Market – An interaction between buyers and seller of trading or exchange. Three Types of Market: Good Market – The most common type of market because it is where we buy consumers good. Labor Market – Where the workers offers services and look for jobs, and where employers looks to hire. Financial Market – Which includes the stock market where securities of corporation are traded. Market Structure – refers to the competitive environment in which buyers and sellers to operate. Competition – Rivalry among various sellers in the market. Degrees of Competition: - Number and size of buyers and sellers Similarity of type of products bought and sold Degree mobility resources Entry and exit of firm Degree of knowledge of economic agents regarding prices, costs, demand, and supply conditions. Perfect Competition – One or more the assumptions of perfect competition will now met; thus, the market become imperfectly competitive. Monopoly – Exist when single firm that sells in the market has no close substitute. Monopolistic Competition – Where in the products are differentiated and entry and exit are easy. Oligopoly – A market dominated by a small number of strategically interacting firms. Monopsony – a market condition in which there is only buyer, the monopsonist. Making pr Business Organization: Sole Proprietorship – Owned by a single individual who is singly responsible for running the business and is accountable related to the busines. Partnership – an agreement in which two or more persons combine their resources in a business with view of making profit. General Partnership – all owners share the management of the business and each personally responsible for and must assume the consequences of the actions of the other partner. Limited Partnership – Contribution only capital, take no part in control or management, and liable for debts to a specific content only. Corporation – a corporation is a legal entity that is separate form its owners, the shareholders. Cooperative – An entity organized by people with similar needs to provide with goods or services or to jointly use available resources to improve their income. Two Types of Competition: - Perfect Competition Imperfect Competition Types of Market: - Good Market Labor Market Financial Market Types of Organization: - Sole Proprietorship Cooperative Corporation Partnership Imperfect Competition: - Monopoly Oligopoly Monopsony Monopolistic Competition Relevance of Entrepreneurship to an Organization: Development of Managerial Capabilities - this means that one of the benefits an entrepreneur gets is to develop his managerial skills. Creation of Organization - which means that because of entrepreneurships many organizations will exist. Improving Standard of Living - this means that intrapreneurship can lift up the economic status of an individual. 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 “entreprendre”, 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 entrepreneurships. Entrepreneurship - is a science of converting ideas into business. Business - is a commercial or mercantile activity engaged in as means livelihood. Factors Affecting Entrepreneurship Personality Factors: - Initiative Pro-Active Problem Solver Perseverance Persuasion A Planner Risk – Taker Environmental Factors: - Political Climate Legal System Economic Social Conditions Market Situations Common Competencies in Entrepreneurship - Decisive Communicator Leader Opportunity Seeker Pro-Active Risk Taker Innovative Core Competencies in Entrepreneurship Economic and Dynamic Activity - entrepreneurship is an economic 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. Innovative - entrepreneurs constantly look for new ideas, thus he needs to be creative. Profit Potential - meaning the intrapreneur can be compensated by his profit coming from the operation. Risk Bearing - meaning the intrapreneur needs to gamble but wise enough to offset the risk. Types of Entrepreneurs: Innovative Entrepreneurs - they are those who always make new things by thinking of new ideas. Imitating Entrepreneurs - they are those who don't create new things but only follow the ideas of other entrepreneurs. Fabian Entrepreneurs - they are those skeptical. they don't initiate but follow only after they are satisfied. Drone Entrepreneurs - they are those who lives on the labor of others. Individuals who are satisfied with the existing mode and speed of business activity and show inclination in gaining market leadership. Social Entrepreneurs - they are those who initiate changes in the various fields such as education, health, human rights, environment, and enterprise development. Myths about Entrepreneurship "Entrepreneurs, like Leaders are Born not Made" - this does not hold true for simple reason that entrepreneurship is a discipline comprising of models processes and case studies. "Entrepreneurs are academic social misfits" - education makes an true entrepreneur. "To be an entrepreneur, one needs money only" - finance is the lifeblood of an entrepreneur to survive and grow. "To be an entrepreneur, a great idea is the only ingredients" - a good idea or great idea shall remain an idea unless there is a proper combination of all resources including management. "One wants to be an entrepreneur as having no boss is great fun" - it is only the boss who is demanding even an entrepreneur faces demanding vendors investors bankers above all customers. Career Opportunities for Entrepreneurship Graduates Mid - Level Management - a big companies, a C-Level folks develop ideas, the ground force does the work, and mid-level management converts the ideas to execution. Business Consultant - identify problems and fix them job is perfect opportunities trained to help identify things that may not pick up trained to know how to fix them. Sales - entrepreneurship graduate can work on sales or run department of any business. Research and Development - A good qualifications to work R&D is a training and educations an understanding of business concept procedures and practices and entrepreneurship. Not-for-Profit Fundraiser - being able to raise funds requires understanding the importance of business & networking relationship. Teacher - those with entrepreneurship degree are qualified to teach the core subjects in senior high school and teach the entrepreneurial skills. Recruiter - companies who use recruiter rely upon someone who is just people-savvy, but also, one who has an in-depth business as well. Business Reporter - entrepreneurship graduate can write articles or pick up a quick last to learn how to write article.
