NAME: ROMIL S. FERNANDEZ COURSE & SECTION: BEED 3A INSTRUCTOR: JERALOU VESQUERA ACIDO (Edukasyong Pantahanan at Pangkabuhayan) The group 1 report is entitled "Entrepreneurship." The sub-topics of the report are: What is Entrepreneurship; The Difference between Entrepreneur and Businessman; Different types of Entrepreneurship; Identifying Business Opportunities; Business Panning; Product vs. Service; Buy and Sell Products. Entrepreneurship is essential because it results in the creation of new businesses. People who have a great concept put it into action and start a new business. As a result, established businesses and competitors are under pressure to "raise their game" in order to compete and attract clients. Entrepreneurs see challenges as opportunities rather than obstacles. In a broader sense, entrepreneurship can be defined as the process through which an entrepreneur (person) establishes his business. It's a unique and inventive approach to dealing with the environment. There are four types of entrepreneurship: The first type of Entrepreneurship is Small Business Entrepreneurship, which occurs when a person owns and operates their own company. Local staff and family members are usually hired. The second type of entrepreneur is the Scalable Startup Entrepreneur, who needs investors and a lot of money to expand their business and reach new markets. Large Company Entrepreneurship is the third type of entrepreneurship. The current firm may be well positioned to extend out into other industries or to become involved in new technologies, and the third type is Social Entrepreneurship, whose primary purpose is to improve the world. They don't labor to make a lot of money or get a lot of riches. Instead, these types of entrepreneurs are more likely to found organizations or businesses dedicated to social good. Although the terms "entrepreneur" and "businessman" are interchangeable, each term refers to a distinct individual with a distinct approach to business. An entrepreneur is a person who has a unique vision for starting and running a new business and making a difference in the world. While, a businessman is someone who runs or establishes a company using the same old business concept. To be an entrepreneur or a businessman, you need to be prepared for everything because you will face a lot of challenges in creating a business. You will face different circumstances, such as: knowledge gaps between the developed, emerging, and underdeveloped markets for conducting a business; differences in accounting systems in several countries; communication gaps or language barriers; non-convertibility of the currencies; and variability of returns. Therefore, being an entrepreneur should be risk-takers, adaptable, intelligent, dynamic leaders, autonomous, and tenacious, flexible and resourceful are all qualities that entrepreneurs must possess in order to market the business you have created, not just locally but internationally. I learned that if you believe in yourself, there is no such thing as an impossible task. Many people aspire to be business owners one day. However, it made me understand that there are a number of additional aspects to consider. We must consider whether we are prepared to face the challenges of the outside world. Entrepreneurship is not for everyone. It takes vision, invention, and creativity. Individuals must have a good mindset and accept responsibility, be disciplined in achieving their objectives, and act when the opportunity arises. When you are in a business, you should have a business plan. Business plans are important management tools that outline what you want to do, how you want to accomplish it, and when you want to accomplish it. To keep your business on track, set aside time to evaluate actual accomplishments against your business plan and adjust your strategy as economic, market, and individual circumstances change. Furthermore, deciding on a business is also a necessary step. You should look for something that is current and relevant to people, because when you develop something that is fresh to them, they are more likely to buy it, and your business will prosper. Being an entrepreneur or businessman is challenging because you must be open-minded, problem-solver, problem-identifier, passionate, confident, and disciplined, a risk-taker with an endless supply of ideas, determination, creativity, competitiveness, and opportunist. Moreover, in business, failure is not the end of everything. You just need to take it as a lesson and use that lesson as an inspiration to learn and go forward.