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Transcript of Entrepreneurship
Entrepreneurship is a process of innovation and new venture creation. It is an art and science of converting ideas into marketable goods and services to improve man's quality of life (Alcantara,1991).
Advantages / Rewards
Advantages/Rewards of Entrepreneurship
To an Individual:
(a) provides employment and livelihood for the enterpreneur
(b) enhances creativity and independence
(c) gives personal satisfaction
(d) provides unlimited income / higher retained income
Types of Entrepreneurship
Entrepreneurship is the process of creating something different with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, social risks and receiving the resulting rewards of monetary and personal satisfaction and independence.
Advantages / Rewards of Entrepreneurship
To others and to the country:
(e) provides employment and livelihood to others even to the next generation
(f) promotes development of more industries especially in the rural areas
(g) promotes processing of local materials for domestic consumption and export
Advantages/Rewards of Entrepreneurship
(h) promotes healthy competition that encourages production of goods and services with higher quality
(i) increases the availability of goods and services
(j) brings out the entrepreneurial spirit among potential entrepreneurs to affect change
Entrepreneurship is the process of discovering new ways of combining resources (The Concise Encyclopedia of Economics).
Entrepreneurship is a creative and innovative response to the environment.
What is INNOVATION?
Innovation results from a conscious and purposeful search for new opportunities. People who would like to innovate must go out, look, and listen for needs and wants that are not yet answered by present innovations (Alcantara,1991).
Types of Innovation
(By: Kuratko and Hodgetts)
Light bulb by Thomas Edison
Telephone by Alexander Graham Bell
McDonalds by Ray Kroc
Holiday Inn by Nolan K. Bushnell (father of
Jollibee by Tony Tan Caktiong
Wristwatches by Casio
FedEx by Fred Smith
A livelihood is sustainable when it enables people to cope with and recover from shocks and stresses (such as natural disasters and economic or social upheavals) and enhance their well-being and that of future generations without undermining the natural environment or resource base.
A livelihood is a means of making a living. It encompasses people’s capabilities, assets, income and activities required to secure the necessities of life (International Federation of Red Cross and Red Crescent Societies).
Business can be defined as an organization that provides goods and services to others who want or need them.
Let us differentiate...
Entrepreneurship vs. Sustainable Livelihood vs. Business
Let us analyze...
Identify and discuss the type/s of innovation that transpired in the creation of ball pens.
Ball Point Pen
Individual entrepreneurship is the independent application of the process of creation and innovation outside of an established firm.
Corporate entrepreneurship is entrepreneurship within a large organization. People in charge of innovations are called intrapreneurs. Most intrapreneurs eventually become entrepreneurs themselves.
Social entrepreneurship is entrepreneurship that is geared towards solving social and environmental problems.
By Pacita Juan, Reena Francisco, and Jeannie Javenosa
By Reese Fernandez
Purpose/ Importance of Entrepreneurship
In your group, create an original video that will run at a minimum time of 2 minutes to highlight your own understanding of what entrepreneurship is and why it is important.