App 004

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a dynamic vision, change, and creation that requires an application of energy and passion towards the creation and implementation of new ideas and creative solutionsthis process of innovation and new venture creation is accomplished through four major dimension; Individual, Organization, Environment, and Process

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Entrepreneurship

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The very first entrepreneur was the engineering caveman.Better system of transportation and invented the wheel.

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Neolithic

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Entrepreneurs are present in open-air markets and shops. They also expanded by selling food and clothing to soldiers in military camps.

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Classical Roman

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Entrepreneurs came to the West in the 1840s to find gold. They saw market potential on treasure hunters and diggers.

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Golden Age

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Tech-savvy entrepreneurs who based their business on electricity.Turned up their business into “larger than life” corporations.

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Utilitarian Enterpreneur

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Start-ups began navigating the internet. Any entrepreneur has a business card ended in “.com”.

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Bill Gates

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Social media entrepreneurs thrive on connectivity and social media colloquialism.

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Social Media Thinker

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Starts a business from an existing idea or concept.Focuses on cooperation.Traditional.Stays safe.Profit oriented.Hire people to increase business productivity.A market player.

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Business Man

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Starts a business from his own unique idea or conceptFocuses on cooperationInnovative and revolutionaryRisk taker and accountablePeople (i.e., employee, customer, public) orientedHire people to give them productivityA market leader

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Entrepreneur

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You need to be able to push yourself. You aren’t answerable to anyone else as an entrepreneur, and that sometimes means that it’s hard to get moving without anyone to make you.

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Self-Motivation

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Understanding calculated risks that are more likely to pay off is an important part of being an entrepreneur. You’ll need to be willing to take a few risks to succeed.

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Risk Tolerance

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Be willing to change as needed. Stay on top of your industry and be ready to adopt changes in processes and products as they are needed.

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Flexibility

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Passion is what will help you find motivation when you are discouraged, and it will drive you forward. Passion fuel for successful entrepreneurship.

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Passion

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Understand how money works so that you know where you stand, and so that you run your business on sound principles.

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Management Skills and Knowledge

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The best entrepreneurs have a vision as to what they want to achieve, how they can accomplish their objectives, and whom they need on their side to reach their goals. Their vision acts like a compass that points them in the direction of opportunities.

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Vision

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They have to be confident both in themselves and in the products or services they sell. If they believe in themselves, they will have the ability to stay the course regardless of difficulties or discouragement.

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Confidence

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What are the Most Important Skills Entrepreneurs Need?

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Time ManagementStrategic ThinkingEfficiencyCommunicationCuriosityFinanceNetworkingBrandingSales

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refers to the pattern of characteristics that distinguishes one person from anotherincludes the person’s traits, values, motives, genetic blueprints, attitudes, emotional reactivity, abilities, self-image, intelligence, and visible behavior patterns

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Personality

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This individual prefers activities involving aggressive behavior and physical extortion requiring skill, strength, and coordination.ex.: Chef, Computer Technician

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Realistic

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This individual prefers to be analytical, curious, methodical, and precise.ex.: Crime Investigator, Detective

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Investigate

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This person is expressive, non-comforting, original and introspective.ex.: Songwriter, Architect, Painter

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Artistic

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This person enjoys working with and helping others and purposefully avoids systematic activities involving tools and machinery.ex.: Social worker, Caregiver, Teacher

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Social

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This person enjoys verbal activities to influence others and to attain power and status.ex.: Manager, Businessmen

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Enterprising

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This person enjoys the systematic manipulation of data, filing of records, or reproducing materials.ex.: Accounting, Government Secretary

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Conventional

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also known as an enterprise, agency, or a firman entity involved in the provision of goods and/or services to consumersdefines as an organization or enterprising entity engaged in commercial, industrial, or professional activities

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Business

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a business organization wholly or partly owned by the state and controlled by the state and controlled through a public authorityex.: Land Bank of the Philippines

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Public Enterprises

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business or industry that is managed by independent companies or private individuals rather than by stateex.: Globe Telecoms, Jollibee, SM City

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Private Enterprises

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an organization that uses economic resources to provide goods or services to customers in exchange for money or other goods and services

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Business Entity

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comes in different types and in different forms of ownership

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Business Organizations

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provides intangible productsits firms offer professional skills, expertise, advice, and other similar productsex.: Salons, Repair Shops, Schools, Banks, Accounting Firms, and Law Firms

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Service Business

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buys products at wholesale price and sells the same at retail priceknown as “buy and sell” businessesmakes profit by selling the products at prices higher than their purchase costsex.: Grocery Stores, Convenience Stores

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Merchandising Business

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buys product with the intention of using them as materials in making a new productthere is a transformation of the products purchasedex.: Bags and Clothing Manufacturers

Ex.:Bags and Clothing Manufacturers

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Manufacturing Business

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a business owned by only one personthe owner faces unlimited liability; meaning, the creditors of the business may go after the personal assets of the owner if the business cannot pay themex.: Tutoring, (Aqua Jing Purified Drinking Water Refilling Station), Freelance Photographers

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Sole Proprietorship

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a business owned by two or more persons who contribute resources

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Partnership

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all partners have unlimited liability

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General partnership

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creditors cannot go after the personal assets of the limited partners

ex.: Apple and Mastercard, Red Bull and GoPro, Adidas and Kanye

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Limited partnership

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has a separate legal personality from its ownersownership in a stock corporation is represented by shares of stockowners enjoy limited liability but have limited involvement in the company’s operationsex.: Nestle, Unilever, ABS CBN

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Corporation

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hybrid forms of business that has characteristics of both a corporation and a partnershipmay be classified in more than one type of businessex.: Restaurant

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Limited Liability Company (LLC)

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a business organization owned by a group of individuals and is operated for their mutual benefitex.: Ace Hardware, PLDT Employees Credit Cooperative (PECCI), PANELCO III

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Cooperative

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is the creation of goods and services with the help of certain processesTo meet the specified time scheduleTo fulfill the quantity requirementsTo produce at minimum costex.: They produced a value meal which included rice, chicken, and drinks that would satisfy a customer in one meal.

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Production Function

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process of getting goods and services into their hands of the consumer with a view to satisfying the needs and desiresTo decide new product developmentPromotionPricing

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Marketing Function

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basically, responsible for the decisions and their proper implementationsInvestment decisionsTo decide capital structure–fixed and workingDividend decisionsex.: The finance manager ensures the capital structures of the company. They also do inventories.

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Finance Function

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concerned with increasing the effectiveness of human performance in any organizationSelection and job analysisTrainingPromotion and transferEmployee involvementex.: The service crews are approachable. They are trying their best to accommodate the customers immediately. The managers are also having good leadership towards their team.

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Human Resource Function

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The activities of an entrepreneur towards the welfare of the society earn goodwill and reputation for the business.

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Public Image

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Employees are part of the society. If you satisfy your needs, then you are doing social work.

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Employee Satisfaction

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It is the belief that what an entrepreneur does has a strong influence on employees. If a manager cheats, lies, steals, or manipulates, then they are sending wrong signals to employees.

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Ethical Leadership

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Institutions can do many things to protect and preserve the natural environment which includes plastic less business by giving paper bags, creating eco-friendly products, by eliminating production.

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Environment Management

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Consumers have become very conscious about their rights. If you are giving high quality products at a cheap rate, that is a kind of social responsibility

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Consumer Awareness

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Fair wages and salariesSkill development programs (training and seminars)Good and safe working environmentAdequate basic facilities (electricity, canteen, hygienic toilets, etc.)

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Responsibility Towards Employees

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A fair return on investmentSafety of invested capitalRegular and complete information about the performance and progress

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Responsibility Towards Shareholders

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Maintain healthy and co-operative inter-business relationshipProvide accurate and relevant information to creditorsPrompt payment of interest on borrowed funds

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Responsibility Towards Suppliers, Creditors

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Creation of job opportunitiesImprovement in living standardsTo make best use of society’s resources for their welfare

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Responsibility Towards Public

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Payment of corporate tax in correct amount with no manipulationTo encourage fair trade practicesTo avoid monopoly practices and to improve national income

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Responsibility Towards Government

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Charge reasonable prices for products or servicesSupply of right quality of goods in right quantityNo use of manipulated or false advertisements

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Responsibility Towards Customers