Resource Article 4

tree THE MAIN INGREDIENT: THE ENTREPRENEUR

Activity 5-Iam a JR
1. Divide the class into groups. By Maria Luisa B. Gatchalian and Roehl Macapaal
or crayons, and a
2. Give each group colored pens, markers,
sheets are great if
sheet of paper per team. A4 is fine, bigger
and Motivation to be an entrepreneur
there's en h room and some big marker pens or paints
brushes.
The students enrolled in entrepreneurship courses in cnl
3. This activity will take 30-60 minutes. Split the group into late adolescents. The works of Erik Eriksson (1950, 1968 a r
teams of three to five people. Explain first that there is not d Je
necessarily any psychological correlation between what you Piaget (1969), both respected development psychoanalysts.
that late adolescence (ages 17-21 "an
years) is state
are about to ask the group to do, and the personalities of the iportant
in life span, a transitional period, a time of change, a time
perio
group (probably... i's a bit of fun). The purpose of the activity when
is to develop personal self-awareness, to develop mutual individual searches for identity, a dreaded age, a time of unreee
awareness among the teams' members, to stimulate feedback and the threshold of adulthood" (Balk, 1995). Newman
from other team members, and generally to assist in coming Newman (2006) teach that this is the age ot "heightened and
up with creative solutions through team building and bonding. to conjure up alternative scenarios about their own
sensitivih
future, incldi
Each team member's task is to draw or paint a tree on the sheet possible kinds of work and variousS meaningful relationsh
of paper. The tree must include root system, trunk, branches, 348-388). Meanwhile, Feldman (2003) said that (
eaves. buds. fruit, flowers, and thons. After (or before- the
"consideraha
cognitive advances is taking place in the adolescent stage whio
choice is yours) the trees are drawn use this most often may lead them to question
key'
to ask the figures of authority far mara
participants to think about their trees in terms of their: strenuously." (pp. 395-401).
roots their life influences and beliefs
trunk life structure and
=
particularly aspects that are
Argumentativeness
and the
assertiveness among late
or
adolescents
quite firm and fixed display of seemingly uncaring or unquestioning
a
branches relationships and
= actually play an important role in the adolescent's stance
connections, directions, process
interests, how they spend time change. However, adolescents also have the of
leaves information and knowledge and to an authority as a role capacity to look up
sources model, to form moral
thereof to affirm constructs, and
genuine ideals of truth, justice, and even
buds their ideas and
=

hopes for the future, and their Therefore,coping with

the adolescents' extreme spirituality.
potential social changes can be behavioral and
fruit =
their achievements challenging
authority in schools. (Gatchalian,
for teachers and other
figures of
flowers =
what makes them 2010)
thorns special, their strengths Feldman (2003) further
=
challenges, threats, and difficulties stresses that "this is what
5. Ask team adolescents interesting, as
members to share and makes
interpretations with each other withindiscuss their trees and
they
learning, values, justifications andactively seek to understand the
the usefulness each team. encounter in their lives" other moral
of empathic Emphasize
listening and non-judgmental (pp. concepts they
feedback. 395-401).
6. The duration of
of people and
theexercise is flexible Self-concept and maturation
need, benefit, and depending on the type
the a defined life long through
personal felings. willingness for career choice
discussion you seekAdapt the key above to suit the sharing This is the
add birds and to
bees to theencourage, for
areas of phase of
where they are more the late adolescents' human
situation to example you could serious in learning and development
partnerships'
dead branches andtravel or holidays; or you could add
or represent temporary At this
stage, they form a forming their identity
leaves to
change 'leaves' to mean represent discarded windfallor
career goal,
towards whichself-concept through their choice of a
etc. You can 'skils', 'buds' to mean 'baggage' develop their skills and they acquire more knowledge and
remove items they are able to innate
the situation. altogether if opportunities,
they are not relevant to step into the nextabilities. With proper direction,
development, that is, to have an stage of human maturity and
of the
chosen career. education geared to the
pursut

62
WINDOWS TO
ENTREPRENEURSHIP: ATEACHING GUIDE
Motivation to be an entrepreneur
3. Belongingness and love needs include work group, family,
The Source of students strength in deciding to friendship, affection, relationships, etc.
become an
antreoreneur comes from within. Iheories
relating to motivation 4. Esteem needs include self-esteem, achievement, mastery,
ond inner strength come from several sources; independence, status, dominance, prestige, managerial
oction wil concentrate only on two main sources: however, this
Abraham responsibility, etc.
Maslow (1908-1970)
and David Clarence
McClelland (1917 5. Cognitive needs include knowledge, meaning, etc.
1998).
6. Aesthetic needs include appreciation and search for beauty,
For more sources on motivation, go to
balance, form, etc.
http://www.businessballs.com/motivation.htm. 7. Self-actualization needs include realizing personal potential,
To get free Hierarchy of Needs diagrams, go to self-fulfillment, seeking personal growth and peak
http://www.businessballs.com/maslowhierarchyofneeds5.
pdf.
experiences.
For an illustration of this model, refer to
Each person, according to Maslow (developed between 1943 http://www.businessballs.com/masiowhierarchyofneeds7.
and 1954), is motivated by five needs, which are inborn. Maslow pdf
explains that these needs come in the form of a pyramid, with
the most basic need at the bottom of the pyramid. These five David Clarence McClelland (1917-1998) is chiefly known
basic needs include the following: for his work on achievement motivation, but his research
interests extended to personality and consciousness. He
1. Biological and physiological needs: These include air, food, pioneered motivational thinking and developing achievement-
drink, shelter, warmth, sex, sleep, and other needs that aim based motivational theory and models. Several competency-
to keep the human being alive as an organism. based assessments and tests for determining entrepreneurial
inclinations have been developed based on McClelland's theory
2. Safety needs: These include protection from elements,
of achievement motivation.
security, order, law, limits, stability, and others that aim to
keep the human being safe from harm. This level is needed David McClelland is most noted for describing three types of
for the human being to operate in a consistent manner motivational needs, which he identified in his 1961 book, The
without threat of illness or death. Achieving Society:
3. Belongingness, affection, and love needs: These include Achievement motivation (n-ach)
work group, family, friendship, and other relationships Authority power motivation (n-pow)
that promote not only physical but also emotional and Affiliation motivation (n-aff
psychological well-being, enabling the human being to
These three needs are related to Masiow's three higher
function more effectively.
motivations, namely, belongingness and love needs (n-af),
4. Esteem needs: These are exemplified by self-esteem, esteem needs (n-pow), and self-actualization needs (n-ach).
achievement, mastery, independence, status, dominance,
of
prestige, managerial responsibility, etc. that give a sense McClelland suggested other characteristics and attitudes of
power and enable the human being to prove his worth. achievement-motivated people. For them:
5. Self-actualization needs: By these, a person realizes his Achievement is more important than material or financial
personal potential and self-fulfillment, seeking personal reward.
growth and peak experiences.
Achieving the aim or task gives greater personal satisfaction
Maslow's 5-
A quick and simple self-test based on the original than receiving praise or recognition.
level Hierarchy of Needs is found in http://www.businessballs. Financial reward is a measure of success, not an end in
scientific or validated
com/maslow5quicktest.pdf. It is not a
but is a quick indicator, which
can be used for itself.
instrument, merely
self-awareness, discussion, etc. Security is not a prime motivator, nor is status.
needs to the Feedback is essential, because it enables measurement
Maslow's later workadded cognitive and aesthetic
with the following: of success, not for reasons of praise or recognition
ierarchy of Needs Model to come up (the implication here is that feedback must be reliable,
Blological and physiological alir,
needs include food, drink, quantifiable, and factual).
etc.
shelter, warmth, sex, sleep, Improvements and ways of doing things better are constantly
from elements, security to be sought. Jobs and responsibilities that naturally satisfy
Safety needs include protection their needs and offer opportunity to set and achieve goals
order, law, Iimits, stability, etc.
are preferable to those that do not.

MODULE I: THE ENTREPRENEUR 63

 Creativity and innovation
MCClelland firmly believed that achievement-motivated people
are generally the ones who make things happen and get results, People will always look for something new at all times
and that this extends to getting results through the organization s, be t
a new product or a new service. As the cliché goes, the
of other people and resources, although as stated earlier, they Constant thing in this world is change. Gifted entrennly
often demand too much of their staff because they prioritize
are able to see opportunity when it passes them and a r r
achieving the goal above the many varied interests and needs
opportunity to make something out of it. They believe that
of their people.
opportunities come about without their bidding and it e
them to seize it and react to it. They understand that adal
Family values their reaction would mean that they would incur some los
way or another. one
The successors of each family are usually imbued with the
values and skills they have observed in their respectivefamilies Because entrepreneurs are gifted in spotting an
They have seen their parents experience the rigors as well as the opportunit
they will want to do something positive about that
rewards of being in business from day to day. Having observed opportunit
Hence, creativity will come into play. This can either be
and experienced all these, they are well prepared to make the
enhancement, product developrment, or product produet
marketing. These factors come into play when thepackaging and
same efforts and sacrifices to make sure that the business will
move forward when they take over.
starts preparing the business plan. entreprener
Contributions to society Another important facet in entrepreneurship is
Innovationis not only vital for new products; it innovation
Many individuals think that entrepreneurs do business for self- is equall
important for existing products. End-users are spoiled with sn
interest. What they fail to see is that some entrepreneurs do
many choices for products in the market. This is
business in order to contribute to nation-building. Indeed, the about by the increase in competition.
mainly brougt
whole country gains from the taxes that the entrepreneur said, is always good for end-users.
Competition, it is often
pays
and from the job and income opportunities that the business
generates. Clearly, doing business is not always about making On the point of competiion,
competitors will always try to find
money. The entrepreneur also spreads the benefits around in the ways to outdo each other. Innovation will be a main key in
Community, city, and country. for the user to differentiate one order
product from the other. Marketing
is a great tool to indicate and act on the said
differentiators.
Qualities and attributes of the entrepreneur
Read more at
Many writers have their own list of the qualities and attributes
of an entrepreneur. The
lists here come from different authors
http://wiki.answers.com/0/What_are_the_qualities_of_the
successful_Entrepeneur#ixz2807XKzrr
and are published in the Internet. The Read up also Ernst &Young's Model of the
on
first set is summarized Entrepreneur's
from Victorino Abrugar's list. He is characteristics, p. 15. This chart shows the relationships of
founder and chief writer of
businesstips.ph. Abrugar is a social media enthusiast who different characteristics found in an
entrepreneur.
loves to share his The site is at
knowledge and insights through blogging. He http://www.entrepreneurship.org/en/resource
provides business coaching to aspiring small
and entrepreneurs to business owners center/-/media/Entrepreneurship/Files/Resource%20Centeri
Nature or_nurture_FINAL.pdf
help them reach their business and life's
goals.
Go to the source TOPIC 5: RISKS AND REWARDS
http://businesstips.ph/top-10-qualities-and-
characteristics-of-an-entrepreneur/ to get Abrugar's top ten OF THE ENTREPRENEUR
characteristics of an entrepreneur.
From another source, James
DESCRIPTION
a summary of 25
Stephenson, one can find This topic gives the students a preview of what to
common characteristics of
successful
entrepreneurs http://www.entrepreneur.com/article/200730. when they undertake expe
James Stephenson is an the rewards and entrepreneurship as a career,
incluolng
experienced
with more than 15 years of business home-based consultant of
risks, the opportunities and the challeng
He is the author of several
and marketing
experience. entrepreneurship. It gives a realistic picture of the ups a
popular books, including Entrepreneur downs, the sacrifices, and the
magazine's Ultimate Startup Directory and Ultimate someone who is in triumphs typically experienceu
Business Marketing Guide, both Small business for himself.
available from Entrepreneur
Press at http://libweb.surrey.ac.uk/library/skills/
Entrepreneurship/B7228322_1 section2.html

64 WINDOWS TO ENTREPRENEURSHIP: ATEACHING GUIDE

0BJECTIVES

the students to:

This topic will enable Discussion Point 2:
discuss the weaknesses and strengths of Weaknesses of the small enterprise
small
describe the challenges and risks that an enterprises
ace as well as the entrepreneur
rewards and contributions she
can Financial limitations: Balancing "cash in" and "cash out" is a
to society canr ake struggle, especially when trying to expand. Instead of receiving
aate a complete picture of the
creat
ne red carpet treatment by financiers when asking for a loan,
and negative attributes all thrownentrepreneur
in together
with positive tne small businessperson is often made to feel like a second-
class citizen. Small
enterprises can't use credit as a selling
tool as readily as
companies with large financial reserves
Discussion Point 1: can. Additionally,
many small enterprises have trouble staying
Strengths of the small enterprise afloat while waiting for their products to win acceptance in the
marketplace.
Dersonal touch: Customers will often
pay a
premium for
nersonalized attention. In Tact, in many industries where product
Staffting problems: Small companies cannot pay top salaries
nd orice differences are minimal, the human factor and provide the opportunities and status
normally associated
a prime competitive advantage. emerges as with a big company job. Small enterprise owners must also
Concentrate on the day-to-day problems of running the business
Greater motivation: Key management of and generally have little time left to think about
a small enterprise objectives.
normally rests on the owner or owners.
Consequently, they
work harde, longer and with involvement that is more Higher direct costs: A small enterprise cannot buy raw
and losses have more
personal. materials, machinery, or supplies as cheaply as a large company
Profits meaning to them than salaries and Duys, or obtain a large producer's economies of scale. So per
bonuses have to the employees of a larger company. unit production costs are usually higherfor smallenterprises, but
Overhead costs are generally somewhat lower.
Greater flexibility: A small enterprise has the prime competitive
advantage of flexibility. A big business cannot close a plant Too few chances of recovery: A large diversified company can
without opposition from organized labor, or even raise prices take a licking in one sector of its business and remain strong.
without possible intervention from the government, but a small This is not so for the small business with only a few product
enterprise can react quickly to competitive changes. A small lines. A smal company is vulnerable if a new product doesn't
enterprise also has shorter lines of communication. Its product catch on, if one of its markets is hit by a sharp recession, or if an
lines are narrow, its markets limited and its factories and old product suddenly becomes obsolete.
warehouses close by. It can quickly spot trouble or opportunity
and take appropriate action. Lack of credibility: The public accepts a large company's
products because its name is well knovwn and usually respected.
Less bureaucracy: Grasping the big picture is difficult for Asmall enterprisemust struggle to prove itself each time it offers
executives of large companies. This "management myopia" a new product or enters a new market. ts reputation and past
leads to redundant actions and bureaucratic inefficiencies. In a Successes in the marketplace seldom carry
weight
Small business the whole problem can be understood readily,
decisions can be made quickly and the results can be checked Activity 1
easily. 1. Let the students study the following pictures. Let them
Unobtrusiveness: Because it is not quite as noticeable, the enumerate the strengths and weaknesses that they think are
tactics or part of the pictured businesses. Let them give examples that
iless conspicuous) company can try new salesattention or are really happening to these businesses today. They can list
undue
Oouce new products without attracting with as many as they want. After completing their lists, see if the
pposiion. Large companies are constantly faced proxy
are students can add some more strengths and weaknesses to the
regulations. 1hey
Darles, antitrust actions, and government list mentioned above. Students can be divided into groups for
also inflexible and hard to change or restructure.
easier discussions.
2. Let the students discuss ways and means to capitalize on the
strengths of the pictured businesses and to increase these
strengths. Then let them discuss ways and means to divert
possible weaknesses into strengths, to avoid circumstances
that bring about the weakness, at least to divert or reduce or
manage possible risks.

MODULE I1: THE ENTREPRENEUR 65

 REWARDSS RISKS

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66 WINDows TO ENTREPRENEURSHIP: A
TEACHING GUIDE
REWARDS RISKS

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rewards AASS

MODULE I: THE ENTREPRENEUR 67

 efficient ways of producing delivering products or
or
Resource Article 5
isservice
Innovate or die. This is the battle cry today. Innovation is th
CHALLENGES AND RISKS; can start or stay in the business. the best
way anyone
REWARDS AND CONTRIBUTIONS TO SOCIETY
But to be innovative, the entrepreneur should seek cho
By Evangeline M. Dominguez and make it work for her. The entrepreneur should prOm
supportive climate within the organization that works with chan
"There is no security on this earth; there is only opportunity.
Douglas MacArthur and keeps the creative juices flowing among those involver
the business. The challenge of innovation must be met hear
on
through the attitudes and practices of entrepreneurs who nlaw
Thinking like a successful entrepreneur is easy; but becoming
one and being one is another matter. such a central role in all business activities.

At the outset, the budding entrepreneur should enter the arena
with open eyes. The would-be entrepreneur should be aware of
the drawbacks involved.
Therefore, before even beginning to think of starting one's own
business, the student should ask herself these questions:
1. Am I aware of the ditferent challenges and risks involved in
managing a business?
2. AmI prepared to acceptthese challenges and risks?
3. How wll I take the challenges and minimize the risks?
CHALLENGES FOR ENTREPRENEURS
Entrepreneurs must be willing to accept challenges in order to
become successful.
The challenge of local and global competition
Part of the firm's environment is competition.
Actions of
competitors vitally affect business survival. In 1979, Michael
Porter explained that the entrepreneur must consider
five
competing forces in order to face competition with better chances
of success. These forces include the following: 1) the
threat of
new entrants, 2) the threat of substitute products or
services, 31
the rivalry among existing competitors, 4) the
bargaining power
of suppliers, and 5) the bargaining power of buyers. Of
these
threats, three refer to competitors and would-be compettors.
Too many competitors in the same locality will render the
would-
be entrepreneur's business unattractive. Attractive
are those that promise overall
enterprises
industry profitability because the
competition does not drive down profits to below normal.

The challenge of giobalization The challenge of changing customer preferences

Globalization is not a new concept affecting all
countries all over the world. It is inevitable
people and
today because
of the speed and ease with which
countries and peoples can
Communicate with one another socially,
economically,
politically.
Globalization is the international
integration of human activities
and interchanging of
products, ideas, and other aspects of
culture brought about by the
advances in technology and
acceleration of information flows. These
changes are
entrepreneurs to develop new products and new prompting
technologies.
Entrepreneurs can now target new markets, distribute
using different channels, and promote products
products using new,
emerging communication tools.
For example, e-commerce facilitates
through the Internet. This new systembuying
and selling of goods
in marketing can result
increased revenue, an enhanced image, and in
even the ability to
reach new markets across borders
in cost. However, the
without significant increase
entrepreneur must
skills for this new system and invest on develop the appropriate
training and education to
equip her workforce to compete in the local
or global
market.
The challenge of innovation
As globalization sets in, the
except to innovate. Innovationentrepreneur has no other
is the process of option
With the advent of information and communications
technology
Customers have become empowered. Today's consumers seek
and accept shopping advice from
peers, family, friends, and even
strangers. They bring attitudes and expectations, shaped by
and
experiences across a broad spectrum of industries and territories.
Through connectivity and collaboration which
to know almost enables them
everything about every product and brand
they have become "smarter" customers. They know what they
want and demand it. Thus, an
entrepreneur must keep abreast
with what is "in" or "out" to have the
uppermost position in the
minds of her consumers.
The challenge of finding start-up capital
Financing the business is one of the biggest obstacles that
be entrepreneurs must hurdle. Having limited funds, she would has to
resort to borrowing from
family, friends, or financial institutons
But family and friends
may not supply enough capital
for the business. If the requireu
entrepreneur decides to borrow, it is ortei
difficult to get loans from
financial
entrepreneur to produce collateralinstitutions,
in the form
which require
of fixed assel
such as lands or
buildings.
The challenge of government regulation
Government laws and
regulations strain

transforming promote
can
the opening of kets
new idea into a new business activities. For
product or service and/or by new and a to instance, local n like
more foreign ownership or the
68 WINDOWS TO
ENTREPRENEURSHIP:A TEACHING GUIDE deregulation of industries
 hanking, shipping, or telecommunication greatly affect the way
an entrepreneur will conduct
business. As change their preferences quickly. Meanwhile, poor economic
foreign investment
in, the investors help the country provide conditions can affect the market's purchasing power. And even
more jobs to its
neople. However, the entrance of foreign investment global events and occurrences can create a negative ripple effect
t difficult for small and medium businesses to could make on the entrepreneur's prospective market.
their limited resources. compete given
The risk of total responsibility
The challenge of protecting the environment The entrepreneur, being the sole owner and manager of the
business, assumes full responsibility in all aspects of its
Ulegal and unregulated business operations lead to the
dearadation environment. Problems involving environmental
of operation. She is the head of the human resource, accounting,
marketing, sales, legal, production, research and development,
abuse like the use of pesticides, emission of carbon
dioxide, or and all other departments found in the business. She is also the
throwing of toxic materials will affect the lives of alliving creatures planner, implementer, controller, decision maker, and sometimes
including that of the source of raw materials. Entrepreneurs must even a "reliever" if one of her workers is absent. Having a
be conscientious in choosing only those activities that will save business requires 100% focus and concentration on the part of
the environment from greater harm.
the entrepreneur.

RISKS FACED BY ENTREPRENEURS The risk of working long and difficult hours

Doing business involves risk. A would-be entrepreneur must
learn how to take calculated risks. This can be done if she is
familiar with the different types of risks.
The risk of failure
An employee has only eight hours of work, but being an
entrepreneur requires a 24/7 schedule on the job. This implies
less time for family life, friendship, sports, entertainment and
sometimes, even time for God. The word "relaxation" is out of
the question, especially if the business is in its take-off stage.

Business failure will result to business closure. The most The risk of facing emotional problems
common reasons for business failure are poor management The entrepreneur may encounter emotional problems that may
and inadequate financing. Small business owners are typically
arise from the business itself or the relationships surrounding
generalists. The entrepreneur is the leader, the planner, and the the business. An unfavorable business condition may lead to
worker, all rolled into one. The entrepreneur can hardly specialize frustration and depression. In a worst-case scenario, losing a
because at the start she has to do much of the work by herself. friend or even a marriage partner is possible due to lack of time
As the business grows in size, the entrepreneur may focus on to bond or communicate.
one area and neglect the other aspects of business. This can be
the start of iternal problems. For example, if the owner focuses The risk of high stress levels
on cuting the cost of raw materials while ignoring other equally
Stress can be positive or negative. Eustress, knovwn as the good
important components of production such as the wages of its
workers, the situation can eventually lead to work unrest. Another stress, is fun and energizing. Just having the right amount of
it is healthy and stimulating. Distress is the bad stress. The
point to consider is improper use and control of finances, which
can lead to inadequate financing. The inability of the business to
demanding work and the long hours on the job, combined with
unrealistic expectations from both the business and relationships
pay its creditors will force the business to declare bankruptcy. can cause to0 much stress. Stress, if not dealt with properly can
lead to significant deterioration in health and well-being.
The risk of uncertain income
and
business, income fluctuates from month to month
even
In PERSONAL REWARDS AND CONTRIBUTIONS TO SOCIETY
economies
from day to day. Of course, big businesses have better
of scale that can sustain operations even during
slack season.
"In the arena of human life, the honors and rewards fall to
this risk
But for those just starting to operate a small business, those who show their good qualities in action."
needs to have a viable
can be fatal. That is why the entrepreneur -Aristotle
venture. Six months
Tinancial plan in place before starting the
set aside before anyone Being an entrepreneur is a challenging and risky undertaking.
dedicated to expenditures should be
Should launch a full-time entrepreneurial
activity. However, it also offers varied rewards and gives the entrepreneurs
a big chance to contribute positively to society.
The risk of uncertain markets
factors. The
about by different
Uncertainty of the market is brought
the entrepreneur's product
or
apid rate of innovation can render influence of media
obsolete within months. The powerful
ErVIce behaviors, which in
turn can
a l shape peoples' attitudes and
MODULE I: THE ENTREPRENEUR 69
 Contributions to society

to national development: Entrenr

REWARDS
rewards
1. Contribution
of the economy. They cra
reneur
Intangible and
non-financial
are important components
accelerates economic proarec
wish to be their own boss
and multiplier effect that
Independence: Some people provide jobs to people, Hau
1.
themselves. Independence establishing business, they
make all the important decisions consume more, and that stimula
entrepreneur the privilege
to the income, people ulates
as a sole owner provides the more investments.
sense of freedom.
Conflict production, leading to
work at her own pace, giving her a from the business
of
and argument will not occur
since she has the monopoly 2. Furthermore, the taxes collected will
that the government
making decisions. improve the social services Can
risks in managing provide.
2. Excitement: Because of the inherent
a business, the entrepreneur
experiences excitement and 3.
Contribution to entrepreneurial networks: Entrepreneur
more challenging it are found practically in every community making
adventure. The harder the work is, the
will be. easier to establish connections and linkages with other
Freedom from a boring job: Work that is routinely entrepreneurs and businesspeople. Through this network,
3. for an entrepreneur whois they can support each other and share best practices,thu
performed makes it boring. But
boredom does not exist. improving business and providing better satisfaction to the
said to be the "jack of all trades,"
different people and community's citizenry.
She performs different tasks, meets
situations, and makes different decisions on a daily, or even
4 Utilization and mobilization of resources: With the
hourly basis. initiative of the entrepreneur, idle and untapped resources

4 Sense of competition: Sometimes, competition can be
its own reward. A feeling of "fighting over" and "getting
ahead" pushes one to go beyond one's limits and to
perform extraordinarily. When entrepreneurs overcome their
challenges, they get a satisfying sense of self-fulfillment.
5. Flexibility: Though managing a business demands almost
100% of the entrepreneur's time, she still enjoys a certain
level of fiexibility. She can schedule her time for the
business, her family, and even for herself. As the business
grows, she can delegate some of her jobs, which gives her
more freedom to manage her time.
are utilized. Through their creativity, entrepreneurs create
new products or services using better and efficient
technology. Because of efficient production, products can
then be sold at reasonable prices and provide better value
to consumers.
5. Contribution to social development: Entrepreneurs
provide consumers a wide variety of products and services
to choose from. They make these products and services
available everywhere and anywhere for the convenience
of the consumers. Through the effort of the entrepreneurs,
consumers are able to enjoy a better standard ofliving

Tangible and financial rewards

1. Income potential: Owning and managing a business gives
an attractive financial return that
compensates for the time
and money the entrepreneur invests as well as the risks
she takes. Income can be unlimited
depending on the
preparedness and passion of the entrepreneur.
2. increase in wealth: As income increases, the
can expand the business and even
entrepreneur
acquire physical and
financial assets. Increase in wealth will most
likely
provided the business is economically viable and thehappen,
owner
has the determination to make the
business thrive.

70 WINDOWS TO ENTREPRENEURSHIP: A
TEACHING GUIDE