Republic of the Philippines

DEPARTMENT OF EDUCATION
Division of City Schools – Las Piñas City
Las Piñas City Technical- Vocational High School

NAME: ________________________________________________Year & Section: ____________

School:________________________________________________ Teacher: _________________

MODULE IN ENTREPRENEURSHIP 9
First Quarter
Week 1

MOST ESSENTIAL LEARNING COMPETENCY

 Understand the meaning and nature of Entrepreneurship

OBJECTIVES:
1. Define the term entrepreneurship
2. Distinguish between entrepreneurship and an entrepreneur

PRE-ASSESSMENT
Task 1. TRUE or FALSE. Directions: Write TRUE before the number if the statement is correct, and FALSE if it is not.
________1. The word entrepreneur originates from the French word, “entreprendre” which means to “undergo”
________2. Entrepreneurship also refers to the economic activity of a person who starts, manages, and assumes the
risks of a business enterprise.
________3. An Entrepreneur always becomes successful
________4. entrepreneurship is a process of starting a new business, generally, there is a need to be someone who
undertakes such a process which is the entrepreneur
________5. The person who plans, implements, and manages a small business is usually called an entrepreneur.

WHAT YOU NEED TO KNOW

The word entrepreneur originates from the French word, entreprendre, which means “to undertake” and was first defined
by the Irish-French economist Richard Cantillon, Jean-Baptiste Say, a French economist, is believed to have coined the
word “entrepreneur” in the 19th century. He defined an entrepreneur as “one who undertakes an enterprise, especially a
contractor, acting as an intermediary between capital and labor” (Wikipedia).
What is Entrepreneurship? It is the process of identifying business opportunities, allocating resources, and
taking risks to produce goods and services of value through a creative and innovative process, to satisfy unmet consumer
demands. Entrepreneurship also refers to the economic activity of a person who starts, manages, and assumes the risks
of a business enterprise.

Important Aspects of Entrepreneurship

Building upon the definition, Nieman et al (2004;9) identified the following concepts as an integral part of understanding
entrepreneurship. Entrepreneurship means that an individual must be able to:
• Identify an opportunity – this means that there must be a real business opportunity
• Be innovative and creative – something new and different is required that is needed by the target audience
• Gather resources – capital, labor, and operating equipment must be found
• Create and grow a business – this means the start of a new business venture or the conversion of an existing
business
• Take the risk – there will be both personal and financial risks
• Create rewards – rewards can be in the form of profit or increased value of the business
• Manage a business – this means that there must be planning, organization, leadership, and control of all the
functions
So, if entrepreneurship is a process of starting a new business, generally there is a need to be someone who undertakes
such a process which is the entrepreneur.

The Entrepreneur
The person who plans, implements, and manages a small business is usually called an entrepreneur. A person
who sees an opportunity in the market gathers his/her resources, creates, and grows a business venture to meet those
needs. This person will bear the risk and will be rewarded with profit if the venture is successful. Generally, a new
organization started by entrepreneurs are small businesses. However, individuals that plan and implement large business
ventures are also considered entrepreneurs. We can conclude that entrepreneurship is the business process and the
entrepreneur is the person involved in implementing the entrepreneurial process.

Entrepreneurs VS Intrapreneurs
What makes entrepreneurs different from intrapreneurs? Remember, entrepreneurs are people that notice
opportunities and take the initiative to mobilize resources to make new goods and services. While intrapreneurs may also
notice opportunities and take initiative to mobilize resources, however, they work in large companies and contribute to the
innovation of the firm. Eventually, intrapreneurs often become entrepreneurs.
CHECK YOUR UNDERSTANDING
Task 2. CLASSIFICATION. As you look at the following words, classify them either under the term
ENTREPRENEURSHIP or ENTREPRENEUR. Give a short reason for your choice.
_______________1. Hardworking:______________________________________________________________
_______________2. Customers:_______________________________________________________________
_______________3. Repairs vehicle:____________________________________________________________
_______________4. Confidence:_______________________________________________________________
_______________5. Inventing new machine:_____________________________________________________
_______________6. Good relationship with workers:_______________________________________________
_______________7.A person who takes chances in life:_____________________________________________
_______________8. Banks:___________________________________________________________________
_______________9. Designing a new range of dresses:_____________________________________________
_______________10. Working long hours:_______________________________________________________

TOPIC SUMMARY
In this topic, we have learned that:
1. A person who sees an opportunity in the market gathers his/her resources, creates, and grows a business venture
to meet those needs. This person will bear the risk and will be rewarded with profit if the venture is successful is
an Entrepreneur.
2. Entrepreneurship is both science and an art, wherein the science lies in the proven process of planning and
managing the business, while the art lies in the innovative thought, implementation, and growth of a business.
3. Entrepreneurship is a business process and an entrepreneur is a person involved in the entrepreneurial process.
4. Important aspects of entrepreneurship includes identifying an opportunity, innovation, and creativity, gathering
resources, and growing a business, taking risks, being rewarded, and managing the business.

ASSESSMENT
Task 3. MATCHING TYPE. Match each statement in Column A with its intended meaning in Column B.

Column A Column B

_____1. Entreprendre A. New and different is required by the

target audience
_____2. Jean-Baptiste Say B. The French word in which
entrepreneur originates
_____3. Entrepreneurship C. A person who plans, implements and
manages a small business
_____4. Entrepreneur D. Coined the word entrepreneur in the
19th Century
_____5. Innovative and creative E. The process of starting a new
business
F. Capital, labor, and operating
equipment must be found

TASK 4. REFLECTION. Based on your understanding, define what is Entrepreneurship and an Entrepreneur. Write your
answers below.

_________________________________________________________________________________________________
_________________________________________________________________________________________________
_________________________________________________________________________________________________
_________________________________________________________________________________________________
_________________________________________________________________________________________________
_________________________________________________________________________________________________
_________________________________________________________________________________________________
_________________________________________________________________________________________________
__________.

RESOURCES
Benade, I., Benade, I., Gases, C., Louw, W., Stegemann, A., Wannberg, W. (2011) Entrepreneurship. Namibian College of
Open Learning.Gases, C., Louw, W., Stegemann, A., Wannberg, W. (2011) Entrepreneurship. Namibian College of
Open Learning.
Commonwealth of Learning and Virtual University of the Small States (2010) Starting Your Own Business, A Self‐Study
Guide
Cronje, G., du Toit, G., and Motlatla, M. (2003) Introduction to Business Management. Cape Town: Oxford University
Press.
Gerber, M.E. (1986). The E‐Myth: Why Most Businesses Don’t Work and What To Do About It. Ballinger Publishing
Nieman, G., Hough, J., and Nieuwenhuizen, C. (2003) Entrepreneurship: A South African Perspective. Van Schaik
Publishers.
Tracy, B. (2005) The Psychology of Selling. www.cyberlawcentre.org Entrepreneurship ‐
http://en.wikipedia.org/wiki/Entrepreneurship The Global Entrepreneurship Monitor ‐ www.gemconsortium.org
Norwegian Government. (2009). Entrepreneurship in Education and Training. Ministry of Education and Research.
http://planipolis.iiep.unesco.org/upload/Norway/Norway_Action_Plan_Entrepreneurship_ 2009_2014.pdf
Entrepreneurial Issues. http://www.smallbusinessnotes.com/choosing/issues.html

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