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BIT III-Food Technology
Entrepreneurship Defined:
Entrepreneurship Definition :
The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.
The most obvious example of entrepreneurship is the starting of new businesses.
In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is
characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and
increasingly competitive global marketplace.
Entrepreneurship
From Wikipedia, the free encyclopedia
"Entrepreneur" redirects here. For other uses, see Entrepreneur (disambiguation).
"Co-founder" redirects here. For someone who cultivates a startup, see Startup company Co-founders.
Entrepreneurship is the process of designing, launching and running a new business, which is more often than not, initially a small
business, offering a product, process or service for sale or hire. The people who create these businesses are
called entrepreneurs.[1][need quotation to verify][2] Entrepreneurship has been described as the "capacity and willingness to develop, organize
and manage a business venture along with any of its risks in order to make a profit".[3] While definitions of entrepreneurship
typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant
proportion of businesses have to close, due to "lack of funding, bad business decisions, an economic crisis or a combination of all
of these"[4] or due to lack of market demand. In the 2000s, the definition of "entrepreneurship" expanded to explain how and why
some individuals (or teams) identify opportunities, evaluate them as viable and then decide to exploit them, whereas others do
not[5] and, in turn, how entrepreneurs use these opportunities to develop new products or services, launch new firms or even new
industries and create wealth.[6] Recent[when?] advances stress the fundamentally uncertain nature of the entrepreneurial process,
because although opportunities exist their existence cannot be discovered or identified prior to their actualization into
profits.[7] What appears as a real opportunity ex ante might actually be a non-opportunity or one that cannot be actualized by
entrepreneurs lacking the necessary business skills, financial or social capital.
An entrepreneur has been defined[by whom?] as, "a person who starts, organizes and manages any enterprise, especially a business,
usually with considerable initiative and risk; running a small business with all the risk and reward of any given business
process".[8][9] Entrepreneurs tend to be good at perceiving new business opportunities and they often exhibit positive biases in their
perception (i.e., a bias towards finding new possibilities and seeing unmet market needs) and a pro-risk-taking attitude that makes
them more likely to exploit the opportunity.[10][11] An entrepreneur may be in control of a commercial undertaking, directing
the factors of production the human, financial and material resources that are required to exploit a business opportunity.
Entrepreneurs act as managers and oversee the launch and growth of an enterprise. Entrepreneurship is the process by which either
an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its
exploitation. The exploitation of entrepreneurial opportunities may include: [12]
developing a business plan
hiring the human resources
acquiring financial and material resources
providing leadership
being responsible for both the venture's success or failure
risk aversion
Economist Joseph Schumpeter (18831950) saw the role of the entrepreneur in the economy as "creative destruction" launching
innovations that simultaneously destroy old industries while ushering in new industries and approaches. For Schumpeter, the
changes and "dynamic disequilibrium brought on by the innovating entrepreneur [were] the norm of a healthy economy".[13]
While Entrepreneurial spirit may be characterized as being "by innovation and risk-taking",[3] entrepreneurship is often associated
with new, small, for-profit start-ups, entrepreneurial behavior can be seen in small-, medium- and large-sized firms, new and
established firms and in for-profit and not-for-profit organizations, including voluntary-sector groups,charitable
organizations and government.[14]
Entrepreneurship may operate within an entrepreneurship ecosystem which often includes:
government programs and services that promote entrepreneurship and support entrepreneurs and start-ups
non-governmental organizations such as small-business associations and organizations that offer advice and mentoring to
entrepreneurs (e.g., through entrepreneurship centers or websites)
small-business advocacy organizations that lobby governments for increased support for entrepreneurship programs and more
small business-friendly laws and regulations
entrepreneurship resources and facilities (e.g., business incubators and seed accelerators)
entrepreneurship education and training programs offered by schools, colleges and universities
financing (e.g., bank loans, venture capital financing, angel investing and government and private foundation grants)[15][need
quotation to verify]
Entrepreneurship Explained
Interestingly enough, there is debate over the definition of an entrepreneur. Some experts have a wide definition that encompasses
anyone who works for himself. Others have a narrower view point, suggesting that an entrepreneur doesn't just work
interdependently but also, his business involves innovation and leadership.
They do tend to agree on the idea that an entrepreneur takes an idea, develops a business around it, manages the business, and
assumes the risk for its success.
Types of Entrepreneurs
One of the reasons there is disagreement over the definition of entrepreneur is that it includes so many different types of self-
employed businesses. Some common types of entrepreneurship include:
Small business: This includes mom and pop shops and local business owners. Small business can include partnerships, sole
proprietors and LLCs. Generally its any business that has less than 500 employees, according to the Small Business Administration.
Home-Based Business: A home based business could fit under the category of small business, but the primary factor in this case is
that it's run from home, as opposed to an office or other location. But just because a business is run from home, doesn't mean it
can't compete with larger businesses. In fact, many large corporations were started from home.
Online Business: Internet-based business can be small, home-based or even large corporations.
The key difference here is that the business is operated primarily online. This includes companies like Amazon or other e-commerce
businesses, blogger, Ebay and Etsy owners, and any other business that does the majority of its business online.
Inventors: For an inventor to be considered an entrepreneur, he needs to go beyond the idea stage to build the product and get it to
market.
Passion - Talk to successful entrepreneurs and you'll nearly always hear the word passion when they describe what they do.
Following your passion is one of the best predictor of success.
Independent thinking - Entrepreneurs often think outside the box.
Optimism - It's difficult to succeed at anything if you don't believe in a good outcome. Entrepreneurs are dreamers and believe their
ideas are possible, even when they seem unattainable.
Self-confidence - This is not to say entrepreneurs never have self-doubt, but they're able to overcome it and believe they can
achieve their goal.
Resourceful and problem solvers - Lack of assets, knowledge, and resources are common, but entrepreneurs are able to get what
they need or figure out how to use what they've got.They never let problems and challenges get in the way, and instead find ways to
achieve their goals despite hardships.
Tenacity and ability to overcome hardship - Entrepreneurs don't quit at the first, second or even hundredth obstacle. For them,
failure is not an option, so they continue to work toward success, even when things go wrong.
Vision - Some of the more stringent definitions of entrepreneurship include vision as a necessary element. It helps to know your end
goal when you start. Further, vision is the fuel that propels you forward toward your goal.
Focus - It's easy in this fast paced, constant info-in-your-face world to get distracted. This is especially true for start-ups, that often
get side-tracked by shiny object syndrome (i.e. products and services that promise fast results), or bogged down in unimportant busy
work. Successful entrepreneurs are focused on what will bring results.
Action oriented - Entrepreneurs don't expect something from nothing and they don't wait for things to happen. They are doers. They
overcome challenges and avoid procrastination.
How to Become an Entrepreneur
One of the great things about becoming an entrepreneur is that anyone can do it. Steve Jobs, Bill Gates and Mark Zuckerberg were
in college when they started Apple, Microsoft and Facebook respectively. The world is littered with entrepreneurs you never heard
of who had an idea and turned it into a business. Becoming an entrepreneur isn't hard, but it is work and requires many steps
including:
Qualities of Entrepreneur
Qualities to Become a Successful Entrepreneur
The Success Factors of an Entrepreneur
Good Characteristics of an Entrepreneur
5 Key Factors That Influence Entrepreneurship
How to Be a Good Entrepreneur
Starting a small business is not easy. For many people, starting a business means leaving the comfort and security of a regular "day
job" to pursue a passion or dream. So how do you know if you have what it takes to be a successful entrepreneur? Through careful
and honest self-examination, you can determine if you possess some of the beneficial qualities.
Perseverance
Entrepreneurs inevitably face challenges, even setbacks, during their quest for business success, according to PowerHomeBiz.com.
You may have difficulty obtaining the financing to get started or your initial marketing efforts may prove unsuccessful. You may have
to face starting all over or even declaring bankruptcy. Successful entrepreneurship requires that you persevere and pursue your idea
even when your situation appears bleak.
Self-Discipline
Entrepreneurs must posses a high level of self-discipline. Unlike the typical work environment, there's no boss leaning over
your shoulder, and nobody forces you to get out of bed in the morning and go to work. As an entrepreneur, you need the discipline
to work even though it might be a beautiful, sunny day or a ballgame is on television.
Passion
You'll likely spend the majority of your waking hours working at your chosen business enterprise. Therefore, possessing a
passion for what you're doing is an important entrepreneurial quality. If you don't enjoy or feel strongly about your
pursuit, it may begin to feel like just another job. You may lose interest in your business, which makes achieving success much more
difficult.
Self-Confidence
As an entrepreneur, you alone are responsible for your own success. Therefore, you must be able to promote yourself and your
business on a continuing basis. According to the Entrepreneur website, self-promotion is one of the most underutilized marketing
tools available to entrepreneurs. You need to possess the confidence in yourself and your business idea to tell the world about it
through relentless marketing.
Competitiveness
Unless your business concept is completely unique, you'll likely face a host of competition in your chosen enterprise.
You'll need to possess a competitive spirit to beat your competitors, much like an athlete who attempts to defeat her
opponent. You also need to take the time to study the competition to understand what they do right and wrong, which results in a
beneficial learning experience.
Concept of the Filipino Entrepreneur
A profile of Filipino entrepreneurs
Filipinos do have a flair for business, judging from data from the Department of Trade and Industry.According to the DTI, 99.6 percent of
registered businesses in the Philippines are micro, small and medium enterprises (MSMEs) and these provide 63.2 percent of total jobs
in the country.
Our Filipino entrepreneurs contribute so much to the countrys economy and provide the livelihood of most of our workforce. This is
why our micro, small and medium entrepreneurs need and deserve all the support they can get, says Manny Aligada, Head of
Corporate and SME Segments, Globe Business.
According to Aligada, Globe Business went through a lot of research in order to tailor its solutions to the needs of the Filipino
entrepreneur. In the course of that research, the group discovered some traits and qualities that make Filipinos good entrepreneurs.
Here are some of Globe Business insights into the character of the Filipino entrepreneur.
Practicality and common sense. The most successful Filipino entrepreneurs are not necessarily those who have the best education, or
have an impressive academic record.
Some of them, in fact, never even finished grade school. So how come they are now successful businessmen? Filipino entrepreneurs
have what we might call street-smarts and a great deal of common sense. They are practical thinkers. They make decisions based on
what they know about human nature from experience. They are not only able to come up with good products but, more importantly,
they know how to relate to their customers and give what their customers want. You really cannot learn such skills from a book or in a
classroom.
This is practical knowledge that you gain by relating to actual customers and trying your own hand at a business. In other words,
entrepreneurs develop their street-smarts and sharpen their common sense through experience. They learn from both their successes
and their mistakes. Thats what makes them effective entrepreneurs, Aligada says.
Filipino entrepreneurs are also practical when it comes to money. They make sure that they get maximum profit for the lowest possible
cost.
Passionate about business. When a Filipino entrepreneur decides on what business he will establish, usually it will be related to
something he or she is passionate about. This passion drives him to learn everything possible about the products or services he is
offering to customers. The same passion also gives the Filipino entrepreneur a strong commitment and involvement in his enterprise.
Filipino entrepreneurs are all in business to earn for themselves and their families. However, the most successful ones have the
passion that fuels their minds, emotions and bodies to make the business grow. This passion reaches the point where the business in no
longer just about the bottomline; the business itself brings fulfillment and happiness to the entrepreneur. This proves that if one is
passionate about ones enterprise, then one will find the resources to make it successful for its own sake, says Aligada.
Confident and self-reliant. The Filipino entrepreneur is always hands-on and self-reliant. When he is just starting out his business, he is
practically able to do everything involved in running it-from finding the best suppliers to renting the place of business, to the marketing,
selling and customer relations, and even accounting.
All this would not be possible without the entrepreneurs supreme confidence in himself or herself.
Filipino entrepreneurs trust their own judgment and their own capacity to run their businesses. They are able to take calculated or even
daring, seemingly unwise, risks. They know that while they can get the best advice, the best research, ultimately, the success of the
business depends on their own judgment.
Hard-working and goal-oriented. No one can doubt how hardworking the Filipino entrepreneur is. His involvement in his business is
nearly absolute, to the point that his personal time for himself and his loved ones is compromised. He is also goal-oriented, and has the
discipline to set smaller goals that he will accomplish in order to meet his final objective.
A leader and an innovator. The most successful Filipino entrepreneurs have excellent leadership skills. He is able to convince and
influence his employees and his customers positively. He is also able to innovate-to come up with novel solutions when a challenging
situation arises.
Value-oriented. Finally, the Filipino entrepreneur has a set of values that guides him in doing business. The greatest value for a Filipino
entrepreneur is his family.
In general, a Filipino entrepreneur, no matter how successful he has become, never loses sight of why he is striving to make his
business thrive and growhe is doing it for the well-being of his family, says Aligada.
Read more: http://business.inquirer.net/69655/a-profile-of-filipino-entrepreneurs#ixzz4rvG07To5
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
While the majority of entrepreneurs have no problem working hard, not all work smart and possess the following entrepreneurial
qualities responsible for driving success.
1. Not being afraid of delegating tasks. As entrepreneurs, we tend to always have a full plate and feel that we can take on any task.
In reality, if we keep adding to the already-full plate it is eventually going to collapse and create a mess. Dont be afraid to delegate
tasks to an experienced member of your company that has the ability to get tasks completed.
2. Managing time effectively. Proper time management is necessary to distinguish between extremely urgent tasks and those that
can wait. Use a notebook or whiteboard to prioritize your tasks by writing them down. Mobile devices and tablets have calendars
and notepads, but nothing is more effective than actually writing down your to-do list. Focus on one task at a time and dont let
new to-dos disrupt your focus. Knock them out one at a time.
3. Visualizing goals and success. You need to see your goals and success in your mind first if you plan on making them a reality. Not
only do you need to visualize the end result, but you also need to visualize every step that it is going to take to get there. Napoleon
Hill said it best: What the mind can conceive and believe it can achieve.
4. Listening and communicating well. If you arent a good listener and communicator it will result in miscommunications and wasted
time, not to mention added work to correct the miscommunications. Time is one thing that all entrepreneurs would like more of.
How often have you wished there was more hours in a day? Avoid wasting priceless time repeating and redoing tasks due to poor
communication.
5. Understanding your time is valuable. While it would be great to be able to give everyone the time that they wanted, it would
leave you with little to no time to accomplish the things that you need to get done. If a sales representative has a question, they
should address it with the sales manager. If a customer has a question they should be speaking with your customer-care
representative. While people might demand your time, it doesnt mean that you have to grant them the time. Your time is valuable,
so dont waste it on disruptions that should be handled by other members of your organization.
6. Seeking help when you need it. We often let our stubbornness prevent us from asking for help. Have you ever been stumped and
someone comes along with the answer and you think, Why in the world didnt I think of that? Often times a clear mind and
different viewpoint can quickly solve a problem or provide an answer to a question. Dont be afraid to ask for help when you need it,
as it can also help to strengthen the communication within your organization.
7. Getting out of the office. As an entrepreneur, you have probably spent several 18-hour days behind your computer or worked
through the night late at your office until the sun came back up. It is important to break your day up, for both your physical and
mental health. Take a few breaks throughout the day and walk around the office or take a walk outside to clear your head and give
your eyes a break from the computer. Leave your office for lunch, even if you bring it -- go eat outside and get some fresh air. Want
to jumpstart your day and have healthy energy throughout the day? Go to the gym bright and early before you hit the office every
morning and get a good workout in. You will have a clear mind, abundant energy and improved mental focus.
8. Giving back. It is important to understand how lucky we are, as entrepreneurs, to do what we love. When you are appreciative of
what you have accomplished and then take a step back to see what you can do to give back, it gives you a feeling like no other. My
company helps several 501(c)(3) organizations with their nonprofit marketing each year. Helping several nonprofits that support
causes I believe in is a great feeling. You can have everything in life you want, if you will just help other people get what they want,
said Zig Ziglar.
Nobody said being an entrepreneur is an easy thing to do, and while these qualities will not translate into automatic success, they
sure can help.
What other qualities do you feel are important? Let us know in the comments below.
Jhieanique R. Locquiao
BIT III-Food Technology
Entrepreneurship Defined:
Entrepreneurship Definition :
The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.
The most obvious example of entrepreneurship is the starting of new businesses.
In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is
characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and
increasingly competitive global marketplace.
Entrepreneurship
From Wikipedia, the free encyclopedia
"Entrepreneur" redirects here. For other uses, see Entrepreneur (disambiguation).
"Co-founder" redirects here. For someone who cultivates a startup, see Startup company Co-founders.
Entrepreneurship is the process of designing, launching and running a new business, which is more often than not, initially a small
business, offering a product, process or service for sale or hire. The people who create these businesses are
called entrepreneurs.[1][need quotation to verify][2] Entrepreneurship has been described as the "capacity and willingness to develop, organize
and manage a business venture along with any of its risks in order to make a profit".[3] While definitions of entrepreneurship
typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant
proportion of businesses have to close, due to "lack of funding, bad business decisions, an economic crisis or a combination of all
of these"[4] or due to lack of market demand. In the 2000s, the definition of "entrepreneurship" expanded to explain how and why
some individuals (or teams) identify opportunities, evaluate them as viable and then decide to exploit them, whereas others do
not[5] and, in turn, how entrepreneurs use these opportunities to develop new products or services, launch new firms or even new
industries and create wealth.[6] Recent[when?] advances stress the fundamentally uncertain nature of the entrepreneurial process,
because although opportunities exist their existence cannot be discovered or identified prior to their actualization into
profits.[7] What appears as a real opportunity ex ante might actually be a non-opportunity or one that cannot be actualized by
entrepreneurs lacking the necessary business skills, financial or social capital.
An entrepreneur has been defined[by whom?] as, "a person who starts, organizes and manages any enterprise, especially a business,
usually with considerable initiative and risk; running a small business with all the risk and reward of any given business
process".[8][9] Entrepreneurs tend to be good at perceiving new business opportunities and they often exhibit positive biases in their
perception (i.e., a bias towards finding new possibilities and seeing unmet market needs) and a pro-risk-taking attitude that makes
them more likely to exploit the opportunity.[10][11] An entrepreneur may be in control of a commercial undertaking, directing
the factors of production the human, financial and material resources that are required to exploit a business opportunity.
Entrepreneurs act as managers and oversee the launch and growth of an enterprise. Entrepreneurship is the process by which either
an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its
exploitation. The exploitation of entrepreneurial opportunities may include: [12]
developing a business plan
hiring the human resources
acquiring financial and material resources
providing leadership
being responsible for both the venture's success or failure
risk aversion
Economist Joseph Schumpeter (18831950) saw the role of the entrepreneur in the economy as "creative destruction" launching
innovations that simultaneously destroy old industries while ushering in new industries and approaches. For Schumpeter, the
changes and "dynamic disequilibrium brought on by the innovating entrepreneur [were] the norm of a healthy economy".[13]
While Entrepreneurial spirit may be characterized as being "by innovation and risk-taking",[3] entrepreneurship is often associated
with new, small, for-profit start-ups, entrepreneurial behavior can be seen in small-, medium- and large-sized firms, new and
established firms and in for-profit and not-for-profit organizations, including voluntary-sector groups,charitable
organizations and government.[14]
Entrepreneurship may operate within an entrepreneurship ecosystem which often includes:
government programs and services that promote entrepreneurship and support entrepreneurs and start-ups
non-governmental organizations such as small-business associations and organizations that offer advice and mentoring to
entrepreneurs (e.g., through entrepreneurship centers or websites)
small-business advocacy organizations that lobby governments for increased support for entrepreneurship programs and more
small business-friendly laws and regulations
entrepreneurship resources and facilities (e.g., business incubators and seed accelerators)
entrepreneurship education and training programs offered by schools, colleges and universities
financing (e.g., bank loans, venture capital financing, angel investing and government and private foundation grants)[15][need
quotation to verify]
Entrepreneurship Explained
What is Entrepreneurship? 44
BY AMITABH SHUKLA UPDATED JUNE 14, 2017 ENTREPRENEURSHIP
What is Entrepreneurship?: An entrepreneur is an individual who owns a firm, business, or venture, and is responsible for its
development. Entrepreneurship is the practice of starting a new business or reviving an existing business, in order to capitalize on
new found opportunities.
Entrepreneurship
Generally, entrepreneurship is a tough proposition as a good number of the new businesses fail to take off. Entrepreneurial activities
differ based on the type of business they are involved in. It is also true that entrepreneurial ventures create a number of new job
opportunities. A large number of entrepreneurial projects look for venture capital or angel funding for their startup firms in order to
finance their capital requirements. Besides, government agencies and some NGOs also finance entrepreneurial ventures.
Entrepreneurship is often associated with uncertainty, particularly when it involves creating something new for which there is no
existing market. Even if there is a market, it may not translate into a huge business opportunity for the entrepreneur. A major aspect
in entrepreneurship is that entrepreneurs embrace opportunities irrespective of the resources they have access to.
Entrepreneurship involves being resourceful and finding ways to obtain the resources required to achieve the set objectives. Capital
is one such resource. Entrepreneurs need to think out-of-the-box to improve their chances of obtaining what they need to succeed.
According to management experts, vast majority of entrepreneurs desire to be in control of their own life and they cant find this
beyond entrepreneurship. Studies have demonstrated that people derive great satisfaction from their entrepreneurial work.
A number of entrepreneurs are of the opinion that managing their own business offers far greater security than being an employee
elsewhere. They feel entrepreneurship enables them to acquire wealth quickly and cushion themselves against financial insecurity.
Additionally, an entrepreneurs future is not at peril owing to the faulty decisions of a finicky employer. So, while some people feel
that being employed is less risky, entrepreneurs feel that they are better off starting a business of their own.
Today, there is the increasing awareness about entrepreneurship. People arent confining themselves to one business. They are
following one business with another. Such entrepreneurs are referred to as serial entrepreneurs. Sometimes these entrepreneurs
become angel investors and invest their money in startup companies. As a person gains greater insight into business and
entrepreneurship, his chances of succeeding in business improve.
Entrepreneurs are a different set of people. They often see things that others fail to notice. They endeavor to bring about change
and foster growth. They believe in themselves. Entrepreneurship propels them to strive and move forward, to get to where they
want to be.
Qualities of Entrepreneur
A person who decides to start his or her own business face a long, winding road that is tumultuous on occasion and blocked by
obstacles. While some people may have the motivation and desire for business ownership, they may not have taken the time to
properly investigate and research their abilities and their business ideas. As a result, while thousands of new businesses are started
each year, much more either fail or discontinue, and others transfer ownership or control. If the business fails and it could it may
not only wreak havoc with your personal savings and other assets, but it could give your ego a tremendous blow.
What does it take to be a successful entrepreneur? This is a question that every business owner wants to know, with many trying to
understand if theres some magic formula to achieving success.
There is no ideal entrepreneurial personality successful entrepreneurs can be analytical or intuitive, risk-averse or thrill seeking,
or gregarious and taciturn. However, experts suggest that successful small business entrepreneurs, whether male or female, share
some common characteristics.
Below are some of these characteristics:
17. Discipline.
Successful entrepreneurs possess huge doses of discipline. Discipline is important to stay focused on their objectives and vision. The
process of building an idea into a business entails working on a lot of details some of which the entrepreneur may not want to
deal with but it is discipline that makes the entrepreneur work on completing every task. As an entrepreneur, it is easy to go off
strategy, including the allure of not working (for home-based entrepreneurs, that mean sleeping or watching TV instead of working),
and discipline keeps them on the right track.
Before committing yourself to the extraordinary investment of time, energy and money that starting a business requires, you need
to engage in some personal soul-searching. You need to review your pluses and minuses, your strengths and weaknesses to
determine if you are a suitable match for the challenge. Remember, the entrepreneur IS the business its originator, its motivating
force, and its energy. Without the needed ingredients, the business can fail as quickly as it started.
Filipino Entrepreneur
Filipino Entrepreneur was created to encourage every Juan to start their own business, starting at a relatively low cost capital and
investment, make it grow and become a successful entrepreneur.
What is Franchising?
Franchising is the practice of using another firm's successful business model. For the franchisor, the franchise is an alternative to
building 'chain stores' to distribute goods and avoid the need for investments and liability for a chain. The franchisor's success
depends on the success of the franchisees. The franchisee is said to have a greater incentive than a direct employee because he or
she has a direct stake in the business. source wikipedia - the free encyclopedia
Franchise is a business model wherein the owner of the business (franchiser) gives the independent operator (franchisee) the right
to distribute his products, implement his business techniques and use his brand.
( examples are: Mc Donalds, Jollibee, KFC, Andoks, Baliwag, Mang Inasal, Ink Refill, National Bookstore, Ministop, Seven-Eleven,
Pinoy Pao )
What are the basic requirements for food cart Franchising in the Philippines?
- Letter of Intent
- Application Form
- Site Location Proposal
- Notarized Franchise Contract
- Franchise Seminar ( Franchise Manager should explain all details to the franchisee or client )
How much does Franchise Cost? What is included in the Franchise fee?
Table Top Package - P16,888
Silver Cart Package - P26,888
2-in-1 Package - P42,888
3-in-1 Package - P60,000
Special Cart Package - P42,888
Celebrity Cart Package - Jopay Siomai - P50,888 / Joshawarma - P30,888
Kiosk / Mall Cart - P100,000 to P250,000 depends on design and size
The Franchise Fee is inclusive of the cart, signage and equipment. There are no annual franchise fees, no royalty fees and no store
opening fees. Also, the franchise includes the license which allow the dealer to operate and use the trademark of franchise. The
franchise cart terms is in three (3) years.
In cases where in the unit is located within a building which has a potential for expansion within or around the said location, the
dealer is given the right to first refusal to proposals which shall arise in the future.
Filtrepreneur Franchise, Inc. shall conduct certain training programs which the dealer and his personnel must personally attend and
successfully completed before they are allowed to operated and manage the unit.
What products will be sold in the Franchise Outlet? At what price would the products be sold?
For the cart operation, all franchise products. Franchisee is not allowed to sell any other food item other than those specified by
Filtrepreneur Franchise, Inc.
Filtrepreneur Franchise, Inc. will provide the standard price list of the products indicating the dealer's selling price to the consumers.
Filtrepreneur Franchise, Inc. shall peg the prices of such products according to the targetted profitability rates that will provide
reasonable returns to the dealer.
How will Filtrepreneur Franchise, Inc. ensure product quality and standard of operations being upheld?
Filtrepreneur Franchise, Inc. will designate employees and agents who shall audit the shop on the basis of Filtrepreneur Franchise,
Inc.'s approved standards on service, product quality, cleanliness, equipment maintenance, atmosphere, and other related health
and sanitary standards.
Determinants of Successful Entrepreneur
Determinants of Entrepreneur's Success in a Developing Country
ABSTRACT
With respect to determining the factors contributing to the success of entrepreneurs, many studies have concentrated on the
psychological and behavioral traits of entrepreneurs, the managerial skills and training of entrepreneurs, and the external
environment. However, no consensus has been reached as to the level of importance of those factors in entrepreneurs' success. In
order to determine the role and importance of factors contributing to the success of entrepreneurs, an ordered logit model is
applied to a sample of one hundred and thirty-eight Turkish entrepreneurs. The level of family support, good customer service,
charisma and friendliness to customers, business stress, ability to manage personnel, previous business experience, hard work,
appropriate training, satisfactory government support, political involvement, and being married, are found significant determining
factors in entrepreneurs' success.
INTRODUCTION
With respect to determining the factors contributing to the success of entrepreneurs, many studies have concentrated on the
psychological and behavioral traits of entrepreneurs, the managerial skills and training of entrepreneurs, and the external
environment (Jennings & McDougald, 2007; Arinaitwe, 2006; Frese, Brantjes & Hoorn, 2002; Lee & Tsang, 2001; Zinger, LeBrasseun,
& Zannibi, 2001; Rauch & Frese, 2000; Rauch, Frese, & Sonnentag (2000); and Dess, Lumpkin & Covn, 1997) However, no consensus
has been reached as to the level of importance of those factors in entrepreneurs' success [see, for example, Pratt (2001)]. In order to
determine the role and importance of factors contributing to the success of entrepreneurs, an ordered logit model is applied to a
sample of one hundred and thirty-eight Turkish entrepreneurs. Being strategically located between Europe and Asia, Turkey, which
has recently entered the accession negotiations for full membership in European Union, is an important case.
The contribution of entrepreneurship to economic development and employment creation is significant. In Europe, small businesses
employ 60 percent of the workforce (Wintermantel, 1999). Japan, for example, has six million small- and medium-sized enterprises
(SMEs) which account for 99 percent of all businesses in the country and 60 percent of the total labor force (Dana, 1998). In Taiwan
96 percent of all firms are SMEs that employ 78 percent of the nation's work force (Lin, 1998). Results of a study conducted by Lee
(1998) indicate that South Korean SMEs provide more than 70 percent of all jobs in the country.
SMEs play an important role in the Turkish economy as well. According to the OECD (2004), SMEs account for 99.8 percent of the
total number of businesses and 76.7 percent of total employment. With respect to manufacturing firms, 99.3 percent are SMEs
employing 56 percent of all manufacturing workers (Republic of Turkey Ministry of Industry and Trade, 2006).
This study intends to examine the factors contributing to the success of entrepreneurs. To that end, the following section reviews
the literature on the factors that affect entrepreneurs' success. The section after that explains survey and methodology. The next
section analyzes the data and gives the results. The final section offers concluding remarks.
Contributions of Entrepreneur: