Entrepreneurship

Basic Concepts and Principles

By: Mr. Mark Joseph E. Baja, BSA, CSPE

Objectives of the Session:
1. To set forth a comprehensive definition of
entrepreneurship
2. To be able to know the likes of an entrepreneur
3. To acquire understanding of the entrepreneurial
mindset/spirit
4. To explore and debunk the myths of entrepreneurship
5. To know the stages of business start-up
6. To differentiate entrepreneur from business owner
What is Entrepreneurship?

ENTREPRENEUR is derived from the French word

entreprendre, meaning “to undertake.”

Meanwhile, -SHIP is a suffix that converts a verb

into a noun.

Thereby, making ENTREPRENEURSHIP as AN IDEA OR

ACT TO UNDERTAKE.
What to undertake as an Entrepreneur?

 Business
 Project
 Enterprise
 Programs
 Partnerships
 Etc.
Entrepreneurship defined

A dynamic process of vision,

change, and creation.
 Essential ingredients include:
 The willingness to take calculated risks—in terms of time, equity, or career.
 The ability to formulate an effective venture team; the creative skill to marshal needed
resources.
 The fundamental skills of building a solid business plan.
 The vision to recognize opportunity where others see chaos, contradiction, and confusion.
Who is an Entrepreneur?

 Theentrepreneur is one who undertakes to

organize, manage, and assume the risks of a
business.
 Althoughno single definition of entrepreneur exists
and no one profile can represent today’s
entrepreneur, research is providing an increasingly
sharper focus on the subject.
Who is an Entrepreneur?

 Recognize opportunities where others see chaos or

confusion
 Are
aggressive catalysts for change within the
marketplace
 Challenge the unknown and continuously create the
future
Entrepreneurial Mindset/Spirit

 It's an attitude and approach to thinking that

actively seeks out change, rather than waiting to
adapt to change. It's a mindset that embraces
critical questioning, innovation, service and
continuous improvement.
The Entrepreneurial Mindset/Spirit

 Entrepreneurship is more than the mere creation of

business:
 Seeking opportunities
 Taking risks beyond security
 Having the tenacity to push an idea through to reality
 Entrepreneurship is an integrated concept that
permeates an individual’s business in an innovative
manner.
3 Masteries that Reinforce the
Entrepreneurial Mindset/Spirit
 Self-Mastery

 Environment (Situational) Mastery

 Enterprise Mastery
The Myths of Entrepreneurship

Myth 1: Entrepreneurs Are Doers, Not Thinkers

Myth 2: Entrepreneurs Are Born, Not Made
Myth 3: Entrepreneurs Are Always Inventors
Myth 4: Entrepreneurs Are Academic and Social Misfits
Myth 5: Entrepreneurs Must Fit the “Profile”
The Myths of Entrepreneurship

Myth 6: All Entrepreneurs Need Is Money

Myth 7: All Entrepreneurs Need Is Luck
Myth 8: Ignorance Is Bliss For Entrepreneurs
Myth 9: Entrepreneurs Seek Success But Experience
High Failure Rates
Myth
10: Entrepreneurs Are Extreme Risk Takers
(Gamblers)
Stages of Business Start-Up

1. Idea Generation
2. Testing the Idea (Feasibility Study)
3. Business Plan
4. Plan Execution
5. Commencement of Operations
TO CLOSE:
Entrepreneur vs. Business Owner
 Business Owners
 Manage their businesses by expecting stable sales,
profits, and growth
 Entrepreneurs
 Focus their efforts on innovation, profitability and
sustainable growth
References:

 Introduction to Entrepreneurship, 8e
Donald F. Kuratko
 Go Negosyo 50 Inspiring Entrepreneurial Stories
 Forbes Online
https://www.forbes.com/sites/jacquelynsmith/2013/10/22/how-to-keep-
your-entrepreneurial-spirit-alive-as-the-company-you-work-for-grows/
 Wadhwani Foundation Online
https://wiki.wfglobal.org/category/entrepreneurship/infographics/
===End of Presentation===