T.L.

E 8
AREA 4: ENTREPRENEURSHIP
ENTREPRENEURSHIP-backbone of an emerging economy.
PETER DRUCKER-father of Modern Management.
INNOVATION- is the instrument of entrepreneurship
JOSEPH SCHUMPETER- an entrepreneurs not only motivated by profit but by a standards
CHARCTERISTICS OF AN ENTREPRENEUR
A. SELF-RELIANT
B. HIGHLY OPTIMISTIC
C. LIKES CHALLENGES
D. STRIVE FOR EXCELLENCE
ENTREPRENEUR- is a person who ventures and finances a business, creates and innovates products and services,
and organizes and manages the business for it to succeed and realize its goal.
ECONOMIC INDEPENDENCE- the key in an entrepreneurial venture where the entrepreneur can personally chart and
manage his/her own economic upliftment.
WORDS FOR STUDY
1. ECONOMY- the efficient use of resources such as goods and services
2. CATALYST- that which brings about change as in a business bringing economic change in a community.
3. COMPETENCY- the quality of having adequate knowledge, judgment, ability, and skill to be proficient and
functional.
4. ATTRIBUTES- inherent characteristics of a person.
5. INNOVATION- something new
6. INVESTMENT- committing money in a business in order to earn a financial return.
7. MOTIVATION- the need or the desire to act on something
8. RISK- exposure to danger
9. TECHNOLOGY-manner of doing a task using technical knowledge and methods
10. TRAIT- a distinguishing quality of one’s personality
11. ENTREPRENEUR- an individual who, rather than working as an employee, organizes and operates a business
or businesses, taking on greater than normal financial risks in order to do so.
 CONTRIBUTIONS OF ENTREPRENEURS TO THE COUNTRY’S ECONOMIC GROWTH
A. They develop new markets.
B. They discover new sources of materials.
C. They establish new technologies and new products
D. They generates jobs or employment for people.
 ENTREPRENEUR VERSUS A TRADITIONAL BUSINESS PERSON
 CHARACTERISTICS AND TRAITS OF A SUCESSFUL ENTREPRENEUR
A. Passion and motivation
B. Perseverance and industry
C. Will power and determination
D. Diplomacy
E. Self-control
F. Adaptability or flexibility
G. Foresight
H. Ambition
 ASSESSING YOUR PERSONAL ENTREPRENEURIAL CHARCATERISTICS
 ATTRIBUTES OF A PRACTICING ENTREPRENEUR
A. Willingness to Learn
B. Problem Solver
C. Risk Taker
D. Planner
E. Networker
F. Financial Management Expert
 ENTREPRENEURSHIP AS A LIFESTYLE
 Elements to define Entrepreneurial lifestyle
1. Zest for life in life
2. Time for family and private life
3. Personal goals and aspirations for the business
4. Financial success
 Qualities in achieving success
1. DETERMINATION/COMMITMENT
2. PRACTICAL/REALISTIC
3. FLEXIBILITY
4. RESILIENCY
5. INDEPENDENCE
 ASSESSING PERSONAL COMPETENCIES BY SWOT ANALYSIS
-refers to Strength, Weaknesses, Opportunities, and Threats.