MODULE-1-OVERVIEW-OF-ENTREPRENEURSHIP (1).pptx

MODULE-1-OVERVIEW-OF-ENTREPRENEURSHIP

1. OVERVIEW OF ENTREPRENEURSHIP Subject: CONENT1 MALOU R. REMON, LPT MBA (Teacher)

2. WHAT IS ENTREPRENEURSHIP?

3. Entrepreneurship It involves: Seeking opportunities for a market Establishing and operating a business out of the opportunity Assessing its risks and rewards through close monitoring of the operations A proactive process of developing a business venture to make a profit.

4. Societal and Economic Benefits Improves people’s living standards. Produces more jobs that equate to an increase in national income. Amplifies economic activities of different sectors of society. Introduces new and innovative products and services. Disperses the economic power and creates equality. Controls the local wealth and balances regional development.

5. Societal and Economic Benefits Reduces social conflicts and political unrest. Elicits economic independence and capital formation.

6. WHO IS AN ENTREPRENEUR?

7. COMMON TRAITS PROACTIVE - not passive - address issues, problems, and challenges before they come - proper research is done, the risk factors are assessed and plans are executed on a timely and most efficient way

8. COMMON TRAITS 2. AGENTS OF CHANGE - innovation champions - see opportunities in hopeless and complex situations - ethused to improve and develop new products and services and introduce them to the market - don’t settle for mediocrity and the status quo

9. COMMON TRAITS 3. RISK TAKERS - takes into consideration potential various various threats - calculate risks

10. COMMON TRAITS 4 . HAVE A SHARP EYE FOR OPPORTUNITIES - assess the net cause and effect of an opportunity - decide intelligently if a venture should be considered or not

11. COMMON TRAITS 5. SOCIABLE - relationship management is the key for employee and customer retention

12. COMMON TRAITS 6 . NETWORKERS - knows the key people to connect with - gain trust of their valuable network and maintain a long-lasting relationship with them

13. COMMON TRAITS 7. DECISIVE - always have a decision about their business - do not leave an issue unresolved without a disposition - make sure that aspects of their business have clear objectives and strategies - decisions on scientific calculations backed up by their experience and technical knowledge.

14. COMMON TRAITS 8 . BALANCED - balance between the analytical and the creative side in dealing with all the aspects of business operations - brains are always playing with “unique ideas” - always have Eureka! Moments and enjoy them

15. COMMON TRAITS 9. INNOVATIVE - rich with big ideas that can add value to the business, or could become a game changer in the industry - do not stop improving and thinking of new and worthwhile ideas for their business

16. CORE TRAITS 1. LEADERS 2 . COMMUNICATORS 3. SPECIALISTS 4. PROBLEM SOLVERS

17. FIVE LEVELS OF ENTREPRENEURIAL DEVELOPMENT 1. THE SELF - EMPLOYED 4. THE INVESTOR 3. THE LEADER 2. THE MANAGER 5. THE TRUE ENTREPRENEUR

18. FOUR STEP-PROCESS OF THINKING IDEALIZATION - entrepreneurs dream enormously and desire to build an ideal environment VISUALIZATION - entrepreneurs start to create plans to make the dream a reality VERBALIZATION – involves sharing their ideas with other people MATERIALIZATION - happens when the vision becomes a reality

19. NEW TERMS FOR ENTREPRENEURS /ENTREPRENEUR’S FIELD OF EXPERTISE : TECHNOPRENEUR - puts technology at the core of his or her business model

20. SOCIAL ENTREPRENEUR -recognizes the country’s social problems and turn them into profitable institutions with the intention of helping the disadvantaged community rather than making s profit.

21. INTRAPRENEURS -entrepreneur in a large company or corporation who is tasked to think, establish, and run a new big idea or project. -product managers or business development managers of a company

22. EXTRAPRENEUR - hops from one company to another to act as the innovation champion, providing creative and efficient solutions

23. IDENTIFY WHO IS BEING REFERRED TO!

24. IMPORTANT CAREER FACTORS a. Income usually fixed per month and increases every year depending on the employer and the employee’s performance. 1. INCOME EMPLOYEE c. Income earned whether the business is successful or unsuccessful. EMPLOYEE b. Income only earned when the business is successful. ENTREPRENEUR

25. IMPORTANT CAREER FACTORS d. Income generated passively even when he is resting. 1. INCOME ENTREPRENEUR e. Income generated actively; no work = no pay EMPLOYEE f. Opportunity income unlimited, depending on the success of the business. ENTREPRENEUR

26. IMPORTANT CAREER FACTORS a. Fully responsible for serving customers, making the business profitable/sustainable, and providing employee satisfaction. 2. HIRING AND FIRING, ORGANIZATIONAL SETUP AND MAJOR KEY RESULT AREAS ENTREPRENEUR b. Has the power to disengage nonperforming employees applying the due process policy of disengaging personnel ENTREPRENEUR

27. IMPORTANT CAREER FACTORS c. Can venture into expansion of business such as franchising and buying other similar businesses. 2. HIRING AND FIRING, ORGANIZATIONAL SETUP AND MAJOR KEY RESULT AREAS ENTREPRENEUR d. Seeks for job; is the one applying for a job and is interviewed by the company’s hiring officers. EMPLOYEE e. Has the goal of satisfying only the employer or the direct supervisor. EMPLOYEE

28. IMPORTANT CAREER FACTORS f. Provides jobs; is the owner of the business and conducts the talent selection. 2. HIRING AND FIRING, ORGANIZATIONAL SETUP AND MAJOR KEY RESULT AREAS ENTREPRENEUR g. Fully dependent on the employee’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 is their only source of income. EMPLOYEE

29. IMPORTANT CAREER FACTORS h. Can only work for the current employer exclusively. 2. HIRING AND FIRING, ORGANIZATIONAL SETUP AND MAJOR KEY RESULT AREAS EMPLOYEE

30. IMPORTANT CAREER FACTORS a. Prepares policies, procedures, and memoranda for the business. 3 . DAILY TASKS ENTREPRENEUR b. Has routine tasks and works on regular or normal hours. EMPLOYEE c. Follows policies, procedures, and memoranda from the employer. EMPLOYEE

31. IMPORTANT CAREER FACTORS d. Performs all necessary variable tasks to establish and manage a startup business, which usually takes most of his time; spend more hours on work than a regular employee and sometimes gets no sleep. 3 . DAILY TASKS ENTREPRENEUR

32. IMPORTANT CAREER FACTORS a. Has a limited number of vacation days imposed by the employer. 4. LEISURE TIME AND VACATION ENTREPRENEUR EMPLOYEE b. Has a flexible schedule and can take unlimited number of vacation days (applicable only if the business has stabilized already).

33. IMPORTANT CAREER FACTORS a. Taxed on the gross income; cannot use expenses incurred related to the job such as food and transportation expenses to claim deductions from the taxable income. 5 . TAXATION ENTREPRENEUR EMPLOYEE b. Taxed on the net income; can claim taxable deductions for allowable expenses incurred by the business.

34. IMPORTANT CAREER FACTORS a. Is comfortable in doing multiple and challenging tasks 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. 6. COMFORT LEVEL AT WORK ENTREPRENEUR EMPLOYEE b. May be comfortable with routines and minimal risks; may also be comfortable in working for the company itself.

35. FRANCHISE A business arrangement wherein the franchisor, who is the owner of the business, acquires distribution centers through the franchisees or the affiliated dealers KEY TERMS ACQUISITION Buying another similar business or a new business INTRAPRENEURSHIP Managing a start-up business in an established business.

36. MOST COMMON SMALL BUSINESS IN THE PHILIPPINES Sari-Sari Store Rice Retailing Food Cart Business Printing Business Buy-and-Sell Business Street Food Business Flea Market Business or Tiangge Online Selling Business Cellphone Loading Laundry and Dry Cleaning Business Hair Styling and Makeup Business Spa, Gym, and Nail Care Business Video and Photography Business Tutorial Business Website Development and Design/Blogging/Vlogging Direct Selling Business Car Wash and Car Care Business Bar, Cafe, and Restaurant Water Station and LPG Station

37. FRANCHISE OR STARTUP BUSINESSES IN THE PHILIPPINES Bakeries, bakeshops, and bread products Bars, Cafes, and Coffee Shops Beverage and Confectionery Car Care Clothing and Accessories Convenience Stores Drug Stores and Pharmacies Fast Food Establishments and Restaurants Food and Snacks Carts Gas Stations/Petroleum Products General Merchandise and Retail Health and Wellness (Salon, Massage, Spa and Gym Schools Services (Personal and Business) Water Stations