Entrepreneur in Political Science

BASIC CONCEPTS

Who is an Entrepreneur?
Before discussing what defines an “entrepreneur”, it is important to understand what
entrepreneurship, itself, is and how experiences within this field can condition an entrepreneur.
What is Entrepreneurship?
Entrepreneurship is the action of an individual or a group of people creating and sustaining a
product or service, which can then develop into a business or an enterprise.
There are multiple types of entrepreneurships one can engage in; however, the four general
categories include:

- small business entrepreneurship

- scalable startups
- large companies
- social entrepreneurship

The four types of entrepreneurships provide different techniques for entrepreneurs to manage
their business. The importance of the four types of entrepreneurships is that each distinct style
will mold the entrepreneur in different ways and will bring out specific traits of an entrepreneur
so they can best run their particular business.

Who exactly is an entrepreneur?

This prompts the question of: who even is an entrepreneur?
Fundamentally, an entrepreneur is someone who takes on certain risks in order to establish and
run a business venture.

However, entrepreneurs are more complex and have greater nuances than expressed by the
above definition.
They are creative, and based on their past experiences and the way they choose to run their
businesses, they must realize and apply the best style of entrepreneurship that correlates with
their own skill set and venture type.

Entrepreneurs are:

- Open-minded. Entrepreneurs have to remain flexible with their decisions in order to best
address business situations. They must also be responsive to changes in their industry to
accommodate for ramifications to their own business.

- Communicative. Without steady communication between appropriate sections in one’s

business, it can become difficult to ensure the company runs as smoothly as possible.

- Organized. Especially when it comes to handling financial, legal, and other reports, being
organized helps entrepreneurs keep track of important documentation and can help streamline
their operations.

- Resilient. Entrepreneurs encounter many challenging situations as they start and develop
their business. It is necessary that they remain resilient in the face of adversity and that they
acknowledge the risk of failure, so as to learn from and push past the difficulties to improve their
business.
There are also different forms of entrepreneurs that possess these characteristics and more in
order to best serve oneself and their respective business.
The types of entrepreneurs include:

- The Creator / Innovator. This entrepreneur is skilled at coming up with novel ideas for
products or services, but often needs large amounts of capital to support their venture. An
example of an Innovator/Creator includes Frederick W. Smith (founder of FedEx).

- The Builder. Builders are entrepreneurs that work with raw business ideas or young
businesses and seek out the best resources - investors, human resources, etc. - to build an
enterprise that supports that idea. An example of a Builder is Robert Herjavec (founder of BRAK
Systems and a judge on ABC’s show Shark Tank).
- The Specialist. The Specialist type of entrepreneur focuses their business idea on their own
special skills/knowledge and creates a distinctive product or service as a result of that. An
example of a Specialist is Bill Gates (co-founder of Microsoft).
Additional information on the four types of entrepreneurships can be found in our “The Four
Different Types of Entrepreneurships” article (coming soon!).
Overall, entrepreneurs are individuals who generate an idea for a good or service, creating a
business to support that idea. Entrepreneurs come from many different backgrounds and apply
different styles of running their company to best accommodate for their respective
circumstances. They also require certain qualities such as organization, resilience, flexibility,
and communication, all of which prepare them for running their operation. Furthermore,
entrepreneurs embody different forms of business people in order to play to their own strengths
and grow their company.

Entrepreneurs must deal with a larger number of obstacles and fears than hourly or salaried
employees, but the payoff may be far greater. Good entrepreneurs have interest and vision, the
skills to start a business and the willingness to invest.
Interest and Vision
The first factor for entrepreneurial success is interest. Since entrepreneurship pays off
according to performance rather than time spent on a particular effort, an entrepreneur must
work in an area that interests her. Otherwise, she will not be able to maintain a high level of
work ethic, and she will most likely fail. This interest must also translate into a vision for the
company's growth.
Even if the day-to-day activities of a business are interesting to an entrepreneur, this is not
enough for success unless she can turn this interest into a vision of growth and expansion. This
vision must be strong enough that she can communicate it to investors and employees.
Many Areas of Skill
All of the interest and vision cannot make up for a total lack of applicable skill. As the head of a
company, whether he has employees or not, an entrepreneur must be able to wear many hats
and do so effectively. For instance, if he wants to start a business that creates mobile games,
he should have specialized knowledge in mobile technology, the gaming industry, game design,
mobile app marketing or programming.
Financial and Emotional Investment
An entrepreneur must invest in her company. This investment may be something less tangible,
such as the time she spends or the skills or reputation she brings with her, but it also tends to
involve a significant investment of assets with a clear value, whether they be cash, real estate or
intellectual property. An entrepreneur who will not or cannot invest in her company cannot
expect others to do so and cannot expect it to succeed.
Organization and Delegation
While many new businesses start as a one-man show, successful entrepreneurship is
characterized by quick and stable growth. This means hiring other people to do specialized jobs.
For this reason, entrepreneurship requires extensive organization and delegation of tasks. It is
important for entrepreneurs to pay close attention to everything that goes on in their companies,
but if they want their companies to succeed, they must learn to hire the right people for the right
jobs and let them do their jobs with minimal interference from management.
Risk and Rewards
Entrepreneurship requires risk. The measurement of this risk equates to the amount of time and
money you invest into your business. However, this risk also tends to relate directly to the
rewards involved.
An entrepreneur who invests in a franchise pays for someone else's business plan and receives
a respectable income, while an entrepreneur who undertakes groundbreaking innovations risks
everything on an assumption that something revolutionary will work in the market. If such a
revolutionary is wrong, she can lose everything. However, if she is right, she can suddenly
become extremely wealthy.
Good Characteristics of an Entrepreneur
From local specialty food shops to multimillion dollar social media companies, many businesses
only exist thanks to the vision and dedication of an entrepreneur. No matter the size or industry,
starting a company requires a set of skills and attributes not all workers possess. Although their
levels of education and experience may vary, successful entrepreneurs often share the same
set of characteristics.
Self-Motivated and Enjoy a Challenge
Often, workers are motivated to go to work every day simply to earn a paycheck or even simply
not to get fired. An entrepreneur is intrinsically motivated as there is typically no financial reward
in the beginning stages of starting a business. Rather than wait for progress and success, an
entrepreneur takes whatever action is necessary to facilitate these things. Much of this self-
motivation is because entrepreneurs enjoy a challenge and are naturally competitive.
Motivation and Leadership Skills
Whether overseeing a team of two or 200, entrepreneurs must have strong leadership qualities,
according to Jason Bowser in his article, “8 Traits of Successful Entrepreneurs,” published on
the Minority Business Development Agency website. All companies experience ups and downs,
and an entrepreneur must have the ability to motivate his employees to work together toward
their goals, which requires earning their trust and respect. Entrepreneurs must also have
excellent communication skills as they will work with a variety of types of personalities in dealing
with employees, clients and investors.
Risk-Taking and Decision Making
Risk is inherent when starting a business. According to Joe Hadzima in his article “Seven
Characteristics of Highly Effective Entrepreneurial Employees,” entrepreneurs must be able to
“operate effectively in an environment filled with risk.” This requires possessing well-developed
decision-making skills, even in the face of failure, as well as being flexible enough to alter
methods when things to not go as planned.
Innovative and Always Looking for Ways to Improve
All businesses began with an idea, such as create fashionable apparel from recycled clothing or
connect travelers all over the world with a free online travel network. The ability to not only come
up with new ideas but develop and improve them as the business grows is an essential
characteristic of a good entrepreneur. These individuals are constantly scrutinizing their
products, services and business model in an effort to find ways to improve.
Ethics and Integrity
Entrepreneurs often answer only to themselves and must therefore possess a “strong sense of
basic ethics and integrity,” Bowser states. Although some new business owners may experience
immediate success through cheating or lying, in the long run, clients and investors will lose
interest in doing business with an entrepreneur who lacks credibility.
Major Factors involved in Successful Entrepreneurship
Becoming a successful entrepreneur takes hard work and dedication paired with a business
concept that has the potential to stand out in the marketplace and make money. A well-
developed business plan, market knowledge and the ability to surround yourself with the right
individuals who can help you achieve your vision is also key.
Viable Business Model
For an entrepreneurial endeavor to be successful it must be well vetted. This includes
conducting in-depth market research, having knowledge of the competition and a well-defined
financial and marketing strategy. Going into entrepreneurship without these critical action plans
can lead to unanticipated roadblocks, cost overruns and delays.
Business Financing
Entrepreneurs must have access to financing, or understand how to go about obtaining the
funds they need to successfully launch and operate their businesses. This can involve writing
business plans, applying for loans or grants or seeking investors. They must have first have
detailed knowledge about anticipated cost projections as well as anticipated return on
investment.
Self-Discipline
An entrepreneur doesn’t typically work a traditional schedule or a 40-hour week. Commitment to
working as necessary to get a business off the ground is essential to success. This can include
sacrificing personal time, forgoing salary and covering a variety of roles, from CEO to janitor, at
least initially. Understanding your industry inside and out is also essential to an entrepreneur’s
success. This means staying on top of industry trends, continually networking, monitoring
economical factors that could impact business and surrounding yourself with knowledgeable
and talented individuals who have skills you yourself do not possess.
Be Open to Change
Being open and flexible to change as necessary is critical to entrepreneurial undertakings.
Changes in technology, the introduction of new products and competition from a worldwide
marketplace make this essential. Entrepreneurs must be able to quickly respond to and re-adapt
to changing conditions to stay on top.
Stress Management Skills
Entrepreneurship often involves taking calculated risks, and you must be able to handle the
stress that comes with this line of work. This is essential not only to the company’s success, but
to the mental health and confidence of your employees, partners and investors. If you don’t love
what you do, you won’t be able to convince anyone else that your product, service or concept is
viable either. Be fully vested in your endeavor and be able to talk passionately and intelligently
about it.
What Are the Typical Traits & Characteristics of Entrepreneurs?

Starting a business requires the ability to constantly deal with new problems and challenges;
without the traits necessary to withstand this, "your business could implode on you faster than it
started," states start-up business expert Jason Bowser in his article, "8 Traits of Successful
Entrepreneurs," for the U.S. Department of Commerce. Entrepreneurs who meet and exceed
their goals share a few typical traits and characteristics.
Social vs Solo
The idea of an entrepreneur starting his own business might imply an individual who prefers to
work alone; however, research indicates that entrepreneurs are often social people, according
to Stanford University. Starting a business requires contacting people to generate funds,
purchasing materials from suppliers, hiring employees and developing social networks in which
to promote the business.
Motivated
Entrepreneurs not only must be self-motivated, but they must possess the ability to motivate
others, even in times of stress and potential failure. There is frequently very little, if any, financial
payoff in the initial stages of starting a business, and an entrepreneur must have passion for his
idea and a strong desire to see the project through. He should also be goal-oriented, able to set
goals and to encourage his team to constantly strive to meet them.
Integrity
An intrinsic understanding and adherence to strong ethics is a vital characteristic of an
entrepreneur, according to Bowser. While an unethical business owner sometimes experiences
immediate success through deception, such as selling a poor quality product, he will lose clients
and employees in the long run.
Creative
Entrepreneurs are naturally creative individuals who are constantly coming up with new ideas.
This is a never-ending process; once the business is up and running and products or services
are being sold, an entrepreneur studies consumer reaction, conducts market research and
works to improve what his business is offering to stay successful.
Inquisitive
Staying on top of the competition and constantly innovating requires asking questions,
participating in continuing education workshops, attending conferences and learning from
mistakes. An entrepreneur must be confident and have the ability to recognize when and where
he can make improvements to his company, then take action.
Willing to Fail
There is no such thing as a risk-free start-up business. Entrepreneurs must be willing to take
those risks and deal with failure when it happens. If he fails, rather than giving up, a true
entrepreneur will evaluate his actions, determine where he can make improvements and make a
fresh attempt.
Job Benefits of Becoming an entrepreneur
Being an entrepreneur isn't easy, but the rewards of trading in a full-time job for becoming an
entrepreneur has a number of rewards. The work required to be a successful entrepreneur
should never be underestimated; however, the rewards for some people who decide to run their
own businesses far exceed what they could have ever hoped for in an employee role.
Therefore, there are numerous tangible and intangible job benefits to becoming an
entrepreneur.

“What does it mean to be an entrepreneur? It’s more than being a business owner; it’s a
perspective and a lifestyle”.
Max Freedman
What is Political Science?
As a refresher, Political Science is the study of politics, both in theory and practice. Contrary to
popular belief, Political Science does not always deal with doing civil service or similar duties.
Nonetheless, after earning a Political Science degree, one should have a profound insight into
political theories and systems.
10 Political Science Jobs in the Philippines Aside from Being a Lawyer
The saying that politics is all around us couldn’t be truer in the life of a Political Science
graduate. The reason being that this discipline can take many different forms. Thus, debunking
the idea that all those who pursue it aspire to become a lawyer. This is not always the
case. Most graduates of the field are highly trained in research and critical thinking. Therefore,
depending on the specific skills that you want to put into practice and the relevant Political
Science jobs, you can have access to a variety of industries. Here in the Philippines, corporate,
education, and media are among the more common of them.

Top Political Science jobs

1. Procurement Analyst
When you are a Procurement Analyst (sometimes short for Procurement Contracts Analyst),
you mostly work for large businesses. And so, your job is to develop, review, and sort out
contracts to make sure that they comply with the policies and performance standards of the
different parties involved. With that being said, you will also benefit from having a background in
business planning or management.
Average salary: Php 22,668 per month
Career paths: Procurement Contracts Analyst, Contracts Analyst
2. Government Relations
As the title suggests, Government Relations Officers serve as liaisons between industries and
the government. Therefore, you will be spending ample time researching policies and talking
with lawmakers on behalf of your company. Likewise, your goal is to make sure that whatever
practices the latter is performing adhere to pertinent laws.
Average salary: Php 59,416 per month
Career paths: Government Relations Official
3. Public Relations Specialist
You might think that the role of Public Relations Specialist belongs solely to marketing experts.
In reality, it is also a highly coveted job among Political Science graduates. Certainly, a good
Public Relations Officer excels at creating effective corporate materials and maintaining positive
branding for companies. For this reason, you must have a strong command of compliance
matters of the industry you are in.
Average salary: Php 28,060 per month
Career paths: Public Relations Officer, Communications Manager
4. Campaign Managers
Unlike the first three jobs, Campaign Managers may handle work dealing directly with public
servants. However, you will also interact with corporate brands and public interest groups.
Despite this, they have the common function of creating effective strategies that promote their
clients’ respective goals. These can be political, commercial, or for the general public.
Average salary: Php 71,788 per month
Career paths: Campaign Manager
5. Research Officer
Research is a basic yet key skill pivotal to Political Science majors. What’s more, most
companies require researchers to learn new industry insights, seek fresh ways to sell products
or services, or develop means to understand audiences. Hence, mastering the process will
make you integral to any company’s success.
Average salary: Php 28,491 per year
Career paths: Research Assistant, Research Manager
6. Journalist
Believe it or not, Filipinos who graduated with a Political Science degree are also prone to
becoming Journalists. This is because Journalism and Political Science share important
elements. Chief among them are studying current issues and being strong speakers. As a
Journalist, you can even focus on politics as your subject area. In Journalism, this is what is
known as the beat.
Average salary: Php 34,041 per year
Career paths: News Reporter, News Writer
7. Urban Planner
Planning how a city looks in terms of building and improving communities requires more than
just an engineer’s input. In fact, it is also the Urban Planners who do much of this job. If you
choose to become one, expect to do tasks like studying development plans and resolving issues
concerning local laws. Your expertise in them will ensure the safety of the locale and the
efficient use of public services.
Average salary: Php 73,750 per month
Career paths: Urban Planner
8. Educator
Getting a Political Science degree can qualify you to become an Elementary or High School
Teacher. Ideally, with a valid teaching license. After all, most Philippine schools in these levels
have History and Social Studies subjects which you can focus on. Furthermore, with a Master’s
Degree, you can provide more in-depth instruction as a College Professor.
Average salary: Php 31,667 per month
Career paths: Primary School Teacher, High School Teacher, Professor
9. Policy Analyst
Aside from law, among the most obvious paths for students of Political Science majors is being
a Policy Analyst. As you may infer from the name, this job requires researching, studying, and
writing about policy-related issues and trends. For instance, education, health, and transport.
Because your work will have paramount effects on these, research and critical thinking skills are
a must.
Average salary: Php 47,500 per month
Career paths: Policy Analyst
10. Social Media Manager
Digital media has become one of the most powerful tools in shaping opinions. With that being
said, Social Media Management positions are now requiring candidates to be adept with
Political Science. The more strategic the info-sharing process is, the more likely you are to
reach as many people as possible. This is useful not just for running campaigns, but for
providing Internet users with the latest political updates as well.
Average salary: Php 23,958 per month
Career paths: Social Media Manager, Digital Marketing Officer
* All salaries quoted are based on average annual pay according to PayScale
JOBstreet.com
https://www.jobstreet.com.ph/career-resources/plan-your-career/10-political-science-jobs-in-the-
philippines-aside-from-being-a-lawyer/

ENTREPRENEUR IN POLITICAL SCIENCE DEFINED

1. Joseph Schumpeter defined an entrepreneur in political science as the "innovator who
carries out new combinations." He emphasized the role of entrepreneurs in creating economic
growth and societal change through their innovative activities.
2. Mancur Olson described entrepreneurs in political science as individuals who play a pivotal
role in influencing policy decisions and shaping the political landscape. He highlighted the
importance of their entrepreneurial skills in mobilizing resources and driving change in political
systems.
3. Thomas Carothers defined political entrepreneurs as individuals who leverage their personal
networks, resources, and influence to advance their political agendas. He underscored the role
of political entrepreneurs in shaping public policy and driving political change through their
strategic actions.
4. Mark Bevir viewed political entrepreneurs as actors who exploit opportunities and challenges
within the political system to achieve their objectives. He emphasized the dynamic and adaptive
nature of political entrepreneurship in responding to changing political environments.
5. Bruce Bueno de Mesquita conceptualized political entrepreneurs as individuals who
strategically negotiate and navigate power dynamics within the political sphere to maximize their
influence and achieve their goals.
He highlighted the importance of understanding the motivations and actions of political
entrepreneurs in analyzing political behavior and outcomes.

So, entrepreneur in political science can be defined as the study of the entrepreneurial
aspect of government in its activities that creates additional sources of revenue and
contributes to the economic progress. It also includes the people who create ideas and
innovations, and act as new leaders in the field of politics, and the relationship between
politicians and private individuals who seeks government support for their own interest.

REFERENCES

1. Schumpeter, Joseph. "Capitalism, Socialism and Democracy." New York: Harper & Brothers, 1942.

2. Olson, Mancur. "The Logic of Collective Action: Public Goods and the Theory of Groups." Cambridge:
Harvard University Press, 1965.
3. Carothers, Thomas. "Aiding Democracy Abroad: The Learning Curve." Washington, D.C.: Carnegie
Endowment for International Peace, 1999.

4. Bevir, Mark. "The Logic of the History of Ideas." Cambridge: Cambridge University Press, 1999.

5. Bueno de Mesquita, Bruce. "The Dictator's Handbook: How to Survive in the War World of Alliances,
Politics, Bargains, and Reputation." New York: PublicAffairs, 2011. These references provide valuable
insights into the role of entrepreneurs in political science and can help enhance your lectures on the
topic

A chartist is a trader who employs technical analysis in their trading and research by examining
price charts and graphs. Chartists look for price patterns and trends based on historical
performance to identify signals based on market sentiment and psychology.
SUFFRAGETTES
The Suffragettes were part of the 'Votes for Women' campaign that had long fought for the right
of women to vote in the UK. They used art, debate, propaganda, and attack on property
including window smashing and arson to fight for female suffrage. Suffrage means the right to
vote in parliamentary and general elections.
CAPITALISTS
a wealthy person who uses money to invest in trade and industry for profit in accordance with
the principles of capitalism.
MARXIST
Marxism is an economic and political theory that examines the flaws inherent in capitalism and
seeks to identify an alternative, which he called "utopian socialism."
Marxist theories were influential in the development of socialism, which requires shared
ownership by workers of the means of production.
Karl Marx argument/ theories were a critique of capitalism and its shortcomings. Marx thought
that the capitalistic system would inevitably destroy itself. The oppressed workers would
become alienated and ultimately overthrow the owners to take control of the means of
production themselves, ushering in a classless society.
FUTURISTS
a person who studies the future and makes predictions about it based on current trends.
A futurist is someone who makes predictions about what is going to happen, on the basis of
facts about what is happening now.
Luddites
a person opposed to new technology or ways of working.
"a small-minded Luddite resisting progress"
a member of any of the bands of English workers who destroyed machinery, especially in cotton
and woolen mills, that they believed was threatening their jobs (1811–16).