entrepreneurship, its meaning and characteristics

definition and characteristics

1. ENTREPRENEURSHIP

2. WHAT IS ENTREPRENEURSHIP ? - the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit

3. ENTREPRENEUR someone who has the ability and desire to establish, administer and succeed in a startup venture along with risk entitled to it, to make profits often known as a source of new ideas or innovators, and bring new ideas in the market by replacing old with a new invention

4. CHARACTERISTICS OF ENTREPRENEURSHIP

5. ABILITY TO TAKE A RISK - Starting any new venture involves a considerable amount of failure risk

6. INNOVATION should be highly innovative to generate new ideas, start a company and earn profits out of it Change can be the launching of a new product that is new to the market or a process that does the same thing but in a more efficient and economical way.

7. VISIONARY AND LEADERSHIP QUALITY he entrepreneur should have a clear vision of his new venture leadership quality is paramount because leaders impart and guide their employees towards the right path of success.

8. OPEN-MINDED every circumstance can be an opportunity and used for the benefit of a company

9. FLEXIBLE An entrepreneur should be flexible and open to change according to the situation businessperson should be equipped to embrace change in a product and service, as and when needed

10. KNOW YOUR PRODUCT A company owner should know the product offerings and also be aware of the latest trend in the market It is essential to know if the available product or service meets the demands of the current market, or whether it is time to tweak it a little

11. TYPES OF ENTREPRENEURSHIP

12. SMALL BUSINESS ENTREPRENEURSHIP These businesses are a hairdresser, grocery store, travel agent, consultant, carpenter, plumber, electrician, etc. These people run or own their own business and hire family members or local employee

13. SCALABLE STARTUP ENTREPRENEURSHIP starts a business knowing that their vision can change the world They attract investors who think and encourage people who think out of the box

14. LARGE COMPANY ENTREPRENEURSHIP companies grow and sustain by offering new and innovative products that revolve around their main products To cope with the rapid technological changes, the existing organizations either buy innovation enterprises or attempt to construct the product internally

15. SOCIAL ENTREPRENEURSHIP This type of entrepreneurship focuses on producing product and services that resolve social needs and problems Their only motto and goal is to work for society and not make any profits

16. IMPORTANCE OF ENTREPRENEURSHIP

17. CREATION OF EMPLOYMENT It provides an entry-level job, required for gaining experience and training for unskilled workers

18. INNOVATION It is the hub of innovation that provides new product ventures, market, technology and quality of goods, etc., and increase the standard of living of people

19. IMPACT IN SOCIAETY AND COMMUNITY DEVELOPMENT A society becomes greater if the employment base is large and diversified It brings about changes in society and promotes facilities like higher expenditure on education, better sanitation, fewer slums, a higher level of homeownership

20. INCREASE STANDARD OF LIVING Entrepreneurship helps to improve the standard of living of a person by increasing the income

21. SUPPORTS RESEARCH AND DEVELOPMENT New products and services need to be researched and tested before launching in the market

22. DEVELOPMENT OF ENTREPRENEURSHIP

23. DISCOVER Any new process begins with fresh ideas and objectives, wherein the entrepreneur recognizes and analyzes business possibilities.

24. EVALUATION  questions like whether it is worth taking a chance and investing in the idea, will it attract the consumer, what are the competitive advantages and the risk linked with it are asked

25. DEVELOPING A PLAN the most important step for new business as it sets a standard and the assessment criteria and sees if a company is working towards the set goals

26. RESOURCES the entrepreneur recognizes the source of finance and from where the human resource can be managed the entrepreneur also tries to find investors for his new business

27. MANAGING THE COMPANY the entrepreneur will decide on the management structure that will be assigned to resolve the operational problems whenever it occurs

28. HARVESTING an entrepreneur determines the future growth and development of the business real-time development is compared with the projected growth, and then the business security or the extension is initiated accordingly

29. RISK OF STARTING A SMALL BUSINESS

30. STRATEGIC RISK could be due to the change in customer preferences businesses need to have a real time feedback system for recognizing customer feedback

31. COMPLIANCE RISK arises from the changing rules by a regulatory body or government that a company needs to adjust accordingly and implement the same in their operations

32. FINANCIAL RISK the companies ability to carry on operations in case of non-payment by some clients

33. OPERATIONAL RISK arising from the execution of the processes or operations of the business can be due to sudden breakdown of machinery or the system which can result in delay in operations, that can be detrimental to the business

34. BUSINESS PLAN a strategic document that outlines a company’s goals, strategies for achieving them, and the time frame for their achievement serves as a roadmap for business growth and a tool to secure funding

35. HOW TO OBTAIN FUNDING? Funding can be obtained by financing, owner’s savings, loans, selling assets, retained earnings

36. PARTNERING Funding can be obtained by financing, owner’s savings, loans, selling assets, retained earnings

37. ENTREPRENEURSHIP SKILLS PASSION RISK-TAKER INNOVATIVE OPEN-MINDED GOOD LEADER GOOD LISTENER CREATIVE ETHICAL PERSISTING NATURE CHANGE-ORIENTED

38. CAREERS IN ENTREPRENEURSHIP BUSINESS OWNER BUSINESS CONSULTANTS MANAGERS FINANCIAL ANALYSTS SKILLED WORKERS MARKETING SPECIALIST EXECUTIVES

39. FIVE (5) AGENCIES THAT MAKE BUSINESS LEGIT DEPARTMENT OF TRADE AND INDUSTRY (DTI) SECURITIES AND EXCHANGE COMMISSION (SEC) BUREAU OF INTERNAL REVENUE (BIR) DEPARTMENT OF LABOR AND EMPLOYMENT (DOLE) LOCAL GOVERNMENT UNIT (LGU) SOCIAL SECURITY SYSTEM (SSS) PAG-IBIG PHILHEALTH