Entrep Part I entrepreneurship and business
- 1. ENTREPRENEURSHIP perlene joyce b dela cruz
- 2. Understanding Business DICTIONARY DEFINITION “An organization operated with the objective of making a profit from the sale of goods or services.” “An economic system in which goods and services are exchanged for one another or money, on the basis of their perceived worth. Every business requires some form of investment and a sufficient number of customers to whom its output can be sold at profit on a consistent basis.”
- 3. Understanding Business THE COMMON ELEMENTS IN MOST OF THE DEFINITIONS DESCRIBED ABOVE ARE: A business sells or buys services and products. The objective of a business is to make a profit. All business entities have customers with specific needs and wants. Business requires a solid financial footing.
- 4. Understanding Entrepreneurship DICTIONARY DEFINITION Entrepreneurship however involves much more than just for a business to be successful and sustainable. Entrepreneurship is a dynamic, social process where individuals, alone or in collaboration identify opportunities for innovation and act upon them by transforming ideas into practical targeted activities whether in a social, cultural or financial context.
- 5. Understanding Entrepreneurship THE ABOVE DESCRIPTIONS INDICATE THAT ENTREPRENEURSHIP Has impact on individuals. Provides financial opportunities. Has an impact on the economic well‐being of a society. Requires Innovation. Is dynamic.
- 6. The process of identifying business opportunities, allocating resources, and taking risks to produce goods and services of value, through creative and innovative processes, to satisfy unmet consumer demands.
- 7. M. GERBER (1986) The entrepreneur is the visionary in us. The dreamer. The energy behind every human activity. The imagination that sparks the fire of the future. The catalyst for change. The entrepreneur lives in the future, never in the past, rarely in the present. He (or she) is happiest when left free to construct images of ‘what if’ and ‘if‐ when’. A person who sees an opportunity in the market gathers his/her resources and creates and grows a business venture to meet those needs. This person will bear the risk and will be rewarded with profit if the venture is successful.
- 8. Different types of Entrepreneurs CLARENCE DANHOF He has great skill, drive, and the ability to see chances that may be beneficial. The entrepreneur is a problem solver, and innovations need issue resolution. The Innovative Entrepreneur Distinguished by its willingness to accept successful innovations developed by entrepreneurs who are themselves innovators. Adoptive or Imitating Entrepreneurs
- 9. Different types of Entrepreneurs CLARENCE DANHOF Distinguished by extreme caution and scepticism while putting any change into practice. Such businesspeople lack the motivation to implement fresh ideas or the willingness to use novel approaches. Fabian Entrepreneurs A drone business owner uses conventional manufacturing techniques. Even when they experience losses, many business owners refuse to embrace and use new techniques. Drone entrepreneurs
- 10. Mental Ability Human Relations Ability Clear Objectives Effective Communication Entrepreneurial Traits a successful entrepreneur has to have the following qualities:
- 11. Entrepreneurial Traits a successful entrepreneur has to have the following qualities: Technical knowledge Energy Making decisions Accepting risk
- 12. Entrepreneurship and Economic Growth Investing in Products and Services People Require Entrepreneurs create new businesses to meet with people’s needs and demands in the market. They play major roles when it comes to promoting and developing economic growth in the society. Providing Employment Opportunities Through the creation of new businesses, there is the need to hire employees. Entrepreneurs create jobs and these cost-effective opportunities boost and support the society via increasing the quality of life and the general standard of living.
- 13. Entrepreneurship and Economic Growth Integration of regional economy and commerce Modern technologies have created an enabling environment for small, entrepreneur-led businesses to develop into regional and global markets. As new businesses export goods and services to neighbouring regions, these new businesses or enterprises add directly to a region’s productivity and income. New Technologies Promote Efficiency The capability to transform ideas into innovative products and services that people require is the wellspring of success for every developed country or society. Economic growth usually is motivated by modern technologies and their ingenious uses.
- 14. Entrepreneurship and Economic Growth Competition Triggers Innovation Entrepreneurship altars and rekindles the market competition. New businesses trigger competition in both the local and international market. Entrepreneurship makes entrepreneurs agents of transformation in a market economy. This is because they see environmental changes, technological changes, social changes etc as opportunities and factors of production of goods and services.