Module 1.

Overview of Entrepreneurship

Introduction:

-Filipinos see education as a means of becoming successful.

-How did entrepreneurship become a path to success?

-What are the conceptual and practical entrepreneurship tools and techniques in establishing your
own business?

-What are the risks and challenges an entrepreneur must hurdle in order to run and sustain a
successful business venture?

-What are the tools and strategies in making your business profitable?

A. What is Entrepreneurship?

-it is a proactive process of developing a business venture in order to make a profit.

-the seeking of oppurtunities for a market, establishing and operating a business out of
the opportunity, and assess risks and rewards thru close monitoring of the operations.

The socio-economic benefits of entrepreneurship are:

1. job generation
2. amplification of economic activities
3. introduction of new and innovative products and services
4. improvement of living standards
5. dispersal of economic power and creation of equality
6. control of local wealth and provision of regional development balance
7.reduction of social conflict and political unrest
8. promotion of economic independence and capital formation

-Reflect upon; What have you learned so far?

B. Who is an Entrepreneur?

-the word comes from the French original tongue: “entre”-meaning, between; and
“prende” meaning, to take.
-he is a unique individual who has the innate ability and extraordinary dedication to
establish and manage a business, while acknowledging the risks and reaping its rewards.
-it is a calling
-it is not a one-shot career
-he is a creator of value out of an opportunity
-he is perceptive for oppurtunities in his surroundings, more than the average person
-he sees problems as prospects, rather than as threats
-he has a core leadership trait

The five levels of Entrepreneurial Development:

1. the self-employed

2. the manager

3. the leader

4. the investor

5. the true entrepreneur

Reflect upon:
-Among the common and core competencies of successful entrepreneurs being mentioned,
choose five common and two core competencies that you think you have. Rank them, and explain why.

The different names of entrepreneurs:

1. the technopreneur
2. the social entrepreneur
3. the intrapreneur
4. the extrapreneur

Beyond Walls-Research further about the above various types of entrepreneurs in the Philippines.
Among the four, which type do you think will dominate the future of Philippine business? Rank your
answer and provide justification based on your research.
C. Common and Core Competencies of the Entrepreneur:

Common Competencies: competencies that are needed all throughout the entrepreneurship career.

A. Proactivity
B. Agents of Change
C. Risk-takers
D. Sharp eye
E. Sociable
F. Networker
G. Decisive
H. Balanced
I. Innovative

Core Competencies: competencies that are needed for business sustainability and management.

A. Leaders
B. Communicators
C. Specialists
D. Problem-solvers

D. Entrepreneurship? Or Employment?

-they are two different paths that a person can choose depending on his or her personal aspirations and
work characteristics.

-Table 1.1 refer to your module copies.

E. Careers in Entrepreneurship

-vast career options for the entrepreneur depending on his passion and field of interest.

-“ When you love what you do, it’s as if you are not working anymore.” Managing the business is an
enjoyment rather than working exhaustively.

Common small businesses in the Philippines:

1. sari-sari store 6. street food 11. hairstyling and makeup

2. rice retailing 7. flea market 12. spa, gym, and nail care
3. food cart 8. online selling 13. video and photography
4. printing business 9. cellphone loading 14. tutorial
5. buy and sell 10. laundry and dry cleaning 15. baking
16. web site development and blogging
17. direct selling
18. car wash and care
19. bar, café, and restaurant
20. water station and LPG

-No successful business started huge right away, it started only as an idea.

Expansion possibilities:

Franchising-a business arrangement wherein the franchisor, or the owner of the business acquires
distribution centers thru the franchisee ( affiliated dealers).

Intrapreneurship-managing a startup business in an established business.

Acquisition- buying another similar business or a new business.

-Career options for the entrepreneur are limitless and boundless. In the forthcoming ASEAN
integration, free trade will abound and products can be exported with ease around the Southeast Asian
region.

-Entrepreneurs must think globally in creating their products and services for their customers, and they
will be given access to financial resources to help them in their growing venture.