What Is The Best Definition of Entrepreneurship?

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying
most of the rewards. The process of setting up a business is known as entrepreneurship.
An entrepreneur can be described as “one who creates a new business in the face of risk and
uncertainty for the purpose of achieving profit and growth by identifying significant opportunities
and assembling the necessary resources to capitalize on them”
An entrepreneur is “one who organizes, manages, and assumes the risks of a business or enterprise”
(Entrepreneur, n.d.).
What is the best definition of entrepreneurship?

Entrepreneurship is when an individual who has an idea acts on that idea, usually to disrupt the
current market with a new product or service. Entrepreneurship usually starts as a small business
but the long-term vision is much greater, to seek high profits and capture market share with an
innovative new idea.
RELEVANCE OF ENTREPRENEUR TO AN ORGANIZATION

Development of Managerial capabilities-Managerial development is about improving the
capabilities, knowledge, and skills of managers at different levels to help individuals and companies
perform better. Effective management is essential to the success of every organization
-nangangahulugan ito na isa sa mga benepisyo nakukuha ng
isang negosyante ay paunlarin ang kanyang mga kasanayan sa pangangasiwa.
Creation of Organizations-
Improving standard of living- Growing businesses and creating jobs increases revenue. It puts
people to work, which puts money in their pockets, which helps them build a better life
Means of economic development- The role of entrepreneurship in economic development is

substantial. After all, entrepreneurs don't just build businesses and grow their personal wealth; they
also impact the economy by creating new jobs and opportunities, driving innovation, and developing
new markets, products, and services.
- nangangahulugan ito na hindi lamang ang buhay ng mga napabuti
ang negosyante ngunit gayundin ang lipunan kung saan matatagpuan ang negosyo.
A. Factors affecting entrepreneurship

1. Iniative- Sense of initiative and entrepreneurship refers to an individual's ability to turn
ideas into action.
2. Proactive- being proactive in business means taking a strategic, forward-thinking approach
to problem-solving and decision-making. Proactive businesses are more likely to succeed in
the long run by anticipating challenges and opportunities, and taking steps to address them
before they occur.
- Proactive management is the process managers engage in to prepare for future
events to facilitate the success of organizational goals. In essence, it emphasizes the
management of known risks. The proactive meaning in business refers to acting and
thinking before a risk occurs.
3. Problem solver- Entrepreneurial problem solving is the process of using innovation and creative
solutions to close that gap by resolving societal, business, or technological problems. Sometimes,
personal problems can lead to entrepreneurial opportunities if validated in the market.
- Problem-solving is inherent to all entrepreneurs, as you begin problem solving
when you first start a business. First, you must identify a problem or a need that customers have in
order to create a product or solution for the problem before you take it to the market.
4. Perseverance-(tiyaga) As an entrepreneur, perseverance is a fundamental trait that you need to
have to achieve your desired goals. It is the ability to persist in the face of challenges, obstacles, and
setbacks.
- persistence in doing something despite difficulty or delay in achieving success.
Perseverance in entrepreneurship is necessary if you seek success. The hardest part in
entrepreneurship isn't finding the initial spark.
5. Persuassion-(Panghihikayat) The art of persuasion is an essential skill for any entrepreneur or
innovator. It is the ability to convince others to join your cause, support your ideas and help you
reach your goals. Persuasion is a powerful tool for entrepreneurs and innovators which means the
key to unlocking success.
6. A planner- The business planning process in entrepreneurship helps an entrepreneur identify
exactly what needs to be accomplished to buil d the venture, and what human and financial
resources are required to implement the plan. It is a planning tool that helps entrepreneur startups
get where they are going.
7.Risk-taker- Risk-taking is an important part of entrepreneurship and business. Risk-taking is
defined as trying out something new when the results are largely unknown. A risk-taker is someone
who will risk everything in the hope of achieving their goals.
B. ENVIRONMENT FACTORS
Common competencies in Entrepreneur

1. Entrepreneurs must make decisions to succeed. Without decisiveness, there can be no
progress. Being decisive doesn't mean entrepreneurs don't have self-doubt. It means they
can analyse a situation and options, and make quick decisions.
2. As an entrepreneur, you need to be able to communicate effectively in order to pitch your
ideas, sell your products, and build your business. Good communication skills are essential
for entrepreneurs because they need to be able to persuade and influence people in order
to get them on board with their vision.
3. Entrepreneurial leadership involves organizing and motivating a group of people to achieve a
common objective through innovation, risk optimization, taking advantage of opportunities,
and managing the dynamic organizational environment.
4. Entrepreneurs are innovative opportunity seekers. They have endless curiosity to discover
new or different ideas and see whether these ideas will work in the marketplace.
Entrepreneurs create value by introducing new products or services or finding better ways of
making them.
5. J
6. Innovative entrepreneurship is the practice of establishing creating new business ideas
intending to generate profit, assist their community and accomplish company goals.
Innovative entrepreneurs develop business models to identify to meet the needs of an
organization and improve their competitiveness in the market.

What Is The Best Definition of Entrepreneurship?

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An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying

most of the rewards. The process of setting up a business is known as entrepreneurship.

What is the best definition of entrepreneurship?

RELEVANCE OF ENTREPRENEUR TO AN ORGANIZATION

Means of economic development- The role of entrepreneurship in economic development is

A. Factors affecting entrepreneurship

Common competencies in Entrepreneur

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