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 Midterm Examination

Collapse16 ENTREPRENEURSHIP

 Preliminary Activity for Week 16

 Lesson Proper for Week 16

 Analysis, Application, and Exploration for Week 16

 Generalization for Week 16

 Evaluation for Week 16

 Assignment for Week 16

 1. Home

2. My courses

3. 123 - NSTP1

4. 16 ENTREPRENEURSHIP

5. Lesson Proper for Week 16

Lesson Proper for Week 16

ENTREPRENEURSHIP

Entrepreneurship according to Professor Hirsh as cited by Fajardo (1994) - is more than a word. It is
a mission. We must perceive opportunities inherent in change; we must create a desire for pursuing
the opportunities that arise and we must create an environment in which success is possible and the
consequences of failure are tolerable.

Coloma & Herrera (2004) - define entrepreneurship as the capacity and quality of an individual in
effectively and efficiently managing a business towards customer satisfaction and profitability of
services. It sees opportunities and makes the best of them. It is putting good use something that
otherwise may become wasted.

An entrepreneur is an individual who is self-confident, optimistic, flexible, and respective to changes.

He prefers independent work, is creative, innovative, and versatile. He takes problems as
challenges. He likes to take moderate risks. He has persistence, perseverance, determination, drive,
and a high level of energy. (Coloma & Herrera, 2004).

An American Heritage dictionary defines an entrepreneur as a person who organizes, operates, and
assumes the risk for business ventures.

Development is a process while growth is a product. Entrepreneurship could improve the economic
condition of the Filipino people; hence growth is the result of the development.
Characteristic of Entrepreneurs

The success of the small business lies in the characteristics of the entrepreneurs; the following are
the characteristics of an extraordinary person

1. reasonable risk - taker

2. self-confident

3. hardworking

4. innovative

5. leadership

6. positive thinker

7. decision – makers

Contributions of Entrepreneurs

1. develop new markets

2. discover new sources of materials

3. introduce new technologies

4. create employment

Advantage of the Small Business

The relationship is more personalized with customers and employees, so you can call them by their
names.

1. Flexibility in management. The owner being the boss and the manager can enjoy flexible time.

2. Government incentives. The government supports the small entrepreneurs by extending financial
and technical assistance, particularly production and marketing

3. Simple record-keeping. Considering that it is a small business, the entrepreneur needs a simple
set of records.

4. Independence. He is the master of his own decisions. He is not worried about being late or absent
because he is the boss
Advantages of Being an Entrepreneur

1. As an entrepreneur, you can apply your business ideas without consulting anyone.

2. You are like the operator or driver of the bus.

3. You can earn more if you work hard

4. You can make policies and set an organizational structure which you can manage well.

5. You can help the community where you operate.

Disadvantage of Being an Entrepreneur

1. Entrepreneurs usually spend a great deal of time managing their business.

2. Greater burden on the part of the entrepreneurs

3. There is a chance of losing money

Nine different types of entrepreneurship

1. Small business entrepreneurship

2. Large company entrepreneurship

3. Scalable startup entrepreneurship

4. Social entrepreneurship

5. Innovative entrepreneurship

6. Hustler entrepreneurship

7. Imitator entrepreneurship

8. Researcher entrepreneurship

9. Buyer entrepreneurship

Small business entrepreneurship

A majority of businesses are small businesses. People interested in small business entrepreneurship
are most likely to make a profit that supports their family and a modest lifestyle. They aren't seeking
large-scale profits or venture capital funding. Small business entrepreneurship is often when a
person owns and runs their own business. They typically hire local employees and family members.
Local grocery stores, hairdressers, small boutiques, consultants and plumbers are a part of this
category of entrepreneurship.

Large company entrepreneurship

Large company entrepreneurship is when a company has a finite amount of life cycles. This type of
entrepreneurship is for an advanced professional who knows how to sustain innovation. They are
often a part of a large team of C-level executives. Large companies often create new services and
products based on consumer preferences to meet market demand. Small business entrepreneurship
can turn into large company entrepreneurship when the company rapidly grows. This can also
happen when a large company acquires them. Companies such as Microsoft, Google and Disney
are examples of this kind of entrepreneurship.

Scalable startup entrepreneurship

This kind of entrepreneurship is when entrepreneurs believe that their company can change the
world. They often receive funding from venture capitalists and hire specialized employees. Scalable
startups look for things that are missing in the market and create solutions for them. Many of these
types of businesses start in Silicon Valley and are technology-focused. They seek rapid expansion
and big profit returns. Examples of scalable startups are Facebook, Instagram and Uber.

Social entrepreneurship

An entrepreneur who wants to solve social problems with their products and services is in this
category of entrepreneurship. Their main goal is to make the world a better place. They don't work to
make big profits or wealth. Instead, these kinds of entrepreneurs tend to start nonprofits or
companies that dedicate themselves to working toward social good.

Innovative entrepreneurship

Innovative entrepreneurs are people who are constantly coming up with new ideas and inventions.
They take these ideas and turn them into business ventures. They often aim to change the way
people live for the better. Innovators tend to be very motivated and passionate people. They look for
ways to make their products and services stand out from other things on the market. People like
Steve Jobs and Bill Gates are examples of innovative entrepreneurs.

Hustler entrepreneurship

People who are willing to work hard and put in constant effort are considered hustler entrepreneurs.
They often start small and work toward growing a bigger business with hard work rather than capital.
Their aspirations are what motivates them, and they are willing to do what it takes to achieve their
goals. They do not give up easily and are willing to experience challenges to get what they want. For
example, someone who is a hustler is willing to cold call many people in order to make one sale.

Imitator entrepreneurship
Imitators are entrepreneurs who use others' business ideas as inspiration but work to improve them.
They look to make certain products and services better and more profitable. An imitator is a
combination between an innovator and a hustler. They are willing to think of new ideas and work
hard, yet they start by copying others. People who are imitators have a lot of self-confidence and
determination. They can learn from others' mistakes when making their own business.

Researcher entrepreneurship

Researchers take their time when starting their own business. They want to do as much research as
possible before offering a product or service. They believe that with the right preparation and
information, they have a higher chance of being successful. A researcher makes sure they
understand every aspect of their business and have an in-depth understanding of what they are
doing. They tend to rely on facts, data and logic rather than their intuition. Detailed business plans
are important to them and minimize their chances of failure.

Buyer entrepreneurship

A buyer is a type of entrepreneur who uses their wealth to fuel their business ventures. Their
specialty is to use their fortunes to buy businesses that they think will be successful. They identify
promising businesses and look to acquire them. Then, they make any management or structural
changes they feel are necessary. Their goal is to grow the businesses they acquire and expand their
profits. This kind of entrepreneurship is less risky because they are purchasing already well-
established companies.

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Additional Learning Materials Midterm Examination Preliminary Activity for
Week 16 Analysis, Application, and Exploration for Week 16 Generalization
for Week 16 Evaluation for Week 16 Assignment for Week 16

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