UNIVERSITY OF CALOOCAN CITY

Business Opportunities (Service and Rental)

(ENTR 216)

1. Service
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A commercial enterprise that provides work performed in an expert manner by

an individual or team for the benefit of its customers. The typical service business
provides intangible products, such as accounting, banking, consulting, cleaning,
landscaping, education, insurance, treatment, and transportation services.
- A system supplying a public need such as transport, communications, or utilities
such as electricity and water.

2. TYPES OF SERVICE
Consumer services
Consumer services principal purpose is to provide services to individual
consumers who desire them and can afford to pay for them. Two main types of
consumer services are retail services and personal services.
Consumer Services
Second Definition: The principle purpose of consumer services is to
provide services to individual consumers who desire them and can afford to pay
for them. Nearly one-half of all the jobs in the United States are in consumer
services. For main types of consumer services are retail, education, health, and
leisure.
Retail and Wholesale Services
About 15 percent of all jobs in the United States are in retail services,
which provide goods for sale to consumers. Department stores, grocers, and
motor vehicle sales and service each account for nearly half of all these jobs;
building materials and clothing another one-tenth each. In addition, 25 percent of
all jobs are in wholesale services that provide retailers their merchandise.

Education Services
About 11 percent of all jobs in the United States are in education. Twothirds of educators are employed in public schools, the other one-third in private
schools.
Health Services
About 12 percent of all jobs in the United States are in health care,
primarily hospitals, doctors offices, and nursing homes.
Leisure and Hospitality Services
About 10 percent of all jobs in the United States are in leisure and
hospitality. Three-fourths of these jobs are in restaurants and bars; the other onefourth is divided evenly among lodging and entertainment.

Business services
Business services principle purpose is to facilitate other businesses.
Producer services and transportation services are two main types of business
services.
Business Services: The principal purpose of business services is to facilitate
other businesses. One-fourth of all jobs in the United States are in business
services. Professional services, financial services, and transportation are the
three main types of business services.
Professional Services
About 13 percent of all U.S. jobs are classified as professional services.
One-tenth of the jobs found in this sector are in management positions. One-half
are in technical services, including law, accounting, architecture, engineering,
design, and consulting. The remaining one-half of this sector is in support
services, such as clerical, secretarial, and custodial work.
Financial Services
About 6 percent of all U.S. jobs are in this sector, which is often called
FIRE, an acronym for finance, insurance, and real estate. One-half of the
financial services jobs are in banks and other financial institutions, one-third in
insurance companies, and the remainder in real estate.

Transportation and Similar Services

Businesses that diffuse and distribute services are grouped as
transportation and information services. In the United States about 6 percent of
all jobs are in this group of services. One-half of these services are in
transportation, primarily trucking. The other half are in information services,
including publishing and broadcasting, as well as utilities such as water and
electricity.
A new kind of transportation

Public services
Public services principal purpose is to provide security and protection for
citizens and businesses. In the U.S. about 4% of all workers are in public
services not already included in other service categories. For example teachers
and other public employees are included; about 10% of U.S. workers are on the
payroll of a unit of government. About one-sixth are employed by the federal
government, one-fourth by the 50 state government, and three-fifths by one of
the tens of thousands of local government. The distinction among services is not
absolute.

Addendum
The distinction among services is not absolute. For example, individual
consumers use business services, such as consulting lawyers and keeping money in
banks, and businesses use consumer services, such as purchasing stationery and
staying in hotels. A public service worker at a national park may provide the same
service as a consumer service worker at Disneyland. Geographers find the classification
useful, because the various types of services have different distributions, and different
factors influence locational decisions.

3. Discuss the function of Service.

4. Rental
An item that is leased out for a specific amount of time and is governed by either
a verbal or written agreement. The most common forms of rentals are homes, cars, and
equipment. Most rentals require some form of payment to be made either at the
commencement of the leasing period or during the scheduled leasing period.
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An amount paid or received as rent.

5. Different types of Rentals

6. Discuss the function of rental.

7. Types of Entrepreneur (Independent and Corporate)
8. Process of Entrepreneurship

The Visionary
The visionary tends to focus on an end goal. They have an idea, or a concept, or a
general vision for the future, and theyre out to do whatever it takes to make that vision
a reality. Sometimes thats in the form of a unique product, while other times its in the
form of a solid infrastructure. Whatever it is, their talents lie in coming up with ideas
worth developing.
The Opportunist
The opportunist is a much more pragmatic entrepreneur, and their ideas come more in
flashes of insight. Instead of coming up with an idea and chasing after it, these
entrepreneurs look for critical opportunities in the market and corner them as quickly as

possible. They dont care as much about what their company does as they do about
whether its going to become successful.
The Leader
The leader wants to head up a team and make his/her own decisions. Entrepreneurship
for them isnt about getting to a destination, its about being a master of their own
destiny. These types of entrepreneurs generally quit their day jobs due to frustration or
dissatisfaction, and seek entrepreneurship as a more fulfilling path.
The Master
The master starts a business not because he/she has a great idea or wants to lead, but
instead because he/she is critically skilled in at least one area. These types of
entrepreneurs generally find success in their own niche first, then learn to apply their
skills in an independent company all their own.
Of course, its impossible to sum up any individual into one strict category. Like most
entrepreneurs, you probably see elements of each category in your own approach. But
learning these categories and how they affect your direction and decisions can help you
improve your company for the better.
Jose Vasquez is a serial entrepreneur and tech enthusiast dedicated to helping startup
technology companies get the direction and momentum they need to succeed. As the
founder of Build. Brand. Blast., Jose has established a collective resource for tech
entrepreneurs to consult when brainstorming, creating, launching, or expanding a new
business. Jose is also the founder and CEO of Quez Media Marketing, a marketing firm
that combines technology and creativity to help new and growing companies get the
results they need.

INVENTION VS. INNOVATION

In its purest sense, invention can be defined as the creation of a product or
introduction of a process for the first time. Innovation, on the other hand, occurs if
someone improves on or makes a significant contribution to an existing product,
process or service.
Consider the microprocessor. Someone invented the microprocessor. But by itself, the
microprocessor was nothing more than another piece on the circuit board. Its what
was done with that piece the hundreds of thousands of products, processes and
services that evolved from the invention of the microprocessor that required
innovation.

9. Why do we need to study Entrepreneurship?

Why study entrepreneurship? for reasons other than to make money. Most people want
to become entrepreneurs for the lifestyle. They want the money and the nice things.

But is life all about money? I'm sure you'd agree that it isn't.

The sad part about how most people make their decisions is that they decide based on
the idea of making money.

They want a degree so they can get a good job that pays well. I did the same thing. I
majored in accounting because they make good money.

What a mistake that was. Because the funny thing is entrepreneurs typically make more
money.

Your main goal should not be to make money.

Your main goal should be finding a career you like. Something that you're passionate
about.
Something that you'll do for the long term.

It just so happens that entrepreneurship did that for me. It helped me realize I have a
passion for helping others.

But I also know that I can't help others do what I don't know myself.

Why study entrepreneurship - 3 reasons

1. It helps you understand money so you don't have to worry about it for the rest of
your life.
2. It makes you give value to others
3. It makes you grow as a person
You see, there's a lot good about becoming an entrepreneur besides the money.
You can't be successful unless you provide something to a lot of people. You can't
succeed if you don't develop yourself as a person.

Most people never escape the worrying about money, you don't have to become an
entrepreneur to understand money, but you have to understand money to become an
entrepreneur.

Why study entrepreneurship - recap

Entrepreneurs are important to society. They give people things they want or need.
Whether it be through a product or service or delivering an opportunity.
I hope you liked my explanation of why study entrepreneurship.
If you want to learn how to become a successful entrepreneur while building a global
internet business, then follow the big blue button above.

Importance of Entrepreneurship Education

Entrepreneurship is a key driver of our economy. Wealth and a high majority of jobs
are created by small businesses started by entrepreneurially minded individuals, many
of whom go on to create big businesses. People exposed to entrepreneurship frequently
express that they have more opportunity to exercise creative freedoms, higher selfesteem, and an overall greater sense of control over their own lives. As a result, many
experienced business people political leaders, economists, and educators believe that

fostering a robust entrepreneurial culture will maximize individual and collective

economic and social success on a local, national, and global scale. It is with this in mind
that the National Standards for Entrepreneurship Education were developed: to prepare
youth and adults to succeed in an entrepreneurial economy.

Entrepreneurship education is a lifelong learning process, starting as early as

elementary school and progressing through all levels of education, including adult
education. The Standards and their supporting Performance Indicators are a framework
for teachers to use in building appropriate objectives, learning activities, and
assessments for their target audience. Using this framework, students will have:
progressively more challenging educational activities; experiences that will enable them
to develop the insight needed to discover and create entrepreneurial opportunities; and
the expertise to successfully start and manage their own businesses to take advantage
of these opportunities.

Role and Importance of Money in Modern Economy

In modern economics, money has been considered as the most dynamic element in the
economy as well as a link between the present and the future. It influences not only the
level of prices but also the cyclical behavior of consumption, savings, investment and
employment. In the modern approach towards money the stability of money is no longer
taken for granted, yet the stabilization of the value of money is brought into direct
relation with the stabilization of the levels of income and employment. A well-conceived
and well-executed monetary policy is, therefore, considered as an essential prerequisite for the stable and efficient working of the national economy.
Money in Economic Life:
Money plays an important role in the shaping of the economic life in a country. Money is
characteristic of nearly highly developed civilization, and we might almost say that it is
necessary to such developed.
# Money is Economic Welfare:
The primary social goals for a welfare evaluation of the operation of an economic
system might be maximum freedom of choice for individual distribution of income, and
optimum standards of living for all individuals as determined by their preferences and
restricted only by available resources and technology. It is obvious that the goals of a
welfare economy can be achieved only in a money economy. Money helps the
producers and the consumers to spend their resources with some degree of rationality. I
t also gives them freedom of choice on production and consumption. Money has
facilitated achieving high production and employment and wide distribution of benefits at
any one time. It is true that the existence of such factors alone does not guarantee
economic welfare, but their absence makes it difficult to achieve the goals of economic
welfare.