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FUNCTIONS OF

ENTREPRENEUR
1.INNOVATION

An entrepreneur is basically an innovator who tries to


develop new technology, products and market. Innovation may
involve doing things or doing existing things differently. An
entrepreneur uses his/her creative faculties, to do new things and
exploits opportunities in the market. He/she does not believe in
status quo and is always in search of change.
Ernest L. Cu transformed a simple data entry
service company into becoming one of the country’s
largest outsourcing service providers. The core business
sources of this company are the mostly contracts for
generating projects, which involve customers service
relationship and IT services. The CRM (Customer
Relationship Management) services became quite
successful, which spurred the growth of telemarketing
services.
2. ASSUMPTION OF RISK

An entrepreneur, by definition, is a risk taker and not a


risk shirker. He/She is always prepared for assuming losses that
may arose account of new ideas and projects undertaken by
him/her. This willingness to take risks allows an entrepreneur to
take initiatives in doing new things and marching ahead in
his/her efforts.
Corazon D. Ong is a dietitian by profession who
used her knowledge to create affordable
processed meat products that could compete with
the already well known and established processed
meat brands. Initially, it was only a hobby where
she could put to good use her creativity and skill in
culinary arts. She came up with corned beef,
hotdogs meatloaf, hamburger patties and ham, an
entity that she later sold as home business.
She founded CDO Foodsphere in 1975; as the product’s
reputation for affordable quality became widespread,
the demand for CDO products likewise increased. The
creative homemaker responded to very mother’s need
for quick lunch fixes for their children for convenience
these quick lunch fixes should also come in affordable
packages. Corazon Ong likewise understood the taste
preferences of Filipino children but her knowledge of
ingredients and their nutritional values gave her product
the advantage.
3. RESEARCH
An entrepreneur is a dreamer and does a lot of ground-
work before taking a leap in his/her ventures. In other words,
an entrepreneur finalizes an idea only after considering a
variety of options, analyzing techniques, testing their
applicability, supplementing them with empirical findings, and
then choosing the best alternative. It is then that he/she
applied his/her ideas in practice. The selection of ideas, thus,
involves the application of research methodology by an
entrepreneur.
Gregorio G. Sanchez, Jr.is a civil engineer by profession
formerly engaged in civil construction works. He went
into research and performed experiments using only
pots and pans and a small tank as his equipment. His
persistent finally led to the development of a food
supplement that would smother the bad bacteria in
livestock, which he called "LactoPAFI Probiotic
Bacteria"
4. DEVELOPMENT OF MANAGEMENT SKILLS

The work of an entrepreneur involves the use of


managerial skills which he/she develops while planning,
organizing, staffing, directing, controlling and coordinating the
activities of business. His/Her managerial skills get further
strengthened when he/she engages himself/herself establishing
equilibrium between his/her organization and its environment.
However, when the size of business grows considerably, an
entrepreneur can employ professional manager for the effective
management of business operations.
Socorro Ramos's hands-on approach in negotiating with
local and foreign publishers as well as suppliers gave the
bookstore its low purchasing and low - selling power. She
became acquainted with writers, book lovers and other
personalities who could provide her with information
about the changing times. After several decades, National
Book Store has become in institution with 108 branches
dispersed throughout the country.
5. OVERCOMING RESISTANCE TO CHANGE
New innovations are generally opposed by people
because they make them change their existing behavior
patterns. An entrepreneur always first tries new ideas at his/her
level.
It is only after the successful implementation of these
ideas that an entrepreneur make these ideas available to others
for their benefits. In this manner an entrepreneur paves the way
for the acceptance of his/her ideas by others. This is a reflection
of his/her will power, enthusiasm and energy which helps
him/her in overcoming the society resistance to change.
Diosdado Banatao saw the opportunity of setting - up his pwn
company by designing chip sets. In no time, he was able to raise
$500,000 as seed capital to put up Monstroni in 1985.His
company's determination paid off after they successfully
developed the first system logic chip set. He then went on build
another company called Chips and Technologies, which created
another chip set for enhancing the so - called adapter.
6.CATALYST OF ECONOMIC DEVELOPMENT

An entrepreneur plays an important role in accelerating the


pace of economic development of a country by discovering new
uses of available resources and maximizing their utilization.
Mercury Drug created a reputation that every Filipino
household could rely on;and there was a store in nearly every
town and city across the country. These are about 700
Mercury stores, some of which are under franchise. All these
fulfilled Mariano Que's goal of making safe medication available
and accessible to every Filipino community.
T YPES OF
ENTREPRENEURS
1.INNOVATIVE ENTREPRENEURS –
These entrepreneurs have the ability to think newer,
better, and more economical ideas of organization and
management. They are the business leaders and contributors
to the economic department of a country.

Invention like the introduction of small car "Nano" by Ratan


Tata, organized by retailing by Kishore Biyani and making
mobile phones available to the common man by Anil Ambani
are the works or innovative entrepreneurs.
2. IMITATING ENTREPRENEURS –
The entrepreneurs are people follows the path shown by
innovative entrepreneurs. They imitate innovative entrepreneurs
because the environment in which they operate is such that it
does not have permit them to be creative and innovative ideas
on their own.
Such entrepreneurs are found in countries and
situations marked with weak industrial and institutional base
which create difficulties in initiating innovative ideas.

In the Philippines, a large number of entrepreneurs are


found in every field of business activity and they fulfill their
need of achievement by imitating the ideas introduced by
innovative entrepreneurs.

Development of small shopping complexes is the work


of imitating entrepreneurs. All the small car manufacturers
are imitating entrepreneurs.
3. FABIAN ENTREPRENEURS -

These types of entrepreneurs are skeptical about the


changes to be made in the organization. They do not initiate
any invention but only after they are satisfied with it's
success rate. They wait for some time before the innovations
become well tested by others and do not result in a huge
loss due to it's failure.
4. DRONE ENTREPRENEURS -

Drone is "a person who lives on the labor of others". Drone


entrepreneurs are those individuals who are satisfied with the
existing mode and speed of business activity and show no
inclination in gaining market leadership. In other words, drone
entrepreneurs are die-hard conservative even ready to suffer the
loss of business
5. SOCIAL ENTREPRENEURS -
Social entrepreneurs drive social innovations and transformation in
various field including education, health, human rights, worker rights,
environment and enterprise development. They undertake poverty
alleviation and objective and dare to overcome traditional business
practice and innovate with the zeal of an entrepreneur. Cecilo Pedro
developed multi-flavored toothpastes for children that came brightly
packaged in tube and boxes adorned with "Sesame Street" characters.
Today, the market for the budget-friendly toothpaste brands has expanded
to neighboring country like china, Vietnam, and Indonesia.
The low-priced toothpaste was not the only strategy that took Lamoiya
Corporation to the height of success. The company was lauded for having
the "Most Outstanding Program for Equal Employment Opportunity" by
providing work opportunities to the countries hearing-impaired
community members. Lamoiyan's employment program includes free
housing for more than 30 deaf-mute staff while the company's manager
are required to learn sign-language as a mean of communicating with the
hearing-impared staff. Since the founding of Lamoiyan's Corporation,
about 180 deaf-mute students have received a free college education
through D.E.A.F. which stands for Deaf Evangelistic Alliance Foundation. It
was founded and chaired by Cecilo K. Pedro D.E.A.F. which was officialy
recognized by the Philippine government's Department of Education.
CA REER
OP P0RTUNITIES FOR
ENTREPRENEURSHIP
G RA D U ATES
1. MID – LEVEL MANAGEMENT
At big companies, the C- level folk develop ideas, the ground force
does the work, and the mid – level management converts the idea
into execution. Graduates with entrepreneurial degrees are well
suited for this opportunity.

2. BUSINESS CONSULTANT
Business today need consultants who can go to a client site, identify
problems and fix them. That is what an entrepreneur does, and that
is why this job is a perfect opportunity. Entrepreneurship Graduate
are trained to help identify things that others may not pick up. They
are also trained to know how to fix them.
3. SALES
Entrepreneurship graduates can work in sales or run the
department of any businesses. It is a requirement for
entrepreneurship graduates to know – how to represent a
company, manage accounts and follow up on leads.
4. RESEARCH AND DEVELOPMENT
A Good qualification to work in R&D is a training
and education on understanding of business concepts,
procedures and practices and entrepreneurship.
5. NOT – FOR PROFIT FUNDRAISER
Being able to raise funds requires understanding the importance
of business and networking relationships. This is a great place for
someone with degree on entrepreneurship because his/her experiences
in studying advanced concepts can be used to his or her advantage on
the job.

6. TEACHER
Those with entrepreneurship degree are qualified to teach the
core subjects in Senior High School and teach students the
entrepreneurial skills. They can also teach the benefits of math to
business, history to innovation, and literature to persuasive advertising.
7. RECRUITER
College graduates who had courses that cover operations
management, leadership degree, most likely have a keen sense of what type
of person is needed to fill us a position. Companies who use recruiters rely
upon someone who is not just people – savvy, but also, one who has an in
– depth business sense as well.

8. BUSINESS REPORTER
Entrepreneurship graduates can write articles, or pick up a quick
class to learn how to write article. They can take a prime position to take
the lead in covering a local business beat. Understanding the field and
concepts of business can be used to make the business section much more
interesting and appealing.
MYTHS ABOUT
ENTREPRENEURSHIP
1. Entrepreneurs, like leaders, are born, not made. This
does not hold true for the simple reason that
entrepreneurship is discipline comprising of models,
processes and case studies. One can learn
entrepreneurship by studying discipline
2. Entrepreneur are academic and social misfit. Education make
an entrepreneur a true entrepreneur. Diosdado Banatao, a Filipino
version of Bill Gates, took up electrical engineering and eventually
graduated cum laude. Thereafter, the pursued and completed a
Master's degree in Electrical Engineering and Computer Science
in Stanford University. He developed the single-chip controller
that provided the data-link control and the trans receiver in the
first 10-Mbit Ethernet CMOS. But, this description does not
apply to everyone. Bill Gates has been a school drip-out and so
was perceived to be an academic misfit. But not all drop outa like
Bill Gates succeed as entrepreneurs.
3. To be an entrepreneur, one needs money only. Finance is the
life-blood of an enterprise to survive and grow. But for a good
idea whose time has come, money is not a problem. Alfredo Yao is
another rags-to- riches tale of a self-made businessman who rose
from poverty through hard work and determination. Alfredo Yao
started concocting fruit juices in his own kitchen and launched
Zest-O orange drink which became an instant hit.
4. To be an entrepreneur, a great idea is the only
ingredient. A good or great idea shall remain an idea
unless there is proper combination of all the resources
including management. Toni Tan Caktiong ventured into
the food business by buying an ice cream parlor
franchise from the once famous Magnolia Ice Cream
House. The once nondescript ice cream kiosk became
Jollibee Food Corporation and braved the arrival of the
McDonald's fast food chain in the Philippines in 1981.
5. One wants to be an entrepreneur as having a no
boss is great fun. It is not only the boss is always
demanding; even an entrepreneur faces demanding
vendors, investors, bankers and above all
customers.
Henry Sy, Sr. came to be the founder of the Philippines'
largest retailing company known as SM. The acronym stands
for Shoe Mart, the name of the small shoe store business he
started in 1958 at the Avenida, which was Manila's most
popular commercial district during the post war era. Initially,
however, the businessman encountered difficulties in finding a
local shoe manufacturereji would cooperate with his ideas on
the kind of shoes to sell. He was quite determined and
confident in pursuing his plans because they were mostly based
on his research. He continuously learned from his customers,
his employees, his suppliers and practically studied the growing
needs of the Philippines market.