Entrepreneurs seek opportunities, take risks beyond security, and have the drive to push an idea to
reality. Some people are born with it, while others can develop an entrepreneurial mindset.
Entrepreneurship is the symbol of business tenacity and achievement. Entrepreneurs are the
pioneers of today's business successes.
Enterprising means "marked by imagination, initiative, and readiness to undertake new projects."
Entrepreneurial means "willing to take risks to create value."
Entrepreneurial Economy
Entrepreneurs make three (3) indispensable contributions to the economy:
Entrepreneurs create new businesses. The goods and services offered by entrepreneurs can
produce a cascading effect by stimulating related industries or sectors supporting the new venture to
further economic development.
Entrepreneurs contribute greatly to national development. Entrepreneurial ventures generate
new wealth. Existing businesses may remain confined to the scope of existing markets and may hit a
glass ceiling in terms of income. New and improved products, services, or technology from
entrepreneurs enable new markets to be developed and new wealth to be created.
Entrepreneurs create social change. Through their unique offerings of new goods and services,
entrepreneurs break away from tradition and indirectly support freedom by reducing dependence on
obsolete systems and technologies. This results in an improved quality of life, improved morale, and
greater economic freedom.
Entrepreneurship Spectrum
Entrepreneurs on starting a business from scratch. Many entrepreneurs start their businesses with
a vision. Starting a business from scratch enables the entrepreneur to be productive.
Entrepreneurs on starting a family business. Entrepreneurs choose to start a family business due to
its long-term orientation. Most family businesses aim to maximize the well-being of current and future
generations from a transgenerational perspective.
Entrepreneurs on entering a partnership. A partnership is an excellent way for entrepreneurs to
leverage existing resources between parties. Having partners can mean multiple sources of cash flow,
which will benefit the business during the start-up and growth phases.
Entrepreneurs on buying an existing business. The idea is that buying an existing business is less
risky than starting from scratch, however expensive it is. In buying a business, the entrepreneur takes
over an operation already generating cash flow and profits.
Entrepreneurship and Sustainable Development
Industrial Age point of view: They see the largest and most important circle as the economy, with
society and environment as much smaller domains within
Modern Age system. In this new way of looking at the world, the biggest circle is the environment;
within that circle is human society; the economy, industries, and individual businesses are much smaller
circles that fit within society and the environment.
Triple Bottom Line (TBL)
The phrase "the triple bottom line" was coined in 1994 by John Elkington, the founder of a British
consultancy called Sustainability. He argued that companies should prepare three (3) different bottom
lines. One is the traditional measure of corporate profit—the "bottom line" of the profit and loss
account. The second is the bottom line of a company's "people account"—a measure in some shape or
form of how socially responsible an organization has been throughout its operations. The third is the
bottom line of the company's "planet" account—a measure of how environmentally responsible it has
been.
Profit refers to the real economic value created by the business and enjoyed by the host society.
People refer to a business's impact on employees and people outside of the business (community).
Planet refers to environmental stewardship. Entrepreneurs enhance the natural order and minimize
their ecological impact in a wide variety of ways that are not only cost-effective but easy to implement
and adopt.
Entrepreneurial Traits
Entrepreneurs Have an Empowering Perspective of Failure
Failure is a verb, not a noun. Failure is feedback from the real world, and one of the first benefits a
person can gain from it is the knowledge that he took action. He created a result. He made an impact on
the world. Positive or negative, he made a difference through his actions and created an experience he
could learn from.
Entrepreneurs Know a Little About a Lot
Rule number five (5): Don’t take yourself so seriously.
Entrepreneurs Give and Receive Praise Correction
Praising or complimenting the student on what he did right, then correcting the mistake, and then
praising the improvement.
Entrepreneurs Fly with Eagles
He asked the waitress for a little change in how his meal was prepared, and the waitress responded
with, “Oh, we can’t do that, I’m sorry.” Troy replied, “Can I talk to your manager?” The manager came
out, and Troy immediately received the slight change he requested. It was possible. People before the
process. Customers before policy.
Entrepreneurs that Changed the World
Tony Tan Caktiong (Jollibee)
Angeline Tham (Angkas Ride Sharing App)
Phil Knight (Nike
Reed Hastings (Netflix)
Amancio Ortega (Zara)
Walt Disney (The Walt Disney Company)
Mark Zuckerberg (Facebook)
Steve Jobs (Apple)
Howard Schultz (Starbucks Coffee Company)
Elon Musk (SpaceX)
Larry Page and Sergey Brin (Alphabet)
Anne Wojcicki (23andMe)
Value Creation
Entrepreneurial Value Creation Theory, from the name itself, explains how entrepreneurs create
value through a venture.
The Rationale for a Sustainable World
But the revolution did not simply change the way we worked; it transformed the way we lived,
the way we thought about ourselves, and the way we viewed the world. Nothing like it had ever
occurred before.
Creating Beyond Reactive Problem-Solving
Creating draws energy from dreams or visions of what people truly want to see exist (in concert
with an accurate and insightful understanding of what is). Reactive problem solving draws its
energy from crises, usually driven by an underlying emotion of fear (fear of the consequences if
we fail to solve the problems).
Entrepreneurial Curiosity
Curiosity is the impulse to seek out new ideas and experiences. It is crucial to innovation
because it moves people to look at the world from a different perspective and to ask questions
rather than accepting the status quo. Thus, it is an essential tool for fighting conformity.
Curiosity is the spark of creativity and innovation, the best long-term investment a person can
make.
The research created a model that consists of four (4) dimensions:
1. Curiosity – a thirst for new experiences and knowledge; an openness to feedback, learning,
and change.
2. Insight – the ability to gather and synthesize information that suggests new possibilities.
3. Engagement – the ability to connect with others and communicate a vision.
4. Determination – the persistence to overcome obstacles and achieve challenging goals.
Enhancing Entrepreneurial Curiosity
Ask the right questions
First, differentiate an excellent question from a bad question. In general, a bad question does
not encourage a substantive answer.
Innovation time (20% rule for cultivating ideas)
70/20/10 management model that believes innovation is cultivated best when employees spend
70% of their time on core business tasks, 20% on related projects, and 10% on unrelated
projects. At some universities, a similar philosophy believes that 70% of learning comes from on-
the-job experience, 20% from ongoing work with mentors, and 10% from formal training.
Always listen without judgment
Curious people have no hidden agenda. They seek to understand the perspectives of others and
are willing to sit in ambiguous, open, and curious without being invested in the outcome.
Types of Innovation
Process Innovation – is a change in how a product or service is manufactured, created, or
distributed to achieve greater efficiencies.
Product/Service Innovation – are creating new ideas that do not alter established business
models.
Disruptive Innovation – introduces a new value proposition. It either creates new markets or
reshapes existing markets.
Low-end disruptive innovations can occur when existing products and services are
“too good” and hence overpriced relative to the value existing customers can use
New-market disruptive innovations can occur when characteristics of existing
products limit the number of potential consumers or force consumption to take place in
inconvenient, centralized settings
Modern disruptive innovation
A.I., robotics, nanomaterials, biotech, bioinformatics, quantum computing and the Internet of
Things (IoT) – these are transforming the world. Digital technologies such as mobile, social
media, smartphones, big data, predictive analytics and cloud are fundamentally different than
the preceding IT-based technologies.
Disruptive Innovation Theory
Disruptive innovation describes inventions that make products and services more accessible,
affordable, and available to a larger population. The following are the four (4) points to identify
disruptive innovation:
Disruption is a process. The term “disruptive innovation” is misleading when it refers to a
product or service at one fixed point rather than to the evolution of that product or service over
time.
Disrupters often build business models that are very different from those of
incumbents. Consider the healthcare industry. General practitioners operating out of their
offices often rely on their years of experience and test results to interpret patients’ symptoms,
make diagnoses, and prescribe treatment. It is called a “solution shop” business model. In
contrast, several convenience care clinics are taking a disruptive path by using the “process”
business model
Some disruptive innovations succeed; some don’t. A third common mistake is to focus on
the results achieved – to claim that a company is disruptive by its success. But success is not
built into the definition of disruption: Not every disruptive path leads to a triumph, and not
every triumphant newcomer follows a disruptive way.
The mantra “disrupt or be disrupted” can misguide people. Incumbent companies need
to respond to the disruption if it occurs, but they should not overreact by dismantling a still-
profitable business. Instead, they should continue strengthening relationships with core
customers by investing in sustaining innovations
