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Lesson 1

The document discusses the relevance of entrepreneurship to organizations, highlighting its role in developing managerial capabilities, creating organizations, and improving living standards. It defines entrepreneurship, outlines factors affecting it, and identifies common and core competencies required for entrepreneurs. Additionally, it categorizes types of entrepreneurs and explores various career opportunities available in the field of entrepreneurship.

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Fripz Bernardo
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23 views2 pages

Lesson 1

The document discusses the relevance of entrepreneurship to organizations, highlighting its role in developing managerial capabilities, creating organizations, and improving living standards. It defines entrepreneurship, outlines factors affecting it, and identifies common and core competencies required for entrepreneurs. Additionally, it categorizes types of entrepreneurs and explores various career opportunities available in the field of entrepreneurship.

Uploaded by

Fripz Bernardo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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LESSON 1

Relevance of Entrepreneurship to an organization


1. Development of Managerial capabilities- this means that one of the benefits an entrepreneur gets is to develop
his managerial skills.
2. Creation of Organizations- which means that because of entrepreneurships many organizations will exist.
3. Improving standard of living- this means that entrepreneurship can lift up the economic status of an individual.
4. Means of economic development- this means that not only the life of the entrepreneur is improved but also
the society where the business is located.

Concept of Entrepreneurship

The word “entrepreneur” was derived from the French verb enterprendre, which means “ to undertake” This is
pinpointing to those who ”undertake” the risk of enterprise.
The enterprise is created by an entrepreneur and the process is called “Entrepreneurship” Entrepreneurs are
innovators, willing to take risks and generate new ideas to make it unique and profitable solutions to the present-
day problems.

Factors Affecting Entrepreneurship

1. Personality Factors which includes:

a. Initiative- which means doing things even before being told


b. Proactive-which means he can classify opportunities and seize it.
c. Problem Solver- which means he can retain good relations with other people
d. Perseverance-meaning he will pursue things to get done regardless of challenges
e. Persuasion- means that he can entice people to buy even if they don’t.
f. A Planner- meaning he makes plan before doing things and do not fail to monitor it.
g. Risk-taker which means that he is willing to gamble but he will calculate it first.

2. Environmental Factors which include political, climate, legal system, economic and social conditions and
market situations.

Common Competencies in Entrepreneurship

1. Decisive- an entrepreneur must be firm in making decisions.


2. Communicator- an entrepreneur must have a convincing power.
3. Leader-an entrepreneur an entrepreneur must have the charisma to be obeyed by his employees
4. Opportunity seeker- an entrepreneur must have the ability to be the first to see business chances.
5. Proactive- controlling a situation by making things to happen or by preparing for possible future problems.
6. Risk Taker- they have the courage to pursue what is their business ideas.
7. Innovative- the entrepreneurs have big business ideas and they do not stop improving and thinking of new
worthwhile ideas for their business.

Core Competencies in Entrepreneurship

1. Economic and dynamic activity- Entrepreneurship is an economic activity because it involves the creation and
operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited
resources.
2. Innovative- Entrepreneurs constantly look for new ideas, thus he needs to be creative.
3. Profit Potential- meaning the entrepreneur can be compensated by his profit coming from the operation.
4. Risk bearing –meaning the entrepreneur needs to gamble but wise enough to offset the risk.

Types of entrepreneurs

1. Innovative entrepreneur- they are those who always make new things by thinking of new ideas.
2. Imitating entrepreneurs- they are those who don’t create new things but only follow the ideas of other
entrepreneurs.
3. Fabian entrepreneurs- they are those skeptical. They don’t initiate but follow only after they are satisfied.
4. Drone entrepreneur- they are those who lives on the labor of others. They are die-hard conservatives even
ready to suffer the loss of business.
5. Social entrepreneurs-they are those who initiate changes in the various fields such as education, health,
human rights, environment and enterprise development.

Career Opportunities of Entrepreneurship

1. Business Consultant- with the expertise of the entrepreneur he can be a very good source of advices to other
entrepreneurs and would be business man.
2. Teacher- a graduate of an entrepreneurship can be use his knowledge in teaching
3. Researcher- the entrepreneur can be employed as researcher by an enterprise.
4. Sales- the entrepreneurship graduate can apply as salesman
5. Business Reporter- the entrepreneur being expert in the field, he can be employed as business reporter.

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