Introduction to enrepreneurship.

1. ENTREPRENEURSHIP

2.  In political economics, entrepreneurship is the
process of identifying and starting a new business
venture, sourcing and organizing the required
resources, while taking both the risks and rewards
associated with the venture.

3.  The capacity and willingness to develop, organize
and manage a business venture along with any of
its risks in order to make a profit.

4. ENTREPRENEUR
 Someone who exercises initiative by organizing a
venture to take benefit of an opportunity and, as
the decision maker, decides what, how, and how
much of a good or service will be produced.

5.  An entrepreneur is an opportunity finder who sees
a need, assesses the situation, ventures a risk to
fulfill that need, and makes a profit.

6.  An entrepreneur is an innovator who creates new
products and services or expands existing markets.

7.  An entrepreneur facilitates enterprise productivity,
pushing sales and profits to higher levels with the
application of ingenious schemes and strategies.

8.  An entrepreneur is driven by a strong desire to be
successful and is consumed by a higher motivation
to excel.

9. SOCIO-ECONOMIC BENEFITS FROM
ENTREPRENEURSHIP

10. A. Promotes Self-help and
Employment
 In the process, every entrepreneur helps or assist
the government not only by providing
employment for himself but also for providing
employment to those employed by the firm.

11. B. Mobilizes Capital
 Every person that goes into entrepreneurship or
puts up his own business means releasing or
mobilizing capital that should fire up the
economy.

12. C. Provides Taxes to the Economy
 The entry of the entrepreneur into the world of
business means tax sources for the government.
Every entrepreneur contributes to the economy, a
kind of income out of the real estate, income tax,
sales tax, fees, and all other forms of payment to
the national as well as local government units.

13. D. Empower Individuals
 Because of the high income earning potentials of
entrepreneur compared to those who are
employed, the possibility of wealth accumulation
is enhanced and his economic standing in society
and so as the powers that goes with money and
other financial resources that goes with
entrepreneurial endeavors.

14. E. Enhance National Identity and
Pride
 The quality and quantity of products and services
produced by every entrepreneur is a source of
pride and identity for a country. It is not only the
entrepreneur that directly benefits from his/her
entrepreneurial endeavors but the country also
takes pride and honor that goes with it.

15. F. Enhance Competitive
Consciousness
 Innovation being the essence of entrepreneurship
is a catalyst to a consciousness and culture of
competition which in a long term breeds quality
and international/global competitiveness.

16. G. Improves Quality of Life
 The entrepreneur’s penchant for innovation and
development of new product as well as creation of
new markets redounds to the betterment of the
products and services- and hence the quality of
life.

17. H. Enhances Equitable Distribution
of Income and Wealth
 With entrepreneurs succeeding in their respective
endeavors, chances are that equitable distribution
of income and wealth can be likewise expected.

18. ATTRIBUTES OF ENTREPRENEURS
 “ Aside from assuming risks and initiating innovation,
taking control such as assuming ownership of the
business is a primary concern of the entrepreneur.”

19.  Dr. Karl Vesper is a professor of Business
Administration, Mechanical Engineering, and Marine
Studies at the University of Washington and a
nationally recognized chronicler of entrepreneurship
education in U.S. colleges and universities. From 1982
to 1985, Vesper served as Chairman of the
Management and Organization Department at the
University of Washington, where he has been on the
faculty since 1969.

20. Karl Vesper has classified the
entrepreneurs in various forms as
follows:
 A. Solo self-employed individual
- This group of entrepreneurs include such group as
tradespeople, sales agents, repairmen, and brokers as
well as highly paid professionals, accountants,
physicians who operate alone or with only a few
employees and perform work personally. This group also
includes practitioners in the field of expertise who
provide management or technical advisory services on a
fixed-term or long-term basis.

21.  B. Deal-to-dealers
- This group include highly knowledgeable businessmen
engaged in various forms of trades frequently in directly
or indirectly related lines of work. Their engagement in
other forms of business directly or indirectly related to
their existing or main line of business comes on specific
transaction and may just be one-shot deal.

22.  C. Team builders
- They refer to those who go on to build large companies
using hiring and delegation can be regarded as another
category. An example of this include a skilled machinist
who, after his apprenticeship , opens his own small shop
and then gradually expands his work force as sales rise.

23.  D. Independent Innovators
- They include such persons who hit upon ideas for
better products or services and then create companies to
develop, produce and sell them.

24.  E. Pattern Multiplier
- These are entrepreneurs who spot an effective business
pattern, quite possibly originated by someone else, and
multiply it to realize profits. An example of this is the
McDonald’s “drive thru” restaurant and fast food chain
which later went into franchise expansion.

25.  F. Economy-of-scale exploiters
- The fact that unit costs tend to shrink as volume
expands has been exploited particularly by
entrepreneurs in the discount merchandising business.
By locating the business in lower rent and tax areas, and
by reducing services, they are able to reduce prices,
which has given them sales volume enabling them to
reduce prices further and make it difficult for
competitors to enter or complete.

26.  G. Capital Aggregators
- They include smart entrepreneurs who use their
experience and expertise in pooling or syndicating a
group of financiers to put together a business
endeavor.

27.  H. Acquirers
- Among others, there are two ways to enter independent
business- start a new one or acquire a growing
concern. Those who acquire hasve a variety of styles.

28.  I. Independent Inventors
- They include pure investors who really developed their
own product or invention and take care of marketing
them.

29.  J. Buy-sell artist
- They include wise guys referred to as corporate raiders
and brokers who turn around, sell and liquidate.

30.  K. Apparent Value Manipulators
- They refer to those who acquire assets at a discount,
representing them for a new use or market, and
restructure balance sheet to improve ratio.