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KASIM, SHADAN J.
OCT. 15, 2022
ELECTIVE-1 BSCE 2D
MODULE 2: Entrepreneurship
and Innovation
Never underestimate the power of entrepreneurship in the realm of business.estimated.
This force more than ever perceived its significance to the challenges that our present time is
experiencing. In the middle of this pandemic that hit the world in the latter half of 2019 and
continues to the present, the so-called "entrepreneurial revolution" that first gained traction in
the late 1990s is now permeating the economy. In order to survive, businesses at this moment
are applying creativity, risk-taking, innovation, and passion while also laying the groundwork for
prospective economic growth.
TOPIC: Basic Entrepreneurial Concept
Who Are the 10 Greatest Entrepreneurs?
There is a tough truth that any small business owner has to face. Even in the best of
times, the vast majority of small businesses fail. In this article, we'll look at
ten entrepreneurs who not only succeeded but built vast business empires.
KEY TAKEAWAYS
● Here are the ten greatest entrepreneurs who built business empires, like John D.
Rockefeller of Standard Oil and steel-magnate Andrew Carnegie.
● Thomas Edison founded General Electric (GE), while Henry Ford revolutionized
manufacturing bringing cars to the masses.
● Sam Walton started Walmart and modernized distribution, while Walt Disney
created the largest media company on earth.
● Bill Gates of Microsoft and Steve Jobs of Apple also made the list, among others.
ENTREPRENEUR AND ENTREPRENEURSHIP DEFINED
-An entrepreneur is basically a person who may be examined from three
points of views. This is according to Hisrich, Peters, and Shepherd (2010).
From the point of view of an economist, an entrepreneur is the person who brings into
combination the other three factors of production or resources which are: land, labor, and capital
including all other assets in order to produce a good or a service that will be used for the greater
good of society. Moreover, to an economist, an entrepreneur is also an innovator and one who
introduces changes.
-On the other hand, from the point of view of a psychologist, an entrepreneur is a person who
is typically driven by certain forces. Such are the driving force of personal goals of the need to
obtain or attain something, to experiment, to accomplish, or even the need to escape the
authority of others. However, from the point of view of one businessman, an entrepreneur is
a person who appears as a threat and an aggressive competitor. The same entrepreneur may
be looked upon though as an ally, a source of supply and in other positive ways by another
businessman.
-Although an entrepreneur means differently to different people, it is agreed that an
entrepreneur is a person who possesses the kind of behavior or mindset that includes the
following:
2
a. initiative taking;
b. organizing and re-organizing of social and economic
mechanisms that bundle resources in innovative ways;
c. acceptance of risk , uncertainty, and/or the potential for failure.
Entrepreneurship
Entrepreneurship as defined by Medina (2014) is the economic activity. It
is the economic activity of a person who starts, manages, and assumes the risk
of a business enterprise. In another definition, entrepreneurship is similarly but broadly defined
as “the process of creating something new with value by devoting the necessary time and effort;
assuming the accompanying financial psychic, and social risks and uncertainties; and receiving
the resulting rewards of monetary and personal satisfaction.” (Hisrich, et.al. 2010) This definition
gives us a threefold view of entrepreneurship. First, it is the creation of something that is new
and of value both to the entrepreneur and to the people for which the product or service is
created. Second, entrepreneurship requires devotion. It requires necessary time and effort.
Lastly, it involves rewards, of which the most important reward is independence followed by
personal satisfaction as well as monetary reward.
Five Types of Innovators
There are 5 Types of Innovators as described by Frohman and Pascarella
1. Gatekeepers – these people collect and channel information about changes in the technical
environment. They stay current with events and ideas through personal contacts, professional
meetings, and the news media. When gatekeepers find relevant information, they send it to the
appropriate person or unit for follow-up.
2. Idea Generators – this role involves analysis of information about new technologies,
products, or procedures in order to yield new idea for the company. The fresh idea may be an
innovative solution to an existing problem in product or business development or the
identification of a new marketplace opportunity.
3. Champions – champions advocate and push for the new idea. This role involves obtaining
and applying the resources and staff to demonstrate the idea’s feasibility. Champions are
concerned about results, not risk, and do not spend time studying the consequences of failure.
Their mission is to remove obstacles.
4. Project Managers – someone has to draw up schedules and budgets; arrange periodic
information sessions and status reports; coordinate labor, equipment, and other resources; and
monitor progress against the plan. Project managers integrate and administer the tasks, people,
and physical resources necessary to move an idea into practice.
5. Coaches – this function addresses the technical and interpersonal aspects of the work in the
innovation process. Coaches provide technical training related to new developments, and help
people work together to return an idea into a tangible result.
-Capitalist Economy An economy where private individuals or businesses own capital goods.
-Entrepreneur An innovator or developer who recognizes and seizes opportunities; converts
these opportunities into workable/marketable ideas; adds value through time, effort, money, or
skills; assumes the risks of the competitive marketplace to implement these ideas; and realizes
the rewards from these efforts.
-Entrepreneurship The process of organizing, managing, and assuming the risks of a business.
-Innovation The process by which entrepreneurs converts opportunities into marketable ideas.
3
Technology Push Model
-A technology push is a new invention that is pushed through research and development.
 Technology push is an essential aspect of research, which really means teaching the
customers the benefits of the (always great) invention.
 Sometimes without considering whether or not it satisfies a user need.
HOW THE TECHNOLOGY PUSH MODEL WORKS
 Technology-Push is what happens when you’ve got a new invention on your hands and you
go looking for a market. GPS is one example. It started, as many new technologies
invariably do, as a military application. Only later did it find commercial use.
ADVANTAGES
 First, all the tasks were completed as one process had to be completed before moving on to
the next one.
 Secondly, the model reduced technical uncertainties
DISADVANTAGES
 The fact that all activities within a given phase had to be completed before progressing
created delays. This is because all other activities were put on hold until the management
review for the particular stage was completed.
 Another disadvantage is that the marketing phase was left out; the model mainly dealt with
the development stage of an idea.
Market Pull Model
-A pull marketing strategy, also called a pull promotional strategy, refers to a strategy in which a
firm aims to increase the demand for its products and draw (“pull”) consumers to the product.
Pull marketing strategies revolve around getting consumers to want a particular product.
HOW MARKET PULL MODEL WORKS
-The market pull model uses advertising, promotions, and referrals to engage a consumer and
build a brand awareness. In other words, when you have market pull, the market pulls the idea
out of your hands at the same rate you tell people about it; you don't have to work hard
to sell it.
ADVANTAGES
 Able to establish direct contact with consumers and build consumer loyalty.
 Consumers are actively seeking out the product, which removes much of the pressure of
conducting outbound marketing.
 Can be used to test a product’s acceptance in the market and obtain consumer feedback on
the product.
DISADVANTAGES
 Usually works effectively only when there is high brand loyalty.
 Lead time is long, as consumers are comparing alternatives before making a purchase
 Requires strong marketing efforts to convince consumers to actively seek out the product
(they may, instead, just decide to settle for whatever similar product a retailer has in stock,
rather than insisting on getting your product).
Self-assessment—evaluating your strengths and weaknesses—is an important part
of becoming an entrepreneur. Self-assessment helps you maximize your strong points
and strengthen your weaker ones. The key thing to remember is that everybody has
strengths and weaknesses. It’s what you do with what you have that counts. Also,
4
entrepreneurs who are self-aware are able to focus on hiring employees with
characteristics that complement their own. Aptitudes and Attitudes
An aptitude is a natural ability to do a particular type of work or activity well. For example, you
may find math very easy, or you may naturally be good at sports. Aptitudes can sometimes be
developed through hard work.
An attitude is a way of viewing or thinking about something that affects how you feel about it.
Entrepreneurs tend to be people with positive attitudes. Instead of seeing a situation as a
problem, they look at it as an opportunity. This helps them find solutions more easily than
people who think negatively.
No one is born with all the characteristics needed to be a successful entrepreneur. But
if you keep a positive attitude and believe in yourself, you can develop many of them. In the
following list, notice the personality traits you already possess. Then focus on
the ones you think you need to develop.
 Courage: A willingness to take risks in spite of possible losses.
 Creativity: Inventing new ways of doing things; thinking outside the box.
 Curiosity: The desire to learn and ask questions.
 Determination: Refusing to quit in spite of obstacles.
 Discipline: The ability to stay focused and follow a schedule to meet deadlines.
 Empathy: Being sensitive to the thoughts and feelings of others.
 Enthusiasm: Being passionate about something; the ability to see problems as
Opportunities
 . Flexibility: The ability to adapt to new situations; a willingness to change
 . Honesty: A commitment to being truthful and sincere with others.
 Patience: Recognizing that most goals are not reached overnight.
 Responsibility: Being accountable for your decisions and actions; not passing the buck.
A skill is an ability that’s learned through training and practice. For example, you didn’t know
how to tie a shoe when you were born. You learned this skill through practice and the help of
adults. Some of the basic skills entrepreneurs need are:
 Business skill
 Communication skill
 Computer skill
 Decision-making and problem-solving skills
 Mathematical skill
 Organizational skill
 People skills
Think like an entrepreneur
 Observe
 Listen
 Think
First quadrant- high innovation and low risk
Second quadrant- high innovation and high risk
Third situation- Low risk and low innovation
Fourth situation- low innovation and high risk

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KASIM,SHADAN J. LONG QUIZ BSCE 2D.docx

  • 1. 1 KASIM, SHADAN J. OCT. 15, 2022 ELECTIVE-1 BSCE 2D MODULE 2: Entrepreneurship and Innovation Never underestimate the power of entrepreneurship in the realm of business.estimated. This force more than ever perceived its significance to the challenges that our present time is experiencing. In the middle of this pandemic that hit the world in the latter half of 2019 and continues to the present, the so-called "entrepreneurial revolution" that first gained traction in the late 1990s is now permeating the economy. In order to survive, businesses at this moment are applying creativity, risk-taking, innovation, and passion while also laying the groundwork for prospective economic growth. TOPIC: Basic Entrepreneurial Concept Who Are the 10 Greatest Entrepreneurs? There is a tough truth that any small business owner has to face. Even in the best of times, the vast majority of small businesses fail. In this article, we'll look at ten entrepreneurs who not only succeeded but built vast business empires. KEY TAKEAWAYS ● Here are the ten greatest entrepreneurs who built business empires, like John D. Rockefeller of Standard Oil and steel-magnate Andrew Carnegie. ● Thomas Edison founded General Electric (GE), while Henry Ford revolutionized manufacturing bringing cars to the masses. ● Sam Walton started Walmart and modernized distribution, while Walt Disney created the largest media company on earth. ● Bill Gates of Microsoft and Steve Jobs of Apple also made the list, among others. ENTREPRENEUR AND ENTREPRENEURSHIP DEFINED -An entrepreneur is basically a person who may be examined from three points of views. This is according to Hisrich, Peters, and Shepherd (2010). From the point of view of an economist, an entrepreneur is the person who brings into combination the other three factors of production or resources which are: land, labor, and capital including all other assets in order to produce a good or a service that will be used for the greater good of society. Moreover, to an economist, an entrepreneur is also an innovator and one who introduces changes. -On the other hand, from the point of view of a psychologist, an entrepreneur is a person who is typically driven by certain forces. Such are the driving force of personal goals of the need to obtain or attain something, to experiment, to accomplish, or even the need to escape the authority of others. However, from the point of view of one businessman, an entrepreneur is a person who appears as a threat and an aggressive competitor. The same entrepreneur may be looked upon though as an ally, a source of supply and in other positive ways by another businessman. -Although an entrepreneur means differently to different people, it is agreed that an entrepreneur is a person who possesses the kind of behavior or mindset that includes the following:
  • 2. 2 a. initiative taking; b. organizing and re-organizing of social and economic mechanisms that bundle resources in innovative ways; c. acceptance of risk , uncertainty, and/or the potential for failure. Entrepreneurship Entrepreneurship as defined by Medina (2014) is the economic activity. It is the economic activity of a person who starts, manages, and assumes the risk of a business enterprise. In another definition, entrepreneurship is similarly but broadly defined as “the process of creating something new with value by devoting the necessary time and effort; assuming the accompanying financial psychic, and social risks and uncertainties; and receiving the resulting rewards of monetary and personal satisfaction.” (Hisrich, et.al. 2010) This definition gives us a threefold view of entrepreneurship. First, it is the creation of something that is new and of value both to the entrepreneur and to the people for which the product or service is created. Second, entrepreneurship requires devotion. It requires necessary time and effort. Lastly, it involves rewards, of which the most important reward is independence followed by personal satisfaction as well as monetary reward. Five Types of Innovators There are 5 Types of Innovators as described by Frohman and Pascarella 1. Gatekeepers – these people collect and channel information about changes in the technical environment. They stay current with events and ideas through personal contacts, professional meetings, and the news media. When gatekeepers find relevant information, they send it to the appropriate person or unit for follow-up. 2. Idea Generators – this role involves analysis of information about new technologies, products, or procedures in order to yield new idea for the company. The fresh idea may be an innovative solution to an existing problem in product or business development or the identification of a new marketplace opportunity. 3. Champions – champions advocate and push for the new idea. This role involves obtaining and applying the resources and staff to demonstrate the idea’s feasibility. Champions are concerned about results, not risk, and do not spend time studying the consequences of failure. Their mission is to remove obstacles. 4. Project Managers – someone has to draw up schedules and budgets; arrange periodic information sessions and status reports; coordinate labor, equipment, and other resources; and monitor progress against the plan. Project managers integrate and administer the tasks, people, and physical resources necessary to move an idea into practice. 5. Coaches – this function addresses the technical and interpersonal aspects of the work in the innovation process. Coaches provide technical training related to new developments, and help people work together to return an idea into a tangible result. -Capitalist Economy An economy where private individuals or businesses own capital goods. -Entrepreneur An innovator or developer who recognizes and seizes opportunities; converts these opportunities into workable/marketable ideas; adds value through time, effort, money, or skills; assumes the risks of the competitive marketplace to implement these ideas; and realizes the rewards from these efforts. -Entrepreneurship The process of organizing, managing, and assuming the risks of a business. -Innovation The process by which entrepreneurs converts opportunities into marketable ideas.
  • 3. 3 Technology Push Model -A technology push is a new invention that is pushed through research and development.  Technology push is an essential aspect of research, which really means teaching the customers the benefits of the (always great) invention.  Sometimes without considering whether or not it satisfies a user need. HOW THE TECHNOLOGY PUSH MODEL WORKS  Technology-Push is what happens when you’ve got a new invention on your hands and you go looking for a market. GPS is one example. It started, as many new technologies invariably do, as a military application. Only later did it find commercial use. ADVANTAGES  First, all the tasks were completed as one process had to be completed before moving on to the next one.  Secondly, the model reduced technical uncertainties DISADVANTAGES  The fact that all activities within a given phase had to be completed before progressing created delays. This is because all other activities were put on hold until the management review for the particular stage was completed.  Another disadvantage is that the marketing phase was left out; the model mainly dealt with the development stage of an idea. Market Pull Model -A pull marketing strategy, also called a pull promotional strategy, refers to a strategy in which a firm aims to increase the demand for its products and draw (“pull”) consumers to the product. Pull marketing strategies revolve around getting consumers to want a particular product. HOW MARKET PULL MODEL WORKS -The market pull model uses advertising, promotions, and referrals to engage a consumer and build a brand awareness. In other words, when you have market pull, the market pulls the idea out of your hands at the same rate you tell people about it; you don't have to work hard to sell it. ADVANTAGES  Able to establish direct contact with consumers and build consumer loyalty.  Consumers are actively seeking out the product, which removes much of the pressure of conducting outbound marketing.  Can be used to test a product’s acceptance in the market and obtain consumer feedback on the product. DISADVANTAGES  Usually works effectively only when there is high brand loyalty.  Lead time is long, as consumers are comparing alternatives before making a purchase  Requires strong marketing efforts to convince consumers to actively seek out the product (they may, instead, just decide to settle for whatever similar product a retailer has in stock, rather than insisting on getting your product). Self-assessment—evaluating your strengths and weaknesses—is an important part of becoming an entrepreneur. Self-assessment helps you maximize your strong points and strengthen your weaker ones. The key thing to remember is that everybody has strengths and weaknesses. It’s what you do with what you have that counts. Also,
  • 4. 4 entrepreneurs who are self-aware are able to focus on hiring employees with characteristics that complement their own. Aptitudes and Attitudes An aptitude is a natural ability to do a particular type of work or activity well. For example, you may find math very easy, or you may naturally be good at sports. Aptitudes can sometimes be developed through hard work. An attitude is a way of viewing or thinking about something that affects how you feel about it. Entrepreneurs tend to be people with positive attitudes. Instead of seeing a situation as a problem, they look at it as an opportunity. This helps them find solutions more easily than people who think negatively. No one is born with all the characteristics needed to be a successful entrepreneur. But if you keep a positive attitude and believe in yourself, you can develop many of them. In the following list, notice the personality traits you already possess. Then focus on the ones you think you need to develop.  Courage: A willingness to take risks in spite of possible losses.  Creativity: Inventing new ways of doing things; thinking outside the box.  Curiosity: The desire to learn and ask questions.  Determination: Refusing to quit in spite of obstacles.  Discipline: The ability to stay focused and follow a schedule to meet deadlines.  Empathy: Being sensitive to the thoughts and feelings of others.  Enthusiasm: Being passionate about something; the ability to see problems as Opportunities  . Flexibility: The ability to adapt to new situations; a willingness to change  . Honesty: A commitment to being truthful and sincere with others.  Patience: Recognizing that most goals are not reached overnight.  Responsibility: Being accountable for your decisions and actions; not passing the buck. A skill is an ability that’s learned through training and practice. For example, you didn’t know how to tie a shoe when you were born. You learned this skill through practice and the help of adults. Some of the basic skills entrepreneurs need are:  Business skill  Communication skill  Computer skill  Decision-making and problem-solving skills  Mathematical skill  Organizational skill  People skills Think like an entrepreneur  Observe  Listen  Think First quadrant- high innovation and low risk Second quadrant- high innovation and high risk Third situation- Low risk and low innovation Fourth situation- low innovation and high risk