L E A I N S T 3
E N G R . R O S E L Y N L . B A L A
• started in France after the French Revolution from the
word “entrependre” w/c means “to undertake”
• create new business, new ideas, new goods or services,
and new procedures
• launching the created business,ideas, goods/services and
procedures
• manages the business operation
•the process of being an entrepreneur
•the act of creating a business or
business while building and scaling it
to generate a profit
•an important driver of economic
growth and innovation
DEBATE:
ENTREPRENEURS ARE BORN
• people who are gifted with high Entrepreneurial
intentions will have a higher chance to become
entrepreneurs
• entrepreneurs with a good family's financial state
are more likely to meet less obstacles on the path
toward success
• there are some specific personality traits and
mindset of entrepreneurs which cannot be taught,
instead they must be born with it
ENTREPRENEURS ARE MADE
• entrepreneurs have the opportunities in
everything, and this skill can only be gained
through real experience
• people who attend training programs and business
schools have a higher rate of becoming
entrepreneurs
ENTREPRENEURS ARE BORN AND MADE
• those who are gifted with high entrepreneurial intention,
personality traits of an entrepreneur and have an
entrepreneurial family background will be more likely to
become entrepreneurs.
• the ability and mindset to see opportunities can only be
nurtured through lifetime’s experience and through family
and those who attend training programs have a higher
chance to succeed in operating entrepreneurship.
• However, only those who are willing to learn and consistent
on their path will be successful. Therefore, entrepreneurs
are both born and made
• The risk of failure
• Long hours of hard work
• Unwanted responsibilities
• (Abandoning the current source of income,Sacrificing
personal money)
•Make money
•Be your own boss
•Express creativity
•Gain self satisfaction
•Enjoying the benefits of
entrepreneurship calls for
understanding the risks associated
with opening a business and taking
steps to mitigate them. Understanding
the market, and how a business will fit
in, can help set an entrepreneur up to
succeed.
• ECONOMIC DEVELOPMENT
• -activities that seek to improve the economic
well-being and quality of life for a community
• How Entrepreneurs Make a Country Rich and
Self-Reliant?
• As more entrepreneurs create and produce in the
economy, the country depends less on imports, or
goods that come from other countries
CHARACTERISTICS,
QUALITIES AND
COMPETENCIES OF
ENTREPRENEUR
•3 CLSUTER OF PEC’s
•1. Achievement Cluster
•2. Planning Cluster
•3. Power Cluster
•1. Achievement Cluster
Ø▸ opportunity seeking
Ø▸ commitment to work contract
Ø▸ demand for efficiency and quality
Ø▸ persistence
Ø▸ risk taking
Achievement Cluster
Opportunity Seeking – An entrepreneur readily
identifies opportunities for going into or to improve
his business
Persistence – An entrepreneur does not give up
easily when confronted with obstacles. He is not
easily discouraged at early signs of failure
Achievement Cluster
Commitment to work contract – He takes full
responsibility for any commitment, performs
extraordinary chores just to get the job done at a
mutually agreed time and standard quality.
Risk taking – He prefer tasks which provide him
some challenges
Demand for quality and efficiency – setting high
but realistic standard of excellence for himself, he
finds it difficult to compromise on those standards.
He always strives to find ways to do things better,
faster and at a lower cost.
•2. Planning Cluster
•goal setting
• systematic planning and
monitoring
•information seeking
Planning Cluster
Goal setting – An achievement – oriented individual,
the entrepreneur plans out the accomplishment
tasks. He sets clear and well- defined goals.
Systematic planning and monitoring – He sets what
are to be accomplished and assesses how today’s
activity can contribute to the accomplishment of
her long term goal.
Information seeking – The entrepreneur
continuously seeks for relevant information
regarding the market.
3. Power Cluster
•▸ persuasion and networking
•▸ self-confidence
Power Cluster
▸ Persuasion and networking – The
entrepreneur easily establishes a network or
personal and business contacts around him. He
is aware that power is required to achieve her
business objective.
▸ Self- confidence – The entrepreneur has
confidence that she can make things happen.
Aware of her capabilities she does not doubt
that she can accomplish the most challenging
tasks on hand
ENTREPRENEURIAL MANAGEMENT
• the practice of giving the innovation
inherent in entrepreneurship a more solid
management structure
• Through entrepreneurial management, you
can manage a growing business without
limiting the creativity or passion of a startup
• entrepreneurshi
p is a continuous
process that
needs to be
followed by an
entrepreneur to
plan and launch
the new
ventures more
efficiently.
IDEA- a concept for a
1. DISCOVERY product or service that
• stage in which does not exist or is not
the currently available in a
entrepreneur
generates ideas, market niche.
recognizes
opportunities, - a brand-new concept or
and studies the an improvement of a
market. current product or service.
OPPORTUNITY-an idea
1. DISCOVERY for a new product or
• stage in which service with a market that
the is willing to pay for that
entrepreneur
generates ideas, product or service so that
recognizes it can form the basis of a
opportunities, profitable business.
and studies the
market.
INNOVATION-the
1. DISCOVERY process of making changes
• stage in which to something that adds
the value to customers.
entrepreneur
generates ideas,
recognizes
opportunities,
and studies the
market.
THINGS TO BE CONSIDER:
1. DISCOVERY • 1. Your passion,
• stage in which hobbies or skills
the • 2. Consumer
entrepreneur needs and wants -
generates ideas, conduct market
recognizes research
opportunities, • 3. Consumer
and studies the demographics –
market. conduct market
research
2. DEVELOPING A
BUSINES PLAN
-a detailed proposal
describing the business
-Uses of a business
plan includes planning
for
marketing,operations
and finance
2. DEVELOPING A
BUSINES PLAN
-a detailed proposal
describing the business
-Uses of a business plan
includes planning for
marketing,operations and
finance
3. RESOURCING
-The stage in which
the entrepreneur
identifies and acquires
the financial, human,
and capital resources
needed for the venture
startup,etc
3. RESOURCING
Ways for resourcing:
1. Identify potential
investors
3. RESOURCING
Ways for resourcing:
1. Identify potential
investors
2. Apply for loans, grants and
assistance
3. RESOURCING
Ways for resourcing:
1. Identify potential
investors
2. Apply for loans, grants
and assistance
3. Hire employees
4. MANAGING A
COMPANY
- the stage in which
the entrepreneur
operates the business
and utilizes resources
to achieve its
goals/objectives.
THINGS TO BE CONSIDER:
5. HARVESTING • What is your 5-year plan?
- an entrepreneur • Consider Expansion
decides on the future • Possibly add
prospects of the multiple locations
business, i.e. its growth • providing
and development. different
products/services