THE ENTREPRENEURIAL

MIND
Activity no. 1
UNDERSTANDING ENTREPRENEURSHIP

Polo , Liezl
Walac , Mc Rhean
Delgado , Jimdel
Ramos , Jezika
Gama , Katherine Gwyneth
Saliwey , Reden
Pating , Rozelle
Lenmamag , Norisheen
1. Pretend that you will be putting up a small business Follow the instruction below.
A. Tell what kind of business venture you intend to open and why you have chosen it
The study of the stability, rigidity, and strength of a structure to withstand forces is known as
structural design. The main goal of design is to make sure that a structure or building can
withstand all potential loads for a given amount of time. Furthermore, the design problems with
durability include cracks, leaks, excessive vibrations, and deflections. This indicates that well-
constructed structures determine the safety and well-being of their occupants. (HMC Architects,
2019)
We decide to establish a firm for structural and architectural design. Structural and architectural
design firms are businesses that focus on providing customers with building, interior design, and
construction services. Depending on a certain firm's size and service preferences, they can
employ architectural professionals from different career fields or just one.
Architect Cathy Saldana (2019) also added that the enjoyment of living, working, leisure,
commercial, and trade spaces, as well as places for spirituality, healing, and growth, is at the
very heart of a healthy existence. All structures will find their uses within these seven categories.
That goal will be built with the help of an architect and a team of engineers' skill. However, a
home or a structure, a park, a business, or a community development can only serve its intended
purpose when it can successfully integrate into the surrounding area.
We selected this market for the following reasons:
I. We want to make our place a better and safer place.
Stephanie Slocum (2018) also added that structural and architectural firms save lives by creating
structures that withstand earthquakes, wind, snow, and a variety of other load situations. If we
were more effective in distributing our technologies to underdeveloped nations, think of the
additional lives that could be spared (particularly from earthquakes).
II. Increasing Margin Profits
One of the often-used profitability statistics to determine how profitable a business or line of
business is the profit margin. It represents what percentage of sales has turned into profits.
Simply put, the percentage value represents the amount of profit the company made on each
dollar sold.
Data from Building Design and Construction last 2022 shows that Architectural and Structural
Design Firms’ profit margins on net revenue exclusive of bonuses, incentives, and taxes have
been on a steady rise in recent years, reaching a six-year high of 14.3% last year. Median profits
margin on net revenue has been on the upswing in the past three years, hitting 11.4% and 13% in
the 2013 and 2014 data they collected.
III. We want to use our technical skills in work
As civil engineers with building design licenses, we aim to apply our technical expertise to make
the world a better place while also making enough money to support our daily requirements.
Additionally, we wish to develop our abilities to become better civil engineers.

B. Explain briefly how you can be an entrepreneur and not merely a businessperson.
If you run a business or are planning to start a new one, initially you might have to play both the roles
but with time you may take better choices. It is possible to be both.

Entrepreneur consistently focus on value creation, solving a problem, whereas focus of business owner
is more towards managing a business it may not have the capital and are least interested in ownership
hassle. However, business owners generally have capital and have interest in capital growth.
Entrepreneur's focus is profits, business owner’s focus is capital growth. Entrepreneur’s job is not to
take risk but to reduce the risk and create a sustainable business from a new opportunity, business
owner will generally jump in when the risk has been mitigated and business is proven success. However,
this does not mean entrepreneurs should not become business owners or business owners should not
try entrepreneurial venture. Entrepreneurs are least attached to money and focus more on value
creation. Improving products, reducing cost, higher ethical standards, good knowledge, always a learner,
leading by example are some characteristics of an entrepreneur.

the good news is that everyone can and should be an entrepreneur , but you don’t need to start a
company to be an entrepreneur. An entrepreneur is just someone that thinks like an owner. a teacher
can be an entrepreneur. you can be an entrepreneur in government. anyone at a copy can think and act
entrepreneurial. Essentially, an entrepreneur is someone that steals office supplies from home and
brings them to work.

2. Pick one of your present activities that you consider risk taking. Tell how you minimize the
risk.
Many students enroll in higher education while working (Bennet, McCarty & Carter, 2015;
Darolia, 2014). Their academic performance and college experiences have been influenced to
some degree by this employment. Due to rising tuition costs, declining scholarships, and limited
family incomes, students often decide to work while they are in school. These circumstances
have led to an increase in students working part-time jobs and encouraging those who want to
pursue higher education to take out loans (Metcalf, 2003; Watts & Pickering, 2000).
It's challenging to be a working student. There are multiple risks that we need to face. Here are a
few of the risks and dangers we face and how we intend to deal with them.
A. Time management
To be able to go through this risk requires effective time management. First and foremost, we
must adhere to a timetable. Setting and sticking to a schedule is essential for learning how to
organize time for daily study. Do not plan tasks in your head; instead, write them down on your
phone or a whiteboard. Set an alarm on your phone to remind you what you should do. Second,
Avoid Multi-tasking. Multitaskers are celebrated in the world, but they may be ineffective when
it comes to being a working student. Try to keep your work and studies separate. Working while
studying keeps you distracted and can lead to costly mistakes. The same holds when attempting
to work at school. When you give each of your undivided attention, you can increase
productivity. Lastly, stay healthy.  It's easy to skip meals and study until late at night. Make an
effort to stay healthy and fit to perform well at school and work. Your brain is more alert when
your body is well-rested. When you have too many commitments, take a step back and cancel
some of them. Take frequent breaks to regain your motivation and energy.

B. Mental Stress

Working while attending full-time school is challenging because it means spending less time
with friends and family. This may result in mental stress. Working students should make time to
spend with loved ones because it provides much-needed rejuvenation. Motivation is a valuable
resource that enables us to adapt, function productively, and maintain our well-being while also
aiding in the prevention of mental illness. I always try to stay motivated and perceive the end
result in everything I do. I also make an effort to stay healthy and get as much sleep as possible.

C. Distraction / Lack of Concentration

If you assess every aspect of your work, there is a potential that you could have a deadline and an
exam at the same time. It’s possible that you’ll focus on your academics, but as your workload
mounts, stress and workload increase. The first thing to do is to plan and create a schedule. The
act of organizing activities relieves mental stress by reducing the concern over incomplete work
or assignments. Limiting interruptions is next. You can control certain interruptions, but others
are tough to avoid. Do not communicate personally during work or study hours. Follow your
schedule on time. Try to limit personal conversation in your free time. Also, we need to spend
less time on social media since it is also one of the factors that get us distracted.

3. Choose one small business in your neighborhood. Conduct a guided interview with its owner.
Elicit the primary reason why he/she opened the business. Determine if he/she manages the
business as an entrepreneur or as an owner of an ordinary small business.

We consulted Myra Cortez, a bakery owner from Loacan, Itogon, Benguet. She has been
working in the baking industry for over two years now. She was able to explain why and how
she began her business. She has said that it started with cravings for warm freshly baked goods.
The urge to serve aromatic and healthier versions of bread, cakes, and pastries. And she loves
sharing experimented foods with friends and family. Furthermore, sharing came all sorts of
feedback and ideas that fires up her curiosity and creativity that needs to be unleashed or
improved. She also added that we all have our own preferences when it comes to taste and
texture. And she came to understand that it varies depending on age and lifestyle. Some want
them sweet, not too sweet, and totally sugarless, soft, and not too soft. She also described how
the business started. The foundation of the said bakery started with people who asked her to bake
and sell them portions of foods following their specifications. And the pandemic came that
paralyzed most of their movements that resorting to made-to-order foods to be delivered. And
here starts the beginning of the said bakery.
For several reasons, we consider as an ordinary small business. In the course of the interview,
she highlighted that she does not long for her business to grow or to create more money, she just
wants to have a stable source of income from her passion. As previously stated, an entrepreneur
views her growth in the long term rather than the short term. We also define entrepreneurs as
innovative with their ideas, whereas ordinary business owners can rely on what has already been
done, improving on a well-known business model. The bakery business doesn’t have any
distinguishing characteristics that cannot be found in any other bakery.

To summarize, ordinary small business owners implement a tried-and-true concept, take

calculated risks, and grow their company incrementally. They frequently start businesses for
practical reasons, such as to earn a living, doing something they enjoy, or gaining more
independence. Entrepreneurs on the other hand are motivated by a desire to challenge the status
quo. They have original untested ideas, and they are willing to take risks in order to pursue them.
Entrepreneurs frequently want to make a big impact by finding new ways to scale and expand
quickly.

4.Conduct a mini-survey on the misconceptions on entrepreneurship Choose five friends, five

teachers, and five neighbors or relatives as respondents. Ask them how they understand
entrepreneurship, Tally their answer and discuss the result.
We conducted a survey and used Likert Scale as our means to evaluate the data we collected. For
each question on the survey, we calculated the total number of responses to each sentiment level
(Agree, Neither Agree nor Disagree, and Disagree).
Name: Occupation:
Age:
1. Entrepreneurship is only applicable to manufacturing business just like (Volkswagen, Apple,
Toyota Corp.)

Agree Neither Agree or Disagree Disagree

2. Regardless of whether the business venture is merchandising, service, or manufacturing, the
concept of entrepreneurship is applicable.
Agree Neither Agree or Disagree Disagree
3. The quantity of business funding or capital can be used as a ground to determine if a business
is considered as part of entrepreneurship or just a regular small company
Agree Neither Agree or Disagree Disagree

4. Entrepreneurship principles and concepts applies apply to small, medium, and big
businesses.
Agree Neither Agree or Disagree Disagree
5. The practice of entrepreneurship require a good academic background in business courses
Agree Neither Agree or Disagree Disagree
6. Successful entrepreneurs originate from all profession and have various academic history
Agree Neither Agree or Disagree Disagree
7. The bad economy does not serve as an hindrance in creating or continuing entrepreneurial
ventures
Agree Neither Agree or Disagree Disagree
8. Entrepreneurship can exist in both good and bad economies
Agree Neither Agree or Disagree Disagree
9. Entrepreneurship is merely simply opening a small business
Agree Neither Agree or Disagree Disagree
10. Entrepreneurship does not start and end with just opening a business. It’s a long and
continuing process
Agree Neither Agree or Disagree Disagree

A.

Entrepreneurship is only applicable to a manufac-

turing business.

Agree
Neither Agree nor Disagree
6%
28%

Disagree
66%

Agree Neither Agree nor Disagree

Disagree

Figure 1.1

B.
 Entrepreneurship only applies to small businesses
Disagree
23%
Agree
43%

Agree nor Disagree

33%

Agree Agree nor Disagree

Disagree
Figure 2.1

C.

It applies to person with good educational background in business

courses.

Disagree
2%

Agree nor Disagree

36%

Agree
62%

Agree Agree nor Disagree Disagree

Figure 3.1

D.

It applies to a good economy

Disagree
3%

Agree nor Disagree

30%

Agree
67%

Agree Agree nor Disagree Disagree

Figure 4.1

E.

It is simply opening a small business

Disagree
2%

Agree
Agree nor Disagree 49%
49%

Agree Agree nor Disagree Disagree

Figure 5.1

5. Research on the additional contribution of entrepreneurship to the lives of Filipinos, the local
community, and the Philippine economy.
Addressing widespread poverty is the single most important policy challenge facing the
Philippines. Not only is poverty high when benchmarked against countries in Asia, but also the
rate of poverty reduction has been slow. While the Philippine economy has grown at an average
of 6 percent for the last five consecutive quarters (since 2012), poverty incidence remains above
20 percent of the population. The critical challenge is to spread the payback of this huge
economic turnaround among the people, especially the poorest of the poor. They should feel the
benefits of the growing Philippine economy. Entrepreneurship can provide the solution by
creating wealth, jobs, and social empowerment. If we are to address the issue of poverty with
some degree of success, history tells us we have no choice but to actively encourage
entrepreneurial ventures.

According to Manalo M (2022)., entrepreneurship contributes “ to create jobs, support

business expansion, and produce goods and services that enhance people's lives ”. In economies
where entrepreneurs are present, benefits to society will be greater. Entrepreneurs are always
coming up with innovative ideas to better the lives of Filipinos, from food delivery applications
to online shopping venues that are able to make money for themselves as well as for the people
they employ in their businesses like a win-win situation.
 Harry Yeung (2020) also added that researchers found that from 2008 to 2011, the
likelihood that a Filipino household will become non-poor increased in the Philippines as a result
of entrepreneurship. Entrepreneurship also reduced the likelihood that a Filipino household
would become impoverished during the same time frame. The study also came to the conclusion
that entrepreneurship is a crucial and effective strategy for reducing poverty in the Philippines.
The government of the Philippines was encouraged to encourage entrepreneurship.

Built on the Creating a More Competitive Economy that fosters inclusive and sustainable
growth while fostering resilience to growth Manalo M. (2022), Which prone to use flexible or
critical answers wherein, individuals who had stronger ties to their industry's ecosystem had
easier access to the knowledge and resources they needed to weather the crisis are answerable.
Since businesses and individuals will look for ways to enhance their operations. Entrepreneurs
starting new businesses with innovative ideas and high growth expectations will put pressure on
incumbent businesses to boost efficiency and performance for better entrepreneurial business
owners. 

Reyes (2015) reports that Filipinos view entrepreneurship positively. Wherein he stated
that it is a reliable means to improve one’s economic and social standing.” The large population
and rising domestic consumption expenditures in the country encourage people to engage in
entrepreneurial activity and innovate people's beliefs that they have the skills to launch a
business are what motivates them in molding their economic and social standing on top of their
priorities.

Global Entrepreneurship Monitor also added that entrepreneurship is seen by Philippine

society as a very good means to improve one’s economic and social standing. This social and
cultural orientation serves as one of the major drivers of promoting entrepreneurship. The large
domestic market with high consumer spending as well as good education and training also drives
the population to try entrepreneurial activities. There are also several government programs that
support entrepreneurship. In their recent data from 2014, In the Philippines, 6.2% of the adult
population are established business owners and 18.4% are engaged in early-stage entrepreneurship
(TEA). The country’s TEA rate is far higher than the average for Asia and Oceania (13%) .

On the other hand, the country's business discontinuance rate (12.6%) far exceeds the ASEAN
average (4.8%). Poor profitability and a lack of access to capital are the major reasons for business
closure. 70.5% of Filipinos engaged in early-stage entrepreneurship are driven by the opportunity to
improve their financial standing while only 29.4% are necessity-driven. 

Nearly half (46%) of all Filipinos have a very positive view of the entrepreneurial opportunities in
their country; furthermore, 66% believe they have the entrepreneurial capabilities needed to start a
business. Although the perceived entrepreneurial capabilities of Filipinos are high, 89.5% did not
receive formal training at school. Filipino entrepreneurs see owning a business as a path to being
independent as well as the opportunity to earn a living and improve one’s economic lot.