Entrepreneurship

- Refers to the concept of developing and managing a business venture in order to gain
profit by taking several risks in the corporate world. Simply put, entrepreneurship is
the willingness to start a new business.
- Entrepreneurship has played a vital role in the economic development of the
expanding global marketplace.

Entrepreneurship plays a very important role in the economic growth of a country. It

creates employment opportunities, new market, new products, and technologies.
Entrepreneurship also establishes industrial linkages, improve foreign exchange rates, and supply
the economy with goods and services that answer the customers’ needs and wants.
The key concept of entrepreneurship is innovation. It is the discovering of new ways on
how to make your product salable to your target market. Entrepreneurship is not just to develop
what is existing but rather it is more on doing something different.

IMPORTANCE OF ENTREPRENEURSHIP

Entrepreneurship is very important to every nation for the following reasons;

1. It generates/provides employment
- Since business needs people who will work for them, entrepreneurs will have to
hire manpower to operate their business. This offers opportunity for unemployed
citizens to land a job. Bigger companies generally provide greater salaries to
compensate the workers.
2. It helps in the economic growth of the country
- Developing small entrepreneurs can contribute greatly in the economic
development of the country. more successful entrepreneurs means more tax
collected and used by the government for the improvement of government services
such as hospitalization, infrastructures, and education, to name a few
3. It eradicates poverty
- With more employment and a better economic growth in the country, citizens be
minimized, or will totally be eradicated.
4. It improves our social image across the country
- Good entrepreneurship image makes the country a better picture to other countries.
This economic condition is then reflected to a better social condition all throughout
the country. Entrepreneurial skills also improve most Filipinos who were not
equipped with formal education; hence lesser number of Filipinos would go abroad
for work reasons.

They possess several positive characteristics which are responsible for their business success.
For instance, they have self – confidence, leadership and creativity. Not many of us have these
qualities. Most of us shy away from business. We prefer to be employees doing jobs which do
not require great risks like bankruptcy. The optimism and positive thinking of entrepreneurs
make a great difference between success and failure. Positive thinking produces favorable
results. We get we deeply think and believe.
Being hardworking and opportunity seekers, entrepreneurs acquire more profits.
Moreover, in the process, they also create better goods and services for the customers. Through
their innovations, they contribute to the improvement of the standard of living. So, they do not
only help the economy, they also help society.

Entrepreneur
An innovator or developer who recognizes and seizes opportunities; converts these
opportunities into workable/marketable ideas, adds value through time, effort, money, or skills,
assumes the risks of the competitive marketplace to implement these ideas, and realizes the
rewards from these efforts.

The word entrepreneur is derived from the French entreprendre , meaning ‘to undertake’.
Entrepreneur is one who undertakes, to organize, manage, and assume the risks of a business. In
recent years, entrepreneur is an innovator or developer who recognizes and seizes opportunities,
converts those opportunities into workable/marketable ideas, adds value through time, effort,
money or skills, assumes the risks of the competitive marketplace to implement these ideas, and
realizes the rewards from these efforts.

Like other vocations, being an entrepreneur is also a calling. It is not a career that one can
just jump into when he or she decides so. It entails a holistic business talent to be considered one,
ranging from product and marketing expertise to operations agility, and to financial proficiency.

The world of entrepreneurship these days has already evolved, and new terms are coined to suit
an entrepreneur’s filed or expertise. Here some of them;

1. A technopreneur is an entrepreneur who puts technology at the core of his or her

business model.
2. A social entrepreneur is one who takes advantage of the country’s social problems and
turn them to profitable institutions with the intention of helping the disadvantaged
community rather than making a profit
3. An intrapreneur is an entrepreneur in a large company or corporation who is tasked to
think, establish, and run a new big idea or project. Intrapreneurs are usually the product
managers or the business development managers of a company
4. An extrapreneur is an entrepreneur who hops from one company to another to act as the
innovation champion, providing creative and efficient solutions.

Entrepreneurship is a career that requires a plethora of common and core competencies.

Therefore, to be considered a successful entrepreneur, he/she must possess common
entrepreneurial competencies that are needed all throughout the entrepreneurship career. At
the same time, he/she should also possess core competencies that are needed for business
sustainability and management.
 Here are the common traits that entrepreneurs should always have;

1. Proactive
- Entrepreneurs are reactive rather than passive. They address issues, problems, and
challenges before they come rather than when they already happened. They ensure
that proper research is done, the risk factors are assessed, and plans are executed
on a timely and most efficient way.
2. Agent of change
- Entrepreneurs are innovation champions. They see opportunities in hopeless and
complex situations. They are always enthused to improve and develop new
products and services and introduce them to the market. They don’t settle for
mediocrity and the status quo.
3. Risk takers
- Entrepreneurs will not be successful if they do not take risks. By taking risks,
entrepreneurs do not just grab opportunities left and right; they have to take into
consideration the potential various threats they may encounter. Entrepreneurs
calculate risks; if they think that there is a big chance of succeeding, they push
through with the venture and don’t let the opportunity pass.
4. Have a sharp eye for opportunities
- Entrepreneurs have a talent for recognizing an opportunity even by using the
macrolevel data only. They know how to assess the net cause and effect of an
opportunity and decide intelligently if a venture should be considered or not.
5. Sociable
- Soft skills are one of the most important competencies of entrepreneurs as these
establish the relationship with the most important assets of the company, its people
and its customers. Relationship management is the key for employee and customer
retention, which can be achieved by a sociable entrepreneur
6. Networkers
- A networker knows the key people to connect with. Networking can be very
intimidating task, for it takes a lot of guts to pull it off. Successful entrepreneurs
gain trust of their valuable network and maintain a long-lasting relationship with
them.
7. Decisive
- Entrepreneurs always have a decision about their business. They do not settle for
gray areas or unclear solutions. They do not leave an issue unsolved without a
disposition. They make sure that all aspect of their business have clear objectives
and strategies. Last, they base their decisions on scientific calculations backed up
by their experience and technical knowledge.

8. Balanced
- The minds of entrepreneurs should have a balance between the analytical and the
creative side. Their brains are always playing with “unique ideas” that no one has
ever thought of yet. Entrepreneurs always have “Eureka!” moments and enjoy
them.
 9. Innovative
- The minds of entrepreneurs are rich with big ideas that can add value to their
existing business or could become a game changer in the industry or business
where they belong. They do not stop improving and thinking of new and
worthwhile ideas for their business

Here are the core traits that entrepreneurs should develop in managing
and running the business;
1. Leaders
- Successful entrepreneurs always have the heart of a leader to be successful leaders;
they must be a source of inspiration for their employees. They must be very
humble, approachable, friendly, and also how to listen to people’s concerns.
Leaders act on their responsibilities that were given to them. They use their
strengths and limitations to make the best of a situation. They must also be
decisive and know how to own up to their decisions. They know how to unite the
team and bring out the best in every employee.
2. Communicators
- Entrepreneurs know how to use all forms of communication to effectively share
ideas and address certain concerns with their customers or employees. Effective
communication not only provides people with a clear view of what the business
offers, they also help prevent mishaps in an organization. Communication channels
between entrepreneurs and their employees or customers should always be open to
ensure the smooth flow operations in their business
3. Specialists
- Entrepreneurs are experts in their chosen business. They are tactical and are very
keen with details. When asked about the specifics of their product or service, they
can easily answer without heavily relying on their people. They understand the
totality and specificity of their business. As a result, they can easily think of
innovating and improving the product or service offerings because they know their
intricacies. They enjoy being in action instead of being behind the scenes.
4. Problem solvers
- Entrepreneurs possess critical thinking skills and look at problems as challenges or
puzzles that they need to solve. They know how to handle issues in any area of the
business, be it finance, operations, or marketing. They listen to the plight of their
employees on certain problems involving their units, and come up with strategic
solutions. Entrepreneurs should also be aware of their employees’ personalities;
they must know how and when to use them to help solve problems. Entrepreneurs
have faith that every problem has a solution no matter how hard it is. They must
also be courageous and know how to face the consequences of their decisions.