GINGOOG CITY COLLEGES, INC.

Brgy. 24-A, Paz Village, Gingoog City

Misamis Oriental 9014

Office Administration Department

OA CORE 12: Entrepreneurship Behavior and Competencies
Semester of A.Y. 2022-2023

MODULE 1:
CONCEPT OF ENTREPRENEURSHIP

LESSON 1.1: UNDERSTANDING ENTREPRENEURSHIP

Entrepreneurship is a creative initiative of setting up business to meet the

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needs of consumers in the hope of getting profit from it. This creative initiative may
be in the form of a new product or a modification to an existing product, or an
innovation in the business process. It also involves seeking opportunities for market,
establishing and operating business out of the operations.

Entrepreneur is an individual who has the innate ability and extraordinary

dedication to establish and manage a business, acknowledging all the risks and
reaping its rewards. They are the person who strongly advocate and correctly
practices the concepts and practices the concepts and principles of
entrepreneurship in operating and managing the self-owned entrepreneurial
venture.

Significant features of entrepreneurship

 It is a wealth-creating venture
 It provides valuable goods and services
 It entails opening and managing the self-owned enterprise
 It is a risk-taking venture
 Advantages and Disadvantages of Entrepreneurship

Advantages of entrepreneurship

Entrepreneurship has become not only as an employment alternative, but

as a job-generating undertaking as well.

 Independence. Allows entrepreneurs to assume a managerial role in their

own venture, hence they become their own boss.

 Flexibility. This offers young entrepreneurs the chance to work on their own
pace and space, make their own schedule, control their hours, and set up
their own workplace.

 Challenge. The opportunities to grow and diversify are endless. There is

plenty of room to improve oneself and one’s business skills.
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 Direct payoffs. Entrepreneurs’ benefits directly from whatever profit the

business yields.

 Unlimited earnings. Income is derived in full and one can expect even more.

Disadvantages of entrepreneurship

On the other hand, the success of any venture may also be difficult to
attain and sustain.

 No regular monthly salary. Absence of a regular paycheck.

 Unpredictable schedule. Work hours run at no fixed course.

 Risky. One may hit it big, break even, or lose. If a mistake is committed, the
entire investment maybe be lost.

The entrepreneurial process

A step-by-step procedure in establishing any kind of business that an

entrepreneur has to under-go. It is composed of four assets.

 Step 1: Opportunity spotting and assessment. This is the beginning the

process and is considered the most difficult. Entrepreneur at this point take
note of interesting trends in their environment.
  Step 2: Developing a business plan. Entrepreneurs should formulate a
business plan when they have already spotted and assessed the
opportunities in the market.

 Step 3: Determining the capital needed. It is mandatory in the

entrepreneurial process to calculate the resources needed to establish the
business and compare this against the entrepreneur’s current resources.

 Step 4: Running the business. This is the part where entrepreneur should use
the resources allocated for the new venture.

LESSON 1.2: ENTREPRENEURSHIP AND THE ECONOMY

In these days when jobs are scarce and wages are not enough to support a
family, entrepreneurship offers a solution to financially troubled situations. It gives
an entrepreneur the opportunity to contribute to the increase in real wages and
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improvement in living standards, which are indicators of economic growth.

Economic benefits include the following:

 Entrepreneurship increases the country’s per capita. Entrepreneurship

increases both consumption and investment, thereby increasing income.

 Entrepreneurship creates jobs. Entrepreneurship creates employment

opportunities for the unemployed and underemployed.

 Entrepreneurship meets consumer demands. By producing products and

services in their required volume and quantity, entrepreneurship satisfies the
consumers’ demand and interests.

 Entrepreneurship provides social services. Entrepreneurship provides

revenues to the government by way of taxes and fees entrepreneurs pay.
Those engaged in exports bring in an even more substantial contribution in
the form of dollar earnings. Their share in the government funds converts to
social benefits like road construction and maintenance, which is in the long
run benefit their own businesses.

 Entrepreneurship links industries. Once business links up with other

companies, forming networks, cluster, and alliances where entrepreneurs
exchange knowledge and technology to come up with more quality goods
and more efficient services.

 Entrepreneurship creates new markets. Business helps create new, untapped

markets and stimulate new products in the process.
 List of the most common small business in the Philippines
 sari-sari store
 Rice retailing
 Food cart business
 Printing business
 Buy and sell business
 Street food business
 Online selling business
 Cell phone loading business
 Laundry and dry cleaning business
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