Concept of Entrepreneurship
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CONCEPT OF ENTREPRENEURSHIP Who is an Entrepreneur? Sees Opportunity Makes Things Happen Does Things not Generally Done in the Ordinary Course Routine Entrepreneur – an individual who establishes and manages a business for the principal purposes of profit and growth…characterized principally by innovative behavior, and employs strategic management practices in the business. WHY GO INTO BUSINESS? Recognition Profits Hobby Way of practicing profession Security Generate employment Helping others Has capital WHY NOT GO INTO BUSINESS? Fear of failure Lack of capital No idea about business No talent Satisfied being an employee Lazy Doesn’t like hard work Risks and Trials The Risk of Failure Unpredictable Business Conditions Long Hours of Hard Work Unwanted Responsibilities PERSONAL ENTREPRENURIAL CHARACTERISTICS (PECs) ACHIEVEMENT CLUSTER OPPORTUNITY SEEKING Sees and acts on new business opportunities Seizes unusual opportunities to obtain financing, equipment, land, workspace, assistance, etc. PERSISTENCE Takes repeated or different actions to overcome an obstacle Makes personal sacrifice or expends extraordinary efforts to complete a job Sticks with judgment in the face of opposition or early lack of success COMMITMENT TO WORK Accepts full responsibility for problems in completing a job for customers Pitches in with workers, or their place to get the job done. Expresses a concern for satisfying a customer DEMAND FOR QUALITY AND EFFICIENCY Acts to do something that meets or beats existing standards of excellence or improve on past performance PERSONAL ENTREPRENURIAL CHARACTERISTICS (PECs) PLANNING CLUSTER GOAL SETTING Sets clear and specific short-term objectives Sets clear and long term goals INFORMATION SEEKING Personally seeks information on clients, suppliers and/or competitors Uses contacts or information networks to obtain useful information SYSTEMATIC PLANNING AND MONITORING Develops and uses logical step-by-step plans to reach goals Evaluates alternatives Monitors progress and switches to alternative strategies when necessary to achieve goals PERSUASION AND NETWORKING Uses deliberate strategies to influence or persuade others Uses business and personal contacts to accomplish own objectives SELF-CONFIDENCE Has strong belief in self and own abilities Expresses confidence in own ability to complete a difficult task or meet a challenge Revenue Streams Fashion (Garments, Accessories and Designs) Homestyle and Living (Home Furnishing, Gifts, Toys, Housewares and Holiday
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Transcript of Concept of Entrepreneurship
CONCEPT OF ENTREPRENEURSHIPWho is an Entrepreneur?
Sees Opportunity Makes Things Happen Does Things not Generally Done in the Ordinary Course Routine Entrepreneur – an individual who establishes and manages a business for the principal purposes of profit and growth…
characterized principally by innovative behavior, and employs strategic management practices in the business. WHY GO INTO BUSINESS?
Recognition Profits Hobby Way of practicing profession Security Generate employment Helping others Has capital
WHY NOT GO INTO BUSINESS? Fear of failure Lack of capital No idea about business No talent Satisfied being an employee Lazy Doesn’t like hard work
Risks and Trials The Risk of Failure Unpredictable Business Conditions Long Hours of Hard Work Unwanted Responsibilities
PERSONAL ENTREPRENURIAL CHARACTERISTICS (PECs)
ACHIEVEMENT CLUSTER
OPPORTUNITY SEEKING Sees and acts on new business opportunities Seizes unusual opportunities to obtain financing,
equipment, land, workspace, assistance, etc.PERSISTENCE
Takes repeated or different actions to overcome an obstacle
Makes personal sacrifice or expends extraordinary efforts to complete a job
Sticks with judgment in the face of opposition or early lack of success
COMMITMENT TO WORK Accepts full responsibility for problems in completing a job for customers Pitches in with workers, or their place to get the job done. Expresses a concern for satisfying a customer
DEMAND FOR QUALITY AND EFFICIENCY Acts to do something that meets or beats existing standards of excellence or improve on past performance Strives to do things, faster and cheaper
RISK TAKING Takes what he or she perceives to be moderate risks States a preference for situations that involve moderate risks
ARNEL C. SABUCO JRTeacher I
Ilocos Norte Agricultural CollegePasuquin, Ilocos Norte
PERSONAL ENTREPRENURIAL CHARACTERISTICS (PECs)
PLANNING CLUSTERGOAL SETTING
Sets clear and specific short-term objectives Sets clear and long term goals
INFORMATION SEEKING Personally seeks information on clients, suppliers and/or
competitors Uses contacts or information networks to obtain useful
informationSYSTEMATIC PLANNING AND MONITORING
Develops and uses logical step-by-step plans to reach goals Evaluates alternatives Monitors progress and switches to alternative strategies
when necessary to achieve goalsPERSUASION AND NETWORKING
Uses deliberate strategies to influence or persuade others Uses business and personal contacts to accomplish own
objectivesSELF-CONFIDENCE
Has strong belief in self and own abilities Expresses confidence in own ability to complete a difficult
task or meet a challenge
Revenue Streams Fashion (Garments, Accessories and Designs) Homestyle and Living (Home Furnishing, Gifts, Toys,
Housewares and Holiday Décor) Construction Materials, Engineering Consulting and
Contracting Services Organic Herbal and Natural Products Processed Food and Beverage (Commercial, Halal) Marine Products (Food and Non-Food) Electronics ICT Motor Vehicle (Parts, Accessories and Assembly) Mineral Products Logistics Services
