Entrepreneurship This course dwells on basic entrepreneurial concepts and practices. It includes topics such as personal entrepreneurial concepts, environment, and market. by Chrizia Mae Maglangit LEARNING OUTCOMES 1. Acquire a foundational understanding of entrepreneurship to understand its to understand its nature and scope 2. Develop personal traits/behaviors to foster successful entrepreneurial entrepreneurial performance. 3. Acquire knowledge of business ownership to establish and continue business and continue business operations. 4. Demonstrate a customer-service mindset. 5. Reinforce service orientation through communication. 6. Identify the impact of small business/entrepreneurship on market economies. MAJOR COURSE REQUIREMENTS 1. Business Plan 2. Business Pitching 3. Major Examinations 4. Accomplished Learning Tasks 5. Summative and Formative Test 6. Active participation in academic exchange. GRADING SCHEME: Class Standing Requirements Major Examination Total Breakdown For Class Standing: Attendance Oral Participation Quiz TOTAL - 5% - 10% - 15% - 30% - 30% - 40% - 30% - 100% Breakdown for Requirements: Performance Task/Output Activity Sheet TOTAL - 20% - 20% - 40% The Concept of Entrepreneurship 1 word "entrepreneur" originates Etymology The from the French verb "enterprendre," meaning "to undertake." This etymology highlights the proactive nature of entrepreneurship. 2 3 4 Definition Entrepreneurship is the process of creating an enterprise, with entrepreneurs being the innovators and risk-takers who drive this process. Key Aspects Entrepreneurs are characterized by their willingness to take risks, generate unique ideas, and provide profitable solutions to market and societal needs. Impact Through their innovative efforts, entrepreneurs create value and drive economic growth, often disrupting existing markets or creating entirely new ones. Relevance of Entrepreneurship to Organizations Development of Managerial Capabilities Entrepreneurship serves as a crucible for developing crucial managerial skills. As entrepreneurs navigate the challenges of building and running a business, they hone their abilities in leadership, decisionmaking, strategic planning, and resource management. Creation of Organizations Economic and Social Impact The entrepreneurial spirit drives the formation of new organizations, fostering innovation and competition in the market. This continuous creation of new entities helps to invigorate the economy and spur technological advancements. Entrepreneurship plays a vital role in improving individual standards of living and driving broader economic development. Successful ventures create jobs, generate wealth, and often contribute to solving societal problems, benefiting both the entrepreneur and the community at large. Personality Factors Affecting Entrepreneurship 1 Initiative and Proactivity Successful entrepreneurs demonstrate the ability to take action without prompting and to identify and seize opportunities proactively. This forward-thinking approach allows them to stay ahead of market trends and competition. 2 Problem-Solving and Perseverance Entrepreneurs excel at finding innovative solutions to challenges and maintaining positive relationships. Their perseverance enables them to overcome obstacles and see projects through to completion, regardless of the difficulties encountered. 3 Persuasion and Planning The ability to convince others of the value of their ideas and products is crucial for entrepreneurs. Equally important is their capacity for meticulous planning and monitoring, ensuring that their visions are effectively executed. 4 Calculated Risk-Taking While entrepreneurs are willing to take risks, they do so after careful consideration and calculation. This balanced approach to risk allows them to pursue innovative ideas while minimizing potential negative outcomes. Environmental Factors Influencing Entrepreneurship Political and Legal Landscape The political climate and legal system of a region significantly impact entrepreneurial activities. Favorable policies, such as tax incentives or streamlined business registration processes, can foster a thriving entrepreneurial ecosystem. Economic Conditions The overall economic health of a country or region plays a crucial role in entrepreneurship. Factors like GDP growth, inflation rates, and access to capital can either encourage or hinder new business ventures. Social and Cultural Factors Societal attitudes towards entrepreneurship, along with cultural norms and values, can greatly influence the prevalence and success of entrepreneurial endeavors in a given community. Market Dynamics The state of the market, including consumer trends, competition levels, and technological advancements, shapes the opportunities and challenges faced by entrepreneurs in different industries. Core Competencies in Entrepreneurship Economic and Dynamic Activity Entrepreneurship is fundamentally an economic activity focused on creating value and wealth through optimal resource utilization. It involves constant adaptation to changing market conditions. Innovation and Creativity At the heart of entrepreneurship lies the ability to innovate. Entrepreneurs must continuously seek new ideas and creative solutions to stay competitive and meet evolving market demands. Profit Potential The pursuit of profit drives entrepreneurial efforts. Successful entrepreneurs identify opportunities that not only solve problems but also offer significant financial returns. Risk Management Entrepreneurship inherently involves risk-taking. However, successful entrepreneurs excel at calculating and managing these risks to minimize potential losses while maximizing opportunities. Choose 1entrepreneur in your community or nearby places and conduct an interview using the guide questions below:
