Scribd
Upload
42 views4 pages

Understanding Entrepreneurship Essentials

Entrep

Uploaded by

James Reyes
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
42 views4 pages

Understanding Entrepreneurship Essentials

Entrep

Uploaded by

James Reyes
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Reviewer ENTREP

The term entrepreneur was derived from “entreprendre”, a French word


which means “to undertake" (Aduana, 2016). Entrepreneurs are innovative
opportunity seekers. They create value by introducing new products or
services or finding better ways of making them. They are not the same with
ordinary businessmen whose major goal is to gain profit by producing,
buying, and selling of products.

On the other hand, the term entrepreneurship is an art of observing


correct practices in managing and operating a self-owned wealth creating
business enterprise by providing goods and services that are valuable to the
customers (Aduana, 2016).

Five Salient Features of Entrepreneurship (Aduana, 2016)

[Link] of Correct Practices – Entrepreneurship is an art and not a science


thus, there is a constant change; it continuously grows, develops, improves
and expands. As an art, it is closely related to creativity that contributes to
the enhancement of the enterprise. Entrepreneurship education teaches how
failure makes people more creative and innovative.

2. Wealth creating venture - How are you going to define wealth?


Although profit is a good indication of wealth, improving the life of an
entrepreneur in terms of economic, financial, social, moral and psychological
aspects are also priceless outcomes of entrepreneurship.

3. Providing values to customers – Products and services are considered


valuable when they satisfy the needs and wants of the customers. It also
gives the buyers reason to purchase your product over and over again and
even refer it to others.

[Link] and managing self-owned business – Businesses which are


managed by other people for the benefit of the owner falls under
intrapreneurship. Entrepreneurship is different from intrapreneurship. The
concept of entrepreneurial endeavor may range from a small sari-sari store
up to multimillion companies as long as the business is managed by the
owner himself.

5. Risk taking venture - Risk is a part of any entrepreneurial endeavor. A


good entrepreneur does not avoid risks, rather face them by analyzing the
risks and good decision-making skills for the survival of the venture.

Personal Entrepreneurial Competencies


[Link] - Being a hardworker means habitually working diligently for
long period of hours. We have this saying in Filipino, “ginagawang gabi ang
umaga, at umaga ang gabi”.

2. Self-confident – It is also important that as an entrepreneur, one must


believe oneself more than anybody else.

3. Disciplined - The urge to fight temptation is very important. They said it


is easy to spend money you did not worked hard for. Sometimes, when start
to earn, we are tempted to buy things that are not really needed. A good
entrepreneur does not ask himself the question, “What will I buy with my
money?” but ask, “Where will I invest my money to earn more money?”
instead.

4. Commited – Commitment is characterized by solid dedication.

5. Ability to accept change - This is synonymous to being openminded or


readiness to try different things or to hear and consider fresh ideas. We often
hear this among networking businesses: “Openminded kaba?”. As said many
times, “Change is the only constant in this world” so they say that “forever
does not exist”. In. business world, capitalizing on positive changes will help
a business survive and even prosper.

6. Creative – This is what will make you stand out and go over your
competitors. As an entrepreneur, we must look beyond and check what is
new, to stay in the business to have an edge over the other competitors.

[Link] Initiative – This is to put oneself in a position where one is personally


is responsible for the failure or success of the business.

[Link]-oriented – A good entrepreneur must make sure that the business.


Will generate income. We do not put up a business just to get tired the whole
day without getting anything in return.

IMPORTANT SKILLS OF AN ENTREPRENEUR

1. Planning – This is strategic thinking and setting of goals to achieve


objectives by carefully maximizing all the available resources.
2. Decision making – One decision may make or break a business, thus
making this a crucial one. It is the ability to think quickly and make a
wise judgment towards the pre-determined set objectives.
3. People Skills – Doing business is not a one-man tean endeavor. From
people working for you and with you, to those you make deal with and
even your competitors. In relation to the story we’ve read, it is good to
be individually brilliant but still, there are things that others can do
better than you.

According to London School of Economics (cited by Edralin, 2016) those with


entrepreneurial aspirations. Typically pursue one of these career paths:

1. New Venture Creation - You can be your own boss! Starting as a


small business owner, partnering with an existing business or focusing
on a technology or research for commercialization.
2. Careers in Existing Entrepreneurial Ventures - Still trying to have
a deeper understanding of the ways of business while being employed?
Having knowledge about entrepreneurship plus being a digital native
gives you an edge to attract institutions to share your up-to-date
knowledge on market trends for innovative strategies of companies.
Working with start-ups, business incubator or accelerators, and
corporate entrepreneur in a company are good opportunities for
expanding your horizon.

These job opportunities need people like you and may be good
leadership training grounds if ever you decide to go on your own.
(American Express)

1. Mid-level management

~Be in-charge of the execution of business ideas in big companies.

2. Business consultant
~Identify and fix problems for both aspiring and young entrepreneurs.

3. Sales
~Representing a firm, handling accounts, and visiting clients in the
field. Are some of the tasks for this job.

4. Research and development


~Solving problems by working in a R&D firm should be armed with an
understanding of the what’s and how’s of the business.

5. Not-for-profit fundraiser
~Raising funds for various groups or organizations for different causes
is comparable to accomplishing a business task and creating a good
communication network.
6. Teacher
~One may impart knowledge to the young generation by integrating
the importance of entrepreneurship while teaching other subjects. For
example, learning the importance of Math in business, reviewing
history as basis of innovation and enhancing language skills to improve
marketing strategies.

7. Recruiter
~Work at Human Resources (HR) department as someone who has
knowledge in management, leadership, and other significant
characteristics in selecting people who will be joining a company.

8. Business reporter
~Having an understanding about the field will give one an advantage
in writing articles or being in a broadcast team to make a business
section or program more knowledgeable and interesting.

Common questions

Powered by AI

Personal entrepreneurial competencies, such as being hardworking, self-confident, disciplined, and committed, are crucial for achieving business success. These traits support critical activities like decision-making, risk management, and innovation. An entrepreneur's ability to maintain discipline, stay committed, and adapt to changes directly influences the viability and growth of their venture .

In entrepreneurship, 'wealth' extends beyond profitability to encompass improvements in the entrepreneurial life across economic, financial, social, moral, and psychological aspects. The creation of wealth means enhancing the entrepreneur's quality of life in a holistic manner, which goes beyond mere financial gains .

Entrepreneurs are distinguished from ordinary businessmen by their focus on innovation and opportunity seeking. They aim to create value by introducing new products or services and finding better ways to make them, while ordinary businessmen primarily aim to gain profit through production, buying, and selling of products .

Integrating entrepreneurial knowledge into roles like teaching or consulting can enhance these professions by providing a fresh perspective on innovation and business dynamics. For example, teachers can apply entrepreneurial principles to demonstrate the real-world applications of academic subjects, while consultants can identify and solve problems more effectively by leveraging entrepreneurial skills .

Creativity is a critical skill for entrepreneurs as it allows them to stand out and maintain a competitive edge. By continually looking for new ideas and checking what is new, entrepreneurs can innovate and adapt, ensuring they remain relevant and ahead of competitors .

Entrepreneurship education emphasizes the art of correct practices in entrepreneurship, where it highlights how failure can make individuals more creative and innovative. By understanding that entrepreneurship is an art and not a science, this education encourages constant adaptation and improvement, fostering resilience and creative problem-solving among entrepreneurs .

Pursuing a career in an existing entrepreneurial venture allows individuals to gain a deeper understanding of business operations while being employed. This experience, coupled with knowledge of entrepreneurship and market trends, provides an edge and serves as excellent leadership training, which can be beneficial if they decide to start their own venture later .

Planning is crucial for entrepreneurs as it involves strategic thinking and setting of goals to achieve objectives by efficiently using available resources. Effective planning ensures that resources are maximized, goals are clear, and strategic paths are followed, significantly increasing the likelihood of business success .

The ability to accept change benefits an entrepreneur by allowing them to capitalize on positive developments, helping the business to survive and prosper. Open-mindedness and readiness to try new ideas enable entrepreneurs to stay competitive and respond effectively to market dynamics .

Risk-taking is an integral part of entrepreneurial ventures. Good entrepreneurs do not avoid risks; instead, they face them with careful analysis and strong decision-making skills. This approach ensures that risks are managed effectively, contributing to the venture's survival and success .

You might also like