Entrepreneurship SENIOR

HIGH
SCHOOL

Self-Learning
Module

Review Q

of
Entrepreneurship
 RECAP
Below are two-word clouds. Entrepreneurship and an entrepreneur.
Create a definition by using the terms around Entrepreneurship and
Entrepreneur. Write your answer below the word cloud.

The terms in the word cloud comprise the concept of Entrepreneurship and
Entrepreneur.

LESSON
The picture is a typical sari-sari store that you can
find in every society, what is the effect of its
presence in your community?
 Fig
1:https
://ww This module will teach you the fundamentals
w.goo of entrepreneurship starting with the role it plays in
gle.co
m/ society and the economy. Besides you will also know
key concepts of common and core competencies that
require skills to become a successful entrepreneur. Compared to being an
employee, you will understand the pros and cons of being an entrepreneur.

In the time of COVID-19 pandemic situations, many people lost their jobs
that is why some people are seeking business opportunities in to provide their
family needs. This allows people to be an entrepreneur without proper knowledge
or experience. One example of a booming industry these days is an online
business that is helpful to augment the basic needs of the family. The relentless
pursuit of new things specifically in terms of business made each family work on
their best. Thus, to survive the main objective of business lies in the ability to earn
profits from producing, selling, and buying commodities. This situation changed
the whole business paradigm.

Who is an Entrepreneur?

The term “entrepreneur” has a French source

and was coined from the words entre, which means
“between,” and prendre, which means, “to take.”

An entrepreneur is a unique individual withFigure the1 https://www.google.com/

innate ability and
extraordinary dedication to establish and manage a business, recognizing all
the risks, and reaping their rewards. It is not a career that anyone will simply
jump into after you plan to do so. It needs a diverse business experience to be
called one, ranging from advertising and marketing knowledge to versatility in
operations, and financial skills.

 “Someone who recognizes opportunities, strategies, mobilizes resources,

manages, and accepts the risks of a business to have a positive impact on
society.”
 The person behind the entrepreneurship, having certain characteristics and
diverse traits that make him unique.

Entrepreneurs do create value in expanding the scope of their market and

product creation.

As we find possible ways to solve the solution to the crisis. An opportunity

exists as an entrepreneur begins to take the lead.

What is Entrepreneurship?

 Is a proactive process of developing a profit-making

business venture. It involves searching for market
opportunities, establishing and operating a business
out of the opportunity, and assessing its risks and
Figure 2
rewards by closely monitoring the operations. The https://www.googl
creation of a sound business plan, together with the e.com/
efficient and effective operation of the business
willbenefit not only the entrepreneur but the
whole society and the economy as well.
 An activity that includes the discovery, evaluation, and exploitation of
opportunities to introduce new goods and services.
 Having profited from bearing uncertainty and risk (Knight 1921, 3)
 Capacity for innovation, investment, and expansion in new markets,
products, and techniques. (Fajardo, 1994, 4)
 The opportunity to know what goods and services people need and to be able
to deliver them at the right time, in the right place, at the right price for the
right people.

Although each of these definition views entrepreneurship from a slightly

different perspective, they all contain the following Common Elements:
(Aduana, 2019, 4)

 Innovation – The process of bringing to an organization new concepts,

technologies, or methods. This may mean creating a new service, system, or
process, or improving existing ones.
 Opportunity Seeking and Exploitation - The ongoing process of considering,
evaluating, and pursuing market-based activities that are believed to be
advantageous for the firm. Example: Lend money, good location.
 Resource mobilizing - refers to all activities involved in securing new and
additional resources for your organization. It also involves making better use of
existing resources and maximizing them. Resource mobilization is often referred
to as 'New Business Development’. Example: investment
 Encountering risk and uncertainties – Entrepreneurs live with uncertainty
and risk. They have no choice. The future depends on them. They are
responsible for their success and failures and never endures success.
Entrepreneurs Example: required hiring more must also learn to manage the
pressure and uncertainty of having to assume responsibility for their
businessand their employees, purchasing more equipment, investing more
money, and decision-making.
 Economic and personal rewards – Example: Money, Benefits, and Perks
  The origins of entrepreneurship can be traced to
capitalism, which is an economic, political, and social
system that has origins in the desire of private citizens
to produce goods and services that the public needs.
The main characteristics of capitalism is the right to
Figure: 3 https://www.google.com own private property,
which can include lands, buildings,
knowledge, patents, know-how, processes, and whatever assets that are
used in creating profit.
 The writers of entrepreneurship, Hirsch, Peter, and Shepherd regard Marco
Polo as an early entrepreneur looking for new routes of transport, and with
the aid of capital-providing financiers, arranged journey leading to the
procurement and selling of goods using the newly developed routes.
 Over the years, many ideas on entrepreneurship have evolved, such as the
crucial role of innovation and the importance of recognizing and exploiting
opportunities.

 In the Philippines,
entrepreneurship is seen as necessary
to empower the poor; boost
development, and stimulate
innovation. Philippine Constitution of
1987 recognizes entrepreneurship as a
driving force for economic growth.

The Philippine Development Plan (PDP) further reinforces the thrust on

entrepreneurship through trade and investment to achieve the government’s goal
of economic development and job creation. Based on the plan, measures for
macro-economic stability, employment, trade and investment, agribusiness, power-
sector reforms, infrastructure, competition, science and technology, and anti-
corruption are being pursued to strengthen the Philippines’s
 Former President Gloria Arroyo issued E.O. 470 in 2005 establishing the
Youth Entrepreneurship Program as a response to the global call for
young people to become involved in economic development and nation-
building
 Mr. Joey Concepcion is one of the Go Negosyo
Figure: 4 https://www.google.com/
 founder, a national organization that encourages
entrepreneurship. He also organizes YES (Young Entrepreneurs
Seminars) featuring business tips, advice, and opportunities for

young people who want to pursue entrepreneurship. According to Philippines Statistics

Figure 6f:acebook.com
Authority around 915,726 businesses enterprise existed in the Philippines in 2016.

ACTIVITIES

Activity 1: Name It!

Directions: Fill out the table below by listing down 5 small businesses
operating in your community. What are the goods and services these businesses
offer? Take note that businesses seem to be attracting many customers. If you were
also a customer who buys from these businesses, reflect on what makes you buy
from them.

Business Name Goods Services Reasons why

Offered Offered customers buy from
them
1.
2.
3.
4.
5.

Activity 2: Interview.

Directions: Ask at least three (3) members of your family who are customers
of some businesses in your community and ask them why they regularly buy their
products or services regularly.

Name of a family Business name Reasons why they regularly

member buy from them
1.

2.

3.
 Activity 3: Data Completion.

Directions: Fill up the necessary information to complete the history of

entrepreneurship.

Capitalism Marco Polo

Entrepreneurship evolved

Philippine Constitution of Reinforces the thrust on

1987 entrepreneurship through Issued E.O. 470
trade and investment _
_

VALUING
I Relate!

Directions: Using the information from the business that you answer in your
activity, write at least three specific examples of societal and economic benefits to
your community resulting from the operation of that business. Besides, how could
you benefit?

Self-Benefits Societal benefits Economic Benefits

1.

2.

3.