Home Economics 10

Home Economics 10
Second Quarter - Entrepreneurship

Name: ___________________________________________________ Grade & Sec: _____ Date: ______________ 2018-2019
LESSON 1: HUMAN DEVELOPMENT AND ENTREPRENEURSHIP

I. The Difference between Developed and Developing Countries
Countries are divided into two major categories by the United Nations, which are developed
countries and developing countries. The classification of countries is based on the economic status
such as GDP (Gross Domestic Product), GNP (Gross National Product), per capita income,
industrialization, and the standard of living. The primary factor used to distinguish developed
countries from developing countries is gross domestic product (GDP) per capita, a figure calculated
by dividing a country's GDP by its population.
Key Differences between Developed and Developing Countries
The following are the major differences between developed countries and developing countries
1. The countries which are independent and prosperous are known as Developed Countries. The
countries which are facing the beginning of industrialization are called Developing Countries.
2. Developed countries have a high per capita income and GDP as compared to developing
countries.
3. In Developed countries the literacy rate is high, but in developing countries illiteracy rate is high.
4. Developed countries have good infrastructure and a better environment in terms of health and
safety, which are absent in developing countries.
5. Developed countries generate revenue from the industrial sector. Conversely, developing
Countries generate revenue from the service sector.
6. In developed countries, the standard of living of people is high, which is moderate in developing
countries.
7. Resources are effectively and efficiently utilized in developed countries.
Developed Countries
This refers to the sovereign state, whose economy has highly progressed, possesses great
technological infrastructure and is industrialized, as compared to other nations. These countries are
also known as advanced countries or the first world countries, as they are self-sufficient nations.
They focus on the industrial sector. It can be called as the secondary sector, and this sector of the
economy is one that make finished products which can then be utilized. Some examples are the
manufacturing industry and construction.
Some indicators are:
1. High GDP 5. Excellent medical, transportation,
2. High child welfare communication and educational
3. Better Health Care facilities
4. Better Housing and Living Conditions
Some examples of Developed Countries are:

 Australia  Italy
 Canada  South Korea
 France  United States
 Germany
Developing Countries
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These are the countries with low industrialization and low human development index. They are
going through the initial levels of industrial development along with low per capita income. In other
words, these are the third world countries or lower developed countries. Developing Countries
depend upon the Developed Countries, to support them in establishing industries across the
country. They focus on the service sector. This is also known as tertiary sector, and instead of the
product production, this sector produces services like advice, experience and discussion. Examples
of service sector jobs include housekeeping, tours, nursing and teaching.
Some indicators are:
 High Illiteracy Rate
 Low Gross Domestic Product
 Unequal Distribution of income
 Unsustainable government debt
 High levels of unemployment and poverty
 Poor educational, transportation, communication and medical facilities
 Low Human Development Index (the country does not enjoy healthy and safe environment
to live)
Some examples of Developing Countries are:
 Colombia
 India
 Kenya
 Pakistan
 Sri Lanka
 Thailand
 Turkey
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II. The Meaning Development and its Core Values

Development
 It is the process of improving or maintaining good conditions. It is applicable in business,

economy, culture, political and other aspects.
 Economically speaking, development is about sustaining the growth in Gross National
Product (GNP) of National Economy. GNP is almost the same as the income of one country
annually.
 The rate of increase in GNP is 5%-7% and more.
 According to Michael Paul Todaro, a development economist, development is not solely
improving the economic aspect of the country but also, it is a multi-dimensional phenomenon.
 It also includes the improvement of the quality of lives of human in several aspects.
Core Values of Development

1. Life Sustenance - it is the capacity of the economy to provide the basic needs of an individual
such as food, water, shelter and clothes to support life.
2. Self Esteem - It encompasses self-worth and belief to oneself. This is the sense of self-respect
and a self-concept on how someone see his/her worth.
3. Freedom from Servitude - It is state of being free in making decisions. It is also a condition
in which there is no one is controlling someone in making choices and decisions. It is the
freedom from slavery or someone who is powerful and dominant enough.
III. Entrepreneurship and Human Development
According to UNDP Kosovo’s animation video about human development, “human development is
a concept of development that has to do with the creation and improving of living conditions where
people can develop their full potential, can have a long and healthy life, can have access to an
appropriate education system, can develop their full potential to the fullest and be productive in
order to have the opportunity to live according to their needs and interests.” While entrepreneurship,
it is the "...capacity and willingness to develop, organize, and manage a business venture along with
any of its risks in order to make a profit" according to Audiopedia’s video about entrepreneurship.
Connecting these two, human development can be achieved through entrepreneurship. Why? If
people don’t start businesses, they won’t earn money, there won’t be a development because
everything is stagnant. Taking the risk can make you attain development and it also can bring you
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down, but if you let yourself go down, you’re not an entrepreneur because you don’t have the
willingness to make yourself survive in the market.
Human development is defined as the process of enlarging people’s freedoms and opportunities
and improving their well-being. Human development is about the real freedom ordinary people have
to decide who to be, what to do, and how to live.
The human development concept was developed by economist Mahbub ul Haq. At the World Bank
in the 1970s, and later as minister of finance in his own country, Pakistan, Dr. Haq argued that
existing measures of human progress failed to account for the true purpose of development—to
improve people’s lives. In particular, he believed that the commonly used measure of Gross
Domestic Product failed to adequately measure well-being. Working with Nobel Laureate Amartya
Sen and other gifted economists, in 1990 Dr. Haq published the first Human Development Report,
which was commissioned by the United Nations Development Programme.
REFERENCES :
https://keydifferences.com/difference-between-developed-countries-and-developing-countries.html
https://www.investopedia.com/updates/top-developing-countries/
https://www.investopedia.com/terms/g/gdp.asp
http://www.economywatch.com/world-industries/industrial-sector
LESSON 2: PHILIPPINES CULTURE, ENTREPRENEURSHIP, AND DEVELOPMENT
I. HOW COUNTRIES GROW AND BECOME RICH
Adam Smith who is known to be the Father of Economics formulated theories regarding the
Economic Development of a country in his book entitled “Wealth of Nations”
The following are his theories that helped in building an economy:
1. Invisible Hand
“The best outcomes are created by people looking out for themselves” stated by Adam Smith
in this theory. This theory states that giving no limitations to entrepreneur would contribute in
the economy of a country. Producing and promoting entrepreneur in relation to their interest
would have best outcomes for the marketing sector and consumer would benefit.
2. Laissez Faire
This theory articulates that the government must not intervene in the market by not imposing
restrictions. In relation to the Invisible Hand, Adam Smith’s theories promotes free trading in
a state for he believes by the said theories, the economy of a certain state would prosper.
3. Division of Labor
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This theory states that in very production there must be a division of labor occurring for the
rate of economic growth is determined by the size of the productivity of labor. When this
happens, every worker would work mindfully as the efficiency given. Adam Smith also gave
three benefits of the Division of Labor:
a. Increase of dexterity of workers.
b. Saving time required to produce commodity.
c. Invention of better machines and equipment.
REFERENCES
https://www.investopedia.com/updates/adam-smith-wealth-of-nations/#ixzz5PMFWoWwa
https://www.youtube.com/watch?v=1u771-5fVCc
II. THE ROLES OF THE ENTREPRENEUR
 Entrepreneurs play the vital and center role in the economic industry. They do not just help
in businesses but they are also the drivers to economic growth and innovation. They are
the stimulators of ideas and knowledge that helps in the economic development. They are
the founders of various resources, both tangible and intangible.
 Entrepreneurs are creative creators, they are the ones who gather ideas and discoveries.
They invent new products, new services and new techniques of production that satisfies or
fills up the wants and needs of the community.
 Entrepreneurs are the one who starts new businesses. They invest their own resources and
attract capital from investors, lenders and the public community. They are capable of
bringing together money, raw materials, manufacturing facilities, skilled labor and land or
buildings required to produce a product or service. They are also capable of arranging the
marketing, sales and distribution of that product or service.
 Entrepreneurs creates employment opportunities. They provide opportunities for suppliers

of inputs, suppliers of industrial equipment and more. By starting up new products and
services, entrepreneurs create jobs that gather unemployed people from different sections
of the society causing lower unemployment rate and balance regional development.
 Entrepreneurs export promotion. As their business rise, the products and services expands
to foreign markets. It provides access to bigger markets, and leads to currency inflows and
access to the latest cutting-edge technologies and processes being used in more
developed foreign markets.
 Entrepreneurs import substitution. Enhancements on the efficiency and quality of products

and services in the community encourages promotion and development to the local
industry.
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 The different roles of an entrepreneur altogether increases the GDP and per capital income
and upgrade the standard of living of the community. They activate and stimulate the
economic activities. They provide greater output and continuously development in the
economy. They help the community to be successful and progressive. Entrepreneurs are
the root of economic development.
REFERENCES:
https://www.youtube.com/watch?v=MpT7fgtfvo8
https://evoma.com/business-centre/7-roles-of-entrepreneurship-in-economic-development-of-a-country/
https://www.investopedia.com/terms/e/entrepreneur.asp
https://www.entrepreneur.com/article/78478
III. HOW ENTREPRENEURS MAKE A COUNTRY RICH AND SELF-RELIANT
Entrepreneurs are a national treasure, and should be protected, nourished, encouraged and
rewarded as much as possible. They create all wealth, all jobs, all opportunities, and all
prosperity in the nation. They're the most important people in a market economy--and there
are never enough of them.
1. Investing in products and services people need.

What motivates a person to start a new business? According to traditional models,
entrepreneurs create new businesses in response to unmet needs and demands in the market.
That is, there is an opportunity to provide a product or service that is not currently in existence,
or otherwise available.
2. Providing employment opportunities.

New businesses need to hire employees. They create jobs and these economic opportunities
uplift and support communities through increasing the quality of life and overall standard of
living.
3. Commerce and regional economic integration.

Technology has made it possible for small, entrepreneur-led businesses to expand into
regional and global markets. When new businesses export goods and services to nearby
regions, these enterprises contribute directly to a region’s productivity and earnings. This
increase in revenue strengthens an economy and promotes the overall welfare of a population.
Economies that trade with one another are almost always better off.
4. New technologies promote efficiency.

The ability to turn ideas into new products and services that people need is the fount of
prosperity for any developed country. Economic growth, generally speaking, is driven by new
technologies and their creative applications.
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5. Addressing environmental challenges.

Innovation is crucial when it comes to addressing the enormous environmental challenges we
face today: combating climate change, lowering global greenhouse gas emissions, and
preserving biodiversity in the environment. Without power for extended periods of time,
commerce comes to a halt. Without water, we cannot live. Reliable access to these
innovations (such as irrigation technology, electricity, and urban infrastructure) increases
productivity and enhances economic development.
6. Innovation impacts socio-economic objectives.

Innovative business practices create efficiency and conserve resources. Innovation in
agriculture is especially relevant for addressing socioeconomic challenges (in addition to
encouraging economic growth).
7. Innovation happens where there is competition.

New and growing businesses represent the principal sources of job creation and innovative
activity in an economy, two factors that generally result in the rising standards of living for all.
REFERENCES:
https://www.investopedia.com/articles/personal-finance/101414/why-entrepreneurs-are-important-economy.asp
IV. WHAT AN ENTREPRENEUR DOES
1. A business entrepreneur is someone who has an idea or product for the business world. It
is usually a new or different idea, something that has not been seen before, or something
that provides a new twist or improvement for an existing sector.
2. A social entrepreneur is someone who has innovative ideas for social change, or new
solutions to social problems, and dedicates their time to bringing these ideas to fruition.
This might include issues of inequality or poverty; an example would be to create a new
charity to address these issues.
3. A serial entrepreneur refers to someone who has a lot of ideas and constantly starts up
new companies or enterprises to implement these ideas. Generally, a serial entrepreneur
will have had good success or successes with previous ventures, allowing him/her to start
up new ventures.
4. A lifestyle entrepreneur refers to someone who starts up their idea or venture based on a
sport, hobby or pastime they are passionate about. For this type of venture, usually large
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start-up costs are required. Often people who have been successful in the business world
and have some of their own money to invest might make this transition.
Five general steps that most, if not all, successful entrepreneurs have followed:
1. Ensure Financial Stability

This first step is not a strict requirement, but is definitely recommended. While
entrepreneurs have built successful businesses while being less than financially flush,
starting out with an adequate cash supply and ensuring ongoing funding and can only help
an aspiring entrepreneur, increasing his or her personal runway and give him more time to
work on building a successful business, rather than worrying about making quick money.
2. Build a Diverse Skill Set

Once a person has strong finances, it is important to build a diverse set of skills and then
apply those skills in the real world. The beauty of step two is it can be done concurrently
with step one.
3. Consume Content across Multiple Channels

An aspiring entrepreneur should always familiarize himself with the world around him so
he can look at industries with a fresh perspective, giving him the ability to build a business
around a specific sector.
4. Identify a Problem to Solve

Through the consumption of content across multiple channels, an aspiring entrepreneur is
able to identify various problems to solve. One business adage dictates that a company's
product or service needs to solve a specific pain point – either for another business or for
a consumer group. Through the identification of a problem, an aspiring entrepreneur is
able to build a business around solving that problem.
5. Solve That Problem

Successful startups solve a specific pain point for other companies or for the public. This
is known as "adding value within the problem." Only through adding value to a specific
problem or pain point does an entrepreneur become successful.
REFERENCES:
https://www.sokanu.com/careers/entrepreneur/
https://www.investopedia.com/terms/e/entrepreneur.asp#ixzz5PTw0yk8r
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V. THE REWARDS AND RISKS OF BEING AN ENTREPRENEUR
WHAT IS AN ENTREPRENEUR?
According to Juan Jose de la Torre, an entrepreneur is an initiator, a challenger, and a driver.
They are the ones who create something new. It can be an initiative, a business, or a company.
They might not be the one who came up with the idea, but they are definitely the ones who
decide to make the idea a reality.
REWARDS OF BEING AN ENTREPRENEUR

The biggest motivation of a lot of people is the chance to be rich. In behalf of this goal, there
are still some rewards and/or benefits of being an entrepreneur, such as:
 You are your own boss. As an entrepreneur, you call the shots. You make your own
decisions and you are the one liable for these. If you choose the right decision, your
business gains; but if you made the wrong decision, your business loses.
 Control. As your own boss, you get to choose whatever strategy and decision you think that
will help develop your business. It can also improve your creativity in thinking of ideas, and
showcase your strengths and skills in business management.
 Excitement. Entrepreneurship is mostly the choice of the person. A lot of people in this
strand see it as exciting and enjoyable, making their job less hassle.
 Express Creativity. Any kind of business starts with the idea that the entrepreneur has in
his/her mind. The “root” of this idea will eventually grow until the supporting details
multiply little by little. Expressing creativity in your business can show uniqueness and
interest for the buyers.
 Freedom. You have the freedom to work whenever you want, wherever you want, and
however you want. A lot of entrepreneurs don’t consider their work as job because they are
doing something they really love.
RISKS OF BEING AN ENTREPRENEUR

 Failure. In business, failure cannot be avoided. It can happen a lot of times especially when
your business is just starting to grow. It can also possibly happen if you choose the right
decision for your business or company.
 Loneliness. It is sad to think that there will be a time where you will be the only one
celebrating your achievement and taking responsibility for your failures.
 Unwanted Responsibilities. As an entrepreneur, you are responsible for social liability. You
are responsible for the people you employ, the customers you serve, and the society you
work with.
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 Work Schedule. The hours of work of an entrepreneur can be unpredictable. One of the
biggest disadvantages in entering this business is that you will have longer hours to fulfill
your work unlike a regular employee.
 Competition. Especially if you are just starting your business, there is a tendency that you
will have competition with other entrepreneurs. You will need to differentiate your business
from others in order to attract customers and be profitable.
REFERENCES:
http://www.richdadph.com/2015/03/rewards-and-risks-of-being-entrepreneur.html
http://www.gaebler.com/Risks-and-Rewards-for-Entrepreneurs.htm
https://www.linkedin.com/pulse/entrepreneurship-risks-rewards-starting-your-own-business-pennam
VI. CULTURAL FACTORS THAT CONTRIBUTE TO THE EMERGENCE OF ENTREPRENEURS

Entrepreneurship is influenced by four distinct factors: economic development, culture,
technological development and education.
1. Economic Factors
a. Capital
 Capital is one of the most important factors of production for the establishment of
an enterprise. Increase in capital investment in viable projects results in increase in
profits which help in accelerating the process of capital formation.
 Capital is therefore, regarded as lubricant to the process of production.
b. Labor
 The quality rather than quantity of labor influences the emergence and growth of
entrepreneurship.
 The quality rather quantity of labor is another factor which influences the
emergence of entrepreneurship. The considerations of economic and emotional
security inhibit labor mobility.
c. Raw Materials
 It is one of the basic ingredients required for production. Shortage of raw material
can adversely affect entrepreneurial environment. Without adequate supply of raw
materials no industry can function properly and emergence of entrepreneurship to
is adversely affected.
 In fact, the supply of raw materials is not influenced by themselves but becomes
influential depending upon other opportunity conditions. The more favorable these
conditions are, the more likely is the raw material to have its influence of
entrepreneurial emergence.
d. Market
 The role and importance of market and marketing is very important for the growth
of entrepreneurship.
 The fact remains that the potential of the market constitutes the major determinant
of probable rewards from entrepreneurial function.
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 The size and composition of market both influence entrepreneurship in their own
ways.
e. Infrastructure
 Expansion of entrepreneurship presupposes properly developed communication
and transportation facilities.
 Apart from the above factors, institutions like trade/ business associations,
business schools, libraries, etc. also make valuable contribution towards promoting
and sustaining entrepreneurship’ in the economy.
2. Social Factors
a. Caste Factor
There are certain cultural practices and values in every society which influence the
actions of individuals. These practices and value have evolved over hundreds of years.
It has also defined limits to the social mobility of individuals. By social mobility we
mean the freedom to move from one caste to another. Dominance of certain ethnical
groups in entrepreneurship is a global phenomenon.
b. Family background
This factor includes size of family, type of family and economic status of family.
Background of a family in manufacturing provided a source of industrial
entrepreneurship. Occupational and social status of the family influenced mobility.
There are certain circumstances where very few people would have to be venturesome.
c. Education
In any society, the system of education has a significant role to play in inculcating
entrepreneurial values. The caste system and the resultant occupational structure were
reinforced by such education. It promoted the idea that business is not a respectable
occupation.
d. Attitude of the Society
A related aspect to these is the attitude of the society towards entrepreneurship.
Certain societies encourage innovations and novelties, and thus approve
entrepreneurs’ actions and rewards like profits. Certain others do not tolerate changes
and in such circumstances, entrepreneurship cannot take root and grow. Similarly,
some societies have an inherent dislike for any money-making activity.
e. Cultural Value
Motives impel men to action. Entrepreneurial growth requires proper motives like profit-
making, acquisition of prestige and attainment of social status. Ambitious. The
strength of these motives depends upon the culture of the society. If the culture is
economically or monetarily oriented, entrepreneurship would be applauded and
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praised; wealth accumulation as a way of life would be appreciated. In the less

developed countries, people are not economically motivated.
3. Psychological Factors
a. Need Achievement
According to McClelland ‘need achievement’ is social motive to excel that tends to
characterize successful entrepreneurs, especially when reinforced by cultural factors.
The theory states that people with high need-achievement are distinctive in several
ways. They like to take risks and these risks stimulate them to greater effort. He
concluded that the ‘need achievement’ is conditioned more by social and cultural
reinforcement rather than by parental influence and such related factors.
b. Withdrawal of Status Respect
Everett Hagen says, at some point many social groups experience a radical loss of
status. Hagen attributed the withdrawal of status respect of a group to the genesis of
entrepreneurship.
Hagen believes that the initial condition leading to eventual entrepreneurial behavior
is the loss of status by a group. He postulates that four types of events can produce
status withdrawal:
 The group may be displaced by force;
 It may have its valued symbols denigrated;
 It may drift into a situation of status inconsistency; and
 It may not be accepted the expected status on migration in a new society.
He further postulates that withdrawal of status respect would give rise to four possible
reactions and create four difference personality types:
 Retreatist: He who continues to work in a society but remains different to his work
and position;
 Ritualist: He who adopts a kind of defensive behavior and acts in the way accepted
and approved in his society but no hopes of improving his position;
 Reformist: He is a person who foments a rebellion and attempts to establish a new
society; and
 Innovator: He is a creative individual and is likely to be an entrepreneur.
c. Motives
Other psychological theories of entrepreneurship stress the motives or goals of the
entrepreneur. Cole is of the opinion that besides wealth, entrepreneurs seek power,
prestige, security and service to society. Stepanek points particularly to non-monetary
aspects such as independence, persons’ self-esteem, power and regard of the society.
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On the same subject, Evans distinguishes motive by three kinds of entrepreneurs:

 Managing entrepreneurs whose chief motive is security.
 Innovating entrepreneurs, who are interested only in excitement.
 Controlling entrepreneurs, who above all other motives- want power and authority.
4. Political Factors
An entrepreneur, however creative he/she may be, cannot function without the supportive
actions of the Government. It is for the government/society to ensure the availability of
required resources for the entrepreneurs and also the accessibility to them. This is because
the successful entrepreneur contributes to the well-being of the society. Policies relating to
various-economic aspects like prices, availability of capital, labor and other inputs, demand
structure, taxation, income distribution, etc. affect growth of entrepreneurship to a large
extent.
Development of infrastructure changes in government policies in favor of business and
industry and of course, rise in demand for products manufactured are some of the other
factors that have led the Indian entrepreneurs to look for new business opportunities.
REFERENCES:
http://www.simplynotes.in/e-notes/mbabba/entrepreneurship-development/factors-impacting-emergence-of-entrepreneurship/
https://www.quora.com/What-are-cultural-factors-that-inhibit-entrepreneurship
https://www.google.com.ph/amp/s/relivingmbadays.wordpress.com/2012/12/26/factors-affecting-entrepreneurship
development/amp/?espv=1
VII. PHILIPPINE CULTURAL VALUES AND ENTREPRENEURSHIP

1. BAYANIHAN
Community spirit, cooperation and unity. Commonly depicted in art as a group of men
carrying a native house. You can witness the same spirit when disaster hits the country. It
is one culture we can be proud of.
2. CLOSE FAMILY TIES
Typical Filipino families will know their cousins, 2nd, 3rd and farther level of consanguinity.
Family reunions is always a blast. Imagine, in your town fiesta’s amateur singing contest.
You will surely win in the “Audience Impact” category if all of your family and cousins are
all in town.
3. HOSPITALITY
Filipinos are well known to go the extra mile in taking care of guests and visitors. We make
sure that the guest are comfortable and have a great time in our homes.
4. RESPECTFUL
Filipinos have gestures like "pagmamano" and saying "po at opo". Pagmamano is a
gesture used to show respect or receive blessing to the elderly or any seniors. It is done by
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asking an elderly, that you have met, for their hand and press the back of their hand to
your forehead gently uttering the phrase “mano po”. Po and Opo Is also a gesture of respect
for seniors. When addressing an elderly or anyone older than you, “po” is always affixed
after a sentence. “Opo” is the polite term to say “yes” or you are agreeing to an elderly.
5. Filipino time - Being “fashionably late”. The origins of this trait was said to be from colonial
times when you want to feel important. Spanish officials are said to come in late to an
event causing delays and it will not start until the official arrives. A bad habit picked up by
our ancestors and passed down to us today.
REFERENCE:
https://www.quora.com/What-are-the-Filipino-cultural-values
VIII. FILIPINO VALUES FAVORABLE TO ENTREPRENEURSHIP

To be an entrepreneur you must have values that will help you onto your success and your
business. These values can be found in us Filipinos. We, Filipinos, have these values embodied
into us because of our culture, tradition and it is what we are taught to. The values that are
favorable are:
1. Aspiration – In order to succeed you must have a strong desire to break out of your own
box or stand up on your chair and start working on your business. This desire will be your
primary source of strength that will help you, an entrepreneur, be motivated to start
building your own business. This personal desire will drive you into reaching your cravings
of success.
2. Having a Positive Mental Attitude – In order words, be optimistic. Always be positive onto
yourself and your business. Don’t let anything bring you down that will restrain you from
reaching your success. Entrepreneurs see obstacles, failures and regrets as opportunities
and something to look on to so that it won’t happen again. Always look forward and always
look at the bright side. Entrepreneurs does not restrict their mind on negative things such
as disappointment and failures. Their minds should have freedom to expand, to develop
and to be creative on to building their business.
3. Being Committed – Commitment is key in building your business. From starting at the
bottom and making your way to the top you must have commitment to build the business
in order to reach success. Entrepreneurs should be committed onto their business and
employees. With that it will produce effort that leads you one step closer on reaching your
success
4. Being Patient – Patience is a virtue for an entrepreneur. Success doesn’t come easily. You
can’t grab success out of your pocket. Entrepreneurs who are patient and dedicated on
working every single day will get the success or the prize they’ve been working for. Their
hard work and patience will pay off in the form of success and positive results
5. Being Persistent – In entrepreneurship or in your business, not all results are positive and
not all outcomes are great. When the time comes where you fail, the obstacles blocks you,
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or the hurdles prevent you from moving one step to success you must be persistent.
Continue on with your business, hard work and plans even after every failure or
disappointment. Concentrate on reaching or getting closer to success. With that, the
desired outcome, results, success will be reached with patience, perseverance and
commitment
6. Taking Risks – Risks can go two ways, lead you closer to success or farther from it. Risks
comes not often, with these risks you can get a huge leap closer to your success or make
you move farther from it. Entrepreneurs should learn on taking risks. If it makes them
farther from reaching their success then perseverance, patience, and commitment will
help them regain what was lost.
REFERENCES:
http://www.answers.com/Q/What_are_Filipino_values_favorable_to_entrepreneurship
https://prezi.com/gol79q4vkvve/filipino-values-favorable-to-entrepreneurship/
https://prezi.com/fu_rosxvis0f/filipino-values-favorable-to-entrepreneurship/
IX. FILIPINO VALUES THAT DETER ENTREPRENEURSHIP

1. Crab Mentality
There are some of us Filipinos who got a bitter view at competition—that if we cannot win,
then no one will. Instead of helping each other to be successful, we even make ways to pull
them down like discourage them from taking great opportunities, or destroying their image.
This is because we want to be the only one at the top. If only we would see the achievements
of our neighbors or colleagues as an inspiration to reach our own goals instead of considering
them as threats.
2. Procrastination or “Mañana Habit “

This is another habit which keeps the development of our country slow. Instead of working
on a task while there is much time, we wait for the deadline because we feel lazy to start on
them, or we want to use the time in other things. Of course, the outcome of our completed
work would not be of high quality because they were rushed.
3. ”Bahala na” or “come what may” habit
This is another habit that destroys the image of Filipinos. Instead of doing something to
make things happen, we tend to just leave the outcome to whatever that could happen—
come what may—we say. However, as the Christian saying goes, “faith without work is dead”.
If we have some goals, then we need to work in order to achieve them.
4. Hypocrisy (being a double-faced person)
As a country which claims to value morality, most of us try to live up to the standards set by
the traditional society. The fear of being an outcast has forced a lot of people to live a double
standard life. To hide our failure in following a norm, we tend to be condemning to those who
are caught red handed.
5. Ningas cogon
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Home Economics 10
In Spanish, “ningas cogon” means a burning cogon grass. This flaming grass quickly burns
out—and this best describes one of the worst Filipino traits. Most of us are very good at this.
We are excellent at starting projects or idea execution. Nevertheless, after a few hours or
days, we lose the excitement, and we become too lazy to finish what we have started.
6. Filipino time (tardiness)
Instead of being something to be proud of, ‘Filipino time’ brings a negative impression to our
people. The Filipino time is usually associated with tardiness. This has not only caused
conflicts in relationships, it also discourages others including foreigners from getting
involved in supposedly productive activities as too much time can be wasted on waiting.
7. Gossiping
Filipinos are fond of talking about others’ business. It is not true that only women are into
gossiping. Even men can also be nosy on other people’s lives. Sadly, this does not bring any
good to the subjects. Secrets are brought out; failures and flaws are emphasized; and
relationships are destroyed. Worse, as gossips are passed around, they tend to be twisted
until the final story becomes too far from the original—thus, causing more damage.
8. Blaming others (irresponsibility)
We, Filipinos, can sometimes be too self-righteous. When mistakes happen, we do not want
to take the blame, so instead we point at others. This shows how we can be irresponsible for
our actions. This attitude destroys team work, and reliability becomes an issue.
9. Inconsideration (being thoughtless of others)
This habit could be a result of having too many things on mind—have to find money for kids’
tuition, need to look for a better job, stress over a drunkard or unfaithful spouse, and other
problems. We become insensitive to the needs of other people because we need to focus on
ourselves first. However, this country could be an easier place to live in if we were thoughtful
enough to show kindness to one another. These problems will be easier to deal with if we
will help each other get over them.
10. Ignoring or not following simple rules and instructions
Laws and regulations are created to make communities harmonious. We should also strive
to start change in ourselves by being disciplined citizens even in the smallest ways.
11. Attention grabbing
It is natural for Filipinos to attract attention by standing out as we are a fun and people loving
race. Sometimes, in our desperate need to be the center of attention, we do things that are
already embarrassing like butting in conversations as a know-it-all or by being scandalous.
12. Being onion-skinned or too sensitive
Another habit or attitude that we need to change is our being too prideful which usually
results to being oversensitive. If we think highly of ourselves, then we have the tendency to
put a wall around us and that signboard on our forehead saying, “I must be respected.”
13. Living beyond their means (social climbing)
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Home Economics 10
One of the reasons why a lot of Filipinos live in poverty is because of overspending. Since
most people want to live an elite lifestyle, many resort to social climbing or living beyond
their means.
14. Passivity (lack of leadership)
Filipinos’ lack of initiative for change is also one reason why our country does not progress.
Common Filipinos also lack courage and confidence.
15. Excessive Partying
Sometimes we even make up the slightest of reasons just so we could have an excuse to
party. What’s more, a host would sometimes even strain his own finances just to impress his
guests.
16. Corruption.
One of the biggest social ills our country has continued to face since time immemorial is the
issue of corruption. Let’s face it, our “culture of corruption” is embedded deep within our
system and reinforced by a complex web of economic and social factors which include
personal ambitions and a twisted sense of loyalty to friends and kin.
17. Traditional child-rearing practices
Discourage from taking initiatives, exploring their surroundings and taking risks. Accept
authority without questions.
18. Success is “relative” syndrome
Relatives and/or friends expect to get special treatment
REFERENCES:
https://faq.ph/14-bad-habits-that-filipinos-should-break-to-achieve-progress/
https://filipiknow.net/negative-traits-of-filipinos/
https://www.coursehero.com/file/19138403/filipino-values/
X. THE LINK BETWEEN FAMILY AND ENTREPRENEURSHIP
The concepts of entrepreneurship and family business are complementary. Entrepreneurship
refers to something new and innovative in terms of entities, products, services, markets, and
systems. And, family enterprises are those wherein members of a family have a significant
influence on the direction of the firm and/or are the sole proprietors of the business. Any
business begins with a founder’s or a family’s entrepreneurial vision and entrepreneurship
continues to play a significant role throughout the family firm’s evolution as it grows and
prospers. Of course, not all family enterprises are entrepreneurial and not all new initiatives
are family enterprises.
Although most entrepreneurs have families that highly influence their business activities,
limited attention has been paid to how the family, as a specific social institution, impacts
entrepreneurial outcomes. Entrepreneurs are inseparably linked to their families and rely on
their support in pursuing their entrepreneurial endeavors. Family members share a common
identity, have strong mutual bonds of trust, and often have opportunities to discuss business
ideas, encouraging the development of entrepreneurial family teams. Despite the family’s
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Home Economics 10
substantial influence on entrepreneurial outcomes, the importance of the family has often
been neglected in the entrepreneurship and family business research fields.
REFERENCES:
https://ex.hhs.se/dissertations/740322-FULLTEXT02.pdf
https://www.emeraldinsight.com/doi/abs/10.1108/WJEMSD-03-2017-0018
XI. THE LINK BETWEEN EDUCATION AND ENTREPRENEURSHIP

In addressing the word education, intuitively we do its association with the teaching, learning,
school, family, education, etc. However, the concept of education is being expanded, reaching
other formal and non-formal settings. Also, when we think about the idea of entrepreneurship,
usually we make the association the ability to create new opportunities, manage businesses,
achieve success, generating employment, income and wealth. But entrepreneurship goes
beyond all this implies, since it implies the realization of the individual by caring attitudes,
boldness in search of a personal and collective growth through the development of intellectual
capacity to investigate and solve problems, make decisions, have initiative, autonomy and
innovative guidance, skills that are increasingly required in vocational training and valued in
the workplace.
According to Fernando Dolabela in entrepreneurial Pedagogy (2003), the educator should take
the protagonist's place in the process. Innovate as an activity inherent in entrepreneurship, it
becomes a way to learn to be an entrepreneur. Establish a relationship between innovation
and entrepreneurship is a way of promoting entrepreneurship education.
The Entrepreneurial Education helps students improve their knowledge, skills and motivation
towards entrepreneurial success. It prepares people to be responsible in dealing with real life
situations in building their business. Entrepreneurial Education is a requirement to be an
entrepreneur, without it, entrepreneurs will not know what to do in a risky situation running
their own business.
The importance of entrepreneurial activity for the economic growth of countries is now well
established. Government can influence the rate of entrepreneurship not only through
legislation, but also through the educational systems. Education seems important for
stimulating entrepreneurship because several reasons (Reynolds, Hay, & Camp, 1999;
Sánchez, 2010a). First, education provides individuals with a sense of autonomy
independence and self-confidence. Second, education makes people aware of alternative
career choices. Third, education broader the horizons of individuals, thereby making people
better equipped to perceive opportunities, and finally, education provides knowledge that can
be used by individuals to develop new entrepreneurial opportunities.
Entrepreneurs are not «born» rather they become through the experience of their lives. Through
effective entrepreneurship education an individual can access the skills and knowledge
needed to start and grow up a new business. Peter Drucker, one of the leading management
thinkers of the last century, questioned: «Is the entrepreneurial mystique? ». His answer is that
it is not magic, it is not mysterious and it has nothing to do with genes. It is a discipline and,
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Home Economics 10
like any discipline it can be learned (Drucker, 1985). According Kuratko and Hodgets (2004),
entrepreneurship is a dynamic process of vision, change and creation. It requires an
application of energy and passion towards the creation and implementation of new ideas and
creative solutions. In this light, entrepreneurship is more than the simple business’ creation.
REFERENCES:
http://silverwolf.dx.am/index.php/en/entrepreneurship/28-is-there-a-relationship-between-education-and-entrepreneurship
http://www.psicothema.com/pdf/3909.pdf
https://en.wikipedia.org/wiki/Entrepreneurship_education
LESSON 3: PERSONAL ENTREPRENEURIAL COMPETENCIES

According to wordpress.com, the business operation is considered to be very complex in a
competitive business environment, which is constantly changing with fast technological
advancements. An entrepreneur is expected to interact with these environmental forces which
require him to be highly competent in different dimensions like intellectual, attitudinal, behavioral,
technical, and managerial aspects. Entrepreneurs are therefore permanently challenged to deploy
a set of competencies to succeed in their entrepreneurial endeavors. Entrepreneurial competencies
are defined as underlying characteristics possessed by a person, which result in new venture
creation. These characteristics include generic and specific knowledge, motives, traits, self-images,
social roles, and skills that may or may not be known to the person. That is, these characteristics
may be even unconscious attributes of an individual. Some of these competencies are innate while
others are acquired in the process of learning and training and development.
It is the combination of these characteristics that is required to enable any one to perform
effectively as an entrepreneur. It is possible for people to develop these characteristics and succeed
in their careers as entrepreneurs. Successful entrepreneurs have common characteristics, which
are divided into three clusters; achievement, planning and power.
1. Achievement Cluster
a. Opportunity Seeking and Initiative d. Demand for efficiency and quality
b. Commitment to work contract e. Risk taking
c. Persistence
2. Planning Cluster
a. Goal setting
b. Information seeking
c. Systematic planning and monitoring
3. Power Cluster
a. Persuasion and networking
b. Independence and self-confidence
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Home Economics 10
I. ACHIEVEMENT CLUSTER
Characteristics/qualities of a successful entrepreneur Qualities or Personal Entrepreneurial
Characteristics (PEC) of successful entrepreneurs refer to the desired traits, which enable an
entrepreneur to do what is expected of him/her and succeed in business. It is the combination
of these characteristics that is required to enable any one to perform effectively as an
entrepreneur. It is possible for people to develop these characteristics and succeed in their
careers as entrepreneurs. Successful entrepreneurs have common characteristics, which are
divided into three clusters namely achievement, planning and power.
1. Opportunity seeking
This refers to the quality that enables the entrepreneur to see and act upon new business
opportunities even in situations where other people see nothing but problems/hopelessness
only. It also encourages him/her to seize unusual opportunities for obtaining the necessary
resources such as financing, equipment, land, workspace, technical assistance, etc, which will
enable him/her to implement his/her business side as.
2. Commitment to the work contract
This is the ability to accept final responsibility for completing a job for the customers. Customers
expect entrepreneurs to perform and honor their commitments. It follows therefore that the
entrepreneur should do everything possible to ensure that he/she fulfils the commitment with
his/her customers. It means joining the workers to work with them to ensure that contractual
commitments are fulfilled, the entrepreneur will do it.
3. Persistence
This is the quality, which enables thee entrepreneurs to develop determination to have a
thorough job done at any cost in terms of personal sacrifice. By doing this, the entrepreneur
remains working towards the achievement of his/her set goals Risk taking Entrepreneurs are
people who prefer taking moderate risks. Before they commit themselves and their resources,
they assess the risks that are associated with a business opportunity that they have selected,
and their ability to manage them, the benefits that they will realize and the challenges that they
will face from the venture to be undertaken.
4. Demand for efficiency and quality
This is the quality that enables an entrepreneur to do things that meet or surpass existing
standards of excellence or improve on performance by striving to do things faster, better and
cheaply. By doing this, the entrepreneur remains a head of others, makes more profits and
retains a growing market share.
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Home Economics 10
5. Risk taking
Taking risk is not only limited to the economic aspect but also a psychological dimension.
However, an entrepreneurship takes moderate risk after advantages and disadvantages are
carefully weighted and would go for situations that involves moderate risks.
REFERENCES:
http://www.academia.edu/13168583/ACHIEVEMENT_CLUSTER
https://www.slideshare.net/mobile/sarathguj/characteristics-of-an-entrepreneur
https://brainly.ph/question/589681
II. PLANNING CLUSTER

Planning is the most essential part in running a business, whether it is a small or big business.
Planning should be strategic because it provides a sense of direction and outlines measurable
goals. Planning Cluster are the components of strategically planning for a business. Planning
Cluster is made up of the following characteristics:
1. Goal Setting
This refers to the ability of an entrepreneur to set clear and specific goals and objectives, like
short-term and long-term goals. These goals and objectives are normally high and challenging
but at the same time, realistic and can be attained, given the resources that one has got at
his/her disposal. The entrepreneur must establish specific, attainable, measurable and time-
bound (SMART) short-term as well as long-term goals. For example, determine what products to
sell. Where or how will you sell them? What will be the prices? What will be the mark-up? Where
will the goods come from?
2. Information Seeking
This is having the urge to look for the required information in order to make an informed
decision, for example, selecting, starting and successfully managing the desired business. This
calls for the concerned person to personally seek and obtain information regarding customers,
suppliers, competitors as well as any other relevant information that is required to enable the
entrepreneur make decisions and improve knowledge on his/her business. For example, why is
the influx of people in the other store more?
3. Systematic Planning and Monitoring
The entrepreneur develops and applies logical step-by-step plans to realize goals, assess
alternatives, monitor progress, and shift to other alternative strategies if necessary to be able
to achieve set goals. For example, adding merchandise or goods to the product line-up or
product portfolio to expand your business.
REFERENCES:
http://www.answers.com/Q/What_is_planning_cluster_and_its_characteristics
http://www.academia.edu/30955388/PERSONAL_ENTREPRENEURIAL_COMPETENCIES
http://dbhurley.com/importance-planning/
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Home Economics 10
III. POWER CLUSTER

Power is defined as the possession of control or authority or influence over others. Power cluster
includes two characteristics which are Persuasion and networking and Independence and self-
confidence.
1. Persuasion and networking
This is the ability to link, convince and influence other individuals, agencies and other groups in
order to maintain business contacts at a high level. This will help or work for the cause of the
business in a positive manner to accomplish own objectives.
The entrepreneur should apply different techniques to influence or to persuade other people
in order to sell his/her good ideas to the business.
a. Uses deliberate strategies to influence or persuade others
b. Uses key people as agents to accomplish own objectives
c. Acts to develop and maintain business contracts
2. Independence and self-confidence
This refers to having a strong belief or confidence in oneself and the ability to complete a difficult
task or meet a challenge. The entrepreneur should express his confidence in order for him to
complete a certain task. Having self-confidence also expresses control in one’s business.
a. Seeks autonomy from the rules or control of others
b. Sticks with own judgment in the face of opposition or early lack of success
c. Expresses confidence in own ability to complete a difficult task or meet a challenge.
REFERENCES:
http://entrepreneurspecialist.blogspot.com
https://www.scribd.com
http://sibresearch.org
Buiza, F. (2012). Personal Entrepreneurial Characteristics (PECs) CEFE
https://www.slideshare.net
http://www.academia.edu
https://www.mustangbols.com
IV. MOTIVATION AND ENTREPRENEURSHIP

There are some aspects of the subject area concerning entrepreneurship of human motivation.
It examines the different levels and the influence they have on the actions of the person. There
are numerous examples of positive and negative reasons for the development of
entrepreneurship. Motivation activates innate strengths to achieve a particular goal, it varies
with the perception levels of the individuals and factors responsible for the motivation.
Sometimes a single motive can influence to become strong and powerful entrepreneurs, these
motives may come from various factors as follows.
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Home Economics 10
1. Need for self-actualization

 It is explained by Maslow and it is the top level need refers to the desire for self-
fulfillment.
 Need for freedom and self-fulfillment makes the individuals or employees of the
organization make them become powerful leaders or entrepreneurs.
2. Optimism
 Positive attitude and perception motivate an individual to work out for the best even
during unfavorable and tough situations also.
 The positive attitude is the most important factor which motivates the individuals to
become successful entrepreneurs.
 Habituating positive attitude can lead an individual to develop constructive thinking; it
motivates them to become powerful entrepreneurs.
3. Self-motivation
 Most of the successful and powerful entrepreneurs are self-motivated; here they fulfill
the desired objectives by motivating themselves.
4. Commitment
 Commitment towards a goal can make to achieve success. It motivates entrepreneurs
by inspiring and developing emotional attachment towards an objective.
5. Education
 The knowledge acquired during the course of time and innate skills highly motivates a
person to become a successful entrepreneur.
6. Background
 Having entrepreneurial background acts as a clear path to becoming a successful and
powerful entrepreneur.
Entrepreneurs are all programmed differently. What works to motivate one, might not essentially
work for another. Regardless of what motivates you, it’s important that you remain positive along
the way, no matter what obstacles are thrown in front of you.
REFERENCES:
https://ideas.repec.org/a/neo/epjour/v3y2015i2p160-169.html
http://myventurepad.com/entrepreneurial-motivation/
https://www.huffingtonpost.com/entry/8-ways-for-entrepreneurs-to-stay-motivated_us_59923218e4b0caa1687a62ef
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Home Economics 10
LESSON 4: TYPE OF BUSIINESS

I. SERVICE BUSINESS
Service as an entrepreneurial activity is an end in itself. It involves mainly the skill and know-
how of the person or entity providing the service. These are also the main capital investments
in service.
Examples: Medical Clinic, Auto Repair Shop, Salon. Other Entertainment Businesses, etc.
 Levels of Services
1. Manpower- lowest value of services in market, construction laborers, sales attendant,
cleaners, etc., Minimum wage
2. Handiwork- wage depends on quality of service, drivers, plumbers, electricians, etc.,
Earns more than minimum wage
3. Skilled Professionals- depends on their full mental capability, doctors, lawyers,
engineers, scientists, etc., Highly paid
 Unlike the goods business, where raw materials, machineries and equipment including
labor are used as inputs to produce goods, service business makes use of knowledge
and skills acquired through physical ability, experience, formal or informal education.
4 Characteristics of Services:
1. Intangibility- services do not have physical properties that you can assess its quality by
using the senses.
2. Inconsistency- dependent on expertise or skill of the person rendering a particular
service.
3. Inseparability- quality of service is a reflection of the skills of the person providing it.
4. Inventory- an itemized listing of assets of a service company that are used in the
conduct of its service business.
Consumer’s Evaluation of the Purchase Process:
1. Problem Recognition- perception of others’ needs or the trigger point for a consumer
to buy.
2. Information Search- consumers search internally and externally for solutions to their
problems or needs. They recall past experiences or ask for advice with others or even
read service reviews.
3. Alternative Evaluation- assessment of a product/service’s objective and subjective
attributes.
4. Purchase Decision- a consumer’s decision includes where to buy, when to buy, and
whether to buy.
5. Post-Purchase Behavior- refers to whether the customer liked the product/service after
consumption. He/she mentally evaluates the purchase at the store and this will affect
whether or not he/she will refer the product/service or become a repeat customer.
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Home Economics 10
II. MERCHANDISING BUSINESS

Means selling goods, products, or merchandises to the consumer
Objectives:
1. To offer products at competitive prices
2. To gain profit from these products
Importance:
1. Distributing products in practically all places in the country
2. Distributing wealth throughout the country
3. Promotes local industries
4. Provides job opportunities or employment
Types:
1. Retail Stores (traditional department stores)
2. Retailing without a Store (i.e. TV home shopping and door-to-door sellers)
3. Retailing through Mail Order (i.e. catalogs sent by companies through mail)
4. Retailing through Internet (online buy and sell sites)
5. Retailing through Vending Machines
III. MANUFACTURING BUSINESS

The process of converting raw materials into finished goods by hand or machines.
Started with home production of goods solely for consumption of the family but later done on
a wider scale due to increasing population
Importance:
1. Biggest contributor to the progress of the economy
2. Enables production of different goods for the needs of the population
3. Contributes to employment
4. Increases country’s income through taxes
Requirements:
1. Land
2. Labor
3. Capital
4. Demand
5. Entrepreneurial Skills (knowledge of business operations and financing, general
business conditions)
Major Considerations in Manufacturing Businesses:
1. Production Planning- first step in manufacturing. One must have a plan of the
operations involved in production of goods to realize set objectives for short and long
periods.
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Home Economics 10
2. Financing- considered lifeblood and nerve center of a manufacturing business. It keeps

the enterprise running through sufficient funding of the operating costs of the business
3. Alternative Production Functions and Systems- factors that control or affect
manufacturing activates which ultimately impacts the end products. Examples are the
process and technology used, manual or automated systems, quality of raw materials,
manpower skills, etc.
Criteria in Selecting Tools and Equipment:
1. Performance- should be most suitable and efficient
2. Design and Construction-should be fitting for the requirements and durable
3. Cost-should be economically cheaper in the long term
4. Sanitary and Safety Features- should conform to safety standards set for health,
operation, and environment
5. Warranty- should carry a reasonable period for warranty
6. Maintenance- should have parts readily available and technical service available for
constant maintenance
LESSON 5: IDENTIFY DIFFERENT JOB OPPORTUNITIES RELATED TO ENTREPRENEURSHIP
What is Entrepreneurship?
Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in
the hope of profit. If you’re a graduate with an entrepreneurship degree and not ready yet to run
your own business, there are opportunities that will help you gain valuable insights and hands-on
experience that will hone you to become a more effective leader, should you decide to go out on
your own. Here are some of the options:
1. Business owner
- The main goal of the people who graduated on the field of entrepreneurship is to start
and manage their own business.
2. Business consultant
- Business consultant helps the business to grow by giving pieces of advice, suggestions,
and recommendations. They are equipped with enough knowledge to handle problems
about the business
3. Sales
- Someone who works on sales and knows how to run a business. They need to know
how to represent a company, manage accounts, and following up on leads.
4. Research and Development
- In order to work in research and development, you need to know business concepts,
procedures and practices. With the training and education of someone who received a
learning about entrepreneurship, they are well prepared for this type of position.
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Home Economics 10
5. Teacher
- People who graduated in the field of entrepreneurship can teach students the core
competency and the entrepreneurial side.
6. Recruiter
- With a course covering operations management, leadership, and a variety of others,
you most likely have an idea on what type of person is needed to fulfill a position. They
also have in-depth business sense as well.
7. Business reporter
- If you can write articles, you can take on the position to lead on covering a local
business beat. You will understand the field and concepts and you can use your
knowledge in order to make the business section more interesting to read.
8. Investment Consultant
- They help the investors with their investment planning. They help them with investment
strategies in order to fulfill their goals.
9. Business Planner
- They’re the ones who conduct risk evaluation, control techniques, business impact
analysis, as well as emergency response policies.
10. Marketing Manager
- They monitor and analyze the market trends, study competitors’ products, improving
existing products or services, and identifying target markets.
There are a lot more opportunities that are related to entrepreneurship, but these are the most
positions that are related to entrepreneurship.
REFERENCES:
https://www.finduniversity.ph/majors/bs-in-entrepreneurship-philippines/
https://www.americanexpress.com/us/small-business/openforum/articles/8-jobs-you-can-get-with-an-entrepreneurship-degree/
https://www.ashland.edu/cobe/node/751
27

Home Economics 10 - Developed vs Developing Countries

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Home Economics 10 - Developed vs Developing Countries

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Second Quarter - Entrepreneurship

LESSON 1: HUMAN DEVELOPMENT AND ENTREPRENEURSHIP

Some examples of Developed Countries are:

II. The Meaning Development and its Core Values

 It is the process of improving or maintaining good conditions. It is applicable in business,

Core Values of Development

II. THE ROLES OF THE ENTREPRENEUR

 Entrepreneurs creates employment opportunities. They provide opportunities for suppliers

 Entrepreneurs import substitution. Enhancements on the efficiency and quality of products

III. HOW ENTREPRENEURS MAKE A COUNTRY RICH AND SELF-RELIANT

1. Investing in products and services people need.

2. Providing employment opportunities.

3. Commerce and regional economic integration.

4. New technologies promote efficiency.

5. Addressing environmental challenges.

6. Innovation impacts socio-economic objectives.

7. Innovation happens where there is competition.

IV. WHAT AN ENTREPRENEUR DOES

1. Ensure Financial Stability

2. Build a Diverse Skill Set

3. Consume Content across Multiple Channels

4. Identify a Problem to Solve

5. Solve That Problem

V. THE REWARDS AND RISKS OF BEING AN ENTREPRENEUR

REWARDS OF BEING AN ENTREPRENEUR

RISKS OF BEING AN ENTREPRENEUR

VI. CULTURAL FACTORS THAT CONTRIBUTE TO THE EMERGENCE OF ENTREPRENEURS

praised; wealth accumulation as a way of life would be appreciated. In the less

On the same subject, Evans distinguishes motive by three kinds of entrepreneurs:

VII. PHILIPPINE CULTURAL VALUES AND ENTREPRENEURSHIP

VIII. FILIPINO VALUES FAVORABLE TO ENTREPRENEURSHIP

IX. FILIPINO VALUES THAT DETER ENTREPRENEURSHIP

2. Procrastination or “Mañana Habit “

XI. THE LINK BETWEEN EDUCATION AND ENTREPRENEURSHIP

LESSON 3: PERSONAL ENTREPRENEURIAL COMPETENCIES

II. PLANNING CLUSTER

III. POWER CLUSTER

IV. MOTIVATION AND ENTREPRENEURSHIP

1. Need for self-actualization

LESSON 4: TYPE OF BUSIINESS

II. MERCHANDISING BUSINESS

III. MANUFACTURING BUSINESS

2. Financing- considered lifeblood and nerve center of a manufacturing business. It keeps

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