Senior High School

Entrepreneurship
Module 1:
Introduction to Entrepreneurship

AIRs - LM
LU_ Entrepreneurship_Module 1
ENTREPRENEURSHIP
Module 1: Introduction to Entrepreneurship
Second Edition, 2021

Copyright © 2021
La Union Schools Division
Region I

All rights reserved. No part of this module may be reproduced in any form without
written permission from the copyright owners.

Development Team of the Module

Author: Janice D. Florendo

Editor: SDO La Union, Learning Resource Quality Assurance Team
Content Reviewer: Jimena Veronica T. Nieva
Language Reviewer: Jimena Veronica T. Nieva
Illustrator: Ernesto F. Ramos, Jr.
Design and Layout: Angela Pauline C. Ganuelas

Management Team:

Atty. Donato D. Balderas Jr.

Schools Division Superintendent
Vivian Luz S. Pagatpatan, Ph.D
Assistant Schools Division Superintendent
German E. Flora, Ph.D, CID Chief
Virgilio C. Boado, Ph.D, EPS in Charge of LRMS
Lorna O. Gaspar, EPS in Charge of Entrepreneurship
Michael Jason D. Morales, PDO II
Claire P. Toluyen, Librarian II

Printed in the Philippines by: _________________________

Department of Education – SDO La Union

Office Address: Flores St. Catbangen, San Fernando City, La Union
Telefax: 072 – 205 – 0046
Email Address: launion@deped.gov.ph

LU_ Entrepreneurship_Module 1
 SHS
Entrepreneurship
Module 1:
Introduction to Entrepreneurship

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Introductory Message
This Self-Learning Module (SLM) is prepared so that you, our dear
learners, can continue your studies and learn while at home. Activities,
questions, directions, exercises, and discussions are carefully stated for you
to understand each lesson.

Each SLM is composed of different parts. Each part shall guide you
step-by-step as you discover and understand the lesson prepared for you.

Pre-tests are provided to measure your prior knowledge on lessons in

each SLM. This will tell you if you need to proceed on completing this module
or if you need to ask your facilitator or your teacher’s assistance for better
understanding of the lesson. At the end of each module, you need to answer
the post-test to self-check your learning. Answer keys are provided for each
activity and test. We trust that you will be honest in using these.

In addition to the material in the main text, Notes to the Teacher are
also provided to our facilitators and parents for strategies and reminders on
how they can best help you on your home-based learning.

Please use this module with care. Do not put unnecessary marks on
any part of this SLM. Use a separate sheet of paper in answering the exercises
and tests. And read the instructions carefully before performing each task.

If you have any questions in using this SLM or any difficulty in

answering the tasks in this module, do not hesitate to consult your teacher
or facilitator.

Thank you.

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 Target

“Being an entrepreneur is a mindset. You have to see things as opportunities

all the time. (Soledad O’Brien)

Entrepreneurship has a big impact on the economy and in the society. It is

the foundation and a significant substance for economic growth and innovation
through nations. In 1934, Joseph Schumpeter, an Australian economist, first
articulated the importance of entrepreneurship to the economy and society. This
move increases the entrepreneurial activities that initiated changes in business
environment as a whole. Since then entrepreneurship is observed to be symbol of
business innovation, determination, perseverance, and achievement.

The Philippines basically an entrepreneurial country because majority of

businesses are small and medium enterprises. As an agricultural country which so
much resources to offer, entrepreneurship plays a vital role in making the conversion
of this resources into valuable output. The action had been contributed largely to the
national economic growth and development of our society.

This learning material will focus on the definition of entrepreneurs and

entrepreneurships together with the relevance of the course in economic
development and the society.

After going through this module, you are expected to:

1. Define entrepreneurs and entrepreneurship; and
2. Discuss the relevance of this course (CS_EP11/12ENTREP-0a-1)

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 Jumpstart

Activity 1: Who’s who?

Directions: Below are names of well-established individuals in the business
industry alongside with popular establishment in the country. Match column
A to the corresponding business they created or founded in column B. Write
your answer in a separate sheet of paper.
Column A Column B
1. Henry Sy A. Jollibee Food Corporation
2. Tony Tan Caktiong B. Philippine Air Lines
3. John Gokongwei Jr. C. Shoe Mart
4. Socorro Ramos D. Universal Robina Corporation
5. Edgar Sia E. Potato Corner
6. Joe Magsaysay F. Mang Inasal
7. Cresida Tueres G. Mercury Drugs
8. Lucio Tan H. Goldilocks
9. Mariano Que I. National Book Store
10. Milagros, Clarita, and Doris Leelin J. Greenwich Pizza

Activity 2: Describe Me!

Directions: Given the word ENTREPRENEURSHIP, give each letter an
appropriate word that correspond to a good behavior of an entrepreneur. Use
an adjective. Write your answer in a separate sheet of paper.

E-________________________________
N-________________________________
T-________________________________
R-________________________________
E-________________________________
P-________________________________
R-________________________________
E-________________________________
N-________________________________
E-________________________________
U-________________________________
R-________________________________
S-________________________________
H-________________________________
I-________________________________
P-________________________________

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 Discover

Entrepreneurship is a mantra in the age of globalized economy. It is the

groundwork and catalyst of economic growth and revolution across nations.
Entrepreneurial activities prosper in societies with the support of the government
and which give much importance to innovativeness and turn new ideas into a
breakthrough solution.

In the Philippines, small and medium enterprises (SMEs) are concrete

indicator and manifestation on how entrepreneurship progress in our country. They
contribute continuously on the developing status of our national economy.

Over the years, the definition of entrepreneurship has a lot of variations.

However, this variations point out to innovation, development, growth, and
achievement not only for economy but also in society as whole.

Entrepreneurship as defined by Glider is “Making the World forever new” It

originates from the French word “ENTREPRENDRE” meaning an undertaker. Thus,
an entrepreneur is a person who is willing to undertake risks to create a new
enterprise. Below are some of the definitions of entrepreneurship from early years to
present according to some economist.

According to Schumpeter (1934), entrepreneurship is carrying out

new combinations of firm organization- new products, new services, new
sources of raw materials, new methods of production, new markets, and
new forms of organization.

According to Hart, Stevenson, and Dial (1995), it is a pursuit of

opportunity without regard to resources currently controlled but
constrained by the founders’ previous choices and industry-related
experience.

According to Kurato (2009), entrepreneurship is a dynamic

process of vision, change, and creation that requires an application of
energy and passion towards the creation and implementation of new
ideas and creative solutions.

According to Dyck and Neubert (2012), entrepreneurship is

conceiving an opportunity to offer new or improved goods and services,
showing the initiatives to pursue that opportunity, making plans,
mobilizing the resources necessary to convert the opportunity into
reality.

The cited definitions above views entrepreneurship from insignificant different

point of views, they all contain the necessary element of innovation, opportunity
seeking and exploitation, resource mobilizing, encountering risk and uncertainties,
and economic and personal rewards.

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Relevance of Entrepreneurship and Entrepreneurs

The relevance of entrepreneurships and entrepreneurs cannot be denied, they

plays an essential role in economic growth and standard of living in the country.
Below are list of relevance of entrepreneurship and entrepreneur in economic
development of a country.

1. Creates employment. When entrepreneurs put up their businesses, they will hire
or employ individuals who will be an asset to the business because of their relevant
competencies and personal values aligned to the needed requirements of the
enterprise.

2. Develops new market. Entrepreneurs are opportunity-seekers, creative, and

resourceful. This behavior or traits of an entrepreneurs see to it that they can
penetrate or establish new buyers for their products and services. They go beyond
their existing market to get a new market share and look for interested individuals.

3. Introduces innovation. Entrepreneurs innovate. Innovation can be something

ordinary or technological or break through. Entrepreneurs are open for change and
that changes oftentimes begins with the outside forces. This innovation promises
optimization of economic wealth and sustainability in business. Due to innovation,
other business fold, while others will open flourish. Innovation is the game in
business.

4. Generates new materials. Entrepreneurs are always in constant search for better
and cheaper sources of materials they need. This behavior focuses of being
resourceful and creative of an entrepreneur. When they seek for new material
providers in different areas economic growth increases for that place because of the
value that have been created.

5. Stimulates investment interest in the new business ventures being created.

When entrepreneurs engage in a new business, it stimulate curiosity for other to
venture in the business because of the benefits it offers. This new investment
contributes to personal and economic growth.

6. Improves the quality of life. The new products and services developed by the
entrepreneur contribute to the increase of personal benefit and convenience of people
in society. The introduction of automatic and electrical gadgets and appliances
manifest improve better quality of life because it makes individuals work easier and
faster.

7. Serves as role model. Entrepreneurs are individuals to be emulated by younger

generations in the community and society. The traits, attitude, and personality exude
by them in seeking and recognizing opportunities, ability to handle risk, alertness in
all circumstances, and creativity are just some of the characteristic that should be
imitate by them to become a successful entrepreneurs in the future.

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8. Bring social benefit to the people. Entrepreneurs pay taxes for every product or
services sold in the market. Taxes is the lifeblood of the government. The taxes
collected from businesses will be used to provide social services to the people such
as education, health, as well as to finance the build build program of the government.

9. Utilizes and mobilizes indigenous resources. Small and medium enterprise will
always look for cheaper and local materials to supply their needs. This actions of
SMEs are proof of being resourceful and creative because of using idle or unused
resources to meet their needs and at the same time minimize cost. This also make
the flow of business improve in the area because of patronage of local resources and
aided them for not dependent on imported materials.

10. Provides more alternatives for consumers. The rigid competition in the
marketplace for quality and cheaper products and services requires the entrepreneur
to come up with more products and services consumers can choose from.
Entrepreneurs should also come up with strategies and ideas so that customers will
prefer his products and services among his/her competitors. Strategies such as
providing customers with diversified products, ethical in producing and selling their
products and services.

Businessman vs. Entrepreneur

Businessman
Someone who set up a business with an
existing idea and offering product and
services to the customers.
Start business from existing idea or
concepts.
Focuses on competition
His business gives him a living.
Traditional
Stays safe
Profit-oriented
Market player
Has not yet achieve financial freedom
Entrepreneur
A person who starts an enterprise with
a new idea or concepts, undertaking
commercial activities.
Start the business with unique idea or
concepts.
Focuses on cooperation
He gave life to his business
Innovative and revolutionary
Risk taker and accountable
People-oriented (employee, customer,
public)
Market leader
Has achieved financial freedom

Entrepreneurial Competencies

Entrepreneurial competencies are important in many ways. They help

facilitate opportunity recognition, enhance business performance, adaptability to
changes, and most importantly stir the achievement of company goals and objectives.
This indicate that if enterprise lead or manage by competent entrepreneurs, their
performance will be optimum. Entrepreneurial competencies are the sum of
personality, behavior, knowledge, and skills that an entrepreneur possesses to
discharge effectively their functions and responsibilities.
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There are three level of Entrepreneurial Competencies namely: Personal,
Interpersonal, and Business competencies.

Personal Interpersonal Business

Creativity Communication Business vision
Determination Charisma Resource management
Tenacity Engagement Networking
Emotional Balance Respect Negotiating skills
Self-Criticism Delegation

Characteristics of an Entrepreneur

In the world of business, an entrepreneur should possesses desirable

characteristics to properly perform their duties and responsibilities, which in turn to
be a mitigating factor in achieving company’s success. The following are the primary
characteristics of an entrepreneur which can be classified according to tis cluster.

Achievement Cluster Planning Cluster Power Cluster

Persistence Goal-oriented Self confidence

Opportunity seeking Information seeking Persuasion and

networking

Hard working Systematic planning and Responding to feedbacks

monitoring
Coping with failure Setting own standards Building strength
Coping with uncertainty Building for the future Demonstrating initiative
Risk-taking

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 Explore

Enrichment Activity: Personal Entrepreneurial Characteristics

Directions: Fill each petal of flower with your traits/skills needed to become a
successful entrepreneur and write inside the inner circle your career choice.

Source: http://www.georgelumayag.com/uploads/7/6/4/6/
764691/pecs_module_in_ict.pdf

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 Deepen

Entrepreneurial Research Activity

Directions: Using different learning resources (books, newspapers, articles,

and internet) identify and come up with a popular and successful
entrepreneur whom you believe to be an epitome of success. Make a video
presentation at least minimum of three (3) minutes of his/her achievements
and contributions to the community and economy or a picture collage. Be
unique and creative!

Rubrics for Scoring

Criteria Performance Indicators
1 3 5
Little effort has Has a fairly clear Has a clear picture
Concept been spent on picture of what of what they are
brainstorming and they are trying to trying to achieve.
refining a concept. achieve. Can Adequate
Unclear on the describe what they description of
goals and how the are trying to do what they are
activity objectives overall. trying to do.
will be met.
Submission of the Submission of the
Timelines activity was activity was within Deadlines were
beyond the last the first warning. met.
warning.

Creativity and Doesn’t meet Approaches Exceed

uniqueness expectation expectation expectation

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 Gauge

Directions: Read carefully the questions and choose the best answer. Write
your answer in a separate sheet of paper.

1. What do you call a purposeful activity to initiate and develop a profit-oriented

business?
A. Business Venture B. Entrepreneur
C. Entrepreneurship D. Investment

2. An individual who takes action to make a change in the world of business is

called _______________________.
A. Businessman B. Entrepreneur
C. Investor D. Owner

3. Which of the following elements of entrepreneurship manifest the creation,

development and implementation of products, process with the aim of
improving efficiency and effectiveness?
A. Alertness B. Innovation
C. Opportunity seeking D. Risk taking

4. If an entrepreneur uses her/his idle and unused resources to meet its need.
What do you think is the advantage of this action?
A. Cost minimization B. Shortage of raw materials
C. Dependency to imported products D. Scarcity of raw materials

5. Which of the following characteristic of an entrepreneur should be emulated

by younger generation to become successful entrepreneur in the future?
A. Creative B. Innovative
C. Opportunity seeker D. All of the above

6. Which of the following behavior or trait signify an entrepreneur who always

seek for the best product to be offered to the market to gain competitive
advantage?
A. Alertness B. Bossy
C. Creative D. Determined

7. In what form does an entrepreneurs help the government in providing social

benefits or services for the people?
A. Through creation of employment
B. Paying taxes, licenses, and permits.
C. By donations in money and in kind.
D. Supporting government by being a sponsor with a certain project.
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 8. Engineer Jhasse Rhannelle decided to put up an engineering firm in the heart
of the province of La Union. He employed and hired engineers and architects
who possess competencies and expertise that will help him to operate his
business. Which of the following does Engineer Jhasse Rhannelle contributed
to society?
A. Creates employment C. Stimulate investment
B. Develop new market D. Provide social benefits

9. Iloko’s Pride is a manufacturing type of business who produces handicrafts

made of indigenous materials which is usually located in their place. The
products they produce are saleable because of uniqueness and creativity and
at the same time accompanied by an excellent service. In this scenario what
do you think the business gained?
A. Opportunity B. Strength
C. Threat D. Weaknesses

10. When does entrepreneurship improve the quality of life?

A. When products and services are available in the market
B. When the company employs individual in the business.
C. The time entrepreneur stirs the curiosity of individual to make investment.
D. The time products and services developed provides and contribute to the
increase of personal benefit and convenience to the community.

Part II: Essay

Directions: Read carefully the question below. Answer it honestly and
intelligently. Write your answer in a separate sheet of paper.

1. If given a chance to become an owner of a certain business or enterprise,

what would you like to be an entrepreneur or a businessman? Why?

Rubrics for Scoring

Category 10 points 9 points 8 points 7 points

Extensive and Sufficiently Inadequate Apparent
precise established content with and/or
content content with short insignificant
Content demonstrating acceptable elaboration or
strong elaboration or explanation
development explanation
and refined

Advanced Well-organized Disorganized Insignificant

arrangement arrangement and varying control of
of content of content that arrangement

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Organization with evidence sustains a of content content
and /or logical order with or arrangement
elusive with some without
transitions evidence of attempts at
transitions. transition

Sharp, Apparent No apparent Insignificant

different point made point but evidence of a
controlling about a single evidence of a topic
Focus point made topic with specific topic
about a single adequate
topic with awareness of
evident task.
awareness of
task

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LU_ Entrepreneurship_Module 1
12
JUMPSTART
1. C
2. A
3. D
4. I
5. F
6. E
7. J
8. B
9. G
10. H
GAUGE:
1. C
2. B
3. B
4. A
5. D
6. C
7. B
8. A
9. B
10.D
Answer Key
References
Printed Materials:

Edralin, Divina M. (2016). Entrepreneurship (pp.12-15). Quezon City,

Philippines: Vibal Publishing House, Inc.

DEPARTMENT OF Education, Bureau of Secondary Education (2016). Module 2:

Cookery Manual (pp. 9-14) Pasig City, Philippines

Morato, Jr., Eduardo A. (2016). Entrepreneurship (13-14). Manila,

Philippines: Rex Book Store

Website:

https://www.researchgate.net/figure/The-Mind-Map-Rubric-16_fig1_325163516

https://business.inquirer.net/273445/eight-successful-filipino-entrepreneurs-
who-started-small

https://venngage.com/templates/mind-maps/simple-gradient-entrepreneur-mind-
map-467cccb7-2287-4b67-af27-63a43b985584

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 For inquiries or feedback, please write or call:

Department of Education – SDO La Union

Curriculum Implementation Division
Learning Resource Management Section
Flores St. Catbangen, San Fernando City La Union 2500
Telephone: (072) 607 - 8127
Telefax: (072) 205 - 0046
Email Address:
launion@deped.gov.ph
lrm.launion@deped.gov.ph

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