GE-EM: ENTREPRENEURIAL MIND

CHAPTER 4: THE ENTREPRENEURS

TYPES OF ENTREPRENEUR
1. THE MANUFACTURER – A common image of an entrepreneur is that of someone who produces useful
gods. The manufacturer has the ability to supervise and manage production and business. Manufacturing is
the process of transforming raw materials into finished goods for subsequent marketing. Manufacturing has
relatively higher investment and longer capital-payback period.

a. Handicraft Producer
b. Cooked Food Producer
c. Processor or Subcontractor

2. THE TRADER – this refers to the person who transfers goods from the manufacturer who produces the
goods to the consumer who buys the goods. Traders sell products physically or join the popular trend of
selling products through the internet. They are also called buy and sell businessmen.

a. Wholesaling
b. Retailing
c. Repacking
d. E-trading
e. Vending Machine Operation

3. THE SOLO ENTREPRENEUR – this type of entrepreneur is independent and has autonomy from authority
structures. Acting solo may sometimes be lonely but it could well become a good way of entering the
business world, using one’s personal and specialized talent that others may not have.

a. Event Organizer
b. Show Host, Clown, Magician, Fireworks Specialists
c. Writer of Specialized Reports
d. Online Consultant
e. Online teacher
f. Online Book Publisher
g. Online Business Program Creator
h. Digital Newsletter Writer
i. Lifestyle entrepreneur
j. Plumber, Electrician, House Painter and Similar Service Providers

4. THE SPECIALTY SERVICE ENTREPRENEUR – The usual specialty service enterprises in the Philippines
include the abundant beauty salons, barbershops, sauna and massage parlors, wellness and fitness
centers, and funeral parlors.

a. Beauty Salon Owners

b. Barbershop Owners
c. Massage Parlor Owners
d. Outsourcing

5. THE STREET ENTREPRENEUR – this refers to micro entrepreneurs selling various home articles and food
items to motorists stuck in traffic or bus riders at terminals and stations.
a. Street Sellers
b. Sidewalk vendors
c. Hawkers

6. THE FRANCHISEE – A franchise is a form of business organization in which an established firm (franchisor)
with an established product or service and proven business model, allows another business (franchisee) to
offer to the market the franchisor’s product or service for a fee.

7. THE SERIAL ENTREPRENEUR – this type of entrepreneur is more concerned about starting a new
enterprise each time the one he has set up is starting to go well.

8. THE SOCIAL ENTREPRENEUR – are those who provide products and services with the overall desire of
creating social good, operating from the perspective of benefitting the people and the planet while earing
profit. They also engage in enterprise that uses business tools, disciplines, and strategies to pursue social,
environmental and humanitarian objectives.
 9. THE INTRAPRENEUR – may be a manager or a salaried employee who finds a way of making innovations
in the company where he or she works. They devise ways to infuse elements into the already existing model
and help the company gain more strength.

ROLES OF THE ENTREPRENEUR

1. VISIONING ROLE – the entrepreneur is sometimes called a dreamer who follows his vision. Without the
vision, the entrepreneur will flounder soon enough and the dream will disappear.

2. IMPLEMENTATION ROLE – the entrepreneur has to take practical steps so everyone can live according to
the organization of the business ideas will enable the entrepreneur to harness the talents and skills of the
team members to pursue the mission, goals and objectives of the business.

3. COUNSELING ROLE – the entrepreneur should realize that the business is not simply all about his own
goals and dreams. His role as counselor us important and he must realize that counseling has a powerful,
long-term impact on people and the effectiveness if the whole organization.

RESPONSIBILITES OF THE ENTREPRENEUR

1. INNOVATION – the entrepreneur is an innovator who tries to develop new technology, products and
markets in the community.

2. ASSUMPTION OF RISK – the entrepreneur is a risk taker and not a risk shirker.

3. RESEARCH – the entrepreneur is a practical dreamer who takes time to study his moves, including the
groundwork, before taking a leap in his ventures.

4. MANAGEMENT – the work of an entrepreneur involves the use of managerial skills which he develops while
planning, organizing, staffing, directing, controlling and coordinating business operations.

5. OVERCOMING RESISTANCE TO CHANGE – the entrepreneur always tries new ideas at his level first. It is
only after the successful implementation of these ideas that he makes them available for the benefit of
others.

6. CATALYZING ECONOMIC DEVELOPMENT – the entrepreneur plays an important role in accelerating of a

country by discovering new uses of available resources and maximizing their utilization.

REWARDS OF ENTREPRENEURSHIP
1. Self-fulfilment
2. Personal Independence
3. Financial Reward
4. Social Rewards

RISKS AND CHALLENGES FACED BY THE ENTREPRENEUR

1. Risk of Failure
2. Risk to Health and Well-Being
3. Social Risk
4. Limited Access to Specialists and Consultants
5. Hard and Demanding Work

-End of Chapter 4-

Prepared by:

Louella Martina B. Era, BSPA

Faculty, College of Business and Accountancy
louera.psu@gmail.com