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1/29/17

ENTREPRENEURIAL
PERSPECTIVE
WEEK 1

Aireen Y. Clores, Asst. Prof., VSU-DCHM

Hrtm 134 Entrepreneurship & Business Planning

Aireen Y. Clores, Asst. Prof., VSU-DCHM

1/29/17

1.1

What Is
2
Entrepreneurshi
p?

Define what it means to be an entrepreneur

Compare the pros and cons of being an entrepreneur

Identify successful entrepreneurs and their achievements

CO1:

Assume the risk of creating an enterprise that will provide them


with a return on the capital employed

Content:

Nature and importance of entrepreneurship

The entrepreneurial mindset

Entrepreneurial intentions, rewards and business size

Aireen Y. Clores, Asst. Prof., VSU-DCHM

1/29/17

French word origin


Entependre an
undertaker

entre-

pre

neur

enter
-

before

nerve center

Definition of Entrepreneurship

Organizes, Manages and Assumes Risk


of a Business or Enterprise

Merriam-Webster

Aireen Y. Clores, Asst. Prof., VSU-DCHM

One who

1/29/17

An Entrepreneur

For this course:


Walt

Disneys definition
.to do things and make
things which will give
pleasure to people in new
and amazing ways. .
It is magic!

Walt Disney and entrepreneurship

Simply
amazing!

Magical

Entrepreneurship
involves:
MAGIC soft issues
LOGIC hard issues

According to George Gilder


from The Spirit of the Enterprise*

It destroying the old order and creating new ones.

Aireen Y. Clores, Asst. Prof., VSU-DCHM

According to Joseph Schumpeter -*

1/29/17

It is making the world forever new. It is taking aggressive


actions.

*From Business as a Calling by Michael Novak

"one who undertakes innovations, finance and business acumen in an effort to


transform innovations into economic goods".

Why Be an Entrepreneur?
The biggest reward of becoming an entrepreneur is the
The biggest reward of becoming an entrepreneur is the
personal satisfaction that comes from having the freedom to
personal satisfaction that comes from having the freedom to
make your own business decisions and then act on them.
make your own business decisions and then act on them.

Making Your Own Rules.

Doing Work You Enjoy.

Creating Greater Wealth

Helping Your Community.

Entrepreneurship:OwningYourFuture,11thed.
SteveMariotti

2010PearsonHigherEducation,
UpperSaddleRiver,NJ07458.AllRightsReserved.

It is about:
ideas

Products
Processes

ENTREPRENEURSHIP

MINDSET

About

a forever
innovating mindset

Aireen Y. Clores, Asst. Prof., VSU-DCHM

Business

1/29/17

NEW:

10

Entrepreneurship

11

Opportunity-focused
Innovative
Growth-oriented

Can you add additional


Characteristics and/or Attributes

Aireen Y. Clores, Asst. Prof., VSU-DCHM

1/29/17

Entrepreneurship is a mindset

Entrepreneurship in History
Here are some well-known entrepreneurs who changed
Here are some well-known entrepreneurs who changed
the world. For what is each entrepreneur most famous?
the world. For what is each entrepreneur most famous?

Stephen Wozniak and Steve Jobs

Entrepreneurship:OwningYourFuture,11thed.
SteveMariotti

2010PearsonHigherEducation,
UpperSaddleRiver,NJ07458.AllRightsReserved.

12

Risks of Being an
Entrepreneur
Potential Business Failure. Being fully

responsible means the success or failure of your


business rests on you.
Unexpected Obstacles. Problems can happen
that you dont expect.
Financial Insecurity. Many new businesses
dont make much money in the beginning, so
you may not always be able to pay yourself.
Long Hours and Hard Work. Its not unusual
for entrepreneurs to work a lot of extra hours to
make their businesses successful. This is
especially true during the initial start-up
process.

Entrepreneurship:OwningYourFuture,11thed.
SteveMariotti

2010PearsonHigherEducation,
UpperSaddleRiver,NJ07458.AllRightsReserved.

13

Source

of new products and innovation

In

the third-world countries, the


entrepreneurs keep the sagging economies
alive

Its

the entrepreneurs not the central bank


that keep the economy moving

Finally...

Aireen Y. Clores, Asst. Prof., VSU-DCHM

90% of the worlds jobs are created by


entrepreneurs

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1/29/17

Compelling Reasons
Why We
Need
Entrepreneurs

out of 10 adult Filipinos are


into business
Highest in Northern Luzon 54%
Lowest in Metro Manila 30%
In the early stages, it is highest
in Mindanao, at 73%

Aireen Y. Clores, Asst. Prof., VSU-DCHM

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1/29/17

RP is a HOTBED OF
ENTREPRENEURSHIP!

Why Study
Entrepreneurship?
There are two primary reasons why studying
There are two primary reasons why studying

entrepreneurship makes sense: you learn to think like


entrepreneurship makes sense: you learn to think like
an entrepreneur and you develop a vision for your life.
an entrepreneur and you develop a vision for your life.

Entrepreneurship:OwningYourFuture,11thed.
SteveMariotti

2010PearsonHigherEducation,
UpperSaddleRiver,NJ07458.AllRightsReserved.

16

Enterprise

In essence, enterprise is about spotting


opportunities, creating new ideas and having
the confidence and capabilities to turn these
ideas into working realities (Nixon, 2004)

Aireen Y. Clores, Asst. Prof., VSU-DCHM

(Mason, 2000)

1/29/17

involves measures to encourage individuals


to become entrepreneurs and equip them with
the necessary skills to make a business
successful

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Intrapreneurship

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(Kneale, 2002)

Aireen Y. Clores, Asst. Prof., VSU-DCHM

1/29/17

is the art of working within an organisation


to effect change, by developing new ideas,
procedures or products, by innovating
practice and thereby enhancing the business

Forms of Entrepreneurship

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Entrepreneurship
2. Business Entrepreneurship
3. Techno Entrepreneurship

Aireen Y. Clores, Asst. Prof., VSU-DCHM

1/29/17

1. Social

Social Entrepreneurship

No

more charities

Sustainability
Profits

for non profits

Aireen Y. Clores, Asst. Prof., VSU-DCHM

Search for approaches to move poor people out of poverty


beyond welfare-based safety nets.

1/29/17

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Mother

Aireen Y. Clores, Asst. Prof., VSU-DCHM

1/29/17

Teresa
did what no
other person
has done before
to take care of
the poor,
destitute and
lepers

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Lance

Aireen Y. Clores, Asst. Prof., VSU-DCHM

1/29/17

Armstrong
7 times Tour de
France champion
His real victory is
with the LAF
where he helps
hundreds of
cancer victims

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Sir

Edmund Hillary was

Sir

Edmund Hillary came back to


Nepal and helped the Sherpas
improve their living conditions.

Aireen Y. Clores, Asst. Prof., VSU-DCHM

to conquer Mt. Everest

1/29/17

first

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Why are they entrepreneurs?

Aireen Y. Clores, Asst. Prof., VSU-DCHM


1/29/17

2. Business Entrepreneurship
Business for profit
Its

about the study of systems,


structure, and staffing to make a
large corporation stay competitive,
innovative, and profitable on a
sustainable basis.

Other types of entrepreneur


continuously comes up
with new ideas and starts new
businesses. In the media, the
serial entrepreneur is
represented as possessing a
higher propensity for risk,
innovation and achievement.

Lifestyle

entrepreneur

A
lifestyle
entrepreneur places
passion before profit
when launching a
business in order to
combine
personal
interests and talent
with the ability to
earn a living.

Aireen Y. Clores, Asst. Prof., VSU-DCHM

who

entrepreneur

1/29/17

Serial

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Entrepreneurial Trends

27

Social
The

and minority-owned businesses

responsibility

Internet

Globalization

Can you think of additional trends

Aireen Y. Clores, Asst. Prof., VSU-DCHM

1/29/17

Women

Bornor made?
identify

Social

Development
Approach

includes
risk,
family
influences,
constraints etc.

Structure

Opportunity Model includes


wider social factors such as family,
neighbourhood, school, peer group,
work environment etc.

Aireen Y. Clores, Asst. Prof., VSU-DCHM

Theory seeks to
common links that bind them

1/29/17

Trait

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1.2

Characteristics
of
an
Entrepreneur

Describe who becomes an entrepreneur


List the key characteristics of an entrepreneur
Explore ways to build your business potential
Explain the value of learning about
entrepreneurship

Entrepreneurship:OwningYourFuture,11thed.
SteveMariotti

2010PearsonHigherEducation,
UpperSaddleRiver,NJ07458.AllRightsReserved.

29

Who Are Entrepreneurs?

Entrepreneurship:OwningYourFuture,11thed.
SteveMariotti

2010PearsonHigherEducation,
UpperSaddleRiver,NJ07458.AllRightsReserved.

30

please take 1 min. to write


down three attributes, in rank order, that
you particularly associate with
entrepreneurs

Entrepreneurs are

Aireen Y. Clores, Asst. Prof., VSU-DCHM

Individually,

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1/29/17

Characteristics of entrepreneurs
or enterprising people?

Characteristics of Successful
Entrepreneurs
Self-assessmentevaluating your strengths and weaknesses
Self-assessmentevaluating your strengths and weaknesses
is an important part of becoming an entrepreneur.
is an important part of becoming an entrepreneur.

An aptitude is a natural ability to do a particular


type of work or activity well.

An attitude is a way of viewing or thinking about


something that affects how you feel about it.
Entrepreneurs tend to be people with positive
attitudes.

Entrepreneurship:OwningYourFuture,11thed.
SteveMariotti

2010PearsonHigherEducation,
UpperSaddleRiver,NJ07458.AllRightsReserved.

32

Characteristics of an Entrepreneur:

Adaptable; problem-solver

Persuasive; inspirational

Confident; determined; motivated; a self-believer; selfish

Competitive; ambitious; a risk-taker; one who perseveres

Honest

Disciplined; hard working

Organised; a planner; a decision-maker

Understanding

Leader; team worker

Networker

Taker of opportunities

Researcher; enquirer

Aireen Y. Clores, Asst. Prof., VSU-DCHM

Visionary; creative; innovative

1/29/17

33

Characteristics of Successful
Entrepreneurs

Personal
Characterisitics
Courage
Creativity
Curiosity
Determination
Discipline
Empathy
Enthusiasm
Flexibility
Honesty
Patience
Responsibility

Entrepreneurship:OwningYourFuture,11thed.
SteveMariotti

Skills
Skills

A skill is an ability thats


A skill is an ability thats
learned through training and
learned through training and
practice.
practice.
Business Skill
Business Skill
Communication Skill
Communication Skill
Computer Skill
Computer Skill
Decision-Making and
Decision-Making and
Problem-Solving Skills
Problem-Solving Skills
Mathematical Skill
Mathematical Skill
Organizational Skill
Organizational Skill
People Skills
People Skills
2010PearsonHigherEducation,
UpperSaddleRiver,NJ07458.AllRightsReserved.

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Increasing Your Potential


Increase your business and entrepreneurial potential by
Increase your business and entrepreneurial potential by
focusing on six specific areas.
focusing on six specific areas.

Business Knowledge. Reading magazine and newspaper articles,


search the Internet, and talk to business owners.

Financial Skills. Strengthen your math skills.

Career Exploration. Evaluate your strengths and weaknesses,


explore careers interest you.

Community Awareness. Look for volunteering opportunities and


find out if any companies in your area provide internship programs.

Education. Obtaining a good education benefits you personally and


open doors to more career opportunities.

Relationships. Spend time with people who believe in you and


inspire you.

Entrepreneurship:OwningYourFuture,11thed.
SteveMariotti

2010PearsonHigherEducation,
UpperSaddleRiver,NJ07458.AllRightsReserved.

35

Entrepreneurial ION (Process)

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AmbitION
PassION

PerspiratION (past jobs)


RecreatION (hobbies)

Idea FruitION

FrustratION (what pisses you


off)
Enterprise
CreatION

Sea of Opportunity

Aireen Y. Clores, Asst. Prof., VSU-DCHM

1/29/17

InspiratION (idea)

impacts and benefits

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promotes self help &


unemployment

mobilizes capital

provides taxes to the economy

empower individuals

enhance national identity and


pride

enhance competitive
consciousness

improves quality of life

enhances equitable distribution of


income and wealth

Aireen Y. Clores, Asst. Prof., VSU-DCHM

1/29/17

Put your name here:


__________________________________
THE NEXT MILLIONAIRE / WINNER

FOLLOW YOUR
DREAM, BE AN
ENTREPRENEUR
(movie clip)

Aireen Y. Clores, Asst. Prof., VSU-DCHM

YOU

1/29/17

So you want to be a
billionaire?

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Assignment no. 1:

2.

How can an entrepreneur makes a difference in your life, the


economy and the environment as a whole?
Based on the video, are you motivated to become an
entrepreneur? What makes you an entrepreneur? Please
identify your personal views on entrepreneurship.

Go to this website to answer the assignment:


https://eliademy.com/app/a/tasks/420277

Aireen Y. Clores, Asst. Prof., VSU-DCHM

1.

1/29/17

Youtube: ENTREPRENEURSHIP LECTURE: THE POWER OF


ENTREPRENEURSHIP - STARTUP
https://www.youtube.com/watch?v=hvewJ-LD0ak
From the youtube video: answer the following questions:

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