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    Wealth-Creating Business Enterprise by Providing Goods and Services That Are Valuable To The Customers

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    Jeanne Grazielle Pogata
    1) Entrepreneurship refers to observing correct practices in managing a self-owned business venture that provides valuable goods and services to customers. 2) Key features of entrepreneurship include that it is a wealth-creating rather than profit-focused venture, it involves opening and self-managing the enterprise, and it inherently involves business risks. 3) For a business to be considered entrepreneurship, the owner must be directly managing the daily operations rather than having someone else manage it, as entrepreneurship is about sole ownership.

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    Wealth-Creating Business Enterprise by Providing Goods and Services That Are Valuable To The Customers

    Uploaded by

    Jeanne Grazielle Pogata
    13 views3 pages
    1) Entrepreneurship refers to observing correct practices in managing a self-owned business venture that provides valuable goods and services to customers. 2) Key features of entrepreneurship include that it is a wealth-creating rather than profit-focused venture, it involves opening and self-managing the enterprise, and it inherently involves business risks. 3) For a business to be considered entrepreneurship, the owner must be directly managing the daily operations rather than having someone else manage it, as entrepreneurship is about sole ownership.

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    entrep2

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    1) Entrepreneurship refers to observing correct practices in managing a self-owned business venture that provides valuable goods and services to customers. 2) Key features of entrepreneurship include that it is a wealth-creating rather than profit-focused venture, it involves opening and self-managing the enterprise, and it inherently involves business risks. 3) For a business to be considered entrepreneurship, the owner must be directly managing the daily operations rather than having someone else manage it, as entrepreneurship is about sole ownership.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    13 views3 pages

    Wealth-Creating Business Enterprise by Providing Goods and Services That Are Valuable To The Customers

    Uploaded by

    Jeanne Grazielle Pogata
    1) Entrepreneurship refers to observing correct practices in managing a self-owned business venture that provides valuable goods and services to customers. 2) Key features of entrepreneurship include that it is a wealth-creating rather than profit-focused venture, it involves opening and self-managing the enterprise, and it inherently involves business risks. 3) For a business to be considered entrepreneurship, the owner must be directly managing the daily operations rather than having someone else manage it, as entrepreneurship is about sole ownership.

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    of 3

    LESSON 1 Entrepr

    ENTREPRENEURSHIP
    LESSON 2

    SALIENT FEATURES OF ENTREPRENEURSHIP

    ❖ from the word entrepreneur 1) It is an art of correct practices.

    ❖ the art of observing correct practices in 2) It is a wealth-creating venture.


    managing and operating a self-owned 3) It provides valuable goods and services.
    wealth-creating business enterprise by
    providing goods and services that are 4) It entails opening and managing the self-
    valuable to the customers. owned enterprise.

    ❖ refers to a particular field of practice or 5) It is a risk-taking venture.


    process; entrepreneur- person practicing it

    ❖ Entrepreneurship and entrepreneur = IT IS AN ART OF CORRECT PRACTICES.


    manager (a person who correctly practices
    the concept of management) and ❖ an ART and NOT a SCIENCE
    management
    ❖ constant change= movement and
    SMALL BUSINESS VS ORDINARY SMALL innovation; therefore it isn’t STAGNANT or
    BUSINESS STATIC
    SMALL BUSINESS ❖ an art: dynamic and closely related to
    creativity
    ❖ refers to a business or enterprise that
    adopts and practices correctly the principles -CREATIVITY = new ideas
    of entrepreneurship. backbone of entrepreneurship

    ❖ is owned by one person with a workforce of Static- stable


    not more than 20 persons.
    Stagnant- motionless, lifeless, dead
    ❖ e.g. SMEs (small medium enterprise) that
    ⮚ Entrepreneurship is an art and not a science
    have been promoted by both govt and
    because it is not governed by fixed and
    NGOs in their desire to improve the lives of
    absolute rules, while science is. As such it
    the people
    will continue to change.
    ORDINARY SMALL BUSINESS
    ⮚ Change denotes movement and
    ❖ pertains to a business enterprise managed innovation. Entrepreneurship therefore is
    and operated by an owner who is not and not static or stagnant. It continuously
    advocate of and does not practice the grows, develops, improves and expands.
    concepts and principles of entrepreneurship
    ⮚ Dynamic- by the moment the economic
    ❖ e.g. sari2 stores activity changes, the political, social, and
    entrepreneurial activities will eventually
    ENTREPRENEUR VS ORDINARY SMALL
    change
    BUSINESSPERSON
    ⮚ Entrepreneurship is closely related to
    ENTREPRENEUR
    creativity. Creativity results in the creation
    ❖ starts a business venture based on of new ideas, which is the backbone of
    entrepreneurial concepts and principles and entrepreneurship.
    the aspiration to become successful
    ENTREPRENEUR
    ORDINARY SMALL BUSINESSPERSON
    ❖ transforms feasible new ideas into an
    ❖ opens a business with the primary goal of entrepreneurial venture
    making it his source of livelihood
    ORDINARY SMALL BUSINESSPERSON Anything of no value to anybody is
    definitely a waste.
    ❖ has the freedom to manage and operate
    his/her business according to what pleases
    him/her; prefers business activities which
    Value is subjective.
    are done easily

    IT ENTAILS OPENING AND MANAGING THE


    IT IS A WEALTH-CREATING VENTURE.
    SELF-OWNED ENTERPRISE.
    ❖ Ordinary small businesspeople: wealth =
    ❖ Two important elements: the concept of
    profit
    opening a SELF-OWNED enterprise and the
    ❖ Entrepreneurship: wealth creation rather concept of MANAGING it
    than profit generation
    - the OWNER must also be the
    ▪ Wealth- abundance of money, property, or MANAGER of the daily operations of the
    possession ( Random house Webster's venture
    dictionary)
    ❖ Intrapreneurship- businesses that are being
    ENTREPRENEUR managed by others for the benefit of the
    owners (e.g. franchising)
    ❖ looks at his/her business as a wealth-
    creating venture ❖ Planning- process of setting goals of the
    business
    ORDINARY SMALL BUSINESSPERSON
    ❖ This feature highlights two important
    ❖ regards his/her small business basically as a elements, the concept of opening a self-
    source of INCOME owned enterprise and the concept of
    managing it.

    When can we say that wealth is created in ❖ A business is considered self-owned when
    the business? the person managing its daily activities is
    ❖ The value of the business has increased also its owner. This is a straightforward
    abundantly. requirement of entrepreneurship.
    ❖ The life of its owner has improved ❖ Self-owned- when the person managing its
    considerably. daily activities is also its owner;
    ❖ There is development of the local economy entrepreneurship is not about the size of
    and eventually of the whole country. the business but rather about its sole
    ownership; if the owner isn’t managing, he
    IT PROVIDES VALUABLE GOODS AND SERVICES. is just an ORDINARY BUSINESSPERSON and
    the person handling the activities is not an
    ❖ Creates economic wealth by providing entrepreneur but a MANAGER
    goods and services to the consumers

    ❖ Essential principle: “Not to sell waste to the


    IT IS A RISK-TAKING VENTURE.
    consumers but only valuable goods and
    services.” ❖ basic concept of risk: “Risk is inherent in an
    entrepreneurial venture.”
    ❖ Entrepreneur defines value from the
    perspective of the consumers. ❖ risk in entrepreneurship - business risk
    ❖ One essential principle in entrepreneurship ❖ The basic concept of risk in
    then is: Do not sell wastes to consumers entrepreneurship can be expressed in this
    but valuable goods and services only. statement: Risk is inherent in
    entrepreneurial venture.
    ❖ The risk in entrepreneurship is called
    business risk.

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