Entrepreneurship and ordinary small business activity

Differentiate ordinary small business and entrepreneurship
Entrepreneurial mindset versus Small business mindset
Presentation by Dave Gerald Booc

1. Entrepreneurship and Ordinary Small Business Activity 12- Temperance By: D.G.B. (2017)

2. Objectives Distinguish between entrepreneurship and ordinary small business activity, and Determine the importance of knowing the distinction.

3. Entrepreneurship Entrepreneurship is quality of being an entrepreneur. comes from the French verb  entreprendre Different from ordinary small businesses activity. The distinction lies in the descriptive word “ordinary.” Covers small and medium-scale businesses .

4. Comparative representation Entrepreneurship Ordinary Small Business Small Business Medium -scale Business Entrepreneurship Intrapreneur/Entrepreneur Ordinary business owner

5. Entrepreneurship is different from: Inheriting and/or running an existing businesses ( family owned, co-owned ) Working for other businesses or entrepreneurs for a salary Selling already available goods or services as a franchisee or dealership

6. Entrepreneurship and the Activities of ordinary small businesses differ in the following areas: Motive in opening a business Perception of risk in the business Reactions to changes in the environment View on competition

7. (Cont.) Vision for the development and growth Horizon of business operation Sources of business funds

8. Motive and opening a business Entrepreneur Means to be happy and Fruitful life. Wealth-creating venture Finds his/himself improve his/her life. Owner of ordinary Small business Make it his/her source of livelihood. Earning profit

9. Perception of risk in the business Entrepreneur Takes and faces the business risk squarely . Risk-Taker … and finds ways to minimize the effect. Business risk is a deterrent to the operation and must be avoided. Avoidant of taking risk Owner of ordinary Small business

10. Reactions to changes in the environment Entrepreneur Changes would be a creative mechanism Reacts positively to the changes. Owner of ordinary Small business Change is not a plus factor to the daily operations but rather a source of negative consequence Passive and static to the changes

11. View on competition Entrepreneur Force to improve present products and services. Presence of competition is a sign of healthy economic environment . Owner of ordinary Small business Discourages competition and uncomfortable working in a competitive environment. Competition is unhealthy element in the business and tries to avoid it.

12. Vision for the development and growth Entrepreneur Manages the venture to provide development and growth. Vision and mission of his/her business is clear. Owner of ordinary Small business Relies upon chance or luck in maintaining the status quo of business. Not so much concerned about the development and growth as long as he/she satisfied with its earnings.

13. Horizon of business operation Entrepreneur Concerned with the major economic events both local and global business market. Thinks globally but acts locally. Owner of ordinary Small business Expansion has never been an idea worth entertaining for the owner. Centered only on the local environment.

14. Sources of business funds Entrepreneur He/she explores ways to generate the much-needed funds from both internal and external resources. Owner of ordinary Small business Tends to limit the funding of his/her business enterprise to personal resources. He/she fears that financial institutions will not be willing to extend financial assistance to the business.

15. Therefore… [ Summary ] Entrepreneur Owner of ordinary Small business Difference :way of thinking and Focus with various areas Invention of business Search for what is interesting, intuitive, long-term Holistic, Significance, Meaning, Leap forward Benefits Emotion, Visual Thinking Risk taker, Flexible , Potentially High Rewards Search for truth, Short-term Logical, Linear, Utility, Incremental Facts, Verbal, Measure Minimal Risks, Predictable Smaller Rewards Think for Profit Analytical Thinkers Possibility Thinkers

16. “ The happiness of every human being’s soul is in his own hands, to preserve and develop, or to cast away.”

17. Reference Books Aduana , N. (2017). Entrepreneurship in the Philippine Setting , C&E Publishing House Allen, K. R. (2001). Entrepreneurship For Dummies. Forster City, CA: IDG Books Worldwide Inc. Websites Piu , G. (2012, January 19). Difference between Business and Entrepreneurship. Retrieved November 14, 2017, from BusinessDesignTools.com: http//:www.The%20difference%20between%20Business%20and%20Entrepreneurship%20-%20Business%20Design%20Tools.html Seth, S. ( n.d .). Entrepreneur Vs Small Business Owner Defined. Retrieved November 14, 2017, from Investopedia : http://www.investopedia.com/Entrepreneur%20Vs.%20Small%20Business%20Owner,%20Defined%20_%20Investopedia.html