Introduction to Business - Entrepreneurship (PART 1) PDF

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ENTREPRENEURSHIP PART 1

August 24, 2021

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INTRODUCTION TO ENTREPRENEURSHIP WALTER ELIAS DISNEY -

If you can remit, you can do it.

ENTREPRENEURSHIP ➢ A science of converting process, ideas into a remarkable business venture. ➢ The activity of setting up a business or businesses, taking on financial risk in the hope of profit. BENEFITS OF THE SUBJECT FOR ME AS A STUDENT: •

Classify individual entrepreneurial interest

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Apply basic marketing problem

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Determine the legitimate source of sources

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Adaptation of Concepts and Strategies for idea generation

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Analyze owner’s structure

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Convert threats into opportunities

SWOT ANALYSIS ➢ Strength, Weakness, Opportunity, Threats USE OF SWOT ANALYSIS -

To evaluate visibility of ideas

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To discover entrepreneurial innovators who also have the competence and edge to start their own businesses

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To consider ethical and legal business practices

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To produce right business plan

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To develop skills in starting a business

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To demonstrates skills in maintaining business in long term basis

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To enhance knowledge in business operation and expansions

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To find next level of training or access to other resources and services

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To demonstrate business Ad management

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To use the components of business plan

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To consider to become employer instead of becoming an employee

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To change attitude toward entrepreneurship as a means of making a living

IMPORTANT PERSONAL ATTRIBUTES AND CAREER ATTITUDE: -

Communication

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Self-Actualization

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Ability to manage one’s own life

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Self-concept and awareness

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Problem Solving

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Self-management / Personality, Responsibility

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Collaboration / Net working

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Motivation

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Creativity

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Teamwork

IMPORTANCE OF THIS SUBJECT 1. Entrepreneurship is important to our economy as KEYDRIVER. 2. Entrepreneurship is an individual lifelong learning process. 3. Entrepreneurship will energize school management. 4. Entrepreneurship will transform learners to be innovators. SUCCESSFUL ENTREPRENEURSHIP IS COMPARED TO AN ICEBERG -

We only see the top (success) but not the bottom (difficulties).

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Image by: iThemes & @sylviaduckworth C:\Users\HP ELITEBOOK 2570P\Downloads\the-iceberg-ofsuccess.jpg

FIVE SPECIAL CHARACTERISTICS THAT AN ENTREPRENEUR MUST POSSESS: 1. Willingness to Learn – An entrepreneur should have a willingness to learn. 2. Strong Initiative – Entrepreneur should have a high initiative and often to work hard. 3. Adoptability & Flexibility – Entrepreneurs must learn how to be a highly flexible and adoptable often to deal with very well unique ability. To also choose actions given without all necessary information. 4. Willingness to take risk – To evaluate risk and learn from past mistakes. 5. Interpersonal Skills – Quickly aware of strong relationships and both verbal and nonverbal behaviors.

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ANOTHER 9 COMPETENCIES FOR ENTREPRENEURSHIP SUCCESS 1. Integrity – An entrepreneur has a positive sense of values and personal beliefs, creating and making business decisions, influencing and making the define actions they will take particularly when in difficult and challenging situations. 2. Conceptual Thinking – An entrepreneur is prepared to use new approaches and come up with new ideas that may enhance work. It will create change and significant improvements. It will also take to listen to new ideas without re-judgement. 3. Networking and Collaboration – The entrepreneur understand that networking can provide access to information, collaboration and profits; and that powerful planning and preparation help achievers desire results 4. Strategy Thinking – The entrepreneurs understand that thinking, strategies can help achieve goals in the organizations. Strategy means ways to accomplish something in relevant in the aims and objectives. 5. Commercial Aptitude – The entrepreneur keeps himself updated about developments in the facilities; seeks out the best practices; identifies and determines opportunities that are not common to other issues. 6. Decisiveness – The entrepreneur resolves issues that arise in an unavoidable situation. Responsibility, flexibility to build with changing priorities that set by upper authorities. 7. Optimism – The entrepreneur persists in pursuing goals despite hindrances and troubles. 8. Customer Relation Services – The entrepreneurs develop and build trust and long-term relationship. 9. People Centered – The entrepreneur creates commonality, stakeholders and value the best in others. They built the total capability oof the people to involved, they always consider the principles of inclusiveness and dealing with others. CORE COMPENTENCIES IN ENTREPRENEURSHIP Entrepreneur ➢ These are individuals who are alert to profitable opportunities for the exchange of goods and service.

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ENTREPRENEUR SKILLS AND FACTORS •

Negotiating

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Planning

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Risk Assessment/Assessing

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Purchasing

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Accounting

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Recruiting

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Training

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Selling

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Controlling

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Dealing with Emergencies o Marketing Management o Technical Management o Financial Management

Entrepreneur as a Missionary -

An entrepreneur who creates environment in which success is possible and possibilities of failures is controllable. One who takes risk and invest in personal talent and resources to make something new or different for customer’s life; to improve products.

Entrepreneur as a Goal Driven -

Someone who possesses self-confidence as he exercises the locust of control. He sets high goals and strives to attain the projected target and accomplishments. He accepts challenges and responsibility of results.

Examples of Goal Driven Entrepreneur -

Larry Page

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Tony Tan Caktiong

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Thomas Alva Edison

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Entrepreneur as a Marketing Man -

The needs and wants of customers are properly identify and these are the reasons to take the opportunity, He takes the real for innovation and makes modification to make customers aware that his products or service is more superior to those what offered by others as a marketing man.

Entrepreneur as Dynamic Process -

Entrepreneurship is a dynamic process of innovation and recreation of new opportunities to new venture. The small business owner entrepreneur sense himself as employed to make him a different innovator and entrepreneur.

FACTORS THAT DEVELOP ENTREPRENEURIAL ACTIVITY Entrepreneur takes the initiative -

Through his interest in capitalization of opportunity at hand, the entrepreneur takes initiative of venturing into business.

Organization of capital resources -

While talent and ambitions are great resources of an entrepreneur, financial and human resources are important ingredients as well in order to start the organization/busines.

The development of entrepreneurial authority -

The management is developed in organizational structure based on the need of operation. Specific duties and responsibilities are assigned together with skills.

The development of SWOT to avoid threats -

To launch the business successfully, SWOT analysis must be incorporated.

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THE MAKING OF FILIPINO ENTREPRENEURSHIP -

It is a process of trial and error. The colonization for more than 300 years is a great factor in the slow development of entrepreneurial activity in the country. The Food Business outlet are the most abuse and prominent activity of some Filipino entrepreneurship.

STARTING POINT OF ENTREPRENEURIAL SUCCESS 1. Start to be your own – An individual can never attain success in entrepreneurial activity if he neglects to be his own. 2. Explore the Business Development – The industry being full of opportunities is widely open for people who dream to be rich and fortunate in natural resources. Talent and Interest are some things that you must have. 3. Be in control – The entrepreneur must be in the driver seat of his business. Until then, you cannot be in business with somebody who doesn’t have ideas and aspirations. 4. Have a good accountant or trust – While you are still lousy in managing business, a good accountant or financial adviser is recommended. 5. Seek the advice of professional – You are not a superman to know all the legal and other matters related to operation of enterprise.

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