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Introduction to Entrepreneurship,[object Object],Lesson1,[object Object]
Entrepreneurship,[object Object],is a creative initiative of setting up a business to meet the needs of the consumers in the hope of getting a profit from it,[object Object],takes its roots from trading in prehistoric times called barter,[object Object],it is synonymous to self-employment,[object Object]
Advantages of Entrepreneurship,[object Object],INDEPENDENCE-allows entrepreneurs to assume managerial role in their own venture, make their own business decisions.,[object Object],FLEXIBILITY-entrepreneurs have the chance to work at their own pace and space, schedule, control their hours, and set up their own workplace.,[object Object],CHALLENGE- opportunity to grow and diversify, plenty  of room to improve oneself and one’s business skills.,[object Object],DIRECT PAY-OFFS- Entrepreneurs benefit directly from whatever profit the business yields.,[object Object],UNLIMITED EARNINGS- income is derived in full and one can expect even more.,[object Object]
Disadvantages of Entrepreneurship,[object Object],No regular monthly salary,[object Object],Unpredictable schedule,[object Object],Risky,[object Object]
Business Ideas,[object Object],Capitalizing on one’s skills,[object Object],Filling a vacuum,[object Object],Thinking of franchise,[object Object],Starting something new,[object Object]
Most common reasons for starting a business,[object Object],Be your own boss                                   Financial independence,[object Object],Creative freedom                      Fully use your skills and knowledge,[object Object]
Entrepreneurship and the Economy,[object Object],Lesson 2,[object Object]
WORDS OF WISDOMYou have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you.  If you don’t have that kind of feeling for what it is you are doing, you’ll stop at the first giant hurdle.,[object Object]
Other economic benefits,[object Object],increases the countries per capita income,[object Object],creates jobs,[object Object],meets consumer demands,[object Object],provides social services,[object Object],links industries,[object Object],creates new markets,[object Object]
Small and Medium-scale Enterprises,[object Object],The size of an enterprise is defined by the asset base and number of workers of a business,[object Object],Small-scale industries        Php 3,000,001 to 15,000,000,[object Object],                                               10–99 employees,[object Object],Medium-scale industries   Php15,000,001 to 60,000,000,[object Object],                                               100-199 employees,[object Object],Microenterprise  (subcategory of small scale enterprise)                                                			            less than 3,000,000,[object Object],                                           1-9 employees,[object Object]
Economic Concepts,[object Object],Laissez-faire-economy--- “ LEAVE US ALONE” is an economic system in which individuals and firms do not get any direction or regulation from the government in terms of production.,[object Object],Keynesian economics---  British economist John  Maynard Keynes believe that government could intervene in the economy and affect the level of output and employment  (macroeconomics).,[object Object],Theory of comparative studies--- David Ricardo in his theory of comparative advantage, a country must specialize in what it does best and trade with other countries for goods that it does not produce.,[object Object],Consumption and production--- The household and the firm are the two basic decision-making units in an economy. A nations level of production is a key determinant of its national income.,[object Object]
Activity,[object Object],If you were given a choice, what business would you want to pursue and why?,[object Object],Identify which among the economic concepts is most logical to you.  Explain your answer.,[object Object]

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Introduction to entrepreneurship

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