Subject
: Business Plan Implementation
Lesson 1
: Importance of Entrepreneurship
Objectives
: At the end of this module, you are expected to:
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Understand the relevance of the course;
Identify the basic concepts and characteristics of entrepreneurship; and
Explore job opportunities for entrepreneurship
Entrepreneurship teach us to:
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Creates opportunity
Ensure social justice
Instill confidence
Stimulates the economy
Take risks
Fail and to persevere
Become creative, inventive and innovative
Entrepreneurship is a key driver of our economy.
-The 1987 Philippine Constitution recognizes entrepreneurship as an engine of economic growth.
-Article XII Section 1 highlights the role of private enterprises in supporting equitable distribution of
income and wealth, sustaining production of goods and services and expanding productivity, therefore
raising the quality of life.
Entrepreneurship is more than just an economic
term — it is a way of thinking.
-People exposed to entrepreneurship frequently
express that they have more opportunity to
exercise creative freedoms, higher self-esteem, and
an overall greater sense of control over their own
lives.
-Entrepreneurship is a way of inspiring creative
individuals to pursue opportunities despite its risks.
What makes Someone an Entrepreneurship?
Personal Attributes
•Creativity is the spark that drives the
development of new products or
services or ways to do business. It is the
push for innovation and improvement.
•Dedication is what motivates the
entrepreneur to work hard. Planning of
an ideas must be joined by hard work to
succeed.
•Determination is the extremely strong
desire to achieve success. It includes
persistence and the ability to bounce back
after rough times.
•Flexibility is the ability to move quickly
in response to changing market needs. It
is being true to a dream while also being
mindful of market realities.
•Leadership is the ability to create rules
and to set goals.
•Passion is what gets entrepreneurs started and
keeps them there.
•Self-confidence comes from thorough planning,
which reduces uncertainty and the level of risk.
•“Smarts” consists of common sense joined with
knowledge or experience in a related business or
endeavor.
Why should becoming an entrepreneur be any different?
Required Education
-educational requirements for entrepreneurs
are nonspecific
-all entrepreneurs need capital, so the ability
to write an effective business plan is vital
Required Skills
-tolerance for risk taking and a willingness to
leave the security of a conventional and
tedious job
-the ability to multitask is a key
Career Outlook
-earnings for entrepreneurs vary drastically,
and income is often unstable, especially in
the early days of a new business
Career Opportunities in Entrepreneurship
Business consultant
Business consultants provide advice about
business issues, such as the development and
implementation of business plans, how to
streamline operations or how to expand into a
new market.
Management analysts
The person who evaluates a business' systems,
procedures and operations, they may also
review a business' financial matters, such as
the ratio of income to expenditures.
Sales
Someone who works in sales or runs the
department needs to know how businesses
run. They need to know how to represent a
company, manage accounts, and follow up on
leads.
Research and development
To work in R&D, you need to understand
business concepts, procedures, and practices.
With all of the training and education someone
has received learning about entrepreneurship,
they are well prepared for this type of position.
Career Opportunities in Entrepreneurship
Not-for-profit fundraiser
this type of degree because you will have
Being able to raise funds requires understanding
the importance of business and networking
relationships. It is a great place for someone with
experience in studying advanced concepts that
can be used to your advantage on the job.
Intrapreneur
An intrapreneur is an inside entrepreneur, or
an entrepreneur within a large firm, who uses
entrepreneurial skills without incurring the risks
associated with those activities.