THE

ENTREPRENEURIAL
MIND SETTING
(GE ELECT 1)
THE PRACTICE OF
ENTREPRENEURSHIP
 ENTREPRENEURSHIP
• Entrepreneurship is increasingly regarded as a
valuable life skill that goes beyond simply by
starting a business because it prepares a person
to deal with an indefinite and unknown future,
particularly in the business world.
• Entrepreneurship is composed of collective
mindsets and skill sets that can empower an
individual to create and act on opportunities
.
 ENTREPRENEURSHIP VIEWS
OLDER VIEWS
• Known as PREDICTIVE APPROACH considers
entrepreneurship as a linear process where there are
steps to do and the results are usually predictable.
• Entrepreneurs, identify the goals they wanted to attain
and search for available resources.
• Use by well known and establish companies
• Entrepreneurs can easily and accurately predict any
changes in the business environment.
 NEWER VIEWS
• Identified as CREATION APPROACH sees
entrepreneurship as a mindset and a method that
needs practice and used only when the future is
unpredictable and not certain.
• Entrepreneurs define their goals based from the
resources available at hand.
• Small businesses always begin with creation.
• Need to gather information in the real business world
in order to make prediction for analysis.
 THE START OF ENTREPRENEURSHIP
IN THE PHILIPPINES

• The Philippines has long been afflicted by a high poverty

rate. Even though the country is growing economically,
the poverty rate remains high. Since, entrepreneurship
has become the solution to this problem through
employment information, and social empowerment, the
government now views it as the only way to fight
poverty.
 THE SKILLS IMPORTANT IN
ENTREPRENEURSHIP
1. The Skill of Play
Usually allows his imagination to explore, exposes his mind to
treasure of opportunities and potentials and is very innovative.
Entrepreneurs may benefit and enjoy as if playing while doing
creative things that can boost relations with others, solving
problems, ideation and other exercises.
Entrepreneurs may try more serious educational games such
as simulations, role playing and reality games that may
challenge their creativity.
2. The Skill of Experimentation
 the skill of experimentation calls for entrepreneur to act so as to
learn.
 Acting to learn means attempting to do something, learning from
such attempts and structuring said learning when the next thing
similar happens.

3. The Skill of Empathy

 the skill of empathy means being sympathetic with the feeling,
situation, purposes, opinions and wants of other people.
Empathy is putting ones’ shoes in the shoes of the others.
Simply, it is relating to the feelings of others when placed in a
similar circumstance.
4. The Skill of Creativity
 the skill of creativity means being open-minded and
loose one’s ability to create, discover opportunities and
resolve problems.

5. The Skill of Reflection

Taking time to reflect is the most vital skill of all skills.
The discomfort handled, the feelings felt and the
knowledge possessed gives new perspectives and allow
for more assessment of the results and forming of
conclusion, which can be done through reflection.
 TRUTHS ABOUT
ENTREPRENEURSHIP

- There are really no shortcuts when it

comes to entrepreneurship.
- Entrepreneurs must understand that it is a
hard commitment and there is no quick
formula for success.
HERE ARE SOME TRUTHS ABOUT
ENTREPRENEURSHIP:
Entrepreneurship is not Solely for Startups
Entrepreneurs do not have Exceptional Personality
Qualities.
Entrepreneurships can be Taught yet entails Practice
Entrepreneurs are not so many risk takers
Entrepreneurs work in partnership more than they compete
Entrepreneurs are more on doing than planning
Entrepreneurship is truly a life skill
 TYPES OF ENTREPRENEURSHIPS

1. INTRAPRENEURSHIP
Refers to encouraging people to discover high risk, high
reward concepts with the support of a big corporate
organization.
Responsible for innovating within an existing organization.

Example: Gmail
2. ENTREPRENEURS INSIDE
 it is almost similar with intrapreneurship.
 the difference is it can function inside any type of
organization whether big or small businesses.
It produces something value and affordable for the
budget conscious customers.

Example: Puregold
3. BUYING A FRANCHISE
Is a type of license bought by an entrepreneur as the
franchisee from an existing branded business.
Example: 7/11, Mcdonalds, Jollibee and a lot more.

4. BUYING A SMALL BUSINESS

In this type, the entrepreneur buys out the existing
owner and takes the management and operations of the
small business.
5.SOCIAL ENTREPRENEURSHIP
 It means pursuing innovative applications that have the
likelihood of solving community based problems.
It is most likely helping the social problem and at the
same time gaining profit for the sake of a business.

Example: Bayani Brew and other eco-friendly business.

Rider Courier: Grab Express
6. FAMILY BUSINESS
 it is owned and managed by members of the family that is
usually handed down from generation to generation.
Example : Shoemart, Metrobank and other more.

7. SERIAL ENTREPRENEURSHIP
 an entrepreneur who constantly crops ups with fresh
ideas and start new businesses.
Example: Oprah Winfrey –an American philantrophist, media
leader, and entrepreneur, local TV anchor of “The Oprah
Winfrey Show”, own foundation, co-founder of OXYGEN and
etc. Steve Jobs- Apple, next, PIXAR)
ENTREPRENEURSHIP AS A METHOD

Entrepreneurship
• Act of starting and running your own business.
Method
• Procedure followed in achieving an end.