Overview of Quarter 1 - Week 1

Entrepreneurship HANDOUT

EXPECTATIONS
LEARNING OBJECTIVES: After going through this module, you are expected to:

1. define entrepreneurship and entrepreneur;

2. identify common elements of entrepreneurship; and
3. discuss the history of Entrepreneurship.

LESSON

The picture is a typical sari-sari store that you can find

in every society, what is the effect of its presence in your
community?

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AhV9SGwGHSYFCzQQ_AUoAXoECAMQAw&biw=1396&bih=685&dpr=1.38&safe=active&ssui=on#img
rc=P0MUMZYZ3hticM

This module will teach you the fundamentals of entrepreneurship starting with the role it plays in society and
the economy. Besides you will also know key concepts of common and core competencies that require skills to become
a successful entrepreneur. Compared to being an employee, you will understand the pros and cons of being an
entrepreneur.

In the time of COVID-19 pandemic situations, many people lost their jobs that is why some people are seeking
business opportunities in to provide their family needs. This allows people to be an entrepreneur without proper
knowledge or experience. One example of a booming industry these days is an online business that is helpful to
augment the basic needs of the family. The relentless pursuit of new things specifically in terms of business made each
family work on their best. Thus, to survive the main objective of business lies in the ability to earn profits from
producing, selling, and buying commodities. This situation changed the whole business paradigm.

Who is an Entrepreneur?
The term “entrepreneur” has a French source and was coined from
the words entre, which means “between,” and prendre, which means, “to
take.” An entrepreneur is a unique individual with the innate ability and
extraordinary dedication to establish and manage a business, recognizing all
the risks, and reaping their rewards. It is not a career that anyone will simply
jump into after you plan to do so. It needs a diverse business experience to be called one, ranging from advertising
and marketing knowledge to versatility in operations, and financial skills.

➢ “Someone who recognizes opportunities, strategies, mobilizes resources, manages, and accepts the
risks of a business to have a positive impact on society.”

➢ The person behind the entrepreneurship, having certain characteristics and diverse traits that make
him unique.
Entrepreneurs do create value in expanding the scope of their market and product creation. As we find
possible ways to solve the solution to the crisis. An opportunity exists as an entrepreneur begins to take the lead.

What is Entrepreneurship?

➢ Is a proactive process of developing a profit-making business

venture. It involves searching for market opportunities, establishing
and operating a business out of the opportunity, and assessing its
risks and rewards by closely monitoring the operations. The creation
of a sound business plan, together with the efficient and effective
operation of the business will benefit not only the entrepreneur but
the whole society and the economy as well.

➢ An activity that includes the discovery, evaluation, and exploitation

of opportunities to introduce new goods and services.

➢ Having profited from bearing uncertainty and risk (Knight 1921, 3)

➢ Capacity for innovation, investment, and expansion in new markets, products, and techniques.
(Fajardo, 1994, 4)

➢ The opportunity to know what goods and services people need and to be able to deliver them at
the right time, in the right place, at the right price for the right people.

Although each of these definition views entrepreneurship from a slightly different perspective, they all
contain the following Common Elements:
(Aduana, 2019, 4)
• Innovation – The process of bringing to an organization new concepts, technologies, or methods.
This may mean creating a new service, system, or process, or improving existing ones.
• Opportunity Seeking and Exploitation - The ongoing process of considering, evaluating, and
pursuing market-based activities that are believed to be advantageous for the firm. Example:
Lend money, good location.
• Resource mobilizing - refers to all activities involved in securing new and additional resources for
your organization. It also involves making better use of existing resources and maximizing
them. Resource mobilization is often referred to as 'New Business Development’. Example:
investment
 • Encountering risk and uncertainties – Entrepreneurs live with uncertainty and risk. They have
no choice. The future depends on them. They are responsible for their success and failures
and never endures success. Entrepreneurs Example: required hiring more must also learn to
manage the pressure and uncertainty of having to assume responsibility for their business
and their employees, purchasing more equipment, investing more money, and decision-
making.
• Economic and personal rewards – Example: Money, Benefits, and Perks

Brief History of Entrepreneurship

➢ The origins of entrepreneurship can be traced to

capitalism, which is an economic, political, and social system
that has origins in the desire of private citizens to produce
goods and services that the public needs. The main
characteristics of capitalism is the right to own private
property, which can include lands, buildings, knowledge,
patents, know-how, processes, and whatever assets that are
used in creating profit.
➢ The writers of entrepreneurship, Hirsch, Peter, and Shepherd regard Marco Polo as an early
entrepreneur looking for new routes of transport, and with the aid of capital-providing
financiers, arranged journey leading to the procurement and selling of goods using the newly
developed routes.
➢ Over the years, many ideas on entrepreneurship have evolved, such as the crucial role of
innovation and the importance of recognizing and exploiting opportunities.

Entrepreneurship in the Philippines

➢ In the Philippines, entrepreneurship is seen as

necessary to empower the poor; boost
development, and stimulate innovation. Philippine
Constitution of 1987 recognizes entrepreneurship
as a driving force for economic growth
o The Philippine Development Plan (PDP)
further reinforces the thrust on entrepreneurship
through trade and investment to achieve the
economic development and on the plan,
Figure: 4 https://www.google.com/

measures for stability, employment, trade and investment, agribusiness, power- sector reforms,
infrastructure, competition, science and technology, and anti-corruption are being pursued to
strengthen the Philippines’s
 ➢ Former President Gloria Arroyo issued E.O. 470 in 2005 establishing the
Youth Entrepreneurship Program as a response to the global call for young
people to become involved in economic development and nation building.

Figure: 5 https://www.google.com/

➢ Mr. Joey Concepcion is one of the Go Negosyo founders, a

national organization that encourages entrepreneurship. He also
organizes YES (Young Entrepreneurs Seminars) featuring
business tips, advice, and opportunities for young people who
want to pursue entrepreneurship.

Figure 6: facebook.com

➢ According to Philippines Statistics Authority around 915,726 businesses enterprise existed in

the Philippines in 2016. Of these, 99.57% (911,758) are classified as micro, small, and medium-
sized enterprises (MSME’s).

References:
Aduana,Nick L. 2016. Entrepreneurship in Philippine Setting for SHS. Quezon City: C&E publishing Inc.

Divina, Edralin M. 2019. Entrepreneurship. Quezon City: Vibal Group, Inc.

DIWA Senior High School Series. 2019. Entrepreneurship (Second Edition).

Makati City: Diwa Learning Systems Inc.,

Macatangay, Leah A. 2015. Entrepreneurship Senior High School. Makati City:

Salesiana Books by Don Bosco Press,Inc,