GEC 208 Module 1

Republic of the Philippines
City of Olongapo
GORDON COLLEGE
COLLEGE OF EDUCATION, ARTS AND SCIENCES
Olongapo City Sports Complex, Donor St., East Tapinac, Olongapo City 2200
Telefax No.: (047) 602-7175 loc 322
www.gordoncollege.edu.ph
DETAILED LEARNING MODULE
Title: INTRODUCTION
Module No. 1 .
I. INTRODUCTION
The Philippines is a haven for the development of entrepreneurs. Small and
Medium Enterprise explore the wide area of business opportunities are the key to
economic development. It is the Entrepreneur who could change the global
economic landscape. Strengthen the domestic economy by developing new
industries and generate local employment for our people.
II. LEARNING OBJECTIVES

1. Discuss the relevance of the course;
2. Explain the key concepts of common competencies; and
3. Explore job opportunities for Entrepreneurship as a career.
III. TOPICS AND KEY CONCEPTS
Importance of Entrepreneurship in Education
Entrepreneurship as a key driver to our economy

It focuses in wealth and high majority of jobs created by small businesses
started by entrepreneurially minded individuals.
Entrepreneurship is a lifelong learning process
It started as early as elementary school and progressed through all levels of
education. Students discover and develop opportunities and take advantage of
these.
Entrepreneurship will energize school management
School in the area of entrepreneurship must be accessible, affordable and
accountable of producing successful students.
Entrepreneurship will transform learners to be innovators
Learners must be equipped with perseverance and determination of an
entrepreneurial mindset. They must take ownership of their own success.
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City of Olongapo
GORDON COLLEGE
Telefax No.: (047) 602-7175 loc 322
The Concept of Entrepreneurship
Entrepreneur Entrepreneurship Enterprise
⮚ Entrepreneur (Person) – derived from the French root “entreprendre”,

meaning to begin something and to undertake. Person responsible for setting
up a business or an enterprise.
⮚ Entrepreneurship (Process of action) – science of converting processed
ideas into a remarkable business venture.
⮚ Enterprise (Object) – a business or company; project that is especially
difficult, complicated or risky.
Entrepreneurial Competencies
⮚ Locus of control – determine the state to which a person agreed that their
actions can directly affect a situation or that they can control a result.
⮚ Specific goal settings – Should be motivated to set goals, particularly
business growth objectives. Goals that are specific, measurable, and
attainable. Realistic and time-bound.
⮚ Self-efficacy – believe in their own ability or self-confidence. Will persevere
even in the face of setbacks, will take negative feedback more positively and
use feedback to improve
their performances.
⮚ Need for achievement –
must have a high need for
achievement take
responsibility for outcomes.
⮚ Layers of competency –
universal competencies
occupying the bottom
portion of the pyramid.
Specific competencies
located near to the top.
⮚ Ambition – must be
motivated, persistent, and
persevere even in the face
of situational challenges.
Learners embrace new
challenges while achieving
City of Olongapo
GORDON COLLEGE
Telefax No.: (047) 602-7175 loc 322
to exceed set expectations and standards.

⮚ Willingness to learn – often pursue opportunities to acquire new skills and
competencies.
⮚ Strong initiative – they frequently work independently to achieve task
master, regardless of the extra effort necessary to do so.
⮚ Adaptability and flexibility – must learn how to be a highly flexible and
adaptable often deal very well with a unique ability to choose actions even
without all necessary information.
⮚ Willingness to take risks – not only are successful learners willing to take
consequences, they can also identify and calculate risk.
⮚ Interpersonal skills – They are very insightful with regards to the behavior of
others-understanding motives and actions, quickly aware of strong
relationships, and both verbal and non-verbal behaviors.
Industry wide competencies work competencies
1. Networking/collaboration
⮚ Ability to build professional relationships.
⮚ Perceived as trustworthy
⮚ Can negotiate with competitors, & identify mutual goals.
2. Creative/ critical thinking
⮚ Easily identify what is missing from current product streams and have
imagination, creativity and empathy.
⮚ Can analyze problems and creative innovative solutions.
3. Organizing
⮚ Plan and prioritize work to ensure time is managed effectively.
⮚ When goals are not met, they take necessary steps to get projects
back-on track.
4. Checking, examining & recording
⮚ Ability to maintain confidential records, easily locate and complete
appropriate forms and paperwork, detect errors and make necessary
corrections.
5. Planning
⮚ Must be specific about the direction of their venture and the strategy
they will adopt.
6. Business principles
⮚ Must understand the basic principles of business (e.g. market
knowledge, economic principles, and ethical practices)
7. Computer competency
⮚ Must be competent in the use of basic computer hardware and
software.
8. Workplace competencies
⮚ The application of knowledge, skills, attitudes, values and behaviors in
the workplace.
City of Olongapo
GORDON COLLEGE
Telefax No.: (047) 602-7175 loc 322
⮚ Many successful entrepreneurs place great value on their industry

experiences prior to launching their own venture, as workplace
competencies.
9. High-Growth, High-Value Entrepreneurship
⮚ Entrepreneurs typically offer incentive compensation, manage business
operations, build a strong entrepreneurial culture around determination
and high work ethic, and form effective boards of directors and
advisors.
10. Innovation & creation
⮚ Apply their creativity to the formulation of inventive systems and
products. They have an “opportunity orientation”-assessing changes in
trends, identifying small niche or group of markets, and seeking out
opportunities to improve services and products.
11. Marketing
⮚ Competent in both executing strategies that promote their products and
establish client/customer relationships. They conduct market analyses,
set pricing objects and customer objections into sales acceptance.
12. Business operations
⮚ Entrepreneurs performs business operations that are able to both carry
out daily operations, such as scheduling manpower and maintaining
inventories of goods and management human capabilities.
13. Risk assessment & management
⮚ Can handle risk management and can take into account legal actions.
⮚ Stay informed of business laws and regulations, and bond to determine
ways to prevent themselves against failure.
14. Financial management
⮚ Competent at accounting and funds management managing cash flows
and preparing estimated and projected balance sheets.
15. Problem solving and decision making
⮚ They can generate, evaluate, and implement solutions to difficult
problems.
⮚ They locate and utilize relevant information, and when necessary,
generate alternative solutions.
QUALITIES OF AN ENTREPRENEUR
1. Disciplined. These individuals are focused on making their businesses work
and eliminate any hindrances or distractions to their goals. They have
overarching strategies and outline the tactics to accomplish them. Successful
entrepreneurs are disciplined enough to take steps every day toward the
achievement of their objectives.
2. Confidence. The entrepreneur does not ask questions about whether they
can succeed or whether they are worthy of success. They are confident with
the knowledge that they will make their businesses succeed. They exude that
confidence in everything they do.
3. Open Minded. Entrepreneurs realize that every event and situation is a
business opportunity. Ideas are constantly being generated about workflows
City of Olongapo
GORDON COLLEGE
Telefax No.: (047) 602-7175 loc 322
and efficiency, people skills and potential new businesses. They have the
ability to look at everything around them and focus it toward their goals.
4. Self-Starter. Entrepreneurs know that if something needs to be done, they
should start it themselves. They set the parameters and make sure that
projects follow that path. They are proactive, not waiting for someone to give
them permission.
5. Competitive. Many companies are formed because an entrepreneur knows
that they can do a job better than another. They need to win at the sports they
play and need to win at the businesses that they create. An entrepreneur will
highlight their own company’s track record of success.
6. Creativity. One facet of creativity is being able to make connections between
seemingly unrelated events or situations. Entrepreneurs often come up with
solutions which are the synthesis of other items. They will repurpose products
to market them to new industries.
7. Determination. Entrepreneurs are not thwarted by their defeats. They look at
defeat as an opportunity for success. They are determined to make all of their
endeavors succeed, so will try and try again until it does. Successful
entrepreneurs do not believe that something cannot be done.
8. Strong people skills. The entrepreneur has strong communication skills to
sell the product and motivate employees. Most successful entrepreneurs
know how to motivate their employees, so the business grows overall. They
are very good at highlighting the benefits of any situation and coaching others
to their success.
9. Strong work ethic. The successful entrepreneur will often be the first person
to arrive at the office and the last one to leave. They will come in on their days
off to make sure that an outcome meets their expectations. Their mind is
constantly on their work, whether they are in or out of the workplace.
10. Passion. Passion is the most important trait of the successful entrepreneur.
They genuinely love their work. They are willing to put in those extra hours to
make the business succeed because there is a joy their business gives which
goes beyond the money. The successful entrepreneur will always be reading
and researching ways to make the business better. Successful entrepreneurs
want to see what the view is like at the top of the business mountain. Once
they see it, they want to go further. They know how to talk to their employees,
and their businesses soar as a result.
IMPORTANCE OF AN ENTREPRENEUR
The role of entrepreneurship and an entrepreneurial culture in economic and social
development has often been underestimated. Over the years, however, it has
become increasingly apparent that entrepreneurship does indeed contribute to the
economic development. Transforming ideas into economic opportunities is the crux
of entrepreneurship. History shows that economic progress has been significantly
advanced by pragmatic people who are entrepreneurial and innovative, able to
exploit opportunities and willing to take risks. Entrepreneurs produce solutions that
fly in the face of established knowledge, and they always challenge the status quo.
City of Olongapo
GORDON COLLEGE
Telefax No.: (047) 602-7175 loc 322
They are risk-takers who pursue opportunities that others may fail to recognize or
may even view as problems or threats. Whatever the definition of entrepreneurship,
it is closely associated with change, creativity, knowledge, innovation, and
flexibility-factors that are increasingly important sources of competitiveness in an
increasingly globalized world economy. Thus, fostering entrepreneurship means
promoting the competitiveness of businesses.
Its importance can be expressed in the form mentioned below:
1. Provides employment to the people. People often hold a view that all those
who do not get employed anywhere jump into entrepreneurship, but in reality,
now a days most of the business are set by those who have other options
available with them.
2. Contributes towards research and development system. Almost 2/3rd of
all innovations is due to the entrepreneurs. Without the boom of inventions,
the world would have been a much dry place to live in. Inventions provide an
easier way of getting things done through better and standardized technology.
3. Creates wealth for the nation and for the individuals as well. All
individuals who search business opportunities usually, create wealth by
entering entrepreneurship. The wealth created by them plays a significant role
in the development of the nation. The entrepreneurs contribute to the
economy, in the form of products, and services. Their ideas, thoughts, and
inventions are also of a great help to the nation.
FUNCTIONS OF AN ENTREPRENEUR
An entrepreneur frequently has to wear many hats. He has to perceive opportunity,
plan, organize resources, and oversee production, marketing, and liaison with
officials. Most importantly he has to innovate and bear risk.
The main functions of an entrepreneur are grouped in three categories:
1. Risk bearing functions,
2. Administrative and decision-making functions, and
3. Distributive functions (responsibility of the organizer).
Risk Bearing Function

It is the most important and specific function of an entrepreneur. Every business
involves some amount of risk. The production of goods and services is always
related to future demands. The future demand is uncertain and unpredictable
because it is influenced by the changes in fashion or taste and liking of the
consumers. The price structure, value of money, climatic conditions and government
policies are some other important factors that affect the demand of a commodity. All
these factors are variable and as such an exact estimation of future demand is a
difficult exercise to work out. Since this unpredictable task is undertaken by the
entrepreneur; he has to bear the risk. If his estimations prove to be wrong, then in
the entire business sphere, no other factor of production shares the loss incurred by
the entrepreneur. It is the main reason why the entrepreneur becomes entitled for the
surplus that is remaining with him from the sale proceeds of the product, after
distributing the shares to other factors. This surplus is termed as profit of the
business.
City of Olongapo
GORDON COLLEGE
Telefax No.: (047) 602-7175 loc 322
Administrative and Decision-Making Functions

a. Conceiving the Idea of Business
The entrepreneur conceives the idea of a business which suits their nature, skill and
resources. They make a thorough (intensive and extensive) study of the condition of
market and business prospects. After making a thorough study of economic viability,
they decides the business that they has to start.
b. Estimation of Details of Business and Implementation of the Same
After arriving at a conclusion about the nature of business, the entrepreneur works
out the details of business, i.e., what, how and when to produce and from where the
resources are to be arranged. With all these estimations, they make an all-out effort
to give a practical shape to his plans, organizes various factors of production and
sets them to function in proper harmony.
c. Supervision and Control of Business Activities
The entrepreneur has to supervise and control the day-to-day business activities to
accomplish the business objectives. For this they properly coordinate between
various factors of production. As the risk (success or failure) of business operations
directly affect the economy, they keep a vision and control on the business affairs
and avoids unnecessary expenditures. They are required to take a numerous
decision and has to get these decisions properly implemented.
d. Innovation
Innovation is one of the most important functions of an entrepreneur. An
entrepreneur uses information, knowledge, and intuition to come up with new
products, new methods of reducing costs of a product, improvement in design or
function of a product, discovering new markets or new ways of organization of
industry. Through innovation, an entrepreneur converts a material into a resource or
combines existing resources into new and more productive configurations. It is the
creativity of an entrepreneur that results in invention (creation of new knowledge)
and innovation (application of knowledge to create the new products, services, or
processes).
Distributive Functions
The entrepreneur organizes different factors of production and sets them to work. It,
therefore, becomes his responsibility to make proper allocation of funds for each
factor of production, i.e., each factor of production must be properly remunerated.
The remuneration here refers to an important decision as to what should be the
share of each factor of production in the sale proceeds of the entire product. The
remuneration should be just and equitable and the payment to each factor should be
commensurate, so that each factor is fully satisfied. If the factors of production
remain dissatisfied, they will not be able to deliver their best to the entrepreneur. So,
it is the entrepreneur, who has to ultimately suffer. Hence, it is very essential for the
entrepreneur to perform distributive functions with extreme care and caution.
City of Olongapo
GORDON COLLEGE
Telefax No.: (047) 602-7175 loc 322
IV. TEACHING AND LEARNING MATERIALS AND RESOURCES

Lecture Notes, Online Resources
V. REFERENCE:
Entrepreneurship, Unlimited Books Library Services and Publishing Inc.,Marife Agustin-Acierto :pages
11-14
Careers in Entrepreneurship, Entrepreneurship Careers. (n.d.). Retrieved July 21, 2020, from
http://www.excite.com/education/business/entrepreneurship/careers

GEC 208 Module 1

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GEC 208 Module 1

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Republic of the Philippines

DETAILED LEARNING MODULE

II. LEARNING OBJECTIVES

Entrepreneurship as a key driver to our economy

The Concept of Entrepreneurship

Entrepreneur Entrepreneurship Enterprise

⮚ Entrepreneur (Person) – derived from the French root “entreprendre”,

to exceed set expectations and standards.

Industry wide competencies work competencies

⮚ Many successful entrepreneurs place great value on their industry

Risk Bearing Function

Administrative and Decision-Making Functions

IV. TEACHING AND LEARNING MATERIALS AND RESOURCES

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