LESSON 1 INTRODUCTION TO ENTREPRENEURSHIP.pptx

relevance of entrepreneurship

1. Entrepreneurship

2. Discuss the relevance of the course Explain the key concepts of common competencies Explain the core competencies in entrepreneurship Explore job opportunities for entrepreneurship as a career Learning Objective

3. Entrepreneurial activities today have become very important and are keys to economic development. Growth ,industrial development , including employment generation, depend upon entrepreneurial behaviour of a country. Entrepreneurship

4. Relevance of Entrepreneurship To an Organization

5. The greatest significance of entrepreneurship lies in the fact that it helps in identifying and developing managerial capabilities of entrepreneurs. 1. Development of managerial capabilities

6. Entrepreneurship results in the creation of organi zations when entrepreneurs assemble and coordinate physical ,human and financial resources and direct them towards achievement of objectives through managerial skills. 2. Creation of organizations

7. By creating productive organizations, entrepreneurship help in making a wide variety of goods and services available to the society which results into higher standard of living for the people. 3.Improving standard of living

8. Entrepreneurship involves creation and use of innovative ideas, maximization of output from given resources, and development of manorial skills .All these factors are essential to the economic development 4. Means of economic development

9. Concept of Entrepreneurship

10. The word “ entrepreneur” from the French verb “ Enterprendre ,which means to undertake Entrepreneur

11. Entrepreneurs are innovators willing to take risks and generate news ideas to create unique and potentially profitable solutions to modern-day problems.

12. 1. Personality Factors Initiative-does things before being asked Proactive-identifies and utilizes opportunities Perseverance-works against all odds to overcome obstacles and is never complacent with success Factors Affecting Entrepreneurship

13. d.) Problem-solver –develops and maintain relationship with customers and finances e.)Persuasion-conceives customers and sticks to his decisions f.) self-confidence–makes decisions and sticks to his decisions g.) Self –critical- learns from his mistakes and from experiences of others Factors Affecting Entrepreneurship

14. h.) A planner –collects information, prepares a plan and monitors i .) Risk –taker –is willing to take calculated risks Factors Affecting Entrepreneurship

15. 2. Environmental Factors These factors relate to the conditions in which an entrepreneur has to work. Here are the factors: Political climate Legal system Economic Social Conditions Market Situations Factors Affecting Entrepreneurship

16. Economic and dynamic activity Innovation Profit Potential Risk Bearing Core Competencies in Entrepreneurship

17. 1.Innovation An entrepreneur is basically an innovator who tries to develop new Technology Functions of an Entrepreneur

18. 2.Assumption of Risk An entrepreneur ,by definition ,is a risk taker and not a risk shirker Functions of an Entrepreneur

19. 3. Research An entrepreneur is a practical dreamer and does a lot of ground-work before taking a leap in his/ her ventures Functions of an Entrepreneur

20. 4. Development of management skills The work of an entrepreneur involves the use of managerial skills which he/she develops while planning, organizing, staff, directing, controlling and coordinating the activities of business. Functions of an Entrepreneur

21. 5.Overcoming resistance to change New innovations are generally opposed by people because they make them change their existing behaviour patterns. Functions of an Entrepreneur

22. 6.Catalyst of Economic development An entrepreneur plays an important role in accelerating the pace of economic development of a country by discovering new uses of available resources and maximizing their utilization Functions of an Entrepreneur

23. 1. Innovative Entrepreneurs These entrepreneurs have the ability to think newer, better and more economical ideas of business organization and management Types of Entrepreneurs

24. 2. Imitating Entrepreneurs These entrepreneurs are people who follow the path shown by innovative entrepreneurs Types of Entrepreneurs

25. 3. Fabian Entrepreneurs These types of entrepreneurs are sceptical about the changes to be made in the organization Types of Entrepreneurs

26. 3. Fabian Entrepreneurs cautious and slow to adopt changes, preferring traditional methods until change is unavoidable. Types of Entrepreneurs

27. 4. Drone entrepreneurs Drone is “a person who lives on the labor of others” resist change entirely and continue with outdated practices despite negative outcomes. Types of Entrepreneurs

28. 5.Social Entrepreneurs Social entrepreneurs drive social innovation and transformation in various field including education, health, human rights, workers rights, environment and enterprise development. Types of Entrepreneurs

29. Give 2 examples of businesses for each type of entrepreneurs which are only within the Philippines or in locality. Write it in ½ crosswise. Submission on December 19, 2024 at 2:OO P.M ACTIVITY 2

30. Thank you