What Is Entrepreneurship?

What is Entrepreneurship?
Entrepreneurship is a proactive process of seeing a market opportunity, creating a

valuable product or service, establishing, and operating an enterprise brought about by
the opportunity and monitoring the enterprise with the assumptions of various risks and
rewards. It is proactive in developing a business venture to make a profit.
Who is an Entrepreneur?
A person who starts and or operates a business. A unique individual with innate ability
and extraordinary dedication to establish and manage a business, acknowledging all the
risks and reaping its rewards.
The Entrepreneurial Process

The entrepreneurial process involves all the functions, activities, and actions associated
with perceiving opportunities and creating organizations to pursue them.
● Discovery – The stage in which the entrepreneur generates ideas, recognizes

opportunities, and studies the market.
● Concept Development – The stage in which the entrepreneur develops a

business plan: a detailed proposal is describing the business idea. Once the
opportunity is identified, an entrepreneur needs to create a comprehensive
business plan. A business plan is critical to the success of any new venture since
it acts as a benchmark and the evaluation criteria to see if the organization is
moving towards its set goals.
● Resourcing – The stage in which the entrepreneur identifies and acquires the
financial, human, and capital resources needed for the venture startup and etc.
Here, the entrepreneur finds the investors for its new venture and the personnel
to carry out the business activities.
● Actualization – The stage in which the entrepreneur operates the business and
utilizes resources to achieve its goals/objectives.
● Harvesting – The stage in which the entrepreneur decides on the prospects of

the business, i.e., its growth and development. Here, the actual growth is
compared against the planned growth and then the decision regarding the
stability or the expansion of business operations is undertaken accordingly, by an
entrepreneur.
Common Traits That Entrepreneurs Should Always Have

✔ Proactive: They ensure that proper research is done, the risk factors are
assessed, and plans are executed in a timely and most efficient way.
✔ Agents of change: They are always enthused to improve and develop new
products and services and introduce them to the market.
✔ Risk-takers: They have taken consideration of the various potential threats they
may encounter, and if there is a big chance of succeeding, they push through
with the venture and do not let the opportunity pass.
✔ Have a sharp eye for opportunity: They know how to assess the clear cause
and effect of an opportunity and decide intelligently if a venture should be
considered or not.
✔ Sociable: Relationship management is the key to employee and customer
retention, which can be achieved by a sociable entrepreneur.
✔ Networkers: Knows the key people to connect with.
✔ Decisive: They do not leave an issue unsolved without disposition. They make
sure that all aspects of their business have clear objectives and strategies. They
base their decisions on scientific calculations backed up by their experience and
technical knowledge.
✔ Balanced: They balance between analytical and the creative side. Always
playing with “unique ideas” that no one has ever thought of yet. Always have
“EUREKA” moments and enjoy the time. (“Eureka” moment definition is - a
moment of sudden, triumphant discovery, inspiration, or insight.)
✔ Innovative: Do not stop improving and thinking of new and worthwhile ideas for
their business.
READ: Featured Successful Stories of Entrepreneurs
Entrepreneurs have been called the new “movers and shakers” of contemporary
society. They have been responsible for providing a livelihood for themselves and their
families, creating jobs, revitalizing industries, boosting the economy, contributing to
society, and inspiring people.
Many have become role models because of their lives of commitment to their vision,
hard work, integrity, sense of fairness, justice, and perseverance. They have been an
example to others not only through their successes but also through their failures which
spurred them to try harder and eventually succeed.
Julie’s Bakeshop: Serving the Filipino Community

People from different walks of life take delight in Julie’s baked products. The
success of this bakeshop surely brings pride and honor to Filipinos. Owned by
Mrs. Julia Gandionco, the first Julie’s Bakeshop opened its doors on January 6,
1981, in Mandaue. Cebu. The original Tita Julie or Ma’am Julie, as she prefers to
be called, had been a canteen concessionaire since 1970. The bakeshop was
intended to supply the bread needs of her canteen business.
Julie started her bakery business without baking experience. Because of her faith
in God and the support of her husband, she was able to make it work. Just three
months after the opening of their bakeshop, another branch opened in Urgello,
Cebu City. Three years later, Julie’s already had ten branches all over Cebu. The
increasing number of outlets led to the formation of RJ and Sons Commodities,
led by Bobby Gandionco, Ma’am Julie’s son, which supplies baking ingredients
and supplies to Julie’s branches. Julie's Bakeshop started the concept of allowing
the customers to see how the bread were being made by removing the wall that
separates the display counter from the baking area.
The success of Julie’s Bakeshop attributed to its commitment to establish

harmonious relationships with the Filipino community. The company reaches out
to the public with its cause-oriented programs in partnership with the local
government. Julie is indeed a great inspiration for many. With prayers,
perseverance and hot bread, no endeavor is too big.
Potato Corner
Cleaning toilets might not be the most glamorous job, but it’s just as important as
any other, and everyone has to start somewhere. Though today he is the Co-
Founder and CEO of flavored French fries franchise Potato Corner, that’s exactly
how Jose Magsaysay Jr started cleaning the rest rooms and kitchens at
Wendy’s. Jose was nicknamed JoMag by a Wendy’s colleague – and it is a name
that stuck. Jose is always referred to as JoMag now.
While he was studying, he also worked part-time to support his mother, and
when was offered a full-time position, it was an easy decision. From there, he
was trained in management, overseeing a store, and then a district. Even though
some of those positions involved a long commute or difficult hours, he accepted
new responsibilities without complaint, evidence of his belief that determination
and focus bring success. “My advice to everybody is to work 100% on whatever
they are doing,” he says. “A lot of people say you have to multitask, and that’s
okay, but there’s nothing better than putting 100% of your mind into whatever
you’re doing.
JoMag had to borrow money to make the investment. It was not altogether
perfect, however; JoMag recalls the small team made their fair share of mistakes
in those early days. “In the first three months, we changed our cart three times,”
he recalls. “We weren’t entrepreneurs. We were making all these mistakes. We
realized the first cart had the wrong signage, so we changed it. Then two months
later, we realized that we needed to improve again. The entire history of Potato
Corner is learning and improving.” As far as JoMag is concerned, taking risks
and making errors is acceptable (within reason), since it gives an entrepreneur
room to learn and grow. He believes that in failure the seeds for success are
planted.
Nevertheless, JoMag has dedicated himself to improving in other ways, having

undertaken a master’s degree in entrepreneurship to “take the company to the
next level”. Although he says he wasn’t an entrepreneur to start with, he sees
Potato Corner as fundamentally an entrepreneurial organization – agile,
cooperative and streamlined.
Potato Corner’s success is equally buoyed by an enduring, well-loved brand,
alongside which its customers and franchisees have grown, too.
The company’s target market has always been children – in fact, a focus group of
kindergarteners chose the trademark. But Potato Corner isn’t limiting itself by
targeting only kids; deep down, JoMag believes we’re all kids, and customers will
continue to patronize Potato Corner long after they’ve grown up.
“We make sure the flavors we have today are the same as what we had in 1992,”
he says. “People can come back and say, ‘This is the same thing I used to eat 20
years ago.’ “People will always have these sentimental feelings. We have to tap
into that.” For food, it’s important to stick to what made you successful, because
people will always have these sentimental feelings. We have to tap into that.”

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What is Entrepreneurship?

Entrepreneurship is a proactive process of seeing a market opportunity, creating a

The Entrepreneurial Process

● Discovery – The stage in which the entrepreneur generates ideas, recognizes

● Concept Development – The stage in which the entrepreneur develops a

● Harvesting – The stage in which the entrepreneur decides on the prospects of

Common Traits That Entrepreneurs Should Always Have

Julie’s Bakeshop: Serving the Filipino Community

The success of Julie’s Bakeshop attributed to its commitment to establish

Nevertheless, JoMag has dedicated himself to improving in other ways, having

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