Entrepreneurial Concepts and Principles
Concepts |
Principles |
Art and Correct Practices |
Constantly innovate and conduct business transactions with integrity |
Wealth-Creating |
Create wealth to generate benefits for everyone |
Valuable |
Not to sell waste to consumers but only valuable goods and services |
Opening a self-owned enterprise and managing it |
Personally open and manage one's own enterprise with a goal in mind |
Risk-taking |
Take risks with thorough planning and preparation |
Salient Features of Entrepreneurship
Entrepreneurship is an Art of Correct Practices
As an art, entrepreneurship is closely related to creativity. By creativity, there is a constant change or evolution that contributes towards the enhancement of the enterprise.
Entrepreneurship continuously grows, develops, improves and expands; the change does not stop. The development of entrepreneurship through the years is a proof that it is an art the continuously evolves and responds to the changing needs of the people.
Art in entrepreneurship is also related to the correct practices or ways of carrying out entrepreneurial activities. What is important in entrepreneurship is that the business activities are performed correctly.
Key Concepts:
- Entrepreneurship continuously grows, develops, improves, and expands; the change does not stop.
- Entrepreneurship is an art that continuously evolves and responds to the changing needs of the people. The constant change or evolution contributes towards the enhancement of the enterprise.
- Art in entrepreneurship is related to the correct practices or ways of carrying out entrepreneurial activities.
- What is important in entrepreneurship is that the business activities are performed correctly.
Synthesis:
Entrepreneurship is operating within the concept of wealth creation. Wealth is created when the benefits derived by the owner in providing goods and services to the customers are abundant enough to cover the costs incurred by the business. At the same time, it provides personal benefits to the owner, which in turn improve his/her life. The wealth created by the small business must improve the life of the owner and cascade to the development of the local economy and eventually of the whole country.
Key Concepts:
- Wealth is created when the benefits derived by the owner in providing goods and services to the customers are abundant enough to cover the costs incurred by the business.
- At the same time, it provides personal benefits to the owner, which in turn improves his/her life.
- The wealth created by the small business must improve the life of the owner and cascade to the development of the local economy.
Synthesis:
Entrepreneurship creates economic wealth by providing goods and services to the customers. These goods and services must have a value in order to create wealth. One essential principle in entrepreneurship then is, "not to sell waste to consumers but only valuable goods and services." Valuable goods and services highly satisfy the target buyers in terms of quality and price.
Key Concept:
- Sells only valuable goods and services. Valuable goods and services highly satisfy the target buyers in terms of quality and price.
Synthesis:
This feature highlights two important elements: the concepts of opening a self-owned enterprise and the concept of managing it.
The entrepreneur opens his/her own business under the principle of entrepreneurship. It must be self-owned in order to qualify as an entrepreneurial endeavor. A business is considered self-owned when the person managing its daily activities is also its owner. This is a straightforward requirement of entrepreneurship.
Key Concepts:
- Opening and managing a self-owned enterprise.
- A business is considered self-owned when the person managing its daily activities is also its owner.
Synthesis:
The basic concept of business risk in entrepreneurship can be expressed in this statement, "Business Risk is inherent in an entrepreneurial venture."
In other words, once an entrepreneurial venture is born because of new ideas or opportunities, business risk comes simultaneously with the venture.
Key Concepts:
- Business risk is inherent in an entrepreneurial venture.
- Business risk comes when an entrepreneurial venture is born. It cannot be detached.
- Wherever the business goes, there will always be business risk.
Synthesis:
As an art, entrepreneurship is closely related to creativity. By creativity, there is a constant change or evolution that contributes towards the enhancement of the enterprise.
Entrepreneurship continuously grows, develops, improves and expands; the change does not stop. The development of entrepreneurship through the years is a proof that it is an art the continuously evolves and responds to the changing needs of the people.
Art in entrepreneurship is also related to the correct practices or ways of carrying out entrepreneurial activities. What is important in entrepreneurship is that the business activities are performed correctly.
Key Concepts:
- Entrepreneurship continuously grows, develops, improves, and expands; the change does not stop.
- Entrepreneurship is an art that continuously evolves and responds to the changing needs of the people. The constant change or evolution contributes towards the enhancement of the enterprise.
- Art in entrepreneurship is related to the correct practices or ways of carrying out entrepreneurial activities.
- What is important in entrepreneurship is that the business activities are performed correctly.
Synthesis:
- Entrepreneurship continues to grow and develop which contributes towards the enhancement of the enterprise and the improvement of the way entrepreneurial activities/business activities are carried out.
Entrepreneurship is operating within the concept of wealth creation. Wealth is created when the benefits derived by the owner in providing goods and services to the customers are abundant enough to cover the costs incurred by the business. At the same time, it provides personal benefits to the owner, which in turn improve his/her life. The wealth created by the small business must improve the life of the owner and cascade to the development of the local economy and eventually of the whole country.
Key Concepts:
- Wealth is created when the benefits derived by the owner in providing goods and services to the customers are abundant enough to cover the costs incurred by the business.
- At the same time, it provides personal benefits to the owner, which in turn improves his/her life.
- The wealth created by the small business must improve the life of the owner and cascade to the development of the local economy.
Synthesis:
- Entrepreneurship creates wealth by providing valuable goods and services to the customers. The wealth created by the enterprise provides abundant benefits for the entrepreneur which improves his/her lifestyle and enables him/her to handle/cover all the costs in operating his/her business. At the same time, it contributes to the development of the local economy.
Entrepreneurship creates economic wealth by providing goods and services to the customers. These goods and services must have a value in order to create wealth. One essential principle in entrepreneurship then is, "not to sell waste to consumers but only valuable goods and services." Valuable goods and services highly satisfy the target buyers in terms of quality and price.
Key Concept:
- Sells only valuable goods and services. Valuable goods and services highly satisfy the target buyers in terms of quality and price.
Synthesis:
- Entrepreneurship assures the selling of only valuable goods and services which highly satisfies the target market.
This feature highlights two important elements: the concepts of opening a self-owned enterprise and the concept of managing it.
The entrepreneur opens his/her own business under the principle of entrepreneurship. It must be self-owned in order to qualify as an entrepreneurial endeavor. A business is considered self-owned when the person managing its daily activities is also its owner. This is a straightforward requirement of entrepreneurship.
Key Concepts:
- Opening and managing a self-owned enterprise.
- A business is considered self-owned when the person managing its daily activities is also its owner.
Synthesis:
- Entrepreneurship requires the opening and the managing of a self-owned enterprise by the owner.
The basic concept of business risk in entrepreneurship can be expressed in this statement, "Business Risk is inherent in an entrepreneurial venture."
In other words, once an entrepreneurial venture is born because of new ideas or opportunities, business risk comes simultaneously with the venture.
Key Concepts:
- Business risk is inherent in an entrepreneurial venture.
- Business risk comes when an entrepreneurial venture is born. It cannot be detached.
- Wherever the business goes, there will always be business risk.
Synthesis:
- In entrepreneurship, business risk is natural and is something that is expected to emerge once a business materializes.
Differences between an Entrepreneur and a Businessperson
Entrepreneur
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Businessperson
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