CABARRUBIAS, DIMPLE D.

BSHM 4-D3

MODULE 2 Perspective on Entrepreneurship

LEARNING ACTIVITIES
1. Why is entrepreneurship an important component of economic development?
 Entrepreneurship is a driving force behind economic development. It fuels job creation by
establishing new businesses that reduce unemployment. Entrepreneurs are also innovation hubs,
introducing new products, services, and technologies that improve living standards and drive
growth. This innovation fosters healthy competition, leading to lower prices, higher quality products,
and increased efficiency. Additionally, entrepreneurs are risk-takers who invest in new ventures,
creating opportunities and diversifying the economy by reducing reliance on a single industry.
2. What is entrepreneurship? Who is the entrepreneur?
 Entrepreneurship is the exciting journey of starting and managing a business. It begins with
identifying a gap in the market, an opportunity waiting to be seized. The entrepreneur then gathers
the necessary resources, like funding and talent, to turn that opportunity into a reality. This
requires careful planning, crafting a business plan that outlines the path to success. Finally, the
entrepreneur executes the plan, putting in the hard work and taking calculated risks to achieve their
desired outcome - a thriving business.
3. What role does entrepreneur play?
 Entrepreneurs are the dynamic engine of the economy, wearing many hats. They spark innovation
by introducing fresh ideas and approaches, be it new products or clever business models. As job
creators, they offer employment opportunities, stimulating economic activity. Entrepreneurs are
also risk-takers, venturing into uncharted territory to build their businesses. This risk-taking spirit,
coupled with their innovative drive, fuels economic growth and development. Their influence
extends beyond the business world, as entrepreneurs often become pillars of their communities,
taking on leadership roles and fostering positive change.
4. To make profits, what specific functions are performed by the entrepreneur?
 The road to profit for an entrepreneur is paved with key functions. They act as the financial
backbone by providing the initial capital to get things rolling. But being a moneybags isn't enough.
Entrepreneurs must also be resource management wizards, allocating labor, materials, and
equipment to run the business smoothly. This requires strategic decision-making at every turn,
from product development and pricing to marketing and daily operations. Finally, a keen eye for
risk management is crucial, as entrepreneurs need to identify and mitigate potential pitfalls to
ensure their business thrives.
5. Why innovation an important entrepreneurship activity?
 In the ever-evolving world of business, innovation is the entrepreneur's secret weapon. It allows
them to carve a niche in the market by offering unique products or services that stand out from the
crowd. By constantly innovating, entrepreneurs can create value for their customers, addressing
their needs and preferences in fresh ways. This focus on innovation also fuels growth, opening
 doors to new markets and expanding the business' reach. It's also a shield against change,
allowing entrepreneurs to adapt to evolving market conditions and consumer desires. Ultimately,
innovation is the key to staying ahead of the competition, ensuring the business remains relevant
and avoids becoming obsolete.

ASSESSMENT
Case Study: Rose Restaurant: What Now My Love?

On any given day, Rose’s Restaurant is full of customers. It is not surprising because of two factors: first, its
location in the center of the commercial district of Santiago City, and second, the dynamism of its owner and
manager, Mrs. Rose Ginez. She is more than happy because she was able to realize her dream of becoming
successful in the food business. She now owns the building and the lot she used to rent. Served in its large air-
conditioned function hall are native and Chinese delicacies. The place has ample parking space for 20 cars. It was
in the restaurant where she first met her future husband. He is a government employee and is assigned to work in a
nearby town. Rose’s husband is a native of San Jose City and his widowed mother is operating a big palay trading
firm. Apart from owning 10 cargo trucks, his mother also owns one and a half hectares of commercial land in the
city’s business district. Just as Rose was considering opening a branch of her restaurant in Cauayan City, her
mother-in-law died. Two weeks later her husband informed her that being the heir, he needs to move quickly to San
Jose City and manage his mother’s business and other properties. Even if her husband operates her mother’s
business, Rose could still continue managing her restaurant. Both of them, however, are aware of difficulty of
maintaining the two businesses which are four hours away by car from each other. They will miss each other for
days every week if they decided to keep both businesses. Her husband is indifferent, however, on whatever Rose’s
decision will be. Rose is now mulling over her family’s chance of succeeding in business if she decides on
maintaining only the palay trading firm. Her decision making is made more complicated when her assistant reported
a 49 % increase in last year’s profits of her restaurant.

Guide Questions:
1. Should Rose stop operating her restaurant?
 Rose must make the difficult choice to manage her family's palay trading business or focus on
running her successful restaurant. The choice is made more difficult by the distance between the
two enterprises, the possibility of important earnings from the palay trading business, and the
psychological effects of being apart from her husband. Rose should weigh both the advantages
and disadvantages of each option in terms of money, objectives for the future, and personal
concerns before making a decision.
2. If you were Rose, what additional information would you need before making a decision?
 To make an informed decision, Rose should gather additional information on market conditions,
financial projections, risks, family priorities, and potential partnerships. By doing so, she will be able
figure out the profitability of both businesses, recognize opportunities and challenges, match her
decision with the goals of the family, and consider options like partnering with a family member or
hiring a manager. Rose can make a choice that best fits her long-term goals and is in line with her
financial and personal objectives by carefully examining all the options.

Learning Journal

Briefly discuss 10 new ideas and/or concepts you learned in this chapter. Write two paragraphs explaining each
new idea and/or concept.
Write your reflection about a specific topic discussed in this chapter. Your reflection can include the reasons why
you are interested in the subject matter, your prior knowledge about the topic, and your personal experiences.
 Entrepreneurship, a driving force behind economic progress and societal development, is
characterized by a dynamic interplay of various factors. At the core of entrepreneurship lies the
concept of innovation, a catalyst that propels businesses forward and differentiates them from their
competitors. Innovation, as explored in the provided text, encompasses a wide range of activities,
from the introduction of new products and services to the development of novel processes or
business models.
It is a fundamental aspect of entrepreneurship, enabling businesses to adapt to changing market
conditions, create value for customers, and drive economic growth. The text also highlights the
importance of understanding the various stages of entrepreneurial development. From the initial
pre-start-up phase, where ideas are conceived and evaluated, to the late growth stage, where
 businesses mature and expand, each stage presents unique challenges and opportunities. By
recognizing these stages, entrepreneurs can make informed decisions and plan for the future.
However, the path to entrepreneurial success is not without its obstacles. Entrepreneurs must
navigate a complex landscape filled with competition, market fluctuations, and the constant need
for adaptation. The ability to innovate and embrace change is crucial for overcoming these
challenges and ensuring long-term sustainability. In addition to its economic benefits,
entrepreneurship also plays a vital role in fostering societal development. By creating jobs,
stimulating innovation, and fostering competition, entrepreneurs contribute to a more dynamic and
prosperous economy. Moreover, entrepreneurship can empower individuals and communities,
providing opportunities for personal growth and economic advancement. As someone who is
passionate about technology and problem-solving, I am particularly drawn to the concept of
innovation. The text has broadened my understanding of innovation, emphasizing that it is not
solely about creating new products but also about finding better ways to do things. This realization
has inspired me to think more creatively about how I can apply innovative approaches in my own
work and personal life.
In conclusion, entrepreneurship is a multifaceted endeavor that requires a combination of
innovation, strategic planning, and adaptability. By understanding the key concepts and challenges
associated with entrepreneurship, individuals can position themselves for success and contribute
to a more dynamic and prosperous society.

Arenas, C.D. (2020). Entrepreneurship in tourism and hospitality industry. Edric Publishing House

Banastao C. (2008). Entrepreneurship, Philippines. Katha Publishing Co., Inc.

Brookes, M. (2015). Entrepreneurship in hospitality and tourism. Goodfellow Publishers Limited

Medina R. G. (2014). Entrepreneurship and small business management. Sampaloc Manila. Rex Bookstore

Ross, D. L (2009). Entrepreneurship and Small Business Management in the Hospitality Industry. Butterworth-
Heinemann is an imprint of Elsevier Linacre House, Jordan Hill, Oxford OX2 8DP, UK

Saidali M. R (2015) The Entrepreneur. Intramuros Manila Mindshapers.Co., Inc.

Tieng, S. (2019). Entrepreneurship management in hospitality industry. Society Publishing

RUBRICS

 Problem Solving and Research Capability 50%

 Answer to the Case Study Question and Potential Solution to the Case Study 30%
Problem
Written Communication
Critical Thinking
 Analysis and Synthesis of the Articles 20%
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TOTAL: 100%