GROUP 3 / REPORT

-Mamino

-Manalo

-Mananquil

-Morpe

-Meraña

-Natividad

CONTENT LIST:

•When do you say that entrepreneurs are problem-solvers and goal setters?

•Give a situation that proves that these entrepreneurs are problem-solvers and goal

setters.

•What is the meaning of entrepreneur and entrepreneurship?

• Why are entrepreneurs considered risk-takers?

• Explain why many people are convinced to engage in many businesses

•Survey people in your community that are engaged in entrepreneurship. List the

business they have.

When do you say that entrepreneurs are problem-solvers and goal setters?

ENTREPRENEURS AS PROBLEM-SOLVERS:
-Entrepreneurs are problem-solvers when they identify a problem or a need that

customers have in order to create a product or solution for the problem before they take

it to the market. In short, they take efforts to solve problems faced by the people.

-Being a problem-solver also includes understanding the bigger picture it sits within, the

factors and stakeholders involved, the causes of the problem and any potential

solutions.

-Entrepreneurs are no perfectionist or have unrealistic expectations. Meaning, they

need to prepare themselves because there are certain problems that they will only be

able to manage and never solve.

ENTREPRENEURS AS GOAL-SETTERS:

-Entrepreneurs are goal-setters when they create specific objectives for the future.

These can include both long-term and short-term goals. When creating a new business,

entrepreneurs can set realistic and achievable goals to help them succeed.

-They are goal-setters when they have a clear vision towards the success of business

and willing to work at accomplishing whatever goal they have set.

-Being a goal-setter also entails being a planner, because a goal will not be achieved

unless we work hard to achieve it.

Important keynote: Goals should be SMART.

Specific- Goals should be clear and it will serve as your roadmap.

Measurable- It necessary to track your progress and stay motivated.

Attainable- Goals should be achievable.

Relevant- Goals should be aligned with your long-term plans.

Time-bound- It is necessary because without a specific time frame for your goals, they

can't be properly measured.

•Give a situation that proves that these entrepreneurs are problem-solvers and goal

setters?

—For instance, you have a competitor with the same product being offered. The

problem is, your competitor's products are more popular than your products. This is

already a threat as an entrepreneur because it can lead to the loss of your business. As
a solution, you reinvent and upgrade the products you have so that people can see that

you have something new and at the same time affordable.

—A scenario in which the entrepreneur is a goal-setter is when he sets an objective. For

instance, if the income is only 4-digits at the moment, obviously it is not bad for him to

aim for 5-digits and set a time frame to achieve this. When there is a specific time, he

will know if he has progress or not. Another scenario is rebranding. It's not bad to

upgrade especially if it can satisfy people's never-ending needs. An entrepreneur

cannot be stuck with his initial product but he must have a goal to improve it.

What is the meaning of entrepreneur and entrepreneurship?

•Entrepreneur

—The word “entrepreneur” originates from a thirteenth-century French

verb, entreprendre, meaning “to do something” or “to undertake.”

—A person who organizes and operates a business/businesses, taking on greater than

normal financial risks in order to do so.

—Someone who takes initiatives to bundle resources in innovative ways and is willing to

bear the risk and or uncertainty of acting.

•Entrepreneurship

The process of creating, establishing, and administering a new business in order to prod

uce profit while assuming financial risk.

In a broader sense, it is the process of changing the existingcondition by addressing ou

r society's most important challenges, frequently by launching a new product or service

or generating new markets.

Why are entrepreneurs considered risk-takers?

Entrepreneurs are risk takers because they are prepared to put their money or reputatio

n on the line to support an idea or business.

By taking risks, entrepreneurs can try new ideas, assess their success, and learn about

market trends in order to be more successful when the next idea is tried.

The market risk is one that the entrepreneur may encounter. The ups and downs of the

economy and new market trends pose a risk to new businesses, and a certain product

might be popular one year but not the next.

Explain why many people are convinced to engage in many businesses

•Financial Independence

-You start a business to become financially independent. This is a common driving force

why people consider leaving their corporate job to become an entrepreneur. Financial

independence is a dream to many and sadly, it is not something that is easy to achieve

especially if you are working for others.

•Higher Flexibility

—Most people want to become their own boss hence they can get more free time for

their freedom. Freedom means the absence of restraint or control. It gives them the

authority over their own self, decisions, and actions according to their own likes and

dislikes without any intervention.

•Lack of Employment Opportunities

—It pushes people to look for other means of earning and running a business is a good

alternative.

•Job security

—With a business of your own, you call the shots. It gives you a sense of security and

helps you can eradicate the fear of being laid off or fired. You can decide when it’s time

to move on from your business.

•Creating Change

—Many people venture into business with the goal of satisfying customers, providing

good service, offering good quality products, innovating a product, creating new

services, or addressing a previously underserved market.

Survey people in your community that are engaged in entrepreneurship. List the

business they have.

Name of Entrepreneur/Description: Anita Cordez – a 37 year-old wife and mother of

three amazing kids, a persistent business woman.

Businesses that she own:

Sari-sari store — For many years, this was what kept their family survive. This is what

motivated her first-born child to complete her education, and provide for their needs.

Printing shop — According to Mrs. Cordez opened a printing shop to supplement their

income.

Cart of siomai — Because there are few vendors selling afternoon snacks in their area,

they decided to sell home-made siomai to meet the needs of their customers.
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