Module 2

THE PRACTICE OF
ENTREPRENEURSHIP

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0 ANGELITA C. SERRANO, PhD-

Unlimited Books Library Services and Publishing Inc
BM
OBJECTIVES
The learners shall be able to:
1. Combine the two views of entrepreneurship for new
ventures.

2. Relate the start of entrepreneurship in the Philippines.

3. Develop the skills important in entrepreneurship.

4. Express the truths about entrepreneurship.

5. Distinguish each type of entrepreneurship.

6. Adapt entrepreneurship as a method.

7. Contrast between managerial and entrepreneurial thinking.

8. Justify deliberate practice of entrepreneurship.

ANGELITA C. SERRANO, PhD-BM
ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
INTRODUCTION
 entrepreneurship has been related with launching
new businesses
 today, entrepreneurship is a life skill
 entrepreneurship is composed of collective
mindsets and skillsets

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
 ENTREPRENEURSHIP VIEWS
Predictive Approach
Approach
• entrepreneurship as a linear
process where there are
steps to do and the results
are usually predictable
• works best during times of
ambiguity
• when there is enough
information where to
base decisions
Creation
• entrepreneurship as a mindset
and a method that needs
practice
• used only when the future is
unpredictable and not certain
• define their goals based from
the resources available at
hand
• in the initial phase of a
business, creation is
vital ANGELITA C. SERRANO, PhD-BM
ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
THE START OF ENTREPRENEURSHIP IN THE
PHILIPPINES
 the Philippine government sees entrepreneurship as the sole means
to address the poverty
 1987 Philippine Constitution identifies entrepreneurship as an
instrument of economic growth
 entrepreneurship has been influenced by fast integration of
economies and globalization of markets
 Philippine Chamber of Commerce and Industry under the Office of
the President has formed the Philippine Center for Entrepreneurship
(PCE)
 PCE has created the “Go Negosyo Communities” everywhere
 in the Senior Level, values and mindset of entrepreneurs are taught
 at the college level, Bachelor in Entrepreneurship is now a complete
curriculum offering ANGELITA C. SERRANO, PhD-BM
ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
THE SKILLS IMPORTANT IN ENTREPRENEURSHIP

The Skill of The Skill of The Skill of The Skill of Skill of

Play- Experimentation Empathy Creativity
Reflection
Entrepreneurs Means being
To act so as Means being
may benefit
sympathetic open-minded and Organizes all
and enjoy as if to learn letting loose the four skills
playing while with the feeling,
situation, one's ability to mentioned
doing creative create, discover
things that can purposes, here
opportunities
boost relations opinions and and resolve
with others wants of other problems
people

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
Ways To Do Reflection

describing what
happened Narrative
centers on the
feelings
the role played in a Critical Emotional
situation

focuses on
what went well as well one’s insights
as what went bad Evaluative Perceptive and feedbacks

Analytical
rationalizing
about skills
ANGELITA C. SERRANO, PhD-BM
ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
 THE TRUTHS ABOUT ENTREPRENEURSHIP

Entrepreneurs Do Entrepreneurship Entrepreneurs Work

Entrepreneurship Is Entrepreneurs are Entrepreneurs are Entrepreneurship
Not Have can be Taught Yet in Partnership More
Not Solely for Not So Much Risk- More on Doing than is Truly a Life
Exceptional Entails Practice than They Compete
Startups Takers Planning Skill
Personality Qualities
• startup is a new •no evidence to •most schools teach •stereotype about •entrepreneurs learn •successful people •these days consider
company that is prove that entrepreneurship as entrepreneurs that their lessons from had really practiced entrepreneurship as
just starting to entrepreneurs a linear process they are the shared being real a skill that is useful
progress possess special •the linear process “gamblers” experiences others entrepreneurs in every human’s life
•Entrepreneurs can personality qualities •entrepreneurs are had faced •investors are more
be
all over, from above others teach entrepreneurship really risk-takers but •support of a fascinated with the •life skills include
companies to •how entrepreneurs as something they normally would community of ability of an Resilience, Agility,
franchises, to profit think follow certain predictable make calculations first entrepreneurs with entrepreneur to deal Negotiating, Problem
and non-profit patterns •Entrepreneurship similar mindset and with a series of solving.
organizations, can be improved willing to support difficult situations, Relationship
to family-owned continuously through each other is able to solve building and
important problems Mindfulness
businesses practice so that they and take positive
can be used for feedback
entrepreneurial action

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
TYPES OF ENTREPRENEURSHIP
• Intrapreneurship refers to encouraging people to discover high-risk, high-reward concepts with
Intrapreneurshi the support of a big corporate organization
• Google supports its employees to provide the 20% of their time for innovative projects

p • entrepreneurs function inside any type of organizations such as government agencies, non-
Entrepreneurs Inside profit organizations, religious entities, self-employed and even cooperatives
• Puregold with its “Palengke Day”

• franchise is a type of license bought by an entrepreneur as the franchisee from an

Buying a Franchise existing branded Business (franchisor) to do business under the name of said brand
• franchises include 7-11, Ace Hardware, Pizza Hut, Jollibee, McDonalds and a lot more

• the entrepreneur buys out the existing owner and takes the management and operations of
Buying a Small Business the small business
• new owner is able to take over an operation that has already making cash flow and profits

• Social entrepreneurship means pursuing innovative applications that have the likelihood of
Social Entrepreneurship solving community-based problems
• possible to solve social problems at the same time make profit like Bayani Brew

• family business is owned and managed by members of the family that is usually handed
Family Business down from generation to generation
• ShoeMart, Metrobank, the Aboitiz Group, and D.M. Consunji, Inc. (DMCI)

• serial entrepreneur is an entrepreneur who constantly crops up with fresh ideas and starts
Serial Entrepreneurs new businesses
• Oprah Winfrey is an example of a serial entrepreneur
ANGELITA C. SERRANO, PhD-BM
ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
ENTREPRENEURSHIP AS A METHOD

Method is a systematic way of doing a task, while a

process is a sequence of steps to take to attain something
entrepreneurshi business the view of entrepreneurial
p is nonlinear, environment of entrepreneurshi method
unpredictable, entrepreneurs p has been describes a logic
unstructured and is really shifted as a of thinking-
complex dynamic, method to Sarasvathy
uncertain and manage the
ambiguous confusion

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
Effectuation
Effectuation is the idea in entrepreneurship that the
future is unpredictable yet controllable

Bird in Hand-creating solutions using the resources available at the

disposal of entrepreneurs

Affordable Loss-only investing much that an entrepreneur is willing

and can afford to lose

Crazy Quilt-business shall become successful through cooperation

with other people and companies

Lemonade-unexpected turns are not always negative,

entrepreneurs see them as new opportunities

Pilot in The Plane-the future is really something that needs to be

controlled and not try to predict

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
Components Of The Entrepreneurship Method

Identify Begins with Describe the Estimate

Desired Impact Means at Hand Idea Today Affordable Loss

Network and Build and Learn

Reflect and Be Take
Enjoin Others from What Has
Honest Small in the Been Learned
Action Journey

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
 Managerial Thinking Entrepreneurial Thinking
Manage and mitigate risk Evaluate and embrace risk
Safeguard inventions and insights Exchange ideas and
share learnings
Avoid failing Fail fast and try again
Work within the confines of
the current environment Think in terms of possibilities

Increase the bottom line

Create value and make a
difference

MANAGERIAL
Source: https://www.mbassett.com/blog/entrepreneurial-thinking-differs-traditional-business

AND
Managerial thinking is used primarily by big and well-established companies, where
goals are planned, problems are transparent and information is reliable and reachable.

THINKI
ENTREPRENEU Entrepreneurial thinking on the other hand, refer to the ability to identify opportunities
in the marketplace and discover the most fitting ways and time to take advantage of
them.
NG
RIAL
• ANGELITA C. SERRANO, PhD-BM
• ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
• Unlimited Books Library Services and Publishing Inc
ENTREPRENEURSHIP REQUIRES DELIBERATE
PRACTICE
Entrepreneurship method is both a mindset
and a practice
Practice is Successful Entrepreneurship Deliberate
usually linked performers commands hard practice becomes
with repetition spent 10,000 work, together a discipline,
and hours in with unique because it has
experience practicing their opportunities been mastered
craft

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
THANK
YOU

• ANGELITA C. SERRANO, PhD-BM

• ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
• Unlimited Books Library Services and Publishing Inc