The recognition of a business idea or the detection of opportunities that could make money for the entrepreneur.

2 types of entrepreneur

describes the process of identifying, sourcing, and financing human, nonhuman, and other resources needed for the conduct of business.

are planned actions formulated in the mind of individuals which area geared toward the objective of establishing a business venture from potential business opportunities.

Profits they make are limited. Their contributions are minimal and attract few competitors and imitators. They are short in funds and inadequate in skills. They cannot undertake projects that involve huge capital, sophisticated technology and extensive risks.

pertains to strategies related to the expansion of the business firm.

2 external factors

the process of carrying out the business plan. It covers a number of activities, including the management of human, physical, technological, and financial resources of the business.

Willing to absorb huge risks of using enormous amounts of capital in their business ventures. They contributed much to the economic progress of the developed countries.

gives more details on how the general business idea can be realized. It suggests the preparation of a business plan.

is a person who shifts economic resources out of an area of lower productivity into an area of higher productivity and greater yield. - J.B Says

Filipino entrepreneurs are _

5 Entrepreneurial process

placed an emphasis on innovation, and the creation of new products, new production methods, new markets, and new forms of organization. - James Schumpeter

5 internal factors

(regulatory structure, protection of property rights, and competitive environment)

Entrepreneur comes from the french word

(government, financial institutions, and training institutions.

9 characteristics of entrepreneurs

as one who organizes, manages, and assume the risks of a business. - Merriam Webster Dictionary

comes from the French word entreprende which means to undertake.