Bicol University

College of Industrial Technology

Technical Vocational Teacher Education
East Campus, Legazpi City
Name: Katelyn M. Manzanilla
Course: BTVTED FSM 2D
Subject: AS 3 Entrepreneurship
Date: 10/27/23

1. Explain how entrepreneurship evolved from the Earliest period to the 20th
century. What changes happened during those eras?

Entrepreneurship has evolved significantly over time from the earliest period up to 20th
century. In the Earliest Periods (Pre-Industrial Revolution), early entrepreneurship was primarily
based on subsistence farming and small-scale trade. Barter systems were prevalent, and
individuals often produced goods or provided services for direct exchange. In the Industrial
Revolution (18th-19th centuries), the advent of machinery and factories revolutionized
production methods. Entrepreneurs like Richard Arkwright and James Watt played pivotal roles
in this era. The shift from agrarian economies to industrial ones led to increased specialization
and division of labor. While in the 19th Century, the emergence of large corporations and
industries marked this period. Entrepreneurs like Andrew Carnegie and John D. Rockefeller
became notable figures, focusing on consolidation and vertical integration. Late 19th to Early
20th Century, technological advancements, especially in transportation and communication,
facilitated broader markets. Innovations in finance and the emergence of stock exchanges
supported large-scale ventures. In the Early 20th Century, the rise of consumer culture and
mass production, exemplified by Henry Ford and the assembly line, transformed
entrepreneurship. It is the development of multinational corporations and conglomerates
expanded business reach globally. Lastly, the Mid to Late 20th Century is the Information Age
that brought a new wave of entrepreneurship, with pioneers like Steve Jobs and Bill Gates
founding tech giants. Entrepreneurship became more diverse, with startups and small
businesses playing a significant role in economic development.

Throughout these eras, key changes included shifts in production methods, technological
advancements, financial systems, and the role of government in regulating and supporting
entrepreneurial activities. The scope and scale of entrepreneurship also evolved, from small
local enterprises to global, technology-driven ventures.

2. Choose 3 types of entrepreneurs and explain how their goals and business
practices differ.

In the types of entrepreneurs I choose Social Entrepreneur, Social Entrepreneur and

Cultural/Creative Entrepreneurs.

1. Social Entrepreneur
 The goal of Social Entrepreneurs primary focus is on creating positive social or
environmental impact alongside financial sustainability. It also aims to address pressing
issues like poverty, inequality, environmental degradation, etc.
  Their business practices often operate as a non-profit or hybrid organization. It
implements innovative solutions to social or environmental problems. Seeks
partnerships with NGOs, governments, and other stakeholders. Measures success
through metrics related to social impact, in addition to financial indicators. Lastly it may
rely on grants, donations, and social investment for funding.

2. Serial Entrepreneur
 The goal of Serial Entrepreneur focuses on building and growing multiple businesses
over time. And also often driven by the desire to innovate, diversify, and explore different
industries or markets.
 Its business practices usually for-profit ventures, but not exclusively. Often starts,
manages, and exits businesses. Utilizes experience and networks from previous
ventures for future successes. Tends to take calculated risks and may have a higher
tolerance for failure. And may seek venture capital, angel investment, or self-fund
ventures.

3. Cultural or Creative Entrepreneur

 The goal of Cultural or Creative Entrepreneur emphasizes the creation, promotion, and
preservation of cultural or creative expressions. Also aims to monetize artistic talents,
cultural heritage, or creative industries.
 The business practices of Cultural or Creative Entrepreneur engages in industries like
arts, design, fashion, entertainment, etc. Often involves producing and selling original
creative works or experiences. Focuses on brand identity, aesthetic appeal, and
storytelling. Collaborates with artists, designers, cultural institutions, and platforms. And
may market products or experiences through galleries, exhibitions, e-commerce, or
events.

While all three types of entrepreneurs are driven by their unique objectives, they share a
common trait in their pursuit of innovation and creativity. Social entrepreneurs are mission-
driven, serial entrepreneurs are driven by a desire for continuous innovation and growth, and
cultural or creative entrepreneurs are driven by their passion for artistic expression and cultural
preservation.

3. Discuss the rise of online entrepreneurs in the digital age. What kinds of online
businesses are thriving today?

The digital age has ushered in a transformative era for entrepreneurship, giving rise to a
multitude of online businesses. The digital age helped the entrepreneurs in global reach, where
the internet enables entrepreneurs to reach a global audience without the constraints of physical
location. Lower Barrier to Entry, setting up an online business often requires less capital
compared to traditional brick-and-mortar ventures. Diverse Business Models, various online
monetization methods exist, including e-commerce, subscription services, affiliate marketing,
and digital products. Accessibility of Tools and Platforms, a plethora of user-friendly tools and
platforms (e.g., website builders, e-commerce platforms, social media) make it easier for
individuals to start and operate online businesses. Remote Work and Flexibility,online
entrepreneurship allows for flexible work arrangements, making it attractive for those seeking
location independence.
 In thriving online businesses today we have E-Commerce, in which online retailing is
booming, with platforms like Amazon, Shopify, and Etsy providing opportunities for individuals
and businesses to sell physical and digital products. Next is Content Creation and Monetization,
this includes blogging, vlogging (video blogging), podcasting, and social media influencing.
Content creators can monetize through advertising, sponsorships, merchandise sales, and paid
subscriptions. Software as a Service (SaaS), entrepreneurs develop and sell software solutions,
often through subscription models. Examples include productivity tools, CRM software, and
design applications. Affiliate Marketing, entrepreneurs promote products or services from other
companies and earn a commission for each sale made through their referral. Online Education
and E-Learning, platforms like Udemy, Coursera, and Teachable enable entrepreneurs to create
and sell courses, tutorials, and educational content. Freelancing and Consulting, individuals with
specialized skills (e.g., writing, graphic design, programming) offer their services to clients
worldwide through platforms like Upwork and Freelancer. Drop shipping and Print-on-Demand,
entrepreneurs can start e-commerce businesses without holding inventory, relying on third-party
fulfillment services. Subscription Boxes and Services, entrepreneurs curate and deliver themed
packages to subscribers on a regular basis, ranging from beauty products to hobby supplies.
Virtual Events and Experiences, with the rise of remote work and online gatherings,
entrepreneurs can organize and monetize virtual conferences, workshops, and experiences. We
also have the App Development and Mobile Gaming, in which entrepreneurs create and market
applications for smartphones and tablets, including games, productivity tools, and entertainment
apps.

These examples illustrate the diverse opportunities available in the digital landscape.
Successful online entrepreneurs often combine innovation, market insight, and effective use of
digital tools to create value for their audiences.

4. Write about the various motivations that drive people to become entrepreneurs.
Rank what you believe to be the top 3 motivations.

People are motivated to become entrepreneurs for a variety of reasons, each stemming
from their unique aspirations, circumstances, and values. Here are some common motivations:

1. Passion and Purpose: Many entrepreneurs are driven by a deep passion for a particular idea,
industry, or cause. They want to turn their vision into a reality and make a positive impact on the
world.

2. Independence and Autonomy: Entrepreneurship offers the freedom to be your own boss and
set your own direction. This autonomy is appealing to those who prefer making decisions
independently.

3. Financial Opportunity: Building a successful business can lead to significant financial

rewards. Entrepreneurs may see it as a means to achieve personal wealth and financial
security.

4. Problem-Solving: Some individuals are motivated by the desire to solve specific problems or
address unmet needs in society. They see entrepreneurship as a way to create innovative
solutions.
5.Flexibility and Work-Life Balance: Entrepreneurship can offer greater flexibility in terms of
work hours and location. This is appealing to individuals who value a balanced lifestyle or have
specific personal commitments.

6. Desire for Innovation: Entrepreneurs often have a creative streak and a desire to innovate.
They want to introduce new products, services, or processes that challenge the status quo.

7. Legacy and Impact: Some entrepreneurs are motivated by a desire to leave a lasting legacy.
They aim to build something that will endure and continue to benefit society even after they are
no longer directly involved.

8. Rejection of Traditional Employment: Certain individuals may feel restricted or unsatisfied in

traditional employment settings. They prefer the risk and potential rewards of entrepreneurship
over the confines of a traditional job.

9. Adaptability to Change: Entrepreneurs tend to be comfortable with uncertainty and change.

They see opportunities in challenges and are willing to adapt and pivot as needed.

10. Personal Growth and Fulfillment: Entrepreneurship is a journey of continuous learning and
personal development. Many entrepreneurs are motivated by the opportunity to grow as
individuals and to find fulfillment in their work.

11. Community Impact: Some entrepreneurs are driven by a desire to contribute to their local
communities. They want to create jobs, support local economies, and be a positive force in their
surroundings.

12. Desire for Control over Destiny: Entrepreneurs often want to shape their own destiny rather
than being subject to the decisions and policies of others.

Here are my chosen top three motivations, in my opinion, based on their widespread
significance:

1.Passion and Purpose: This is often considered the most powerful motivator for entrepreneurs.
A deep-seated passion for a specific idea, industry, or cause can drive individuals to embark on
the challenging journey of entrepreneurship. It fuels their determination and commitment to see
their vision come to life.

2. Independence and Autonomy: The desire for independence and the ability to chart one's own
course is a significant driver for many entrepreneurs. Having control over decision-making and
the freedom to set their own direction is a compelling factor in choosing entrepreneurship.

3. Financial Opportunity: The potential for financial rewards is a strong motivator for many
individuals to become entrepreneurs. Building a successful business can lead to substantial
financial gains, providing a sense of security and the ability to achieve personal wealth.

These motivations are not mutually exclusive, and entrepreneurs often have a
combination of these driving forces. Additionally, individual circumstances and priorities can shift
over time, influencing an entrepreneur's primary motivations.
 5. Explain the concept of brainstorming and how it can be used by entrepreneurs to
generate new ideas and solutions. Provide an example of a specific problem an
entrepreneur could use brainstorming to address the problem.

Brainstorming is a creative problem-solving technique that involves generating a large

number of ideas in a group setting. It's a method designed to encourage free thinking, open
communication, and the exploration of various perspectives. The aim is to produce a wide range
of potential solutions or approaches to a given problem or challenge. For entrepreneurs,
brainstorming can be a powerful tool to stimulate innovation and find novel solutions to the
problems they face. It works by diverse participation. Entrepreneurs assemble a diverse group
of individuals with different backgrounds, experiences, and expertise relevant to the problem at
hand. This diversity helps bring in a variety of perspectives and approaches. Setting a Clear
Goal, the entrepreneur outlines the specific problem or challenge they want to address. It's
important to provide a clear and concise description to guide the brainstorming session.
Encouraging Freethinking, participants are encouraged to share any and all ideas that come to
mind, without judgment or evaluation. Quantity is valued over quality at this stage. No Criticism,
during the brainstorming session, criticism or negative feedback is discouraged. The focus is on
generating as many ideas as possible, even if they seem unconventional or unlikely. Building on
Ideas, participants can build on the ideas of others, fostering a collaborative and supportive
environment. This can lead to the development of more refined and innovative solutions. Time
Constraints, depending on the complexity of the problem, a set time limit may be established to
keep the brainstorming session focused and productive. Recording and Organizing Ideas, ideas
are typically recorded on a board, paper, or digital platform for everyone to see. This allows for
easy reference and further discussion. Evaluation and Selection, after the brainstorming
session, the generated ideas can be evaluated based on feasibility, impact, and alignment with
the entrepreneur's goals.

Here’s an example of problem for entrepreneurial brainstorming:

Let's say an entrepreneur is looking to enhance the online shopping experience for their e-
commerce website. The specific problem they want to address is improving the user interface to
increase customer satisfaction and conversion rates.

In this scenario, the entrepreneur could gather a team that includes web designers, user
experience experts, and marketing specialists. They would then conduct a brainstorming
session focused on generating ideas to revamp the website's interface.

Ideas generated might include:

1. Implementing a more intuitive navigation system.

2. Incorporating personalized product recommendations based on user behavior.
3. Streamlining the checkout process for faster and easier purchases.
4. Adding a live chat feature for immediate customer support.

By utilizing brainstorming, the entrepreneur can tap into the collective creativity and expertise of
their team to develop innovative solutions that address the specific problem at hand.
 6. Choose one role of entrepreneurship in economic development and explain why
you believe it is the most vital. Support your choice.

For me the one vital role of entrepreneurship in economic development is job creation. This
is arguably the most crucial aspect because it has a direct and immediate impact on individuals,
families, and communities. The reason of it is because with job creation it helps to reduce
unemployment, increase income levels, enhance the standard of living, it fosters innovation and
productivity, encourage regional development, creates a culture of self reliance it empowers
individuals to take control of their economic destinies, rather than relying solely on established
businesses or government employment. Job creation also fosters an innovation ecosystem,
attracts investment and contributes to global competitiveness. While other aspects of
entrepreneurship, such as innovation and market competition, are undeniably important, job
creation stands out as a foundational driver of economic development. It directly impacts the
lives of individuals and communities, setting the stage for broader economic prosperity.

7. What are the soft skills that you possess that will be beneficial if you become an
entrepreneur someday?

Communication skills, adaptability, decision-making, creativity, and invention are some of the
soft talents I now have that I know will be useful to me if I ever decided to start my own
business. These are common qualities that everyone possesses, but I discovered that right
now, as I participate in school groups, these skills of mine are being enhanced since I need to
be adaptable, and it helps me to improve what I already have. These abilities I possess are
necessary for being an entrepreneur because they greatly aid in guiding the company to
success. These could be my strengths when it comes to running a business and could be a
resource for me to become a prosperous entrepreneur.