What are advantages of being an entrepreneur?

1. Entrepreneurs are their own bosses. They make the decisions. They choose whom to do business with and
what work they will do. They decide what hours to work, as well as what to pay and to take vacations.

2. Entrepreneurship offers a greater possibility of achieving significant financial rewards than working for
someone else.

3. It offers the prestige of being the person in charge

4. It provides the ability to be involved in the total operation of the business, from concept to design and
creation, from sales to business operations and customer response

5. It gives the opportunity to build equity, which can be kept, sold or passed to the next generation

6. It creates an opportunity for a person to make a contribution, especially to the economy.

DESCRIBE THE DECISION-PROCESS THAT A WOULD-BE ENTREPRENEUR HAS TO UNDERGO BEFORE STARTING A
BUSINESS.

1. Does the individual truly want to be responsible for a business?

2. What product or service should be the basis of the business?

3. What is the market and where should it be located?

4. Is the potential for business enough to provide a living wage for its employees and the owner ?

5. How can the person/would-be entrepreneur raise the needed capital to get started in running the business?

6. Should the individual work part-time or full-time to start a new business?

7. Should the person start alone or with a partner/s?

SMALL BUSINESS MAY BE DEFINED BY USING ANY OF THE TWO APPROACHES:

Market Share Approach

- independently owned and operated and which is not dominant in its field of operation, with non-
dominant indicating that it does not control a sizable share of its market.
- When the total sales of a business firm is less than one percent of the total demand for its products

Total Assets Approach

- One having total assets that fall within a certain bracket

- Magna Carta for Small Enterprises (RA 6977) indicates that the business must have total assets valued
at above 1.5 to 15 million pesos to be considered small business