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Introduction To Entrepreneurship
Introduction To Entrepreneurship
course;ENTREPRENEURSHIP
Prepared by: Crisanta A. Antonio
CONTENT
1. Relevance of the course
2. Key concepts and common competencies
3. Core competency in Entrepreneurship
4. Career opportunities
CONTENT STANDARD PERFORMANCE
STANDARD
The learner demonstrates
understanding of key concepts,
underlying principles, and core
competencies in
Entrepreneurship.
The learner independently
creates/provides a quality
and marketable product and/or
service in
Entrepreneurship as prescribed in the
TESDA Training Regulation
LEARNING COMPETENCIES
1. Discuss the relevance of the course;
2. Explain the key concepts of common competencies;
3. Explain the core competencies in Entrepreneurship;
4. Explore job opportunities for Entrepreneurship as a
career.
ACTIVITY OF MAKING, BUYING,SELLING
NEW IDEA,DEVICE, METHOD
AWARENESS OF SOMETHING
UNPLEASANT TO HAPPEN
GROUP OF PEOPLE WHO WORK TOGETHER
CONFIDENT
POWER AND ABILITY TO LEAD OTHER PEOPLE
ENTREPTENEUR
• 1.Create employment
• 2.Develop new markets
• 3.Introduces innovation
• 4.Generates new sources of materials
• 5.Stimulates investment interest in the new
business ventures being created
CONTRIBUTIONS OF ENTREPRENEURSHIP TO THE ECONOMY AND SOCIETY
• Employment regulations
• Bankruptcy laws
• Tax policies of a country
Did you agree ???
• Skills are better than theoretical knowledge of
things, thus giving one an edge of the others if
one possesses the skills of innovation.
• The entrepreneurs always wanting to befriend
with other countries so as to expand its horizon
SEAT WORK
• Move around in your barangay. Record 5
either micro, small or medium enterprises
that have been established there for at
least five years. Find out the effects of
their presence in your community.
Assignment
• Look for a woman entrepreneur in
your community. Ask her about the
reasons for her engaging in
entrepreneurship.
• Report in class what you have
gathered.
DEFINITION OF ENTREPRENEUR
1. From an economist’s point of view
• It is someone who brings resources, labor,
materials and other assets into combinations
that make their value greater than before
• It is also someone who introduces changes,
innovations and a new order
DEFINITION OF ENTREPRENEUR
2. From a psychologist’s point of view
• A person who is typically driven by
certain forces such as the need to obtain
or attain something, to experiment, to
accomplish or perhaps to escape the
authority of others
DEFINITION OF ENTREPRENEUR
• Confidence
• Flexibility
• Need to achieve
• Responsibility
• Commitment
• Creativity
• Persevering
• Goal-oriented
PERSONAL CHARACTERISTICS ATTRIBUTEDTO ENTREPRENEURS
• Realistic
• Sincere
• Hardworking
• Visionary
• Disciplined
• Feedback seeking
• Moderate risk-taker
COMMON PROFILE DIMENSIONS OF
ENTREPRENEUR APPLICABLE EVEN AMONG
FILIPINO ENTREPRENEURS
• Innovation
• Opportunity seeking and exploitation
• Resource mobilizing
• Encountering risks and uncertainties
• Economic and personal rewards
“What is emerging today is a class of
professional entrepreneurs who rely more upon
their brains than their guts---and who have been
trained to use both methods and technology to
analyze the business environment.” (Dollinger)
ENTREPRENEURIAL COMPETENCIES
• HR management,
• organization,
• operations,
• internationalization,
• strategy and other capabilities that enable the
entrepreneur to manage the organization.
The Emotional Competencies are those specific behaviors grouped
into five clusters namely:
• self-awareness,
• self-management,
• social awareness,
• relationship management and
• cognitive competencies.
• The Cross-Functional Competencies
are those broad overall skills that are
grouped into goal and action
management cluster, people
management cluster and analytical
reasoning cluster
THE SIX COMPETENCIES
• Opportunity competencies
• Relationship competencies
• Conceptual competencies
• Organizing competencies
• Strategic competencies
• Commitment competencies
Opportunity competencies
• Related to recognizing and
developing market opportunities
through various means
Conceptual competencies
• Related to different conceptual abilities
which are reflected in the behaviors of the
entrepreneur,
• i.e., decision skills, absorbing and
understanding complex information, risk-
taking and innovativeness
Organizing competencies
• Related to the organization of different
internal and external human, physical,
financial and technological resources,
including team building, leading
employees, training and controlling
Strategic competencies
• Related to setting, evaluating and
implementing the strategies of
the firm
Commitment competencies
• Competencies that drive the
entrepreneur to move ahead
with the business.
Relationship competencies
• Related to person to person or individual to grouped
based interactions,
• i.e., building a context of cooperation and trust,
using contacts and connections, persuasive ability,
communication and interpersonal skill.
• Entrepreneurs makes sense of complex
situations more quickly and take more
conventional approaches in making
decisions.
• Entrepreneurs’ critical and creative skills
are utilized in decision making.
FACTORS THAT DETERMINE THE ENTREPRENEURIAL DECISION-
MAKING PROCESS
1. Rational/scientific method in decision making
• this involves the use of standard six-step process to
arrive at a decision.
Identify the problem
Gather data
Analyze data
Formulate alternative solutions
Select the best alternative
Implement the decision
This scientific method requires the use of management quantitative
techniques such as
forecasting using time series or growth rate analysis,
sensitivity analysis of financial data regression and
correlation for market demands and
PERT-CPM (Program Evaluation Review Technique =
Critical Path Method) for production
distribution data.
2.Use of intuition in decision-making
• This pertains to the use of
“gut-feel” to arrive at a decision
3. Affect infusion –
• This suggests that entrepreneurs’ current
moods influence judgments or decisions by
influencing the ease with which information
consistent with positive or negative moods
can be brought to mind.
4. Attribution style
• This refers to the entrepreneurs’ self-serving bias
which are related to:
• Strong tendency on the part of most entrepreneurs
to attribute positive outcomes to internal causes, i.e.,
skill, talent, good judgment or hard work
• Corresponding tendency of the entrepreneurs to
attribute negative outcomes to external cause, i.e.,
high inflation rate, obsolete machine, unavailability of
raw materials or unreliable suppliers.
5. Counterfactual thinking
• This is understood as an “afterthought in decision
making in which the procedures followed to perform
the task are discussed and various alternatives that
could have been followed are considered.”
6.Over-confidence
• This refers to the tendency of the
entrepreneurs to think that they know more
than what they really know when they make
the decision
7. Knowing style
• This is the combination of ‘analytical and
conceptual thinking”, where the
entrepreneurs look for facts and data before
they make decisions
8. Creative style
• This is characterized by “holistic and conceptual
thinking, entrepreneurs who uses this style tend to
be creative and enjoy experimentation before making
decisions.
“Entrepreneurship is the best
means for youth to adapt to a
changing and highly competitive
job market in both rural and urban
areas around the world” (OECD)
ENTREPRENEURSHIP CAREER OPPORTUNITIES
FOR THE ACADEMIC TRACK
1.Business Consultant
2.Sales
3. Research and Development
4. Not-for-profit-fundraiser
5. Teacher
6. Talent recruiter
7. Business reporter
8. New Venture Creation
9. Careers in existing entrepreneurial ventures
1.Business Consultant
• – people who can go to a client site, identify
problems and fix them
2.Sales
• – knows how to represent a company, manage
accounts and follow up on leads.
3.Research and Development
• – the need to understand business concepts, systems,
procedures and practices.
4.Not-for-profit-fundraiser
• – understanding the importance of business and
networking relationships
5.Teacher
• – teach students how to increase their
entrepreneurial intention through acquiring the
attitude towards entrepreneurship
6.Talent recruiter
• – someone being not just people savvy but having an
in-depth business sense as well.
7.Business reporter
• – one can write articles is in a prime position to take
the lead on covering a local business beat.
8.New Venture Creation
• – launching a company, buying a business or
franchise, starting a new venture in a family
enterprise or commercializing a technology
9. Careers in existing entrepreneurial ventures
•
– working for a
startup, small
business,
LONG QUIZ
Identification
DEFINITION OF
ENTREPRENEURSHIP FROM
EARLY ON TO PRESENT
ENTREPRENEURSHIP
1. Carrying out of new combinations
of firm organization—new products,
new services, new sources of raw
material, new methods of
production, new markets, new forms
of organization
2.Taking
moderate risk
3. Decisions and
judgements about the
coordination of scarce
resources.
4. Behavior rather than
personality trait. Its
foundation lies in concept and
theory rather than in intuition.
5. Dynamic process of vision,
change and creation that
requires an application of
energy and passion toward the
creation and implementation
of new ideas and creative
solutions.
6.Having profits from
bearing uncertainty
and risk
7. An activity that involves the discovery,
evaluation and exploitation of opportunities
to introduce new goods and services, ways of
organizing, markets, processes and raw
materials thorough organizing efforts that
previously had not existed
8. Pursuit of opportunity
without regard to
resources currently
controlled.
9. Conceiving an opportunity to offer new
or improved goods or services, showing
the initiative to pursue that opportunity,
making plans, mobilizing the resources
necessary to convert the opportunity into
reality.
10. Process of creating something new with
value by devoting the necessary time and
effort; assuming the accompanying financial,
psychic and social risks and uncertainties; and
receiving the resulting rewards of monetary
and personal satisfaction.
Identify the
Country
United States,China,Singapore,Canada,India
Taiwan,Hongkong,Thailand,Malaysia,South Korea
United States,China,Singapore,Canada,India
8. With the knowledge based economy, it utilizes its
human resources to make its economy the best
possible through entrepreneurship such as activities
related to tourism and agricultural exports which
receives strong support from government and private
sector.
Taiwan,Hongkong,Thailand,Malaysia,South Korea
United States,China,Singapore,Canada,India
Taiwan,Hongkong,Thailand,Malaysia,South Korea
ENUMERATE ATLEAST FIVE (5)
CONTRIBUTIONS OF
ENTREPRENEURSHIP TO THE
ECONOMY AND SOCIETY
ENUMERATE FIVE (5)
PERSONAL CHARACTERISTICS
ATTRIBUTED TO
ENTREPRENEURS
THE SIX COMPETENCIES
• Opportunity competencies
• Relationship competencies
• Conceptual competencies
• Organizing competencies
• Strategic competencies
• Commitment competencies
Opportunity,Relationship,Conceptual
Organizing,Strategic,Commitment
Opportunity,Relationship,Conceptual
Organizing,Strategic,Commitment
Opportunity,Relationship,Conceptual
Organizing,Strategic,Commitment
Opportunity,Relationship,Conceptual
5. Related to different conceptual abilities which are
reflected in the behaviors of the entrepreneur, i.e.,
decision skills, absorbing and understanding complex
information, risk-taking and innovativeness
Organizing,Strategic,Commitment
Opportunity,Relationship,Conceptual