Samuel L.

Agbanlog
BIT III-Food Technology

Entrepreneurship Defined:
Entrepreneurship Definition :
The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.
The most obvious example of entrepreneurship is the starting of new businesses.
In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is
characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and
increasingly competitive global marketplace.

Read more: http://www.businessdictionary.com/definition/entrepreneurship.html

Entrepreneurship
From Wikipedia, the free encyclopedia
"Entrepreneur" redirects here. For other uses, see Entrepreneur (disambiguation).
"Co-founder" redirects here. For someone who cultivates a startup, see Startup company Co-founders.
Entrepreneurship is the process of designing, launching and running a new business, which is more often than not, initially a small
business, offering a product, process or service for sale or hire. The people who create these businesses are
called entrepreneurs.[1][need quotation to verify][2] Entrepreneurship has been described as the "capacity and willingness to develop, organize
and manage a business venture along with any of its risks in order to make a profit".[3] While definitions of entrepreneurship
typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant
proportion of businesses have to close, due to "lack of funding, bad business decisions, an economic crisis or a combination of all
of these"[4] or due to lack of market demand. In the 2000s, the definition of "entrepreneurship" expanded to explain how and why
some individuals (or teams) identify opportunities, evaluate them as viable and then decide to exploit them, whereas others do
not[5] and, in turn, how entrepreneurs use these opportunities to develop new products or services, launch new firms or even new
industries and create wealth.[6] Recent[when?] advances stress the fundamentally uncertain nature of the entrepreneurial process,
because although opportunities exist their existence cannot be discovered or identified prior to their actualization into
profits.[7] What appears as a real opportunity ex ante might actually be a non-opportunity or one that cannot be actualized by
entrepreneurs lacking the necessary business skills, financial or social capital.
An entrepreneur has been defined[by whom?] as, "a person who starts, organizes and manages any enterprise, especially a business,
usually with considerable initiative and risk; running a small business with all the risk and reward of any given business
process".[8][9] Entrepreneurs tend to be good at perceiving new business opportunities and they often exhibit positive biases in their
perception (i.e., a bias towards finding new possibilities and seeing unmet market needs) and a pro-risk-taking attitude that makes
them more likely to exploit the opportunity.[10][11] An entrepreneur may be in control of a commercial undertaking, directing
the factors of production the human, financial and material resources that are required to exploit a business opportunity.
Entrepreneurs act as managers and oversee the launch and growth of an enterprise. Entrepreneurship is the process by which either
an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its
exploitation. The exploitation of entrepreneurial opportunities may include: [12]
developing a business plan
hiring the human resources
acquiring financial and material resources
providing leadership
being responsible for both the venture's success or failure
risk aversion

Economist Joseph Schumpeter (18831950) saw the role of the entrepreneur in the economy as "creative destruction" launching
innovations that simultaneously destroy old industries while ushering in new industries and approaches. For Schumpeter, the
changes and "dynamic disequilibrium brought on by the innovating entrepreneur [were] the norm of a healthy economy".[13]
While Entrepreneurial spirit may be characterized as being "by innovation and risk-taking",[3] entrepreneurship is often associated
with new, small, for-profit start-ups, entrepreneurial behavior can be seen in small-, medium- and large-sized firms, new and
established firms and in for-profit and not-for-profit organizations, including voluntary-sector groups,charitable
organizations and government.[14]
Entrepreneurship may operate within an entrepreneurship ecosystem which often includes:
government programs and services that promote entrepreneurship and support entrepreneurs and start-ups
non-governmental organizations such as small-business associations and organizations that offer advice and mentoring to
entrepreneurs (e.g., through entrepreneurship centers or websites)
 small-business advocacy organizations that lobby governments for increased support for entrepreneurship programs and more
small business-friendly laws and regulations
entrepreneurship resources and facilities (e.g., business incubators and seed accelerators)
entrepreneurship education and training programs offered by schools, colleges and universities
financing (e.g., bank loans, venture capital financing, angel investing and government and private foundation grants)[15][need
quotation to verify]

Entrepreneurship Explained
Interestingly enough, there is debate over the definition of an entrepreneur. Some experts have a wide definition that encompasses
anyone who works for himself. Others have a narrower view point, suggesting that an entrepreneur doesn't just work
interdependently but also, his business involves innovation and leadership.

They do tend to agree on the idea that an entrepreneur takes an idea, develops a business around it, manages the business, and
assumes the risk for its success.

Types of Entrepreneurs
One of the reasons there is disagreement over the definition of entrepreneur is that it includes so many different types of self-
employed businesses. Some common types of entrepreneurship include:

Small business: This includes mom and pop shops and local business owners. Small business can include partnerships, sole
proprietors and LLCs. Generally its any business that has less than 500 employees, according to the Small Business Administration.

Home-Based Business: A home based business could fit under the category of small business, but the primary factor in this case is
that it's run from home, as opposed to an office or other location. But just because a business is run from home, doesn't mean it
can't compete with larger businesses. In fact, many large corporations were started from home.

Online Business: Internet-based business can be small, home-based or even large corporations.

The key difference here is that the business is operated primarily online. This includes companies like Amazon or other e-commerce
businesses, blogger, Ebay and Etsy owners, and any other business that does the majority of its business online.

Inventors: For an inventor to be considered an entrepreneur, he needs to go beyond the idea stage to build the product and get it to
market.

A good example of inventors that transition to entrepreneurs is contestants on Shark Tank.

Serial entrepreneur: Many entrepreneurs get the most joy out of starting and building a business, but not in its continued
management, so they sell it to launch a new idea. They are still considered entrepreneurs because they operate and assume risk in
the business for the time they own it. Other times, serial entrepreneurs juggle several businesses at once, earning multiple streams
of income.

Characteristics of a Successful Entrepreneur

Some suggest that the entrepreneurial drive is innate, a trait acquired at birth, while others disagree and believe that anyone can
become an entrepreneur. Whether a person is born to it or develops it, there are characteristics and traits required to successful
entrepreneurship including:

Passion - Talk to successful entrepreneurs and you'll nearly always hear the word passion when they describe what they do.
Following your passion is one of the best predictor of success.
Independent thinking - Entrepreneurs often think outside the box.
Optimism - It's difficult to succeed at anything if you don't believe in a good outcome. Entrepreneurs are dreamers and believe their
ideas are possible, even when they seem unattainable.

Self-confidence - This is not to say entrepreneurs never have self-doubt, but they're able to overcome it and believe they can
achieve their goal.
Resourceful and problem solvers - Lack of assets, knowledge, and resources are common, but entrepreneurs are able to get what
they need or figure out how to use what they've got.They never let problems and challenges get in the way, and instead find ways to
achieve their goals despite hardships.
Tenacity and ability to overcome hardship - Entrepreneurs don't quit at the first, second or even hundredth obstacle. For them,
failure is not an option, so they continue to work toward success, even when things go wrong.
Vision - Some of the more stringent definitions of entrepreneurship include vision as a necessary element. It helps to know your end
goal when you start. Further, vision is the fuel that propels you forward toward your goal.
Focus - It's easy in this fast paced, constant info-in-your-face world to get distracted. This is especially true for start-ups, that often
get side-tracked by shiny object syndrome (i.e. products and services that promise fast results), or bogged down in unimportant busy
work. Successful entrepreneurs are focused on what will bring results.
Action oriented - Entrepreneurs don't expect something from nothing and they don't wait for things to happen. They are doers. They
overcome challenges and avoid procrastination.
How to Become an Entrepreneur
One of the great things about becoming an entrepreneur is that anyone can do it. Steve Jobs, Bill Gates and Mark Zuckerberg were
in college when they started Apple, Microsoft and Facebook respectively. The world is littered with entrepreneurs you never heard
of who had an idea and turned it into a business. Becoming an entrepreneur isn't hard, but it is work and requires many steps
including:

Development of the characteristics mentioned above.

A great idea
A plan
Consistent execution of the plan.

Qualities of Entrepreneur
Qualities to Become a Successful Entrepreneur
The Success Factors of an Entrepreneur
Good Characteristics of an Entrepreneur
5 Key Factors That Influence Entrepreneurship
How to Be a Good Entrepreneur
Starting a small business is not easy. For many people, starting a business means leaving the comfort and security of a regular "day
job" to pursue a passion or dream. So how do you know if you have what it takes to be a successful entrepreneur? Through careful
and honest self-examination, you can determine if you possess some of the beneficial qualities.

Perseverance
Entrepreneurs inevitably face challenges, even setbacks, during their quest for business success, according to PowerHomeBiz.com.
You may have difficulty obtaining the financing to get started or your initial marketing efforts may prove unsuccessful. You may have
to face starting all over or even declaring bankruptcy. Successful entrepreneurship requires that you persevere and pursue your idea
even when your situation appears bleak.

Self-Discipline
Entrepreneurs must posses a high level of self-discipline. Unlike the typical work environment, there's no boss leaning over
your shoulder, and nobody forces you to get out of bed in the morning and go to work. As an entrepreneur, you need the discipline
to work even though it might be a beautiful, sunny day or a ballgame is on television.

Passion
You'll likely spend the majority of your waking hours working at your chosen business enterprise. Therefore, possessing a
passion for what you're doing is an important entrepreneurial quality. If you don't enjoy or feel strongly about your
pursuit, it may begin to feel like just another job. You may lose interest in your business, which makes achieving success much more
difficult.

Self-Confidence
As an entrepreneur, you alone are responsible for your own success. Therefore, you must be able to promote yourself and your
business on a continuing basis. According to the Entrepreneur website, self-promotion is one of the most underutilized marketing
tools available to entrepreneurs. You need to possess the confidence in yourself and your business idea to tell the world about it
through relentless marketing.

Competitiveness
Unless your business concept is completely unique, you'll likely face a host of competition in your chosen enterprise.
You'll need to possess a competitive spirit to beat your competitors, much like an athlete who attempts to defeat her
opponent. You also need to take the time to study the competition to understand what they do right and wrong, which results in a
beneficial learning experience.
Concept of the Filipino Entrepreneur
A profile of Filipino entrepreneurs
Filipinos do have a flair for business, judging from data from the Department of Trade and Industry.According to the DTI, 99.6 percent of
registered businesses in the Philippines are micro, small and medium enterprises (MSMEs) and these provide 63.2 percent of total jobs
in the country.

Our Filipino entrepreneurs contribute so much to the countrys economy and provide the livelihood of most of our workforce. This is
why our micro, small and medium entrepreneurs need and deserve all the support they can get, says Manny Aligada, Head of
Corporate and SME Segments, Globe Business.
According to Aligada, Globe Business went through a lot of research in order to tailor its solutions to the needs of the Filipino
entrepreneur. In the course of that research, the group discovered some traits and qualities that make Filipinos good entrepreneurs.
Here are some of Globe Business insights into the character of the Filipino entrepreneur.
Practicality and common sense. The most successful Filipino entrepreneurs are not necessarily those who have the best education, or
have an impressive academic record.
Some of them, in fact, never even finished grade school. So how come they are now successful businessmen? Filipino entrepreneurs
have what we might call street-smarts and a great deal of common sense. They are practical thinkers. They make decisions based on
what they know about human nature from experience. They are not only able to come up with good products but, more importantly,
they know how to relate to their customers and give what their customers want. You really cannot learn such skills from a book or in a
classroom.
This is practical knowledge that you gain by relating to actual customers and trying your own hand at a business. In other words,
entrepreneurs develop their street-smarts and sharpen their common sense through experience. They learn from both their successes
and their mistakes. Thats what makes them effective entrepreneurs, Aligada says.
Filipino entrepreneurs are also practical when it comes to money. They make sure that they get maximum profit for the lowest possible
cost.
Passionate about business. When a Filipino entrepreneur decides on what business he will establish, usually it will be related to
something he or she is passionate about. This passion drives him to learn everything possible about the products or services he is
offering to customers. The same passion also gives the Filipino entrepreneur a strong commitment and involvement in his enterprise.
Filipino entrepreneurs are all in business to earn for themselves and their families. However, the most successful ones have the
passion that fuels their minds, emotions and bodies to make the business grow. This passion reaches the point where the business in no
longer just about the bottomline; the business itself brings fulfillment and happiness to the entrepreneur. This proves that if one is
passionate about ones enterprise, then one will find the resources to make it successful for its own sake, says Aligada.
Confident and self-reliant. The Filipino entrepreneur is always hands-on and self-reliant. When he is just starting out his business, he is
practically able to do everything involved in running it-from finding the best suppliers to renting the place of business, to the marketing,
selling and customer relations, and even accounting.
All this would not be possible without the entrepreneurs supreme confidence in himself or herself.
Filipino entrepreneurs trust their own judgment and their own capacity to run their businesses. They are able to take calculated or even
daring, seemingly unwise, risks. They know that while they can get the best advice, the best research, ultimately, the success of the
business depends on their own judgment.
Hard-working and goal-oriented. No one can doubt how hardworking the Filipino entrepreneur is. His involvement in his business is
nearly absolute, to the point that his personal time for himself and his loved ones is compromised. He is also goal-oriented, and has the
discipline to set smaller goals that he will accomplish in order to meet his final objective.
A leader and an innovator. The most successful Filipino entrepreneurs have excellent leadership skills. He is able to convince and
influence his employees and his customers positively. He is also able to innovate-to come up with novel solutions when a challenging
situation arises.
Value-oriented. Finally, the Filipino entrepreneur has a set of values that guides him in doing business. The greatest value for a Filipino
entrepreneur is his family.
In general, a Filipino entrepreneur, no matter how successful he has become, never loses sight of why he is striving to make his
business thrive and growhe is doing it for the well-being of his family, says Aligada.
Read more: http://business.inquirer.net/69655/a-profile-of-filipino-entrepreneurs#ixzz4rvG07To5
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook

Determinants of Successful Entrepreneur

Determinants of Successful Entrepreneurship By stimulating entrepreneurship, the actual goal is especially to stimulate the people
who will be successful after starting up their businesses. Considering the great variety within the group of (potential) entrepreneurs,
there is need for specific insight in the factors that determine the success of starting entrepreneurs. This is investigated in the
rpesent study for the Netherlands.
Contributions of Entrepreneur:
There are entrepreneurs who are extremely successful and everything they touch seems to turn to gold, and there are some that do
not see as much success. What are the deciding factors that separate those that crank home run after home run and those that
struggle at the plate?

While the majority of entrepreneurs have no problem working hard, not all work smart and possess the following entrepreneurial
qualities responsible for driving success.

1. Not being afraid of delegating tasks. As entrepreneurs, we tend to always have a full plate and feel that we can take on any task.
In reality, if we keep adding to the already-full plate it is eventually going to collapse and create a mess. Dont be afraid to delegate
tasks to an experienced member of your company that has the ability to get tasks completed.

Related: Successful Entrepreneurs Do These 5 Things Daily

2. Managing time effectively. Proper time management is necessary to distinguish between extremely urgent tasks and those that
can wait. Use a notebook or whiteboard to prioritize your tasks by writing them down. Mobile devices and tablets have calendars
and notepads, but nothing is more effective than actually writing down your to-do list. Focus on one task at a time and dont let
new to-dos disrupt your focus. Knock them out one at a time.

3. Visualizing goals and success. You need to see your goals and success in your mind first if you plan on making them a reality. Not
only do you need to visualize the end result, but you also need to visualize every step that it is going to take to get there. Napoleon
Hill said it best: What the mind can conceive and believe it can achieve.

4. Listening and communicating well. If you arent a good listener and communicator it will result in miscommunications and wasted
time, not to mention added work to correct the miscommunications. Time is one thing that all entrepreneurs would like more of.
How often have you wished there was more hours in a day? Avoid wasting priceless time repeating and redoing tasks due to poor
communication.

5. Understanding your time is valuable. While it would be great to be able to give everyone the time that they wanted, it would
leave you with little to no time to accomplish the things that you need to get done. If a sales representative has a question, they
should address it with the sales manager. If a customer has a question they should be speaking with your customer-care
representative. While people might demand your time, it doesnt mean that you have to grant them the time. Your time is valuable,
so dont waste it on disruptions that should be handled by other members of your organization.

Related: The 7 Traits of Successful Entrepreneurs

6. Seeking help when you need it. We often let our stubbornness prevent us from asking for help. Have you ever been stumped and
someone comes along with the answer and you think, Why in the world didnt I think of that? Often times a clear mind and
different viewpoint can quickly solve a problem or provide an answer to a question. Dont be afraid to ask for help when you need it,
as it can also help to strengthen the communication within your organization.

7. Getting out of the office. As an entrepreneur, you have probably spent several 18-hour days behind your computer or worked
through the night late at your office until the sun came back up. It is important to break your day up, for both your physical and
mental health. Take a few breaks throughout the day and walk around the office or take a walk outside to clear your head and give
your eyes a break from the computer. Leave your office for lunch, even if you bring it -- go eat outside and get some fresh air. Want
to jumpstart your day and have healthy energy throughout the day? Go to the gym bright and early before you hit the office every
morning and get a good workout in. You will have a clear mind, abundant energy and improved mental focus.

8. Giving back. It is important to understand how lucky we are, as entrepreneurs, to do what we love. When you are appreciative of
what you have accomplished and then take a step back to see what you can do to give back, it gives you a feeling like no other. My
company helps several 501(c)(3) organizations with their nonprofit marketing each year. Helping several nonprofits that support
causes I believe in is a great feeling. You can have everything in life you want, if you will just help other people get what they want,
said Zig Ziglar.

Nobody said being an entrepreneur is an easy thing to do, and while these qualities will not translate into automatic success, they
sure can help.
What other qualities do you feel are important? Let us know in the comments below.
Jhieanique R. Locquiao
BIT III-Food Technology

Entrepreneurship Defined:

Entrepreneurship Definition :
The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.
The most obvious example of entrepreneurship is the starting of new businesses.
In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is
characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and
increasingly competitive global marketplace.

Read more: http://www.businessdictionary.com/definition/entrepreneurship.html

Entrepreneurship
From Wikipedia, the free encyclopedia
"Entrepreneur" redirects here. For other uses, see Entrepreneur (disambiguation).
"Co-founder" redirects here. For someone who cultivates a startup, see Startup company Co-founders.
Entrepreneurship is the process of designing, launching and running a new business, which is more often than not, initially a small
business, offering a product, process or service for sale or hire. The people who create these businesses are
called entrepreneurs.[1][need quotation to verify][2] Entrepreneurship has been described as the "capacity and willingness to develop, organize
and manage a business venture along with any of its risks in order to make a profit".[3] While definitions of entrepreneurship
typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant
proportion of businesses have to close, due to "lack of funding, bad business decisions, an economic crisis or a combination of all
of these"[4] or due to lack of market demand. In the 2000s, the definition of "entrepreneurship" expanded to explain how and why
some individuals (or teams) identify opportunities, evaluate them as viable and then decide to exploit them, whereas others do
not[5] and, in turn, how entrepreneurs use these opportunities to develop new products or services, launch new firms or even new
industries and create wealth.[6] Recent[when?] advances stress the fundamentally uncertain nature of the entrepreneurial process,
because although opportunities exist their existence cannot be discovered or identified prior to their actualization into
profits.[7] What appears as a real opportunity ex ante might actually be a non-opportunity or one that cannot be actualized by
entrepreneurs lacking the necessary business skills, financial or social capital.
An entrepreneur has been defined[by whom?] as, "a person who starts, organizes and manages any enterprise, especially a business,
usually with considerable initiative and risk; running a small business with all the risk and reward of any given business
process".[8][9] Entrepreneurs tend to be good at perceiving new business opportunities and they often exhibit positive biases in their
perception (i.e., a bias towards finding new possibilities and seeing unmet market needs) and a pro-risk-taking attitude that makes
them more likely to exploit the opportunity.[10][11] An entrepreneur may be in control of a commercial undertaking, directing
the factors of production the human, financial and material resources that are required to exploit a business opportunity.
Entrepreneurs act as managers and oversee the launch and growth of an enterprise. Entrepreneurship is the process by which either
an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its
exploitation. The exploitation of entrepreneurial opportunities may include: [12]
developing a business plan
hiring the human resources
acquiring financial and material resources
providing leadership
being responsible for both the venture's success or failure
risk aversion
Economist Joseph Schumpeter (18831950) saw the role of the entrepreneur in the economy as "creative destruction" launching
innovations that simultaneously destroy old industries while ushering in new industries and approaches. For Schumpeter, the
changes and "dynamic disequilibrium brought on by the innovating entrepreneur [were] the norm of a healthy economy".[13]
While Entrepreneurial spirit may be characterized as being "by innovation and risk-taking",[3] entrepreneurship is often associated
with new, small, for-profit start-ups, entrepreneurial behavior can be seen in small-, medium- and large-sized firms, new and
established firms and in for-profit and not-for-profit organizations, including voluntary-sector groups,charitable
organizations and government.[14]
Entrepreneurship may operate within an entrepreneurship ecosystem which often includes:
government programs and services that promote entrepreneurship and support entrepreneurs and start-ups
non-governmental organizations such as small-business associations and organizations that offer advice and mentoring to
entrepreneurs (e.g., through entrepreneurship centers or websites)
 small-business advocacy organizations that lobby governments for increased support for entrepreneurship programs and more
small business-friendly laws and regulations
entrepreneurship resources and facilities (e.g., business incubators and seed accelerators)
entrepreneurship education and training programs offered by schools, colleges and universities
financing (e.g., bank loans, venture capital financing, angel investing and government and private foundation grants)[15][need
quotation to verify]

Entrepreneurship Explained
What is Entrepreneurship? 44
BY AMITABH SHUKLA UPDATED JUNE 14, 2017 ENTREPRENEURSHIP
What is Entrepreneurship?: An entrepreneur is an individual who owns a firm, business, or venture, and is responsible for its
development. Entrepreneurship is the practice of starting a new business or reviving an existing business, in order to capitalize on
new found opportunities.

Entrepreneurship
Generally, entrepreneurship is a tough proposition as a good number of the new businesses fail to take off. Entrepreneurial activities
differ based on the type of business they are involved in. It is also true that entrepreneurial ventures create a number of new job
opportunities. A large number of entrepreneurial projects look for venture capital or angel funding for their startup firms in order to
finance their capital requirements. Besides, government agencies and some NGOs also finance entrepreneurial ventures.

Entrepreneurship is often associated with uncertainty, particularly when it involves creating something new for which there is no
existing market. Even if there is a market, it may not translate into a huge business opportunity for the entrepreneur. A major aspect
in entrepreneurship is that entrepreneurs embrace opportunities irrespective of the resources they have access to.

Entrepreneurship involves being resourceful and finding ways to obtain the resources required to achieve the set objectives. Capital
is one such resource. Entrepreneurs need to think out-of-the-box to improve their chances of obtaining what they need to succeed.
According to management experts, vast majority of entrepreneurs desire to be in control of their own life and they cant find this
beyond entrepreneurship. Studies have demonstrated that people derive great satisfaction from their entrepreneurial work.

A number of entrepreneurs are of the opinion that managing their own business offers far greater security than being an employee
elsewhere. They feel entrepreneurship enables them to acquire wealth quickly and cushion themselves against financial insecurity.
Additionally, an entrepreneurs future is not at peril owing to the faulty decisions of a finicky employer. So, while some people feel
that being employed is less risky, entrepreneurs feel that they are better off starting a business of their own.

Today, there is the increasing awareness about entrepreneurship. People arent confining themselves to one business. They are
following one business with another. Such entrepreneurs are referred to as serial entrepreneurs. Sometimes these entrepreneurs
become angel investors and invest their money in startup companies. As a person gains greater insight into business and
entrepreneurship, his chances of succeeding in business improve.

Entrepreneurs are a different set of people. They often see things that others fail to notice. They endeavor to bring about change
and foster growth. They believe in themselves. Entrepreneurship propels them to strive and move forward, to get to where they
want to be.

Qualities of Entrepreneur
A person who decides to start his or her own business face a long, winding road that is tumultuous on occasion and blocked by
obstacles. While some people may have the motivation and desire for business ownership, they may not have taken the time to
properly investigate and research their abilities and their business ideas. As a result, while thousands of new businesses are started
each year, much more either fail or discontinue, and others transfer ownership or control. If the business fails and it could it may
not only wreak havoc with your personal savings and other assets, but it could give your ego a tremendous blow.
What does it take to be a successful entrepreneur? This is a question that every business owner wants to know, with many trying to
understand if theres some magic formula to achieving success.
There is no ideal entrepreneurial personality successful entrepreneurs can be analytical or intuitive, risk-averse or thrill seeking,
or gregarious and taciturn. However, experts suggest that successful small business entrepreneurs, whether male or female, share
some common characteristics.
Below are some of these characteristics:

1. They dream big.

Successful entrepreneurs have the ability to envision a new reality and the will to bring it to fruition. They have crazy big dreams,
even though to some these dreams may not be realistic or practical. But it is the big dreamers who really succeed. They are
possibilities thinker who believes there are possibilities and are not limited by commonly held boundaries. They look beyond to ask
the what ifs questions. They look for answers and solutions and arent daunted by challenges. In fact, they relish challenges.

2. They have a passion for positive change.

The entrepreneurs who make it big know that they have a unique contribution to make to society. They start a business, not just to
change their own lives, but also to make a difference in the world and make it a better place. They want their products or services to
succeed not only in terms of profits but to bring about positive change in the communities they live in by solving existing problems
or filling existing gaps. They are motivated by their desire to improve circumstances at the broader level.

3. They have a clear vision of what they want to achieve.

Successful entrepreneurs have the vision for the future what they want to achieve, what opportunities they need, and how they
can accomplish it. Their vision gives them purpose and helps maintain their focus on what they want the business to achieve. It also
helps them overcome the many humps and challenges they meet along the way.

4. They engage in calculated risk taking.

Contrary to common wisdom, entrepreneurs are not risk addicts. Instead, they take reasonable risks. While taking risks is part of the
entrepreneurship process, those who succeed weigh the options, see what else is out there, and careful about the types of risks they
are willing to take for themselves and those that might rely on them.

5. They are self-directed and self-motivated.

Entrepreneurs have a strong faith in their ideas, their capabilities and in themselves. After all, to succeed, they constantly need to
ask themselves the hard questions and then come up with ways to answer them. They have intestinal fortitude or that fire in the
belly. They love to be their own boss, carving their own paths along the way.

6. They are results-driven.

Successful entrepreneurs are passionate about results. They want their actions to have a direct impact on results. They want the job
done. They also have the ability to conceptualize the whole of a business; not just its individual parts, but how they relate to each
other. They are individuals who always come up with new ideas.

7. They have a strong desire to be independent.

Entrepreneurs love to be in charge and be their own boss. They want to be in control. They carve their own path, relying on their
own talents, instincts, and skills. They dont take orders from anyone and do not need validation from superiors judging them
whether they are worthy of a promotion or capable of handling more responsibilities. They move and make decisions on their own,
without waiting for someone to push them. While being in charge can be daunting at times, the rewards of seeing the results of all
the hard work are tremendous.

8. They know how to sell. Business is all about selling.

Whether selling their idea to an investor, negotiating with a bank for a loan, talking to a supplier, or directly selling to the customer,
entrepreneurs know how to sell. The business is bound to fail if the entrepreneur does not know how to sell. If they do not have
sales skills, they are smart enough to partner with someone who excels at it.

9. They have a powerful drive to accumulate wealth.

Entrepreneurs appreciate what money could bring to their lives and embrace it. They know that financial success can afford them
with opportunity, freedom, and well-being. They view starting their own businesses as an opportunity to earn far more than they
could ever from working for others. Win, lose or draw, entrepreneurs want to be master of their own financial destiny.

10. They embrace fear.

Successful entrepreneurs strongly believe in themselves. In fact, many of them are supremely confident individuals. However, their
strong belief in themselves doesnt necessarily mean that they dont experience self-doubt. They do! They experience fear, but
instead of running away from their fears, they embrace what they fear the most and just plod on.

11. They exhibit tolerance towards ambiguity.

Even though there is no assurance that a business will succeed, entrepreneurs are not daunted by this uncertainly and instead
continue to pursue the idea of starting a business.

12. They see opportunities where others do not.

Those who succeed in business have finely honed business skills based on their environment, education, experience and innate
intuitive abilities. What sets them apart is their inherent sense of what is right for a business. They have the ability to spot
opportunities for growth, with loads of courage to pursue these opportunities. They love the challenge of pitting their resources and
skills against the environment.

13. They are not afraid to make mistakes.

Successful entrepreneurs are not afraid of making mistakes because they see it as an opportunity to learn and improve. They dont
focus on blame and retribution, and instead work on finding solutions to rectify the mistake and prevent it from happening again.

14. They seek out help when needed.

A businessman and two businessman joining, hands in an office.Successful entrepreneurs realize that they dont know everything.
They will pull in resources and seek the advice of experts to help them achieve their goals. They know that they key to getting things
done is to find the right people who can do the job. They understand their strengths and weaknesses and find people who can
complement them in areas that they need the most.

15. They have the willingness and capacity to persevere.

Entrepreneurs possess a high level of energy, sustainable over long hours to make the business successful. They welcome the
responsibility that goes to owning a business. They are tenacious, always finding a way to display persistence or able to dig deep
within oneself to find it. When things dont go their way, they are able to handle thousands of rejections along the journey.

16. Good interpersonal skills.

They recognize that much of their success will depend on how well they deal with people. While success in entrepreneurship takes
rugged individualism, its a team sport at its core.

17. Discipline.
Successful entrepreneurs possess huge doses of discipline. Discipline is important to stay focused on their objectives and vision. The
process of building an idea into a business entails working on a lot of details some of which the entrepreneur may not want to
deal with but it is discipline that makes the entrepreneur work on completing every task. As an entrepreneur, it is easy to go off
strategy, including the allure of not working (for home-based entrepreneurs, that mean sleeping or watching TV instead of working),
and discipline keeps them on the right track.

18. They keep their focus.

Successful entrepreneurs understand that focus is a key ingredient to the success of their business. They know the importance of
identifying and concentrating on making the unique aspects of their business as superb as possible. They are clear on what their
business stands for, and stick to it. They dont have to grab all opportunities that come their way or try to do too much too quickly.
They keep their eyes on the prize and spend their resources, time and energy in focusing on the attainment of their goals running
and developing a successful, profitable and viable business. Every day, their focus is how to further enhance their business.

19. They are flexible.

Successful entrepreneurs are always on their toes, ready to make the shift if needed. They know that as the business grow, the
needs of their business changes and they will require help in developing and executing their vision. Their managerial skills become
critical, and their understanding of the market and competition becomes crucial. They know that sleeping on the job is the worst
mistake an entrepreneur can make, and they always strategize and prepare for change.

20. They love what they do.

Successful entrepreneurs are passionate with what they do. They love what they do, and their work feels more like fun, play and
inspiration. They more they are having fun and loving what they do, financial rewards come easier. They are energized by the
activities and challenges of their business. Even if they fail often, their passion keeps them going until they get it right.

Before committing yourself to the extraordinary investment of time, energy and money that starting a business requires, you need
to engage in some personal soul-searching. You need to review your pluses and minuses, your strengths and weaknesses to
determine if you are a suitable match for the challenge. Remember, the entrepreneur IS the business its originator, its motivating
force, and its energy. Without the needed ingredients, the business can fail as quickly as it started.

Concept of the Filipino Entrepreneur

Filipino Entrepreneur
Filipino Entrepreneur was created to encourage every Juan to start their own business, starting at a relatively low cost capital and
investment, make it grow and become a successful entrepreneur.

Frequently Asked Questions on Franchising with Filtrepreneur Franchise, Inc.

Herewith are some of the Frequently Asked Questions on Food Cart Franchising in the Philippines particularly with Filtrepreneur
Franchise, Inc.

What is Franchising?
Franchising is the practice of using another firm's successful business model. For the franchisor, the franchise is an alternative to
building 'chain stores' to distribute goods and avoid the need for investments and liability for a chain. The franchisor's success
depends on the success of the franchisees. The franchisee is said to have a greater incentive than a direct employee because he or
she has a direct stake in the business. source wikipedia - the free encyclopedia

Franchise is a business model wherein the owner of the business (franchiser) gives the independent operator (franchisee) the right
to distribute his products, implement his business techniques and use his brand.

( examples are: Mc Donalds, Jollibee, KFC, Andoks, Baliwag, Mang Inasal, Ink Refill, National Bookstore, Ministop, Seven-Eleven,
Pinoy Pao )

What is the Status of Food Cart Franchising Business in the Philippines?

Food Cart Franchising business in the Philippines is fast growing and becoming one of the most popular and most effective ways to
gain financial freedom and stability. A lot of young Filipino entrepreneurs are getting into this type of business because of its low risk
- fast investment returns, profitable and easy to operate business, and is a best investment option for a starting entrepreneur.

How will you know if a Franchising company is Legal and Legitimate ?

- Must have a Department of Trade and Industry accreditation
- Must have a Sanitation Permit
- Must have a main or processing office.
- Must have its own factory or commissary

How do you know if a Franchising company is stable?

If the business lasts for five (5) years or more, it is strong and stable company - source Department of Trade and Industry

What are the basic requirements for food cart Franchising in the Philippines?
- Letter of Intent
- Application Form
- Site Location Proposal
- Notarized Franchise Contract
- Franchise Seminar ( Franchise Manager should explain all details to the franchisee or client )

What are the benefits in getting food cart franchise?

- Low risk - high return of investments
- Easy to operate, less hassle
- It is a food business, it is a necessity and high in demand
- easy to order or purchase food supplies
- food cart concepts, designs, equipment are already provided
- site location assistance are provided
- food cart operations seminars and training are provided
- insurance are provided

What do you look in a potential Franchisee?

A potential dealer should be willing to invest money, willing to find a good location for the unit, and willing to follow set standards.
Potential dealer should pocess an entrepreneurial spirit and commitment to push sales of products.

How can a potential dealer apply for Franchise?

A potential dealer can inquire about the franchise opportunity through Filtrepreneur Franchise, Inc.'s Franchise Consultants via
internet, telephone, or personal visit.
The potential dealer should provide the following requirements in order to facilitate the application process:
- Accomplished Application Form (Application Forms can be obtained through our Franchise Consultants)
- Photograph and location map of the proposed site

How much does Franchise Cost? What is included in the Franchise fee?
Table Top Package - P16,888
Silver Cart Package - P26,888
2-in-1 Package - P42,888
3-in-1 Package - P60,000
Special Cart Package - P42,888
Celebrity Cart Package - Jopay Siomai - P50,888 / Joshawarma - P30,888
Kiosk / Mall Cart - P100,000 to P250,000 depends on design and size

The Franchise Fee is inclusive of the cart, signage and equipment. There are no annual franchise fees, no royalty fees and no store
opening fees. Also, the franchise includes the license which allow the dealer to operate and use the trademark of franchise. The
franchise cart terms is in three (3) years.

When does the dealer have to pay the fee?

Once the dealer's application is approved, the franchisee needs to sign a franchise contract and pay the required franchise fee.

How long does it take to open a franchise shop?

The franchise business development process takes four (4) to five (5) weeks. This activity includes processing of applications,
construction of the cart, equipment and materials preparation, and training.

How many units can a single franchisee own?

A single franchisee can own multiple units for as long as they can pay the necessary fees for the said units and observe the standard
operation procedures set by the franchisor.

Where can the dealers locate their franchise outlet?

Franchisee can locate the franchise outlet in highly food traffic areas. They can sell in schools, malls, bazaars, and special events.
Filtrepreneur Franchise, Inc. will ensure that no same franchise outlet are located within 500 meters radius, this is to ensure that the
dealers can fully realize the returns of his investments and not compete with another franchisee.

In cases where in the unit is located within a building which has a potential for expansion within or around the said location, the
dealer is given the right to first refusal to proposals which shall arise in the future.

What kind of training will the franchisee receive?

The franchisee and his manpower will be trained in basic cart operation and product handling by Filtrepreneur Franchise, Inc.
personnel.

Who will be responsible in the recruitment and training of personnel?

The franchisee shall source, screen and select the required personnel. Food cart operations requires at least one (1) person per shift.

Filtrepreneur Franchise, Inc. shall conduct certain training programs which the dealer and his personnel must personally attend and
successfully completed before they are allowed to operated and manage the unit.

What products will be sold in the Franchise Outlet? At what price would the products be sold?
For the cart operation, all franchise products. Franchisee is not allowed to sell any other food item other than those specified by
Filtrepreneur Franchise, Inc.

Filtrepreneur Franchise, Inc. will provide the standard price list of the products indicating the dealer's selling price to the consumers.
Filtrepreneur Franchise, Inc. shall peg the prices of such products according to the targetted profitability rates that will provide
reasonable returns to the dealer.

How will Filtrepreneur Franchise, Inc. ensure product quality and standard of operations being upheld?
Filtrepreneur Franchise, Inc. will designate employees and agents who shall audit the shop on the basis of Filtrepreneur Franchise,
Inc.'s approved standards on service, product quality, cleanliness, equipment maintenance, atmosphere, and other related health
and sanitary standards.
Determinants of Successful Entrepreneur
Determinants of Entrepreneur's Success in a Developing Country

ABSTRACT
With respect to determining the factors contributing to the success of entrepreneurs, many studies have concentrated on the
psychological and behavioral traits of entrepreneurs, the managerial skills and training of entrepreneurs, and the external
environment. However, no consensus has been reached as to the level of importance of those factors in entrepreneurs' success. In
order to determine the role and importance of factors contributing to the success of entrepreneurs, an ordered logit model is
applied to a sample of one hundred and thirty-eight Turkish entrepreneurs. The level of family support, good customer service,
charisma and friendliness to customers, business stress, ability to manage personnel, previous business experience, hard work,
appropriate training, satisfactory government support, political involvement, and being married, are found significant determining
factors in entrepreneurs' success.

INTRODUCTION
With respect to determining the factors contributing to the success of entrepreneurs, many studies have concentrated on the
psychological and behavioral traits of entrepreneurs, the managerial skills and training of entrepreneurs, and the external
environment (Jennings & McDougald, 2007; Arinaitwe, 2006; Frese, Brantjes & Hoorn, 2002; Lee & Tsang, 2001; Zinger, LeBrasseun,
& Zannibi, 2001; Rauch & Frese, 2000; Rauch, Frese, & Sonnentag (2000); and Dess, Lumpkin & Covn, 1997) However, no consensus
has been reached as to the level of importance of those factors in entrepreneurs' success [see, for example, Pratt (2001)]. In order to
determine the role and importance of factors contributing to the success of entrepreneurs, an ordered logit model is applied to a
sample of one hundred and thirty-eight Turkish entrepreneurs. Being strategically located between Europe and Asia, Turkey, which
has recently entered the accession negotiations for full membership in European Union, is an important case.

The contribution of entrepreneurship to economic development and employment creation is significant. In Europe, small businesses
employ 60 percent of the workforce (Wintermantel, 1999). Japan, for example, has six million small- and medium-sized enterprises
(SMEs) which account for 99 percent of all businesses in the country and 60 percent of the total labor force (Dana, 1998). In Taiwan
96 percent of all firms are SMEs that employ 78 percent of the nation's work force (Lin, 1998). Results of a study conducted by Lee
(1998) indicate that South Korean SMEs provide more than 70 percent of all jobs in the country.

SMEs play an important role in the Turkish economy as well. According to the OECD (2004), SMEs account for 99.8 percent of the
total number of businesses and 76.7 percent of total employment. With respect to manufacturing firms, 99.3 percent are SMEs
employing 56 percent of all manufacturing workers (Republic of Turkey Ministry of Industry and Trade, 2006).

This study intends to examine the factors contributing to the success of entrepreneurs. To that end, the following section reviews
the literature on the factors that affect entrepreneurs' success. The section after that explains survey and methodology. The next
section analyzes the data and gives the results. The final section offers concluding remarks.

FACTORS AFFECTING ENTREPRENEURS' SUCCESS

The factors that entrepreneurs believe contribute to their success are not unanimously agreed upon by researchers. Most
entrepreneurial studies have concentrated on a few sets of factors: 1) the managerial skills and training of entrepreneurs, 2) the
external environment, and 3) the psychological and behavioral traits of entrepreneurs. This study concentrates on the managerial
skills, training, and external environmental conditions that promote business success because these are the factors that are most
easily altered by policymakers.

Contributions of Entrepreneur:

What Do Entrepreneurs Contribute to Society?

Entrepreneurs arent the only ones who benefit when they start businesses. Although job creation is one of the most important
contributions they make to society, its certainly not the only one. Entrepreneurs can play important roles in their communities,
particularly when they turn their energies to philanthropy and innovation.
Help Wanted
Entrepreneurs not only create jobs for themselves but for other people in their communities. Although new business owners might
start their businesses with only one or two employees, those numbers increase as the company grows. The cumulative effect of
multiple small business start-ups creates a significant impact when it comes to job creation. In the United States, that impact is
evident when you look at employment statistics. The U.S. Small Business Administration reports that small firms created 63 percent
of the net new jobs from mid-2009 until the end of 2012.
Support for the Economy
Entrepreneurs not only create jobs in their own companies but also contribute to improving their local economies. When people are
employed, they spend money in local businesses, such as clothing stores and restaurants, which keeps those businesses flourishing.
The new company establishes relationships with suppliers, vendors and other companies and spends money purchasing good and
services from those companies. The existence of a new company can encourage others to open businesses in the same area, which
in turn spurs new job creation.
Giving Back
Entrepreneurs contribute to their communities with their charitable contributions. In some cases, entrepreneurs start businesses
that focus equally on profit and charitable goals. For example, a financial company might start a program that provides loans to low-
income female business owners. Some entrepreneurs dont restrict their charitable activities to providing money but work directly
with organizations. A survey of 146 entrepreneurs conducted by Harris Interactive and Ernst & Young revealed that 90 percent of
entrepreneurs surveyed give money to charity and 70 percent donate their time. Because entrepreneurs are often experts at finding
resources and funding and marketing their products, they can provide invaluable advice to nonprofit organizations.
It's Brand New
The freedom from corporate rules and regulations can free entrepreneurs to create new products that benefit society. The
telephone, invented by Thomas Edison, profoundly changed peoples lives when it was invented. The computers many of us cant
live without wouldnt exist if not for entrepreneurs like Bill Gates and Steve Jobs. Although entrepreneurs can succeed with tried-
and-true business models, its often innovation that sets them apart from competitors whose employees might not have the same
passion for finding new solutions to problems.