Chapter 3: The Entrepreneurs
ALAPAN, Nardito
BALOLOY, Melwin
FABIAN, Kailyn
JAVIER, Jade
POSADAS, James Basti
BSHM 2F
Chapter 3
The
Entrepreneurs
intro-characteristics-contributions-famous entrepreneurs-
mindset-vision-mission
The Entrepreneurs
a person who organizes and
manages any enterprise,
especially business, usually with
considerable initiative and risk.
David McClellan (1961)
described the entrepreneur as
primarily motivated by an
overwhelming need for
achievement and a strong urge to
build.
Collins and Moore (1970)
studied 150 entrepreneurs and
concluded that they are tough,
pragmatic people driven by
independence and achievement.
They are seldom willing to submit
to authority.
Barbara Bird (1992)
sees entrepreneurs as mercurial,
prone to insights, brainstorms,
deceptions, ingeniousness, and
resourcefulness. They are
cunning, opportunistic, creative,
and unsentimental.
Cooper, Woo, and Dunkelberg
(1989)
argue that entrepreneurs exhibit extreme
optimism in their decision-making process.
In a study of 2,994 entrepreneurs, they
report that 81% indicate their odds of
success as greater than 70%, and a
remarkable 33% seeing odds of success of
10 out of 10.
Characteristics of an
Entrepreneur
1. Creativity
-Something fresh is born from
creativity.
2. Professionalism
- a feature that all successful
business people must possess.
3. Risk-taking
-One cannot discover something unique
unless they have the will to explore the
unknown.
4. Passion
-Your work should be something
you enjoy doing.
5. Planning
-"If you fail to plan, you plan to
fail."
6. Knowledge
-The key to success is knowledge.
7. Social Skills
- To be successful entrepreneur, you
must also have good social skills.
8. OPEN-MINDEDNESS TOWARDS
LEARNING, PEOPLE AND EVEN
FAILURE
-Acceptance is a virtue that an
entrepreneur must possess.
9. Empathy
- A smart entrepreneur should know the strengths
and limitations of every individual that works for him.
10. The Customer is
Everything
-A successful entrepreneur understands
that the consumer is the most important
aspect of his or her firm.
Entrepreneurs
Characters
1.Planning skills: Entrepreneurs must create business plans to
achieve objectives in variety of areas, including finance,
marketing, production, sales, and personnel.
2. Ability to communicate: Entrepreneurs must be able to explain,
discuss, sell, and market their products or services.
3. Marketing skills: Entrepreneurial success depends on having
good marketing abilities that make people desire to buy goods
or services.
4.Interpersonal skills: An entrepreneur's ability to form and
maintain favorable connections with customers and clients,
employees, financial lenders, investors, lawyers, and
accountants, among others, is critical to the success of his or her
business venture.
5. Basic management skills: Even if entrepreneurs hire others to
handle the business's day-to-day operations, they must know
whether their company has the necessary resources.
6. Leadership abilities: The ability to create company vision and
encourage colleagues to achieve it.
Types of
Entrepreneurs
1. Innovating Entrepreneurs: the one who introduces new goods
and services, inducts new methods of production, experiments
with new processes, discovers the new market, and restructures
the enterprise.
2. Imitative Entrepreneurs: is characterized by their adopt
successful innovations already inaugurated. Imitative
entrepreneurs do not innovate the changes themselves; they
only imitate techniques and technology innovated by others.
3. Fabian Entrepreneurs: These are entrepreneurs that are very
careful in their approaches and cautious in adopting any
changes. They are not prone to sudden decisions and try to shy
away from any innovations or change that doesn't fit their
narrative.
4. Drone Entrepreneurs: These are entrepreneurs who do not like
a change. They are considered as 'old school'. They want to do
business in their own traditional or orthodox methods of
production and systems. Such people attach pride and tradition
to even outdated methods of doing business.
An Entrepreneur's
Contributions
1. Identifying existing opportunities in the market.
Entrepreneurial ventures aim to meet customer requirements
and improve livelihoods by producing and distributing goods and
services.
2. Creating employment opportunities.
Entrepreneurial activities can have an impact on a country's
economic performance through introducing new products,
methods, and manufacturing processes to the market, as well as
increasing productivity and competition in general.
3. Contributing to national income.
Infrastructural development in a community is enabled through
entrepreneurial ventures. The requirement for infrastructure
created by new firms frequently leads to the expansion of
transportation and communication networks.
4. Infrastructural Development.
Entrepreneurial initiatives help to create infrastructure leads to
the communities. The demand for infrastructure caused by new
firms frequent, leads to the growth of transportation and
communication networks.
5. Contributing to Community Development.
Entrepreneurs contribute to and assist the development of
infrastructure for education, healthcare, business training and
mentorship, and other social needs.
Famous Filipino
Entrepreneurs
Henry Sy (Shoe Mart)
Sy was born into a poor household in Jinjang, Xiamen,
China. Due to the challenges in their home country,
they moved to the Philippines in 1936 and opened a tiny
convenience shop in Manila.
World War I broke and ruined the family's business not
long after the transfer. Sy, on the other hand, continued
to pursue his entrepreneurial interest by selling worn
military combat boots and other items to American
soldiers.
Sy was the founder of the SM Group and is currently,
Chairman Emeritus of SMIC, SM Development
Corporation (SMDC), Highlands Prime, Inc. (HPI) and
BDO Unibank, Inc. (BDO) and Honorary Chairman of
China Banking Corporation.
Henry Sy has six children they are Henry Sy Jr., Teresita
Sy-Coson, Hans Sy, Elizabeth Sy, Harley Sy, and Herbert
Sy.
Henry Sy was born on october 15, 1924 in Jinjiang fukien
republic of China and died on january 19, 2019 at the
age of 94 and he was buried in Heritage park Taguig
City.
Tony Tan Caktiong
(Jollibee)
Tony was born in 1953 and studied at the University of
Santo Tomas and has three children. Tony Tan
Caktiong, a Chinese immigrant, is the brains behind this
popular familyfood chain. His maintained a Chinese
restaurant in Manila at the time, which enabled
himfinish college. You've "langhap sarap" as a Filipino.
Indeed, this probably heard the catchphrase slogan has
never failed us, and there is just one company that has
capitalized on this trend for years: Jollibee.
In Jollibee stores throughout and worldwide, these
goods are now renowned as our favorite burger and
fried chicken. Caktiong has been able to grow across
the country after embracing the fast-food business
model. He has been one of the Philippines' most
successful businesses since then.
Furthermore, by providing a franchise opportunity, he
has been able to break into the international market.
With over 2,500 outlets locations in the United in the
Philippines and States, China, Saudi Arabia, Vietnam,
Singapore, and Brunei, Jollibee is a fast-food empire.
Socorro Ramos (National
Bookstore)
Socorro Ramos was born on September 23, 2023 in
Santa Cruz Laguna, she is known by the name nay
Coring and she is the co founder of the National
Bookstore Ramos worked as a salesgirl at a bookshop
before founding National Book Store.
With barely P200 in their bank account, she and her
husband founded the National Book Store. Despite the
Japanese government's rigorous regime, they used it to
sell books and educational supplies to kids.
Following the war, the company became more
prosperous, and it is today one of the Philippines' most
well-known school and book supply networks.For some
youngsters, going to school is one of the most exciting
times of their lives,and part of that excitement includes
purchasing school supplies.
You may remember the slogan "Laking National" from
Socorro Ramos' thriving publishing and retail
enterprise, the National Book Store, when you were a
kid.
Joe Magsaysay (Potato Corner)
Potato Corner is a well-known food cart company in the
United States. Joe Magsaysay, who dropped out of
school to work at a fast-food restaurant, founded it in
early 1990.
He was subsequently offered the opportunity to
become a manager, and his store management abilities
came in handy when he and a friend decided to open
Potato Corner.
He went on to become one of the Philippines' most
successful businesspeople. Potato Corner's food cart
business grew rapidly in 1992, and they began giving
franchises to potential franchisees. Potato Corner is
still one of the greatest go-to stalls for visitors looking
for a fast bite to eat today.
Determinants of
Entrepreneurial
Success or Failure
It takes more than just launching a new entrepreneur. It
refers to the business every day to be a successful proper
attitude toward commerce, as well as determination and
the obstacles that must be overcome in order to achieve
success.
An enterprise's failure or success is
determined by two elements:
Internal Factors
External Factors
Internal Success Factors
Internal factors of success are those that have an
impact on a company's internal operations and
contribute to its success. Effective management, good
quality product, quality goods and services, good
reputation, low-cost production, effective marketing,
adequate funding, dedicated human resources, proper
technology, and proper time management are some of
these criteria.
External Success Factors
External factors of success are those that have an
external impact on the organization and contribute to
its success. The availability of appropriate raw
materials, excellent staffing, significant market
demand, government policy, minimal a competition,
and a new market are among these considerations.
Internal Failure Factors
Internal variables of failure are those that affect the
organization inside and contribute to the firm's failure.
Inefficient management, outdated technology,
insufficient funding, ineffective marketing tactics, bad
raw material quality, poor human connections, and
weak leadership are among these problems.
External Failure Factors
External factors of failure are external elements that
affect the organization and are responsible for the
firm's failure. Raw material shortages, power shortages,
labor shortages Limited funding, technological change,
severe competition, hostile government policies, and
greater supply and availability of superior substitutes
are among these issues.
The Entrepreneurial
Mindset
Vision and Mission
in Entrepreneurship
Vision
Vision is a fundamental element in becoming an
entrepreneur. It is the powerful motivating force that
gives the entrepreneur a sense of perspective of what
he hopes expects, and desires for his intended
business.
This fundamental role which vision provides to
entrepreneur is summarized:
1. A sense of direction by being the "light at the end of
the tunnel"
2. Helps entrepreneur identify and define his goal or
mission
3. Guides in formulating action plans
4. Serves as a communication tool
5. Provides a sense of warmth and encouragement
6. It serves as a medium for attracting people for
support and for motivating them.
7. Provides moral content to the endeavor
Mission
Mission, on the other hand, flows from the
entrepreneurial process of visioning. It is the formal,
articulated expression of what the entrepreneur hopes
and wishes to achieve. In entrepreneurship, vision and
mission always go together, and both are indispensable
to a starting entrepreneur who wishes to engage in a
particular business endeavor.
Exploring Ideas and
Opportunities in
Entrepreneurship
In the entrepreneurial landscape, new ideas and
opportunities are constantly in the conscious mind
of the entrepreneur. Entrepreneurs are attuned to
opportunities and are always on the lookout for
them.
The entrepreneurs generate ideas for innovation
after exploring various opportunities, which, in turn,
enables them to come up with different and better
ideas. This innovation, in turn, can be an opportunity
for the entrepreneur to come up with something
new a
How an opportunity can be recognized may take shape
in the form of the following combination:
1. New Product - This can a be in the form of a physical
device, which provides a new means to satisfy a need or
solve problems.
2. New service -refers to action or actions that will
satisfy a particular need or solve a particular problem.
3. New Means of Production -this happens when the
new means of producing an existing product can
deliver additional value, like producing a product at a
lower
4. New Distribution Route -a new way of getting a
product to the end-user, which the customer finds
easier, more convenient, and less time-consuming.
5. Improved service -means offering additional serviced
elements to the product, like offering training in
product use.
6. New Relationships -This can be mean building
relationships based on trust, which creates value by
reducing cost in communication, monitoring, and
strengthening networks against fierce competition.
Thank You for
listening.
