Entrepreneurship
Entrepreneurship
Concept of Entrepreneurship The word “entrepreneur” was derived from the French
verb enterprendre, which means “to undertake.” This is pinpointing to those who
“undertake” the risk of enterprise. The enterprise is created by an entrepreneur and the
process is called “Entrepreneurship.” Entrepreneurs are innovators. They are willing to take
the risks and generate unique ideas that can provide profitable solutions to the needs of the
market and the society.
Entrepreneur derived from the French verb enterprendre which means “to undertake”.
They are innovators, willing to take risks and generate new ideas to create unique and
potentially profitable solutions to modern-day problems. They are those who “undertake” the risk
of new enterprise.
1. An enterprise can involve a new concept. This usually means creating or stumbling on a
new idea or concept and creating or inventing something radically new. The inventor then
builds a new business around this product. An example of a keen innovator who had the
uncanny knack of creating new products that captured people’s imaginations and convinced
that they needed these products is the genius maverick Steve Jobs.
ENTREPRENEURSHIP GRADE 12
2. An enterprise can be built on an existing concept, but giving rise to a new business.
This usually means creating a new business based on the existing concept. An example of
this is Mang Inasal. It offers chicken in a new light: grilled chicken as fast food. With this new
concept, Mang Inasal, which started in the Visayas, took the country by storm because its
founder, Edgar “Injap” J. Sia, correctly perceived a need of people for affordable, quick-
serve inihaw or grilled chicken. Thus, this business was founded and flourished, to the
extent of offering very real competition to the Jollibee’s popular Chicken Joy.
3. An enterprise can involve an existing concept and an existing business. An
entrepreneur can have a laundry business. Dean of Clean, for example, had three
branches in Metro Manila, mostly in the center and south areas of the metropolis. The son of
the owner, while still in college, was permitted by his parents to set up a fourth branch in
Quezon City. Although the new store was built on an existing business – it is still a laundry
shop, it required the young entrepreneur to take some personal, family, and financial risks.
The setting up of branches or franchises can be considered an example of this type of
enterprise.
c. Perseverance works against all odds to overcome obstacles and is never complacent
with success
k. Business like Attitude possessing the knowledge of your chosen business and having
the savvy to conduct business.
l. Confidence having a firm belief in your own capabilities and your chances of success.
m. Relation Skills the ability to get along with others, to inspire cooperation, confidence and
loyalty
n. Communication Skills the ability to express yourself and to understand others so that
ideas can be shared.
o. Ability to Make Decisions the talents to analyze complex situations and draw
conclusions that will make the business succeed.
Relevance of Entrepreneurship
b) Creation of organizations
available to the society which results into higher standard of living for the people.
Possessions of luxury cars, computers, mobile phones, rapid growth of shopping malls, etc.
Point tp the rising living standrd of people. All these are due to the efforts of entrepreneurs.
Entrepreneurship is a reality that has already become a buzzword in the lives of most
Filipinos. Entrepreneurs, who are the founders and builders of enterprises and businesses,
are often called the new heroes, who with their vision and hard work, and with their efforts to
provided jobs and opportunities to many people, hope to move the country towards
progress. Entrepreneurship has been hailed as one of the tools to fight poverty. The
entrepreneurial spirit has been called the flame or rive that inspires people to start new
endeavors and projects, to innovate, and to strive against obstacles in order to achieve
success.
2. Innovative – The entrepreneur constantly looks for new ideas, thus he needs to be
creative.
3. Profit Potential - The entrepreneur can be compensated by his profit coming from the
operation.
4. Risk bearing – The entrepreneur needs to gamble but wise enough to offset
Types of Entrepreneurs
1. Innovative Entrepreneurs - They are those who always make new things by thinking
of new ideas. They have the ability to think newer, better and more economical ideas.
ENTREPRENEURSHIP GRADE 12
2. Imitating Entrepreneurs - They are those who do not create new things but only
follow the ideas of other entrepreneurs.
4. Drone Entrepreneurs - They are those who live on the labor of others. They are die-
hard conservatives even ready to suffer the loss of business.
5. Social Entrepreneurs - They are those who initiate changes and drive social
innovation and transformation in the various fields such as education, health, human rights,
environment, and enterprise development.
5. Business Reporter - the entrepreneur being expert in the field, can be employed as a
business reporter.