Entrepreneurship Basic Concepts and Principles Mark Joseph E. Baja By: Bachelor of Science in Accountancy Career Service Professional Eligible * Licensed Insurance Agent Six Sigma Yellow Belt Professional * Certified Six Sigma Yellow Belt Certified Microsoft Innovative Educator

House Rules Engage. 1 Engage.. 2 Engage… 3 ….CAA 

What comes to mind when you think of the word - ?

Objectives of the Session: To set forth a general definition of entrepreneurship 1 To know the stages of business start-up 2 To differentiate entrepreneur from business owner 3 To know the qualities and nature of an entrepreneur 4 To acquire understanding of the entrepreneurial mindset/spirit 5

What is Entrepreneurship? ENTREPRENEUR is derived from the French word entreprendre, meaning “to undertake.” Meanwhile, -SHIP is a suffix added to a common word to connote ideology or action. Thereby, making ENTREPRENEURSHIP as an IDEA OR ACT TO UNDERTAKE.

What to undertake as an Entrepreneur? Business 01 Project 02 Enterprise 03 Program 04 Partnership 05 ETC.

Stages of Business Start-Up 1 Idea Generation 2 Testing the Idea 3 Business Plan 4 Plan Execution 5 Commencement of Operations

Let’s COMPARE and CONTRAST: Entrepreneur vs. Business Owner Business Owners Manage their businesses by expecting stable sales, profits, and growth Entrepreneurs Focus their efforts on innovation, profitability and sustainable growth

Activity Entrepreneurial Aptitude Assessment

Entrepreneurship defined A dynamic process of vision, change, and creation.

Essential Ingredients of Entrepreneurship: Opportunity Calculated Risks Business Plan Resources

Who is an Entrepreneur? The entrepreneur is one who undertakes to organize, manage, and assume the risks of a business. Although no single definition of entrepreneur exists and no one profile can represent today’s entrepreneur, research is providing an increasingly sharper focus on the subject.

Entrepreneurial Mindset/Spirit  It's an attitude and approach to thinking that actively seeks out change, rather than waiting to adapt to change. It's a mindset that embraces critical questioning, innovation, service and continuous improvement. An INTEGRATED CONCEPT.

3 Masteries that Reinforce the Entrepreneurial Mindset/Spirit Self Mastery – Knowing and capitalizing on Strengths and Weaknesses 01 Environment Mastery – Scanning Opportunities and Threats 02 Enterprise Mastery – Ability to perform and/or to find people who can do the Functional Areas of Management 03

References: Introduction to Entrepreneurship, 8e Donald F. Kuratko  Center for Voluntary Managers of Greece (KEMEL), Greece http://www.kemel.gr/sites/default/files/files/7_do_you_have_what_it_ takes_to_be_an_entrepreneur_0.pdf Go Negosyo 50 Inspiring Entrepreneurial Stories Forbes Online https://www.forbes.com/sites/jacquelynsmith/2013/10/22/how-to-keep your- entrepreneurial-spirit-alive-as-the-company-you-work-for-grows/ Wadhwani Foundation Online https://wiki.wfglobal.org/category/entrepreneurship/infographics/

Questions?

Quiz :P 1-4. Enumerate the 4 Essential Ingredients of Entrepreneurship. 5.Define the word Entrepreneurship.

Assignment Research and read about the Types of Entrepreneurs. Note as many as you can find. We will discuss. Please prepare for a recitation-discussion. Those who will not be able to answer fairly with my questions will be assumed to have not done the assignment.

By: Joel Barker (Futurist, Author, Lecturer and Film Maker) Vision without Action is just a DREAM, Action without vision is just PASSING TIME, Vision with Action can CHANGE THE WORLD.

THANK YOU VERY MUCH :D #End