University of Luzon Graduate School
Dagupan City
Entrepreneurship has traditionally been defined as the process of
designing, launching and running a new business, which typically begins
as a small business, such as a startup company, offering a product,
process or service for sale or hire. The people who create these businesses
are called entrepreneurs. The entrepreneurs in any given country are
usually regarded as the national assets that should be motivated,
cultivated, as well as remunerated to the highest possible level. They often
change the manner in which individuals work and live. If they succeed,
their innovations and creativity can enhance the living standards of
people. It thus means that apart from creating wealth from the ventures
of entrepreneurship, they create employment and the conditions for a
society that is prosperous.
Entrepreneurship is all about converting creative ideas into a
business plan and further developing the plain into a successful
enterprise. The essence of entrepreneurship is the new idea and the
marketable business opportunity it would present. New ideas have to be
found and prepared. They do not exist in separation of creative and driven
entrepreneur as well as they cannot emerge, live and be worthwhile in
isolation of their right atmosphere. New business ideas for the market do
not necessarily mean only a product or technology that has never existed
before. They naturally include a variety of applications in addition to the
new inventions and advanced technologies. They could include an existing
product that has been modified or improved or reused somewhere else; a
service that has been altered or expanded to a new domain, a segment of
consumers that needs to be specified and utilized, a sub market that may
be discovered, a synthesis of products or combination services, an
international needs that has been appearing on the radar and so on.
Page 1|4
University of Luzon Graduate School
Dagupan City
However, regardless of the nature of the idea, it has to be ripe at the right
time and fit to the current condition and circumstances. Satisfy some or
all consumers in order to gain its own market share.
In my presentation, I mentioned that sometimes ides comes first
then opportunity and sometimes opportunity then come up with idea.
Actually, market pulled entrepreneurship is about looking for an
opportunity, and then come up with an idea to take advantage of the
situation. When the opportunity arrives first and you think of an idea to
fill it. When an Entrepreneur comes up with an idea first and then
attempts to find an opportunity for it, it is referred to as product or service
driven entrepreneurship.
In today’s society being an entrepreneur can take you to the next
level within an industry. It is about taking an initiative to present
something new or make an improvement on something already in
existence. You need to be a leader willing to take risks in order to see ideas
and concepts materialize. Some say you need to have a certain mindset
when it comes to being a successful entrepreneur. Others see it as a
different form of self-employment that drives you to work harder since you
will rely on personal skills, knowledge, and resources utilized. There is a
level of uncertainty when defining an entrepreneur. This may be due to
different business elements this concept is connected to.
Entrepreneurship is known to be a driving force behind economic
growth in recent years. Some of the world’s most popular products and
everyday items were created by an entrepreneur. They started off as simple
ideas that needed a well-organized plan and funding to see it off toward
success. There are wealthy business owners that started off with an idea
and little or no money. It is a matter of studying your competition and
Page 2|4
University of Luzon Graduate School
Dagupan City
willing to make mistakes in order to make your concept even better.
Organization, planning, and use of unique resources in one’s reach can
make a difference in getting one idea off the ground.
Entrepreneurship usually creates the opportunities for employment.
On starting the business using his monetary assets, the entrepreneur
should require some time to share the available workload. As such, he will
employ the persons to work with him. Over the time, he will get satisfied
with his monetary investment and as such, he will commence a big
business. The huge business will offer more employment opportunities for
individuals.
Entrepreneurship boosts the development of the economy. Through
the creation of employment, people usually generate wealth. More so, the
entrepreneurial innovation and ventures tend to offer the products of the
highest quality at the lowest prices. The people can thus get the best
products, and at the same time save their money. As such, this
strengthens and boosts the country’s economy.
Additionally, entrepreneurship strengthens small businesses.
Mostly, the entrepreneurs find it necessary to invest in small businesses.
Such activities usually offer strength to these small businesses. As a
result, the niche markets flourish giving strength to the national economy.
Therefore, entrepreneurship is an investment, and it is paramount for the
economy.
Entrepreneurship is essential for the enhancement of the
managerial capabilities. The hugest importance of entrepreneurship is the
fact that it assists in the identification and development of the
Page 3|4
University of Luzon Graduate School
Dagupan City
entrepreneurs’ managerial capabilities. They study the problem, determine
the alternatives, compare the benefits and the costs, and eventually pick
the best alternative. The process aids in sharpening the skills of making
decisions. Moreover, entrepreneurs use these skills to create new products
and technologies, which replace the older ones leading to higher
performance.
Someone who is self-employed or a new business owner can be
labeled as an entrepreneur. Depending on the creativity and originality
behind their concept the type of activities that define their
entrepreneurship will vary. Negotiating with investors, visualizing your
concept, and even convincing others to see your idea as something realistic
are all important aspects necessary to be successful. To many
entrepreneurs this is more than just running and growing a business. It
becomes their livelihood that includes marketing, franchising, and even
helping others recognize their true potential.
Page 4|4