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“Entrepreneurship is the pursuit of opportunity
beyond resources controlled.”
-- Howard Stevenson
Resource management is the process by which businesses manage their various resources
effectively. ... It involves planning so that the right resources are assigned to the right
tasks. Managing resources involves schedules and budgets for people, projects,
equipment, and supplies
The process of designing, launching and
running a new business, which is often
initially a small business, or as the
"capacity and willingness to develop,
organize and manage a business
venture along with any of its risks to
make a profit."
Economists have never had a consistent definition of
"entrepreneur" or "entrepreneurship" (the word
"entrepreneur" comes from the French
verb entreprendre, meaning "to undertake"). Though
the concept of an entrepreneur existed and was
known for centuries, the theorists left entrepreneurs
out of their formal models: They assumed that perfect
information would be known to fully rational actors,
leaving no room for risk-taking or discovery.
An entrepreneur will need funds to launch a business either in the
form of loans from investors, their own savings, or funds from
family. The founder will have to put their own "skin in the game."
Any new business should have a financial plan within the overall
business plan showing income projections, how much cash will
be required to break-even, and the expected return for investors
in the first five-year timeframe. Failure to accurately plan could
mean that the entrepreneur risks bankruptcy, and investors get
financial risk is the possibility
of losing money on an investment
or business venture.
Financial risk is a type of
danger that can result in the loss
of capital to interested parties.
An impressive business plan will appeal to investors. However, we
live in a dynamic and fast-paced world where strategies can
become outdated quickly. Changes in the market or the business
environment can mean that a chosen strategy is the wrong one,
and a company might struggle to reach its benchmarks and key
performance indicators (KPIs).
New technologies are constantly emerging, particularly in
the era of the Fourth Industrial Revolution. Some of
these changes are characterized as "paradigm shifts"
or "disruptive" technologies. To be competitive, a new
company may have to invest heavily in new systems
and processes, which could drastically affect the
bottom line.
Many factors can affect the market for a product or service. The ups
and downs of the economy and new market trends pose a risk to
new businesses, and a certain product might be popular one
year but not the next. For example, if the economy slumps,
people are less inclined to buy luxury products or nonessentials.
If a competitor launches a similar product at a lower price, the
competitor might steal market share. Entrepreneurs should
perform a market analysis that assesses market factors, the
demand for a product or service, and customer behavior.
An entrepreneur should always be aware of its
competitors. If there are no competitors at all, this
could indicate that there is no demand for a product.
If there are a few larger competitors, the market might
be saturated, or, the company might struggle to
compete. Additionally, entrepreneurs with new ideas
and innovations should protect intellectual property by
seeking patents to protect themselves from
A business's reputation is everything, and this can be particularly so
when a new business is launched and customers have
preconceived expectations. If a new company disappoints
consumers in the initial stages, it may never gain traction. Social
media plays a huge role in business reputation and word-ofmouth marketing. One tweet or negative posting from a
disgruntled customer can mean huge losses in revenue.
Reputational risk can be managed with a strategy that
communicates product information and builds relationships with
consumers and other stakeholders.
Some things cannot be controlled by a good business plan or the
right insurance. Earthquakes, tornadoes, hurricanes, wars, and
recessions are all risks that companies and new entrepreneurs
may face. There may be a strong market for a product in an
under-developed country, but these countries can be unstable
and unsafe, or logistics, tax rates, or tariffs might make trade
difficult depending on the political climate at any point in time.
Also, some business sectors have historically high failure rates,
and entrepreneurs in these sectors may find it difficult to find
investors. These sectors include food service, retail, and
Many entrepreneurs start businesses because they have
a passion for it. ... Striving for success means
prolonging the life of the business and staying in touch
with your passion long term. This sense of personal
satisfaction is what drives many entrepreneurs
Although a third of all business fail in the first two years,
according to the Small Business Administration,
business owners who are still in business are
financially better off than employees. According to a
2004 Gallup survey, only 52 percent of small business
owners say they earn more by hour than they would if
they were employed by a company in their industry.
However, 70 percent said they were doing better
financially as their own bosses than working for
someone else.
Being your own boss or not having a boss is probably the
greatest advantage of having your own business. It
provides you with more control over your life. The profits
you generate from your work benefit you, not someone
else. You don't have to ask for time off, you decide when
to have a vacation, how many hours to work and you can
choose to do work you enjoy and find fulfilling. Being you
own boss is also exciting; although it has special
challenges, no day is the same and you have more
flexibility and you will never stop learning
-Small business entrepreneurship is often
when a person owns and runs their own
business. They typically hire local
employees and family members. Local
grocery stores, hairdressers, small
boutiques, consultants and plumbers
are a part of this category of
Large company entrepreneurship is when
a company has a finite amount of life
cycles. This type of entrepreneurship is
for an advanced professional who knows
how to sustain innovation. Companies
such as Microsoft, Google and Disney
are examples of this kind of
This kind of entrepreneurship is when entrepreneurs
believe that their company can change the world. They
often receive funding from venture capitalists and hire
specialized employees. Scalable startups look for
things that are missing in the market and create
solutions for them. Many of these types of businesses
start in Silicon Valley and are technology-focused.
They seek rapid expansion and big profit returns.
Examples of scalable startups are Facebook,
Instagram and Uber.
An entrepreneur who wants to solve social
problems with their products and services is in
this category of entrepreneurship. Their main
goal is to make the world a better place. They
don't work to make big profits or wealth.
Instead, these kinds of entrepreneurs tend to
start nonprofits or companies that dedicate
themselves to working toward social good.
Innovative entrepreneurs are people who are
constantly coming up with new ideas and
inventions. They take these ideas and turn them
into business ventures. They often aim to change
the way people live for the better. Innovators tend
to be very motivated and passionate people. They
look for ways to make their products and services
stand out from other things on the market. People
like Steve Jobs and Bill Gates are examples of
innovative entrepreneurs.
• lego has been changing the materials of its famous bricks to
biodegradable oil-based plastics.
• The first electric vehicles introduced in the car's market were
also an innovation, and new batteries with longer ranges that
keep coming out are also an example of innovation.
People who are willing to work hard and put in constant
effort are considered hustler entrepreneurs. They
often start small and work toward growing a bigger
business with hard work rather than capital. Their
aspirations are what motivates them, and they are
willing to do what it takes to achieve their goals. They
do not give up easily and are willing to experience
challenges to get what they want. For example,
someone who is a hustler is willing to cold call many
people in order to make one sale.
Hustling means working hard and doing your best to achieve success. When
you hustle, you are busy and work with a lot of energy all the time.
possess the ability to create their own path
recognize the value of networking and use it to create their own
opportunities rather than waiting for the right circumstances to fall in
their lap.
Imitators are entrepreneurs who use others' business
ideas as inspiration but work to improve them. They
look to make certain products and services better
and more profitable. An imitator is a combination
between an innovator and a hustler. They are willing
to think of new ideas and work hard, yet they start
by copying others. People who are imitators have a
lot of self-confidence and determination. They can
learn from others' mistakes when making their own
Researchers take their time when starting their own
business. They want to do as much research as possible
before offering a product or service. They believe that
with the right preparation and information, they have a
higher chance of being successful. A researcher makes
sure they understand every aspect of their business and
have an in-depth understanding of what they are doing.
They tend to rely on facts, data and logic rather than
their intuition. Detailed business plans are important to
them and minimize their chances of failure.
A buyer is a type of entrepreneur who uses their wealth
to fuel their business ventures. Their specialty is to
use their fortunes to buy businesses that they think
will be successful. They identify promising businesses
and look to acquire them. Then, they make any
management or structural changes they feel are
necessary. Their goal is to grow the businesses they
acquire and expand their profits. This kind of
entrepreneurship is less risky because they are
purchasing already well-established companies.
The 2018 List of Establishments of the Philippine
Statistics Authority (PSA) recorded a total of
1,003,111 business enterprises operating in the
country. Of these, 998,342 (99.52%) are MSMEs and
4,769 (0.48%) are large enterprises. Micro enterprises
constitute 88.45% (887,272) of total MSME
establishments, followed by small enterprises at
10.58% (106,175) and medium enterprises at 0.49%
The top five (5) industry sectors according to the number
of MSMEs in 2018 were: (1) Wholesale and Retail
Trade; Repair of Motor Vehicles and Motorcycles
(461,765); (2) Accommodation and Food Service
Activities (144,535); (3) Manufacturing (116,335); (4)
Other Service Activities (66,162); and (5) Financial
and Insurance Activities (46,033). These industries
accounted for about 83.62% of the total number of
MSME establishments.
SMALL and medium enterprises (SMEs) serve as the driving force of a
country’s economic growth. This is mainly because they make up a
large part of the business landscape in certain countries, especially
in Asia.
In the Philippines, there are 4,769 large enterprises, 106,175 small
enterprises, 4,895 medium enterprises and a whopping 887,272
units of micro business establishments.
SMEs alone have managed to create over 2.5 million jobs in the
country, further signifying the vitality of these establishments to the
country’s development.
Due to the fact that they greatly influence the country’s income rate
and development, they must be able to constantly meet the
global industrial demands, evolve alongside the new
globalization standards and catch up with the digital world.
The wave of digital disruption has hit the Philippines’ SMEs, so
business leaders must respond proactively by embracing
technology solutions and be more digitally-enabled.
As the country gains new digital capabilities and advances its
technology development, it is imperative that SMEs go digital.
New and emerging technologies can be a threat to businesses that
fail to innovate and keep up with the latest advancements.
Capabilities like digital payment systems are core to SMEs as they
are increasingly sought after and help stay relevant in an everevolving marketplace.
The transformation is necessary not only to secure greater
revenues, but also to increase operational efficiency, boost
data-reliance, improve marketing, and enhance research and
As it is hinted by the term, it is a blend of two words
such as “technology” and “Entrepreneurship”.
Thoroughly, it is a kind of entrepreneurship in the
field of technology. The process of
technopreneurship is a combination of
technological advancements and entrepreneurial
skills. In the products and services transformation,
an integral part of technopreneur is technology.
This is a new breed in the field of
entrepreneurship. These types of
entrepreneurship are suitable for a person
who is intelligent, innovative, tech-savvy,
appetite, and passionate in the calculation of
risk. Technopreneurship gets to the next level
of success through teamwork.
Needless to say, technopreneurship has played an influential
role in the use of technology for fulfilling various purposes.
First off, it makes easy for people to stay in touch with each
other and comes up with some unpredictable products as
well as solutions that are beneficial for the nation.
Apart from this, it has also provided some other benefits to
society and the nation that contributes to economic and
human development. Here, we are going to discuss the
significance of Technopreneurship for a nation and the
world too.
When startup businesses, then there is an
increase in the pool of job opportunities as
they need manpower to run all business
operations. In the same way,
technopreneurship creates jobs and helps the
nation to combat the problem of
unemployment. It increases the employment
rate of an economy.
Various natural and productive resources are
available that every entrepreneur can utilize
for business success. The usage of local
resources increases its value and reduces the
rate of resource wastage.
An Entrepreneur can find out the business opportunities
and locate them in areas that are suitable including
remote areas.
By being a creative and innovative technopreneur, they
play an important role in the field of utilization as well
as the development of technology.
Investment is an integral part of a business and an
Entrepreneur requires funds to start up and take their
business to the new heights. They take financial
assistance from the investors and financiers and
utilize the public savings that lead to economic
Cyberpreneurship is a phenomenon unique to the digital age,
having originated from the fusion of cyber—a prefix that
symbolizes digitization of established systems; and
entrepreneurship, the commercial backbone shaping
modern economies. Following this logic, cyberpreneurs are
essentially professionals who digitize access to their
products and services by leveraging information
technology, especially the Internet. Digital enterprises are
thus able to conduct entire transactions, from delivery of
products or services to generation of revenue, everything
takes place on the digital domain.
Virtual businesses have several virtues, such as stronger
likelihood of more efficient customer engagement and
hassle-free service delivery, flexible operations, and so on.
Due to this, cyberpreneruship has boomed since the past
half decade, the ripples of which are only getting louder as
we speak, reaching out to cover virtually every avenue
existing on the Internet today. These include infonomics
(capitalizing on information dispersal through articles,
videos, etc.), e-commerce (selling and buying of products
and services online), over-the-top (OTT) entertainment
platforms, cybersecurity solutions, and so on.
However, despite these developments (and also because of
them), the cyber space, like the offline space, is not
perfect. While the rapidly-evolving digital ecosystem has
enabled more entrepreneurs and service providers to grow
on the Internet, on the flipside, cybercriminals too have
leveraged the digital medium to exploit the vulnerabilities
in a growing online business ecosystem.
Selling digital information is the lowest entry barrier for any cyberpreneurs. Because
of that also, it is highly competitive. It is all about producing content that can
solve people’s problem and package it in a way that enables people to pay you
back for that information that was provided.
The package that encapsulates the digital information can be in the form of blogs,
vlogs, e-books, digital training course, videos and podcast.
Cyberpreneurs can leverage other existing platforms for the distribution of their digital
products or create their platform. For example, if you designed a digital training
course, you can choose to host it on your website or host it on an existing
platform such as Udemy.
Cyberpreneurs can also sell physical products similar to traditional
brick-and-mortar entrepreneurs. However, the advantage of being
a cyberpreneur is that your target market can range from local to
the global demand. You can be located in southeast Asia but
having customers in Europe or united states and vice versa.
The best thing also, you can choose many different options for
selling physical products. If you do not want to do the manual
labour work of shipping your product, you can choose to either
dropship or use fulfilment centres.
Another advantage that a good cyberpreneur can create and sustain
a thriving online community around your personal or business
brand. This can in the form of social media influencer, Facebook
page or YouTube channel that has a considerable following.
By having these large followers, Cyberpreneurs can receive
sponsorship from companies that want to promote their brand,
products or services to the Cyberpreneurs large followings.
Entrepreneurs who have specific skills and knowledge and offers it to customers
via online can also be defined as Cyberpreneurs. With the advent of the
freelance platform with existing market, Cyberpreneurs nowadays do not
need to open their platform to market their skills. They can immediately find
freelance jobs in the existing platform such as Fiverr, Upwork and Guru.
Here they can offer their services to a vast online community who will be
needing their services. Example of services that can be offer range to many
areas such as graphic design, website building to data entry. The better you
become at offering at services, the more potential revenue you can earn.
The better you become one trade of skill, the more premium you can charge
as you have that specialised skill which you can offer as a consultancy to
people as your customers.
Being an online entrepreneur, you will have the ability to build brands and
promote them across various digital platforms and social media. With
the emerging digital business nowadays, Cyberpreneurs will also have
the option of exiting their digital business by selling the brand that
they built over time. There are many platforms nowadays which offer to
buy and sell websites such as Empire Flippers and Flippa.
Cyberpreneurs who develop their business via a website also build their
business branding over time. Once a cyberpreneur have developed
loyal followers of their brand, that brand itself will have a value in
which other businessman or corporate body may want to utilise and
tap into. This is where the building and selling website has flourished.
The definition of high technology industry is based on
five factors: (1) intensity of science,engineering, and
technician occupations, (2) research and development
(R&D) employment, (3) production of high-technology
products, (4) use of high-technology production
methods, and (5) the relationship between hightechnology industries and productivity growth.
From Longman Business Dictionary ˈhigh-tech ˌindustry
(also hi-tech industry) [countable] an industry using or
involving advanced methods and the most modern
equipmentsuch important high-tech industries as
chemicals, drugs and aircraft.