Entrep - Module 1 - Introduction and Roles of Entrepreneurship

ENTREPRENEURSHIP 1st Trimester SY 2021-2022
Governor Pack Road, Baguio City, Philippines 2600

Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268 Grade Level/Section: Grade 12
Email: email@uc-bcf.edu.ph; Website: www.uc-bcf.edu.ph
MODULE 1 – ENTREP Subject Teacher: Kenny Jones A. Amlos
INTRODUCTION AND ROLES OF ENTREPRENEURSHIP

I. Objectives
The learner should be able to:
● define entrepreneurship;
● discuss the relevance of entrepreneurship;
● explain the key concepts of common competencies and core competencies in
entrepreneurship;
● enumerate the characteristics of Entrepreneurship; and
● explain the value of learning about Entrepreneurship.
II. Discussion
INTRODUCTION TO ENTREPRENEURSHIP
What is ENTREPRENEURSHIP?
● Having profits from bearing uncertainty and risk. (Knight,1921)
● Carrying out of new combinations of firm organization- new products, new services, new
sources of raw materials, new methods of production, new markets, new form of
organization. (Schumpeter, 1934)
● Behavior rather than personality traits. Its foundation lies in concept and theory rather
than intuition. (Drucker, 1985)
● Dynamic process of vision, change, and creation that requires an application of energy
and passion toward the creation and implementation of new ideas and creative
solutions (Kuratko, 2009)
● Conceiving an opportunity to offer new or improved goods or services, showing the
initiative to pursue that opportunity, making plans, mobilizing the resources necessary to
convert the opportunity into reality. (Dyck and Neubert, 2012)
COMMON ELEMENTS OF ENTREPRENEURSHIP

● Innovation
● Opportunity seeking and exploitation
● Resource mobilizing
● Encountering risks and uncertainties
● Economic and personal rewards
What is an Entrepreneur?
- Someone who creates and runs a business is called an entrepreneur.
- When an entrepreneur starts a new business, risk is involved. Risk is the chance of losing
something.
- Because employees work for someone else and entrepreneurs work for themselves,
entrepreneurs risk more than employees.
- Small firms employ about half of the Philippines private work force, and they create
around 64 percent of all new jobs.
- One way you can gain a sense of what business is like is by investigating an internship,
or apprenticeship.
Why be an Entrepreneur?
- The biggest reward of becoming an entrepreneur is the personal satisfaction that
comes from having the freedom to make your own business decisions and then act on
them.
- Making Your Own Rules. When you own a business, you get to be your own boss.
- Doing Work You Enjoy. Since the majority of most peoples’ lives is spent working, why not
spend that time doing something you enjoy?
- Creating Greater Wealth. There’s no limit to what an entrepreneur can make.
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- Helping Your Community. Being an entrepreneur lets you make your community and
world a better place.
Risks of Being an Entrepreneur

- Potential Business Failure. Being fully responsible means the
success or failure of your business rests on you.
- Unexpected Obstacles. Problems can happen that you don’t
expect.
- Financial Insecurity. Many new businesses don’t make much
money in the beginning, so you may not always be able to pay
yourself.
- Long Hours and Hard Work. It’s not unusual for entrepreneurs
to work a lot of extra hours to make their businesses successful. This
is especially true during the initial start-up process.
GREAT IDEAS FOR STARTING THINGS

- Since Entrepreneurship is both a privilege and risk, here are some ideas to start things. This
may apply not only in business but also in starting new things in our life.
1. MAKE MEANING
Meaning is NOT about MONEY, POWER or PRESTIGE but meaning are to: a) make
the world a better place; b) increase the quality of life; c) right a terrible wrong; and d.)
prevent the end of something good.
2. MAKING MANTRA
Business Mantra: A guiding principle that supports your values, informs decisions
and inspires action throughout the life of the business.
3. DECISION MAKING
What entrepreneurs plan about are:
● Alternatives
● Uncertainty
● High risk consequences
● Interpersonal issues
● Complexity
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Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
CHARACTERISTICS OF ENTREPRENEURS AND ROLES OF ENTREPRENEURSHIP TO ECONOMIC

DEVELOPMENT AND SOCIETY
Importance of Entrepreneurship
● Creates employment
Entrepreneurs create employment opportunities not only for themselves but for
others as well.
● Develops new market
Entrepreneurs seek for new buyers or customers of their product
● Introduces Innovation
Due to innovation, other businesses fold, while others will open or flourish.
● Generates new sources of materials
Entrepreneurs are always in constant search for better and cheaper sources of
materials they need.
● Stimulates investment interest in new business ventures
When entrepreneurs engage in a new business, it stirs curiosity for other people to
invest in the business because of the benefits it offers
● Improves the Quality of Life
The new product and services developed by the entrepreneur contribute to the
increase in the personal benefit and convenience of people in the society
● Serves as Role model
Entrepreneurs are people to be emulated by younger generations in the
community and society at large
● Brings Social benefits to the people
Entrepreneurs pay taxes for every product or service sold in the market
● Utilizes and mobilizes indigenous resources
Small and medium enterprises will always look for cheaper and local materials to
supply their needs.
● Provides more alternatives for consumers
Requires the entrepreneurs to come up with more products and services
consumers can choose from.
Entrepreneurial competencies
- Refers to the key characteristics that should be possessed by successful or budding
entrepreneurs in order to perform entrepreneurial functions effectively.
- It can be defined as characteristics such as generic and specific knowledge, motives,
traits, self-images, social roles, and skills that result in venture birth, survival, and/or
growth.
Personal Competency is often defined as the extent to which an individual has satisfactorily met
the task requirements for their job.
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1. LEADERSHIP acts as a distinct area for both Research an Practice. It raises many
questions about the personal competencies of Entrepreneurial leaders that enable them
to successfully lead entrepreneurial endeavors.
2. MOTIVATION is regarded as the inner state that energizes activities and directs or
channels behavior towards the goal. It can also be seen as a process that arouses action,
sustains the activity in progress and that regulates the pattern of activity.
3. ENTREPRENEURSHIP MEANS RISK. Risk can be defined as possibility of failure or loss or other
adverse consequences in pursuing some activity or venture. Risk bearing and
entrepreneurship are inseparable from each other.
4. DECISION MAKING is all about employing one’s mental processes to come up with a final
choice after careful consideration of several options or alternatives.
Characteristics of Successful Entrepreneurs

Self-assessment – evaluating your strengths and weaknesses – is an important part of
becoming an entrepreneur.
- An aptitude is a natural ability to do a particular type of work or activity well.
- An attitude is a way of viewing or thinking about something that affects how you feel
about it. Entrepreneurs tend to be people with positive attitudes.
Personal Characteristics
Courage Creativity Curiosity Determination Discipline Empathy Enthusiasm
Flexibility Honesty Patience Responsibility
Below are a few important characteristics/traits/attributes of a good entrepreneur:

● Hardworking: One of the important characteristics of a good entrepreneur is
hardworking. This means working diligently and being consistent about it. Hardworking
people keep improving their performance to produce good products and/or provide
good services.
● Confident: Entrepreneurs have self-reliance in one’s ability and judgment. They exhibit
self-confidence to cope with the risks of operating their own business.
● Disciplined: Successful entrepreneurs always stick to the plan and fight the temptation to
do what is unimportant.
● Committed: Good entrepreneurs assume full responsibility for their business. They give full
commitment and solid dedication to making the business successful.
● Ability to accept change: Nothing is permanent but change. Change occurs frequently.
When you own a business, you should cope with and thrive on changes. Capitalize on
positive changes to make your business grow.
● Creative: An entrepreneur should be creative and innovative to stay in the business and
in order to have an edge over the other competitors.
● Has the initiative: An entrepreneur takes the initiative. You must put yourself in a position
where you are responsible for the failure or success of your business.
● Profit-oriented: An entrepreneur enters the world of business to generate profit or
additional income. The business shall become your bread and butter. Therefore, you must
see to it that the business can generate income.
Skills
A skill is an ability that’s learned through training and practice.
Business Skill Communication Skill Computer Skill Decision-Making and Problem-
Solving Skills Mathematical Skill Organizational Skill People Skills
Listed below are the important skills of a successful entrepreneur:

● Excellent planner: Planning involves strategic thinking and goal setting to achieve
objectives by carefully maximizing all the available resources. A good entrepreneur
develops and follows the steps in the plans diligently to realize goals. A good
entrepreneur knows that planning is an effective skill only when combined with action.
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● Possesses people skills: This is a very important skill needed to be successful in any kind of
business. People skills refer to effective and efficient communication and establishing
good relationships with the people working in and out of your business. In day-to-day
business transactions, you need to deal with people. A well-developed interpersonal skill
can make a huge difference between the success and failure of the business.
● Sound decision maker: Successful entrepreneurs have the ability to think quickly and to
make wise decisions towards a pre-determined set of objectives. No one can deny that
the ability to make wise decisions is an important skill that an entrepreneur should possess.
Sound decisions should be based on given facts and information and lead towards the
pre-determined objectives.
Workplace competency is defined as “the application of knowledge, skills, attitudes, values,

and behaviors” in the workplace.
1. Team Work
2. Organizing and Planning
3. Problem Solving and Decision Making
4. Networking
Increasing Your Potential

Increase your business and entrepreneurial potential by focusing on six specific areas.
• Business Knowledge. Reading magazine and newspaper articles, searching the

Internet, and talking to business owners.
• Financial Skills. Strengthen your math skills.
• Career Exploration. Evaluate your strengths and weaknesses, explore careers that
interest you.
• Community Awareness. Look for volunteering opportunities and find out if any
companies in your area provide internship programs.
• Education. Obtaining a good education benefits you personally and open doors to
more career opportunities.
• Relationships. Spend time with people who believe in you and inspire you
“If you want to become wealthy, you need to be aggressive.”

“If you want to be an entrepreneur, you have to be aggressive.”
“If you want to be great employees — not just
mediocre ones — you have to be aggressive.”
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Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
References
Aduana, Nick L. (2016). Entrepreneurship in Philippine Setting for Senior High School. Quezon
City: C & E Publishing.
Bamford, C.E. and Bruton, G.D. (2011). Entrepreneurship: A Small Business Approach. New
York: McGraw-Hill Companies, Inc.
Barringer, B.R. and Ireland, R.D. (2016). Entrepreneurship: Successfully Launching Business
Ventures. Essex: Pearson Education Limited.
Go, J. and Go, C.E. (2018). Entrepreneurship: Starting and Enterprise. Having an Innovation
Mindset. Quezon City: Josiah and Carolina Go Foundation, Inc.
Kuratko, D.F. (2012). Entrepreneurship: An Introduction. Pasig City: Cengage Learning Asia
Pte Ltd.
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ENTREPRENEURSHIP 1st Trimester SY 2021-2022

Governor Pack Road, Baguio City, Philippines 2600

MODULE 1 – ENTREP Subject Teacher: Kenny Jones A. Amlos

INTRODUCTION AND ROLES OF ENTREPRENEURSHIP

COMMON ELEMENTS OF ENTREPRENEURSHIP

MODULE 1 – ENTREP Subject Teacher: Kenny Jones A. Amlos

Risks of Being an Entrepreneur

GREAT IDEAS FOR STARTING THINGS

MODULE 1 – ENTREP Subject Teacher: Kenny Jones A. Amlos

CHARACTERISTICS OF ENTREPRENEURS AND ROLES OF ENTREPRENEURSHIP TO ECONOMIC

MODULE 1 – ENTREP Subject Teacher: Kenny Jones A. Amlos

Characteristics of Successful Entrepreneurs

Below are a few important characteristics/traits/attributes of a good entrepreneur:

Listed below are the important skills of a successful entrepreneur:

MODULE 1 – ENTREP Subject Teacher: Kenny Jones A. Amlos

Workplace competency is defined as “the application of knowledge, skills, attitudes, values,

Increasing Your Potential

• Business Knowledge. Reading magazine and newspaper articles, searching the

“If you want to become wealthy, you need to be aggressive.”

MODULE 1 – ENTREP Subject Teacher: Kenny Jones A. Amlos

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