Unit 1: Understanding the Concept of Entrepreneurship

Lesson 2
Core Competencies in
Entrepreneurship

Entrepreneurship
Senior High School Applied - Academic
What should be the
characteristics of
entrepreneurs in order to
sustain the profitability of
their business?

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Learning
Objective
Explain the core competencies in
At the end of the entrepreneurship.
lesson, you should be
able to do the
following:

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 What is your favorite
restaurant?

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 Why do you
like their
products and
services?

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 Core Competencies

defining characteristics
that make a business or
an individual stand out
from the competition

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 3 General Conditions in Core Competencies
1. The activity must
provide superior
value or benefits to
the consumer.
2. It should be difficult
for a competitor to
replicate.
3. It should be rare.

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A core
competence is
something
unique that a
business has or
can do
strategically well.

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Core Competencies of Entrepreneur

1. Entrepreneur as a
missionary
2. Entrepreneurs are
goal-driven

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Core Competencies of Entrepreneur

3. Entrepreneur as a
marketing man
4. Entrepreneurs start
small to big

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What are the factors that develop
entrepreneurial activity?

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Factors that Develop Entrepreneurial Activity

Entrepreneur’s initiative

Organization of capital resources

Development of administrative machinery

Development of entrepreneurial autonomy

Development of SWOT analysis

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Remember

SWOT (Strengths, Weaknesses,

Opportunities, and Threats) is a
tool used in evaluating a business.
Entrepreneurs should know how
to analyze their business using
this tool.
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 Example

A young entrepreneur, who

has a business offering
milk tea, wants to evaluate
his business in order to
know the challenges
encountered and identify
new markets.

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 Examples
Internal Elements Answers

Strengths ● unique taste

● quality ingredients
● friendly staff

Weaknesses ● low profits

● no business website
● less offerings than competitors
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 Examples
External Elements Answer

Opportunities ● market boom

● expansion of branches
● can implement a loyalty program

Threats ● rising cost of ingredients

● negative reviews
● increasing number of competitors
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 The Making of a Filipino Entrepreneur

Most Filipinos start a

business when they see
that other businesses
are profitable.

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Remember

All growth starts from the

beginning. The same applies to
the world of business. There are a
lot of entrepreneurs who start
their business from a small
enterprise into a big company.
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 Activity

“A journey of a thousand miles begins with a

single step”. Explain your point of view on the
saying.

Answer the questionnaire in the Extend part of

the study guide.
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 Questions

Part A. Explain the meaning of the following statements.

1. Entrepreneur as a missionary.
2. Entrepreneur as a marketing man.
3. Entrepreneurs are goal-driven.
4. Entrepreneurs start from small to big.
5. Entrepreneur is excellent in obtaining resources.
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 Questions
Part B.
1. Why do core competencies matter to every business
and entrepreneur?
2. How do entrepreneurs determine the core
competency of their business?
3. Why are entrepreneurial competencies considered as
entrepreneurial distinctive?

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 Wrap Up

Core Competencies are the defining

characteristics that make a business or an
individual stand out from the competition.

A core competence is something unique that a

business has or can do strategically well.

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 Wrap Up

An entrepreneur must be equipped with the

following core competencies so that his planned
business will really stand out among other
competitors.

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Wrap Up

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 Bibliography

“Are you an entrepreneurial missionary or mercenary?” Edology. Accessed from March 8,

2020. https://www.edology.com/blog/business/entrepreneur-missionary-or-mercenary/.

“Eight successful Filipino entrepreneurs who started small.” Business Inquirer. Accessed
from March 8, 2020.
https://business.inquirer.net/273445/eight-successful-filipino-entrepreneurs-who-started-s
mall
.

Kotler, Philip & Gordon McDougall. Marketing Essentials. Prentice-Hall Canada Inc., 1985.

Peters, Michael & Robert Hisrich. Entrepreneurship 4th Edition. McGraw-Hill Book Co., 1999.

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