MODULE 7 – ENTREPRENEURSHIP 4.

Government’s Role and Undertaking in

Entrepreneurship Development
LEARNING 5. The Entrepreneurial Process
6. Entrepreneurship and Franchising
OBJECTIVES 7. Entrepreneurship and Social
Entrepreneurship

After studying this module, you as a future

English teacher should be able to:
OVERVIEW
1. Define and understand the integral
meaning of entrepreneurship and Poverty is a phenomenon considered as the
entrepreneur; world’s disease the affects many aspects of
people’s lives. It limits people’s access to their
2. Be acquainted with the role of an fundamental rights and opportunity to reach
entrepreneur in economic their full potential. People affected often
development; experience a range of different difficulties
and/or disadvantages that that entrap them in
3. Recognize government roles and
poverty.
undertaking in the development of
entrepreneurship; It is a truism that the community we foster
connects students, academics, practitioners,
4. Identify and describe the key qualities
policy makers, and community members who
of an entrepreneur;
have the collective power to truly change the
5. Identify and understand how world. People in the community must develop
entrepreneurship and franchising are their skills on how to successfully start,
connected; manage, diversity and expand business
enterprises, Hence, the national government
6. Have a deeper knowledge on the has to intensify its community development
difference between entrepreneurship activities in order to transform unemployed
and social entrepreneurship; youth from job seekers into employers of the
workforce; for we truly need to believe that
7. Better understand the economic entrepreneurship, innovation and new ways of
significance of social entrepreneurship thinking will turn the tables in the effort to
in the poverty reduction agenda of the end poverty (2013 Alleviating Poverty through
government; and Entrepreneurship Summit).
8. Develop their skills on how to This chapter presents the concept for
successfully start, manage, diversify everyone to incessantly eye for opportunity
and expand business enterprises. and adopt innovation as the core of
entrepreneurship. It provides basic but
adequate information about entrepreneurship,
TOPIC the role of an entrepreneur in economic
OUTLINE development, the entrepreneurial process,
how entrepreneurship and franchising are
1. Entrepreneurship and the
Entrepreneur connected, difference between
2. Qualities Needed to Succeed in an entrepreneurship and social entrepreneurship
Entrepreneurial Environment and their significance in the national
3. Entrepreneurship and Community economy. It likewise equips NSTP-CWTS
Development students to be aware and be equipped with
knowledge and skills as to how they could Entrepreneurship is the process of creating
take part with entrepreneurs, the local and something new with value by devoting the
the national government in an effectual necessary time and effort, assuming the
implementation of community services accompanying financial, psychic, and social
towards economic progress. risks and receiving the resulting rewards of
monetary and personal satisfaction and
independence (cited in Hisrich, Peters and
Shepherd, 2008).

Prof. Hirsh states that entrepreneurship is

ACTIVATING more than a word. It is a mission. According to
PRIOR KNOWLEDGE him, we must perceive opportunities inherent
in changes; we must create an environment in
which success is possible and the
ENTREPRENEURSHIP consequence of failure is tolerable (cited in
AND THE Fajardo, 1997).

ENTREPRENUER Entrepreneur Defined

The word entrepreneur originates from the

Entrepreneurship Defined French word “entreprendre” which means “to
undertake.” Entrepreneur is an individual who
The following are definition of organizes, manages and assumes the risk of
entrepreneurship from the point of view of business or enterprise (Webster Dictionary).
some educators, experts and authorities:
Jean Baptiste Say, the French economist,
Entrepreneurship, according to Howard described entrepreneurs as “the venturesome
Stevenson of the Harvard Business School, it individuals who stimulated economic progress
is “exploiting an opportunity regardless of the by finding new and better ways of doing
resources currently available.” Stevenson things.” For him, entrepreneurs optimize the
goes on to say, “The key to this perspective is allocation and use of resources to generate
the focus on opportunity” (not resources). maximal profits.
As defined by Prof. Nathaniel Left (cited in Entrepreneurs thrive on problems and are
Fajardo, 1997), entrepreneurship is the motivated by the idea of altering an
capacity for innovation, investment and unpleasant situation. Rather than waiting for
expansion in new markets, products and instructions; entrepreneurs have initiate
techniques. Entrepreneurship according to direct action. If the entrepreneur sees a more
him always gives birth to an innovation effective scheme of doing things, he or she
whether it is a product, service or simply will not hesitate to do away with existing
creating a new concept out of an existing one. systems in favor of a whole new approach to a
It promotes the creativity of an individual and problem. An entrepreneur has the courage to
enables him/her to share his/her products or take calculated risks; he sometimes has to do
innovativeness, people, nowadays, are more things that others think are unwise and is
of a thinker than a doer. Many of them are undoable. The entrepreneur also carries
satisfied with involving themselves in new projects throughout completion and is
business ventures rather than being unconstrained by occasional setbacks or
employees all their life. This is evidenced by challenges.
the business sprouting in urban and rural
areas (cited in Sergio III, Vargas and To an economist, an entrepreneur is one
Villanueva, 2007). who brings resources, labor, materials, and
other assets into combinations that make QUALITIES NEEDED TO
their value greater than before, and also one
who introduces changes, innovations, and a SUCCEED IN AN
new order. ENTREPRENEURIAL
To a psychologist, such a person is ENVIRONMENT
typically driven by certain forces-the need to
obtain or attain something, to experiment, to
1. Can Roll with the Punches – means
accomplish, or perhaps to escape the being comfortable with wearing many
authority of others. hats, requires more flexibility and
creativity and enjoys being dynamic.
To one businessman, an entrepreneur 2. Endless Motivation – be more
appears as a threat, an aggressive persistent to have a greater chance of
competitor, whereas another businessman success.
the same entrepreneur may be an ally, a 3. Has the Hunger to learn – use
source of supply, a customer, or someone everything that happens to you as a
learning experience; use failure that
who creates wealth for others ,as well as finds
occurs on your path to success as a
better ways to utilize resources, reduce case study to further improve your
waste, and produce jobs others are glad to business; continue to sharpen your
get (Hisrich, Peters and Shepherd, 2008). skill sets and broaden your knowledge
base. Never stop learning and never
An entrepreneur, therefore, is an innovator; let someone tell you that something
he innovates and sells. He must find, can’t be done on you can’t do it; make
evaluate, and develop an opportunity by things happen.
overcoming the forces that resist the creation 4. Tolerance of Ambiguity – what
you’re doing one day could be
of something new (Hisrich, et.al., 2008).
completely different the next; expect
to do things outside of your job
Joseph Schumpeter, the 20th century
description and move quickly.
economist explained that the function of 5. Love of the Circus – being equally
entrepreneurs is to reform or revolutionize the willing to manage, code, consult or
pattern of production by exploiting an empty the trash cans in order to be
invention or, more generally, an untried “golden.”
technological possibility for producing a new 6. Knows where to Drive – one needs
commodity or producing an old one in a new to be driven, self-motivated and
enthusiastic.
way, by opening up a new source of supply of
7. Ability to get things Done – being
materials or a new outlet for products, by able to push forward, make decisions
reorganizing an industry and so on.” For him independently, learn quickly from your
entrepreneurs could achieve their economic mistakes and adapt to constantly
objectives if their mindsets are innovative, changing circumstances and
creative and goal-oriented. information are qualities that every
CEO seeks out.
Schumpeter famously listed the five (5) 8. Incredible Patience – to push as
main types of innovations: hard as you can is important, but if you
can’t deal with waiting,
1. “a new good,” entrepreneurship will be a frustrating
2. “a new method of production,” experience.
3. “a new market,” 9. Unmatched Perseverance – means
4. “a new source of supply of raw commitment to your company, hard
materials,“ and work, patience, and having endurance.
5. “the carrying out of a new organization 10. Dedication is Key – with the right
of any industry.” mixture of perseverance, initiative,
resiliency, and vision.
 11. True Grit – the need to have passion.
12. Teamwork is a Must – every
successful entrepreneur requires the
ability to be a team player. You cannot
do everything on your own, so make
sure you are willing to share tasks or
take on someone else’s project.

ENTREPRENEURSHIP
AND COMMUNITY
DEVELOPMENT

Entrepreneurship as a Community
Service

According to the Youth employment Network, Figure 1: Framework for livelihood

entrepreneurship is a veritable tool for Implementation (Sergio III, et.al. 2007).
tackling the twin challenge of poverty and
unemployment. It is for this reason that the Role of Entrepreneurship for Community
national government has to intensify its Development
community development activities in order to
The entrepreneur who is a business leader
transform unemployed youth from job seekers
looks for ideas and puts them into effect in
into employers of the workforce.
fostering economic growth and development.
Each community has the need to create new Entrepreneurship is one of the most important
breed of entrepreneurs who are not inputs in the economic development of a
contributors to the local and national country. The entrepreneur acts as a trigger
economy. Indeed, people in the community head to give spark to economic activities by
must also develop their skills on how to his entrepreneurial decisions
successfully start, manage, expand and/or (http://www.preservearticles.com/2011011).
diversify business enterprise. He plays a pivotal role not only in the
development of industrial sector of a country
The framework illustrates how livelihood but also in the farm and service sector for
programs should be implemented in our community development.
partner communities.
(1) Promotes Capital Formation by
mobilizing the idle savings of
public. They employ their own as well
as borrowed resources for setting up
their enterprises. Such type of
entrepreneurial activities leads to
value addition and creation of wealth,
which is very essential for the
industrial and economic development
of the country.
(2) Creates Large-Scale Employment
Opportunities
Entrepreneurs provide immediate
large-scale employment to the
unemployed which is a chronic
 problem of underdeveloped nations. It stimulates equitable redistribution of
With the setting up of more and more wealth and income in the interest of
units by entrepreneurs, both on small the country to more people and
and large-scale numerous job geographic areas, thus giving benefit
opportunities are created for others.as to larger sections of the society,
time passes, these enterprises grow, Entrepreneurial activities also
providing direct and indirect generate more activities and give a
employment opportunities to many multiplier effect in the economy.
more. In this way, entrepreneurs play
an effective role in reducing the (6) Increasing Gross National Product
problem of unemployment in the and Per Capital Income
country which in turn clears the path
towards economic development of the Entrepreneurs are always on the look-
nation. out for opportunities. They explore and
exploit opportunities, encourage
(3) Promotes Balanced Regional effective resource mobilization of
Development capital and skill, bring in new products
and services and develops markets for
Entrepreneurs help to remove regional growth of the economy. In this way,
disparities through setting up of they help increasing gross national
industries in less developed and product as well as per capital income
backward areas. The growth of of the people in the country. Increase
industries and business in these areas in gross national product and per
lead to a large number of public capita income of the people in a
benefits like road transport, health, country, is a sign of economic growth.
education, entertainment, etc. Setting
up of more industries leads to more (7) Improvement in the standard of
development of backward regions and Living
thereby promotes balanced regional
development. Increase in the standard of living of the
people is a characteristic feature of
(4) Reduce Concentration of Economic economic development of the country.
Power Entrepreneurs play a key role in
increasing the standard of living of the
Economic power is the natural people by adopting latest innovations
outcome of industrial and business in the production of wide variety of
activity. Industrial development goods and services in large scale that
normally leads to concentration of too at a lower cost. This enables the
economic power in the hands of a few people to avail better quality goods at
individuals which results in the growth lower prices which results in the
of monopolies. In order to redress this improvement of their standard of
problem a large number of living.
entrepreneurs need to be developed,
which will help reduce the (8) Promotes Country’s Export Trade
concentration of economic power
amongst the population. Entrepreneurs help in promoting a
country’s export-trade, which is an
(5) Wealth Creation and Distribution important ingredient of economic
development. They produce goods and
services in large scale for the purpose
 earning huge amount of foreign 4. Revenue Collection
exchange from export in order to 5. Infrastructure and Training
combat the import. Dues requirement. 6. Education and Training
Hence import substitution and export 7. Public Administration
8. Production Technology
promotion ensure economic
9. Marketing Assistance
independence and development. 10. Financial Assistance

(9) Induces Backward and Forward Government Undertaking for

Linkages Entrepreneurship Development

Entrepreneurs like to work in an The government has instituted various

environment of change and try to undertaking to promote and develop
maximize profits by innovation. When entrepreneurial initiatives. The following are
an enterprise is established in some of the noted undertakings:
accordance with the changing
technology, it induces backward and
forward linkages which stimulate the
1. The One Town One Product (OTOP)
process of economic development in – a priority program to promote
the country. entrepreneurship that creates jobs.
(10) Facilities Overall Development Through OTOP, local chief executives
Entrepreneurs act as catalytic agent for of each city and municipality take the
change which results in chain reaction. lead in identifying, developing and
promoting a specific products or
Once an enterprise is established, the
services that are seen with potential
process of industrialization is set in competitive advantage
motion. This unit will generate demand (www.dti.gov.ph).
for various types of units required by it
and there will be so many other units OTOP-Philippines supports micro,
which require the output of this unit. This small, and medium enterprises
leads to overall development of an area (MSMEs) to manufacture, offer, and
due to increase in demand and setting up market distinctive products or services
of more and more units. It this way, the through the use of indigenous raw
entrepreneurs multiply their materials and local skills and talents. It
entrepreneurial activities, thus creating offers a comprehensive assistance
an environment of enthusiasm and package through a convergence of
conveying an impetus for overall services from local government units.
development in the community. (LGUs), national government agencies
(NGAs), and the private sector. This
includes:
GOVERNMENT’S ROLE
AND UNDERTAKING IN
 Business counselling
ENTREPRENEURSHIP  Appropriate technologies
DEVELOPMENT  Skills and entrepreneurial
training
 Marketing
Roles of the Government in  Product designs and
Entrepreneurship Development development

1. Peace and Order

2. Political Stability
3. Price Stability
Some of Pangasinan’s OTOP 2. The National Youth Commission offers
products are as follows: the Youth Entrepreneurship Financing
Facility Program (YEFFP) that aims to:

a) Enhance the entrepreneurial skills

 Lingayen’s Capital Town’s OTOP
of the Filipino Youth;
producg is “Bagoong” as per
Ordinance No.6, s-2012 of the b) Support the business ventures of
Sangguniang Panlalalwigan of young people with technical and
Pangasinan; entrepreneurial skills, who
 Dagupan City’s milkfish, the otherwise are ineligible under
popularly known “Banugs”; regular credit facilities, by
 Sual and San Fabian are known providing them easier access to
for their dried salted fish: credit;
 Dasol and Infanta towns are c) Encourage the self-employment of
where hundreds of hectares of the Filipino youth; and
salt farm are located; d) Establish a credit program for
 Calasiao is popular for its white entrepreneurs.
gold, sweet and bite-sized
“puto” 3. The Medium-Term Philippine
 Bayambang is fastly known by Development Plan or MTPDP is the
food enthusiasts because of its Philippines’ blueprint of growth. This
“buro” the fermented rice –and program envisions a nation where only
fish mix. a small proportion of the population is
 Binalonan and Bugallon for their considered poor. The MTPDP calls for
jugs of vinegar that are found the development of an entrepreneurial
on stalls along the highways; culture by improving access to
 San Carlos City is information on business opportunities,
acknowledged for its bamboo available raw materials, skills and
craft and its luscious mangoes; entrepreneurship training, prospective
 Mangalan is recognized as the fund sources and access to the latest
place to go to when one craves technologies. It also envisions a school
tasty “tapa”. curriculum that incorporates
 Mapandan is known for its entrepreneurship education. Similarly,
molasses sugar; it stresses the need to enhance
 Sto. Tomas residents make employment and livelihood
bags and other décor from opportunities of poor Filipinos through
cornhusks after adopting corn entrepreneurship and microfinance.
as its OTOP;
 Bugallon chose to However, the global crisis has made
develop”duhat” (native the fight against poverty much more
blackberry) wine instead of difficult. It is for these reasons that the
improving on its nipa vinegar; government has to accelerate and
 Urdaneta City recently adopted
squash as its favored product intensify the implementation of key
after the city’s training center provisions in the MTPDP to maximize
developed different recipes growth and protect the most
from the vegetables. vulnerable, and to make growth
 Alaminos City takes pride in its equitable and sustainable.
tourism prospects because of
the Hundred Islands National
Park; and
 Balungao is cashing in on its
THE ENTREPRENEURIAL
goat trade. PROCESS
Entrepreneurial process is the process of
pursuing a new venture, whether it be new
products into existing markets, existing Franchising happens when someone develops
products into new markets, and/or the a business model and sells the rights to
creation of a new organization. The process operate it to another entrepreneur, a
has four distinct phases: (1) identification and franchise. The company selling the right is the
evaluation of the opportunity; (2) franchisor. The franchisee usually gets the
development of the business plan; (3) rights to the business model for a specific
determination of the required resources; and time period and a specific geographic area.
(4) management of the resulting enterprise The key feature of a franchise system is that
(see Table 1). the ownership of the brand and the modus
operandi for the delivery of the product are
retained by the franchisor, and execution is
franchise responsibility. McDonald’s, Pizza
Hut, Inc. Jolibee, 7-Eleven, Inc., Aquabest,
Bibingkinitan and the Generics Pharmacy are
just some of the top Franchises for 2013.

Although it is argued that there is no

entrepreneurial component in applying for
and running a franchise, it is indeed, beyond
question that entrepreneurship and
franchising are connected. If we agree that
innovation is an integral part of
entrepreneurship, the requirement that a
ENTREPRENEURSHIP franchisee must comply with the business
AND FRANCHISING model set forth by the franchisor-a standard
requirement in a franchise-stamps out
Entrepreneurship and franchising are entrepreneurial discretion in the business.
two concepts that are closely intertwined or Indeed, what is gained in a franchise
connected. Many entrepreneurs enter long- entrepreneurial alliance is a method for
term relationships such as franchising, an exploiting a business opportunity in a
important area of entrepreneurship research competitive manner.
(Mark Pruett & Greg Winter, 2011).
Franchising is a powerful economic engine ENTREPRENEURSHIP
because of it is a sophisticated, AND SOCIAL
entrepreneurial alliance through which
thousands of individuals create vast wealth. INTRPRENUERSHIP
A common misconception is that any
Opportunity is the core of entrepreneurship.
businessman, or anyone who starts business,
Bill Gates once said, “Vision is the easy part.”
is an entrepreneur. According to economists
But when you think you have the vision, the
say and Schumpeter, starting a business is
good idea, you very next question must be,
not the main component of entrepreneurship.
“Is it an opportunity.” Therefore, an
Rather, entrepreneurship is concerned with
entrepreneur must understand what
stimulating economic progress through
separates an opportunity from an interesting
innovation and action.
idea. They have to think in terms of the three
subsets of opportunity recognition: market
Social Entrepreneurship
demand, market size and structure, and
According to J. Gregory Dees, social
margin analysis.
entrepreneurship combines the passion of a
social mission with an image of business –like participates in profit-seeking business
discipline, innovation, and determination. ventures if only to use the profits generated
to create valuable social program for the
Social Entrepreneur whole community.
The social entrepreneur harnesses
entrepreneurship skills to do social good. The
social entrepreneur’s philanthropic energies The Growing Need for Social
are channeled into business ventures, Entrepreneurs
creating value in business so that consumers
are willing to pay for the goods and services, In the current economic crisis, financial
and by doing so, the social entrepreneur pressures are exacerbating existing social
earns a profit which is invested in the social problems such as poverty and unemployment.
ventures. According to J. Gregory Dees, social
entrepreneurship is necessary to mitigate the
According to Martin & Osberg, social financial repercussions and consequences on
entrepreneurs aim for value in the form of the most vulnerable in society.
large-scale, transformational benefit that
accrues either to a significant segment of If formal education that should be placed by
society or to society at large. Moreover, the parents is being impede due to their
social entrepreneur targets its programs t the sufferings from financial burden, fewer
“underserved, neglected, or highly children will attend school and fewer people
disadvantaged population that lacks the will receive adequate health care. This could
financial means or political clout to achieve create tensions and violence that may
the transformative benefit on its own. For increase as the poor compete for jobs and
them, social entrepreneurs are builders of a income opportunities. Progress will be lost, as
better world. families that have been successful in moving
out of poverty fall back into it. As
Just as entrepreneurs change the face of government, business, and household
business, social entrepreneurs act as the budgets tighten, costly environmental
change agents for society, seizing protection and clean-up efforts are in
opportunities others miss and improving jeopardy. Because many social and
systems, inventing new approaches, and environmental issues are time sensitive,
creating solutions to change society for the failure to recognize the importance of social
better. While a business entrepreneur might entrepreneurship and provide adequate
create entirely new industries, a social support for such efforts during this downturn
entrepreneur comes up with new solutions to would be a serious mistake, as stated by
social problems and then implements them on Dees.
a large scale and they are individuals with
innovative solutions to society’s most Qualities of a Good entrepreneur
pressing social problems. They are ambitious
and persistent, tackling major social issues It is clear that anyone can become an
and offering new ideas for wide-scale change. entrepreneur, but only the good
entrepreneurs are successful and manage to
Difference between Entrepreneurship get the fruits of their investment. There are
and Social Entrepreneurship some distinctive qualities that are required to
be a successful entrepreneur. Here is a list of
The entrepreneur’s final objective is wealth some of these qualities.
creation. However, for the social
entrepreneur, wealth creation is simply a
means to an end. The social entrepreneur
1. Perseverance This is another important quality that
you will need to have as a good
Whatever business you might be entrepreneur. Time management will
setting up, there are times where you allow you to organize yourself and
will face problems. It is moment like make sure that you get all your work
this that you will need to hold on and done effectively.
persevere. You will have to believe in
yourself and your products and
services in order to succeed. 6. Passion

2. Interpersonal Skills It almost goes without saying that to

become a successful entrepreneur,
Business is all about dealing with you must be passionate about your
people and you will need to be good at business. This does not necessarily
communicating if you want to succeed. mean you have to build a business
Whether it is with your customers, around something you love. You can
suppliers or employees it is important (and should) identify a profitable
that you learn how to communicate in market and grow your business from
an effective way to make sure that there.
your business is run as smoothly as
possible.
7. Leadership

3. Willingness to take Calculated Risks Although the definition of a leader is

not easy, we recognize one when we
A good entrepreneur should be ready see him in action. Basically, it’s the
to take calculated risk if he or she ability to be in charge of people and
wants to succeed. Sometimes in guide them to achieve their objectives.
business you will need to trust your A leader must be able to plan,
gut feelings and walk on water. motivate, coach and evaluate his staff.
However you will need to distinguish A leader must also have both
between foolishness and calculated managerial and interpersonal skills.
risk. Make sure that you do your
homework and ensure that your
business plan is feasible before getting 8. Competitiveness
started.
Composition is everywhere. Business is
4. Motivation strictly based on out compete your
competition. If you can establish your
It is important that an entrepreneur presence in the market, differentiate
remain motivated at all time. This is yourself from your competitors and
indeed more important when you are surpass them by providing a product
pioneering a business or activity as with better quality and affordable
you will have no one else with you. You price, your chances of being a
should not let yourself down and make successful entrepreneur will be much
sure that you keep going forward. larger.

5. Time Management 9. Confidence

 9. It combines the passion of a social mission with
Confidence is a key competence for an image of business-like discipline, innovation, and
entrepreneurial success. It is easy to
determination.
be demoralized or frustrated if
10. He is someone who aims for value in the form of
large-scale, transformational benefit that accrues
either to a significant segment of society or to
LEARNING society at large.
ACTIVITY 1 II. Answer the following questions clearly and
briefly.
A. Concept Anchored
I. Identify what is being asked, defined 1. Enumerate five (5) qualities needed to succeed in
and/or explained. an entrepreneurial environment and explain each.

1. The capacity for innovation, investment, and

expansion in new markets, products and techniques
as defined by Prof. Nathaniel Left.

2. One who brigs resources, labor, materials, and

other assets into combinations that make their
value greater than before, and also one who
2. Cite and explain at least two (2) government
introduces changes, innovations, and a new order.
undertaking and initiative to promote economic
3. A priority program to promote entrepreneurship development.
that creates jobs.

4. The Philippines’ blue print of growth that

envisions a nation where where only a small
proportion of the population is considered poor. SUMMARY
Even a farmer is an entrepreneurs; he
5. The process of pursuing a new venture, whether promises to pay the landowner for his farm or
it be new products into existing markets, existing land, a fixed sum of money without assurance
products into new markets, and/or the creation of a for the profit he will derive from his
new organization. enterprise.

6. it happens when someone develops a business Entrepreneurship is the capacity for

model and sells the rights to operate it to another innovation, investment and expansion in new
entrepreneur. markets, products and techniques, It is more
than a word; it is a mission. We must perceive
7. In franchising, he is the company selling the right. opportunities inherent in changes; we must
stimulate the desire for pursuing the
8. In a franchise business, he usually gets the rights opportunities; and we must create an
to the business model for a specific time period and environment in which success is possible and
the consequence of failure is tolerable.
a specific geographic area.
An entrepreneur is one who organizes,
manages, and assumes the risks of a business
or enterprise. He must find, evaluate, and
REFERENCES
develop an opportunity by overcoming the
forces that resist the creation of something
new. Therefore, an entrepreneur is an Prepared by:
innovator who is willing to bear the risk as he
sells.

Entrepreneurship and franchising are two

concepts that are closely intertwined or
connected. Many entrepreneurs enter long-
term relationships such as franchising
because it is an important area of
entrepreneurship research. Franchising is a
powerful economic engine because of it is a
sophisticated, entrepreneurial alliance
through which thousands of individuals create
vast wealth.

To be brief, social enterprises are vital and

should be seen as a positive force, as change
agents providing leading-edge innovation to
social needs which are usually unsatisfied.
Social entrepreneurship has to start at the
grassroots level because it is at that where it
is often overlooked. This is a societal need
that deserves to be attended with much more
attention from academic theorists as well as
policy makers. It is not a panacea because it
has to be worked out within the overall social
and economic framework. This is especially
important in developing countries and welfare
states facing increasing financial stress.

Thus, creation of new business opportunities

through entrepreneurship, be it in the course
of franchising or social entrepreneurship,
coupled with productivity and innovation, will
be contributory to economic growth. This
therefore means that when there is more
entrepreneurship in an economy more growth
is expected. Finally, whether an individual is
into entrepreneurship for purely profit
margins or to promote social value,
entrepreneurship is highly beneficial to the
economy and the society.