Basic
Entrepreneurial
Concept
Entrepreneurship
❑ Is the backbone of an emerging economy
➢ Peter Drucker, the Father of Modern Management says:
❑ Entrepreneurship is a catalyst for economic growth
Stimulant/motivator
❑ Creates wealth through innovation
❑ - innovation is the instrument of entrepreneurship
Entrepreneurship
➢ According to Joseph Schumpeter,
the Author of Theory of Management:
❑ an entrepreneur is motivated by standard that measures
success in the business (not just the profit)
❑ entrepreneurs are self-reliant, highly optimistic, like
challenges and strive for excellence
Entrepreneur
❑ Is a person who
ventures and finances a
business
❑ Creates and innovates
products and services
Entrepreneur
❑Organizes and manages the
business for it to succeed and
realize its goals
❑ The key in entrepreneurial
venture is economic
independence
Concept of Business
Environment and
Market
Words for Study
❑Entrepreneur ❑ value
❑Economy ❑Market
❑Competency ❑Brand
❑Characteristics ❑Selling Proposition
❑Attributes ❑Business Environment
❑Innovation
2 Main Aspects of Business Venture
❑ I. The Business Environment
❑ II. Market
I. The Business Environment
❑ is sum or collection of all internal and external
factors
➢ (Internal) such as employees, customers needs and expectations,
supply and demand, management, clients, suppliers, owners,
➢ (External) activities by government, innovation in technology, social
trends, market trends, economic changes, etc.
I. The Business Environment
❑ These factors affect the function of the company
and how a company works directly or indirectly.
❑Sum of these factors influences the companies or
business organizations environment and
situation.
II. Market
❑ A market is a common
platform where buyers
and sellers meet to
exchange goods and
services.
II. Market
❑ virtual and physical markets -
➢ based on the nature of the platform where the
buyers meet the sellers
❑ consumer markets and business markets
➢ Target-based customers
Importance of
Business Environment
1. Enables to Identify Business Opportunities
➢ All changes are not negative.
If understood and evaluated
them, they can be the
reason for the success of a
business.
1. Enables to Identify Business Opportunities
➢ It is very necessary to identify a
change and use it as a tool to
solve the solve the problems of
the business
2. Helps in Tapping Useful Resources
➢ Careful scanning of the Business
Environment helps in tapping the
useful resources required for the
business.
➢ It helps the firm to track these
resources and convert them into
goods and services
3. Coping with Changes
➢ The business must be aware of the ongoing changes in the
business environment
▪ changes in customer requirements
▪ emerging trends
▪ new government policies,
▪ technological changes.
3. Coping with Changes
➢ If the business is aware of these
regular changes, then it can bring
about a response to deal with
those changes.
4. Assistance in Planning
➢ Planning purely means what is to be done
in the future.
➢ When the Business Environment presents a problem
or an opportunity, it is up to the business to decide
what plan would it have to come up with in order to
address the future and solve the problem or utilize
the opportunity.
4. Assistance in Planning
➢ After analyzing the changes
presented, the business can
incorporate plans to counteract
the changes for a secure future.
5. Helps in Improving Performance
➢ Enterprises that are thoroughly
scanning their environment not
only deal with the changes
presented but also flourish with
them.
5. Helps in Improving Performance
➢ Adapting to the external forces
help the business to improve the
performance and survive in the
market.
➢ (Source) Introduction, Meaning and Importance of
Business Environment: Concepts (toppr.com)
TLE_Individual Performance Task 1- ½ crosswise
❑ Conceptualize on Business ideas and business
possibilities
❑ Identify 3 business projects that you can possibly
handle during the business day. Describe each briefly.
❑ 1. Food and other products-related
❑ 2. Service- related
❑ 3. Amusement
