This document provides an introduction to entrepreneurship including: - Entrepreneurship involves setting up a business to meet consumer needs for profit. It has roots in barter trade. - Advantages include independence, flexibility, challenge, direct payoffs, and unlimited earnings. Disadvantages include no regular salary and unpredictable schedule. - Common business ideas involve capitalizing on skills, filling needs, and franchising. Common reasons for starting a business are independence, creativity, and using skills. - Entrepreneurship benefits the economy through jobs, income, consumer demands, and linking industries. Small and medium enterprises are defined by assets and employees.

1. Introduction to Entrepreneurship Lesson1

2. Entrepreneurship 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 takes its roots from trading in prehistoric times called barter it is synonymous to self-employment

3. Advantages of Entrepreneurship INDEPENDENCE-allows entrepreneurs to assume managerial role in their own venture, make their own business decisions. FLEXIBILITY-entrepreneurs have the chance to work at their own pace and space, schedule, control their hours, and set up their own workplace. CHALLENGE- opportunity to grow and diversify, plenty of room to improve oneself and one’s business skills. DIRECT PAY-OFFS- Entrepreneurs benefit directly from whatever profit the business yields. UNLIMITED EARNINGS- income is derived in full and one can expect even more.

4. Disadvantages of Entrepreneurship No regular monthly salary Unpredictable schedule Risky

5. Business Ideas Capitalizing on one’s skills Filling a vacuum Thinking of franchise Starting something new

6. Most common reasons for starting a business Be your own boss Financial independence Creative freedom Fully use your skills and knowledge

7. Entrepreneurship and the Economy Lesson 2

8. 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.

9. Other economic benefits increases the countries per capita income creates jobs meets consumer demands provides social services links industries creates new markets

10. Small and Medium-scale Enterprises The size of an enterprise is defined by the asset base and number of workers of a business Small-scale industries Php 3,000,001 to 15,000,000 10–99 employees Medium-scale industries Php15,000,001 to 60,000,000 100-199 employees Microenterprise (subcategory of small scale enterprise) less than 3,000,000 1-9 employees

11. Economic Concepts 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. Keynesian economics--- British economist John Maynard Keynes believe that government could intervene in the economy and affect the level of output and employment (macroeconomics). 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. 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.

12. Activity If you were given a choice, what business would you want to pursue and why? Identify which among the economic concepts is most logical to you. Explain your answer.