Lesson 1
Introduction to Entrepreneurship
Questions:
1. Based on the graphic visual representation, what is your idea about entrepreneurship?
2. What benefits you can get from entrepreneurship?
3. How is the infographic helpful to you?
Entrepreneurship Defined
Entrepreneurship is the process of designing, launching and running a new business, which is often initially a
small business, or as the "capacity and willingness to develop, organize and manage a business venture along
with any of its risks to make a profit. The people who create these businesses are often referred to as
entrepreneurs. While definitions of entrepreneurship typically focus on the launching and running of
businesses, due to the high risks involved in launching a start-up, a significant proportion of start-up
businesses have to close due to "lack of funding, bad business decisions, an economic crisis, lack of market
demand, or a combination of all of these.
Benefits of entrepreneurship
1. Entrepreneurship produces more jobs that equate to an increase in national
income. Millions of unemployed people will have opportunities to have a decent
occupation. Small businesses produce jobs and create wealth.
2. Entrepreneurship amplifies economic activities of different sectors of
society. A simple eatery in a rural area and a coffee shop in an urban area both ignite
economic activity regardless of their business scale.
3. Entrepreneurship introduces new and innovative products and services. New
products and services are always available in the market because of the ingenuity of
entrepreneurs to seek opportunities and improve on them.
4. Entrepreneurship improves people’s living standards. How can you look good if
not for the services of your nearby salon or barber shop? How can you live without the
sari-sari store near your house where you buy basic needs?
5. Entrepreneurship disperses the economic power and creates equality. It
balances the economy by distributing national income to more business rather than to
only few monopolies.
6. Entrepreneurship controls the local wealth and balances regional
development. It makes sure local resources are used properly and that every area has
an appropriate allocation of resources.
7. Entrepreneurship reduces social conflicts and political unrest. Imagine if there
are no or only few sari-sari store or supermarket stores in your area. All of you will then
fight for the food supplies because the store cannot supply all your needs.
8. Entrepreneurship elicits economic independence and capital formation. A
country with more entrepreneurs is highly likely to become financially independent and
will less likely need to help of other countries. This also applies to families, Barangays,
and cities. Entrepreneurship creates wealth instead of borrowing wealth.
Lesson 2
Key Competencies in Entrepreneurship
A competency is the mixture of knowledge, skills, and attitude required to perform the entrepreneurial
functions to attain the organizational success. Knowledge can be gained through attending quality trainings.
Skills can be developed by executing it from the facts you have learned in the trainings. Attitude is the
powerful weapon to perform all the activities to meet the institution’s goal.
Core competency is the ability for you to be competitive in the entrepreneurial world. Common competency
is the one that describes the KAS (knowledge, skills, and attitude) present in all entrepreneur. Both
competencies are essential to be considered as global entrepreneur, able to compete worldwide.
Here are the common traits that the entrepreneurs must have.
1. Opportunity seeking. Entrepreneurs seek opportunities and turn it into business.
They look at every situation as an opportunity and how to transform it into something
that is relevance to the world.
2. Persistence. Persistence describes the ability to push and push toward the finish
line, even if the finish line seems comically out of reach
3. Commitment to work contact. Entrepreneur stand and committed of what they
have said. There are neither reasonable reasons nor excuses. Whatever they promised
to their clients, entrepreneurs must be committed to do it – on or before the given
deadline regardless of the road they are taking of.
4. Demand efficiency and quality. One key for a successful entrepreneur is satisfying
the client’s needs and demands which will achieve through efficient service and quality
products. It is in their blood to give the BEST and achieve EXCELLENCE.
5. Risk taking. One capacity of an entrepreneur is to know when to take the
opportunity and calculate the risk to avoid possibility of killing ventures because of too
much risk taking.
6. Goal setting. Successful entrepreneurs set and achieve goals accordingly and
stretch their selves to the widest possibility they can be.
7. Information seeking. An entrepreneur never stopped seeking valuable information
that contributes to its success and further innovations
8. Systematic Planning and monitoring. One key to achieve goal is the systematic
planning and monitoring. Every entrepreneur knows it very well. Without definite plan,
goals can be confusing. Without regular monitoring of plans, outcome of goals can be
less quality.
9. Persuasion and Networking. Entrepreneur must know when and whom they should
pursue potential loyal clients. They build better relationship and synergize ideas and
existing resources.
10. Self-confidence – Self-confidence is a key part for the success of a business. It is
the difference between having faith in yourself and feeling scared out of wits. It is about
having trust in what you know and your abilities to handle unexpected events that life
puts in your path.
Here are the core traits that entrepreneurs should develop in managing and
running the business:
1. Leaders. Successful entrepreneurs always have the heart of a leader. To be
successful leaders, they must be a source of inspiration for their employees.
2. Communicators. Entrepreneurs know how to use all forms of communication to
effectively share ideas and address certain concerns with their customers or employees.
Effective communication not only provides people with a clear view of what business
offers; they also help prevent mishaps in an organization.
3. Specialists. Entrepreneurs are experts in their chose business. They are tactical and
are very keen with details.
4. Problem solvers. Entrepreneurs possess critical thinking skills and look at problems
as challenges or puzzles that they need to solve. They know how to handle issues in any
area of the business, be it finance, operations, or marketing.
