Gingoog City Colleges, Inc.

Paz Village, Brgy. 24-A, Gingoog City

Criminology Department
GE Elect 2: Entrepreneurial Mind
Summer 2021
Introduction

IN THIS MODULE, you shall be introduced to entrepreneurship. This unit

contains definitions of entrepreneur, entrepreneurship and entrepreneurial mind. You
will notice the growing importance of entrepreneurship today. The ways in order to
develop entrepreneurial mindset.
There are compelling reasons why people become entrepreneurs. A series of
self-assessment questions allows the reader to reflect on whether he or she could
become an entrepreneur, to reflect on one’s career goals and objectives.
COURSE MODULE

Rationale

There two important lessons in this unit. The first lesson is, defining entrepreneurship.
Second, ways to develop entrepreneurial mindset.

Intended Learning Outcomes

A. Examine the challenges associated with defining the concepts of entrepreneur,

entrepreneurship and entrepreneurial mindset.
B. Discuss how entrepreneurship thought has influenced on how we view the concept
of entrepreneurship today and affects the society in general.

Activity

INTRODUCTORY TASK
Directions: In your own understanding, explain the statement below.

“Entrepreneurship is a state of mind. It is not to be identified or measured with the type

of business a person is in or the size or success of the business. It is the total way of
life for entrepreneurs. It is to do what one loves to do.” (Gilles, A. & Modejar, R., 2006)

1
GCC/BSCRIM– ENTREPRENEURIAL MIND (MODULE 1)
 Discussion

Module 1: INTRODUCTION TO ENTREPRENEURIAL MINDSET

Entrepreneurs and Entrepreneurship

Considerations Influencing Definitions of Entrepreneur and Entrepreneurship

It is necessary to be able to determine exactly who entrepreneurs are before we

can, among other things, study them, count them, provide special loans for them, and
calculate how and how much they contribute to our economy.
 Does someone need to start a business from scratch to be called an
entrepreneur?
 Can we call someone an entrepreneur if they bought an ongoing business
from someone else or took over the operations of a family business from their
COURSE MODULE

parents?
 If someone starts a small business and never needs to hire employees, can
they be called an entrepreneur?
 If someone buys a business but hires professional managers to run it so
they don’t have to be involved in the operations, are they an entrepreneur?
 Is someone an entrepreneur if they buy into a franchise so they can follow a
well-established formula for running the operation?
 Is someone an entrepreneur because of what they do or because of how
they think?
 Can someone be an entrepreneur without owning their own business?
 Can a person be an entrepreneur because of the nature of the work that
they do within a large corporation?
It is also necessary to fully understand what we mean by entrepreneurship before
we can study the concept. Gartner (1990) identified 90 attributes that showed up in
definitions of entrepreneurs and entrepreneurship provided by entrepreneurs and other
experts in the field. The following are a few of these attributes:
 Innovation – Does a person need to be innovative to be considered an
entrepreneur? Can an activity be considered to be entrepreneurial if it is not
innovative?
 Activities – What activities does a person need to do to be considered an
entrepreneur?
 Creation of a new business – Does someone need to start a new business to be
considered to be an entrepreneur, or can someone who buys a business, buys into
a franchise, or takes over an existing family business be considered an
2
GCC/BSCRIM– ENTREPRENEURIAL MIND (MODULE 1)
 entrepreneur?
 Starts an innovative venture within an established organization – Can someone
who works within an existing organization that they don’t own be considered an
entrepreneur if they start an innovative venture for their organization?
 Creation of a not-for-profit business – Can a venture be considered to be
entrepreneurial if it is a not-for-profit, or should only for-profit businesses be
considered entrepreneurial?

Gartner (1990) clustered the attributes into themes that would help summarize what
people concerned with entrepreneurship thought about the concept. The following eight
entrepreneurship themes (Gartner):

1. The Entrepreneur – The entrepreneur theme is the idea that entrepreneurship

involves individuals with unique personality characteristics and abilities (e.g., risk-
taking, locus of control, autonomy, perseverance, commitment, vision, and
creativity). Almost 50% of the respondents rated these characteristics as not
COURSE MODULE

important to a definition of entrepreneurship (Gartner, 1990, p. 21, 24).

2. Innovation – The innovation theme is characterized as doing something new as an
idea, product, service, market, or technology in a new or established organization.
The innovation theme suggests that innovation is not limited to new ventures, but
recognized as something which older and/or larger organizations may undertake
as well (Gartner, 1990, p. 25). Some of the experts Gartner questioned believed that
it was important to include innovation in definitions of entrepreneurship and others
did not think it was as important.
3. Organization Creation – The organization creation theme describes the behaviors
involved in creating organizations. This theme described acquiring and integrating
resource attributes (e.g., Brings resources to bear, integrates opportunities with
resources, mobilizes resources, gathers resources) and attributes that described
creating organizations (new venture development and the creation of a business
that adds value). (Gartner, 1990, p. 25)
4. Creating Value – This theme articulated the idea that entrepreneurship creates
value. The attributes in this factor indicated that value creation might be
represented by transforming a business, creating a new business growing a
business, creating wealth, or destroying the status quo.
5. Profit or Nonprofit - “Does entrepreneurship involve profit-making organizations
only” (Gartner, 1990, p. 25)?
6. Growth - Should a focus on growth be a characteristic of entrepreneurship?
7. Uniqueness – This theme suggested that entrepreneurship must involve
uniqueness. Uniqueness was characterized by attributes such as a special way of
thinking, a vision of accomplishment, ability to see situations in terms of unmet

3
GCC/BSCRIM– ENTREPRENEURIAL MIND (MODULE 1)
 needs, and creates a unique combination.
8. The Owner-Manager – Some of the respondents questioned by Gartner (1990) did
not believe that small mom-and-pop types of businesses should be considered to
be entrepreneurial. Some respondents felt that an important element of a definition
of entrepreneurship was that a venture be owner-managed.

Definitions of Entrepreneur

An entrepreneur is “one who creates a new business in the face of risk and uncertainty
for the purpose of achieving profit and growth by identifying significant opportunities and
assembling the necessary resources to capitalize on them” (Zimmerer & Scarborough,
2008, p. 5).

“An entrepreneur is someone who prefers a life of boundless uncertainty to that of

predictability and chooses to bet on themselves before anyone else.”-Drew Downs, Co-
founder of Nuvango
COURSE MODULE

An entrepreneur is “one who organizes, manages, and assumes the risks of a business or
enterprise” (Entrepreneur, n.d.).

An entrepreneur is the person who sees a problem in the world and immediately focuses
on creating the solution. They’re the leaders that strike out on their own to improve
society. Whether they’re creating jobs or a new product, they constantly take action to
ensure world progress.

Definitions of Entrepreneurship

Entrepreneurship can be defined as a field of business that seeks to understand how

opportunities to create something new (e.g., new products or services, new markets, new
production processes or raw materials, new ways of organizing existing technologies)
arise and are discovered or created by specific persons, who then use various means to
exploit or develop them, thus producing a wide range of effects (Baron, Shane, & Reuber,
2008, p. 4)

A concise definition of entrepreneurship “is that it is the process of pursuing opportunities

without limitation by resources currently in hand” (Brooks, 2009, p. 3) and “the process of
doing something new and something different for the purpose of creating wealth for the
individual and adding value to society” (Kao, 1993, p. 70)

4
GCC/BSCRIM– ENTREPRENEURIAL MIND (MODULE 1)
 ENTREPRENEUR VERSUS BUSINESSMAN

The key difference between entrepreneurs and businessmen lies in the fact that an
entrepreneur is a person who comes with a unique business idea and starts his own
startup company on that idea whereas a businessman is a person who starts his
company using an old business concept or an idea.

An entrepreneur creates a new market for his revolutionary and innovative products
whereas a businessman applies different methods and proven strategies to make his way
into an already established market.

It’s easy to mix Entrepreneurs and Businessman but they are different. “Entrepreneur” is
a creative person and makes his path to start any business or set up a company. On the
other hand, a “Businessman” is a person whose commercial and industrial purpose
surrounds all activities

Comparison Table Between Entrepreneur and Businessman

COURSE MODULE

(in Tabular Form)

Parameter of Comparison Entrepreneur Businessman
A creative person who A person who follows
Definition introduces new ideas to run the already existing
business ideas.
Nature Innovative Traditional
Goal Customer-oriented Profit-oriented
Risk Margin High Low
Market Position Market leader Market player
Orientation Opportunity oriented Resource oriented

What does it mean to be Entrepreneurial?

It is not just about starting a business, or spinning out a company from research.
It’s a mindset, or a way of thinking. Entrepreneurs just think and do things differently. You
can be entrepreneurial even if you are working for someone else, with the buzzword
“intrapreneurial” highlighting the desire of employers to have adaptable, flexible
employees who can think for themselves. Being entrepreneurial can mean knowing your
industry inside out, and being able to exploit that knowledge to create new opportunities.
Being entrepreneurial can mean sharing ideas freely, and celebrating so-called failures
as learning and growing experiences. Being entrepreneurial can mean simply thinking
outside of the box, and expecting the unexpected.

Entrepreneurial means relating to someone who starts their own business or is good at
seeing new opportunities to make money (Cambridge Dictionary).

5
GCC/BSCRIM– ENTREPRENEURIAL MIND (MODULE 1)
 Entrepreneurial means having the qualities that are needed to succeed as an
entrepreneur.

Mindset
A fixed mental attitude or disposition that predetermines a person’s responses to and
interpretations of situations. (The Free Dictionary).

Your mindset is your collection of thoughts and beliefs that shape your thought habits.
And your thought habits affect how you think, what you feel, and what you do. Your mind-
set impacts how you make sense of the world, and how you make sense of you. Your
mindset is a big deal.

Entrepreneurial Mindset
An entrepreneur view’s needs, problems and challenges as opportunities. An
entrepreneur comes up with innovative ways to deal with challenges/problems. An
entrepreneur realizes that he/she is in the business of creating value. An entrepreneur
thinks/learns ahead and consolidates opportunities before they become obvious. An
entrepreneur is a visionary and a leader. Sees needs as opportunities. An entrepreneur
COURSE MODULE

sees the problems/needs around her and sees opportunities to make profits or create
value. Needs and problems are a blessing to the entrepreneur.

Ways to Develop Entrepreneurial Mindset

It is not for the faint of heart to start a new business. It needs faith, perseverance, and
a lot of hard work. So, what distinguishes successful CEOs from the pack? They are more
than likely entrepreneurial mindset.
If you are not actively working as the CEO of a successful firm, it may appear
impossible to cultivate an entrepreneurial attitude. However, regardless of your present
job title, you may hone the skillsets essential for successful business. Let's look at some
of the ways you may cultivate your entrepreneurial attitude in your daily life:
1. Set clear goals
2. Practice being decisive
3. Refine failure
4. Face your fears
5. Remain curious

Exercise

Directions: The following questions will assess whether you are capable to be an
entrepreneur in the future. Answer the following questions with full honesty. No minimum
number of words is required in this task. Consider the given rubric below.

1. Would you like to have more self-fulfillment, autonomy and control over your
life? Why?

6
GCC/BSCRIM– ENTREPRENEURIAL MIND (MODULE 1)
 2. Have you ever bought something and then sold it for a higher price? Describe
the process.
3. Can you repeat the process now, or in the future?

Self-assessment Rubric
Content/Relevance 5 points
Error Free (grammar/spelling) 3 points
Timeliness (submission) 2 points
TOTAL 10 points

Assessment

Directions:
Create a Blog using WordPress.com and write an awesome Blog Post which will
emphasize your full understanding on the definition of entrepreneurship, entrepreneur
and entrepreneurial mind. You can have a free access upon registration in WordPress;
COURSE MODULE

you don’t need to pay any amount. Once done, you may upload your output to our LMS
Account (Google Workplace – Classroom) and post it in your Facebook account and tag or
mention my FB account (Johmar VD). Consider the rubric below. 100 points

CATEGORY 20 Points 15 Points 10 Points 5 Points

Writing Student devotes a lot Student devotes Student devotes some Student devotes
Process of time and effort to sufficient time and time and effort to the little time and effort
the writing process effort to the writing writing process but to the writing
(prewriting, drafting, process (prewriting, was not very thorough. process. Doesn’t
reviewing, and editing). drafting, reviewing, Does enough to get by. seem to care.
Works hard to make and editing). Works
the blog post and gets the job done.
wonderful.
Introduction First paragraph has a First paragraph has a A catchy beginning No attempt was
\"grabber\" or catchy weak \"grabber\". was attempted but made to catch the
beginning. was confusing rather reader\'s attention in
than catchy. the first paragraph.

Focus on The entire story is Most of the story is Some of the story is No attempt has been
Assigned related to the assigned related to the related to the assigned made to relate the
Topic topic and allows the assigned topic. The topic, but a reader story to the assigned
reader to understand story wanders off at does not learn much topic.
much more about the one point, but the about the topic.
topic. reader can still learn
something about the
topic.

7
GCC/BSCRIM– ENTREPRENEURIAL MIND (MODULE 1)
 Spelling and There are no spelling There is one spelling There are 2-3 spelling The final draft has
Punctuation or punctuation errors or punctuation error and punctuation errors more than 3 spelling
in the final draft. in the final draft. in the final draft. and punctuation
Character and place errors.
names that the author
invented are spelled
consistently
throughout.
Creativity The blog post contains The blog post The blog post contains There is little
many creative details contains a few a few creative details evidence of
and/or descriptions creative details and/or descriptions, creativity in the blog
that contribute to the and/or descriptions but they distract from post. The author
reader\'s enjoyment. that contribute to the the story. The author does not seem to
The author has really reader\'s enjoyment. has tried to use his have used much
used his imagination. The author has used imagination. imagination
his imagination.

Reflection
COURSE MODULE

Reflective Task: Final Countdown

Purpose: To engage students in reflecting, evaluating, and integrating their learning.

Description: This activity emphasized the important role that reflection plays in the
learning process. Final Countdown provides learners with a framework for reflection,
evaluation, and integration of new knowledge into previously learned material.
Procedure:
1. Reflect over what you have learned about the topic “INTRODUCTION TO
ENTREPRENEURIAL MINDSET”.
2. Using the Final Countdown worksheet, write the three most important things you have
learned about the topic on the bottom tier.
3. On the second tier of the Final Countdown, write two questions you still have about the
topic. These are the questions that you expect to get answers to.
4. Finally, on the top tier of the Final Countdown, write one way in which what you have
learned relates or connects to the topic(s) previously learned.
5. Draw this image in a short bond paper to serve as your Final Countdown Worksheet,
and fill-in your answers. Attach it to the google classroom

8
GCC/BSCRIM– ENTREPRENEURIAL MIND (MODULE 1)
 RUBRIC

Content/Relevance - 80
Error Free - 10
COURSE MODULE

Timeliness (Submission) - 10
TOTAL 100

Resources and Additional Resources

Swanson, Lee A., (2017). Entrepreneurship and Innovation Toolkit. 3 rd Edition.

Additional Resources:

Gilles A., & Mondejar R. (2006). Guide to Entrepreneurship. Makati City, Philippines: Sinag-
tala Publishers.

https://www.masterclass.com/articles/how-to-develop-an-entrepreneurial-
mindset#the-4-characteristics-of-an-entrepreneurial-mindset

Kevin Johnson, Entrepreneurial Mind http://theentrepreneurialmind.com.booksample.pdf

9
GCC/BSCRIM– ENTREPRENEURIAL MIND (MODULE 1)