ENTREP MODULE #1
continuous improvement. Tries to get larger
Salient Features
Providing values to customers- benefits to
Community, economic wealth
Opening and managing a self owned business
Enterprise- Planning is an essential principle
Wealth creating venture- community
Art of correct practices- Art, not a science.
-Dynamic, new ideas- backbone of entrep
-It is not governed by fixed and absolute rules,
whereas science is
Risk taking venture- risk is inherent
 Entrep is not static or stagnant
 Wealth is different from profit although
profit is a good indicator of wealth.
 Value is subjective
 Entrepreneur- originates from the
French word entreprendre which means
“to undertake”
- refers to a person who strongly
advocates and correctly practices
the concepts and principles of
entrepreneurship in operating and
managing a self-owned
entrepreneurial venture.
 Small business- refers to a business that
correctly adopts and practices the
principles of entrepreneurship. Owned
by 1 person, limited workforce of 20 ppl
 Ordinary Small Business- business
enterprise managed by an owner who is
not an advocate and does not practice
the concepts and principles of
entrepreneurship.
2 VHS RPM
1. View on competition-
SB:
competition= healthy economic environment,
portion of market share
OSB: competition= unhealthy element, avoids
it, uncomfy working in a competitive envi n
discourages it
2. Vision for development and growth
SB: Outlines the in terms of short-term,
medium-term, and long-term plans of action.
vision and mission of his/her business is clear.
OSB: Relies upon chance or luck in maintaining
the status quo
Not so much concerned about its development
and growth as long as he/she is satisfied with its
earnings.
3. HORIZON OF BUSINESS OPERATION
SB: thinks globally, acts locally. Has local and
global perspective
OSB: centers on local envi, does not intend to
participate in global envi.
Expansion has never been an idea
4. Sources of business funds
SB: internal n external
OSB: limits d funding to personal resources
5. REACTION TO CHANGES IN THE
ENVIRONMENT
SB: reacts positively to changes
Change- creative mechanism for development.
DO NOT wait for change to happen, they
outline an alternative course of action
(contingency plan)
OSB: remain passive n static to change. changes
are not a plus factor to daily operations but
rather a source of negative consequences.
6. PERCEPTION OF RISK IN THE BUSINESS
SB: risk- inherent, faces the business risk
squarely. prepares the business for it, finds
ways to minimize its effects.
OSB: risk- deterrent, must be avoided.
7. Motive in opening
SB: based on entrepreneurial concepts and
principles and the aspirations to become
successful. new and fresh ideas in the business
environment.
Entrep for happy n fruitful life (give 2
community)
OSB: source of livelihood, to earn profit
IMPORTANCE TO FILIPINO PEOPLE
It provides guidelines in their wealth-creating
ventures.
It helps improve their financial and social life.
It helps broaden their creativity
It helps make their lives happy, fruitful and
successful
IMPORTANCE TO THE LOCAL COMMUNITY
It provides employment in the community
It creates new demand in the market
It makes substantial contribution to the raising
and collection of taxes.
It facilitates the movement of the factors of
production
It creates new business opportunities
It promotes a peaceful and loving community
It increases constructive competition
IMPORTANCE TO THE PHILIPPINE COMMUNITY
It encourages competitiveness and thereby
challenges entrepreneurs to keep improving
their products and services.
It helps find an entrepreneurial niche in the
world market
It helps hasten the economic recovery process
of the Philippines during financial turmoil or
crackdown
It facilitates the smooth flow of money in the
local market
It assists the national government in its desire
to have a favorable economic ratings in the
world market.
Successful entrepreneur- possess common and
core entrepreneurial competencies
COMMON TRAITS
1. Proactive- reactive rather than passive
- Address probs even before they
come, assess risk factors, plans
2. Agents of change- innovation
champions.
- See opportunities in hopeless and
complex situations
- Improve and develop new products
- Do not settle for mediocrity and
status quo
3. Risk takers- high risk tolerance.
- By taking risks, entrepreneurs take
into consideration the potential
various threats they may encounter
4. Have a sharp eye for opportunities-
entreps have talent in recognizing
opportunities
- Know how to assess cause and
decide if a venture should be
considered or not
5. Sociable- nice to everyone
-to people and its customers
Relationship management- key for
employee and customer retention
6. Networkers- knows the key people to
connect with, maintain long lasting
relationship w them
7. Decisive- do not settle for grey areas or
unclear solutions
8. Balanced- analytical and creative side
9. Innovative- improving and thinking of
worthwhile business ideas
CORE TRAITS
1. Leaders- heart of a leader, source of
inspiration to employees. Know how to
unite the team n bring out the best in
everyone
2. Communicators- know how to use all
forms of communication. EFFECTIVE
COMMUNICATION- provides ppl w clear
view of what biz offers, smooth flow of
operations
 3. Specialists- experts in their chosen III. Interpersonal skills- communicating
business/ professionals. Keen w details. w other ppl/socializing
They understand the soecificity and is
knowledgeable
4. Problem solvers- critical thinking skills,
handle issues

Character traits- distinguish entrepreneurs

from ordinary small business owners

a) Achievement cluster- desire to be an

achiever in the field of
entrepreneurship
- Achievers by nature, strive to
achieve
-do not settle for less
1) opportunity seeker 4) risk taker
2) committed 5) efficiently n quality
3) persistent oriented

b) Planning cluster- supports the

character’s traits
- Balanced ang achievement n
planning cluster
1) Goal seeker
2) Info seeker
3) Systematic in planning n monitoring

c) Power cluster- reflect a degree of the

interpersonal reactions maintained
- How to interact n be sociable
1) Persuasive and positive
2) Self confident

THE ENTREPRENEURIAL SKILLS WTF ANDAMI

-personal abilitiesnto do things well
-come from the totality of the knowledge

I. Cognitive Skills- critical thinking,

analyzing
II. Technical skills- pedeng
matutunan/develop eg. Painting,
music