Overview
This lecture introduces key concepts in entrepreneurship for senior high school students, focusing on its relevance, main competencies, and factors affecting entrepreneurship.
Introduction to Entrepreneurship
- Entrepreneurship is encouraged by the economy to create job opportunities and increase standard of living.
- It provides government revenue through various taxes (income tax, VAT, import/export duties).
- The course objectives include discussing the relevance of entrepreneurship and explaining its key competencies.
Relevance of Entrepreneurship
- Develops managerial capability by improving leadership and management skills.
- Leads to the creation of organizations and new businesses, generating employment.
- Improves standard of living by providing jobs and salaries.
- Drives economic development by supporting government projects through taxes and stimulating community growth.
Concepts of Entrepreneurship
- The term "entrepreneur" comes from the French word "entreprendre," meaning to undertake.
- Entrepreneurs are risk-takers who start and manage enterprises for profit.
- Entrepreneurship is the process of creating and managing a business venture for innovation and profit.
- Entrepreneurs are innovators, introducing new products and services to the market.
Factors Affecting Entrepreneurship
- Personality Factors: include initiative (acting first), proactiveness (seizing opportunities), problem-solving, perseverance (not giving up), persuasion (convincing customers), planning, and calculated risk-taking.
- Environmental Factors: include political climate, legal system, economic and social conditions, and market situations.
Common Competencies of Entrepreneurs
- Decisiveness: Firm decision-making ability.
- Communication: Effectively presenting ideas and convincing customers.
- Leadership: Inspiring and leading teams or employees.
- Opportunity Seeking: Identifying and acting on business opportunities.
- Proactive: Staying ahead in recognizing business chances.
- Risk-taking: Courage to pursue and finance new business ideas.
- Innovation: Continuously improving and generating new business ideas.
Key Terms & Definitions
- Entrepreneur — A person who undertakes the risk of starting a business for profit.
- Entrepreneurship — The process of creating and managing a business venture.
- Initiative — Doing tasks or making decisions before being instructed.
- Persuasion — The ability to convince people to buy products or ideas.
- Risk Taker — Someone willing to take calculated business risks.
Action Items / Next Steps
- Complete any assigned module activities and self-assessment questions.
- Review the key competencies and factors affecting entrepreneurship for upcoming quizzes.
- Attend the next scheduled entrepreneurship online session (Friday 11–11:30 AM).