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ENTREPRENEURSHIP
Name of Learner: ______________________ Grade/Section: ___________
Date: ________________________ Quarter: _________________

LEARNING ACTIVITY SHEET 6-10

ENTREPRENEURSHIP DEVELOPMENT

What is Entrepreneurship Development?

Entrepreneurship Development is defined as a process of enhancing the skillset and
knowledge of entrepreneurs regarding the development, management and organization
of a business venture while keeping in mind the risks associated with it. This is carried
out through training programs and sessions which are aimed at accentuating
entrepreneurial acumen. Pursuing this field as a career, you will be working towards
facilitating skill development amongst budding entrepreneurs and assisting them to
tackle their struggles with building their businesses.

Entrepreneurship Development: Process

Entrepreneurship development is a strategic process which incorporates various tools
that concentrate on skill development of the individual in an array of ways. Given below
is a detailed guide of creating an effective entrepreneurship development program to
help you understand what it’s all about:

Setting an Objective of the Program

Before starting the entrepreneurship development program, it is imperative to set a

clear objective and draft a plan as to what the program is aiming to accomplish. As
someone who is organizing this program, having a clear direction and objectives play an
important role in making it a success. The absence of both will result in loss of time,
money, effort and most of all, valuable potential of the individual.

Finding the Right Mentors/Training Professionals

The entrepreneurship development program’s main purpose is to help aspiring

entrepreneurs furnish their talents and learn the intricacies of operating a business. For,
this you will require trained professionals who are experienced in this domain and can
impart their own life lessons to those who are just starting or facing difficulties. Seek
help from established entrepreneurs around you and ask them if they can conduct a
session or find those who have pursued a professional qualification in this field and
enroll them for the session.

Identify Potential Local Talents and Markets

The entrepreneurship development process has been efficient and effective in the local
markets and on the local entrepreneurs who know about it. If you have planning to
conduct sessions and programs related to this, the best way to begin is to reach out to
local markets. These localities can understand and absorb the knowledge more quickly
and can apply it in the current scenario, the effects of the program can easily and
quickly be seen within the community.

Choosing the right location to conduct the program

 For any successful event, the choice of location and resources plays an imperative role.
These developmental programs must be launched in the areas where the program can
attract a large number of people, who want to take advantage of the program.

Tie Up with Institutions

In order to give a real-world experience to the aspirants and cater to people in various
different fields, many a time these entrepreneurship development programmes involve
tie-ups with several NGOs, private institutions and universities. This will help you
organise better set-ups for the entrepreneurs to meet, communicate and exchange their
ideas.

Assess Effectiveness & Seek Feedback

At the conclusion of your entrepreneurship development session, ensure that you ask
people for their honest feedback and how it could have been better. Analyse how
effective it has been to help budding entrepreneurs find solutions to their issues. Be
open to constructive criticism and try to incorporate important pointers into the next
program.

The 4 entrepreneurial stages: Their challenges and the solutions

 Stage 1: Inspiration and ideation.
 Stage 2: Execution.
 Stage 3: Scaling the business.
 Step 4: Reaching the top of the mountain.

THE FOUR ENTREPRENEURIAL STAGES:

THEIR CHALLENGES AND THE SOLUTIONS:

Being an entrepreneur is stressful, no doubt about it. Like most things, it doesn’t
happen overnight. Instead it’s a journey with many stages, each posing different
challenges. The key to success through it all, is aligning with programs and resources
that can help your journey stay on track. Let’s start with Stage 1: the beginning.

Stage 1: Inspiration and ideation

This stage is where entrepreneurs have their first brilliant idea. It typically involves
identifying a problem, an opportunity or gap in the marketplace, which leads to a
profitable business opportunity. The first real challenge at this stage is thinking of a
good idea, because without it, there’s no entrepreneurial journey.
Next, it’s vital that whatever idea you come up with, the idea is profitable and viable over
the long-term, in order to develop a successful business.
A perfect example of this is Elon Musk, who has successfully developed profitable ideas
that fill gaps in certain markets with companies like Tesla and SpaceX. Throughout his
journey, he has taken risks and put virtually everything he has financially into ideas he’s
passionate about, and as a result, today owns a number of very profitable, very
successful businesses.
Before investing time or money, be sure the business idea has legs. CB
Insights research shows that the number-one reason businesses don’t succeed is
because there’s no market need for them, with 42% of businesses failing because of
this reason. Test the idea and get feedback early, to ensure there’s market interest.
Dell Technologies’ Project Innovate is a great way to get input from a community of
creatives and innovators. This site is designed specifically to share ideas to see how
people respond. It’s the perfect way to get free neutral, non-biased advice quickly and
easily. No expensive focus groups and no relying on family and friends who might just
tell you what you want to hear. It contains useful content on ideas, active projects, and
more.
Stage 2: Execution
Next, it’s time to execute on the business idea. To get the ball rolling, it’s critical to
determine how to collect resources, as well as find and attract the right people to help.
Moving from perfecting the idea to implementing it can be a struggle.
Part of Bill Gates’ success comes from partnering with the right resources (namely, his
childhood friend Paul Allen) and having access to technology (in Harvard University’s
computer lab) to perfect his skills. After reading about the world’s first microcomputer,
Bill and Paul worked to write programs for it. After proving successful, they founded
Microsoft with a vision to put “a computer on every desktop and in every home.” Today,
its mission is to empower every person and every organization on the planet to achieve
more.
There are many resources available to help turn a good idea into something tangible.
Members of the Dell Technologies’ Project Innovate community include entrepreneurs
who want to help others succeed in achieving their business goals and can recommend
good resources.
Additionally, Dell for Entrepreneurs offers the opportunity to partner with Dell
Technologies from an early stage, offering free technology consultation, support, and
infrastructure to support business growth. Entrepreneurs can realize the following
benefits:
1. Access to capital for technology through Dell Technologies Financial Services,
which can offer financing for start-up companies that meet certain requirements.
2. A one-stop-shop for the technology and support that entrepreneurs need to start
or scale their businesses.
3. A start-up IT advisor, a single point of contact providing IT recommendations
based on the entrepreneur’s specific IT infrastructure needs and growth strategy.
4. Rewards for Dell Technologies entrepreneurial partners including free expedited
delivery, exclusive offers, and more.
Stage 3: Scaling the business
Ideas start small, growing over time with effort. At a certain stage — with the right
business and a market that’s ready for it — it’s time to scale up. The limits of scaling
can be almost unimaginable, if your market can support such growth.
Scaling a business into a bigger operation presents challenges in that it requires more
funding, more staff, more facilities, and more factors you may not even have
considered. Additionally, a larger operation means more competition to gain customers
and earn revenue on a much larger scale. According to The Hill, there are 582 million
entrepreneurs in the world – some of whom may be targeting the same markets. So
consider what other companies in the same space are trying to do with their product or
service, and establish a competitive advantage that separates your business from the
rest.
The first step here should be doing deeper research into the market to ensure there’s
space for the business to grow and enough customers to support the increase in
operations. If the answer is no to either question, the revenue potential may not justify
the growth, so ensure you do your due diligence.
Remember that even McDonald’s, the world’s largest restaurant chain by revenue,
started small. The first McDonald’s was opened in 1940 in San Bernardino, California,
where over time, they introduced their Speeded Service System featuring 15 cent
hamburgers. The restaurant’s success led the owners to begin franchising their
restaurant concept and now there are more than 36,000 outlets in 100 countries around
the world.
Step 4: Reaching the top of the mountain
Reaching the top of the mountain is a mighty achievement, worthy of taking a breath
and enjoying the success. Keep the celebration short because reaching the top means
facing the prospect of going back down the other side. It’s a challenge to stay at the top
by maintaining your market position or finding ways to gain market share.
The challenge in this stage is that companies reaching maximum saturation typically
struggle to remain innovative. Fifteen years ago, Blockbuster was at the peak of the
video rental mountain with 9,000 stores globally, but failed to continually innovate.
Competition from the Netflix mail-order service, Redbox automated kiosks, and video
on-demand services were among the major factors leading up to Blockbuster’s eventual
demise and bankruptcy.
Entrepreneurs start the journey with vigor, passion, and excitement. After the
entrepreneur journey takes its toll, many lose the passion and drive for progress,
preferring to try and hold onto what they’ve achieved. Often, this results in a company
that is almost indistinguishable from competitors, and is often overtaken by newer, more
passionate competitors.
The goal at this stage is to keep that entrepreneurial spirit — the one the business is
built upon — alive and well. That passion is what will propel the company’s future
success.
Each stage of the entrepreneurial journey has its own unique challenges and solutions.
Fortunately, there are great resources like Project Innovate and Dell for
Entrepreneurs to help you be inspired and learn from other entrepreneurs who prioritize
new ideas, progress, and innovation.

5 TAKEAWAYS ON THE IMPORTANCE OF ENTREPRENEURSHIP

Entrepreneurship can be considered a national asset, and entrepreneurs are the drivers
of that asset for any country. It is a dynamic process that not only increases wealth and
but can also create value that results in improved well-being. 
Entrepreneurship plays an important role in changing society, so it makes sense to
cultivate, motivate, and remunerate this greatest asset to the greatest extent possible. 

 Importance of Entrepreneurship
In entrepreneurship, unutilized resources, labor, and capital are utilized most
efficiently. Entrepreneurs take on risks in the hopes of making profit, or in the case of
social entrepreneurship, of solving a problem facing communities. So the significance of
entrepreneurs and the role of entrepreneurship go beyond the business world. The
importance of entrepreneurship is so broad that it’s quite tough to explain all the aspects
of it in a short blog post. However, I would like to shed some light on the importance and
role of entrepreneurship in economic development and society. 
 
1. Entrepreneurship Accelerates Economic Growth
Entrepreneurs are important to market economies because they can act as the wheels
of the economic growth of the country.
By creating new products and services, they stimulate new employment, which
ultimately results in the acceleration of economic development. So public policy that
encourages and supports entrepreneurship should be considered important for
economic growth. 
A large number of new jobs and opportunities are created by entrepreneurship.
Entrepreneurship creates a huge amount of entry-level jobs that are very much
important to turn unskilled jobholders into skilled ones. It also prepares and provides
experienced workers to large industries. The increase in the total employment of a
country largely depends on the rise of entrepreneurship. So the role of entrepreneurship
in creating new job opportunities is huge. 
By bringing innovation to every aspect of businesses, entrepreneurial ventures enhance
production utilizing the existing resources in the most effective ways.
Entrepreneurs develop new markets by introducing new and improved products,
services, and technology. Thus, they help generate new wealth and add more to the
national income. So the government can offer the citizens more national benefits.
 
2. Entrepreneurship Promotes Innovation
Through the right practices of research and development, entrepreneurs bring new
innovation that opens the door of new ventures, markets, products, and technology.
Entrepreneurs have a role to play in solving problems that existing products and
technology have not yet solved. So by producing new products and services or
bringing innovation to existing products and services, entrepreneurship has the potential
to improve peoples’ lives. 
 
3. Entrepreneurship Can Promote Social Changes 
Entrepreneurs change or break the tradition or cultures of society and reduce the
dependency on obsolete methods, systems, and technologies. Basically, entrepreneurs
are the pioneer of bringing new technologies and systems that ultimately bring changes
to society. These changes are associated with improved lifestyle, generous thinking,
better morale, and higher economic choice. In this way, social changes gradually impact
national and global changes. So the importance of social entrepreneurship must be
appreciated. 
At Duke, the Innovation and Entrepreneurship Initiative has a special program aimed
specifically at Social Innovation. The program is “building upon and extending the
strengths of the university to create a transformational learning environment to
inspire, prepare, and support entrepreneurial leaders and scholars to turn
knowledge into action in pursuing innovative solutions to the world’s most
pressing problems.” 
For example, one of the most recent projects of the initiative is the Duke-UNICEF
Innovation Accelerator, which is focused on entrepreneurship for menstrual health and
hygiene for women and girls in vulnerable communities in three African countries.
 
4. Entrepreneurship Promotes Research and Industrial Development 
Along with producing new business ideas and thinking out of the box, entrepreneurs
also promote research and development. They cultivate their ideas, shape them into a
new form, and turn them into a successful business endeavor. 
Entrepreneurs are a special kind of people, they are always working to discover new
ideas and improve existing ones. But their impact extends beyond their own companies
and ventures: when an entrepreneur develops a new product, service, or idea, others
often follow (and sometimes even further refine the ideas).
Innovation and industry is accelerated through the combined action of entrepreneurs.
They can motivate each other, share ideas and inspiration, and share planning to
establish new industries. The change of the existing industrial climate opens the doors
for others at the same time.  Therefore, we see that the importance of entrepreneurship
to the economy is multi-functional.
 
5. Entrepreneurship Develops and Improves Existing Enterprises
We often think of entrepreneurs as inventing totally new products and ideas, but they
also impact existing business. Since entrepreneurs think differently, they can come up
with innovative ways to expand and develop the existing enterprises. For example,
modernizing production processes, implementing new technology in the overall
distribution and marketing processes, and helping the existing enterprises to utilize
existing resources in more efficient ways.  
To sum up, supporting and promoting entrepreneurship can have a positive impact on
the country’s economy and even existing businesses, and social entrepreneurship
increases the likelihood of finding innovation solutions to social challenges faced by
communities around the world. 

Prepared By:

Mrs. Emperatriz V. Cruz

Subject Teacher
Note: Practice Personal Hygiene Protocols at all times