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A perspective on Entrepreneurship

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A perspective on Entrepreneurship

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A perspective on Entrepreneurship

  1. 1. CHAPTER 1 A PERSPECTIVE ON ENTREPRENEURSHIP
  2. 2. Entrepreneurship and Economic Development To achieve economic development goals, proper management of the following elements is necessary: •Human resources •Natural resources •Capital formation •technology
  3. 3. What is Entrepreneurship?  It refers to the economic activity of a person who STARTS, MANAGES, and ASSUMES the risk of a business enterprise. Entrepreneur The person who undertakes entrepreneurial activities. The entrepreneur identifies an economic need, considers offering a business solution, proceeds to assemble the resources required, and assumes the risk of either succeeding or failing.
  4. 4. ENTREPRENEURS’S CONCERN PROBLEM AT HAND ENTREPRENEUR’S ACTION 1. Identifying an economic need. 1. High income families are not satisfied with the services provided by high schools in the area. 1. Establish a high standard school for high school students 2. Assembling resources required. 2. Resources must be made available. 2. Acquire funds, hire people, construct buildings, and the like. 3. Assuming risk. 3. Venture must be made. 3. Prepare project study, advertise, and maintain good relationship with employees and customers and among others.
  5. 5. The Entrepreneur’s Task Land Labor Capital (Natural Resources) (Human Resources) (Financial Resources) ENTREPRENEUR PRODUCTION PROCESS FINISHED GOODS AND SERVICES
  6. 6. Surviving Enterprise are responsible for providing the following: 1. Products and services for customers and producers; 2. Employment 3. Taxes; 4. Demand for suppliers’ product and services; and 5. Training facilities for future entrepreneur.
  7. 7. In the attempt to make profits, the entrepreneur performs the following specific functions: To supply the necessary capital; To organize the production by buying and combining inputs like materials and labor;
  8. 8. In the attempt to make profits, the entrepreneur performs the following specific functions: To decide on the rate of output, in the light of his expectation about demand; To bear the risk inherent to the venture.
  9. 9. Entrepreneurship and Innovation INNOVATION - may be defined as the introduction of a new method, procedure, custom, device, and among others.
  10. 10. Innovation could be any of the following: A new product; A new process of production; The substitution of a cheaper material in an unaltered product;
  11. 11. Innovation could be any of the following: The reorganization of production, internal function, or distribution arrangement leading to increased efficiency, better support for a given product, or lower costs; An improvement in instruments or methods of doing innovation.
  12. 12. Innovation may also viewed as the last stage in an important process consisting of the following: 1.INVENTION - which refers to the discovery or devising of new products and processes.
  13. 13. Innovation may also viewed as the last stage in an important process consisting of the following: 2. DEVELOPMENT - which refers to the process by which the ideas and principles generated from the stage of invention are embodied in concrete products and techniques.
  14. 14. Innovation may also viewed as the last stage in an important process consisting of the following: 3. INNOVATION - which refers to the actual introduction of new products or process.
  15. 15. NEW VENTURES AND LONG TERM ENTERPRISE The transition from a new venture to a successful long-term enterprise consists of at least four major stages. The stages are as follows: 1. The pre start-up stage 2. The start-up stage 3. The early growth stage 4. The late growth stage
  16. 16. In the start-up stage, the following activities are undertaken:  Formation of the business  Generation of the necessary capital  Purchase of facilities and equipment  Constructing prototype products  Testing the market
  17. 17. REWARDS FOR SUCCESSFUL ENTREPRENEURSHIP FACTORS OF PRODUCTION ECONOMIC REWARD LIMITING FACTOR FOR REWARDS RECEIVED Land Capital Labor Entrepreneur Rent Interest Wages / salary profits Supply and demand Industry rates / government mandated rates Supply and demand legislation Skill of entrepreneur
  18. 18. ENTREPRENEURSHIP AND BUSINESS SIZE Examples of innovations are the following: Offering business services during Sundays and holidays. Manufacture and sales of new products. Selling on a deferred payment scheme

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