1. Concepts of entrepreneurship

2. Entrepreneurship
The ability of the individual to determine and come up with the proper combination of the resources available in his environment and transform this into an output of either goods or services, and obtain a fair profit at the price the entrepreneur sets.

3. The entrepreneur
- Are individuals who are alert to profitable opportunities for the exchange of goods and service

4. The Filipino Entrepreneur
Findings in the Global Entrepreneurship Monitor (GEM) Research Consortium:
Four out of ten adult Filipinos are engaged in business
About half are in the early- stage entrepreneurial activity (Total Early Stage Activity – TEA)
19.7 % (9.5 million) comprise the country’s established businesses
Mindanao has the highest TEA while Northern Luzon has the lowest .
Most of the businesses are in consumer oriented with 35%

5. The Filipino Entrepreneur
Findings in the 2006 Global Entrepreneurship Monitor (GEM) Research Consortium:
6. Motivated by Necessity (54%) and opportunity motivations (37%)
7. Face stiff competition (75%), lack novelty (71%), lack new technology (67%), not employing (63%), and not exporting (77%).
8. Only 8 out of 10 have discontinued a business in the past 12 months
9. Only 34% have dealings with banks.
10. Only 17 who receive remittances use them to finance business.
11. Only 1% are non-owner investors.

6. The Challenge to Entrepreneurs
“Borderless World” – globalized trading system
- the Filipino entrepreneur who used to develop and market products locally is now faced with local competition with both Filipino and foreign products and services which are now available in the market.
- the Filipino entrepreneur has to contend with casting out the colonial mentality of the local market with its preferences for imported brands.
- Filipino entrepreneurs have the chance of developing and marketing export-quality products owing to the various incentives and support available.

7. The Challenge to Entrepreneurs
“Cyber space or information highway”
- The resurgence and constantly improving information technology sector is a development to watch and its benefit for entrepreneurs to grab and exploit.
- By exploiting the benefits of information technology, and the various software available in the market, one can easily network with the foreign markets.
- The proliferation of computers both in offices and households has revolutionized business operations and system, allowing every place practically a base for business operations.

8. Socio-economic Benefits from Entrepreneurship
Promotes self-help and employment
Mobilizes capital
Provides taxes to economy
Empowers individual
Enhances national identity and pride
Enhances competitive consciousness
Improves quality of life
Enhances equitable distribution of income and wealth

9. Concepts of being an entrepreneur
The Entrepreneur as a Missionary
Perceives opportunities inherent in the exchange of goods with great desire for profit
The entrepreneur creates an environment in which success is possible and the possibility of failure is controllable
The entrepreneur is at work whenever he takes risk and invests his personal talents and resources to make something new or different as customers like to buy new and improve products

10. Concepts of being an entrepreneur
2. The Entrepreneur as an Extraordinary Businessman
The entrepreneur has knowledge which ordinary people do not have.
This additional knowledge leads the entrepreneur to exploit the opportunities
He uses his inherent talent for innovating distribution of goods or making new service to satisfy his customers

11. Concepts of being an entrepreneur
3. The Entrepreneur is Marketing Man
He marshals his resources to pursue the opportunities and makes immediate action.
The needs and wants of customers are properly identified
He takes the lead for innovation and makes modifications to make the customer aware that his product or service is more superior than those offered by others

12. Concepts of being an entrepreneur
4. The Entrepreneur starts small to become big
Many entrepreneurs start small but with their managerial talents and persistence, they exploit the opportunities available for their disposal
Entrepreneurs are generally extrovert, aggressive and would like to work, and value he possesses.
He perceives risk as opportunity and makes innovations or modifications as he exploits the resources available to make things happen.

13. Attributes, Qualities, and Characteristics of an Entrepreneur
The Qualities of an Entrepreneur:
1. Inner Drive to Succeed Entrepreneurs are driven to succeed and expand their business. They see the bigger picture and are often very ambitious. Entrepreneurs set massive goals for themselves and stay committed to achieving them regardless of the obstacles that get in the way.

14. Attributes, Qualities, and Characteristics of an Entrepreneur
The Qualities of an Entrepreneur:
2. Strong Belief in themselves Successful entrepreneurs have a healthy opinion of themselves and often have a strong and assertive personality. They are focused and determined to achieve their goals and believe completely in their ability to achieve them. Their self optimism can often been seen by others as flamboyance or arrogance but entrepreneurs are just too focused to spend too much time thinking about un-constructive criticism.

15. Attributes, Qualities, and Characteristics of an Entrepreneur
The Qualities of an Entrepreneur:
3. Search for New Ideas and Innovation All entrepreneurs have a passionate desire to do things better and to improve their products or service. They are constantly looking for ways to improve. They're creative, innovative and resourceful.

16. Attributes, Qualities, and Characteristics of an Entrepreneur
The Qualities of an Entrepreneur:
4. Openness to Change If something is not working for them they simply change. Entrepreneurs know the importance of keeping on top of their industry and the only way to being number one is to evolve and change with the times. They're up to date with the latest technology or service techniques and are always ready to change if they see a new opportunity arise.

17. Attributes, Qualities, and Characteristics of an Entrepreneur
The Qualities of an Entrepreneur:
5. Competitive by Nature Successful entrepreneurs thrive on competition. The only way to reach their goals and live up to their self imposed high standards is to compete with other successful businesses.

18. Attributes, Qualities, and Characteristics of an Entrepreneur
The Qualities of an Entrepreneur:
6. Highly Motivated and Energetic Entrepreneurs are always on the move, full of energy and highly motivated. They are driven to succeed and have an abundance of self motivation. The high standards and ambition of many entrepreneurs demand that they have to be motivated!

19. Attributes, Qualities, and Characteristics of an Entrepreneur
The Qualities of an Entrepreneur:
7. Accepting of Constructive Criticism and Rejection Innovative entrepreneurs are often at the forefront of their industry so they hear the words "it can't be done" quite a bit. They readjust their path if the criticism is constructive and useful to their overall plan, otherwise they will simply disregard the comments as pessimism. Also, the best entrepreneurs know that rejection and obstacles are a part of any leading business and they deal with them appropriately.

20. Types of Entrepreneurs
Novice Entrepreneur
Has no prior business ownership experiences as a business founder, inheritor, or purchaser
Habitual Entrepreneur
Has prior business ownership experience
Nascent Entrepreneur
In the process of starting a new business
Can be a habitual entrepreneur in terms of experience

21. Types of Entrepreneurs (cont’d)
Serial Entrepreneur
Has sold or closed an original business and establishes another new business
Continues the cycle of selling/closing and establishing
Portfolio Entrepreneur
Retains an original business and builds a portfolio of additional businesses
Through inheriting, establishing, and purchasing the businesses

22. Common Myths About Entrepreneurs 1 of 5
Myth 1: Entrepreneurs Are Born Not Made
This myth is based on the mistaken belief that some people are genetically predisposed to be entrepreneurs.
The consensus of many studies is that no one is “born” to be an entrepreneur; everyone has the potential to become one.
Whether someone does or doesn’t become an entrepreneur, is a function of the environment, life experiences, and personal choices.

23. Common Myths About Entrepreneurs 3 of 5
Myth 2: Entrepreneurs Are Gamblers
Most entrepreneurs are moderate risk takers.
The idea that entrepreneurs are gamblers originates from two sources:
Entrepreneurs typically have jobs that are less structured, and so they face a more uncertain set of possibilities than people in traditional jobs.
Many entrepreneurs have a strong need to achieve and set challenging goals, a behavior that is often equated with risk taking.

24. Common Myths About Entrepreneurs 4 of 5
Myth 3: Entrepreneurs Are Motivated Primarily by Money.
While it is naïve to think that entrepreneurs don’t seek financial rewards, money is rarely the reason entrepreneurs start new firms.
In fact, some entrepreneurs warn that the pursuit of money can be distracting.

25. Common Myths About Entrepreneurs 5 of 5
Myth 4: Entrepreneurs Should Be Young and Energetic.
The most active age for business ownership is 35 to 45 years old.
While it is important to be energetic, investors often cite the strength of the entrepreneur as their most important criteria in making investment decisions.
What makes an entrepreneur “strong” in the eyes of an investor is experience, maturity, a solid reputation, and a track record of success.
These criteria favor older rather than younger entrepreneurs.

26. Types of Entrepreneurs
Novice Entrepreneur
Has no prior business ownership experiences as a business founder, inheritor, or purchaser
Habitual Entrepreneur
Has prior business ownership experience
Nascent Entrepreneur
In the process of starting a new business
Can be a habitual entrepreneur in terms of experience

27. Types of Entrepreneurs (cont’d)
Serial Entrepreneur
Has sold or closed an original business and establishes another new business
Continues the cycle of selling/closing and establishing
Portfolio Entrepreneur
Retains an original business and builds a portfolio of additional businesses
Through inheriting, establishing, and purchasing the businesses