Lesson 2 Flashcards
Factors Affecting Entrepreneurship
- Personality Factors
- Environmental Factors
Factors that are entrepreneur core
competencies
Personality Factors
What are the 9 Personality Factors?
a) Initiative
b) Proactive
c) Persistent
d) Problem-solver
e) Persuasion
f) Self-confidence
g) Self-critical
h) Planner
i) Risk-taker
does things before
being asked, the action of taking
the first step or move.
Initiative
identifies and utilizes
opportunities, entrepreneurs are
in habit of identifying present and
future needs of people and
institutions in the community
Proactive
perseverance works
against all odds to overcome obstacles
and is never complacent with success,
they keep on trying various
alternatives to improve their services
to the people.
Persistent
– they anticipate and
solve problems creatively. This calls for
being a wise decision-makers.
Problem-solver
convinces
customers and financiers to
patronize his business
Persuasion
makes
decisions and sticks to his
decisions
Self-confidence –
– learns from his mistakes
and from experiences of others
Self-critical
collects information,
prepares a plan, and monitors
performance
Planner
is willing to take
calculated risks, they take the chance
of investing.
Risk-taker
These factors relate to the conditions
in which an entrepreneur has to
work.
Environmental Factors
Enumerate the Environmental Factors
❖Political climate
❖Legal system
❖Economic and social condition
❖Market situations
Political stability in a country is absolutely
essential for smooth economic activity.
Political Climate
- Unfair trade practices
- Elements and bodies that are directly
involved in the legislation and
interpretation of laws and ordinances
directly affecting the business.
Legal System
- Economic forces are factors which are
primarily caused by changes or
movements in the Philippine economy
that have direct or indirect effects on
the entrepreneurial venture
Economic and social condition
- Social forces are elements in society
resulting from human interactions that
can influence the thoughts, behavior,
attitude, actions, and even the belief
and customs of the people.
Economic and social condition
Target market / competition
Market Situations
Functions of Entrepreneur
- Innovation
- Assumption of Risk
- Research
- Development of
Management Skills - Overcoming
resistance to
change - Catalyst of Economic
development
- may involve doing
new things or doing existing
things differently.
➢An entrepreneur uses his
creative faculties to do new
things and exploits
opportunities in the market.
Innovation
simply refers to the
information needed by the entrepreneur
in order to answer the objective relative
to the buying behavior of the consumers.
Research
“An entrepreneur tries new ideas at his level”? ***
Overcoming resistance to change
“An entrepreneur plays an important role in
accelerating the pace of economic development of
a country by discovering new uses of available
resources and maximizing their utilization.
Catalyst of economic development
