Fetalino, Charlote Jennifer, N.

ACTIVITY

1. Narrate the role and significance of an entrepreneur in an economy.

- An entrepreneur is a person who produces and develops a business. They mix various
factors of development to attempt and to establish a new viable business enterprise. The
entrepreneurs themselves are a significant development factor' and a vital component of a
free market economy that works. The Entrepreneurs are building organisations that provide
jobs to millions of individuals. They turn capital into good goods and services. They generate
goods and services and boost people's livelihoods in a region. Currently, they are wealth
makers. They aim to minimize prices, increase efficiency and generate demand by
continuous developments.

They will make the most use of local opportunities and talent. Rural industry will significantly
change the lives of people living in underdeveloped parts of a world, if the government
manages well by promoting policies. They may also play a part in avoiding economic power
accumulation. Entrepreneurship also leads to growing a nation's growth and wealth building.
They would lay the solid foundations of a nation's steady growth if they could gain
prosperity and extend their activities.
2. What are the components of ‘Entrepreneurial Process’ describe them?
- Exploring entrepreneurial context- The context defines the "rule" of the
organization and what actions will effectively be made. The framework encompasses the
realities of the modern economy, the rules and legislation of society that make up the
regulatory system and the evolving world of labour. The background under which
entrepreneurs decide is to be revealed to entrepreneurs. Businesspeople can only find
untapped possibilities and strategic advantages by discovering the background to grow a
future entrepreneurial company.
- Identifying opportunities- These opportunities are successful global trends or
developments that offer specific and distinct possibilities for innovating and building value.
There are thousands of opportunities open to an entrepreneur. Any of them are not actual
future prospects. There are some opportunities for growth. Businesses look for profitable
businesses and then pick an appealing business opportunity.
- Starting the venture- This explores new prospects and strategic advantages and
discusses the challenges inherent in beginning their business undertaking. The next tasks
include the study of the effectiveness of the undertaking, the preparation of the
undertaking, the organisation of the enterprise and the start of the enterprise. In order to
start the undertaking, human, physical and management capital must be gathered.
- Managing the venture- Once the business company is in operation, it is managing
of the venture that is the next step in the business process. An entrepreneur must also
handle the venture efficiently through process control, human resources management and
development management. This includes teamwork, decision-making, efficiency, influence
and complex management skills.
- Choosing the competitive strategy- Competitive strategy is a long-term action to
take for a business which though determining its strengths, weaknesses, opportunities and
 threats and contrasting them with the others, and aims at achieving competitive advantage
over its competitors.

3. What are the functions performed by entrepreneurs? Explain the characteristics of

successful entrepreneur.
Functions performed by an entrepreneur:
 Innovation- Innovation is a way of making current conditions or goods augmented
with new utilities. Entrepreneurship through invention produces new goods or
operations for human society.
 Assumption of risk- The concept that is put into practice does not guarantee results.
Entrepreneurs bear the risk of success or loss of the undertaking they wish to
launch.
 Idea generation- It is the thinking of a range of solutions, applying experimental
methods to assess their applicability, complementing them with empirical
observations, discovering the right solution and applying it in practice.
 Organizing and management- This means defining the tools needed to make the
concept into possibility. Human and non-human capital are used.
 Decision-making- Entrepreneurship is a new initiative therefore, it has to decide
multivariate issues that affect new ventures.
 Leading- Acts as a representative in the vision. The leading task of the entrepreneur
is to get the most out of his workers.
 Managing Growth- It is to develop and design adequate growth plans, counter crisis,
discover new approaches to fund growth and bring value to risk.
 Support to social environment- Discover new content streams, new markets and
new opportunities, and build new and more profitable organizational types
 Economic development- entrepreneurs helps develop the economy as always
because of the wealth they provide on the economy.

-Overall explanation about the characteristics of a successful entrepreneur all I say is that
passion is the most essential characteristic of a successful entrepreneur. They just enjoy
what they're doing and they're able to spend extra hours to make their company expand.
They feel happy with their jobs, which goes beyond money making.

4. “An entrepreneur is a catalytic agent in economic development.” Explain the role and significance
of an entrepreneur in developing economy with reference to above statement.

- The entrepreneur is seen as an individual with the skills and drive to start up his own
business or organization and who often seeks high results. The work of the entrepreneur is the
catalyst of social transformation. It finds opportunities, recognizes them and primarily seizes them
for economic benefits. An action-oriented entrepreneur is a highly calculative person who is often
prepared to take risks to meet its targets.

Entrepreneurship is one of the most significant contributors to a country's economic growth.

In his entrepreneurial decisions, the entrepreneur serves as a catalyst to promote economic
development. This encourages the citizens of the economy to use quality commodities at cheaper
costs, contributing to increased living conditions.

5. “The entrepreneur is more than a manager. He is an innovator and promoter as well”. Explain this
statement and describe the various types of entrepreneur.
 - This means that being an entrepreneur is more than being a manager who only mange the
company because the entrepreneur is the owner of the business the manager is working for. With
this we have the different types of entrepreneur in the business industry:

 On the Basis of economic development- This type is still classified into four the
Innovators, Adoptive, Fabian, and Drone entrepreneurs for the overall expression of
this type of entrepreneur we can say that every entrepreneur have different
mindset, some are using their knowledge to produce and some are simply getting
some ideas from others in order to produce new ideas. And yes there are some who
are becoming lazy in being an entrepreneur but are still productive and some are
not.
 On the Basis of Type of Business- This explains that entrepreneurs may vary on what
kind of business they have like trading, industrial, corporate, and agricultural.
 According to the Use of Technology- Entrepreneurs in this type may vary through
their knowledge in technology. Some entrepreneurs are using the modern
technology produce or grow the business easily because technology nowadays
makes everything easier but still there are some entrepreneurs who don’t use the
modern technology to establish a business instead they stick on the alternative
marketing and promotional strategies for their product or service. And there is also
the professional entrepreneur who is
interested in creating a business, but not interested in maintaining it after creation
they mainly explore fresh concepts for alternative schemes.
 According to motivation- This type of entrepreneur was based on what inspire or
what situation pushed them to become an entrepreneur. The motivation makes the
person decide if he/she wants to become an entrepreneur whether its personal
satisfaction to work or it is due to the policy or whether it’s the personal desire.
 According to Growth- Growth entrepreneurs are the ones who necessarily take over
a highly prospective growth market while super growth entrepreneurs are people
who have seen huge progress in their business results. The efficiency of growth is
dependent on cash liquidity, income and gearing.