Ignacio, Josiah Marric M.

Date: November 13, 2013

BSCS - 3A Professor: Mr. Dennis Fabi
Entrepreneurship (LEC) Wed.: 5:30 7:30

Entrepreneurship


Meaning
It is the process of discovering new ways of combining resources.
It is the capacity and willingness to develop, organize and manage a business
venture along with any of its risks in order to make a profit.
In economics, it is combined with land, labor, natural
resources and capital can produce profit.
It is the pursuit of opportunity beyond resources controlled.
In political economics, it is a process of identifying and starting a business venture,
sourcing and organizing the required resources and taking both the risks and
rewards associated with the venture.

Importance
Entrepreneurship is a key driver of our economy. Wealth and a high majority of jobs
are created by small businesses started by entrepreneurially minded individuals,
many of whom go on to create big businesses. People exposed to entrepreneurship
frequently express that they have more opportunity to exercise creative freedoms,
higher self esteem, and an overall greater sense of control over their own lives. As a
result, many experienced business people political leaders, economists, and
educators believe that fostering a robust entrepreneurial culture will maximize
individual and collective economic and social success on a local, national, and
global scale.



Entrepreneurship education is a lifelong learning process, starting as early as
elementary school and progressing through all levels of education, including adult
education. Using this framework, students will have: progressively more challenging
educational activities; experiences that will enable them to develop the insight
needed to discover and create entrepreneurial opportunities; and the expertise to
successfully start and manage their own businesses to take advantage of these
opportunities.

Entrepreneurship may result in new organizations or revitalize
mature organizations in response to a perceived business opportunity. A
new business started by an entrepreneur is referred to as a startup company. In
recent years, the term has been extended to include social and political forms of
entrepreneurial activity.

Entrepreneurship within a firm or large organization has been referred to as intra-
preneurship and may include corporate ventures where large entities spin off
subsidiary organizations.

Entrepreneurial activities differ substantially depending on the type of organization
and creativity involved. Entrepreneurship ranges in scale from solo projects, and
even just part-time projects, to major undertakings that create many job
opportunities. Many "high value" entrepreneurial ventures seek venture
capital or angel funding (seed money) in order to raise capital for building the
business. Angel investors generally seek annualized returns of 2030% and more,
as well as extensive involvement in the business. Many organizations exist to
support would-be entrepreneurs including specialized government
agencies, business incubators, science parks, and some NGOs. More recently, the
term entrepreneurship has been extended to include conceptualizations of
entrepreneurship as a specific mindset (see also entrepreneurial mindset) resulting
in entrepreneurial initiatives e.g. in the form of entrepreneurship, political,
or knowledge entrepreneurship.
History
First used in 1723, today the term entrepreneur implies qualities of leadership,
initiative and innovation in manufacturing, delivery, and/or services.
Economist Robert Reich has called team-building, leadership and management
ability essential qualities for the entrepreneur. The successful companies of the
future, he has said, will be those that offer a new model for working relationships
based on collaboration and mutual value.

The entrepreneur is a factor in microeconomics, and the study of
entrepreneurship reaches back to the work in the late 17th and early 18th
centuries of Richard Cantillon and Adam Smith, which was foundational
to classical economics.

In the 20th century, entrepreneurship was studied by Joseph Schumpeter in the
1930s and other Austrian economists such as Carl Menger, Ludwig von
Mises and Friedrich von Hayek. The term "entrepreneurship" was coined around
the 1920s, while the loan from French of the word entrepreneur itself dates to the
1850s. It became something of a buzzword beginning about 2010, in the context
of disputes which have erupted surrounding the wake of the Great Recession.