LESSON 1.2 Introduction to Entrepreneurship.pptx

Introduction to Entrepreneurship

1. Common Traits of an ENTREPRENEUR ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan Introduction to Entrepreneurship LESSON 1

2. Common Traits of an Entrepreneur ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan 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. Introduction to Entrepreneurship LESSON 1

3. Common Traits of an Entrepreneur ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan 2. Agents 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. Introduction to Entrepreneurship LESSON 1

4. Common Traits of an Entrepreneur ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan 3. The 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 and 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. Introduction to Entrepreneurship LESSON 1

5. Common Traits of an Entrepreneur ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan 4. Have a sharp eye for opportunities. Entrepreneurs have a talent for recognizing an opportunity even by using the macro-level 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. Introduction to Entrepreneurship LESSON 1

6. Common Traits of an Entrepreneur ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan 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. Introduction to Entrepreneurship LESSON 1

7. Common Traits of an Entrepreneur ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan 6. Networkers. A networker knows the key people to connect with. Networking can be a very intimidating task, for it takes a lot of guts to pull it off. Successful entrepreneurs gain the trust of their valuable network and maintain a long-lasting relationship with them. Introduction to Entrepreneurship LESSON 1

8. Common Traits of an Entrepreneur ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan 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 aspects of their business have clear objectives and strategies. Last, they base their decisions on scientific calculations backed up by their experience and strategies and technical knowledge. Introduction to Entrepreneurship LESSON 1

9. Common Traits of an Entrepreneur ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan 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. Introduction to Entrepreneurship LESSON 1

10. Common Traits of an Entrepreneur ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan 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. Introduction to Entrepreneurship LESSON 1

11. Skills to Develop to be an effective ENTREPRENEUR ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan Introduction to Entrepreneurship LESSON 1

12. Skills to Develop to be an effective Entrepreneur ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan 1. Leadership . Successful entrepreneurs always have the heart of the leader. To be successful leader they must be a source of inspiration of their employees. They must be very humble, approachable, friendly, and also know how to listen to people’s concerns. Leaders act on their responsibilities that were given to them. They use their strengths Introduction to Entrepreneurship LESSON 1

13. Skills to Develop to be an effective Entrepreneur ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan 2. Communication. Entrepreneurs know how to use all forms of communication to effectively share ideas and address certain concerns with their costumers or employees. Effective communication not only provides people with a clear view of what 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 of operations in their business. Introduction to Entrepreneurship LESSON 1

14. Skills to Develop to be an effective Entrepreneur ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan 3. Specialization. Entrepreneurs are expert in their chosen business. They are tactical and are very keen with details. When asked about the specifics of their products 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. Introduction to Entrepreneurship LESSON 1

15. Skills to Develop to be an effective Entrepreneur ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan 4. Problem Solving. 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. Introduction to Entrepreneurship LESSON 1

16. Key Roles of Entrepreneurship to the Economy and the Society ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan Entrepreneurship generates new wealth in an economy. Entrepreneurship decreases poverty. It creates opportunities, ensures social justice, instills confidence and stimulates the economy. Entrepreneurship improves productivity Introduction to Entrepreneurship LESSON 1

17. Key Roles of Entrepreneurship to the Economy and the Society ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan Entrepreneurs create jobs. Entrepreneurs innovate. Entrepreneurs create innovation and social change Entrepreneurs give to society Introduction to Entrepreneurship LESSON 1

18. Relevance of Entrepreneurship to SHS Students ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan To prepare students for livelihood even before college. Entrepreneurship education aids students from all socioeconomic backgrounds to think outside the box and nurture unconventional talents and skills. Entrepreneurship develops their initiative and helps them to be more creative and self-confident in whatever they undertake and to act in a socially responsible way . Introduction to Entrepreneurship LESSON 1

19. Relevance of Entrepreneurship to SHS Students ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan It exposes students to numerous opportunities to learn how to think critically and analyze the pieces on the board. Being aware of all the important factors and seeing how they affect each other is the foundation of a smart decision-making process . Introduction to Entrepreneurship LESSON 1

20. Relevance of Entrepreneurship to SHS Students ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan Students have to be exposed to real-world examples and learn from their own experience. Entrepreneurship education requires students to be innovative, creative and collaborative with others. Entrepreneurship education provides budding entrepreneurs with the skills and knowledge to come up with business ideas and develop their own ventures. Introduction to Entrepreneurship LESSON 1

21. Careers in Entrepreneurship ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan Employment or Entrepreneurship? Introduction to Entrepreneurship LESSON 1

22. ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan Employment or Entrepreneurship? Introduction to Entrepreneurship LESSON 1 FACTORS EMPLOYEE ENTREPRENEUR Income Income generated actively (i.e., on working hours only); no work= no pay Income usually fixed per month and increases every year depending on the employer and employee’s performance Income earned whether the business is successful or unsuccessful Income generated passively even when the entrepreneur is resting Opportunity income unlimited, depending on the success of the business Income only earned when the business is successful

23. ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan Employment or Entrepreneurship? Introduction to Entrepreneurship LESSON 1 FACTORS EMPLOYEE ENTREPRENEUR Hiring and Firing, Organizational Setup, and Major Key Result Areas Seeks for a job; is the one applying for a job and is interviewed by the company’s hiring officers Has the goal of satisfying only the employer or the direct supervisor Fully dependent on the employer’s performance; is at risk of losing his/her job if the company does not perform well; may find it difficult to just leave their below par employer if this only source of income Can only work for the current employer exclusively Provides job; is the owner of the business and conducts the talent selection Fully responsible for serving customers, making the business profitable and sustainable, and providing employee satisfaction Has the power to disengaged nonperforming employees applying the due process policy of the disengaging personnel Can venture into expansion of business such as franchising and buying other similar businesses

24. ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan Employment or Entrepreneurship? Introduction to Entrepreneurship LESSON 1 FACTORS EMPLOYEE ENTREPRENEUR Daily Tasks Has routine tasks and works on regular or normal hours Follow policies, procedures, and memoranda from the employer Performs all necessary variable tasks to establish and manage a startup business, which usually takes most of the entrepreneur’s time; spend more hours on work than a regular employee and sometimes gets no sleep Prepares policies, procedures, and memoranda for the business

25. ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan Employment or Entrepreneurship? Introduction to Entrepreneurship LESSON 1 FACTORS EMPLOYEE ENTREPRENEUR Leisure Time and Vacations Has a limited number of vacation days imposed by the employer Has a flexible schedule and can take unlimited number of vacation days (applicable only if the business has stabilized already)

26. ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan Employment or Entrepreneurship? Introduction to Entrepreneurship LESSON 1 FACTORS EMPLOYEE ENTREPRENEUR Taxation Taxed on the gross income ; cannot use expenses incurred related to the job such as food and transportation expenses to claim for deductions from taxable income Taxed on the net income ; can claim taxable income deductions for allowable expenses incurred by the business

27. ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan Employment or Entrepreneurship? Introduction to Entrepreneurship LESSON 1 FACTORS EMPLOYEE ENTREPRENEUR Comfort level at work May be comfortable with routines and minimal risks; may also be comfortable in working for the company itself Is comfortable in doing multiple and challenging task and takes accountability with the risks and profits of the business; does not want to be confined in a box; thinks outside the box or sometimes thinks there is no box

28. ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan CAREERS in Entrepreneurship Introduction to Entrepreneurship LESSON 1 Retail / Grocery store Rice retailing Food cart business Printing Buy and sell Flea market / baratillo Online selling Laundromat Bar, cafe, or resto Salon business Spa or Gym Video and photography Tutorial Baking Web designing / developing Direct selling Car wash or Car care Water of LPG station

29. Answer the following with not less than five sentences each. ENTREPRENEURSHIP Slides by Arnie Rivera PART 1 The Development of the Business Plan 1. Among the common traits of an entrepreneur, what traits do you think you already have? Why do you think so? 2. Based on the skills of an entrepreneur discussed, which do you think is/are the one/s that you still need to develop? Why? 3. Which evolved entrepreneur do you think you will likely to become? Why? 4. If you are given a chance to be an entrepreneur today, which role in the society do you want to fulfill first? Why? Introduction to Entrepreneurship LESSON 1