Concept of Entrepreneurship

What is Entrepreneurship?

 Entrepreneurship is the act of creating a business or businesses while building and scaling it to
generate a profit.

 However, as a basic entrepreneurship definition, it’s a bit limiting. The more modern
entrepreneurship definition is also about transforming the world by solving big problems. Like
initiating SOCIAL CHANGE, creating an innovative product or presenting a new life-changing
solution.

 What the entrepreneurship definition doesn’t tell you is that entrepreneurship is what people
do to take their career and dreams into their hands and lead it in the direction of their own
choice. It’s about building a life ON YOUR OWN TERMS. No bosses. No restricting schedules. And
no one holding you back.

Entrepreneur Ideas

 Ecommerce store owner

 App creator (chatbots, social media apps)

 Service based business (food delivery, cleaning, dog walking)

 Marketing businesses

 Affiliate marketing (pre loved and etc)

 Vlogger (Start a YouTube channel, Twitch)

 Tutor

 Photographer (product photography, sell photos)

Who is an Entrepreneur?

 An entrepreneur is a person who sets up a business with the aim to make a profit, someone who
starts a side hustle that can eventually create a full-time, sustainable business with employees.

 However, the entrepreneur meaning involves much more than being a business or job creator.
Entrepreneurs are some of the world’s most powerful transformers.

 Entrepreneurs see possibilities and solutions where the average person only sees annoyances
and problems.
Famous Entrepreneurs

Mark Zuckerberg

The Creator of Facebook

Bill Gates

Creator of Microsoft

Steve Jobs

Chief Executive Officer (CEO) & Co-founder of Apple Inc. and Major
Shareholder of Pixar

Henry Sy

Founder of SM Prime Holdings

Entrepreneurial Competencies

ENTREPRENEURIAL COMPETENCIES are the skills necessary for an entrepreneur to:

 venture into an enterprise

 organize and manage an enterprise ably and competently

 realize the goal for which the enterprise is establishe

Some of competencies for entrepreneurs:

1. Creativity & Innovation: At the most basic stage of this competency, the entrepreneur expresses a
willingness to do things differently. At a more advanced level, the entrepreneur is able to create new
ideas, solutions, and approaches to ongoing challenges.
2. Fostering Learning and Development: Communicating what behaviors constitute success will help
empower employees to see how their jobs can contribute to the overall well-being of your business. At a
basic level, entrepreneurs with this competency share their knowledge and expertise to support
learning and development.

3. Business Perspective: At a basic level, entrepreneurs are able to articulate how their own
responsibilities, activities, and decisions relate to the success of the business. For a mid-level
demonstration of this competency, an entrepreneur must make decisions that clearly support the
business strategy, and at an advanced level must develop ideas to position the organization for long-
term success.

4. Using Information Technology: Entrepreneurs must be competent in the use of basic computer
hardware (e.g. printers, copiers, PCs) and software (e.g. spreadsheets, word processing). A successful
entrepreneur can easily communicate and prepare documents electronically without assistance. At the
most basic level this just involves using IT tools, while at an advanced level the entrepreneur must
evaluate the effectiveness of information technology systems.
Entrepreneurial Qualities
1) Self-Discipline

The first trait that all successful entrepreneurs must possess is self-discipline. Self-discipline is the
single most important quality for success in life and business. If you can discipline yourself to do what
you should do, whether you feel like it or not, your success is virtually guaranteed. Self-discipline
requires self-mastery, self-control, self-responsibility, and self-direction.

2) Integrity

Perhaps the most valued and respected quality you can develop is a reputation for absolute
integrity. Be perfectly honest in everything you do and in every transaction and activity. Never
compromise your integrity. Remember that your word is your bond and your honor is everything
when it comes to your business. All successful business is based on trust.

3) Persistence

Persistence is the iron quality of character. Persistence is to the character of man as carbon is to
steel. It is an indispensable quality that goes hand in hand with all great success in life. Resolve in
advance that you will never give up, no matter what happens. The courage to persist in the face of
adversity and disappointment is the one quality that, more than anything, will guarantee your
success.

4) A Clear Sense Of Direction

Because of the turbulence and rapid change in today’s marketplace, most business owners have
been reduced to operating day-by-day, almost like firefighters.

They intend to spend more time thinking and planning for the future, but they don’t ever seem to
get around to it.

You need to set clear targets for yourself and for every part of your business. In fact, perhaps your
most important responsibility to your people is to give them a clear sense of direction in their work.

5) Decisive And Action Oriented

Successful people are decisive and they try far more things than other people do.

If you try far more different ways to be successful, the odds are that you will eventually find the
right way for you, at the right time.