ENTREPRENEURSHIP conservative
 o self-confident: strong trust and belief in

 Entrepreneur: a person who strongly oneself, project favorable image of

o efficient and quality oriented
advocates and correctly practices the concepts themselves which is founded in
o opportunity seeker: sees and acts on
and principles of entrepreneurship in operating respect and good deeds
new business opportunities, seizes
and managing the self owned business venture Seven Ways of Sabotaging
unusual opportunities to obtain
 Entrepreneurship - art of observing correct financing, equipment, land, work,
1. Afraid to dream
practices in managing and operating a self- 2. Settle for what it
space, or assistance
owned wealth creating business 3. You make excuses
o committed: accepts full responsibility
o It is an art of correct practices: no fixed 4. Procrastinate
for what has been promised to
and absolute rules constantly 5. You talk a lot and don’t act
consumers, establishes proper
changes, dynamic and closely related 6. You cannot tolerate a risk
coordination with and among workers,
to creativity, freedom to manage and Skills: considered as the personal ability to do things
so that goods and services are
operate the business according to well; constant and correct practice
delivered as promised, seeks to
what pleases the entrepreneur  Knowledge: business, entrepreneurial,
prioritized the satisfaction and interest
o It is a wealth-creating venture: profit is of customers
opportunity-specific, venture-specific
not wealth, wealth creating vs. income- o persistent: take different courses of  Experience: work in the same industry, work in
creating venture, abundance of action in order to overcome obstacles, a related industry, frequent user of this product
money, property or possession make personal sacrifices or exert  Aptitude: innate; something that is within one’s
o It provides valuable goods and extraordinary effort to complete the self
services: offer goods and services that required task, stick to his/her own Problem Solving Skills
are valuable from the buyer’s judgment in times of opposition and 1. Defining the real problem
perspective, value is the opposite of failure 2. Gathering information about the problem
waste 3. Formulating alternative solutions
 Planning:
o It entails opening and managing 4. Evaluating alternative solutions
o information-seeker: target customers,
owned business: the person managing 5. Selecting and implementing the optimal
suppliers and competitors; verifies
is also the owner, includes small, solution
available information from sources;
medium, and multimillion businesses 6. Evaluating the decision
seeks opinions and advice from
that are managed by their owners Entrepreneurial Skills: refers to the set of cognitive,
experts; finds other ways to get
o It is a risk talking venture: risk is technical, and interpersonal skills required in the
desired information
inherent in an entrepreneurship practice of Entrepreneurship
venture o goal-setter: SMART goals
  Cognitive: brain is center of cognitive skills;
 Differences of Entrepreneurship vs. Ordinary o systematic planning and monitoring: understand, learn and apply new information,
Business planning and setting goals & solve, create and innovate
Entrepreneurship Ordinary Business objectives, monitoring plan  Technical: information technology, feasibility
Improve life Improve livelihood evaluations, gathers information and business plan preparation, technical
Considers risks Avoids risks before formulating plans, develops a writing skills, marketing, management and
Reacts positively Static and Passive step-by-step approach, monitors the finance
Competition as Discomfort and progress and switches to alternative  Interpersonal: verbal communication, non-
healthy environment Avoidance from strategies, evaluates constantly verbal communication, listening, leadership,
Competition  Power:
 skills in negotiation
Clear Mission and Reliance on Luck o persuasive and positive networker: Entrepreneurial Competency:
Vision and Status Quo adopts specific strategies that will  Entrepreneurial Concepts and Principles
Thinks Globally Centered Locally influence and convince others while  Entrepreneurial Character Traits
Explores internal and Limited Personal maintaining the highest degree of  Entrepreneurial Skills
external resources Resources respect; makes use of positive Competitive Advantage
Entrepreneurial Character Traits and Clusters: contacts in the business community to 1. provides necessary attributes to outperform
 Achievement: 
 meet the business goals and competitors
objectives 2. distinguishes the venture competitor
o risk-taker: aggressive, moderate,
 3. achieves superior performance in the industry
4. produces a product or develops production
methods that can hardly be copied by
competitors
The Environment of the Entrepreneurial Adventure:
The Industrial Revolution
1. Irrigation System
2. Machines
3. Computers
4. Artificial Intelligence
Environment:
 Physical:
o climate (climatic condition of a local
area)
o resources (raw materials)
o wildlife (preservation of the ecological
system of the local and national
community)
 Societal:
o politics (trade regulations, taxations,
government stability, unemployment,
worker’s benefits, election practices)
o economy (interest rates, inflation
rates, fiscal policies, monetary
policies, income, exchange rate,
employment, consumer confidence)
o social (values, traditions, literacy level,
consumer psychology, time
orientation, lifestyle patterns,
professional roles)
o technology (internet, social media, e-
commerce, technology advancement)
o environment (ecological,
environmental issues and regulations,
customer/market/stakeholder/investor
values, management style, staff
attitudes, organizational culture, staff
engagement)
o legal (product control, pricing, labeling,
advertising, promotion, education and
administration fees)