Entrepreneurship

Visionary and Leadership quality – to

be successful, the entrepreneur should
have a clear vision of his new venture.
Lesson 1 : September 13, 2022 However, to turn the idea into a reality, a
lot of resources and employees are
The word “entrepreneur” is derived required. Here, leadership quality is
from the French word entreprendre. paramount because leaders impart and
guide their employees towards the right
- Entreprendre means to path of success.
undertake
Open-Minded – In a business, every
Thus, entrepreneur is the person who circumstance can be an opportunity and
undertakes the risk of new enterprise. used for the benefit of a company.

Entrepreneur  There could be twists. You can learn

more as an owner. You can turn
weaknesses to strength. You will get
- Is defined as someone who has
ideas on where you need to
the ability and desire to establish, improve. Where you could get
administer, and succeed in a strategy. You can make every
start-up venture along with risk circumstance into an opportunity.
entitled to it, to make profits.
- The best example of Flexible – An entrepreneur should be
entrepreneurship is the starting flexible and open to change according to
of a new business venture. the situation. To be on the top, a
- The entrepreneurs are often businessperson should be equipped to
known as a source of new embrace change in a product and
ideas or innovators, and bring service, as and when needed.
new ideas in the market by
replacing old with a new Know your Product - A company
invention. owner should know the product offerings
and also be aware of the latest trend in
Characteristics of Entrepreneurship the market. It is essential to know if the
available product or service meets the
Not all entrepreneurs are successful; demands of the current market, or
there are definite characteristics that whether it is time to tweak it a little.
make entrepreneurship successful. A Being able to be accountable and then
few of them are mentioned below: alter as needed is a vital part of
entrepreneurship.
Ability to take a risk – Starting any new
venture involves a considerable amount Importance of Entrepreneurship
of failure risk. Therefore, an
entrepreneur needs to be courageous Creation of Employment –
and able to evaluate and take risks, Entrepreneurship generates
which is an essential part of being an employment. It provides as entry-level
entrepreneur. job, required for gaining experience and
training for unskilled workers.
Innovation - It should be highly
innovative to generate new ideas, start a  Where we hire workers
company and earn profits out of it.
Change can be the launching of a new Innovation – It is the hub of innovation
product that is new to the market or a that provides new product ventures,
process that does the same thing but in market, technology, and quality of
a more efficient and economical way. goods, etc., and increases the standard
of living of people.
Impact on Society and Community
Development. – A society becomes
greater if the employment base is large
and diversified. It brings about changes Successful Entrepreneurs
in society and promotes facilities like
higher expenditure on education, better According to the Small Business
sanitation, fewer slums, and a higher Administration, successful
level of homeownership. Therefore, entrepreneurs have five characteristics:
entrepreneurship assists the
organisation towards a more stable and 1.) Drive – which is defined as the most
high quality of community life. important attribute. Entrepreneurs can
expect long hours, high stress and
 This is where we can address endless problems, as they launch a new
unemployment business.

Increase Standard of Living –  It is important that you are self-

Entrepreneurship helps to improve the driven and motivated through ups
standard of living of a person by and down.
increasing the income. The standard of
living means, increase in the 2.) Thinking Ability or the characteristic
consumption of various goods and that encompasses creativity, critical
services by a household for a particular thinking, analytical abilities and
period. originality.

Three Aspects of Entrepreneurship  This is where you can utilize your

unique ideas, creative ideas, thus
you can have an edge from your
1. The identification/recognition of
competitors.
market opportunity and the generation of
a business idea (product or service) to 3.) Aptitude for Human Relations. This
address the opportunity. characteristic recognizes the importance
of the ability to motivate employees, sell
 If mag open ka ng business you can
customers, negotiate with suppliers, and
analyse the market. You need
convince leaders. Personality plays a
market research. Recognize the
opportunities you can get from the big part in success in this area.
market.
 Having a commendable attitude
2. The marshalling and commitment of
resources in the face of risk to pursue 4.) Communication skills or the ability to
the opportunity. make yourself understood.

 Resources do not only mean money, 5.) Technical Ability speaks to the need
it can be skills, talents, time, or of the entrepreneur to know their
expertise. Anything that has value product and their market. They must
 Once na identify moa ng consider the long and short-term
opportunities, it is preparation time. implications of their decisions, their
This is where you will gather your strengths and weaknesses, and their
resources to get your business competition. In short, they need strategic
started. management skills.

3. The creation of an operating business  Knowing your product and what is

organization to implement the your strength and weaknesses.
opportunity-motivated business idea. With this, you can have a
strategic outcome.
 This is the final stage. This is where
you start your operation. Operate
your business.
Some Advantages

 You are your own boss

 Enjoy the profits from your efforts
(You can harvest the fruit of your
labor)
 Sense of pride in your business
(This pertains, na may pride ka
kasi naka help ka sa community.
 Flexibility in your work schedule

Some Disadvantages

 Will need to put in long hours

 Need money to start
 Have to keep up with government
rules and regulations
 May have to make hard decisions
(hiring, firing, etc.)
 May lose money