APP 004

LESSON 1: INTRODUCTION TO ENTREPRENEURSHIP

Entrepreneurship

- a dynamic process of vision, change, and creation that requires an application of energy and passion towards the
creation and implementation of new ideas and creative solutions. This process of innovation and new venture creation is
accomplished through 4 major dimensions; Individual, Organization, Environment and Process.

Entrepreneurs

- they have shaped the face of business and enterprise since the dawn of man. from the first wheel to the advent of the
internet, these clever business people evolved for centuries into their most recent reincarnation.

EVOLUTION OF ENTREPRENEURS Neolithic

- The very first entrepreneur was the engineering cavemen.

- Better system of transportation and invented the wheel

Classical Roman

- entrepreneurs are present in all open-air markets and shops. They also expanded by selling food and clothing to
soldiers in military

Golden Age

- entrepreneurs came and west in 1840s to tin gold

- the saw market potential on treasure hunters and diggers

Utilitarian Entrepreneur

- tech-savvy entrepreneurs who based their business on electricity.

- turned up the business into "larger than life" corporations

Bill Gates

- startups began navigation the internet

- entrepreneur has a business card ended in ".com"

Social Media Thinker

- social media intrapreneurs thrive and connectivity and social media colloquialism

It is a common assumption that businessmen and entrepreneurs are the same but refer to different individuals
possessing a distinct approach to business. In the future entrepreneurs can become businessmen. However, there is a
thin line difference.
 BUSINESSMAN ENTREPRENEUR
• starts a business from an existing idea or • starts a business from his own unique idea or
concept concept
• focuses on cooperation • focuses on cooperation
• traditional • innovative and revolutionary
• stays safe • risk taker and accountable
• profit oriented • people (employee, customer, public) oriented
• hire people to increase business productivity • hire people to give them productivity
• a market player • a market leader

LESSON 2 : KNOWING THE QUALITY OF AN ENTREPRENEUR

Being an entrepreneur requires specific skills. welcome abilities might be naturally present, others can be learned or
developed through careful practice. Understanding the quality needed by intrapreneurs can help you grow to become a
better business leader.

Self-Motivation

- need to be able to push yourself. You aren't answerable to anyone else as an entrepreneur, and that sometimes means
that it's hard to get moving without anyone to make you.

Risk Tolerance

- understanding calculated risks they are more likely to off as an important part of being an entrepreneur. you need to
be willing to take a few risks to succeed

Flexibility

- be willing to change as needed. Stay on top of the industry and be ready to adopt changes in process and product as
they are needed.

Passion

- what will help you find motivation when you're discouraged and will drive you forward. Fuel for successful
entrepreneurship.

Management Skills and Knowledge

- understand how money works so that you know where you stay and so that you run your business on sound
principles.

Vision

- The best entrepreneurs have a vision of what they want to achieve, how they can accomplish their objectives, and
when they need it on their side to reach their goals. Their vision acts like a compass that points you in the direction of
opportunities.

Confidence

- They have to be confident in both themselves and in the products or services they sell. They believe in themselves,
they will have the ability to stay first regardless of difficulties or discouragement.

IMPORTANT SKILLS INTRAPRENEURS NEEDED

2. strategic thinking 5. curiosity 8. branding

LESSON 3 : IDENTIFYING ENTREPRENEUR'S PERSONALITY

Personality

- refers to the pattern of characteristics that distinguishes one person from another. includes a person's traits, values,
motives, genetic blueprint, attitudes, emotional reactivity, abilities, self-image, intelligence, and visible behavior
patterns.

- refers to a person's distinctive patterns of thinking feeling and behaving

- complex and colorful thing

TYPES OF PERSONALITY

Realistic (real)

- refers to individual activities involving aggressive behavior and physical exertion requiring skill strength and
coordination. (chef, computer technicians, architect, auto mechanic, medical technician)

Investigative (investigate)

- refers to being analytical , curious, methodological and precise. (crime investigator, detective, auditor, strategic
planner, data analysis, statistician, researchers)

Artistic (art/s)

- expressive, non-conforming, original, and introperspective. (songwriter, architect, painter, strand manager, event
planner, social media planner)

Social

- enjoys working and helping others and purposefully avoids systematic activities involving tools and machinery. (social
worker, caregivers, teachers, registered nurse, counselor, librarian, psychologist)

Enterprising

- enjoys verbal activities to influence others and attain power and status. (manager, businessman, customer service
manager, advertising sales representative, banner)

Conventional

- enjoys a systematic manipulation of data, filing records, or reproducing materials. (accounting/accountant, government
secretary, budget, insurance agent, financial agent)

LESSON 4 : ENUMERATING THE DIFFERENT KINDS OF BUSINESS

Before starting a business, make sure you have a clear understanding of what constitutes a business, as well as any
business-related activities.
Different Classifications and Types of Business

Business

- also known as an enterprise, agency or a firm, is an entity involved in the provision of goods and/or services to
consumers. It is defined as an organization or enterprising entity engaged in commercial, industrial, or professional
activities.

Classification of Business

Public Enterprise

- a business organization wholly or partly owned by the state and controlled through a public authority. (Ex. Land Bank
of the Philippines)

Private Enterprise

- business or industry that is managed by independent companies or private individuals rather than by the state. (Ex.
Globe Telecoms, Jollibee, SM City)

BUSINESS ENTITY

- an organization that uses economic resources to provide goods or services to consumers in exchange for money or
other goods and services. Business organizations come in different types and in different forms of ownership.

TYPES OF BUSINESS

Service Businesses

- A service type of business provides intangible products. Service type firms offer professional skills, expertise, advice,
and other similar products. (Ex. salons, repair shops, schools, banks, accounting firms, and law firms)

Merchandising Business

- Buys products at wholesale price and sells the same at retail price. They are known as “buy and sell” businesses. They
make profit by selling the products at prices higher than their purchase costs. (Ex. grocery stores, convenience stores,
distributors, and other resellers)

Manufacturing Business

- Buys products with the intention of using them as materials in making new products. Thus, there is a transformation of
the products purchased. (Ex. bags, clothing, manufacturers)

LESSON 5 : DETERMINING FORMS AND FUNCTIONS OF BUSINESS

One of the first decisions that you’ll have to make as business owners is how your business should be structured. You
need to know the advantages of each of the different forms of business organization to make sure you’re making the
right decision for your new business.

FORMS OF BUSINESS ORGANIZATIONS

Sole Proprietorship
- a business owned by only one person. The owner faces unlimited liability, meaning, the creditors of the business may
go after the personal assets of the owner if the business cannot pay them.

Partnership

- a business owned by two or more persons who contribute resources.

● General partnership - all partners have unlimited liability

● Limited partnership - creditors cannot go after the personal assets of the limited partners

Corporation

- has a separate legal personality from its owners. Ownership in a stock corporation is represented by shares of stock.
The owners enjoy limited liability but have limited involvement in the company’s operations.

Limited Liability Company (LLC)

- hybrid forms of business that have characteristics of both a corporation and a partnership.

● Hybrid businesses are companies that may be classified in more than one type of business. (Ex. restaurant)

Cooperative

- a business organization owned by a group of individuals and is operated for their mutual benefit.

FUNCTIONS OF BUSINESS

BUSINESS

Production Function

- creation of goods and services with the help of certain processes.

● Meet the specified time schedule

● Fulfill the quantity requirements

● Produce at minimum cost

Marketing Functions

- process of getting goods and services into the hands of the consumer with a view to satisfying the needs and desires. ●
Decide new product development

● Promotion

● Pricing

Finance Function

- basically responsible for three decisions and their proper implementations.

● Investment decisions

● Decide capital structure- fixed and working

● Dividend decisions

Human Resource Function

● Selection and job analysis

● Training

● Promotion and Transfer

● Employee Involvement

FAQs

1. 62% of adults believe intrapreneurship is a good career. According to global intrapreneurship model entrepreneurs
statistics from 2018 to 2019 more than half of people feel starting one's own business is a good career move. There may
also be some misconceptions because an astonishing 40% of respondents think it's easy to start a business and 49%
believe they have what it takes to do it.

2. Business and food are the two most popular industries for intrapreneurship. This is based on Guidant financial data
list five of the most popular industries. business and food are at the top with 11% followed by the health/beauty with
10% general retail (7%) and home services

3. When it comes to running a business, about 80% make it through their first year. This percentage tends to gradually
reduce as the years go by. only 70% survive their second year and by their tenth year, only about 30% remain in
business.

4. 82% of business failures are due to poor cash management

5. 72% of small business owners say that they don't check their mobile device while eating with others. This approach
helps them to maintain a healthy work-life balance. As an entrepreneur, dealing with destruction can be a bit difficult.

6. Entrepreneurial statistics reveal 44% of entrepreneurs have a college degree.

7. 19.6% of self-employed professionals work on the construction/trades field

8. China is the World’s Largest Manufacturer [Asia $2,922,520/y (#1), European Union (#2), United States (#3)]

9. Half of all working teenagers have jobs in retail.

10. According to the SBA, sole proprietorships are the easiest and most inexpensive forms of business to establish. A
sole proprietor has full control over decisions affecting the business, provided they are within legal parameters. He
receives all the income and profit that the business generates. If desired, he can dissolve the business easily.

11. Coca-Cola, One of the most valuable brands in the world, Coca-Cola's iconic red-and-white logo is recognised by 94%
of the globe's population. But when the brand launched in China there was a lot of research that went into finding the
right characters to transliterate the name.