larry Ellison

Oracle founder and CEO, ______ is now full-time philanthropist with a net worth of $58.5 billion in March 2018

Mark Zuckerberg

The Facebook founder had an estimated net worth of over $71 billion in march 2018, making him the 5th richest person in the world. In January 2013 ____________ reduced his annual salary base to $1

entrepreneur or a businessman

To be an ___________ or a ___________means someone has to be able to create something new that can offer value to its chosen market to be able to get something in return and convert it to a profitable business.

1. enterprise 2. entrepreneur 3. ton of effort 4. product or service

To become successful in an _________, an ____________ must be willing to exert a ___ __ ______ from the start to finish of creation of a _______ or _______.

Entrepreneurial Competencies

refer to the fundamental characteristics and traits possessed by successful entrepreneurs that made them succeed in their chosen enterprise.

1. entrepreneur 2. financial 3. psychic and social

An ___________ is an individual who plans, organizes and operates a business or businesses, taking greater than normal _________ risks, _______ and ______ risks. He is someone who creates or looks for ideas for business, which is then implemented to become a business.

creativity and leadership

A good entrepreneur has a set of attributes that demonstrate qualities of _________ and ___________.

Elon Musk

An internet mogul who founded paypal, Space X and Tesla Motors, ____'s net worth of $20.8 billion in September 2018 placed him as the 54th richest person in the world.

passion

Another element that is important in becoming an entrepreneur is ______.

Use of Influence Strategies

Developing a great relationship with other businesspeople is a very important task of an entrepreneur. Collaboration is one great way of expanding a business and great networker as sure-fire of becoming a success in a business. As an entrepreneur, one must learn to work with influential people to reach business.

Jeff Bezos

Founder of Amazon.com, ____ _____ has an approximate net worth of $159.6 billion in September 2018, doubling his net worth from just 12 months prior and making him the richest person in the world.

Sergey Brin

Google co-founder ____ has a net worth of $47.5 billion in March 2018, making him the 13th wealthiest person in the world.

1. key driver 2. lifelong learning 3. energize 4. innovators

Importance of Entrepreneurship Education 1. Entrepreneurship is very important to our economy as ____ ______. 2. Entrepreneurship education is an individual ________ _______ process. 3. Entrepreneurship will ________ school management. 4. Entrepreneurship will transform learners to be _________.

Perseverance

Maybe the most significant of all entrepreneurs' characteristics is their ability to withstand the troubles that come with starting a company. Starting a new company is an incredibly challenging experience and as an entrepreneur, if you want your venture to be a success, you'll have to stick through the storms and pressures. It often takes years for a good idea to start making money, but when it does, you'll be pleased that you've stood up against adversity.

Bill Gates

Microsoft founder _____ is the second richest person in the world, with a net worth of over $90 billion in September 2018

McClelland and McBer (1985)

Researchers of Entrepreneurial Competencies

1. Jeff Bezos 2. Bill Gates 3. Larry Ellison 4. Sergey Brin 5. Elon Musk 6. Mark Zuckerberg

THE MOST SUCCESSFUL ENTREPRENEURS IN THE WORLD

1700s

The concept was first established in the _____, and it has evolved ever since.

Initiative

The entrepreneur should take _________ in learning their industry they belong to, go the extra mile, and do more than what is expected from them. An entrepreneur always looks for new and better ways of doing things, getting ahead of others and aims to lead in their chosen industry or line of business.

1. entrepreneur 2. growth 3. profit 4. entrepreneur

To most business-people, an ____________ is willing to bear and take the risk of creating a new venture if there is a substantial potential for _______ and _______. Others believe that the ____________'s role is to be the innovator of new products and services that delivers customer's needs and demands.

1. business 2. Economists

To most, entrepreneurship means putting up a ________. __________ believe that it is more than simply starting it.

Efficiency Orientation

To succeed, an entrepreneur must always find ways of doing things more efficiently and effectively, with fewer resources and at a lower cost as possible. Companies constantly think of efficiency in operations and delivering to its customers.

Start-up companies

_____-__ _________ normally have less financial capital, so knowing their situation and being able to produce quality products with limited resources is really critical for them

Collaboration

___________ is one great way of expanding a business and great networker as sure-fire of becoming a success in a business.

Persuasion

means influencing others reach company goals. Great entrepreneurs are great salespeople. Finding resources is a tough task that requires guts in proving oneself that a certain business will work and grow to get approval for loans.

Information Seeking

Access to information has never been easy as today. In fact, there is so much information that the question now is how to find the right information and use it to the company's advantage and create better products and services for the buyers. It is very essential for an entrepreneur to make sure that he/she gets the appropriate and significant information, the quickest time possible.

Enthusiasm

Also going hand in hand with determination, passion plays a big part in inspiring the entrepreneur. Although ambition is perhaps the key to the ignition of the entrepreneur, excitement is the gas. Every successful businessman has a positive outlook which gives him the energy to pursue his endeavours. An entrepreneurial project will gradually wither away into inactivity and failure without enthusiasm.

Ambition

A successful businessman is motivated to make something out of himself. He knows what he wants, and he is setting a course for achieving it. Often his desire to do something can be daunting and the drive to create himself can be very consuming. The passion of an entrepreneur is often the main ingredient which takes him off his chair and brings him into practice , making his daydreams a reality.

Sees and acts on opportunities

An entrepreneur always has the eyes open for new opportunities and most importantly acting on them. As an entrepreneur, it is very important to always look at the industry trends, anticipate needs of customers, even new technologies that will help them give value to the customers, as well as opportunities that could help them expand their existing business. After knowing the market, an entrepreneur should be able to act and execute as soon as possible to get ahead in offering products and services to its customers.

Assertiveness

As stated, problems are inevitable and therefore the only way to avoid more problems is to face and solve the existing ones. As an entrepreneur, you must have the courage in looking for solutions, and find for resources, and even people who can help in those tough times.

Systematic Planning

As the saying goes, "Failing to Plan is Planning to Fail". There are lot individuals that started businesses and just closed shop after few months because of lack of careful and systematic planning. The entrepreneur should develop a logical, timely, step-by-step plan to reach the company goals.

1. Digital Marketing Services 2. Vending Machine 3. Street Food 4. 3D printing service 5. Videography business 6. Cake Making/Baking 7. Food Cart or Food Stand 8. Food Delivery Business 9. Clothing Boutique 10. IT & Network consulting and training services 11. Photographer/Photography Business 12. Graphics, Animation, & Multimedia Design Business

BEST SMALL BUSINESS IDEAS IN THE PHILIPPINES

1. entrepreneurial 2. acumen 3. legitimate 4. ownership 5. threats 6. concepts and strategies 7. feasibility 8. competence and edge 9. ethical and legal 10. micro business

Benefits to Senior High School Students. 1. Classify individual ______________ interests. 2. Apply basic marketing ______. 3. Determine ___________ sources of resources. 4. Analyze _________ structures. 5. Convert _______ into opportunities. 6. Adaptation of ________ and __________ for idea generation. 7. Evaluate ___________ of ideas. 8. Discovery of entrepreneurial innovators who also have the _________ and ____ to start their own businesses. 9. Consider _______ and _____ business practices. 10. Write a _____ ________ plan.

Peter Drucker (1909-2005)

Business expert _____ _______ (____-____) took this idea even further and described an entrepreneur as someone who searches for things to change, responds to it by researching and taking new ideas and trends, and exploits these changes as an opportunity to create and deliver something better. Few good examples of changes are the usage of home phones to cellular phones, to the internet in the communications industry, while long playing (LP) record to play music has been replaced by mp3 players, and now the usage of music apps such as Spotify

Problem Solving

Business problems are inevitable. There will always be something that an entrepreneur can do to minimize the impact of a problem to continue in operation. The challenge of thinking what to do in tough times is in the hands of the entrepreneur. A song goes, "What Doesn't Kill You Makes You Stronger", means every problem solved makes the entrepreneur more knowledgeable and prepared for the next challenges. The point is, it is a requirement for an entrepreneur to know how to solve problems if he wants the business to be in the market for long time.

1. Ambition 2. Enthusiasm 3. Creativity 4. Decision-making 5. Perseverance

CHARACTERISTICS OF AN ENTREPRENEUR:

1. entrepreneur 2. heart 3. wide-open 4. cash flow 5. rewards

ENTREPRENEURSHIP AS A CAREER: -As an _____________, you need to work hard, be smart in making decisions, creative and think about improvement of the business, be willing to take risks accompanied with plan of actions, and be good with people since they will be the one aside from you who will do work for the business and for your clients. -To be successful in the career of entrepreneurship, one must have a ______ to continue even if everything doesn't fall into place or challenging situations happen, have a lot of motivation because you believe in what your company and business vision and mission and have that drive to always be focused on your goals. -One of the best things about being an entrepreneur is the _____-____ possibilities. You get to talk with a lot of people in your field, learn from their knowledge and experiences, and even create relationships with other businesspeople. -There are also downsides of entrepreneurship. As the owner of a starting business, you will be in-charge with operations, finance, and marketing your products. This means that you will not have regularly scheduled day-offs, sometimes you will not have day-off on difficult situations. Managing _____ _____ is difficult most especially to the ones that has limited funds. -The opportunities in entrepreneurship are ultimately endless. The ______can be high as well are the risks. It requires maturity from the owner in making hard decisions. But, if you are driven, creative, willing to learn and have the desire to be your own boss, this may very well be the career for you.

Concern for Work Quality

Each entrepreneur started an enterprise because of an idea, but it does not end there. The entrepreneur should always strive to improving and enhancing the products or services to deliver the best work for its customers. This is the reason why companies have their Research and Development (R&D). A company that does not innovate will for sure lose in the game. Additionally, there should always be a company standard to have consistency in delivering to its customers.

Decision-making

Entrepreneurs call in all the actions needed. Although their imagination makes them men of ideas, that will make them men of action is their ability to make decisions. The decisions taken by businessmen will decide the company's destiny, because it is only by decision-making that things really will happen. An entrepreneur with poor decision-making skills will see his company placed in a state of inactivity and degradation; good decision-making skills, on the other hand, will ensure the best possible steps are applied in setting up the firm.

Entrepreneurship

It is described as the process of creating something new whether it is a product or a service that brings benefit by devoting the time and energy needed to consider the financial, psychological and social risks, and achieving the possible incentives for financial and personal satisfaction and freedom.

1. entrepreneurship 2. employment 3. poverty

Most economists and business-people agree that ________________ is a necessary component in encouraging economic growth. It also gives __________ opportunities to the increasing workforce and helps resolve _______ in the society.

Commitment to Work Contract

Starting a business is one, but to execute and delivering on time to customers is another. An entrepreneur should always have in mind that company's reputation builds by delivering great products and service to customer and delivering on time is very important.

Self-Confidence

Who would like to do business with a person who is not confident about his or herself, or the products or services that he or she sells? It is safe to say that if you will transact for a business, you will always want to look for someone who can carry a conversation and will be able to sell his or her products effectively. To become a successful entrepreneur, one must have a strong belief in self and own abilities.

Creativity

You can rely on imagination to help you out when problems occur. In the first place, creativity is probably what led you to envision your company and it will be creativity that will help you understand the potential solutions to any hitches that may come your way. Successful entrepreneurs will find motivation in the process, and also find ways to turn roadblocks into opportunities.

1. 80/20 2. Pareto Principle

__/__ Rule, known as _____ ________ states that the last 20% of the task needs the 80% effort, and if the entrepreneur doesn't understand that finishing task's importance, the customers will be short changed and therefore company loose it chance in proving itself in the marketplace, and will likely lose customers and it business.

Products

________ are created because of a birth of an idea, which is then turned into either a physical product or non-physical product, i.e. eBooks, audiobooks, and other educational programs.