+2

MODULE II
WHAT IT TAKES TO BE AN ENTREPRENEUR

Lesson 1 Tasks And Functions of Entrepreneurs

Lesson 2 Qualities of an Entrepreneur

Lesson 3 Wellsprings of Entrepreneurship: Are

Entrepreneurs Born or Made?

Lesson 4 Filipino Values and Entrepreneurship

 {l
MODULE II
UIHAT IT TAKES TO BE AX ENTREPRENEUR

INTRODUCTION
€

An entrepreneur is considered by many economists as a critical factor in

economic development of a country. He is a catalyst for development whose
initi_al action triggers off a whole chain of activities which have the importaot
quality of hastening the pace ofprocess whenever he sets up his enterprise.

Module I zeroes in on the entrepreneur as a person. It attempts to answer a

number of questions for the curious young mind:

i Who is the entrepreneur?

,- _!!at qualities distinguish him fiom other career persons?
i What does he do and why does he do it?
z Where can he be found?
z What kind of childhood did he have?

At this point, too, you are urged to begin thinking about yourself in terms of
an entrepreneurial career. And hopefully you may end-up asking yourself
another
question:

"Hove I gol whot it lokes lo be qn enlrepreneur?,,

This module explains the various traits, characteristics, and

firnctions of an
entrepreneur.

oBJecTlV€5

After studying the module, you should be able to:

l. Discuss the tasks or functions performed by an entrepreneur.

2. Appreciate the role of the entrepreneur in the economic development of a

country.
 +l
3. Describe what it means to be an entrepreneur in terms of qualities, and
behavioral indicators.

4. Relate the development of entrepreneurship, values and attitudes with early life
expenences.

5. Discuss the Filipino values that are favorable and deterrent to entrepreneurship

DIRECT]ONS/MODUL€ ORGANIZ€R

Module II contains four lessons. Read these lssssns th6lsrrghly, reinforce

what you have learned from this module by reading the listed references or books
prescribed.

Work on the learning activities and self-tests at the end of every lesson.
This will guide and inform you of how much knowtedge you have acquired. you
are required to submit your output to your tutor for evaluation.

Good Luck.

F-
(-
=-
 .15

LESSON 1

THE TAJK' AND FUXCTION' OI ENTREPRENEUR'

The successful entrepreneur enjoys a position of prestige in the community

because of his many contributions to society, especially in terms of providing jobs
to people and providing needed goods and services. These services are equally, if
not more, important than those performed by lawyers, doctors, teachers or
accountants.

Some people think that the entrepreneur is someone engaged in selling

while others think that he is a middleman who stands between buver and seller.
The entrepreneur is, in fac! much more either ofthese.

Selling is only one among the many functions that sets him apart from men
of other occupations and have eamed for him the distinction as the key progress
and growth. Indeed, without the entrepreneu, there can be no development.

This lesson familiarizes you with the tasks and functions of an

entrepreneur.

WHO IS AN ENTREPRENEUR?

With a definition in mind, we still have trouble identi$zing entrepreneurs,

furding them, or determining what they do. Is it the local gas station ow4er an
entrepreneur? The realtor, the butcher, the franchisee computer retailer/'There
are no short answers to these questions, and there are no formal guidelines for
classiling entrepreneurs. There is no enhepreneurial licensing procedure and no
evidence of professional status.

A.. David Silver, a successful venture capitalist and author described the
entrepreneur as "energetic, simple minded" and having a mission and clear vision,
he or she intends to create out of this vision a product or service in a field many
have determined is important to improve the lives of millions."

Karl Vesper has researched entrepreneurship and explains that its nature is
often a matter of individual perception. Economists, at least those who endorse
free enterprise, endorse Schumpeter's viewpoint that enhepreneurs bring resources
together in unusual combinations to generate profits. Vespers found out that
psychologists tend fo view entrepreneurs in behavioral terms as achievement-
oriented individuals driven to seek challenges and new accomplishments. Marrist
philosophers may see entrepreneurs as explorative adventurers, representative of
all that is negafive in capitalism. Corporate managers too often view
 t6
entrepreneurs as small business persons lacking the potential needed for
corporate management. On a positive note, Vesper suggests that those of us who
strongly favor a market economy view entrepreneurs as pillars of industrial
strength-the movers and shakers who constantly disrupt the status quo.

Richard Irvin defined an entrepreneur as someone who conceives the idea

of a business, designs the organization of the finn, accumulates capital, recruits
Iabor, establishes relations with the supplier, customers and the government, and
converts the conception of a pro-iect into a functioning organization.

Joseph Schumpeter said that an entrepreneur is someone who innovates,

whose function is to carry out new combinations of economic activities. He
further said that an entrepreneur does new things, or does things in a new way,
makes new techniques of productiorq discovers new markets, and develops new
sources of materials.

According to Geofftey Meredith, entrepreneurs are people who have the

ability to see and evaluate business opportunities, to gather the necessary resources
and to take advantage of them, and to initiate appropriate action to ensure success.

* WHAT EXACTLY DOES THE ENTREPRENEUR DO?

Broadly speaking there are eight en&epreneurial functions. The

entrepreneur: ( l)perceives opportunities in the environment; (2) takes risks to
make them use of these opporhrnities; (3) mobilizes capilal for business; (4)
introduces innovations; (5) organizes labor and production; (6) makes decisions;
(7) plans ahead; and (8) sells his products at a profit. These are depicted on the
next page.

The entrepreneur perceives economic opportunities.

lt takes an entrepreneur to respond in a concrete way to an opportunity in

the environment. Others may see the opportunity, hear about it or even have
something about it.

The enrepreneur keenly observes the environment in search of ideas and

opportunities that can be turned into profit. For instance, he takes note of the
kinds of raw materials that are abundant and cheaply available in the area and
relates these materials to the needs of the people around him.
 t1

Mobilizes
lntroduces Perceiyes
capitalfor innoyations oppoilunities
a business
in the

I
environment

Ir +
NIERGER

ABC CO. &

XYZ CORP

<. .>
Makes Plans
decisions ahead

EI{TREPREIIEUR

, \

0rganizes Takes risks Sells his

labor and products
production at a profit
Entrepreneurial Functions
 .lll

The entrepreneur takes risks.

The entrepreneur does not merely perceive the ideas as opportunities but
also calculates the risks involved in implementing these ideas. Risk denotes
uncertainty or chance. when a business is described as risky, it means that the
outcome of his business is uncertain. In other words, there is a chance that
business may fail. as there is that it may succeed. when an entrepreneur calculates
risk of a business. he estimates the odds for success as well for failure. on the
basis of his estimates, he decides whether to go on with business or forget about it.
When he decides to go on despite the chances of failure, he takes a risk.

Because of uncommon risks inherent in the entrepreneurial role, not many

people end up as entrepreneurs accept that the courageous ones who are willing to
ac^cept challenges. Most people are afraid to fail, and therefore avoid taking riiks
of any kind. Those people will not go into a venture that will not be l00oz
successful. These people are called "seguristas.,, A segurista will make a poor
entrepreneur because he does not at all have the spirit that results in progress.
Instead of acting aggressively and making things happen to improve his Lusiness,
he only watches helplessly as things happen or, worse, failio realize what ii
happening around him.

Entrepreneurs on the other hand take risks because they focus their
attention on the chances for success rather than chances for failure. Thev are
ho*ever alerrto the possibiliqrof failure in business, and this is in fact makes the
enterprise more challenging to them. They wish to prove that they can overcome
such adversities throrrgh their own ingenuity.

The entrepreneur produces capital.

There are people who are kept from going into business simply because
.tJrey -have no capital. But real entrepreneurs nevir allow lack of capital to stop
them from getting ahead.

The entrepreneur produces the capital in so many ways. He may look for
investors who will believe in his project and share the riik with friend.s oi relatives
and establish a oartnersfup or a corporation with them. or, he may go to banks or
other financial institutions to borrow funds.

Many entrepreneurs also put up their own capital. This indicates their
remarkable ability to take risks. After all it is always easier to gamble or take risks
with other people's money. But the more entrepreneurial one is, the less afraid he
is to invest his own capital. And if he does other people's money as well, he
invests his money wisely as though it was his owa.
 19

'fhe entrepreneur introduces innovations.

What is innovation? Innovation implies newness, variation, originality.

novelty or uniqueness. Thus the innovative person is open to change. One of the
hallmarks of the entrepreneur is innovativeness and this explains, in part, why he
is said to propel progress and development. The entrepreneur introduces new
products, new ways of doing things, new methods of production. He exploits new
sources ofraw materials and discor,ers new markets. He is creative.

They think of ways by which a product is to put to other uses. adapted,

modified, magnifred, substituted, reversed or combined. For example,
entrepreneurs were the ones who d,q,,ght of producing floral milk cans which
afterwards empty, can be used as flower pots or made into toy trucks and other
children's toys.

Introducilg innovations is the entreprenetu's response to the needs of

people or to perceived economic opporturuties.

The entrepreneur organizes the business.

The entrepreneur is the man responsible for getting together all resources
needed for the business to get started and going. He is the one who thinks of what,
how, where, when, and how much land, labor and capital are needed tom
transform an idea into real functioning enterprise. [n other words, he is the
organizer of the business, it is through him that activities needed are identified and
done by the right people at the right time.

Once the entrepreneur sets up enterprise, he often hires people to work with him.
He identified the needs of the business in terms of talents or abilities and then
looks for people who do not only fit these requirements, but who have the drive as
well, to work with him through thick and thin. Once he gets all these people
together, he supervises them and coordinates their activities as a working unit. He
is personally involved in working towards the attainment of the goals of the
business. By doing so, he accomplishes more than he ever can by his lone self

The entrepreneur makes decisions.

In business, several decisions are made each day. What to do about this
customer who complains of a product defect. A competitor is selting his product
at lower price. Should he lower his price foo? The supplier has not arrived with
the needed raw materials. A needed man is absent. Another wants to take a leave.
Others want an increase in wages. The mayor is asking donations to a city project.
A tlrousard and one decisions. The entrepreneur, and nobody else, accepts
responsibility to make them and he joyfully organizes his time and his priorities so
that he can meet demand of his role as decision-maker.
 5()

When the business is till young and small, decision-making is one task that
the entrepreneur cannot give to his assistant or to his workers but one that he must
be responsible for. When the business becomes bigger, he will have to delegate
the making of
certain decisions to
subordinates, but nevertheless takes
responsi bility for major decision s.

The entrepreneur plans ahead.

The enhepreneur can act in an emergency. He can make a rush decision

when the situation calls for it.
This role, however, demand that he be able to
anticipate in the future that will affect his business. He should also be able to
prepare for consequences of his actions well in advance. The nature of his jobs
requires investments that can only be recovered in time. forecasting alternaf,ves
and their consequences even before they actua y happe4 expicting future
possibilities and preparing his adjustments to these .ondition, of thef should
happen.

The entrepreneur sells his products at a profit.

The entrepreneur is an economic man. As such, he sees to it that

his
products will sell and bring hjm money. He establishes
relations with customers
in a personalized manner so that they will choose to buy his products
o. ,e*i.",
again and.again- The profit is an indicator of how we
an entrepreneur has
managed his business ftom the start. The profit shows how
the **r..,'u...pt.o- o,
rejected his product. Low profits p.o-pf thr entrepreneur
to investigate whether
he is producing the right product or seryrce for
the right peopre, at ,fr. rrgrriir*.
p]ace High profits indicate to him that tre trai feen;ilt;
11d
direction. Usually this encourages him to perform bener.
tf.;gh;

without profits, there wilr be no entrepreneurs. It is both the reward

and
motive of enfo epreneurship.

L€ARNING ACTIV|TIE5

I. Identify the funcfions perflorme<t by an entrepreneur:

I He estimates the odds or chances for success as well

as for
failure of his business.
2. He looks for investors who can provide funds for his
business
or he may go to a bank or other financial institutions to
borrow funds for the business.
 -il
3 He observes the environment to search for ideas and
opportunities that can be tumed into profit.
4 He gathers together all resources needed for the business to
get started and going.
5 He introduces new products, new ways of doing things and
new methods of production.
6 He takes action to whatever problem he encounters in his
busiless.
7 He prepares the consequences of his actions well in advance.
8 He sees to it that his products will sell and bring him money.

II. Complete the following statements:

l. An entrepreneur is someone who innovates, whose function is carry out new

combinations of economic activities in terms of:
a
b

d
e
2. The entrepreneur introduces innovation which implies:
a.
b.
c.
d.
e.

_*

f,E FURTH€R R€ADINGS/ R€F€R€NC€S

Fajardo, Feliciano R. Entrepreneurship, 1994

SERDEF and UPISSI Introduction to Entrepreneuship, 1993.

oEND
 52
LESSON 2

OUALITIE' OT AN ENTREPRENEUR

In the previous lesson, we have learned about the unique and diverse
functions performed by the entrepreneur. Now, we will identify and discuss the
qualities common among individuals who are willing to undertake enhepreneurial
fimctions. Like psychologists, we will try to find out:

"Whqt is there in lhe entrepreneur's personolily lhot mokes him

behove lhe woy he does?"

CHARACTEHISTICS OF ENTBEPRENEURS
*
ln an effort to understand enkepreneurs better, researchers have sought to
define traits common to a majority of indivrduals who start and operate ne*'
ventures. John Homaday of Babson College was among the frst to use surveys
and intense interviews to develop a composite list of entrepreneurial traits.
Although this descriptive list is supported by impressive data, it has the singular
restriction of relating only to highly successful entrepreneurs, there is no way of
knowing how these traits relate to a majority of entrepreneurs.

WHAT MAKES UP THE ENTREPRENEURIAL

* PERSONALITY?

David MacClelland (the Achievirg Society, New yorlg The Free press
D.V. Nostrand Co., Inc., 1961) in an intensive research study on entrepre eurs,
claimed the very important key the entrepreneurs have to offer to progress is their
inner concern-those values and motivations that lead them to tap and take
advaatage o{ {bvorable economic opporflmrhes and turn t-hem into far. orable and
successful ventures. This inner concern or value in an entrepreneur, according to
MacClelland's findings is their high need for achievement. In his study of
numerous entrepreneurs, he found out that they have the following characteristics.

IIe has a high degree of need for achievement.

Entrepreneurs are people who accomplish things. They have what

psychologists call the "need to achieve" or "n Ach" characterized. by a
preoccupation to perform tasks excellently for the sake of excellence rather than
rewards, prestige, money, recognition or power. Indeed, when entrepreneurial
individuals work on something they like to know afterwards that it was a job done
and lnowing this is enough to make them happy.
 i-l
As individuals with high "n Ach," entrepreneurs are always aiming for
something aad their aims are very often not quite ordinary, that is why other
people call them ambitious.

He likes to take moderate risks.

Moderate-risk activities are those whose outcome depend largely on a

person's skills or efforts. Maybe some luck is involved, but the effect
olchance is
minimized by the skills or efforts put in by the person so that the outcome
becomes his responsibility.

He likes to take personal responsibility.

The entrepreneur seeks responsibilities for his actions and

^
prefers to make decisions-and in the process,
decisions. He
he commits tr,' .rortr, tno*i.og.,
skills and invesrments. Shourd he fair, ha has onJy himself
to blame, not-fiis
workers or his clients. And should he succeed, he
only has his compet;;;, ,"
atfibute his success.

He wants to know the resurt of his efforts and seeks

corcrete feedback on
performance.

The entrepreneur wants to know how welr he is

doing-whether good or
bad.' Thq feed.ack may tre in the of profits, sales, percentage control of the
marke( size of the firm in terms of^form
number of workers, vorume .i"r-au"no+ ."t
of growth, customer reactions and others. He wants
and constant and availabre each day, to a[ow
the feedback a u" i-..i"i"
him io contrnue or to revise his
method of working if necessary.

He tends to be innovative.

He tends to be mobile.

He demonstrates some interpersonal competencies.

Be is not easily discouraged by failure.

He is.not completely contended, not satisfied

with the stetus quo with what he
has already achieved.

PERSONAL ENTREPRENEURIAL COMPETENCIES

*
As a result of continuos study of these enrepreneurial
character traits,
several qualities were evolved by the Managein*, SVri.-, International- a
 il
entrepreneurial competencies or PECs. They are referred to as competencies
because these qualities are translated into actions--demonstrated and exhibited-
by an individual in order to make things happen rather than remain as passive
traits or mere mental pre-occupations.

These competencies are clustered into the following: achievement cluster,

planning cluster. and power cluster.

Achievement Cluster

Opportuniry seeking.

An entrepreneur readily identifies opportunities for going into or to

improve his business. He does not merely spot opportunities to set up business but
more importantly, act on these opportunities like actually setfing up the business.
Moreover, he will seize unusual opportunities to tap source/of financing acquire
equipment, land, work space or business information and assistance.

Persistence

An enfrepreneur does not grve up easily when confronted with obstacles.

He is not easily discouraged at early signs of failure. tnstead he uses his
imagination to take repeated actions and if necessary, varies his approaches until
he gets the desired outcome.

Commitment to work,

As soon as an entrepreneur commits himsel{ he takes full responsibility for

this commitment. When needed, he prtches in with workers or performs
extraordinary chores just to get the job done at a mutually-agreed time and
standard of qualify-. This commitment applies to a self-imposed commitment as
well.

Risk+uking.

The entrepreneur is known for being risk-taker. He prefers tasks which

provides him some challenges. Equipped with the necessary knowledge and
experience required and aware of horv much hard work he is willing to put into the
task he knows he has a fair chance to succeed.

Demand for efficiency and qualitl;.

Setting high but realistic standards of excellence for himself, he finds it

difficult to compromise on those standards. So, in order to meet these standards,
the entrepreneur always strives to find ways to do things better, faster and at a
lower costs.
 Planning Cluster

Goal setting.

An achievement-oriented individual, the entrepreneur plans out the

accomplishment of tasks. She sets clear and well-defined goals and breaks these
goals into short-term as well as long-term goals.

Systematic planning and monitoring.

As a careful planneq the entrepreneur sets w-hat are to be accomplished and

meticulously assesses how today's activity can contribute to the accomplishment
of her long-term goal. She therefore, introduces some system in achieving her
goal by breaking this goal into short-term and long-term goals. Furthermori
she
keeps on monitoring her progress in order for herlo cheik whether
she is in the
right direction or if modification is needed along the way.

Power Cluster

Informotion seeking

. To assure accomplishment of her entrepreneurial goals, the entrepreneur

continuously seeks for relevant information regardin{ tne' martei-'ciients,
suppliers and competitors and consults experts, Jaui." oo
business and other
technical matters.

Persu asian and networ king.

A persuasive person, the entrepreneur easily establishes

a network or
personal and business contacts around her. An
entrepreneur is aware that power is
required to achieve her business objective. She is.
therefore, quick to'identifu
sources of power if she cannot source power
from within her.

Self confidence

The entrepreneur has confidence that she can make

^ -
of their capabilities she does
things happen. Aware
not doubt ttrat ste can accomprish the most
challenging tasks on hand.
 56

]E tr tr

E
n ... a do tral d,o4re lo hz o carrrrrrot. tltttr,.
-7t it ttt4 tiql t ta lw unranunon... il J oan
I E
.7 uck oggarfurttit4... not urtrtilty.
J do naf oith Io ltz a dcqcndtnt dtizttt,
exgu.litttl altoaqt tht qootrtttottttt to look u(ltr uu.

J u<utt to take tht ouhuhfuil eitk;

ta lttant tuul to lwild,
to fuilL and tnertetl.

J ru(uu lo baelu inttnlirw lat a doh-out;

J prulu tlu chdlcnqu of lil"
to lht gt r trttrttfucd. txi.rlutaq
the thill of gr(ilbruat
ta thc ealnt d Q,llopitt.

J uvill nat truub {ttulont {at lwue(icenoe

Olot nu1 diqnit4 lat a haudout
J uyill ntatt totr*t bztotc an4 uuttlct
Q(at beud to angr llueal.

Jt it m4 hpritagt to autl ettd,

protul anul uualtaid;
7o fttu tht uoild laldl4 antl tn41
€Ihir uith (?t(fD7 htlg, J lrunw daue.

c.,lll lhit it uthd it ttttatu to lp an {n(qrp8,.trL&al4trlte-

E
* RALPH WALDO EMERSON
tr
r E
E E E
 57

L€ARNING ACTIVITI€5

l. Answer the following questions.

I Enumerate l0 characteristics ofa successful entrepreneur. Explain each.

2 Enumerate 5 characteristics of an entrepreneru based on MacCle[and's
findings.

_'Ir&

fs, FURTH€R R€ADINGS/ R€F€R€NC€s

Fajardo, Feliciano R. En&epreneurship, 1994

SERDEF and UPISSI lntroduction to Enrrepreneurship, 1993

o END
 5lt

LESSON 3

wELttPRlXGt OF EIITREPRENEURIHIP: ARE ENTREPREXEUR! BORN

OR MADE?

In the previous lessons. we have learned about the entrepreneurial role and
then probed into the character traits and attitudes that sets the entrepreneur apart
from others. Now we move on to find out what sets of circumstancei bring about
or hinder the development ofan entrepreneurial person from the time he *ui bo.rr.

In this lesson we will now try to answer these questions:

"Where do enlrepreneurs come from?"

"Why did/how do people evenluolly become entrepreneurs?"
" Are enlrepreneurs born or mode? ..

EABLY LIFE EXPERIENCES

*
And what about entrepreneurs? What sort of home atmosphere did
entrepreneurs grow up in?

Early training in independence, serf-reriance, decision making and hard work

Evidently, exposue or training of children to self-reliance, independence,
decision-making and hard work early in life has a lot to do with developing
enhepreneursfup. This is further supported by findings on the origini of
entrepreneurs who came from broken or disunited homes. This sfudy revealed that
entrepreneurs usually come from families which have tleen unstable and had
experienced crisis situations, like death of one or both parents, separation of
parents, rebellion of children againsr parents or stowing away of children fiom
home. Such children must have been forced, and therefore leamed early, to fend
themselves, seek means of livelihood and make decisions on their own.

Entrepreneurs generally come from small families, and if they do come

^
from large families, they are usually the oldest and sometimes the middle child.
Seldom is he the youngest child who is often spoiled and dependent.

Early training in business

Exposure to parents who are in business or in related occupations also seem

to help develop entrepreneurship in children. This is the *uy th. chinese train
their children. As he grows up, the Chinese child learns to seil, count money, give
change, market or deliver goods. The parents treat the training bottr as ptayLd
 59
education for the child.. 'Try if you can, visiting Divisoria or Quiapo (or any
market place where there are Chinamen) during Christmas or summertime. You
will be sure to see young Chinese boys and girls helping their parents in their
stores. They make wise use of vacation time to learn a trade.

Early training in a craft or trade

When young people associate with enterprising friends or fiiends who have
high career aspirations, they tend to develop the same tendencies. An evidence of
this was the sudden increase in the number of entrepreneurs when the Jaycee
(Junior Chamber of Commerce) movement was popularized in the country after
the war. [t seemed that when young men were exposed to the dynamic
entrepreneurs who dominate the club, they likewise developed an inclination
towards business.

CULTURAL VALUES

The emergence of entrepreneurs is also related to cultural values, or those

ideals held by a community as standards for social or interpersonal behavior.
Values are upheld because they are viewed to be conducive or necessary to the
welfare of everyone in the group-

People w'ho have studied entrepreneurial origins found that eltrepreneurs

generally come ftom cultures with specific views on certain activities and
concepts such as competition, time trade, social stafus, work and money.

Ideals of competition

For example, many entrepreneurs were observed to have come from

culhres which uphold the ideals of competition, that is, where it is believed that
good honest competition is healthy, rather thgn leading to an unfair monopoly of
the market by single entities or individuals.,/Entrepreneurship flourishes under a
climate of competition that stimulates the contending parties to find ways of using
and managing their resources more efficiently and more productively rather than
one that encourages unfair trade practices like underpricing selling cheap, low
quality products and maligning of competition.

Time orientation

Long-range planning and anticipation of future trends are essential for

success in business. Thus, entrepreneurs are the future-oriented and usually
belong to cultures that appreciate the value of foregoing immediate profit or
satisfaction in favor of large future rewards. Cultures which tend to view the
present in terms of the future are conducive to the growth of the entrepreneurial
spirit.
 6tt
Views on trading

Trading has treen the seedbed of many an entrepreneur. Many of today's

successful businessmen started as vendors or traders. Many of them sold goods
like cigarettes, sampaguita garlands or sandwiches A culture that desires to
develop more entrepreneurs must reward people who try to earn money from these
humble ventures. It must view peddlers, vendors and traders not as objects of pity
but rather with admiration and praise.

Conferment of social ranks

A culture that promotes enhepreneurship is one that confers social ranks in

terms of achral achievements rather than circumstances of birth. The caste
system
of India, where the people are divided info distinct crasses, such as the priesis, the
landowners, the traders, the farmers, the craftsmen and the
untoucha'bles, is an
example of a culture that emphasizes birth rather than achievement.
In iuch a
system, one who is born into the farmer caste holds the status
of farmer whether or
not he is a good farmer. The randowner will never do the job
of the trader because
that is beneath his status- on the other hand, in a culture that encourages
entrepreneurship (like Hong- Kong Singapore and the philippines)
u p.rro, L,
move up or down the ladders of society depending 'o, i,i. 'taUors
or
accomplishments. One who gets rich by honest, hard
work is respected even if he
was bom to a beggar once upon a time.

Work ethics

Another very important culturar source of enfiepreneurship

is work ethics.
The culture must look at work as a duty, and it
while punishing laziness. Example oi a culture
must value honest,'producti;. il;;
thut uulue, *"ri'hrghlt ;;;;;
:-i:1T^.:g y1!. lde the rndustrial Revolution. Studies were,i"i.,"
lnro.rne reasons lbr the great prosperity that
prJ.
Findings show that the entrepreneurs, who
these countries enjoyed tt,"t'n*..
"t
were responsibre r*" ai, prr"ro.n"n*,
followed the carvinist *oik ethics. catrin *is a protestant minister and
who taught the faith,frrl to consider ttreir wort
l.gloqT
";;fi; fr;
on earth .,
God' Calvin assented that as a cafliag, .u.h ,orution
must be carefuily chosen and
p^uryed' A person thus called to a vocation was
expected to behave rike one of
God's elect peopre on eanh. The Calvinist *o.[
diligencg but shunned serf-indurgence Thus
,"i ;rt;;i;
do.t ir,.
the;Jthfur were abre to save their
money_ which they w-ere considered
as God's prop..ty assigred to them for
stewardship. As stewards they felt dutybound
to u'i.t. money in such a way that
it will gow producriverv. Thus. t-he carvinisis l.irr.rt"a tr"i,."r".i -
fi::ilffi;:frprises.
paving the way f--ih;'il;al Revolution rr**n",,
 6t
views on money
Since we all know that the emergence of entrepreneurs is related to the
values held by a culture. it is worthwhile to examine in greater detail how our
own
culture favors the thriving and grow.th of entrepreneuriil potentials. Indeed" we
Filipinos are forhrnate to live in a culture which offers bountiful wellsprings for
the entrepreneurial spirit to. thrive and grow. As you will see. there is eiough
stimulation in our life experiences as Filipinos that enable us to meet our
demanis,
excitement and challenge of entrepreneurship. If only more of us Filipinos
took
advantage- of this "heritage l,, as few years back, yo.ng boys and girls, when
-Only
asked of their ambitions in life. serdom spoke of becomirg i,
ent ep.eo'.*. a. u
result, it took foreign entrepreneurs to take the most promiiing business
oppornrnities in the country. And how did our country*.r,
.nd up? ihey ended
up,.paradoxically. as employees and workers of those foreign_owned
their own country!
.rt .p;r.. i,

As you know, our country is very rich in nah,al reso,rces and human
ability. we.are potentially capable of eriminating poverty ftom our .i;Jtk;"gh
our own initiative. The reason why our efforts iaiain economic
p-rp*iry airla
in the past is perhaps because we did not appreciate enough
the .ort ib,,tion *hi.h
each one of us-whether as a manual laboier, mayor,
student or housewife,-can
make towards development. Even the role of entrepreneurs
has been taken for
granted until recently. Happily, roday rimes
ih*girg. frlor"
-. *J
*or.
Filipinos ar.e- becoming aware that u couege diploma
successful life and that it is more importani to take
does not u..*. o*
oi u
up a cafeer or vocation that
answers people's needs and corresponds to one's own
interest.

a long time, we have allowed people from other countries

to judge us
and. interpret our way of life. As a resutt many of us have
faidr and pride in ourselves, as masters of our own
*t d.r"i;;i;;;;
; ;;
destiny. For e*ampie,
made to believe that as Filipinos, we were tamad (lary),
doesn't take risks), rzalrilig makisama (one who likes
ugrruio ioni*i.
to go on with the group),
gat'a-gaya (copycat), ningas-kugon (one who loses
steam after a brirst or
::9.^,:,.,1t, Sgt,stbuyas.(over-sensitive)
rare qecrde) atttude.
and given to a fatalistic ttanaU i
AII these traits were seen negatively, and were cited as the
ltet
reasons for the underdeveloped state ofour
countryl But as we shall see later, our
culture has much more in it than just these ..r.guiu.,
traits. In f..t, th;;
a positive side to them"unknown to the fo..ign.., *ho
r;;
:Ii::r_,...yio,
o,served lruy.
them. Understand,.abry, as foreigners, they had probabry arr..lnt.et, or
values and so little familiarity with our oi,rn to
b. aute to mate a sound judgment
of our way of life. What is hard to understand, to*.r.r,
is that Filipino;;;f"J;
listened buf also believed and agreed with them_with
all their heart

It is therefore the aim of this lesson to objectivery

examine the Filipino way
of life, appreciate those that are functional or"helpful, and
re-iect those that are
 62
Let us begin with the basic and sound premise that our culture is neither
superior nor inferior to others. Many of us feel a misplaced sense of inferiority
just because we are different from the Americans or Europeans. The Japanese
people are an exemplary people who have attained economic success by
capitalizng on their way of life. The Japanese did not copy Westem ways blindly
but rather selectively and prudently adapted those which can enhance their own
culfure and economy.

Our forebears were not lacking prudent judgment. They left us a proverb
which goes:

"Pulutin ong mabuti, ang masama ay iwaksi.,, (Pick up the good and cast
the bad away.)

old Filipino saying implies that we mainly decide what is good and
bad for us, according to our own culfural standards.

This lesson has identified some of the wellsprings or sources of

entrepreneurial qualities in people. As you have seeq early training
in
independence, self-reliance, decision-making and hard work
is' importani in
preparing individuals for entrepreneurship. In additioq you
saw that the values
held by a culture are likewise important to sustain entrepreneuriar
activities.

Even if evidence shows that entrepreneuriar quarities are deveroped

early in
life, this does not necessarily discount the possibihty that these q,rl*; ,n"v u.
developed among adurts, especially young adurts lile you-if
thiy so decide to
The importanr point to remembir is that the human peisonality
:*l ]t -
flexible that
is so
it can absorb new input-new values, new attitudes, e,..-u, iong u.
one is convinced of their necessity and usefulness.

LEARNING ACTIVITI€5

I. Answer the following questions.

l. Enumerate the factors that help develop entrepreneurship

in children?
a.
b.
c.
2 The emergence of entrepreneurs is also related
to cultural value s, namely:
a.
b.
c.
d.
e.
 6il
3. Define each value you have given in question number 2.
4. "A-re entrepreneurs born or made" Explain.

fs# FURTH€R RCADINGS/ REF€R€NC€s

Fajardo, Feliciano R. Enhepreneurship, 1994

SERDEF and UPISSI lntroduction to Entrepreneurship, 1993.

e END
 6.1

LESSON 4

FIL!PIXO VALUE' AND EXTREPREXEUR'HIP

Values, as we have learned, are held and cherished by people in the society
in the belief thar they promote individuual as well as grorp *ilfare. However
usefirl and desirable these values may have been for a particular length of time,
there are bound to be changes in politicar, economic, social ir physicai
environments which may call for a restrucfuring of some of these ,alues or of the
ways by which people express them.

Today, many of the values we hold dear need to be revised if we want to

achieve the goal if economic self-reliance which has so far eluded us these past
yeals. lndeed, many Filipinos have stubbomly clung to old values and ways
ryr-t{
which no longer serve the needs of the present. Those who were flexible and opin
to change became successful particularly in business.

ln this lesson, we will learn the Filipino values favorable and deterrent to
entrepreneurship.

FILIPINO VALUES FAVORABLE TO ENTREPRENEURSHIP

*

"Pakikipagkapwa " values promote entrepreneurship.

In many ways, our cultural values are favorable to entrepreneurship. Take

for instance our value for pakikipagkapu'c (human relations) which encompasses
our concem of hiya. (loss of face), pakikisama (togetherness), pakikibagay
(adjusting or adapting to other people). At the root of this value'lies all -our
standards of interaction with others. pakikipagkapv.a tells us to treat others
as
fellow human beings-every bit of God's ...ut*.i as we are. This value is very
much connected with our concept of pagkatao or character.

Pakikipagkapv,a favors enhepreneurship because it is against any form of

exploitation ,eainst another. ln fact, the role of the ennepreneur is a practical
translation^of one's pakikipagkapt,atao because his work isio provide things and
services of value to others, he raises their standards of living and improvei their
lives. The entrepreneur that has patrklp agkapva does not cheat his customers try
ove.rpricing or under-weighing his goods; nor undercut his competitors by
underpricing or maligning them; nor maltreat his workers by ,ndirpaying or
overworking them, nor cheat the govemment by avoiding o. .ruding t*ir. et tn.
same- time, other Filipinos who benefit from the labori of the enlepreneur
will
give him back his due. Customers pay. Competitors pray fair, and workers
show
 65
malasakit over the business. lf pokikipagkapu,a is cultivated well, it should
promote and uphold the ideals of entrepreneurship.

Many values promote risk-taking or "lakas ng loob"

As we have seen in previous chapters, entrepreneurship involves some

amount of risk-taking because much of the entrepreneur's decisions and actions
are made during conditions of uncertainty. Individuals who are without "guts" or
shrink before challenges do not become entrepreneurs.

Bahalu na

As Filipinos, we are by nat.re malakos ang loob (strong-hearted), and not

timid and fearful as we were made to believe in the past. The fact is that many of
us emtrark on our plans and projects even if we are uncertain of future
developments or events that may affect their accomplishment. We undertake
ventures which should perhaps have scared us if we were only less courageous to
take the risks involved. In situations where we are uncertain of our ability to
accomplish things, we say "bahala na" (let fate decide the outcome) and do the
best we can, believing that, "Nasa Dios ang drva, nosa tao ang gau,a " (Look to
God for compassion and to man for action).'-

It must be said that bahala na is more reflective of optimism rather than

fatalism in our capacity to act s required by the demands of the moment. Thus, we
night not know what's going to come out ofour venture, but if things tum out bad
unexpectedly, we know that we will think of what to do then and apply the right
solution. Meantime, such uncertainty does not dampen our desire to take the rish
but rafher prepare us psychologically for any eventuality.

Pakikipagsapularan

In many instances, specially in the field of making a living, our confidence

or lakas ng loob is justified, because almost all of us are intelligent and literate
enough to read, write and count. We are very quick to leam and find it easy to
adapt to new and strange situations. It is not a wonder why there is plenty of
mobility among our cou[trymen; and it is not uncommon to find inter-city or
inter-province migration as precipitated by the love for pakikipagsapalaran
(adventure). That is risk-taking.

Ga_y*a-guyu

Our ability to learn and adapt to new ways of doing things may also be seen
in our talent for imitation. Of course as one matures in an eatepreneunal career,
the habit of gaya-gaya, can backfire because one really has to be more creative
and innovative to make one's products and seryices more appealing to customers.
But, for those w'ho are only starting out in business dottg gal a-gaya of other
 products (mostly imported) do contribute to the training and preparation of *uryt'o
Filipinos for an enfrepreneurial career.

Close family ties

, we are always s,nounded by others who care enough about us to support

us whatever way they can. There is the family, which to thJ typicat rilipino is the
most important thing in his rife. From the moment we are aware of our
individuality to the moment we die, our family is there to guide, suppo.t
ard
inspire us. In most Filipino families, children are taught the -values oi ionesty,
hald work cooperation and self-sacrifice for the commofl good- that is, for
the
sake of father, mother, brotheq sisters, reratives. The emphiis ..togetherness,.
on
plenty,of support to any.aspiring entrepreneur. lf he lacks iapital,
lYid..
rirmrry can poor resources which he can borrow and pay without
the
i,terest; if he
needs workers' his kin can help out and render serviie
with the rovartv ara
dedication which can only come from btood ties.

Utang na loob, hiya, owa, bayanihan

Apart fiom the family. there are others around us who can provide
much
needed support. There may.be ninongatd, ninang,
kababayan, frr*porr,-irriirr,
kaeshtela, karokayo and oihers
tr9'o for some past utang na luho
Le wiiling ti t.tp *i*plf f; ;;;l1
T roob or the exiectation of some future time when
they, in fum, need our assistance. In business,
tlri, *uy mean that we can count on
them to buy from us. If they do that on atang (creaig,
tt ey have to p"V U.."r*
hiya
_(loss of face) or mta (compassion). lMe can'also erpect their
supplies on consignment, or to provide necessary
t"-..ii.,"f
we are in trouble.
*i.n
consultancy aa.*.a. ro o.

we also have culturar varue which somehow ensure that

risks too high for us to overcome. In the
we do not take
main, we have amor p;rp;, ;; ;rlf_
esteem ln any venture, ow whore pagkatao (humanity
or sense ir ir,"-"1 ir'",
stake. We therefor strive to give of our 6est
tou.*. .u...rr.
Other values drive us to succeed in enterprise

There are other varues which we nay draw

upon in our efforts to succeed in
enhepreneurial tasks.

Kasipagan

one such has to do with industriousness or kasipagon

characteristic of an enffepreneur.
which is essential
 67
Pagtitipid

We also place high value on pagtitipid (thift). Frugality and being

industrious usually come together like twin brothers. It is diffrcult to unwisely
spend money which is hard-earned. Individuals who save eventually save enough
to set up their own business; and as entrepreneurs, they do not carelessly spend on
things that do not pay back in terms ofprofit.

Pagtitik

We are likewise a persistent, persevering people. We do not easily give up

in the face of adversity. Note, for example, how for centuries our forebears
silently suffered exploitatioq discrimination and abuse during the Spanish
Regime. We have always admired those who arc mapagtiis (enduring). And how
else can we describe the poor living in the quatter shanties in many depressed
urban areas? While many of them believe that poverty is chiefly caused by social
or economic injustices, this does not stop them from stoically plodding on and
hoping for a better tomorrow. Even the poorest of the poor believe that by dint of
hard worlg they face a brighter future.

Pagtitimpi

Another manifestation ofour endurance is our emphasis on pagtilimpi (self-

control). We do not allow ourselves to display, verbally or otherwise, our
emotions at the slightest provocation. We like to wait uni.l "mapuno nq ang
gatangan" (we reach our limit). This capacity to bear emotional and physical
stress can serve us well in an entoepreneurial career where we will be constantly
battered by many stressful situations.

"Katapatan' as a value promotes ethical business practices

As the largest Christian nation in Asia, we have a heritage for strong

religiosity, which demands that we be honest in our dealings with others. We do
not like to exploit others, otherwise we are tagged masamang tao (worthless
persons). Rather we emphasize katapalan (sincerity) or kalinisan ng loob (paity
of heart). This trait is very useful in business since exploitative ways are self-
defeating in the long run. A business deal is a transaction where trust is a silent
participant. The customer trusts that the entrepreneur gives him the right quality
and quantity of the things he buys, and the entrepreneur trusts that the customer
pays him the agreed and correct amount at the right time.

Our values promote harmonious labor-management relations.

For his emphasis on katapatan and kalinisan ng kolooban, the Filipino

cannot but be a good manager of his workers. He treats his people concern or
malasakit. He sees to it that there is damal'an (mutual help) and samahan
 (camaraderie) in his company, and that his workers find him to b. p..ronul,t'*
yldaling ng loob (easy to like) and moy aya (compassionate).
Since workers usually do not grumble unless the situation becomes so tolerable,
the. Filipiro entrepreneur exerts effort to monitor their desire tkough
pakikimmdam (gut feel) and reading the many pahiryatig (covert messagi;
available to him. Meanwhile, he witl be fortrmate to have workers who will iot
abuse him because of their utong na loob to him and for all his malasakit,
pagdanay (synpathy) aad balaro (bonus), not to menrion their job itserf They
will reciprocate by showing their own paggalang (respect), pagmamalasakii,
Pa4lllng. (helpfulness), p!$damay, pogpuno sa kakulaigan (und-erstanding of
one's inadequacies) and solidarity.

Our values promote social mobility

we are fortunate to live where there is respect for people who rise from
the
bottom through hard. Unlike in some countriei, where peopte
have very rittre
hope of rising above the crasses or castes of their birth, every
Firipino urpi.. ,o
be rich and prosperous. There is in fact great mobility "uo
among the crasses in the
Philippines, and people will admire a cirpenter.s son,
for ixample, *h; h;;
worked hard and become rich enough later on to own modest
house and to drive
his own car' Poor families scrimp and save for the
children,s education, ,,,". ihi.
is generally regarded as their tiggest hope for
. better future. This cultural
orientation favors the spawning of entrepreniurial
talents.

PRACTICES AND VALUES DETEBRENT TO

* ENTREPRENEURSHIP

Ifour culture, as we have seen, orients us torvards entrepreneurship,

it not too man^y people put up their own business? -And why is
why i. it tt ut'mani of
those who do fail in their ventures?

Here are some traditionar Firipino values which

hinder the deveropment of
the entrepreneurial spirit among us.

Traditional chird rearing practices inhibit the

deveropment of an independent
spirit"

Take the practice of ch,d-rearing Many patients

insist on the traditional,
authoritarian wav of brinsing up childrin. rrr.
irni. on". are discouraged from
lf;r1
s. ex p I ori n! d.ii *.ro *a-s;
:::1"-. suggest disobedience
sucn. quesfions
;;';;,s f
q uestion s, e speciatry i
or coot ary views to those in 'authoriw.
Children who are active, curious *o aar.nro.ouJ*;;;[J;;i,
or restless), tlrose who disolay an independent ii*.lll',iY;
mind are labeled mati'g;;;;;,';
(hard-headed). Children
-. tiugt t to
to believe that the elders know what is 9U.y,
u"..pi u*f,o.rry without question and
til;.'--.
besi ior
 69

Why is such an upbringing dysfunctional to entrepreneurship? Growing up

in a strict, authoritarian envionment effectively kills tlreindependent spirit which.
we know, is the first hallmark of a successful entrepreneur.

Belief in the existence of all-powerful forces that contror all destinies may
deslroy entrepreneurial initiative.

Many of us believe that "Ang kapararan, di ko man hanapin, trutrulog at

lalapit kttng nlagang aktn" (one doesn't have to work for something
that has b'een
fated to be his), and "kung rti ukor, tJi buhukor'(what is
not destinid to be won't
be). And convinced that bressings come from an inexhaustible
source, .o*. of*
fear about that having too_ muctr kapararan ot ,,terre, rest
other go o,tt out ih.i.
share. These beliefs, held.by o-ur people a long time, were
strengthened by the
circumstances of their riverihood. As traditionuifu...r.
they founi ttat rr'.rr1r
their mala-s or ''r'er/e depended on their whims of nature.
Bountifur rains, for
gx.1mfle, _brought generous halrests and conversely, a prohacted
draught was
followed by a season of want. But now, modem
scilnce and technology has to -trrea
great extent changed all that. As farmers
take personar .e.ponsitit:( ro.
outcome of their cropq as. they use more pesticides.
fertilizers, i.igut;"n *a
planned cropping to deal with pests, acidity,'aruogt
t ura cyclones, d;;;r;t,
Filipinos have little reason to hang on tt
"r.
i.t utiit O"fi.f.
"t-or propio" disincrines the Filipino to take fuil responsibility
for his action
when he fails.

A value that we have seen as having positive

eflects on us for
entrepreneurship but have negative effects
as we[Is ar
ill
,pr. of us ti gr;; ;;; L.r, ,o *y undertaking *i:;i:{::*.SJ"rtffX
also causes us to disown our failings.
A. *. .;;, *" f.;i;;;'; ;;;;ii
credilfgr itPut
as we fail, we neei to point the ..rpJ..iUifr,V
on another. To our
own failures is to bring shame or hiya
to ourserve. JnJ o* family. This tendency
to pass the buck is not a trait of entrepreneurs.
enterprising men like to review ttr.
Wf,if .-rf,"V feet bad
..u.* *nf ;irlil;
perform befter the next time around.
in y ftiled so"b;;
that they can
They rrk ;;g;;-roocrete feedback nor only
on success but also on failure.

The "bahala na', attitude, not tempered by intelligent judgment and

,if business
planning may lead to imprudent
a*Lf"'" making
Perhaps our bahara na characteristics
can be made more functional if we
temper it with the practical application
likely that many of us are not able to "f
;;dr;;;; and intelligence. Ir is very
make;;;;;;;'".r".sment or judgment of
risks. because our perception of
exact.
time, d;;-;;;;io"., *.
diffused rather than
 Our family and kin may be a very supportive lo! but watch out, fo. th"y't'
can also do harm to our business enterprise

Another value which has both positive and negative effects on

entrepreneurship is the close family kinship system.
while this value is a potent
source of support to the budding enfepreneurs, it can also be a source
of
headache- For example, there is the joke that ion the philippines,
_ success is
"relative" because the more successful you are, the more ,.tutiu.i you
have.
Because family members and friends expect to be treated
u, ,p..iul, th"y
sometimes expect discounts, employment, unlimited credit,
etc., *tric'h may har,,
the business and because we their approval, it is diffrculi for us to denfor
fail them. Thus, instead of^value
being objective in our decisions *e become'too
personal and subjective. A[ of us must rearn to use
the varue of kinship
positively, and not allow it ruin our business.

Colonial mentality impedes the development of a self-reliant

entrepreneuIship

Another hait that we have which runs counter to entrepreneurship

is what
has been known as the coloniar mentality which suggests
thai we tend to believe
that anything imported is necessarily better. fliui *e blindly copy foreign
technologSr, products, desigr, fashion. etc. we defer
to fbreigners too much.
spending mygh and going out of o.r way to please tt .ro. fnii
;o
has negative effects on entrepreneurship because
*.";i;;;;
this may teaa to ente.prise aai
are import-dependenq products promoting foreign values
and tastes uoi
entrepreneurs lacking in creativity and inventiveness. ""py_;;i

LEARNING ACTIVITI€S

t. Write the word FAVORABLE if the value listed below promotes

entrepretreurship. Write the word DETERRENT if the
vaiue listed
below hinders the development of entrepreneurship.

l. Traditional, authoritarian way of bringing up children.

2. Teaching others as fellow human teings anO
adjusting or
adapting to other people
3. Belief in the existence of all-powerful sources that control
all destinies.
4. The ability to leam and adapt to new ways ofdoing
things.
5. "Bahala na" attitude
6. Close family ties that result in pooling of resources or
rendering of services.
 1t
7. Frugality and industriousness.
8. Belief in that anything imported is necessarily better.
9. Putting off for tomorrow what you can do today.
l0 Close family kinship system that result in unlimited credit,
expected discounts and employment.

IL Answer:

l. Given the early life and cultural experiences of entrepreneurs, how do you
appraise your own readiness for entrepreneurship?

#E FURTH€R RCADINGS/ REF€RENCES

Fajardo, Feliciano R. Entrepreneurship, 1994

SERDEF and UPISSI lntroduction to Entrepreneurship, 1993.

(D
END
 72

drJ MODUL€ SUMMARY

There are various functions performed by the enhepreneur. The

entrepreneur perceives opportunities in the environment, takes risks, mobilizes
capital for a business, introduces innovations, organizes labor and production,
makes decisions, plans ahead and sells his products it a profit.

Doing these f,nctions bring enormous self-satisfaction and material

rewards to the entrepreneur. At the same time, development and progress
are
brought about in the communirv- as a result of entrepreneurial activities.

The primary profile of the enhepreneur includes seven general character

traits. He: takes moderate risks; wants to take responsibility fir his actions; is
selGconfiden! achievement-oriented and creative; likes to get concrete feedback
on his own performance from others, and concerns with ta&s or problems
rather
than with people.

No other endeavor offers as much possibility for expression and

fulfirtment
of the qualities and pECs covered as entrepretreuritrrp oo.i. It is one of the
most
exciting and challenging careers.

. .
Egly training in indrcpendence, self-reliance, decision_making and hard
work is important in preparing individuals for enfiepreneurship.
latues held bv
likewise imporrant to sustain entrepreneurial acn-ies./ ire;;
:Ly. .-.
Philippine culture largely instills values favoratle to entrepreneurship.
;;
The important point to remember in the preceding lesson is
that the human
personality is so flexible that it can absorb new inputs-ne*
values, new afiinrdes,
etc. as long as one is conceived of their necessity and usefulness.

,
I SUMMAT'V€ T€ST

t. write TRUE if the statement is correct and write FALSE if the statement
is not correct.

High profits in business indicate that he has been moving in

the right direction.
2. A segurista will make a successfirl entrepreneur because he
has the spirit that results in progress.
J. Being creative is essential in order to survive in business.
 73
4. When the business becomes bigger, it is risky to delegate
the making of certain decisions to subordinates.
5. Entrepreneurs love routine tasks, those that involve the
same way of doing things over and over again.
6. Entrepreneurs prefer to take moderate risk activities whose
outcome depends mainly on luck.
7- Failure does not discourage the entreprenews so much as to
stop immediately from pursuing his trusiness career.
8. An entrepreneur is quick to identi! sources of power which
is required to achieve his business objective.
9. Entrepreneurs usually come from families which have been
unstable and had experienced crisis situations.
10. Colonial mentality promotes the development of
enEepreneurship.

I ldentifu the trait/quality described in each of the following:

l. They tend to believe that they can do better than what other
people do.
2. An entrepreneur does not glve up easily when confronted
with obstacles.
3. He imagines new and different things from what are
ordinarily seen and left.
4. He works on something and likes to know afterwards that it
was a-iob well done.
5. He does not cheat his customers by overpricing or
underweighing his goods or underpay the workers and
avoid or evade taxes.
6. He venhues into an entrepreneurial activity by using her
experience and knowledge of education.
7. He sets what are to be accomplished and assesses how his
activity contributes to the accomplishment of his goals.
8. He perform tasks the best way he could for the sake of
excellence rather than for rewards of prestige, money or
power.
9. He performs exkaordinary chores, together with workers,
just to get the job done at a mutually agreed time and
standard of quality.
10. He continuously gathers information regarding the market,
competitors, suppliers and consults experts for advice on
business.
 '71

R€F€R€NC€5

l:lriardo, Irclicilrno Ii. Lntrcprcnctrrslup. 199.1

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