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Simplified Theories and Practices in ENTREPRENEURSHIP
Generally speaking, individuals who introduced theories of economic growth have been limited in their efforts to study this phenomenon by their particular training, education and experience as well as by the amount of information, observable data and proof available to them at the time their studies were made. Despite these limitations, however, their theories are no less valuable in our efforts to understand economic growth. These schools of thought are presented here, regardless of whether or not they have been confirmed by experience or by other observable data.
Theories of economic growth may be classified into three general groups. One group consists of theories view economic growth as a natural and inevitable process. The second group of theories explains economic development as a rational process brought about when men respond to opportunities in the environment so as to promote their own self-interest or material welfare. The last group of theories views economic development as a result of economical irrationalism. For our purposes, we shall label these groupings as general, economic and socio-psychological theories. However, they are psychologically and sociologically satisfying activities of enterprising men.
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|wordcount || ||14384 (cca 41 pages)
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|price || ||free
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Table of contents
PART I-- ENTREPRENEURSHIP DEVELOPMENT
How does an Economy Grow? 2
Entrepreneurship and Economic Growth 5
The Role of Government in Entrepreneurship Development 6
“GENOVEVA GOZUM: GARMENT MANUFACTURER/DESIGNER” 6
PART II--THE ENTREPRENEURIAL PERSONALITY
The Role of an Entrepreneur 10
Entrepreneurial Qualities 11
Wellsprings of Entrepreneurship are Entrepreneurs Born or Made? 13
Appraising Yourself for an Entrepreneurial Career 15
Developing Yourself for Entrepreneurship 16
CASE STUDY:“PRIMITIVO de los REYES: WOODCRAFT ENTREPRENEUR EXPORTER” 16
PART III--STARTING AND MANAGING YOUR ENTERPRISE
Identifying Opportunities and Selecting an Entrepreneurial Undertaking 22
Planning the Enterprise 23
Marketing Goods and Services 24
Factors Affecting the Choice of Channel of Distribution 26
Producing Goods and Services 27
PART IV--MANAGING THE FINANCIAL ASPECTS OF THE ENTERPRISE
Role of Finance in an Enterprise 33
Rules of Sound Financing 33
GREGORIO VERGARA: CAPIZ LAMP MANUFACTURER 35
PART V--ANALYSIS OF THE FINANCIAL STATEMENTS
Cash Management 39
LIWAYWAY BALOON: THE EMBROIDERED GARMENTS MANUFACTURER 39
Preview of the essay: Simplified Theories and Practices in ENTREPRENEURSHIP
a. General explanations of economic development
Some writers explain economic growth as an inevitable process brought about by interacting forces in nature. Such forces have been described in various terms, such as the “Law of Nature” “Invisible Hand,” Cultural Diffusion, Racial Heritage of People, Climatic Conditions, and Challenge of the Environment.
b. Economic development proceeds according to a master plan or “Law of Nature”
In 1932, Spengler explained economic development three likening a culture or society to a living organism that grows, lives and dies. He emphatically added that economic development is a natural thing that happens to an existing culture; it is a part of life and is something to be expected.
Henry Spencer thought in much the same way. He viewed society as an orgasm constantly in the process of evolution. As it evolved, it increased in complexity since new institutions became increasingly specialized. The result is economic development.
c. Economic development is brought about by an “Invisible Hand”
In the 18th century, Adam Smith advanced the principle of an “Invisible Hand” as underlying economic development. According to Smith, while individuals seek to work for their own personal goals ...
... sewing machines, two employees plus herself managing Liwayway’s Garments, the small shop produced embroidered ladies wear which particularly appealed to tourists. The products were either made of jusi, chifonelle or katsa. For her first customer, Aling Liwayway tapped the newly-constructed Farmers Market in Cubao, Q.C. She easily found one store owner who bought all her products as soon as she saw them and who paid her in cash that very same day. Such was to be the pattern of her early marketing experiences at Liwayway’s Garments and from Cubao, Aling Liwayway soon tapped tourist shops in Malate, Laguna and Batangas. As she proudly puts it today, she has learned a lot in those early years. Her working experiences from her aunt’s shop and at Riverside served her in running and managing her own enterprise.
Today, her garments factory has 25 employees and 15 industrial sewing machines. It is a testimonial to Aling Liwayway’s successful entry into the entrepreneurial world. She now smiles as she looks back to her early poverty and difficulties. She is grateful that her own children need not struggle as hard as she did. Indeed, Aling Liwayway’s family is enjoying the fruits of her labor and entrepreneurial drive.
Indeed, from a young hardworking girl who sold almost anything from fried corn to balut and cigarettes. Aling Liwayway has come a long way as the owner-manager of a flourished garments business.
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