Entrepreneurship

Karla Patricia G. Colmenar

Introduction
The term Entrepreneur or Entrepreneurship originated in Europe sometime in the Middle Ages. From the French word entreprendre, which means to undertake

The Evolution of Entrepreneurship and Contemporary Views

Evolution of Entrepreneurship
Entrepreneurship refers to undertaking a business endeavor though there is no specific reference to whether it meant undertaking the business for himself (self-owned) or doing it for someone else (employment in a business enterprise).

Evolution of Entrepreneurship
It was reported that early entrepreneurs provided men and materials needed by feudal lords to wage war against their enemies.

Its emergence in the height of feudal conflict in France indicates that the kind of activity is a provision of services, and there was no hint at that time that entrepreneurs were doing it for personal gain.

Evolution of Entrepreneurship
Entrepreneur can also be translated to mean between taker or go-between. An example is when Marco Polo attempted to establish trade routes to the Far East. In the 20th century, entrepreneurship has been added to the list of curricular directions among schools because of the number of scholars focusing on it.

Contemporary Views
Lloyd Shefsky, in his book, Entrepreneurs are Made not Born, defined entrepreneur by dividing the word to 3 parts:
Entre means to enter Pre means before; and Neur means nerve center

Someone who enters business any business in time to form or change substantially that business nerve center.

Contemporary Views
Karl Vesper, Entrepreneurship is now a concern of various professions.
Economist: brings resources, labor, materials and other assets who increases its value. Psychologist: driven by certain forces: need to obtain something, to accomplish or escape from authority of others. Businessman: threat, aggressive competitor, ally, a source of supply, customer or someone good to invest in. Capitalist: creates wealth for others, finds better ways to use resources, reduce waste and produce jobs.

Contemporary Views
Robert Nelson, a person who is able to look at the environment, identify opportunities to improve the environment, marshal resources, and implement action to maximize those opportunities. Include people in work situations in large, medium and small business enterprises, cooperatives and government.

Contemporary Views
Joseph Schumpeter, doing things that are not generally done in the ordinary course of business routine.

Jeffry Timmons, the ability to create and build a vision from practically nothing. The vision requires willingness to take calculated risks (personal and financial) and do everything to reduce chances of failure.

Contemporary Views
Albert Shapero, a kind of behavior that will include:
Initiative taking Organizing and recognizing of social/economic mechanisms to turn resources and situations to practical account Acceptance of risks and failures

Contemporary Views
Entrepreneurship is the process of creating something different with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction.

Businessman VS. Entrepreneur

Businessman VS. Entrepreneur

Business classified according to ownership structure, such as proprietorship, partnership or corporation. It can also be categorized to industries which includes trading, servicing and manufacturing. Entrepreneurship comes in revolutionary forms, such as social entrepreneurship, ecopreneurship, technopreneurship and infopreneurship.
http://businesstips.ph/the-difference-between-a-businessman-and-entrepreneur/ /

Businessman VS. Entrepreneur

Starts a business from an existing idea or concept Starts a business from his own unique idea or concept

Has many business rivals

His business rival is himself

Focuses on competition

Focuses on cooperation

http://businesstips.ph/the-difference-between-a-businessman-and-entrepreneur/ /

Businessman VS. Entrepreneur

Is always busy on his business busy-ness Is only busy in preparing his new enterprise

Dont have enough time for his family and personal life

Have a lot of time for his family and personal life

His business gives him a

living

He gives life to his business

http://businesstips.ph/the-difference-between-a-businessman-and-entrepreneur/ /

Businessman VS. Entrepreneur

Traditional Innovative and revolutionary

Stays safe

Risk taker and accountable

Worried

Excited

Profit oriented

People (i.e., employee, customer, public) oriented

http://businesstips.ph/the-difference-between-a-businessman-and-entrepreneur/

Businessman VS. Entrepreneur

Has an active income or profit Hire people to increase business productivity A market player Has a passive income or profit Hire people to give them productivity A market leader

http://businesstips.ph/the-difference-between-a-businessman-and-entrepreneur/

Businessman VS. Entrepreneur

Has not yet achieved financial freedom Only gives importance to a part of the business world (atomistic) Has achieved financial freedom Gives importance to the business world as a whole (holistic)

http://businesstips.ph/the-difference-between-a-businessman-and-entrepreneur/

Socio-Economic Benefits from Entrepreneurship

Socio-Economic Benefits from Entrepreneurship

Entrepreneurs are pioneered converting ideas into products and dreams into reality. Entrepreneurs blend creativity, innovation and risk taking with hard work to form and nurture new ventures.

They play a major role in providing employment for himself and his immediate environment.

Socio-Economic Benefits from Entrepreneurship

Promotes Self-Help and Employment The spirit and culture of self-help, self-reliance and self-sufficiency among citizens of nation is addressed. The entrepreneur helps the government by providing employment for himself and to those he employed in the firm.

Socio-Economic Benefits from Entrepreneurship

Mobilizes Capital Every person who would put up his business will release or mobilize capital that would fire up the economy. Capital will be pumped into the financial system and the economy which will give more business options for others and more income for the capital owners.

Socio-Economic Benefits from Entrepreneurship

Provides Taxes to the Economy Entry of an entrepreneur means another tax source for the government. They contribute to the economy.

Socio-Economic Benefits from Entrepreneurship

Empower Individuals An indicator of the economic well being of a person can be gauged by the amount of financial resources that citizens can accumulate. Due to the potential of having a higher income than those employed, the possibility of wealth accumulation is enhanced together with the economic standing in society.

Socio-Economic Benefits from Entrepreneurship

Enhance National Identity and Pride The quantity and quality of the products of an entrepreneur can be a source of pride and identity of a country. The country can take pride of the products as well.

Socio-Economic Benefits from Entrepreneurship

Enhance Competitive Consciousness
Innovation, being the essence of entrepreneurship, can be a means of a culture of competition, which in long term can breed quality and international competitiveness.

Socio-Economic Benefits from Entrepreneurship

Improves Quality of Life The desire of an entrepreneur for innovation and development of a new product, as well as the creation of new markets can contribute to better products and services and enhance the quality of life.

Socio-Economic Benefits from Entrepreneurship

Enhances Equitable Distribution of Income and Wealth With the success of entrepreneurs in their respective endeavors, chances are that there will be equal distribution of income and wealth.

Challenges to Entrepreneurs

Challenges to Entrepreneurs
Borderless World It can be both a challenge and an opportunity. Where an entrepreneur used to develop and market his products locally, he is now faced with competition not only with local competitors but with imported products and services now available in the local market.

Challenges to Entrepreneurs
For Filipino entrepreneurs, they have to deal with the colonial mentality of Filipinos with preference to imported brands.

Before, it was relatively difficult to export a locally made product, but the environment nowadays is conducive to developing and marketing export-quality products due to various incentives and supports available.

Challenges to Entrepreneurs
By exploiting the cyber space or information highway and the various software available in the market, one can easily network with foreign markets. Computers in offices and households revolutionized business operations and systems, allowing any place as a base for business operations.

The Filipino Entrepreneur

The Filipino Entrepreneur

Success stories of Filipino entrepreneurs focuses on the notion that entrepreneurship means or refers to that of being engaged in small and medium enterprises or establishing and managing a business of his own.

Assignment
Research one (1) unpopular Filipino entrepreneur. It can be a person or a group of people. Know about the nature of his/her business. (How it started? What are the products? What is the current state of the business now?) It can be someone you know. In a bond paper, write/type the information you gathered. You can include a photo. Be prepared to share your answer next meeting.