Entrepreneurship Notes

— NOTES IN ENTREPRENEURSHIP —
— RELEVANCE OF ENTREPRENEURSHIP TO AN ORGANIZATION —

o DEVELOPMENT OF MANAGERIAL CAPABILITIES
o CREATION OF ORGANIZATIONS
o IMPROVING STANDARD OF LIVING
o MEANS OF ECONOMIC DEVELOPMENT
1. DEVELOPMENT OF MANAGERIAL CAPABILITIES – this means that

one of the benefits an entrepreneur gets it to develop
his managerial skills.
2. CREATION OF ORGANIZATIONS – which means that because of

entrepreneurships, many organizations will exist.
3. IMPROVING STANDARD OF LIVING – this means that

entrepreneurship can lift the economic status of an
individual.
4. MEANS OF ECONOMIC DEVELOPMENT – this means that not only

the life of the entrepreneur is improved but also the
society where the business is located.
— CONCEPT OF ENTREPRENEURSHIP —
The word “entrepreneur” was derived from the French verb

“enterprendre”, which means “to undertake”. This is
pinpointing to those who “undertake” the risk of
enterprise.
The enterprise is created by an entrepreneur and the

process is called “entrepreneurship”. Entrepreneurs are
innovators, willing to take risk and generate new ideas to
make it unique and profitable solution to the present-day
problems.
— FACTORS AFFECTING ENTREPRENEURSHIP —

1. Personality Factor which includes:
a. Initiative – which means doing things even before being
told.
b. Proactive – which means he can classify opportunities
and seize it.
c. Problem Solver – which means he can retain good
relations with other people.
d. Perseverance – meaning he will pursue things to get
done regardless of challenges.
e. Persuasion – means that he can entice people to buy
even if they don’t.
f. Planner – meaning he makes plan before doing things and
do not fail to monitor it.
g. Risk-taker – which means that he willing to gamble but
he will calculate it first.
2. Environmental Factor which includes political, climate,

legal system, economic and social conditions and market
situations.
— COMMON COMPETENCIES IN ENTREPRENEURSHIP —
1. DECISIVE – an entrepreneur must be firm in making

decisions.
2. COMMUNICATOR – an entrepreneur must have a convincing
power.
3. LEADER – an entrepreneur must have a charisma to be
obeyed by his employees.
4. OPPORTUNITY SEEKER – an entrepreneur must have the
ability to be the first to see business chances.
5. PROACTIVE – controlling a situation by making things to
happen or by preparing for possible future problems.
6. RISK TAKER – they have the courage to pursue what is
their business ideas.
7. INNOVATIVE – the entrepreneurs have big business ideas
and they do not stop improving and thinking of new
worthwhile ideas for their business.
— CORE COMPETENCIES IN ENTREPRENEURSHIP —

1. ECONOMIC AND DYNAMIC ACTIVITY – entrepreneurship is an
economic at activity because it involves the creation and
operation of an enterprise with a view to creating value
or wealth by ensuring optimum utilization of limited
resources.
2. INNOVATIVE – entrepreneurs constantly look for new ideas,
thus he needs to be creative.
3. PROFIT POTENTIAL – meaning the entrepreneur can be
compensated by his profit coming from the operation.
4. RISK BEARING – meaning the entrepreneur needs to gamble
but wise enough to offset the risk.
— TYPES OF ENTREPRENEUR —
1. INNOVATIVE ENTREPRENEURS – they are those who always make

new things by thinking of new ideas.
2. IMITATING ENTREPRENEURS – they are those who don’t create
new things but only follow ideas of other entrepreneurs.
3. FABIAN ENTREPRENEURS – they are those skeptical. They
don’t initiate but follow only after they are satisfied.
4. DRONE ENTREPRENEURS – they are those who lives on the
labor of others. They are die-hard conversation even
ready to suffer the loss of business.
5. SOCIAL ENTREPRENEURS – they are those who initiate
changes in the various fields such as education, health,
human rights, environment, and enterprise development.
— CAREER OPPORTUNITIES OF ENTREPRENEURSHIP —
1. BUSINESS CONSULTANT – with the expertise of the

entrepreneur he can be a very good source of advices to
the other entrepreneur and would be business man.
2. TEACHER – a graduate of an entrepreneurship can be use
his knowledge in teaching.
3. RESEARCHER – the entrepreneur can be employed as
researcher by an enterprise
4. SALES – the entrepreneurship graduate can apply as
salesman.
5. BUSINESS REPORTER – the entrepreneur being expert in the
field, he can be employed as business reporter.

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— NOTES IN ENTREPRENEURSHIP —

— RELEVANCE OF ENTREPRENEURSHIP TO AN ORGANIZATION —

1. DEVELOPMENT OF MANAGERIAL CAPABILITIES – this means that

2. CREATION OF ORGANIZATIONS – which means that because of

3. IMPROVING STANDARD OF LIVING – this means that

4. MEANS OF ECONOMIC DEVELOPMENT – this means that not only

The word “entrepreneur” was derived from the French verb

The enterprise is created by an entrepreneur and the

— FACTORS AFFECTING ENTREPRENEURSHIP —

2. Environmental Factor which includes political, climate,

— COMMON COMPETENCIES IN ENTREPRENEURSHIP —

1. DECISIVE – an entrepreneur must be firm in making

— CORE COMPETENCIES IN ENTREPRENEURSHIP —

1. INNOVATIVE ENTREPRENEURS – they are those who always make

— CAREER OPPORTUNITIES OF ENTREPRENEURSHIP —

1. BUSINESS CONSULTANT – with the expertise of the

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