GEE 1: THE ENTREPRENEURIAL MIND

COURSE DESCRIPTION
Upon completion of this course, students will develop an “Entrepreneurial mind-set”, the underlying beliefs and
assumptions that drive the behaviours that allow entrepreneur to succeed. Specifically, this course will help the students in
building their passion of creating their own business. In today’s global entrepreneurial economy, all members of the
society whether self- employed or employed by others will benefit from understanding and embracing an entrepreneurial
mind-set.

WEEK 1
OBJECTIVES:
1. Identify the origin and nature of Entrepreneurship
2. Distinguish newness from innovation
3. Enumerate the broad impact of Entrepreneurship upon the economy
4. Determine contemporary views on Entrepreneurship

CHAPTER 1: ENTREPRENEURSHIP
 ORIGIN AND NATURE OF ENTREPRENEURSHIP
A. CONTEMPORARY VIEWS ON ENTREPRENEURSHIP
 Lloyd Shefsky
- entre means enter
- pre means before
- neur means nerve center
 Karl Vesper
 Economist- one who brings resources, labor, materials and others assets; one who introduce
changes, innovation and a new order
 Psychologist- refers to a person as typically driven by certain forces; need to obtain or attain
something, to experiment, to accomplish, or perhaps to escape from authority of others.
 Businessman- appears as a threat, an aggressive competitor
 Another businessman- may be an ally, a source of supply, a customer, or someone good to invest
in
 Professor Robert Nelson
 a person who is able to look at the environment, identify opportunities to improve the
environment, marshal resources and implement action to maximize those opportunities
 Joseph Schumpeter
 Entrepreneurship as doing things that are not generally done in the ordinary course business
routine.
 Albert Shapero
 initiative taking, the organizing and recognizing of social/ economic mechanisms to turn
resources and situations to practical account, the acceptance of risks and failure
 Dr. N. A Orcullo, Jr.
 an entrepreneur is someone who perceives an opportunity and creates an organization to pursue
it
 entrepreneurial process involves all the functions, activities, and actions associated with
perceiving opportunities and creating organizations to pursue them

B. ENTREPRENEURSHIP IS A PROCESS AND APPROACH

 as an approach- entrepreneur considers the business opportunity as a chance to solve the problem rather than
solving the problem itself.
 as a process
a). Initiative
b). organization

C. SOCIO- ECONOMIC BENEFITS FROM ENTREPRENEURSHIP

 Promotes self-help and unemployment
- Through entrepreneurship, the spirit and culture of self- help, self- reliance and self- sufficiency
among citizens of nations is addressed.
- Every entrepreneur helps or assists the government not only by providing employment for
himself but also for providing employment to those employed by the firm.
 Mobilizes capital.
- Putting up his own business means realising or mobilizing capital that should fire up the economy
- Idle capital kept in the vaults of households will now be mobilized and pumped into the financial
system and the economy which means more business options for others and more income or
returns for the capital owners themselves.
 Provides taxes to the economy.
- Tax sources for the government
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 - Every entrepreneur contributes to the economy a kind of income out of the real estate, income
tax, sales tax, fees and all other forms of payment to the national, as well as local government
units.
 Empower individuals.
- Real indicator of economic well- being among citizens and the masses are in some ways gaged by
the amount of financial resources that every citizen accumulate
- The high income- earning potentials of entrepreneurs the possibility of wealth accumulation is
enhanced an is his economic standing in society, and so the powers that go with money and other
financial resources that goes with entrepreneurial endeavours
 Enhance national identity and pride.
- Quantity and quality of products and services produced by every entrepreneur is a source of pride
and identity for a country
 Enhance competitive consciousness.
- Innovation being the essence of entrepreneurship is a catalyst to a consciousness and culture of
competition which in the long term breeds quality and international/ global competitiveness
 Improves quality of life.
- The entrepreneurs penchant for innovation and development of new product, as well as creation
of new markets, rebounds to the betterment of the products and services
 Enhances equitable distribution of income and wealth.
- Equitable distribution of income and wealth can be likewise expected

D. ATTRIBUTES, QUALITIES AND CHARACTERISTICS OF AN ENTREPRENEUR

 Self- awareness
- He knows who he is, what he is good at, and what he likes to do.
- He starts a business that is based on his expertise in a specific field, and focuses on his
involvement in an area he thoroughly enjoys.
 Self- motivated
- Known as drive, self- motivation is one of the most important personality traits of successful
entrepreneurs.
- This is the characteristics that gets him going and keeps him moving when he is in business.
- It is what helps him keep on turning out those craft items, upgrading his technical skills, or
developing new and improved promotional techniques when business is slow.
- It is what gives him the tenacity and confidence to call on potential client, en though he has heard
“No” three times
 Courage
- Willingness to take risks is a valuable trait when striving for success.
- Has the willingness to take chance and hope for the positive response to the request
 Confidence
- The age- old philosophy of positive thinking is a major step on direction of success
- One of the most appealing traits he exhibits to prospective clients, for it lets them know that they
will be getting the best their money can buy.
- Aware of his capabilities and he does not doubt that he can accomplish the most challenging tasks
on hand.
- Achieved because of positive thinking
 Positive thinkers
- Entrepreneurs should be positive thinkers
- They think of success and bright sides.
- Dr. Charles Flory, an American psychologist said that wealth does not always come to the most
intelligent or the most ambitious individuals but to those individuals who think money
 Patience
- Remember that his customers are always right
 Decisiveness
- Business has been described as a process of making one fast decision after another.
- Decision has to be made immediately on the spur of moment
- One should go with his intuition and trust that he is doing the right thing.
 Experience
- Primary reason why some business fall within a few years of start- up is lack of business
experience.
- It is the key component for growth
 Knowledge
- Experience is not enough, one should be knowledgeable about business such as the business
basics, the product or service he want to sell, the industry he is entering, his competition and the
local, regional, state and /or national markets.
 Information- seeking

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 - To assure accomplishment of his entrepreneurial goals, the entrepreneur continuously seeks for
relevant information regarding the market, clients, suppliers and competitors and consults
experts’ advice on business and other technical matters
 Perseverance
- Through perseverance the snail reached the ark. So it is with success
 Drive
- One must believe in his goal and be determined to succeed.
- Successful businessperson does not view obstacles or stumbling blocks as problems but rather as
challenges
- To make the business success, he needs to totally committed and willing to work long hours
- If one do not have the time or commitment to dedicate his dream, then, he is better off working
with someone else
 Risk- taking
- Entrepreneurs are known to be risk- takers
- They prefer tasks which provides them some challenges
- Risk are calculated, in other words they are not so foolhardly as to undertake activities where they
know nothing at all about the possibilities for success
 Innovative
- Entrepreneurs are creative
- They do things in new and different ways
 Opportunity- seeking
- Readily identifies opportunities for going into or to improve his business.
 Demand for efficiency and quality
- Setting high but realistic standards of excellence for himself, he finds it difficult to compromise
on those standards, so they always strive to find ways to do things better, faster and at a lower
cost
 Systematic planning and monitoring
- Sets what are to be accomplished and meticulously assesses how today’s activity can contribute
to the accomplishment of his long term goal
- Introduces some system in achieving his goal by breaking his goal into short term and long term
goals
 Persuasion and networking
- Easily establishes a network of personal and business contacts around him.

WEEK 2
OBJECTIVES:
1. Identify important characteristics or entrepreneurial competencies which you have to develop or
strengthens
2. Enumerate guidelines that are important in entrepreneurship
3. Identify the tools and behaviour associated with successful entrepreneurship

CHAPTER 2: APPRASING YOURSELF FOR AN ENTREPRENEURIAL CAREER

KEY QUESTION: How does a successful entrepreneur behave?
A. ASESSING YOUR PERSONAL ENTREPRENEURIAL COMPETENCIES

B. PEC’S SELF- RATING QUESTIONNAIRE

**SEE ATTACHED SAMPLE OF QUESTIONNAIRE
C. DEVELOPING YOURSELF FOR ENTREPRENEURSHIP
 Be creative
- To be creative is to generate is to generate ideas and images in your head in order to come up
with solutions and alternative solutions to problems
- Creativity involves moving around ideas, splitting them, combining them with other ideas thus
arriving at new ways of doing things.
 Actively seek- opportunities
- A successful entrepreneur actively seeks opportunities
- If you actively seek opportunities:
You will find customers or markets where other people find one
You will find new uses for old products including waste products
You will find new ways of doing things
You will find new products for old markets or customers
 Take moderate risks
- The successful entrepreneur take risks, he is able to recognize, assess, and minimize these risks.
- This is known as calculating, moderating or controlling risks.
- Achievers are moderate risk- takers
- High risks are not preferred because the chances of failure is great
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 - Low risk situations are also shunned because they are not challenging enough
- What must you do to be a moderate risk taker?
1. Assess the situation carefully.
2. Find out if your actions will have negative side-effects. A moderate risk taker must be
prepared to cope with these possibilities.
3. Ask for advice from knowledgeable people.
4. Plan for contingencies.
 Practice persistence
- Do not give in quickly when someone disagrees with you.
- If you get angry at someone who stubbornly disagrees with you, your persistence will wear off
quickly because you will be concentrating on your anger
- Face the opposition squarely and openly. Avoid “behind the back” tactics.
 Be committed to what you set out to do
- Have strength of character
- Only make promises you can keep.
- Know what to do when you cannot keep a promise.
- Cultivate the trust of others
- Clarify expectations
- Apologize sincerely
 Set high standards of quality and efficiency
- Consistency is important
- A neglected and dissatisfied customer might never return
 Seek information
- Knowledge is power.
 Believe in yourself
- Ways how to develop your self confidence
1. Know as much about yourself as you can.
2. Look at your qualities in a realistic manner.
3. Emphasize your strengths and play down your weaknesses by choosing activities and goals
where you do best.
4. Take care of yourself physically so that you look good to yourself and to others.

Name: _______________________________________________________________________ Schedule:___________

Subject: ______________________________________________________________________ Score: _____________

Activity # 1:

TEST AND APPLY YOUR KNOWLEDGE:

1. Why does the economy need entrepreneurship?
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2. What are the broad impacts of entrepreneurship on the economy?
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Activity # 2

TEST AND APPLY YOUR KNOWLEDGE:

1. What is the most important attribute of an entrepreneur that makes him/ her successful?
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2. What are the broad impacts of entrepreneurship on the economy?

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Activity # 3
Instructions: Answer first the PEC Questionnaire before answering the activity below.

TEST AND APPLY YOUR KNOWLEDGE:

1. Examine your PEC profile? Which are your strongest PECs? And your weakest ones?
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2. What are the planned activities that you were able to do?
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3. What must you do next time to succeed in carrying out your plans?
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**** refer to the attached PEC Questionnaire

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