Introduction to Entrepreneurship<br />Lesson1<br />
Entrepreneurship<br />is a creative initiative of setting up a business to meet the needs of the consumers in the hope of getting a profit from it<br />takes its roots from trading in prehistoric times called barter<br />it is synonymous to self-employment<br />
Advantages of Entrepreneurship<br />INDEPENDENCE-allows entrepreneurs to assume managerial role in their own venture, make their own business decisions.<br />FLEXIBILITY-entrepreneurs have the chance to work at their own pace and space, schedule, control their hours, and set up their own workplace.<br />CHALLENGE- opportunity to grow and diversify, plenty of room to improve oneself and one’s business skills.<br />DIRECT PAY-OFFS- Entrepreneurs benefit directly from whatever profit the business yields.<br />UNLIMITED EARNINGS- income is derived in full and one can expect even more.<br />
Business Ideas<br />Capitalizing on one’s skills<br />Filling a vacuum<br />Thinking of franchise<br />Starting something new<br />
Most common reasons for starting a business<br />Be your own boss Financial independence<br />Creative freedom Fully use your skills and knowledge<br />
Entrepreneurship and the Economy<br />Lesson 2<br />
WORDS OF WISDOMYou have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don’t have that kind of feeling for what it is you are doing, you’ll stop at the first giant hurdle.<br />
Other economic benefits<br />increases the countries per capita income<br />creates jobs<br />meets consumer demands<br />provides social services<br />links industries<br />creates new markets<br />
Small and Medium-scale Enterprises<br />The size of an enterprise is defined by the asset base and number of workers of a business<br />Small-scale industries Php 3,000,001 to 15,000,000<br /> 10–99 employees<br />Medium-scale industries Php15,000,001 to 60,000,000<br /> 100-199 employees<br />Microenterprise (subcategory of small scale enterprise) less than 3,000,000<br /> 1-9 employees<br />
Economic Concepts<br />Laissez-faire-economy--- “ LEAVE US ALONE” is an economic system in which individuals and firms do not get any direction or regulation from the government in terms of production.<br />Keynesian economics--- British economist John Maynard Keynes believe that government could intervene in the economy and affect the level of output and employment (macroeconomics).<br />Theory of comparative studies--- David Ricardo in his theory of comparative advantage, a country must specialize in what it does best and trade with other countries for goods that it does not produce.<br />Consumption and production--- The household and the firm are the two basic decision-making units in an economy. A nations level of production is a key determinant of its national income.<br />
Activity<br />If you were given a choice, what business would you want to pursue and why?<br />Identify which among the economic concepts is most logical to you. Explain your answer.<br />
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