CESocSci 4 / The Entrepreneurial Mind

S.Y. ‘23 - ‘24 | SEM #2 | Entrepreneurial Mindset Chapter 1: The Practice of Entrepreneurship

– 2nd SEM WEEK #3 –

3.1 The Skills Important in Entrepreneurship
1.0 INTRODUCTION

● Entrepreneurship has been related with The Skill of The Skill of The Skill of
launching new businesses Play Experimentation Empathy
● Today, entrepreneurship is a life skill
● Entrepreneurship is composed of collective Entrepreneurs To act so as to Means being
mindsets and skillsets may benefit learn sympathetic
and enjoy as if with the feeling,
playing while situation,
Entrepreneurship Views doing creative purposes,
things that opinions and
Predictive Approach Creation Approach can boost wants of other
relations with people
Entrepreneurship as a Entrepreneurship as a others
linear process where mindset and a method
there are steps to do that needs practice used
and the results are only when the future is The Skill of Creativity The Skill of Reflection
usually predictable unpredictable and not
certain Means being open-minded Organizes all the four
and letting loose one's skills mentioned here
Works best during times Define their goals based ability to create, discover
of ambiguity from the resources opportunities and resolve
available at hand problems

When there is enough In the initial phase of a

information where to business, creation is vital 3.2 Ways to do reflection…
base decisions

The Start of Entrepreneurship in the Philippines

● The Philippine government sees

entrepreneurship as the sole means to
address the poverty
● The 1987 Philippine Constitution identifies
entrepreneurship as an instrument of
economic growth
● Entrepreneurship has been influenced by fast 3.3 The Truths About Entrepreneurship
integration of economies and globalization of
markets ● Entrepreneurship is not solely for startups
● Philippine Chamber of Commerce and Industry - Startup is a new company that is just
under the Office of the President has formed starting to progress
the Philippine Center for Entrepreneurship - Entrepreneurs can be all over, from
(PCE) companies to franchises, to profit and
● PCE has created the “Go Negosyo non-profit organizations, to
Communities” everywhere family-owned businesses
● In the Senior Level, values and mindset of ● Entrepreneurs do not have exceptional
entrepreneurs are taught personality qualities
● At the college level, Bachelor in - No evidence to prove that
Entrepreneurship is now a complete entrepreneurs possess special
curriculum offering personality qualities above others
- How entrepreneurs think and follow
certain patterns

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 CESocSci 4 / The Entrepreneurial Mind
S.Y. ‘23 - ‘24 | SEM #2 | Entrepreneurial Mindset Chapter 1: The Practice of Entrepreneurship

● Entrepreneurship can be taught yet entails

Entrepreneurs Entrepreneurs function inside
practice
Inside any type of organizations such
- Most schools teach entrepreneurship
as government agencies,
as a linear process
non-profit organizations,
- The linear process teach
religious entities, self-employed
entrepreneurship as something
and even cooperatives.
predictable
Ex. Puregold with its “Palengke
- Entrepreneurship can be improved
Day”
continuously through practice so that
they can be used for entrepreneurial
Buying a Franchise is a type of license
action
Franchise bought by an entrepreneur as
● Entrepreneurs are not so much risk-takers
the franchisee from an existing
- Stereotype about entrepreneurs that
branded Business (franchisor)
they are “gamblers”
to do business under the name
- Entrepreneurs are really risk-takers but
of said brand.
they normally would make
Ex. Franchises include 7-11, Ace
calculations first
Hardware, Pizza Hut, Jollibee,
● Entrepreneurs work in partnership more than
McDonalds and a lot more
they compete
- Entrepreneurs learn their lessons from Buying a Small The entrepreneur buys out the
the shared experiences others had Business existing owner and takes the
faced management and operations of
- Support of a community of the small business.
entrepreneurs with similar mindset Ex. The new owner is able to
and willing to support each other is take over an operation that has
important already making cash flow and
● Entrepreneurs are more doing than planning profits.
- Successful people had really practiced
being real entrepreneurs Social Social entrepreneurship means
- Investors are more fascinated with the Entrepreneurship pursuing innovative
ability of an entrepreneur to deal with applications that have the
a series of difficult situations, able to likelihood of solving
solve problems and take positive community-based problems
feedback Ex. Possible to solve social
● Entrepreneurship is truly a life skill problems at the same time
- These days, they consider make profit like Bayani Brew
entrepreneurship as a skill that is
useful in every human’s life Family Business Family business is owned and
- Life skills include resilience, agility, managed by members of the
negotiating, problem-solving, family that is usually handed
relationship building, and mindfulness down from generation to
generation.
Types of Description Ex. ShoeMart, Metrobank, the
Entrepreneurship Aboitiz Group, and D.M.
Consunji, Inc. (DMCI)
Intrapreneurship Intrapreneurship refers to
encouraging people to discover Serial Serial entrepreneur is an
high-risk, high-reward concepts Entrepreneurs entrepreneur who constantly
with the support of a big crops up with fresh ideas and
corporate organization. starts new businesses
Ex. Oprah Winfrey is an example
Ex. Google supports its of a serial entrepreneur
employees to provide the 20%
of their time for innovative
projects

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 CESocSci 4 / The Entrepreneurial Mind
S.Y. ‘23 - ‘24 | SEM #2 | Entrepreneurial Mindset Chapter 1: The Practice of Entrepreneurship

3.4 Entrepreneurship as a method 3.7 Managerial and Entrepreneurial Thinking

● Method is a systematic way of doing a task,

Managerial Thinking Entrepreneurial Thinking
while a process is a sequence of steps to take
to attain something
Manage and mitigate Evaluate and embrace
- Entrepreneurship is nonlinear,
risk risk
unpredictable, unstructured and
complex Safeguard inventions Exchange ideas and
- Business environment of and insights share learnings
entrepreneurs is really dynamic,
uncertain and ambiguous Avoid falling Fail fast and try again
- The view of entrepreneurship has been
shifted as a method to manage the Work within the confine Think in terms of
confusion of the current possibilities
- entrepreneurial method describes a environment
logic of thinking - Sarasvathy
Increase the bottomline Create value and make a
3.5 Effectuation difference

● Effectuation is the idea in entrepreneurship

that the future is unpredictable yet controllable 3.8 A BRIEF OVERVIEW

Bird in Creating solutions using the ● Managerial thinking is used primarily by big
Hand resources available at the and well-established companies, where goals
disposal of entrepreneurs are planned, problems are transparent and
information is reliable and reachable.
Affordable Only investing much that an ● Entrepreneurial thinking on the other hand,
Loss entrepreneur is willing refers to the ability to identify opportunities in
and can afford to lose the marketplace and discover the most fitting
ways and time to take advantage of them.
Crazy Quit Business shall become
successful through
cooperation with other 3.9 Entrepreneurship requires deliberate practice
people and companies
● Entrepreneurship method is both a mindset
Lemonade Unexpected turns are not
and a practice
always negative,
1. Practice is usually linked with
entrepreneurs see them as
new opportunities repetition and experience
2. Successful performers spent 10,000
Pilot in the The future is really hours in practicing their craft
Plane something that needs to be 3. Entrepreneurship commands hard
controlled and not try to work, together with unique
predict
opportunities
4. Deliberate practice becomes a
3.6 Components of the Entrepreneurship discipline, because it has been
Method mastered

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