Entrepreneurship

Quarter 3 – Module 1

What’s More
1. Describe entrepreneurship.
 Entrepreneurship is a science of converting ideas into business. It is a process of
actions of an entrepreneur who is always in search of something new to exploit
new ideas into gainful opportunities by accepting the risk and uncertainty of the
enterprise. It is about execution of ideas.

2. What are the three (3) types of entrepreneurial enterprise?

 An enterprise can involve a new concept
 An enterprise can be built on an existing concept, but giving rise to a new
business
 An enterprise can involve an existing concept and an existing business

3. Describe an entrepreneur
 Entrepreneur derived from the French verb enterprendre which means “to
undertake”. They are innovators, willing to take risks and generate new ideas to
create unique and potentially profitable solutions to modern-day problems. They
are those who “undertake” the risk of new enterprise.

4. What are the entrepreneurial traits? Discuss its importance to the success
of the business venture.
 Initiative - does things before being asked
 Proactive - identifies and utilizes opportunities
 Perseverance - works against all odds to overcome obstacles and is never
complacent with success
 Problem-solver - introduces innovative solutions to any obstacles and problems
in the enterprise
 Persuasion - convinces customers an financiers to patronize his business
 Self-confidence - makes decisions and sticks to his decisions
 Self-critical - learns from his mistakes and from experiences of others
 A planner - collects information, prepares a plan, and monitors performance
 Risk-taker - willing to take calculated risks
 Creativity - the ability to come up with clever, workable solutions

 Business like Attitude - possessing the knowledge of your chosen business and
having the savvy to conduct business
  Confidence - having a firm belief in your own capabilities and your chances of
success
 Relation Skills - the ability to get along with others, to inspire cooperation,
confidence and loyalty
 Communication Skills - the ability to express yourself and to understand others
so that ideas can be shared
 Ability to Make Decisions - the talents to analyze complex situations and draw
conclusions that will make the business succeed

5. What are the relevance of entrepreneurship? Discuss how important it is in

the country.
 Development of managerial capabilities - These managerial capabilities are used
by entrepreneurs in creating new technologies and products in place of older
technologies and products resulting in higher performance.
 Creation of organizations - Entrepreneurship results in the creation of
organizations when entrepreneurs assemble and coordinate physical, human
and financial resources and direct them towards achievement of objectives
through managerial skills.
 Improving standard of living - Entrepreneurship helps in making a wide variety of
goods and services available to the society which results into higher standard of
living for the people. Possessions of luxury cars, computers, mobile phones,
rapid growth of shopping malls, etc. Point to the rising living standard of people.
All these are due to the efforts of entrepreneurs.
 Means of economic development - Entrepreneurship involves creation and use of
innovative ideas, maximization of output from given resources, and development
of managerial skills. All these factors are essential to the development of a
country.

What I Have Learned

1. Entrepreneurship is a science of converting ideas into business.
2. Entrepreneurship is a process of actions of an entrepreneur who is always in search
of something new to exploit new ideas into gainful opportunities by accepting the risk
and uncertainty of the enterprise.
3-6. Entrepreneur derived from the French verb enterprendre which means “to
undertake”. They are innovators, willing to take risks and generate new ideas to create
unique and potentially profitable solutions to modern-day problems.
7. Entrepreneurship helps in identifying and developing managerial capabilities of
entrepreneurs.
8. Entrepreneurship results in the creation of organization when entrepreneurs
assemble and coordinate physical, human and financial resources and direct them
towards achievement of objectives through managerial skills.
9. Entrepreneurship helps in making a wide variety of goods and services available to
the society which results into higher standard of living for the people.
10. Entrepreneurship involves creation and use of innovative ideas, maximization of
output from given resources, and development of managerial skills. All these factors are
essential to the economic development of a country.

What I Can Do
Activity 3 “If Given A Chance”
If I have given a chance to start a business this pandemic time, my top 3
business I would be interested to get into is to sell dresses online, sell Korean foods and
to offer services as wedding planner. Nowadays selling dresses, tops and shorts is
hyped in social media. Filipino also love to eat Korean foods, aside from the fact that it
is healthy, it is also delicious and Filipinos love to watch Korean dramas. This pandemic
time a lot of people wants to get married with their boyfriend/girlfriend since they don’t
see them often because of lockdown and quarantine.

Activity 4 “My Observation towards Business Enterprises within the Vicinity”

1. Type 1: New concept and/or new business.
a) Name of business: Brilliant Essentials
b) New Product: Brilliant Skin Essentials Rejuvenating Toner
c) Type of Product: Skin Care product (Facial Cleanser)
2. Type 2: Existing Concept or New/ Business
a). Name of business: KojieSan Beauty Ventures
b). New Product: DreamWhite Anti- Aging Soap
c). Type of Product: Skin Care product (Anti-aging soap)
d.) What’s new in the business? The KojieSan “Kojic’’ whitening soap has a new
product which is the DreamWhite Anti-aging soap.
3. Type 3: Existing concept and existing business.
a.) Name of business: Fiftea
b.) New Product: Charcoal Roasted Olongu Tea
c.) Type of Product: Beverages
d.) What’s new in the business: The Fiftea release a new tea which is the Charcoal
Roasted Olongu Tea.

Activity 5 “My Inspiration”

Entrepreneur’s Name: Vicky Belo

Name of the Business: Belo Medical Group

Business Success Story Earning a Bachelor of Science degree in Psychology from the
University of the Philippines Diliman in 1978, she then enrolled
at the University of Santo Tomas for her degree in Doctor of
Medicine in 1985. She also obtained a Diploma in Dermatology
in Bangkok, Thailand in 1990.

It was in 1990 when Dra. Belo founded her first clinic at the
Medical Towers in Makati. As the first to introduce liposuction
and lasers in the Philippines, Dra. Belo’s Belo Medical Group
was also the first accredited “ambulatory cosmetic surgi-centre
in the Philippines.” One clinic then multiplied to over ten
branches in Metro Manila, and one each for Cebu and Davao.

Apart from being the brains behind the success of the Belo
Medical Group, Dra. Belo is active in being a lecturer/speaker in
several organizations related to cosmetic surgery not only in the
Philippines, but also abroad. To date, Belo is a member of the
American Society of Dermatologic Surgery (ASDS),
International Society of Cosmetic Laser Surgeons (ISCLS), and
more.

How this entrepreneur In an interview by Cosmopolitan Philippines with Dra. Belo, the
come up with his venture doctor said that she was a victim of bullying in her childhood
years. She was teased for being ugly and fat, which made her
all the more interested in the field of beauty. She dreamt of
becoming someone who could make people feel beautiful and
loved, which led her to be in the medical profession, particularly
 in the field of dermatology.

What made this According to the known dermatologist, just like any other
entrepreneur to teenagers who went through the puberty stage, she also used
succeed? to have a lot of acne and breakouts when she was 16, but she’s
not ashamed to admit it.

However, this problem lasted until her late 30s. Belo said that
she had been a victim of bullies at school because of being
overweight back then. She said that these problems took a real
blow on her self-esteem, reported GMA News.

But instead of entertaining her insecurities, Belo took this as an

opportunity to fix herself. Her acne problems prompted her to
find a cure, which she never thought would bring her success.
Aside from physical enhancements, Belo also maintains a
healthy body by eating healthy food and having regular
exercise.

Traits I want to emulate The traits that I want to emulate from this entrepreneur is being
from this entrepreneur a planner, initiative, and having a perseverance which works
against all odds to overcome obstacles and is never complacent
with success.

Lessons I learned from The thing that I learned from her success story is that, we have
this entrepreneur’s to see failure as the beginning and the middle, but never
success story entertain it as an end.

Activity 6 “Overcoming the Unexpected Challenge”

Question:
1. If you are an entrepreneur during this time of pandemic, what are the practical ways
you need to do to help prevent the severely disrupted global market which affect the
economic development of the country?
As an entrepreneur during this time of pandemic, the practical ways I need to do
to help prevent the severely disrupted global market is to invest in technology and
infrastructure to support remote work and virtual collaboration capabilities. A pandemic
requires employees to stay home to limit exposure and to prevent or slow down the
spread of the disease, requiring the activation of remote working capabilities. Unlike an
occasional weather event, which may prompt some employees to work remotely, a
pandemic may lead to a complete shutdown of the entire facility in an area, forcing a
high number of employees to work remotely for an extended duration. This may in turn
result in heavier-than-normal traffic on remote connectivity networks, causing capacity
and load access issues. Companies should invest in tools to enable personnel to work
remotely and collaborate virtually, assess their current bandwidth to support remote
work, perform periodic network stress testing and identify workarounds for critical tasks
that are not executable from home. It is worth noting that while remote working is a
viable option for the service sector, it does not work as well for manufacturing, thus
resulting in critical impacts on product supply chains. Consider the systemic nature of
pandemics when designing response strategies. Companies must challenge and stretch
the boundaries for traditional resilience plans to address pandemic events. During a
pandemic, some of the standard strategies such as work transfer to alternate sites,
relocation of workforce and staff augmentation may not be viable options as personnel
and alternate locations/sites may be just as impacted by the event. Additionally,
degradation or limited availability of core infrastructure such as mass transit,
telecommunications and internet may pose further challenges to activating plans and
strategies. Companies must carefully design distinct strategies; for instance, inter-
affiliate contracts to subcontract work to or alternate supply chain vendors to overcome
these barriers, and especially plan around areas of high manual intervention and
concentration risks, including single points of failure. Companies should validate that
contracts between country-to-country affiliates are in place to reduce uncertainty of
terms, rates, payments and regulatory requirements; data-sharing agreements are
addressed within the contracts (e.g., General Data Protection Regulation requirements);
and, as required in regulated industries, appropriate licenses are in place to conduct the
additional work. Further, downstream dependencies should be considered. For
example, if contractor onboarding is concentrated in the impacted region, capabilities in
other locations that could be quickly mobilized should be entertained.

ASSESSMENT
1. A
2. D
3. A
4. A
5. D
6. D
7. A
8. B
9. B
10. B
11.C
12. C
13. B
14. D
15. B
Additional Activities
Name of Business Product/Services Improvements in the
Place
1. Mang Inasal Chicken Inasal It is the people’s comfort
food, especially Chicken
Inasal - with its distinct
taste that Pinoys have
grown and continue to
love. Famous for its native-
style and “nuot-sarap”
Chicken Inasal with its
pioneering “unlimited rice”

2. Limor Power Cycle Motorcycle parts and The improvements in our

Accessories retailers place that these
businesses have
contributed is that, our
place was become the
landmark of motorcycle
parts. Many people go
there to buy some
motorcycle parts for their
motorcycle and others
sees motorcycles as
efficient and cost-effective
for both personal and
business needs. With easy
access to credit, sales
potential in the country is
promising. Consumers are
able to buy motorcycles at
reasonable prices, with
many investors
specializing in semi-
knocked down units.

3. Boba Rama Boba Milktea The improvements in our

place that these
businesses have
contributed is that, it
becomes a tourist
attraction it’s because
Boba Rama is located in
our place.