What is Entrepreneurship?

Entrepreneurship is a proactive process of developing a business venture to make a profit.

Societal and Economic benefits of entrepreneurship:
1. It produces more jobs that equate to an increase in national income.
2. It amplifies economic activities of different sectors of society.
3. It introduces new and innovative products and services.
4. It improves people’s living standards.
5. It disperses the economic power and creates equality.
6. It controls the local wealth and balances regional development.
7. It reduces social conflicts and political unrest.
8. It elicits economic independence and capital formation.
Who is an Entrepreneur?
The word “entrepreneur” has a French origin and was coined from the words entre, which means “between” and prendre,
which means “to take”.
An entrepreneur is a unique individual who has the innate ability and extraordinary dedication to establish and manage a
business, acknowledging all the risks and reaping its rewards.
5 levels of entrepreneurial development:
1. The self-employed
2. The manager
3. The leader
4. The investor
5. The true entrepreneur
An entrepreneur field or expertise:
1. Technopreneur- Is an entrepreneur who puts technology at the core of his business model.
2. Social entrepreneur- is one who takes advantage of the country’s social problems and turn them to profitable
institutions.
3. Intrapreneur- Is an entrepreneur in a large company who is tasked to think, established and run a new project.

4. Extrapreneur
Common & Core Competencies in Entrepreneurship
Common traits that entrepreneurs should always have:
1. Proactive
2. Agents of change
3. Risk takers
4. Have a sharp eye for opportunities.
5. Sociable
6. Networkers
7. Decisive
8. Balanced
9. Innovative
Core traits that entrepreneurs should develop in managing and running the business.
1. Leaders
2. Communicators
3. Specialists
4. Problem

Entrepreneurship or Employment
Pros and Cons of entrepreneurship and employment
1. Income
2. Hiring and firing, organizational setup, and major key result areas.
3. Daily tasks
4. Leisure time and vacations.
5. Taxation
6. Comfort level at work
Careers in Entrepreneurship
List of common small businesses in the Philippines
1. Sari-sari store- It is one of the easiest businesses to set up due to the minimal capital required and because it can be
managed at home.
2. Rice retailing
Rice- primary staple food of Filipinos
Bread- secondary staple food of Filipinos
3. Food cart business- usually located inside or outside the mall.
4. Printing business
5. Buy and sell business
6. Street food business - located in streets.
7. Flea market business or tiangge - In this type of business, entrepreneurs set up a small space and sell any type of goods
in a palengke set up that is normally in an open space.
8. Online selling business
9. Cellphone loading business
10. Laundry and dry cleaning businesses
11. Hairstyling and make up business
12. Spa, gym and nail care business
13. Video and photography business
14. Tutorial business- It is a business which is composed of experts in a particular field who transfer their knowledge to
another for a fee.
15. Baking business
16. Web site development and design/blogging
17. Direct selling business - It is a face to face selling of products by a sales agent.
18. Car wash and car care business
19. Bar, café and restaurant
20. Water station and LPG station

Entrepreneurial Process
Entrepreneurial process – is a step by step procedure in establishing any kind of business that an entrepreneur has
undergo.
1. Opportunity spotting and assessment
2. Developing a business plan
3. Determining the capital needed
4. Running the business
Scanning the Market Environment
Opportunity – is an entrepreneur’s business idea that can potentially become a commercial product or service in the
future.
3s of opportunity spotting and assessment
S1: Seeking the Opportunity
- Is the first step and is the most difficult process of all due to the number of options that the entrepreneur will
have to choose from.
Methods of Generating Ideas
1. Focused group discussion - a very open and free flowing and depth discussion with a group of people.
2. Brainstorming - It is an activity that allows the participants to share creative ideas using some rules.
3. Brainwritng or internet brainstorming – channel used is not face to face.
4. Problem inventory analysis – the participants are already given an inventory of product to be discuss.
STEEPLED Analysis
1. Socio-cultural factors
2. Technological factors
3. Economic factors
4. Environmental or ecological factors
5. Political factors
6. Legal factors
7. Ethical factors
8. Demographic factors
S2: Screening the Opportunity
- Is the process of cautiously selecting the best opportunity.
Risk appetite - It refers to the entrepreneur’s tolerance of business risks.
S3: Seizing the Opportunity
- Is the last step in opportunity spotting and assessment.
Innovation the process of positively improving an existing product or service.
3 Types of Innovation
a. Breakthrough innovation
b. Technological innovation
c. Ordinary innovation
Business plan – is a comprehensive paper that details the situation analysis, objectives, strategies and tactics and how to
monitor and control the enterprise.
Value Proposition – simply states why a customer should buy a certain product or service.
Market size – is simply the size the arena where the entrepreneur’s business will play.
Customer requirements – are specific features and characteristics that the customers need from a product or a service.
Market segmentation – is the process of grouping similar or homogeneous customers according to demographic,
psychographic, geographic, and behaviour.
1. Demographic - It is the process of grouping customers according to relevant socio-economic variables for the business
venture.
2. Psychographic
Perception - It is a process wherein an individual receives external stimuli using five senses.
3. Geographic
4. Behaviour.
Talking to your customers
Interview - It is a credible way of getting information because the researcher will be able to capture not just verbal but
also the non verbal answers.