What is an Enterprise?

• Enterprise (Oxford Dictionary)

• It is where Entrepreneurial activity is going on
like Company, Industry, Firm, organization,
office, agency, franchise, Shops, and etc.
• It supports the recognition of new market
opportunities as well as develops the opportunity
to change and develop at the individual,
business and industry/ sector levels.
• It is a business organization that is formed, and
which provides goods and services, creates jobs,
contributes to national income, imports and
above all, sustainable economic development.
In a more concise or synthetic way, an
enterprise is a business venture.
Entrepreneur is nothing else than the
person who starts an enterprise. The
process of creation, including originality,
capabilities, skills and difficulties is called
Entrepreneurship. The entrepreneur is the
actor and entrepreneurship is the act, and
the economic world is the scene, in a period
of crisis or during an economic boom, all
these periods delimiting a continuous
cyclical evolution as plays. And finally, to
Entrepreneur Entrepreneurship
Enterprise
Person
Misconceptions of Entrepreneurship Process or
Philosophy Object
1. Entrepreneurship applies only to
manufacturing business

It is a misconception that entrepreneurship is

only applicable to manufacturing but not to
merchandising and service. It should be remembered
that merchandising and providing services are also of
business ventures. Creativity and innovation appear
limited in merchandising because there is no
transformation in the appearance and content of the
2. Entrepreneurship applies only to small
business

Entrepreneurial concepts and principles

and principles do not make any distinction as
to the size of the business venture. The
amount of business capital does not serve as
a reckoning ground for classifying whether
the venture is operating within the concept of
entrepreneurship or ordinary small business.
The concepts of and principles are applicable
to all types of businesses regardless of their
3. Entrepreneurship applies only to a good
economy

An entrepreneur finds business opportunities

in both flourishing and distressed economies.
Entrepreneurship can exist in both and bad
economies. During financial crackdown, new idea
can be created and new business opportunities
can be identified. The bad economy does not
completely serve as a constraint to the
continuation of entrepreneurial ventures and
4. Entrepreneurship is simply opening a small
business.

Entrepreneurship does not merely mean

opening a small business. This is simply the
first step in actualizing the entrepreneurial
venture. The business must have already
passed through the preliminary stages of
scanning the environment and preparation of
the feasibility study and business plan.
Entrepreneurship does not start and end with
opening a small business. It’s a long,
The Truths about Entrepreneurship

1. Entrepreneurship is not reserved for

startups.
2. Entrepreneurs do not have a special set of
personality traits.
3. Entrepreneurship can be taught (it’s a
method that requires practice).
4. Entrepreneurs are not extreme risk takers.
5. Entrepreneurs collaborate more than they
compete.
6. Entrepreneurs act more than they plan.
Compounded benefits of Entrepreneurship

1.Importance to the Filipino people

• It provides guidelines in their wealth-creating

ventures.
• It helps improve their financial and social life.
• It helps broaden their creativity.
• It helps make their lives happy, fruitful, and
successful.
2. Importance to the Local Community

• It provides employment in the

community.
• It creates new demand in the market.
• It makes substantial contribution to the
raising and collection of taxes.
• It facilitates the movement of the
factors of production.
• It creates new business opportunities.
• It promotes a peaceful and loving
community.
3. Importance to the Philippine Economy

• It encourages competitiveness and thereby

challenges entrepreneurs to keep improving
their products and services.
• It helps find an entrepreneurial niche in the
world market.
• It helps hasten the economic recovery
process of the Philippines during financial
turmoil or crackdown.
• It facilitates the smooth flow of money in the
local market.
• It assists the national government in its
desire to have a favorable economic rating in
Relevance of Entrepreneurship to SHS Students:

1.To prepare students for livelihood even before college.

2. Entrepreneurship education aids students from all
socioeconomic backgrounds to think outside the box and
nurture unconventional talents and skills.
3. Entrepreneurship develops their initiative and helps
them to be more creative and self-confident in whatever
they undertake and to act in a socially responsible way.
4. It exposes students to numerous opportunities to learn
how to think critically and analyze the pieces on the
board.
5. Being aware of all the important factors and seeing how
they affect each other is the foundation of a smart
6. Students have to be exposed to real-
world examples and learn from their own
experience.
7. Entrepreneurship education requires
students to be innovative, creative and
collaborative with others.
8. Entrepreneurship education provides
budding entrepreneurs with the skills and
knowledge to come up with business ideas
and develop their own ventures.
9. Creation of entrepreneurial thinkers who
also have the skills and tools to start their
own businesses
10. Students will also need to learn
to:

a) Write a business plan.

b) Apply economic principles. i) Evaluate ownership structures.
c) Determine individual j) Translate problems into
entrepreneurial interests opportunities.
d) Apply basic marketing skills. k) Apply principles of human relations
e) Use strategies for idea generation. management.
f) Assess feasibility of ideas. l) Speak "business" &
g) Manage risk. "entrepreneurship".
h) Identify legitimate sources of m) Apply basic accounting principles.
capital. n) Engage in ethical business
practices.
o) Demonstrate financial
management
What makes a Successful 6. Analytical ability to take
Entrepreneur? strategic decisions
7. Perseverance &
1.The urge for Flexibility
achievement (most often 8. Capacity to plan and
monetary ambitions) organize
2. Willingness to take 9. Preparedness to
moderate risks – (High risk undergo physical and
takers are not emotional stress
entrepreneurs but 10.Positive
gamblers). self-concept/Self-belief
3. Determination to win 11.Future orientation –
4. Win– Win Personality Vision
5. Ability to identify & 12.Ethics and Values –
Who can be an 6. Who has ability to work
Entrepreneur? hard
7. Who has desire for
1. Who feels the need for responsibility
achievement 8. Who has a clear
2. Who can take moderate perception of probability of
risks success
3. Who possess skills in 9. Who gets stimulation by
organizing feedback
4. Who can capitalize on 10. Anyone – He can be
opportunities male, female or even a
5. Who has some financial Eunuch
strength – On his own or 11. Who does not have