ENTREPRENEURSHIP

Introduction to Entrepreneurship
Relevance of the course

Name: _____________________________ Quarter 3 Week 1

Section: _____________________________ Date: __________________

Background Information for Learners

What does this lesson provide to your entrepreneurial journey as a student?

1. It outlines the operational definitions of the terms “entrepreneur” and “entrepreneurship” and
makes a clear distinction between them.
2. It defines their differences in terms of concepts, beliefs, understanding, and approaches
adopted by an entrepreneur and an ordinary business person.
3. It highlights the basic theoretical concepts, principles, approaches, and strategies used in
entrepreneurship.
4. It aims to build a strong entrepreneurial foundation to pique an interest among students to
become successful entrepreneurs.

Do you imagine yourself becoming an entrepreneur and managing your own business in the future?
Thus, acquiring basic working knowledge in entrepreneurship becomes a necessity for you. Plain
ignorance of the fundamental entrepreneurial concepts may contribute to the failure of your endeavor.

Acquiring sufficient knowledge of entrepreneurial principles equips you with the necessary tools in
handling and maximizing entrepreneurial opportunities. However, even a full understanding of the
concepts and principles of entrepreneurship is not an assurance that entrepreneurial process. Knowing the
entrepreneurial principles is one thing and becoming a successful entrepreneur is another.

So why learn entrepreneurial principles when it cannot provide you the assurance of becoming a
successful entrepreneur?
Knowing the various concepts and principles in entrepreneurship may not completely guarantee success
in a competitive position in making entrepreneurial decisions.

Entrepreneur
The term “entrepreneur” from the French word “Entreprende” which means “to undertake.” It
connotes a business paradigm which signifies the start of a new business undertaking. On the other hand,
the term “entrepreneurship” comes from the word entrepreneur. It refers to a particular field of practice
or process, as compared to an entrepreneur which is a person practicing entrepreneurship. Comparatively,
the relationship is like that of a manager and the management in which a manager is a person who
practices correctly the concept of management.
The American Heritage Desk Dictionary defines an entrepreneur as a person who organizes,
operates, and assumes the risk of business ventures. An entrepreneur is defined as a person who strongly
advocates and correctly practices the concepts and principles of entrepreneurship in operating and
managing the self-owned business venture. This venture is also called enterprise.
This operational definition puts emphasis on the concepts of advocacy and correct practices.
These two concepts outline the primary difference between the owner of an ordinary small business and

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the entrepreneur. Furthermore, another key feature of this definition is that an entrepreneur owns and
manages the small entrepreneurial endeavor or small business.

An entrepreneur is a person who sets up a business with the aim to make a profit and creates a
new business, bearing most of the risks and enjoying most of the rewards.
An entrepreneur is an innovator, a source of new ideas, goods, services, and business or
procedures. An entrepreneur is playing a key role in any economy, using the skills and initiative
necessary to anticipate needs and bring good new ideas to market.

Entrepreneurship

Entrepreneurship is …
 Defined as the art of observing correct practices in managing and operating a self-owned
wealth-creating business enterprise by providing goods and services that are valuable to the
customers.
 A way of thinking people exposed to entrepreneurship frequently express that they have more
opportunity to exercise creative freedoms, higher self-esteem and an overall greater sense of
control over their own lives.
 A way of inspiring creative individuals to pursue opportunities despite its risks.
Entrepreneurship is also a key driver of our economy.
 The act of creating a business or businesses while building and scaling it to generate a profit.
 What people do to take their career and dreams into their hands and lead it in the direction of
their own choice.
 About building a life on your own terms. No bosses. No restricting schedules. And no one holds
you back.

Entrepreneurship in the Philippines (Batalla, V.2011)

The notion of the entrepreneur as simply one who forms and manages business is apparent in
government programs that attempt to develop small-scale industries. In the Philippines, many
entrepreneurial development-training programs rest on such assumptions. But even without the presence
of government support, the statistics for the past fifty years or so on the number of business
establishments formed every year would generally show an increasing trend. They were mostly in food
processing, property development, and trade (including shopping malls).

Importance of Entrepreneurship
1. It generates new wealth in an economy.
2. It decreases poverty.
3. It creates opportunities, ensures social justice, instills confidence and stimulates the economy.
4. It improves productivity.
5. Entrepreneurs creates jobs.
6. Entrepreneurs create innovation and social change.

The Importance of Entrepreneurship in School Curriculum

While the society all around is developing with technology and innovations, the K-12 schools have
been in a stagnant scenario. Education is the driving force behind every country’s economy, directly or
indirectly. Sure, many schools have adapted to modernization, and have started making students work in
groups to solve problems, learn online and integrate science with arts. But it is noticed even then, students
that are graduating lack the advanced skills and innovative thinking to work through the modern day
challenges in the workplace. Thus, entrepreneurship, the capacity to not only start companies, but also to
think creatively and ambitiously, is very important to be included in school curriculum.

Entrepreneurship education aids students from all socioeconomic backgrounds to think outside the
box and nurture unconventional talents and skills. It creates opportunities, ensures social justice, instills

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confidence and stimulates the economy. Entrepreneurship education is a lifelong learning process,
starting as early as elementary school and progressing through all levels of education, including adult
education.

Introducing young kids to entrepreneurship develops their initiative and helps them to be more
creative and self-confident in whatever they undertake and to act in a socially responsible way. There are
many ways entrepreneurship lessons can be integrated in the school curriculum.

 Learning a Business

Students can practice writing, interview questions and conduct interviews with entrepreneurs. The
information can then be compiled into a directory of the types of goods and services, locations,
and hours of the businesses. Students can then discuss the location, advertisement and the
products involved in the business.

 Language arts

Students can be challenged to come up with business ideas or products, that they think others
would be interested to buy. Students can then debate on the potential audience for the product and
how they can make modifications to it, which will be more alluring to their audience. Students
can also deliberate on with what and whom this product will be competing with.

 Thinking skills
Teach students to think on, what’s positive or strong about their work and let them ponder on
their weaknesses to find the changes needed to make their product more interesting. Let students
to understand, passion and satisfaction to come up with their own original ideas to persevere in
the project with what limited resources they have.

 Imagining
Creativity dwells within imagination. Pass around common objects to students and make them
imagine that object in a different outlook, it will help students to see the same object through a
different perspective. It will make students to see possibilities in a common object in a new way.

 Research skills
Have students to look through the yellow pages to spot businesses and interesting names, and
then categorize these results in superlative forms of adjectives, foreign words, what the business
produce or sells, geographic locations and their functions.
Teaching entrepreneurship skills through school is a process, and it is highly recommended that
students be left free to find their calling through it. Teachers should also be provided guidelines to
manage students and help them to foster a pleasant environment for students to grow.

Relevance of Entrepreneurship to SHS Students

1. To prepare students for livelihood even before college.

2. Entrepreneurship education aids students from all socioeconomic backgrounds to think outside
the box and nurture unconventional talents and skills.
3. Entrepreneurship develops their initiative and helps them to be more creative and self-confident
in whatever they undertake and to act in a socially responsible way.
4. It exposes students to numerous opportunities to learn how to think critically and analyze the
pieces on the board.
5. Being aware of all the important factors and seeing how they affect each other is the foundation
of a smart decision-making process.
6. Students have to be exposed to real-world examples and learn from their own experience.

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 7. Entrepreneurship education requires students to be innovative, creative and collaborative with
others.
8. Entrepreneurship education provides budding entrepreneurs with the skills and knowledge to
come up with business ideas and develop their own ventures.

 Entrepreneur is person who undertakes the risk of starting a new business venture. An
entrepreneur creates a firm, which aggregates capital and labor in order to produce goods or
services for profit.
 Entrepreneurship is an important driver of economic growth and innovation. Entrepreneurship is
high-risk, but also can be high-reward as it serves to generate economic wealth, growth, and
innovation.

Learning Competency:
 Discuss the relevance of the course (No available code)

Activity 1:
Multiple Choice: Read and answer each statement carefully then write the letter of the best answer on a
separate sheet of paper.
1. Who acts as a coordinating agent in a capitalist economy?
a. Manager
b. Finance Officer
c. Entrepreneur
d. Broker
2. Which of the following is not a definition of Entrepreneurship?
a. It creates opportunities, ensures social justice, instills confidence and stimulates the
economy.
b. It is an important part of the economic growth strategies of many local and national
governments around the world.
c. Refers to a person who sets up a business with the aim to make a profit.
d. The act of creating a business or businesses while building and scaling it to generate a
profit.
3. Which of the following is a relevance of Entrepreneurship to SHS Students?
a. It generates new wealth in an economy.
b. It aids students from all socioeconomic backgrounds to think outside the box.
c. It creates opportunities and ensures social justice.
d. It creates job.
4. Which statement is not correct about the status of entrepreneurship in the Philippines?
a. The number of business establishments formed every year would generally show an
increasing trend.
b. N-entrepreneurs are people who can secure resources such as technology and information
to gain distinct, sustainable, competitive advantages.
c. In 2005, the top 50 Philippine corporations in terms of sales could be broken down into
25 private domestic firms, 20 foreign firms, and 5 government-owned and/or controlled
corporations.
d. The 22 companies could be identified with 11 families and individuals, mostly Filipinos
of Chinese ethnic background.
5. Which of the following words is not associated with entrepreneur?
a. Innovative
b. Impulsive

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 c. Collaborative
d. Creative
6. It involves developing new products or improving existing technologies, processes, designs and
marketing to solve problems, increase efficiency, reach new customers, and ultimately increase
profits.
a. Business Opportunity
b. Business Innovation
c. Socioeconomic
d. Business Venture

7. Involves sale or lease of any product, service, equipment, etc. that will enable the purchaser-
licensee to begin a business.
a. Business Opportunity
b. Business Innovation
c. Socioeconomic
d. Business Venture

8. Refers to the act of creating a business or businesses while building and scaling it to generate a
profit.
a. Economy
b. Entrepreneurship
c. Livelihood
d. Entrepreneur

9. Refers to their "means of securing the basic necessities (food, water, shelter and clothing) of life".
a. Economy
b. Entrepreneurship
c. Livelihood
d. Entrepreneur

10. The system of production, distribution and consumption. The overall measure of a currency
system; as the national economy.
a. Economy
b. Entrepreneurship
c. Livelihood
d. Entrepreneur

11. Is a person who sets up a business with the aim to make a profit.
a. Economy
b. Entrepreneurship
c. Livelihood
d. Entrepreneur

12. Refers to any significant alteration over time in behavior patterns and cultural values and norms.
a. Social Change
b. Business Innovation
c. Socioeconomic
d. Livelihood

13. Related to the differences between groups of people caused mainly by their financial situation.
a. Business Opportunity
b. Business Innovation

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 c. Socioeconomic
d. Business Venture

14. It is a new business that is formed with a plan and expectation that financial gain will follow. It is
usually formed out of a need for a service or product that is lacking in the market.
a. Business Opportunity
b. Business Innovation
c. Socioeconomic
d. Business Venture

15. . It is simply the noun form of the adjective "relevant," which means "important to the matter at
hand."
a. Social Change
b. Relevance
c. Socioeconomic
d. Livelihood

Activity 2: TRUE or FALSE. Read and analyze each statement carefully then select TRUE if the
statement is CORRECT and FALSE if the statement is WRONG.
1. An entrepreneur is a person who undertakes the risk of starting a new business venture.
2. Entrepreneurship is high-risk, but also can be high-reward as it serves to generate economic
wealth, growth, and innovation.
3. An entrepreneurship is a person who creates a firm, which aggregates capital and labor in order to
produce goods or services for profit.
4. Entrepreneurship is an important driver of economic growth and innovation.
5. An entrepreneur is a person who creates a business plan, hire labor, acquire resources and
financing, and provide leadership and management for the business.
6. Livelihood is the system of production, distribution and consumption. The overall measure of a
currency system; as the national economy.
7. Business opportunity involves developing new products or improving existing technologies,
processes, designs and marketing to solve problems, increase efficiency, reach new customers,
and ultimately increase profits.
8. Economy is the system of production, distribution and consumption. The overall measure of a
currency system; as the national economy.
9. Business venture refers to a new business that is formed with a plan and expectation that financial
gain will follow. It is usually formed out of a need for a service or product that is lacking in the
market.
10. Entrepreneurship education provides budding entrepreneurs with the skills and knowledge to
come up with business ideas and develop their own ventures.
11. Entrepreneurship develops the students’ initiative and helps them to be more creative and self-
confident in whatever they undertake and to act in a socially responsible way.
12. Entrepreneurship education aids students from all socioeconomic backgrounds to think outside
the box and nurture unconventional talents and skills.
13. Education is the driving force behind every country’s economy, directly or indirectly.
14. The term “entrepreneur” from the French word “Entreprende” which means “to undertake.” It
connotes a business paradigm which signifies the start of a new business undertaking.
15. The notion of the entrepreneur as simply one who forms and manages business is apparent in
government programs that attempt to develop small-scale industries.

References:
Book:
1. Entrepreneurship in the Philippines, Alduana,Nick L. Entrepreneurship, C&E Publishing, Inc.
2017

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Web:
2. Importance of Entrepreneurship, www.reference.com
3. The Importance of Entrepreneurship in School Curriculum,
https://theknowledgereview.com/the-importance-of-entrepreneurship-in-school-curriculum/
#:~:text=Entrepreneurship%20education%20aids%20students%20from,confidence%20and
%20stimulates%20the%20economy
4. Relevance of Entrepreneurship to SHS Students, www.europeanentrepreneurship.com
5. Entrepreneur and Entrepreneurship Definition (investopedia.com)
6. ABM-ENTERPRENUERSHIP 12_Q1_W1_Mod1.pdf , DIVISION OF CITY SCHOOLS –
MANILA Manila Education Center Arroceros Forest Park, Antonio J. Villegas St. Ermita,
Manila

Answer Key:
Activity 1. Multiple Choice
1. C
2. C
3. A
4. C
5. B
6. B
7. A
8. B
9. C
10. A
11. D
12. A
13. C
14. D
15. B

Activity 2. True or False

1. True
2. True
3. False – Entrepreneur
4. True
5. True
6. False – Economy
7. False – Business Innovation
8. True
9. True
10. True
11. True
12. True
13. True
14. True
15. True

Prepared by:

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Charmaine Joemaica J. Sapigao
Teacher I