What Is Entrepreneurship

Entrepreneurship is a proactive process of developing a business venture to make a

profit. It involves seeking opportunities for a market, establishing and operating a business

out of the opportunity, and assessing its risks and rewards through close monitoring of the

operations.With this definition, being an entrepreneur may seem difficult, but it can be

rewarding if the enterprise flourishes. Creating a sound business plan, along with efficient and

effective operation of the business, will not only benefit the entrepreneur but also the entire

society and the economy.

An entrepreneur is successful if the business that he or she envisioned has materialized

into a thriving industry with regular customers and financial gain. He or she either decides to

maintain his or her business or expand. This eventually reflects on the society and the economy

as a whole. Here are the societal and economic benefits of entrepreneurship

1. Entrepreneurship produces more jobs that equate to an increase in nationa

income. Millions of unemployed people will have the opportunities to have a

decent occupation. Small businesses produce jobs and create wealth

2. Entrepreneurship amplifies economic activities of different sectors of sociery. A

simple eatery in a rural area and a coffee shop in an urban area both ignite economic

activity regardless of their business scale.

Entrepreneurship introduces new and innovative products and services. New

products and services are always available in the market because of the ingenuity

of entrepreneurs to seek opportunities and improve on the

Entrepreneurship improves people s living standards. How can you look good if

not for the services of your nearby salon or barber shop? How can your day be

complete without the food that a nearby eatery cooks? How can you live without
the sari-sari store near your house where you buy your basic needs?

Entrepreneurship disperses the economic power and creates equality. It balances

the economy by distributing national income to more businesses rather than to

only few monopolies

6. Entrepreneurship controls the local wealth and balances regional development. It

makes sure local resources are used properly and that every area has an appropriate

allocation of resources

7. Entrepreneurship reduces social conflicts and political unrest. Imagine if there are

no or only few sari-sari or supermarket stores in your area. All of you will then

fight for the food supplies because the store cannot supply all your needs

8. Entrepreneurship elicits economic independence and capital formation. A country

with more entrepreneurs is highly likely to become financially independent and will

less likely need the help of other countries. This also applies to families, barangays.

and cities. Entrepreneurship creates wealth instead of borrowing wealth

Who Is an Entrepreneur

The word"entrepreneur" has a French origin and was

coined from the words entre, which means"between,"and

prendre, which means"to take.

An entrepreneur is a unique individual who has the

innate ability and extraordinary dedication to establish and

manage a busines

acknowledging all the risks and reaping

s rewards. Like other vocations, being an entrepreneur is

atso a calling. It is not a career that one can just jump into

hen he or she decides so. It entails a holistic business talent

expertise to operations agility and to financial proficiency

An entrepreneur will only expect retums once he or she already added or created value

out of an opportunity. An entrepreneur's natural talent is being perceptive for opportunities in

his or her surroundings that normal people don't give importance to or often neglect. He or

she sees existing problems about a certain product or service as prospects rather than threats

Leadership is the core of every entrepreneur. He or she is always excited about his or her

business and bravely takes risks. He or she innovates, executes his or her big ideas, and rarely

The definition of an entrepreneur only provides you with a general description or show

you what is expected from an entrepreneur. However, entrepreneurship is composed of varying

degrees or levels of intensity. According to Action Coach, there are five levels of entrepreneurial

1. The self-employed. Self-employed persons are, simply put, not comfortable with

the routines of a desk job. They do not want to conform to a fixed working schedul

They want to do things in their own way and start to feel agitated when conti

by the powers-that-be. While they can be self-sufficient, their tendency is to become

too reliant on themselves, which leads to exhaustion. They will eventually realize

that a successful business should work for them, not the other way around. If they

realize this, they can move on to the next ley

2. The manager In this level, entrepreneurs feel the need to step up and ask some

help from the people around them. They delegate and hire poten employe.no

know the exact needs and requirements of the job, because entrepreneurs think that

the battle is in the scale and not the profitability, As a result, entrepreneurs ma

get frustrated because the business does not go as planned, and some potential

problems arise from how employees operate. When they begin to realize thi

entrepreneurs will start knowing their employees better, assessing their strengths
and their areas for improvement. They will begin to create positions that match the

requirements of the business and the employees'expertise. Entrepreneurs can now

move on to the next level

The leader: Entrepreneurs in this level already enjoy seeing their people flourish

p and producing great results with minimal supervision. Unlike before where they are in charge of
virtually everything, they can now sleep peacefully at

night and have more freedom and time for themselves. They already recognized key

leaders in theirorganization. In effect, these key leaders alsoenjoy theentrepreneurs

trust and are satisfied with the outcome of their careers. Entrepreneurs at this stage

ow focus on the big picture and strategic direction of their business rather than in

generating sales and operating the business. At this point, entrepreneurs can now

nove on to the next level

4. The investor Investors look for more opportunities for their business to grow

They may either purchase one or two businesses that can potentially add val

to the company, or sell their established business (as a franchise)to potential

entrepreneurs. They will delegate a suitable manager for such operations and

will act as directors. When this becomes successful, they will now become true

entrepreneurs.

5. The true entrepreneur True entrepreneurs, based on their experience, now aim

practice, a four-step process of thinking starting with idealization, visualization,

verbalization, and materialization In idealization, entrepreneurs dream enormously

and desire to build an ideal environment. In visualization, entrepreneurs start to

create plans to make the dream a reality. Verbalization involves sharing their ideas

with other people, knowing that their vision is already occurring. Materialization

happens when the vision becomes a reality. In this stage, true entrepreneurs not

have an income that keeps on multiplying even if they do not put much effort
The world of entrepreneurship these days has already evolved, and new terms are coing

o suit an entrepreneur's field or expertise. Here are some of them

1. A technopreneur is an entrepreneur who puts technology at the core of his or her

business model

2. A social entrepreneur is one who takes advantage of the country's social

problems and turn them to profitable institutions with the intention of helping the

disadvantaged community rather than making a profit.

3. An intrapreneur is an entrepreneur in a large company or corporation who is tasked

to think, establish, and run a new big idea or project. Intrapreneurs are usually the

product managers or the business development managers of a company

4. An extrapremeur is an entrepreneur who hops from one company to another to act

as the innovation champion, providing creative and efficient solutions

2. tcas ef change E ntrepreneurs are innovation champions, T hey see opportunities

and comp

ey are always enthused to

develop new products and services and introduce them to the market. They don

settle for mediocrity and the status quo.

3. Risk Makers. Entrepreneurs will not be successful if they do not take risks. By taking

nsks, entr

left and right: they have to take

into consideration the potential various threats they may encounter. Entrepreneur

calculate risks; if they think that there is a big chance of succeeding. they push

through with the venture and don't let the opportunity pass.

Hav a sharp eve for opportunities, Entrepreneurs have a talent for recognizing an
opportunity even by using the macrolevel data only. They know how to assess the

net cause and effect of an opportunity and decide intelligently if a venture should

or

5. Sociable. Soft skills are one of the most important competencies of entrepreneurs

its people and its customers, Re with the most important assets of the company-

as these establish the relationshi

ationship management is the key for employee and

customer retention, which can be achieved by a sociable entreprene

6. Nenworkers, A networker knows the key people to connect with Networking

can be a very intimidating task, for it takes a lot of guts to pull it off. Successful

entrepreneurs gain trust of their valuable network and maintain a long-lasting

relationship with the

Decisive, Entrepreneurs always have a decision about their business. They do not

for gray areas or unclear solutions. They do not leave an issue unsolved

without a disposition. They make sure that all aspects of their business have clear

objectives and strategies. Last, they base their decisions on scientific calculations

backed up by their experience and technical knowledge.

8. Balanced. The minds of entrepreneurs should have a balance between the analytical

enjoy them

9. Innovative. The minds of entrepreneurs are rich with big ideas that can add value

to their existing business or could become a game changer in the industry or

business where they belong. They do not stop improving and thinking of new and

worthwhile ideas for their business

Here are the core traits that entrepreneurs should develop in managing and running the

1. Leaders. Successful entrepreneurs always have the heart of a leader. To be

ust be very humble, approachable, friendly, and also know how to listen to

beople's concerns. Leaders act on their responsibilities that were given to them

They use their strengths and limitations to make the best of a situation. They must

also be decisive and know how to own up to their decisions, They know how to

unite the team and bring out the best in every employ

Common and Core Competencies in Entrepreneurship

Entrepreneurship is a career that re

plethora of common and core competencies.

Therefore, to be considered a successful entrepreneur, he or she must possess common

entrepreneurial competencies that are needed all throughout the entrepreneurship career. At

time, he or she should also possess core competencies that are needed for

sustainability and management

Here are the common traits that entrepreneurs should always have.

1. Proactive. Entrepreneurs are reactive rather than passive. They address issues.

problems, and challenges before they come rather than when they

happened

They ensure that proper research is done, the risk factors are assessed, and plans

are executed on a timely and most efficient way.

2. Communicators. Entrepreneurs know how to use all forms of communication

to effectively share ideas and address certain concerns with their customers or

employees. Effective communication not only provides people with a clear view

of what the business offers, they also help prevent mishaps in an organization
Communication channels between entrepreneurs and their employees or customers

should always be open to ensure the smooth flow of operations in their business

3. Specialists. Entrepreneurs are experts in their chosen business. They are tactical

and are very keen with details. When asked about the specifics of their product

or service, they can easily answer without heavily relying on their people. They

understand the totality and specificity of their business. As a result, they can easily

think of innovating and improving the product or service offerings because they

know their intricacies. They enjoy being in action instead of being behind the

4. Problem solvers. Entrepreneurs possess critical thinking skills and look at problem

as challenges or puzzles that they need to solve. They know how to handle issues

in any area of the business, be it finance, operations, or marketing. They listen to

the plight of their employees on certain problems involving their units, and come

up with strategic solutions. Entrepreneurs are able to solve problems by immersing

themselves in day-to-day activities, knowing what is happening in and out of their

business. Entrepreneurs should also be aware of their employees personalities:

they must know how and when to use them to help solve problems. Entrepreneurs

have faith that every problem has a solution no matter how hard it is. They must

also be courageous and know how to face the consequences of their decisions.

Entrepreneurship or Employment

Entrepreneurship and employment are two different career paths that a person

choose depending on his or her personal aspirations and work characteristics. It is really up

to the person at the end of the day on what career trail he or she will follow, con

all

compelling career factors that are important to him or her. Table I, I shows a cc
to being employed.

Careers in Entrepreneurship

Entrepreneurship consists of vast career options depending on the passion and field of

interest of the entrepreneur. The saying "When you love what you do, it's as if you are not

working"is very much applicable to entrepreneurs who consider managing their business as

enjoyment rather than working exhaustively

Here is a list of the most common small businesses in the Philippines

Sari-sari store. There are approximately more than one million sari-sari stores in

the Philippines. Situated in almost all neighborhoods, these convenience stores

provide affordable basic retail products to nearby communities. A sari-sari store

is one of the easiest businesses to set up due to the minimal capital required and

because it can be managed at home, where the business owner lives.

2. Rice retailing. Because rice is the staple food of Filipinos and other Asian countries.

rice retailing business is very common in the country. According to the infographic presented by
Rappler(2012). Filipinos spend 20% or 20 centavos per every peso

for rice. An average Filipino consumed an average of 92 kilograms (kg) of rice

from the 1980s to 1990s, III kg from 2008 to 2009, and 119 kg from 2009 to

3. Food cart business, This business is also very popular in the Philippines.The

number of food cart businesses is not as big as the number of sari-sari stores, but

od carts are present in almost every populous location. They are usually located

inside or outside the malls, schools, parks, train stations, and offices. Popular foo

items sold in food carts are dumplings(siomai), boiled fertilized duck eggs and

quail eggs deep fried in batter (tokneneng and kwek-kwek), fish balls and squid

balls, burgers, fried noodles, shawarma, hotdogs, sandwiches, pizza, donuts, and

pastries. Popular beverages sold by food carts are sago i gulaman(tapioca pearls

and jelly ) soft drinks, mineral water, milk tea, coconut juice, and other juices
Food cart businesses are usually under franchising arrangements.

4. Printing business. This business is also lucrative in the Philippines because the

demand is very high. Usually situated near schools and offices, printing businesses

cater to the needs of students for their projects and also to offices for their advertising

and business requirements (flyers, billboards, magazines, newspaper

c and calendars). Printing businesses also cater to the printing demands of occasions

5. Buny-and-sell business. This business is one of the emerging businesses in the

Philippines, and it is not just done traditionally in brick-and-mortar stores but also

over the Internet. The influx of buy-and-sell Web sites has changed the behavior

of how Filipinos exchange goods in the most efficient and practical way. Everyone

can technically be a seller even without an actual busines

Street food business. Just like the food cart business, this kind of business is

widespread in the Philippines. Street food businesses are literally located in

reets,selling almost the same food products being sold by the food cart business

Majority of the street food business owners are selling grilled food items such

as barbecue. Some unusually popular street foods are isaw (chicken intestines

betamar(chicken blood), and adidas (chicken feet). The famous halut( developing

duck embryo) is also sold in the streets. These street food businesses have been

successful and are timeless

7. Flea market business or tiangge. In this type of business, entrepreneurs set up a

small space and sell any type of goods in a palengke setup that is normally in an

pen space. Customers are more interested to buy from these flea markets because

they can bargain for the price. Products being sold range from clothes, to food

ems, to souvenirs, and to household effects.

8. Online selling business. This business deals with adding the Intemet as a marketing
and transaction channel for selling. This is very similar with the buy-and-sell

business, except that the focus is on selling existing and established products

online. The Internet has revolutionized the way Filipinos transact business 9. Cellphone loading business,
More than 9S% of Filipinos are prepaid mobile phone

according to an article published by the Philippine Daily Inquirer(2012)

Moreover, 80%o of Filipino houscholds have access to mobile nis nesse Son

This is the

reason why there are so many cellphone loading stations in the

entreprencurs link the cellphone loading business to their existing businesses such

as the sari-sari store, food cart, or online business

central business districts and areas with several condominiums and townhor, ar

of business

Furthermore, these business establishments also have a significant presence near

schools, dormitories, and apartments, One thing common about the residents of

these places is that they do not have enough time to wash and dry their clothes

an

the laundry and dry cleaning business. The business owner

should follow hygiene requirements before starting this business

Il. Hair styling and makeup business. One of the successful businesses in the

lippines is the hairstyling business, which includes parlors and barber shops.

the core service of giving har

services such as hair treatments(perm, straightening, highlighting), massage, and

nail styling. Filipinos are generally conscious about proper grooming and hygiene.

so thats why this business is profit

12. Spa, gym, and mail care business, Related to the hair styling and makeup business

is the spa, gym, and nail care business. One of the ways Filipinos cope with stress is
by going to a spa. This business offers a range of massage treatments that can relax

the stressed areas of the body, as well as other skin treatments such as facials and

body scrubs. Filipinos now also go the gym because more Filipinos are becoming

health-conscious. Nail care is very much enjoyed by Filipino women who avail of

a manicure, a pedicure, or both. Filipino men are also focusing into their overall

13. Fideo and photography business. This business requires talent in capturing precious

moments of celebrators in weddings, birthdays, anniversaries, graduations, and

other important events. This business is gaining popularity because of the presence

14. Tutorial business. This business caters to students who are not able to catch up

with their lessons, or those who just want to be ahead in class. A tutorial business is

composed of experts in a particular field who transfer their knowledge to another

a fee. In the Philippines, the tutorial business has become an important aid in

reinforcing and enriching the students basic education knowledy

15. Baking business. A lot of bakeries are present in almost all neighborhoods in the

Philippines because bread is the second staple food of Filipinos. Pan de sal is the

most common bread being offered by this busi

16. Web site developent and design/blogging. The popularity of the Internet brought

so many opportunities to Intermet-savvy bud

Web site developer conceptualizes and implements a Web site for another business whose objective is
to inform, persuade, and remind its customers. Blogging

although initially made as a site to write your personal thoughts, has become a

source of income by most online writers, depending on the writer's agenda A blog

may become famous or successful if the site has a number of followers or readers

Some people may earn cash by allowing companies to place ads

n their blog

17. Direct selling business. This business is also very common in the Philippines. It
is a face-to-face selling of products by a sales agent. The products include fashion

accessories, health and wellness items, clothing, food supplements, and homecare

18. Car wash and car care business, You often see this business in large cities because

of the proliferation of cars. In fact, the demand for car care increases every year

19. Bar cafe, and restaurant. The number of foodies(food enthusiasts) has increased

because the Filipino palate became globalized, Filipino consumers'demand for

variety and quality taste has evolved as well; thus, these businesses are cor

20. Water station and LPG (liquified petroleum gas) station. These businesses can

ever go wrong as they continuously serve households, supplying them with

their purified water and gas needs. The products that they sell are used for daily

tion, which is why a lot of these are found in almost every corner in the urban areas.

No successful business started huge right away.

A business starts with an idea. Once the business is

established, the business owner, the entrepreneur, can

choose to expand and explore franchising, intrapreneurship

(managing a startup business in an established business)

and acquisition(buying another similar business or a new

business). Franchising is a business arrangement wherein

the franchisor, who is the owner of the business, acquires

distribution centers through the franchisees or the affiliated dealers.

Franchise or Startup Businesses

Bakeries, bakeshops, and bread products

Food and snacks carts

coffee shops
as stations/ petroleum produ

Beverage and confectionery

General merchandise and retail

Car care

Health and wellness (salon, massag

spa, and gym

Clothing and accessories

Schools

Convenience stores

ces(personal and business

Drug stores and pharmacies

Water stations

Fast food establishments and restaurants

Again, the entrepreneur is not limited to the

businesses cited. An entrepreneur can actually

hoose any business that may be embraced by the

potental target market. Therefore, career options

for entrepreneurs are limitless and boundless

In light of the 2015 ASEAN integration. which

includes the opening of free trade (high-quality

be exported around the Southeast Asia region), as an entrepreneur, you should also think of the global
scale in creating your products and providing excellent services to your customers. You should also be
given easier access to financial resources to help your business.