Last meeting, we're done with Module 2. Now let's proceed to Module 4.

 Entrepreneurship refers to the concept of developing and managing a business

venture in order to gain profit by taking several risks in the corporate world.

So what does it mean when we say Developing it means it involves the process of
conceptualizing, creating, and nurturing a business idea into a viable venture. This
this include the identifying opportunities, refining the business concept, and
formulating a strategic plan for execution. On the other hand when we say Managing
it is the way how you manage the established business to ensure its success and
sustainability.

- People always tell the in the business world it is very risky because you will never
know if babalik ang pera mo. But if you have the right team, a plan eventually you
will succeeded. 8 financial risk, effort and time, and reputational risk especially if
yung owner or antreprenuer is well known.

 Simply put, entrepreneurship is the willingness to start a new business.

-Its you're free will to start a business.
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 Entrepreneurship has played a vital role in the economic development of the
expanding global marketplace.
In here Entrepreneurship has played a vital role in economic development by having a
high sales that can be lead in economic growth. Also if ang antrepneur is succesfull
and well known his or her product nor bussiness will expand in the global
marketplace not just lolcally but also internationally.

- entrepreneurship facilitates global integration by fostering international trade and

investment. Entrepreneurs seize opportunities in the global marketplace, creating
networks, partnerships, and supply chains that span across borders.

- By creating new businesses and job opportunities, entrepreneurship leads to an

increase in gross national product and per capita income.
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 According to Peter Drucker, ‘Entrepreneurship is defined as ‘a systematic
innovation, which consists in the purposeful and organized search for changes
and it is the systematic analysis of the opportunities such changes might offer for
economic and social innovation.
-When we say systematic innovation it refers to generating new ideas. Therefore Peter
Drucker says that Entrepreneurship it's about actively seeking out opportunities for
change and improvement. Entrepreneurs are constantly scanning the environment for
emerging trends, market gaps, and unmet needs.
-entrepreneurship involves changes wherein these changes are the way or
oppurtunities for the entrepreneurs to innovate something new.

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 ’ Entrepreneurship is a process. It is not a combination of some stray incidents.

- It is the purposeful and organized search for change, conducted after systematic
analysis of opportunities in the environment.
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 Entrepreneurship is a philosophy. It is the way one thinks, one acts and therefore
it can exist in any situation be it business or government or in the field of
education, science and technology or poverty alleviation or any others.

- entrepreneurship as a philosophy implies that it's not merely a set of actions or

practices but a mindset, a way of thinking and approaching challenges

-entrepreneurship in education equips students with the knowledge, skills, and

mindset needed.
-entrepreneurship in government is about fostering a culture of innovation and
providing foods ad nservices for citizens, stimulate economic growth.

-entrepreneurship in science and technology drives innovation, economic growth, and

societal impact by translating scientific discoveries and technological advancements
into commercially viable solutions.
-Entrepreneurship plays a crucial role in poverty alleviation by creating economic
opportunities, and giving job oppurtunities to the people.
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 An entrepreneur is someone who is willing to work for himself and by himself.
Entrepreneurial activity includes developing and launching new businesses and
marketing them, often with the end goal of selling the business to turn a profit.
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 Entrepreneurs need to follow some basic principles which would serve as
guidelines and beacons for their success. Based on the research conducted over a
period of three years and by interviewing more than 150 entrepreneurs, noted
author and management expert, Bill Murphy came out with a book about
entrepreneurship which was published by Harvard Business School. This article
is based on the insights from this book and lists five principles that should serve
as markers for both aspiring as well as existing entrepreneurs. One of the insights
from this research is that most of these principles can be learned from experience
and the process of starting a venture is an educational experience in itself.
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 A. It is always not the case that Entrepreneurs should make money fast and this
should not be the goal.

This means that one must commit oneself to the ideal of entrepreneurship and try out
new business models, and new forms and paradigms of transacting business.
Entrepreneurship involves a commitment to innovation and adaptation. In today's
rapidly changing business landscape, being willing to explore new models and
paradigms
A new paradigm is a new way of thinking or doing things that replaces the old way
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In other words, the entrepreneurs must not be in a hurry to make profits from the word
go and instead, understand what entrepreneurship is all about.

* For instance, it is better to come up with a game changing idea instead of pursuing
leads that are dead ends which means that entrepreneurs must be ready to be in the
game for the long haul.
-An entrepreneur should also be ready in the negative outcome along the way.
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B. It is always better to find the right opportunity even if it takes time instead of
chasing mirages.
This principle translates into waiting for the right opportunity and at the same time,
seizing the moment when the opportunity arises. Of course, we are not saying that
entrepreneurs ought to wait forever for the right opportunity.

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*the intention here is that entrepreneurs must ensure that they:
1. have the necessary foundation in place to capitalize on the opportunity and also
2. must have an idea and a business model that would create opportunities.
3. Money
4. Team

* For instance, as the clichés about how opportunity knocks only once as well as if
you do not find an opportunity, build a door so that you are ready when the
opportunity arises can be taken to mean that entrepreneurs must both create
opportunities as well as seize them when they arise.
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There's Analogy would be that entrepreneurs must be ready with the fishing rods and
the baits when they go fishing and if the river, sea, or lake is saturated, they must
fish in waters that are “blue oceans” meaning that they must create new markets for
themselves.
-So what does it mean, as a entrepreneur it is very important that you have your
business plan your target audience and your mission and vision in the business. And
you feel that your plan or business is already saturated or common of course you
should think something new. Same goes if you think na palubog na yung business
mo you will look for something new.
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C. Invest in people and build successful teams
entrepreneurs must ensure that they have the right team in place before they start the
venture.
-it is very important that the boss or entrepreneur has the right team, why? Because if
the entrepreneurs does have the right team it may cause misunderstanding that will
cause a problem, especially if they don't have the same mission, vision and goal After
all, the venture would not be able to capitalize on the opportunities or will not be
successful.
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Further, entrepreneurs must ensure that the team is passionate, committed, and most
importantly, shares the vision and mission - Apart from these, getting the right people
who have focus, drive, loyalty, determination, courage, and consistency in addition to
being motivated and creative are some requirements that the entrepreneurs can ill
afford to ignore. -
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D. It is always not enough to have everything in place.
Execution and Delivery are what matters Have you ever got the feeling that a
salesperson is engaging you in glib talk wherein he or she is trying to convince you to
buy a product which is untested?

Similarly, all talk and no execution would lead the new venture nowhere and hence,
it is important for entrepreneurs to ensure that they walk the talk and deliver on their
promises. Indeed, it is not enough to have a game changing idea and a great team in
place unless the entrepreneur knows the art of execution. As happened during the
Dotcom boom, there were many startups with great ideas and equally great teams that
promised the moon for anyone willing to listen. However, the fact that they failed in
their businesses was mainly due to the gap between ideas and execution.

*Therefore, the entrepreneur has to be a leader who walks the talk and understands
the meaning of execution. Further, leadership means that entrepreneurs must not be
afraid of failure and must instead, turn adversity into triumph and transform failure
into a stepping stone for success.

*Indeed, great entrepreneurs are those who are willing to trust their instincts and
intuition and back themselves up when the venture is yet to fructify or even making
losses.
-In other words, if you think that you have a great idea and are executing it well with
the right team, you need to persist and keep going even when the conventional
wisdom says that you are getting it wrong.
E. Entrepreneurs must be self-actualizing visionaries

Ask any successful entrepreneur and they would say that while money is indeed
important and profits are indeed essential, it is always not about the money or that
making profits is the only thing that matters.
*Instead, great entrepreneurship is all about heeding the inner voice, creating jobs
and opportunities for others, be conscious of societal prosperity due to the venture
instead of having a me, myself only attitude, and most importantly, translate their
vision into success.

For instance, there are many of us who have heard or come across individuals who
gave up cushy jobs to find their passions and to follow and chase their dreams.
* Therefore, successful entrepreneurship is all about making a difference to the
world and becoming a social messiah who would transform societies with his or her
ventures.
Finally, entrepreneurship must be seen as a starting point to transform oneself and in
the process become a change agent. For this to happen, the entrepreneur must be both
be able to fulfill environmental, social, and economic expectations from the larger
system and at the same time, must drive themselves in the pursuit of their dreams.
Indeed, the balance between inner aspirations and external expectations is the most
important determinant for success.