consider that there is no difference between the
ENTREPRENEURSHIP
two terms.
CHAPTER 1: Understanding
So what does this lesson provide for your
Entrepreneurship
entrepreneurial journey as a student?
OBJECTIVES:
At the end of the chapter, the students should be It outlines the operational definitions of
able to:
the terms "entrepreneur" and
Define entrepreneur and
entrepreneurship; "entrepreneurship" and makes a clear
Describe the salient features of distinction between them.
entrepreneurship; It defines their differences in terms of
Discuss the different theories on
concepts, beliefs, understanding, and
entrepreneurship;
Distinguish between entrepreneurial approaches adopted by an entrepreneur
venture and ordinary small business and an ordinary businessperson.
activity;
It highlights the basic theoretical
Determine factors that contribute to the
misconceptions on entrepreneurship; concepts, principles, approaches, and
Describe the importance of strategies used in entrepreneurship.
entrepreneurship, and
It aims to build a strong entrepreneurial
Identify the sources of entrepreneurial
ideas. foundation to pique an interest among
students to become successful
LESSON 1: Defining Key Terms entrepreneurs.
LEARNING OUTCOME:
At the end of the lesson, the students should be Do you imagine yourself becoming an
able to define entrepreneur and entrepreneur and managing your own business in
entrepreneurship.
the future?
NATURE AND CONCEPTS
Thus, acquiring basic working knowledge in
What comes into your mind when you hear the
entrepreneurship becomes a necessity for you.
words entrepreneur and entrepreneurship?
Plain ignorance of the fundamental
You may initially refer to an entrepreneur
entrepreneurial concepts may contribute to the
as a business person and entrepreneurship as the
failure of your endeavor.
business. Others may specify the former to be the
Acquiring sufficient knowledge of entrepreneurial
ordinary businessperson and the latter to be a
principles equips you with the necessary tools in
small- to medium- scale business. Some may even
handling and maximizing entrepreneurial
opportunities. However, even a full understanding of
, the concepts and principles of entrepreneurship is not categorically described an entrepreneur as an
an assurance that you will become a successful individual with distinct social characteristics or
entrepreneur. You have to work hard to go through attributes. According to him, there are very few
the whole entrepreneurial process. Knowing the among the millions in the population who can be
entrepreneurial principles is one thing and becoming considered as entrepreneurs. Some scholars
a successful entrepreneur is another. supported the concept of Schumpeter's, but others
disagreed with his views.
So why learn entrepreneurial principles when it
cannot provide you the assurance of becoming a Several sources such as books and researches on
successful entrepreneur? entrepreneurship offer various definitions of the term.
Therefore, to avoid confusion, this lesson provides an
Knowing the various concepts and principles in
operational definition of entrepreneurship based on
entrepreneurship may not completely guarantee
the ultimate objective of the concept and the
success in a competitive position in making
expected direction and demand in the future. The
entrepreneurial decisions.
various activities conducted by small businesses in the
OVERVIEW OF THE DEFINITION Philippines are equally considered in the formulation
of the operational definition.
There is no universally accepted definition of
entrepreneurship, even among universities and
colleges offering entrepreneurship program in the
Philippines and abroad. Some of the reasons for this ENTREPRENEUR
are as follows:
The term "entrepreneur" originates from the
Different views and theories have been French word entreprendre which means "to
developed in the field of entrepreneurship. undertake." It connotes a business paradigm which
The scholars who provided the definition for signifies the start of a new business undertaking. On
entrepreneurship are largely influenced by the other hand, the term "entrepreneurship" comes
their own individual personal beliefs. from the word entrepreneur. It refers to a particular
The entrepreneurial models introduced by field of practice or process, as compared to an
scholars are predominantly influenced by the entrepreneur which is a person practicing
prevailing economic situations during specific entrepreneurship. Comparatively, the relationship is
periods in history. like that of a manager and the management in which
The frameworks and methodologies of a manager is a person who practices correctly the
researches on entrepreneurship are highly concept of management.
dependent on the theories and the contexts
The American Heritage Desk Dictionary
of the research endeavors.
defines an entrepreneur as a person who organizes,
For example, the Austrian economist and operates, and assumes the risk of business ventures.
political scientist Joseph Schumpeter gave much In this book, however, an entrepreneur is defined as a
emphasis on the concept of product innovation, person who strongly advocates and correctly practices
marketing, and production methods. Schumpeter the concepts and principles of entrepreneurship in
ENTREPRENEURSHIP
two terms.
CHAPTER 1: Understanding
So what does this lesson provide for your
Entrepreneurship
entrepreneurial journey as a student?
OBJECTIVES:
At the end of the chapter, the students should be It outlines the operational definitions of
able to:
the terms "entrepreneur" and
Define entrepreneur and
entrepreneurship; "entrepreneurship" and makes a clear
Describe the salient features of distinction between them.
entrepreneurship; It defines their differences in terms of
Discuss the different theories on
concepts, beliefs, understanding, and
entrepreneurship;
Distinguish between entrepreneurial approaches adopted by an entrepreneur
venture and ordinary small business and an ordinary businessperson.
activity;
It highlights the basic theoretical
Determine factors that contribute to the
misconceptions on entrepreneurship; concepts, principles, approaches, and
Describe the importance of strategies used in entrepreneurship.
entrepreneurship, and
It aims to build a strong entrepreneurial
Identify the sources of entrepreneurial
ideas. foundation to pique an interest among
students to become successful
LESSON 1: Defining Key Terms entrepreneurs.
LEARNING OUTCOME:
At the end of the lesson, the students should be Do you imagine yourself becoming an
able to define entrepreneur and entrepreneur and managing your own business in
entrepreneurship.
the future?
NATURE AND CONCEPTS
Thus, acquiring basic working knowledge in
What comes into your mind when you hear the
entrepreneurship becomes a necessity for you.
words entrepreneur and entrepreneurship?
Plain ignorance of the fundamental
You may initially refer to an entrepreneur
entrepreneurial concepts may contribute to the
as a business person and entrepreneurship as the
failure of your endeavor.
business. Others may specify the former to be the
Acquiring sufficient knowledge of entrepreneurial
ordinary businessperson and the latter to be a
principles equips you with the necessary tools in
small- to medium- scale business. Some may even
handling and maximizing entrepreneurial
opportunities. However, even a full understanding of
, the concepts and principles of entrepreneurship is not categorically described an entrepreneur as an
an assurance that you will become a successful individual with distinct social characteristics or
entrepreneur. You have to work hard to go through attributes. According to him, there are very few
the whole entrepreneurial process. Knowing the among the millions in the population who can be
entrepreneurial principles is one thing and becoming considered as entrepreneurs. Some scholars
a successful entrepreneur is another. supported the concept of Schumpeter's, but others
disagreed with his views.
So why learn entrepreneurial principles when it
cannot provide you the assurance of becoming a Several sources such as books and researches on
successful entrepreneur? entrepreneurship offer various definitions of the term.
Therefore, to avoid confusion, this lesson provides an
Knowing the various concepts and principles in
operational definition of entrepreneurship based on
entrepreneurship may not completely guarantee
the ultimate objective of the concept and the
success in a competitive position in making
expected direction and demand in the future. The
entrepreneurial decisions.
various activities conducted by small businesses in the
OVERVIEW OF THE DEFINITION Philippines are equally considered in the formulation
of the operational definition.
There is no universally accepted definition of
entrepreneurship, even among universities and
colleges offering entrepreneurship program in the
Philippines and abroad. Some of the reasons for this ENTREPRENEUR
are as follows:
The term "entrepreneur" originates from the
Different views and theories have been French word entreprendre which means "to
developed in the field of entrepreneurship. undertake." It connotes a business paradigm which
The scholars who provided the definition for signifies the start of a new business undertaking. On
entrepreneurship are largely influenced by the other hand, the term "entrepreneurship" comes
their own individual personal beliefs. from the word entrepreneur. It refers to a particular
The entrepreneurial models introduced by field of practice or process, as compared to an
scholars are predominantly influenced by the entrepreneur which is a person practicing
prevailing economic situations during specific entrepreneurship. Comparatively, the relationship is
periods in history. like that of a manager and the management in which
The frameworks and methodologies of a manager is a person who practices correctly the
researches on entrepreneurship are highly concept of management.
dependent on the theories and the contexts
The American Heritage Desk Dictionary
of the research endeavors.
defines an entrepreneur as a person who organizes,
For example, the Austrian economist and operates, and assumes the risk of business ventures.
political scientist Joseph Schumpeter gave much In this book, however, an entrepreneur is defined as a
emphasis on the concept of product innovation, person who strongly advocates and correctly practices
marketing, and production methods. Schumpeter the concepts and principles of entrepreneurship in
