Republic of The Philippines Department of Education: Regional Office No. Viii (Eastern Visayas)

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Republic of the Philippines

Department of Education
REGIONAL OFFICE NO. VIII (EASTERN VISAYAS)
Salcedo Vocational High School
Naparaan. Salcedo Eastern Samar
Learning Activity Sheet in Entrepreneurship 11

Quarter I – Week 1
Name: ________________ Grade/Section: ___________ Date: Day 1 -4 (March 22-25,2021)

School: ____________________________________ Teacher: _______________________________
Learning Competency (with code): Discuss the relevance of the course.
Content Standards: The learner demonstrates understanding of key concepts, underlying principles
and core competencies in Entrepreneurship.
TOPIC: Entrepreneurship Key Concepts, underlying principles and characteristics of a successful
entrepreneurs
A. EXPLORE
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B. LEARN
Entrepreneurship
The Fundamental Significance of the Entrepreneur

Entrepreneurship is a fundamental concept linking different academic disciplines – notably economics, sociology and
history. Entrepreneurship is not just an ordinary interdisciplinary subject; it is a core subject that links the conceptual
frameworks of different social sciences
Definition of the Entrepreneur

Outside the realms of mainstream economics, two main ways of defining entrepreneurship can be found in the
literature. One defines the entrepreneur as the founder or owner-manager of a small or medium-sized enterprise
(SME) with growth potential, whilst the other defines the entrepreneur in terms of the economic function that he or
she performs.
Cantillon and risk The term ‘entrepreneur’ appears to have been introduced into economic theory by Richard
Cantillon (1755), an Irish economist of French descent. According to Cantillon, the entrepreneur is a specialist in
taking on risk. He/she ‘insures’ workers by buying their output for resale before consumers have indicated how much
they are willing to pay for it. The workers receive an assured income (in the short run, at least), while the entrepreneur
bears the risk caused by price fluctuations in consumer markets.
Knight and uncertainty This idea was refined by the US economist Frank Knight (1921), who distinguished between
risk, which is insurable, and uncertainty, which is not. Risk refers to recurrent events whose relative frequency is
known from past experience, whilst uncertainty relates to unique events whose probability can only be subjectively
estimated. Knight thought that most of the risks relating to production and marketing fall into the latter category. Since
business owners cannot insure against these risks, they are left to bear them by themselves. Profit is a reward for
bearing this uninsurable risk: it is the reward of the pure entrepreneur.
Schumpeter and the entrepreneur-hero Popular notions of entrepreneurship are based on the heroic vision proposed
by Joseph A. Schumpeter (1934). The entrepreneur is visualized as someone who creates new industries and thereby
precipitates major structural changes in the economy. The entrepreneur innovates by carrying out new combinations;
the role is neither that of a pure inventor, because the entrepreneur adopts the inventions made by others, nor that of a
financier, because of a reliance on bankers to fund investments. The entrepreneur takes the crucial decision to
commit resources to the exploitation of new ideas. An element of calculation is involved, but it is
not pure calculation, because not all of the relevant factors can be accurately measured. Profit is a
motivating factor, but not the only one: the other motivators include the ‘dream and the will to
found a private kingdom’; the ‘will to conquer: the impulse to fight, to prove oneself superior to
others’; and the ‘joy of creating’.
Defines entrepreneurship
Entrepreneurship ... consists in doing things that are not generally done in the ordinary course of business routine; it is
essentially a phenomenon that comes under the wider aspect of leadership.
Entrepreneurship, at least in all non-authoritarian societies, constitutes a bridge between society as a whole, especially
the non-economic aspects of that society, and the profit-oriented institutions established to take advantage of its
economic endowments and to satisfy, as best they can, its economic desires.
In ... entrepreneurship, there is agreement that we are talking about a kind of behaviour that includes: (1) initiative
taking, (2) the organizing or reorganizing of social economic mechanisms to turn resources and situations to practical
account, and (3) the acceptance of risk of failure.
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Entrepreneurship is the dynamic process of creating incremental wealth. This wealth is created by individuals who
assume the major risks in terms of equity, time, and/or career commitment of providing value for some product or
service. The product or service itself may or may not be new or unique but value must somehow be infused by the
entrepreneur by securing and allocating the necessary skills and resources.
Principles of Entrepreneurship
Entrepreneurs need to follow some basic principles which would serve as guidelines and beacons for their success.
Based on the research conducted over a period of three years and by interviewing more than 150 entrepreneurs, noted
author and management expert, Bill Murphy came out with a book about entrepreneurship which was published by
Harvard Business School. This article is based on the insights from this book and lists five principles that should serve
as markers for both aspiring as well as existing entrepreneurs. One of the insights from this research is that most of
these principles can be learned from experience and the process of starting a venture is an educational experience in
itself. With this introduction, we can now move on to the five principles of entrepreneurship as put forward by Bill
Murphy.
1. It is always not the case that Entrepreneurs should make money fast and this should not be the goal
It is important for entrepreneurs to test the waters before launching a new venture. This means that one must commit
oneself to the ideal of entrepreneurship and try out new business models, and new forms and paradigms of transacting
business. In other words, the entrepreneurs must not be in a hurry to make profits from the word go and instead,
understand what entrepreneurship is all about. For instance, it is better to come up with a game changing idea instead
of pursuing leads that are dead ends which means that entrepreneurs must be ready to be in the game for the long haul.
2. It is always better to find the right opportunity even if it takes time instead of chasing mirages
This principle translates into waiting for the right opportunity and at the same time, seizing the moment when the
opportunity arises. Of course, we are not saying that entrepreneurs ought to wait forever for the right opportunity.
Rather, the intention here is that entrepreneurs must ensure that they have the necessary foundation in place to
capitalize on the opportunity and also must have an idea and a business model that would create opportunities in case
they are finding it difficult to get the venture going. For instance, as the clichés about how opportunity knocks only
once as well as if you do not find an opportunity, build a door so that you are ready when the opportunity arises can be
taken to mean that entrepreneurs must both create opportunities as well as seize them when they arise. Another
analogy would be that entrepreneurs must be ready with the fishing rods and the baits when they go fishing and if the
river, sea, or lake is saturated, they must fish in waters that are “blue oceans” meaning that they must create new
markets for themselves.
3. Invest in people and build successful teams
As with the previous principle, entrepreneurs must ensure that they have the right team in place before they start the
venture. After all, unless there is a team in place, the venture would not be able to capitalize on the opportunities.
Further, entrepreneurs must ensure that the team is passionate, committed, and most importantly, shares the vision and
mission of the founders. In other words, unless there is a buy-in from the team with the founder’s ideas, the venture
would flounder. Apart from these, getting the right people who have focus, drive, loyalty, determination, courage, and
consistency in addition to being motivated and creative are some requirements that the entrepreneurs can ill afford to
ignore.
4. It is always not enough to have everything in place. Execution and Delivery are what matters
Have you ever got the feeling that a salesperson is engaging you in glib talk wherein he or she is trying to convince
you to buy a product which is untested? Similarly, all talk and no execution would lead the new venture nowhere and
hence, it is important for entrepreneurs to ensure that they walk the talk and deliver on their promises.
Indeed, it is not enough to have a game changing idea and a great team in place unless the entrepreneur knows the art
of execution. As happened during the Dotcom boom, there were many startups with great ideas and equally great
teams that promised the moon for anyone willing to listen. However, the fact that they failed in their businesses was
mainly due to the gap between ideas and execution.
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Therefore, the entrepreneur has to be a leader who walks the talk and understands the meaning of execution. Further,
leadership means that entrepreneurs must not be afraid of failure and must instead, turn adversity into triumph and
transform failure into a stepping stone for success.
Indeed, great entrepreneurs are those who are willing to trust their instincts and intuition and back themselves up when
the venture is yet to fructify or even making losses. In other words, if you think that you have a great idea and are
executing it well with the right team, you need to persist and keep going even when the conventional wisdom says that
you are getting it wrong.
5. Entrepreneurs must be self-actualizing visionaries
Ask any successful entrepreneur and they would say that while money is indeed important and profits are indeed
essential, it is always not about the money or that making profits is the only thing that matters. Instead, great
entrepreneurship is all about heeding the inner voice, creating jobs and opportunities for others, be conscious of
societal prosperity due to the venture instead of having a me, myself only attitude, and most importantly, translate
their vision into success.
For instance, there are many of us who have heard or come across individuals who gave up cushy jobs to find their
passions and to follow and chase their dreams. Therefore, successful entrepreneurship is all about making a difference
to the world and becoming a social messiah who would transform societies with his or her ventures.
Finally, entrepreneurship must be seen as a starting point to transform oneself and in the process become a
change agent. For this to happen, the entrepreneur must be both be able to fulfil environmental, social, and economic
expectations from the larger system and at the same time, must drive themselves in the pursuit of their dreams. Indeed,
the balance between inner aspirations and external expectations is the most important determinant for success.
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Top jobs for entrepreneurs

Here are a few great jobs that can provide valuable experience and skills for aspiring entrepreneurs:
1. Social media manager

National average salary: $44,692 per year
Primary duties: Social media managers are responsible for overseeing the social media of a company or brand. They
may create and implement campaigns to increase the exposure of the brand and interact with customers via social
media. This is a great job for entrepreneurs as it provides valuable social media skills and general marketing
experience.
Related: Learn About Being a Social Media Manager
2. Public relations manager
Primary duties: Public relations (PR) managers oversee a company's public image. They may do this by managing
how the company is portrayed to the public, communicating with media and completing other tasks that involve
promoting a positive view of the business. Experience in a PR position can provide entrepreneurs with insight into
how to manage the public image of their own company in the future.
Read more: Learn About Being a Public Relations Account Manager
3. Appraiser
Primary duties: Real estate appraisers determine and report on a property's value. They prepare reports, fill out legal
paperwork and collect and analyze various data as it relates to real estate. This position offers great networking
opportunities for entrepreneurs among investors and agents and provides experience in the valuation of property and
assets.
4. Financial advisor
Primary duties: Financial advisors provide guidance to people who want to invest and grow their finances. They
assess their clients' financial needs and make decisions on their behalf to help them meet financial goals. A job as a
financial advisor can equip aspiring entrepreneurs with communication, problem-solving and financial management
skills.
Read more: Learn About Being a Financial Advisor
5. Marketing manager
Primary duties: Marketing managers develop and oversee the execution of marketing strategies for brands and
businesses. These professionals are primarily concerned with how they can implement marketing tactics to attract new
clients and retain current customers. Entrepreneurs often have to develop strong marketing strategies to advertise their
businesses, so a job as a marketing manager is a great way to gain experience in professional marketing.
Read more: Learn About Being a Marketing Manager
6. Web developer
Primary duties: Web developers create the design, layout and functionality of websites. They use programming
languages, like HTML and CSS, to develop user-friendly web pages based on the client's requirements. Nearly every
company relies on technology to run and advance their business. Working as a web developer can offer a
chance to obtain valuable technology skills that can translate into your career as an entrepreneur.
Read more: Learn About Being a Web Developer
7. Sales manager
Primary duties: Sales managers oversee sales teams and provide guidance to ensure the team meets their sales goals.
A sales manager may also help set sales goals, analyze sales data and trends and delegate various sales tasks, such as
assigning out certain sales territories to team members. A position as a sales manager provides experience in
generating sales, setting and achieving goals and managing a team.
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Read more: Learn About Being a Sales Manager

8. Systems analyst
Primary duties: A systems analyst is responsible for assessing and meeting a company's software and other IT needs.
They may introduce new software or hardware systems or find ways to improve upon a company's current systems.
This job provides extensive IT experience and can help entrepreneurs who plan on having computer systems within
their business.
Read more: Learn About Being a Systems Analyst
9. Construction manager
Primary duties: Construction managers oversee construction projects from start to finish. They manage construction
teams, develop schedules and ensure the budget is maintained. They also make sure that construction workers meet all
of the regulations and that the project is completed according to the designated timeline. This position can provide
valuable insight into management and social skills for entrepreneurs.
Read more: Learn About Being a Construction Manager
C.ENGAGE
Picture Analysis. Analyze the picture below then answer the corresponding guide questions. Write your
answer in a yellow paper.
https://www.mmtimes.com/news/yangon-markets-remain-covid-19-hotspots
Guide Questions:
How do you differentiate product and service? What appropriate product and/or business that can be conceptualized
during this COVID -19 pandemic? Write at least 5 product and/or business in a yellow paper. Observe proper margin.
(right 1 inch; 1 ½ left). Don’t forget your name.
D.APPLY
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1. Compare and contrast Cantillon, Knight and Schumpeter definition of entrepreneur? which definition
strikes you the most? And why?
2. What is creative destruction? name the author of this concept.
3. Choose at least 3 principle of Entrepreneurship and give each an example.
4. Memorize the characteristics of successful entrepreneurs and make a video clip. Be creative and use the
rubric as criteria of your presentation.
E.Reference/s
AFA- Horticulture
(Personal Competencies Across Market and Environment- Module 1)
DepEd
Learner’s MaterialFirst Edition, 2014
Entrepreneurship (Theory, network and History), Mark Casson 2010. Cheltenham, UK • Northampton, MA, USA
Entrepreneurship Howard Frederick, Connor, Kuratiko, 4th edition, 2016
https://www.managementstudyguide.com/principles-of-entrepreneurship.htm
Prepared by:
ALLAN F. BERONGOY
Subject Teacher

Republic of The Philippines Department of Education: Regional Office No. Viii (Eastern Visayas)

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Republic of The Philippines Department of Education: Regional Office No. Viii (Eastern Visayas)

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Republic of the Philippines

Learning Activity Sheet in Entrepreneurship 11

Name: ______ Grade/Section: _ Date: Day 1 -4 (March 22-25,2021)

The Fundamental Significance of the Entrepreneur

Definition of the Entrepreneur

Top jobs for entrepreneurs

1. Social media manager

Read more: Learn About Being a Sales Manager

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