ENTREPRENEURSHIP

Lord God, we thank you that you promise to be with us

always. Thank you that your presence is with us right
now. Today, we give you our hearts, our minds and our
lives. Come speak your words of life into our beings. We
pray that you would deepen our comprehension, broaden
our thinking, and transform our understanding of what
we are about to study. For you are our wise counsellor,
our perfect teacher and our faithful friend.
Thank you Lord. Amen.
 MODULE 2
JOB OPPORTUNITIES FOR
ENTREPRENEURSHIP
https://www.youtube.com/watch?v=j7wZogQhmFE
As you go further, let us try to recall about the
concept of Entrepreneurship.

Entrepreneurship is a catchword in this era of

globalized economy. It is a foundation
and catalyst for economic growth and innovation
across nations.
COMMON ELEMENTS OF ENTREPRENEURSHIP
(EDRALIN, D. M., 2016):
• Innovation
• Opportunity seeking and exploitation
• Resource mobilizing
• Encountering risks and uncertainties
• Economic and personal rewards
ROLES OF ENTREPRENEURSHIP AND ENTREPRENEURS
IN ECONOMIC DEVELOPMENT AND SOCIETY :
• Creates employment
• Develops new markets
• Introduces innovation
• Generates new sources of materials
• Stimulates investment interest in the new business ventures
being created
• Improves the quality of life
• Serves as role models
• Brings social benefits to the people
• Utilizes and mobilizes indigenous resources
• Provides more alternatives for consumers
Entrepreneurs are found everywhere around the globe and
they are a distinct group of business people who contribute
to the development of the society. They are the founder and
creator of the enterprise who make use of the opportunities
that abound to start or grow business, knowing that there
are risks involved in such undertaking (Edralin, D. M.,
2016).
Entrepreneurs are a risk taker and takes into account the
business world’s ups and down as they engage in various
opportunities, like restaurants, retail stores, wholesale
dealings, textiles, and others. To maximize profits, an
entrepreneur operates their business at the lowest possible
cost while ensuring that the quality of products or services is
maintained and customers are satisfied.
This question has long been debated with little
agreement. However, entrepreneurs as having and
exhibiting “desirable and acquirable attitudes and
behaviors” such as commitment and determination,
leadership, opportunity obsession, risk-takers,
motivation to excel, creativity, self-reliance, and
adaptability. Competencies such as risk seeking,
assertiveness and vision are considered typical of a
successful entrepreneur.
But these are innate predispositions or aspects of
temperament; by using them as yardstick, it is
wrongly concluded that only certain types of people
make good entrepreneurs or are capable of
worthwhile innovations.
Some people believe that entrepreneurs are born,
influenced by their parent’s trait and guidance.
Others say entrepreneurs are made, as they are
shaped by their education and the training they got
from different institutions, workshops, seminars,
and symposia. But it is also said that business
courses taught in schools are not enough. Practical
and relevant knowledge, or being “street smart”, is
also important when venturing into a business
 Is there such a thing as a
‘NATURAL-BORN ENTREPRENEUR’?

Accordingly there is not. Specific techniques and

habits must be practiced and developed by all
would-be entrepreneurs. Aside from business
competencies, entrepreneurs need interpersonal
and self-leadership skills too; however, these are
often overlooked. Entrepreneurial behavior‟ can be
learned and developed.
Note: The question is not who
entrepreneurs are, but what
they do, and more important
than business skills can be
other competencies that provide
a foundation for those business
skills.
 THREE LEVELS OF COMPETENCIES
WHICH ALL ENTREPRENEURS NEED

1. Personal competencies – These are

your abilities to ground yourself so that
you are secure and self-assured in
whatever situation you may find yourself.
Ex. creativity, determination, integrity, self-
criticism.
 THREE LEVELS OF COMPETENCIES
WHICH ALL ENTREPRENEURS NEED

2. Interpersonal competencies – These are

your ability to lead, influence, communicate,
supervise, negotiate, and control people at all
levels. It is the ability to get along with people
and motivate people to perform jobs.
Entrepreneurs must effectively manage people.
Ex. communication, engagement, delegation
 THREE LEVELS OF COMPETENCIES
WHICH ALL ENTREPRENEURS NEED

3. Business competencies – These are set of

particular abilities and knowledge that sets a
company apart from its competitors. It also
refers to the key characteristics that successful
entrepreneurs should have in order to be
successful.
Ex. business vision, financial management,
networking
 Core vs. Common
Competencies in Entrepreneurship

Competencies in entrepreneurship play a leading role

in making entrepreneurs successful.
Entrepreneurial competencies facilitate opportunity
recognition, help adapt rapidly to changes, enhances
business performance, strengthen the firm‟s
competitive position and stir the achievement of
organizational success. It is the sum total of the
personality, skills and knowledge that the entrepreneur
possesses, which are necessary to effectively perform
their functions and responsibilities.
 Core vs. Common
Competencies in Entrepreneurship

Competence is an underlying personal characteristic

which leads to superior performance. It is a
combination of knowledge, skills, attitudes, and
motives.
Core competence is the foundation for sharpening a
company's competitive edge and it guides brand
reputation, business growth, and marketing strategy.
Common competence is one that describes the
knowledge, skills and abilities found in most or all
position.
 EXAMPLES OF CORE AND COMMON
COMPETENCIES IN ENTREPRENEURSHIP
Core Competencies Common Competencies
Organizing and Planning Analytical and critical thinking
Cash flow management Decision making
Personnel management Leadership
Operations and distribution Communication
Customer Relations Computer Literacy
Bookkeeping/Accounting Human Relations
Promotions and Advertising Managing Change
Resources Management Creative Thinking
Financial Management Time Management
Information Management Conflict Management
 Job Opportunities for Entrepreneurship as a Career

If you’re an aspiring entrepreneur, there are

different career paths you can take to turn your
dream into a reality. Which path you choose will
depend on your experience, skills, finances, and
flexibility, as well as your goals for the future.
Career opportunities you might pursue according to Michalowicz
(2011) as cited by Edralin, D. M., 2016):

Entrepreneurship Career Opportunities

for the Academic Track
Business Consultant
Sales
Research and development
Not-for-profit fundraiser
Teacher
Talent recruiter
Business reporter
New venture creation
Career in existing entrepreneurial ventures
Career opportunities you might pursue according to Michalowicz
(2011) as cited by Edralin, D. M., 2016):

BUSINESS CONSULTANT –
There are many start – up and
struggling businesses that need
people who can go to a client
site , identify problems and fix
them.
Career opportunities you might pursue according to Michalowicz
(2011) as cited by Edralin, D. M., 2016):

SALES-
A person who works in sales or
runs the department needs to
know how businesses run. How to
represent a company manage
accounts and follow up on leads.
Career opportunities you might pursue according to Michalowicz
(2011) as cited by Edralin, D. M., 2016):

RESEARCH AND DEVELOPMENT–

There is a need to understand
business concepts, systems,
procedures and practices.
Career opportunities you might pursue according to Michalowicz
(2011) as cited by Edralin, D. M., 2016):

Not-for-profit-fundraiser–
Being able to raise funds requires
understanding the importance of
business and networking
relationships.
Career opportunities you might pursue according to Michalowicz
(2011) as cited by Edralin, D. M., 2016):

TEACHER–
Teach the students how to increase
their entrepreneurial intention
through acquiring the attitude
towards entrepreneurship as well
as the benefits of math to
business, history to innovation ,
and literature to persuasive
advertising.
Career opportunities you might pursue according to Michalowicz
(2011) as cited by Edralin, D. M., 2016):

Talent recruiter –
Companies who us recruiters rely
upon someone being not just
people savvy, but having as in-
depth business sense as well.
Career opportunities you might pursue according to Michalowicz
(2011) as cited by Edralin, D. M., 2016):

Business reporter –
If one can write an article, or pick
up a quick class to learn it. One is
in a prime position to take the lead
on covering a local business bent.
Career opportunities you might pursue according to Michalowicz
(2011) as cited by Edralin, D. M., 2016):

New Venture Creation:

Launching a company, buying a
business or franchise, starting a
new venture in family enterprise ,
or commercializing technology.
Career opportunities you might pursue according to Michalowicz
(2011) as cited by Edralin, D. M., 2016):

Careers In Existing Entrepreneurial

Ventures: Working for a star up, small
business, corporate entrepreneur,
strategic entrepreneur,
entrepreneurial unit or other area,
such as education , research and etc.
Note:
Most would-be entrepreneurs,
however, remain self-employed,
preferring to be the boss.
 REASONS WHY MANY WOULD LIKE
TO BECOME AN ENTREPRENEUR:

1. Achievement, Challenge, & Learning

2. Independence & Autonomy – you can set your own
goals, pick their own partners, and face the consequences
of your decisions.
3. Income Security and Financial Success
4. Recognition and Status
5. Family
6. Dissatisfaction with Current Work Arrangements
7. Community and Social Motivation
ASSIGNMENT ☺
 LIVE MARY!!!
Prepared by:
Jessica Marie Ngo-Remulla, MBA, LPT
0995-6358-300