REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF EDUCATION
DIVISION OF CABADBARAN CITY

NORTHERN MINDANAO COLLEGES, INC.

Atega Street, Barangay 11 Poblacion, Cabadbaran City
8605 Agusan del Norte, Region XIII
NON-SECTARIAN
1946

Self-Learning Module for Entrepreneurship

Quarter 1, Week 1-2

Name : ________________________________________
Grade and Section : ________________________________________
Date : ________________________________________

Introduction:
The significance of entrepreneurship in our lives cannot be undermined. Take a look at
the small businesses, whether ordinary or not, that are operating in your community. These can
be small restaurants or eateries, photocopying centers, convenience stores, and school
supplies stores. Assess their importance and contributions to your life and to other people. Now
imagine that these do not exist. What do you think will happen to the people’s lives?
Your daily experiences with these small businesses and the benefits that you derive
from them are clear testimonies to the important role that they play in our lives.
In this lesson, we will take a look at the significant contributions of entrepreneurship to
the lives of Filipinos in general, the community, and the Philippine economy. Different related
materials, studies, books and literature on entrepreneurship, as well as the government, NGOs,
and the academe, have identified and recognized the importance of entrepreneurship.

Directions for the User

Here are some reminders to guide as you go through this module:

1. Understand and follow the instructions carefully.

2. Accomplish the pretest to identify your preparedness about the lesson in this module.
3. Be honest in answering and checking your activity.
4. Read each lesson and do activities provided for you.
5. Demonstrate the activities to guide you in comprehending the lessons
6. Answer the posttest measure how much you have gained from the topics.

Pretest
True or False:
Directions: Write T if the statement is true and F if the statement is false.
_________1. Entrepreneurship is only important to the entrepreneur.
_________2. The benefits received by an individual Filipino from entrepreneurship will remain
with him/her only.
_________3. The creation of more jobs for Filipinos is a contribution of entrepreneurship to the
Philippine economy.
_________4. From the perspective of the local community, entrepreneurship helps hasten the
economic recovery of the Philippines.
_________5. Entrepreneurship develops the creativity of the entrepreneur.
_________6. The contributions of entrepreneurship to the Philippine economy flow back to the
individual Filipinos.
_________7. Entrepreneurial activities have a domino effect to the Filipino people, the local
community, and the Philippine economy.
_________8. Entrepreneurship offers minimal contributions to job-creation problems of the
community.
_________9. Entrepreneurship discourages competition in all forms.
_________10. Entrepreneurship creates new demand and new market.
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 Objectives and Competencies
After going through this module, you are expected to:
1. Increase your knowledge about entrepreneurship.
2. Determine the relevance of Entrepreneurship to your everyday life and to the society
as a whole.

Procedure/Learning Experience
A. ENGAGE: Activity 1: Charting…
Instruction: To check your prior knowledge about the topic, and to solicit the questions that you
want to know about it, fill in the Know and Want to know components of the Know-Want to
know- Learned (KWL) chart legibly. For the Know component, you may write word/s or phrase.
For the want to know component, state your responses in interrogative or question form. You
may list as many responses as you want for each component. Write your responses on a yellow
paper.

Guide Questions
1. Based on what you have written on the Know component of the chart, what do you know
about entrepreneurship and its relevance to your everyday life and to the society as a whole?
2. If you were to think of a question that you want to ask about entrepreneurship and its
relevance to your everyday life and to the society as a whole?

B. EXPLORE: Activity 2: Identification

Directions: After you have filled-in the K and W components of the chart and answered the
guide questions, please answer the diagnostic assessment below.
Read carefully the statements below and identify whether this refers to Entrepreneurship or
Entrepreneur. Write your answer in a yellow paper.

C. EXPLAIN: Lesson 1. Career Opportunities in Entrepreneurship

The activity of setting up a business or businesses, taking on financial risk in the hope of
profit is called entrepreneurship (Oxford Dictionaries). It is an act of being an entrepreneur
which define as a person who organizes and operates a business or businesses, taking on
greater than normal financial risk to do so. It can also be defined as “one who undertakes
innovations, finance and business acumen in an effort to transform innovations into economic
goods”. This makes form part of creating a new business opportunity that they willingly
undertake conception, organization, and management of a productive activity with all the
possibility of taking risk and seeks profit as a compensation.

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QUALITIES OF AN ENTREPRENEUR
As an entrepreneur you must be a creative innovator who accepts risk in losing profit by
investing your capital. He should know how to generate business and job opportunity, easy to
think of a solution and know how to value its customers. As an entrepreneur you need to
possess some qualities to be successful. Let us now know about the qualities of a successful
entrepreneur. There may be many qualities needed to successfully run an enterprise. However,
the following qualities are considered important.
1. Disciplined
These individuals are focused on making their businesses work and eliminate any
hindrances or distractions to their goals. They have overarching strategies and outline the
tactics to accomplish them. Successful entrepreneurs are disciplined enough to take steps
every day toward the achievement of their objectives.

2. Confidence
The entrepreneur does not ask questions about whether they can succeed or whether
they are worthy of success. They are confident with the knowledge that they will make their
businesses succeed. They exude that confidence in everything they do.

3. Open Minded
Entrepreneurs realize that every event and situation is a business opportunity. Ideas are
constantly being generated about workflows and efficiency, people skills and potential new
businesses. They have the ability to look at everything around them and focus it toward their
goals.

4. Self-Starter
Entrepreneurs know that if something needs to be done, they should start it themselves.
They set the parameters and make sure that projects follow that path. They are proactive, not
waiting for someone to give them permission.

5. Competitive
Many companies are formed because an entrepreneur knows that they can do a job
better than another. They need to win at the sports they play and need to win at the businesses
that they create. An entrepreneur will highlight their own company’s track record of success.

6. Creativity
One facet of creativity is being able to make connections between seemingly unrelated
events or situations. Entrepreneurs often come up with solutions which are the synthesis of
other items. They will repurpose products to market them to new industries.

7. Determination
Entrepreneurs are not thwarted by their defeats. They look at defeat as an opportunity
for success. They are determined to make all of their endeavors succeed, so will try and try
again until it does. Successful entrepreneurs do not believe that something cannot be done.

8. Strong people skills

The entrepreneur has strong communication skills to sell the product and motivate
employees. Most successful entrepreneurs know how to motivate their employees, so the
business grows overall. They are very good at highlighting the benefits of any situation and
coaching others to their success.

9. Strong work ethic

The successful entrepreneur will often be the first person to arrive at the office and the
last one to leave. They will come in on their days off to make sure that an outcome meets their
expectations. Their mind is constantly on their work, whether they are in or out of the workplace.

10. Passion
Passion is the most important trait of the successful entrepreneur. They genuinely love
their work. They are willing to put in those extra hours to make the business succeed because
there is a joy their business gives which goes beyond the money. The successful entrepreneur
will always be reading and researching ways to make the business better. Successful
entrepreneurs want to see what the view is like at the top of the business mountain. Once they
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see it, they want to go further. They know how to talk to their employees, and their businesses
soar as a result.

IMPORTANCE OF AN ENTREPRENEUR
The role of entrepreneurship and an entrepreneurial culture in economic and social
development has often been underestimated. Over the years, however, it has become
increasingly apparent that entrepreneurship does indeed contribute to the economic
development. Transforming ideas into economic opportunities is the crux of entrepreneurship.
History shows that economic progress has been significantly advanced by pragmatic people
who are entrepreneurial and innovative, able to exploit opportunities and willing to take risks.
Entrepreneurs produce solutions that fly in the face of established knowledge, and they always
challenge the status quo. They are risk-takers who pursue opportunities that others may fail to
recognize or may even view as problems or threats. Whatever the definition of
entrepreneurship, it is closely associated with change, creativity, knowledge, innovation, and
flexibility-factors that are increasingly important sources of competitiveness in an increasingly
globalized world economy. Thus, fostering entrepreneurship means promoting the
competitiveness of businesses.
Its importance can be expressed in the form mentioned below:

1) Provides employment to the people. People often hold a view that all those who do not get
employed anywhere jump into entrepreneurship, but in reality, now a days most of the business
are set by those who have other options available with them.

2) Contributes towards research and development system. Almost 2/3rd of all innovations is
due to the entrepreneurs. Without the boom of inventions, the world would have been a much
dry place to live in. Inventions provide an easier way of getting things done through better and
standardized technology.

3) Creates wealth for the nation and for the individuals as well. All individuals who search
business opportunities usually, create wealth by entering entrepreneurship. The wealth created
by them plays a significant role in the development of the nation. The entrepreneurs contribute
to the economy, in the form of products, and services Their ideas, thoughts, and inventions are
also of a great help to the nation.

Importance of Entrepreneurship (www.reference.com)

1. Entrepreneurship generates new wealth in an economy.
2. Entrepreneurship decreases poverty.
3. It creates opportunities, ensures social justice, instills confidence and stimulates the
economy. 4. Entrepreneurship improves productivity
5. Entrepreneurs create jobs.
6. Entrepreneurs innovate.
7. Entrepreneurs create innovation and social change
8. Entrepreneurs give to society

Relevance of Entrepreneurship to SHS Students (www.europeanentrepreneurship.com)

1. To prepare students for livelihood even before college.
2. Entrepreneurship education aids students from all socioeconomic backgrounds to think
outside the box and nurture unconventional talents and skills.
3. Entrepreneurship develops their initiative and helps them to be more creative and self-
confident in whatever they undertake and to act in a socially responsible way.
4. It exposes students to numerous opportunities to learn how to think critically and analyze the
pieces on the board.
5. Being aware of all the important factors and seeing how they affect each other is the
foundation of a smart decision-making process.
6. Students have to be exposed to real-world examples and learn from their own experience.
7. Entrepreneurship education requires students to be innovative, creative and collaborative
with others.
8. Entrepreneurship education provides budding entrepreneurs with the skills and knowledge to
come up with business ideas and develop their own ventures.

FUNCTIONS OF AN ENTREPRENEUR
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 An entrepreneur frequently has to wear many hats. He has to perceive opportunity, plan,
organize resources, and oversee production, marketing, and liaison with officials. Most
importantly he has to innovate and bear risk.
The main functions of an entrepreneur are grouped in three categories:
1. Risk bearing functions,
2. Administrative and decision-making functions, and
3. Distributive functions (responsibility of the organizer).

1. Risk Bearing Function

It is the most important and specific function of an entrepreneur. Every business involves some
amount of risk. The production of goods and services is always related to future demands. The
future demand is uncertain and unpredictable because it is influenced by the changes in fashion
or taste and liking of the consumers. The price structure, value of money, climatic conditions
and government policies are some other important factors that affect the demand of a
commodity. All these factors are variable and as such an exact estimation of future demand is a
difficult exercise to work out. Since this unpredictable task is undertaken by the entrepreneur; he
has to bear the risk. If his estimations prove to be wrong, then in the entire business sphere, no
other factor of production shares the loss incurred by the entrepreneur. It is the main reason
why the entrepreneur becomes entitled for the surplus that is remaining with him from the sale
proceeds of the product, after distributing the shares to other factors. This surplus is termed as
profit of the business.

2. Administrative and Decision-Making Functions

a. Conceiving the Idea of Business

The entrepreneur conceives the idea of a business which suits their nature, skill and resources.
They make a thorough (intensive and extensive) study of the condition of market and business
prospects. After making a thorough study of economic viability, they decides the business that
they has to start.

b. Estimation of Details of Business and Implementation of the Same

After arriving at a conclusion about the nature of business, the entrepreneur works out the
details of business, i.e., what, how and when to produce and from where the resources are to
be arranged. With all these estimations, they make an all-out effort to give a practical shape to
his plans, organizes various factors of production and sets them to function in proper harmony.

c. Supervision and Control of Business Activities

The entrepreneur has to supervise and control the day-to-day business activities to
accomplish the business objectives. For this they properly coordinate between various factors of
production. As the risk (success or failure) of business operations directly affect the economy,
they keep a vision and control on the business affairs and avoids unnecessary expenditures.
They are required to take a numerous decision and has to get these decisions properly
implemented.

d. Innovation
Innovation is one of the most important functions of an entrepreneur. An entrepreneur
uses information, knowledge, and intuition to come up with new products, new methods of
reducing costs of a product, improvement in design or function of a product, discovering new
markets or new ways of organization of industry. Through innovation, an entrepreneur converts
a material into a resource or combines existing resources into new and more productive
configurations. It is the creativity of an entrepreneur that results in invention (creation of new
knowledge) and innovation (application of knowledge to create the new products, services, or
processes).

3. Distributive Functions
The entrepreneur organizes different factors of production and sets them to work. It, therefore,
becomes his responsibility to make proper allocation of funds for each factor of production, i.e.,
each factor of production must be properly remunerated. The remuneration here refers to an
important decision as to what should be the share of each factor of production in the sale
proceeds of the entire product. The remuneration should be just and equitable and the payment
to each factor should be commensurate, so that each factor is fully satisfied. If the factors of
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production remain dissatisfied, they will not be able to deliver their best to the entrepreneur. So,
it is the entrepreneur, who has to ultimately suffer. Hence, it is very essential for the
entrepreneur to perform distributive functions with extreme care and caution.

JOB OPPORTUNITIES FOR ENTREPRENEURSHIP AS A CAREER

The challenging field of entrepreneurship focuses on developing and implementing
modern techniques in a business environment, to efficiently run an organization, manage
employees, develop new products, and improve the overall delivery of goods and services to
customers around the world. Most of the businesses that exist today started out as
entrepreneurial activities, with ambitious individuals capitalizing on a novel business idea they
had.

WHAT KIND OF EDUCATION DO I NEED DO?

Several colleges offer traditional on-campus and online degrees in entrepreneurship
including Bachelor’s, Master’s and Doctoral degrees. Students can specialize in an area such
as industrial management, establishing new ventures and arranging finance, international
business management, strategy development, marketing, venture capital, mergers and
acquisitions and technological innovation. The core curriculum includes subjects such as
microeconomics, entrepreneurship theory, economics of technological change and
organizational theory.

WHAT ARE THE DIFFERENT CAREERS IN ENTREPRENEURSHIP?

The field of entrepreneurship presents unique opportunities, each with its individual
challenges and benefits. A career in entrepreneurship can be made in virtually any field,
depending on your interests. Entrepreneurship graduates can find work as commercial
bankers, franchise operators, research and development executives and business
consultants. Most entrepreneurs, however, remain self-employed, preferring to be their
own bosses. Over the recent years, opportunities have also been growing in IT and
engineering, presenting a varied set of growing prospects to entrepreneurship majors. How long
does it take to start a career in entrepreneurship?
The amount of time it takes to make it as an entrepreneur depends on the field you choose to
venture into. Since entrepreneurs can exist in any sector of the economy, there is a vast and
almost never-ending list of paths to choose from. Therefore, you cannot define a single
timeframe for careers in entrepreneurship.

What are the requirements for a career in entrepreneurship?

The first thing you need to do is find the right business idea and get education according
to it. You will then need to make a business plan and define your target market. Once you have
established these, you should start networking and selling your idea into your targeted market.

How much can I make with a career in entrepreneurship?

The salary figures for entrepreneurs vary according to the field they venture into and
how well their idea sells in the market. If your idea is unique and useful, you might end up
making a lot of money.

Meaning of Entrepreneurship and Entrepreneur (www.investopedia.com,

www.reference.com, www.europeanentrepreneurship.com)
Entrepreneurship is…
 The act of creating a business or businesses while building and scaling it to generate a profit.
 An important driver of economic growth and innovation.
 What people do to take their career and dreams into their hands and lead it in the direction of
their own choice.
 About building a life on your own terms. No bosses. No restricting schedules. And no one
holds you back. An entrepreneur is…
 A person who sets up a business with the aim to make a profit and creates a new business,
bearing most of the risks and enjoying most of the rewards.
 An innovator, a source of new ideas, goods, services, and business/or procedures.
 Playing a key role in any economy, using the skills and initiative necessary to anticipate
needs and bring good new ideas to market.

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Note: Understanding what an entrepreneur is can help more people recognize the value they
contribute to the world. Entrepreneurs take the idea and execute it while entrepreneurship is
about execution of ideas.

Reference: Careers in Entrepreneurship, Entrepreneurship Careers. (n.d.). Retrieved July 21, 2020, from
http://www.excite.com/education/business/entrepreneurship/careers

D. ELABORATE: Activity 3: Picture Analysis…

Directions: Analyze the picture below then answer the corresponding guide questions. Write
your answer in a yellow paper..

https://images.search.yahoo.com

Guide Question: What appropriate product and/or business that can be conceptualized during
this COVID -19 pandemic? Write as many in bullet form in a yellow paper.

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 Activity 4: Enumeration
Directions: Give what is asked in the items below.

Post Test
A. TRUE or FALSE.
Directions: Which of the following statements are True and which are False? Write TRUE
if the statement is true and FALSE if the statement is false.

1. ____________A capital is needed in setting up a business.

2. ____________A business can be started in his residence or rented premises.
3. ____________An entrepreneur should have its business far away from the location of
customers.
4. ____________There is no need for a business to have its workforce.
5. ____________A business can only be run by individuals.
6. ____________Only the rich people can have a business.
7. ____________Sole proprietorship is run by many people.
8. ____________Skilled workers are needed to have a successful business.
9. ____________A retail business should be started near residential area or in a marketplace.
10. ____________ The entrepreneur requires money to buy machinery, building, raw materials
and pay wages.

B. Essay:
Directions: In your own words, explain the different qualities you need to acquire to become a
successful entrepreneur.
1.___________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
_______________________________________________________________________
2.___________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
_______________________________________________________________________
3.___________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
_______________________________________________________________________
4.___________________________________________________________________________
____________________________________________________________________________
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____________________________________________________________________________
_______________________________________________________________________
5.___________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
_______________________________________________________________________
6.___________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
_______________________________________________________________________
7.___________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
_______________________________________________________________________
8.___________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
_______________________________________________________________________
9.___________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
_______________________________________________________________________
10.__________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
_______________________________________________________________________

References:

 Nick L. Adua. (2016) Entrepreneurship in Philippine Setting for SHS. C&E Publishing,
Inc.
 Dr. Eduardo A. Morato, Jr. (2016) Entrepreneurship. Rex Book Store, Inc.
 Careers in Entrepreneurship, Entrepreneurship Careers. (n.d.). Retrieved July 21, 2020,
from http://www.excite.com/education/business/entrepreneurship/careers
 The Balance Small Business. 2020. Identifying Opportunity In New Potential Markets.
[online] Available at: <https://www.thebalancesmb.com/identifying-opportunity-in-new-
potentialmarkets4043634#:~:text=How%20to%20Identify%20Your%20Potential
%20Markets.%20Potential%20markets,target%20demographic%20that%20you
%20currently%20sell%20to%2C%20> [Accessed 21 July 2020].

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 Answer Key

Pre-test
1. F
2. F
3. T
4. T
5. T
6. F
7. T
8. F
9. T
10.T

Activity 1:
Answers may vary

Activity 2:
Explanations/Answers may vary

Activity 3:
Answers may vary

Activity 4:
Answers may vary

Post Test:
A.
1. T
2. T
3. F
4. T
5. F
6. F
7. F
8. F
9. F
10.T

B.
Answers may vary

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