● Lesson 1 - Entrepreneurship and its Relevance

Content Standard: The learner demonstrates understanding of key concepts, underlying principles, and core
competencies in Entrepreneurship.
Performance Standards: The learners independently create/provide a quality and marketable product and/or
service in Entrepreneurship as prescribed in the TESDA Training Regulation.
Objectives:
At the end of this session, the learner should be able to:
1. Discuss the relevance and concept of entrepreneurship;
2. Identify the contributions of the top 10 Filipino Entrepreneurs; and
3. Explore job opportunities for entrepreneurship as a career.

Lesson 1: Entrepreneurship and its Relevance

What is Entrepreneurship?
● Entrepreneurship is the process of developing, conducting, managing, operating, directing, and evaluating
a business venture to gain profit by taking several risks. It is also defined as the act of discovering new ways of
combining resources to produce new products and services. (Sobel, 2019)
Who is an entrepreneur?
● An entrepreneur is an individual or a collective who develops a new company, carries most of the risks and
enjoys most of the benefits of a joint effort through profit. The entrepreneur is widely seen as an innovator, a
source of new ideas, products, services and business/procedures.
● The term "entrepreneur" originates from the French verb of the thirteenth century “entreprendre”, which
means "to do something" or "to undertake."
Relevance of Entrepreneurship to Organization
Entrepreneurship has played an important role in the economic growth of the increasing global marketplace.
1. Growth of Entrepreneurship
The growth or establishment of small enterprises is the specific contribution of entrepreneurship in every
economy of the world.
2. Creation of job opportunities
Entrepreneurship companies have contributed a substantial proportion of new workers. It provides entry-level
jobs that are so necessary to learn or acquire experience for unskilled employees. In addition, entrepreneurial
ventures are preparing and providing experienced labor to large industries.
3. Innovation
Entrepreneurship promotes creativity that brings new ideas, products, technology, the industry, the quality of
goods, etc. to the economy, thus rising Gross Domestic Products and people's standard of living.
4. Impact on community development
Entrepreneurship promotes abundant retail facilities, a higher level of homeownership, fewer slums, better,
sanitation standards and higher expenditure on education, recreation, and religious activities.
Entrepreneurship, therefore, leads to more peace and greater quality of community life.
5. The consequence of business failure
If the business or companies collapse many will lose their jobs: suppliers and financial institutions face a crisis
of recovery. Customers are robbed of taxation on goods, utilities, and policy expenditures.
6. Political and economic integration of outsiders
Entrepreneurship is the most productive way to incorporate those who feel discarded and excluded into the
economy. Minorities, refugees, and women are comfortably incorporated into entrepreneurship, which would
continue to build a well-structured inclusive society.
7. Spawns entrepreneurship
Entrepreneurship is a breeding ground for new inexperienced adventurers. It is the field in which a person can
begin his / her idea of a venture, which may end up in a giant enterprise. All the major industrial ventures
began as a small business enterprise.
8. Enhances the standard of living
The standard of living is a term focused on an improvement in the consumption of a range of goods and
services by a household over a given period. Entrepreneurship, by its creativity, provides enormous types of
goods of different natures.
9. Promotes research and development
Entrepreneurship offers research and development funds to universities and academic institutions. It promotes
general economic development, research, and development..

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Entrepreneurial Traits
Try looking around, you would find certain entrepreneurs doing exceedingly well. The question is what does it take
to be a successful entrepreneur? Entrepreneurial traits or competencies are a mixture of skills, knowledge and
personality of a person. Successful entrepreneurs have more than a few traits in common.
Common traits of successful entrepreneurs are as follows:
1. Risk Taker
• Successful entrepreneurs have a risk tolerance. They are willing to do things that involve danger in order to
achieve the goal.
2. Innovative
• Entrepreneurs think differently from anyone else. They can create innovative products according to changing
demands of the market.
3. Creativity
• An entrepreneur can develop new ideas and to discover new ways of looking at problems and opportunities.
4. Problem Solving skills
• Successful entrepreneurs take a problem as a challenge and put in their best in finding out the most appropriate
solution for the same.
5. Self-confidence
• Entrepreneurs have confidence in themselves and in their business. They believe in their ability and ideas even
they face rejection along their way.
6. Optimistic
• Successful entrepreneurs are always showing hope for the future.
7. Planner
• Entrepreneurs develop future course of action keeping in mind the goals to be realized. They believe that
developing realistic plan can ensure proper execution for attaining their goals.
8. With clear vision
• Successful Entrepreneurs have a clear vision of what their business will be. They can create a big picture the
purpose, goals, and market position of the business. They can do strategic planning.
9. Patience
• Successful entrepreneurs believed that they could change the world. There’s an excitement and belief in what
they are doing that gets them through the hard times.
10. Resilience
• No matter how successful the business is, there will be bumps along the road. A successful entrepreneur is
resilient and can bounce back from a setback. They understand that failure is part of the game.
11. Agility
• Entrepreneurs can treat every problem they encounter, and they address it without taking too long. They remain
proactive and vigilant, preventing small problems from becoming major ones.
12. Passion
• Entrepreneurs work hard for their business, they put their long hours doing job that they love to do. It drives them
to keep working to achieve their vision.
13. Flexibility
• They can adopt to change and solve problems as they arise. They are receptive to other people’s needs,
opinions, and ideas and being open-minded to feedback from the other.

Prepared by: MN Callada

SHS Teacher I