March 7, 2023 Entrepreneurship ● The process of developing, organizing, and running a new business to generate profit while taking on financial risk ● The process of transforming the status quo by solving the most pressing problems and pain points in our society, often by introducing an innovative product or service or creating new markets Entrepreneur ● An entrepreneur is someone who has an idea and who works to create a product or service that people will buy, as well as an organization to support that effort ● An entrepreneur takes on most of the risk and initiative for their new business, and is often seen as a visionary or innovator ● Entrepreneurs come in all shapes and sizes, including small business owners, content creators, startup founders, and anyone who has the ambition to build a business and work for themselves ● Magkaiba sa businessman ● More on innovation (makabagong solutions) ● Negotiation, talking, backing (support in finance) ● Magandang idea, concrete solution ● Developing, organizing and running new business to generate profit while taking on a financial risk ● Transforming the status quo by solving the most pressing problems and pain joints in our society, often by introducing an innovative product or service or creating new markets. ● Someone who has an idea and who works to create a product or service that people will buy, as well as an organization to support that effort ● An entrepreneur takes on most of the risk and initiative for their new business, and is often seen as a visionary or innovator ● Entrepreneurs come in all shapes and sizes, including small business owners, content creators, startup founders, and anyone who has the ambition to build a business and work for themselves Motivations: Control, Ambition, Profit Key entrepreneurial skills 1. interpersonal skills - Building a vast network of people is necessary in order to improve your venture. It is not just the matter of quantity but rather the wide variation of knowledge and skills. 2. self-confidence - Having the confidence to believe in the success of his/her own venture is imperative. Learn to acknowledge your strengths and weaknesses. 3. financial skills - While Entrepreneurship involves risk-taking, knowing when to spend and how much money is involved affects the progress of one’s own venture. The more money saved, the more money for improvement. 4. technical skills - You should be well-versed in the field/specialization of your product/service. Incompetence and lack of knowledge may result in weaknesses and failures. Knowing your own product is imperative in entrepreneurship, after all. 5. communication skills - Being a leader means communicating with your people. You should be able to motivate them and empathize with them. Knowing what, when, where, why, and how to say things will deeply affect your impression as a leader. 6. marketing skills - Because of the wide array of products and services in the market, you should know how to make an impression and understand how your market works. Being able to stand out amongst the crowd will help push your product/service’s relevance with the masses. 7. technological skills - With the integration of technology to almost every field of business, it is necessary to be knowledgeable with even the simplest processes and methodologies. Learning new applications and technologies can also help with your business’ operations and stability. 4 types of entrepreneurship ● Small Business Entrepreneurship ● Scalable Start-up Entrepreneurship ● Large Company Entrepreneurship ● Social Entrepreneurship March 21, 2023 Socio-economic benefits of entrepreneurship 1. Opens job opportunities 2. Increases competition and boost productivity 3. Empowers individuals 4. Enhances national identity 5. Improves quality of life 6. Adds national income Pros of Entrepreneurship 1. Work flexibility 2. Ability to follow your passion 3. Total control 4. Creativity 5. Unlimited earning potential Cons of Entrepreneurship 1. Financial risk 2. Long hours 3. Greater responsibility 4. High competition 5. Unreliable income Characteristics of an Entrepreneur 1. Risk takers 2. Problem solvers 3. Innovative 4. Visionary 5. Leadership 6. Open-minded 7. Flexible 8. High self-initiative 9. Know their product Appraising yourself for an entrepreneurial career Attitude appraisal 1. Be creative 2. Actively seek for opportunities 3. Take moderate risk a. What can you do to be a moderate risk-taker? i. Assess the situation carefully ii. Find out if your actions will have negative side effects iii. Ask for advice from knowledgeable people iv. Plan for contingencies 4. Practice persistence 5. Be committed to what you set out to do a. Things you can do to improve your sense of commitment: i. Have strength of character ii. Only make promises you can keep iii. Know what to do when you cannot keep a promise iv. Cultivate the trust of others v. Clarify expectations vi. Apologize sincerely 6. Set high standards of quality and efficiency a. Do not settle with what you have and what you can. There is always room for growth and improvement. 7. Seek information 8. Believe in yourself LE1 questions April 11, 2023 Entrepreneurship - What are you selling? Product or service - Process (ADUSSSL) 1. All starts with an idea 2. Do it 3. Understand its target 4. Set your goals 5. Sell that idea 6. Stand out! Make your own brand 7. Learn how to do finances (mahirap gawin) - Business types (MSL) 1. Micro business- <50k assets; <10 employees (sari-sari) 2. Small enterprise- 500k - 2m assets; 10-50 employees; sales and services (local-scale grocery store, clinics, small travel agencies) 3. Large enterprise- >20m, >100 employees, can franchise/have multiple branches (banks, commercial level stores/restaurants (casual dining, fast food) - Business structure (PSPCC) 1. Professional - freelancing, services, technically not business, rendering of a business 2. Sole proprietor - owned by one person - PROS: low start up cost, controlled by the owner, fewer tax reqs - CONS: unlimited liability, owner has full responsibility, can be time demanding, limited access to credit 3. Partnership - two or more ppl - PROS teamwork, opens opportunities, shared control, few tax requirements, more access to resources - CONS conflict of interest, shared profit, can be held liable for partner’s bad decisions 4. Corporation - business owned by several parties known as shareholders/have percent in a company/have benefit/provides solutions/money allotment/willing to share money to move on a product/states the business; - PROS shared risks losses among shareholders, limited liability, easier access to funds and capital - CONS hard to set up, very high tax requirement, strictly regulated by the government 5. Cooperative - autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically controlled enterprise - PROS least likely to dissolve, regulated by the Cooperative Development Authority (CDA), more beneficiaries - CONS shared control of the business, consensual decision making * hindi sila more on profit parang more of helping ganon April 18, 2023 Routes after graduation - Business - Corporate - Higher education (masterals) Develop these ● Skill ○ soft - attitudes (fast learner, adaptable, time management, self learner, optimistic, realistic) ■ How you do anything is how you do everything ○ hard - programming, database ● Attitude ○ work on yourself ● Connections ○ wide expertise (different field backgrounds to learn from everyone) ○ para pag need mo help ● Opportunity ○ basta work on the first three to have these
