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12-itcp-1a-entrepreneurship · 3 years

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ENTREPRENEURSHIP PERFORMANCE TASK#2&3

12/ITCP/1A/CAÑADA

Educational Blog

In this Blog, you will know the character traits of some successful entrepreneurs and how they used their characteristics to help them achieve success. This blog also explains why the following entrepreneurs have this kind of traits and how did they used it to overcome their huge challenges in life. Enjoy the blog!

1. JACK MA

Persistent

Jack Ma is one of the very successful businessmen in the world, he did everything he could to learn new things which makes him the man he is now. Continuing firmly despite the difficulty in life, Jack Ma is able to get opportunities out of it. He has the drive to not give up on things he wants to have. Jack Ma is persistent because even he was rejected in his 30 job applications and also got rejected in enrolling on some known universities, he is still able to stand up many times. The ability to take repeated actions and trials in order to overcome the obstacle is one of Jack Ma’s character traits. Being persistent enough to innovate for society’s improvement. Jack Ma was successful because of the personal sacrifices and effort he gave for his dream.

2. BILL GATES

Opportunity-seeker

Being one of the top 10 richest men in the world is a huge achievement. Bill Gates is the co-founder of Microsoft. Bill Gates has a great academic performance in school, especially in mathematics. He use his intelligence in mathematics on his programming skills and with that, he was able to practice programming at an early age. As the years passed, Bill Gates and Paul Allen co-founded Microsoft in 1975. The company is servicing small software products since they do not have staff to assign some sales tasks. A year passed, the company was having financial problems which brings Microsoft down for the meantime. This is the time where Bill Gates has really shown his character trait, being an opportunity-seeker. After the financial crises, Gates had the courage not to give up and lose hope. Gates and Allen came up with an idea and launch MS-BASIC. This idea help them regain their profits back and if it wasn’t because of this, Microsoft wouldn’t have a deal with IBM. Gates accepting the deal of IBM is also the same as Gates grabbing the opportunity. Their deal with IBM is what leads them to improve and to be successful, which after that the Microsoft company was co-founded.

3. ELON MUSK

Risk-taker

Elon Musk is the richest man in the world and he is also a very creative person. Imagine making a fully functioning electric car, a rocket that can go back and forth without being detached. All of this is wouldn’t be possible without Elon’s idea. Elon Musk along with his brother made an internet company, while running the business they faced a financial crisis. Elon does not have a choice but to sell his internet company to Compaq. After selling his company he used the money to invest in his next venture and that’s the time where he co-founded X.com. Elon decided to merged his new company with another company that services Paypal. After merging he gained a lot of money. Elon Musk became a risk-taker after making a huge gamble. He is deciding whether he retire and enjoy life with his money or use his money to invest in making a new company with the uncertainty of it to be successful. Now Elon has used money and made two companies, Tesla and SpaceX. These two companies made Musk the richest man in the world.

4. JEFF BEZOS

Committed

Jeff Bezos is an American entrepreneur and e-commerce pioneer. He is the one who co-founded the online store Amazon.com. Jeff is an intelligent man, using his intelligence to create new ideas for the benefit of the whole world. Bezos started Amazon, in Seattle to click in the potential internet market. At first, he made a list of some products he want and sell them with the help of the internet. In the end, he chooses books because it has a variety of titles. Bezos also observe that internet store doesn’t have to pay taxes in states because it online won’t involve physical contact. After that he decided what to name on the internet store, he came up with MalketSo, Awake, Cadaver, and Amazon. He chose Amazon because it is the longest river and it has relevance to the largest bookstore. Jeff Bezos’s character trait is being committed. He is committed because he doesn’t lack interest in what he is doing. His interest is to always have his customer approach in mind, his priority is for his customers’ comfort, accessibility, and availability. Jeff Bezos is committed to his interest which makes him a good entrepreneur.

5. KENNETH COBONPUE

Goal-setter

Kenneth Cobonpue is from a Chinese family and he was born in Cebu Philippines. Growing up loving kinds of furniture and awesome architecture. It is because of his mother why he loves so much furniture affairs around the world. Interior Crafts of the Islands, Inc. was the name of his mother’s furniture design and manufacturing company. After his mother died, he faced many challenges because of the lack of advanced technology here in the Philippines. He lost most of his clients because of it but Kenneth did not lose hope. He continued his passion, making wood crafts with natural materials. As of now Kenneth is successful, because of the uniqueness of his crafts, he received a lot of achievements and his crafts are recognized around the world. Kenneth Cobonpue is a goal-setter because when he is having a hard time building his company, he took classes at different universities both local and national for him to gain enough knowledge about arts and marketing skills. That is how he achieved his dreams, by setting goals and objectives as a guide on building a better business.

Submitted by: Neil Ashley Cañada

Submitted to: Ms. Steffi Jane Tadlas

Sources:

https://www.forbes.com/sites/rainerzitelmann/2019/11/04/the-jack-ma-story-why-thinking-big-is-more-important-than-technical-knowledge/?sh=544d2f51419c

https://businessconnectindia.in/bill-gates-success-story/

https://thestrive.co/elon-musk-success-story/

https://www.vyapaarjagat.com/fortune-500/jeff-bezos/

https://queencitycebu.com/success-story-kenneth-cobonpue-rattans-first-virtuoso/

#CTEntrepreneurs

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12-itcp-1a-entrepreneurship · 3 years

Text

ENTREPRENEURSHIP PERFORMANCE TASK#1

12/ITCP/1A/Group2

Educational Blog

In this blog, you will know the basic theories in entrepreneurship. We choose 5 theories and explain the concept behind the theories through videos and accurate words of explanation. This blog is meant for students who wants to learn things in a comfortable environment. Enjoy the blog!

Innovation Theory

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According to the innovation theory of profit, the entrepreneur makes money if his innovation succeeds in either lowering the overall cost of manufacturing or raising the demand for his product. Joseph Schumpeter believed that a business person can win financial benefit by presenting fruitful advancement.

In other words, development hypothesis of benefits sets that the most work of a business person is to present innovation and the benefits within the frame of compensating is given for his performance. Agreeing to Schumpeter, development alludes to a modern approach that a business visionary embraces to diminish the generally taken toll of generation or increment the request for his item. In this way, advancement can be classified into two categories; The primary category incorporates all those exercises which decrease the generally fetched of generation such as the presentation of a modern strategy or method of generation, the presentation of modern apparatus, inventive strategies of organizing the industry.

Schumpeter’s Hypothesis of Development is in line with the other venture speculations of the trade cycle, which states that the alter in speculation went with by money related development are the major variables behind the trade changes, but be that as it may, Schumpeter’s Hypothesis sets that development in trade is the major reason for expanded speculations and commerce variances.

Alfred Marshall Theory

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Alfred Marshall is widely regarded as one of the most prominent economists of his generation. His book, Principles of the political economy brought the ideas of providing and demand, utility, and value of production into a coherent whole. male monarch Marshall focuses on his theory of providing and demand, at the side of his conception important property of demand, that examines but price changes have control over demand. Marshall's capital theory was created with 2 goals in mind: to integrate the idea of financial gain distribution into a comprehensive theory important and to bridge the gap between theory and business follow. The capital was viewed as a payment for the services of a particular item of production for the primary purpose, and as a generic supply of financial gain for the second. This created misunderstanding, as a result of the two ideas of capital, were at odds with one each other.

We have selected this video to support Marshall’s Theory. The video explains his achievements and creating the book Principle of Economics. It is also explained that Economists already explained the principle of determining the price of a mobile phone. Marshall didn't need arithmetic to overshadow economic science and thus create economic science immaterially. According to this video, economics evolved into a distinct area of social science. His work included a comprehensive explanation of supply-demand and marginal. Marshall introduces us to a novel method of analyzing economic phenomena. This method aids in determining the causality of economic occurrences. Early economics was known as political economics since it was studied as part of the political methods of governing nations. However, Marshall's work was titled Principles of Economics.

Economic situations change over time, and each generation approaches its challenges in its unique way. Economic studies are being pursued more intensively than ever before in England, as well as on the Continent and in America; but, all of this effort has only served to highlight the fact that economic science is, and must be, one of steady and continual growth. Some of the best work of the current generation appears to be antagonistic to that of earlier writers at first glance; however, after it has had time to settle down into its proper place and its rough edges have been worn away, it has been discovered to involve no real break in the development of the science. Economics has two forms the macroeconomics and microeconomic, microeconomic is where Marshall specializes. It’s focus is on individual people and business. According to Marshall entrepreneurs must be able to foresee changes in the future supply and demand patterns.

Risk and Uncertainty-bearing Theory

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Risk and Uncertainty are two primary things discussed in the theory of Frank Hyneman Knight, which is Risk and Uncertainty-bearing Theory. This states, entrepreneurs should be willing to bear uncertainty and risk in business to achieve a reward. The idea of the theory is more risks and uncertain decisions the entrepreneur is ready to take, the more profit he will attain. Risk-taking in business is pushing for a decision even though there might be possible negative or positive consequences. But uncertainty is when the outcome or repercussions of a decision is unknown.

The video attached supports the theory as it tackled risk and uncertainty, their types, and how to manage one. According to the video, the examples of this risk in business are in employees, health safety, and cyber security. Entrepreneurs cannot reassure that the employees they have will not resign or move out to another company. Accidents are not avoidable and may happen at any time of the day. Also, it may be possible that data can be hack from the company’s website. One of the uncertainties is in the economy, cultural changes, and competitors. The economy is ungovernable as interest rates can change as well as the exchange rates and the cultural changes that might affect the trends as well as rising business that can be a cause of possible competitor of your company. Entrepreneurs should manage to move forward and take new risks to obtain success.

As what the theory says, entrepreneurs are the one who connects the producer and consumer. Entrepreneurs are ready to take risks despite fallbacks in the hopes of achieving success. They should be critical in making their decisions and foresee the circumstances that may happen in the future.

Kaldor’s Technological Theory

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Technological advancement is a natural aspect of the economic cycle. Technology also allows for more efficient manufacturing and service delivery. Technological advancement has a cost, as it eliminates some professions while creating others. Human productivity has also risen as a result of classical economic theory. More technological advancements imply more efficient production of goods and services, as well as higher economic growth.

It is also possible to transfer technology to different countries around the world. Technological advancements create new job opportunities. Workers must be re-educated and re-trained. Education should place a greater emphasis on creative thinking. There are also some drawbacks to technological advancement. One of these is that the competition has more specialized innovators. Unless current innovators seek to become more specialized, they will need more time to research.

Thus, according to Kaldor's Technological Theory, contemporary technology is a necessary component of production. Economic development would be hampered in the absence of modern technology, and growth may be expected from it. At the very least, an entrepreneur must keep up with new technology and discover methods to incorporate it into their business. In addition, the efficient application of contemporary technology will increase the efficiency of goods and service production.

Kirzner’s Learning-Alertness Theory

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A British-born American economist, Israel Meir Kirzner. The entrepreneur is aware of pricing discrepancies that others have not noticed or observed, and he gains from this awareness and being alert. Kirzner's primary research interests are on the economics of knowledge and entrepreneurship, as well as market ethics. Kirzner's theory says that voluntary learning and competence are the two major attributes of entrepreneurs. An entrepreneur must be diligent in detecting entrepreneurial potential as well as consumer ignorance and must act quickly to correct incorrect notions.

The video supports the theory by Peter Boettke, a university professor of Economics and Philosophy that Kirzner's book called the Competition and Entrepreneurship denounces neoclassical theory for its preoccupation with the model of exact competition, which excludes the important role of the entrepreneur in economic life. His work integrating entrepreneurial action into neoclassical economics has been adopted more widely than practically any other late-twentieth-century Austrian concept. The part of the book was explaining how individuals compete on a variety of margins rather than just on one dimension and if you just slightly look at the world through, this entrepreneurial market process perspective will change the way we think about antitrust and monopoly. This book sort of goes through various activities to first show the stability of a market economy to adjustment path towards an equilibrium that's the role of the entrepreneur plays in buying low and selling high. Kirzner is explaining the unfolding of the economic process through time.

The main contribution of competition entrepreneurship is this examination of the price adjustment process and the minimal conditions that need to be met to have a theory of dynamic price adjustment which will lead to the market-clearing and how a market economy operates, in that way individuals realize the gains from trade and the gains from innovation but Kirzner also goes further to explain how business practices result in competition a variety of margins.

Submitted by: 12/ITCP/1A/GROUP2

GROUP 2 Leader: Neil Ashley Cañada Members: Allyeah Sayaboc Kieth Chua Gabriella Secretaria Ghem Cardente Jason Castroverde Joshua Agpalza Damien Caumeran

#entreptheories

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