Entrepreneurship

Barbado, Luiza Jane G.

11-E
Lesson 4: Misconcepts on Entrepreneurship
Activity 1:
1. Choose three misconceptions on entrepreneurship and explain
them in your words. Give some examples scenarios for each one.
- Entrepreneurship Applies only to small business
-This misconception of entrepreneurship is needed to be aware of
that it don’t applies only small business but all the business
venture.
For example when small business opens a shop and someone
open a big business they both takes on financial risk of profit but
they often start with a small business.
- Entrepreneurship applies mostly to a persons with good
educational background in business courses
-This misconception also needs to be understood well. Based on
what I’ve red on my modules that nobody is born to be an
entrepreneur, it’s a skill and ability to know the basic concepts
and principles of entrepreneurship, also credibility.
For example: When I have a business and someone who don’t
have degree or good educational background but I see that she/
he has a skills and ability to credibility. I will employ him/her.
- Entrepreneurship is simply opening a small business
-This misconception is basically not a principle of a
entrepreneurship, well in fact every business starts in a small
business, it is a continuing process and also a risk.
For example: When I open a small business, it has innovation
also has a economic development, I just need to trust the process.

Activity 2:
Assess their importance and contributions to your life and to
other people. Now imagine that theses business do not exist. What
do you think will happen to the people’s live?
- They’re really essential to us and it has a lot of contributions to us. It
creates opportunities and stimulates the economy, for example the
restaurants or eateries without them we can’t satisfy our cravings.
Activity 3.
I. TRUE OR FALSE
1. Entrepreneurship is only important to the entrepreneur.
False, it is also important to related business
2. The benefits received by an individual Filipino from
entrepreneurship will remain with him/ her only.
False, it also benefits community and to whole country economy.
3. The creation of more jobs for Filipinos is a contribution of
entrepreneurship to the Philippine economy.
True
4. From the perspective of the local community, entrepreneurship
helps hasten the economic recovery of the Philippines.
True
5. Entrepreneurship develops the creativity of the entrepreneur.
True
6. The contributions of entrepreneurship to the Philippines
economy flow back to the individual Filipinos.
True
7. Entrepreneurship activities have a domino effect to the Filipino
people, the local community, and the Philippine economy.
True
8. Entrepreneurship offers minimal contributions to job-creation
problems to the community.
True
9. Entrepreneurship discourages competition in all forms.
True
10. Entrepreneurship creates new demand and new market.
True

II. Barbeque, it is open Monday to Saturday, obviously a street food. It

benefits to owner because she’s earning and also to us local community her
good service and the quality of food is good. It also benefits the Philippine
economy because the owner is putting a new demand on the market.
Evaluation:
A. Enumerate and discuss the external environment where the
business operates.
1. The physical environment
- The owner releases a new product depends on the climate. If it’s
summer the owner will release a product of demands like ice cream.
2. The societal environment
- Creating a demand for their scientific products.
3. The industry environment
- The overall economic, regulatory, social and political conditions that
affect all participants in an industrial market in a similar way and cannot
readily be influenced by marketing.
B. Identify the possible sources of entrepreneurial ideas.
1. Changes in the environment
2. Technological discovery and advancement
3. Government’s trust, programs, and policies
4. People’s interest
5. Past Experiences
C. The government is promoting the use of organic fertilizer
instead of the inorganic one. What product can you think of
because of this new government’s trust?
Wiggle Worm Soil Builder Earthworm Castings Organic Fertilizer because
it is pure earthworm castings and it is also one of the best organic fertilizer.

Activity 4:
I. TRUE OR FALSE
1. The foundation of opening a new entrepreneurial venture is the
expected profit that the business may provide. True
2. New business ideas provide business opportunities. True
3. Not all changes in the external environment provide business
opportunities. False, it provides business opportunities because they’re
releasing a new product of demand depends on the changes of external
environment.
4. The variables in the physical environment include the
technological environment. False, it doesn’t include technological
environment since it’s a state of development and application of technology.
5. Interest and hobbies of the people are possible good sources of
entrepreneurial ideas. True

II.
A mechanical gadgets, it a device that has moving parts that perform some
function.

Chapter 2: Entrepreneurial Character Traits, Skills

and Competencies
Lesson 1: Character Traits Common to Successful
Entrepreneurs
1. Achievement Cluster
1.1 Opportunity-seeker
Evaluation 1:
1. Can you easily identify a business opportunity? 4
2. Can you differentiate it from others? 4
3. Will you borrow and act on the business idea of others? 3
4. Will you act immediately on the busyness opportunity that you
have identified? 5
5. Will you readily seize any business opportunity that you have
identified? 4
Total Score: 20

1.2. Committed
Evaluation 2:
1. Will you accept full responsibility in the event problems are
encountered in the production and deliver of products to the
costumers? 5
2. Can you work harmoniously with the workers, so that the jobs
are completed on time? 5
3. Will you be willing to help the workers most especially if there
are deadlines to meet? 5
4. Will you consider satisfying the customers as a primary concern
of your business? 5
5. Will you be cautious of the deadlines in the production and
delivery of products to customers? 5
6. Will you be worried in case the customers are not satisfied with
the products or services? 4
Total score: 29

1.3. Persistent
Evaluation 3.
1. Are you easily discourage because of failures? Maybe
2. Do you consider quitting or surrendering as the final recourse?
No
3. Do you take another action when your first plan fails? Yes
4. Are you willing to sacrifice in order to complete what you have
started? Yes
5. Is your decision firm and not easily swayed by an opposing
suggestion? Yes
6. Do you view failure as a challenge in your journey? Yes

1.4. Risk-taker
Evaluation 4:
1. Do you take chances? Yes
2. Do you engage in risk-taking activities? Yes
3. When you take the risk, do you adopt any stance? Yes
4. Do you evaluate thoroughly the pros and cons of a particular
endeavor before engaging in it? Yes
5. Do you have alternative courses of action in case your decision
fails? Yes

1.5. Efficient and Quality-oriented

Evaluation 5:
1. Do you adopt a standard that will serve as a benchmark in
evaluating your performance? Yes
2. Do you evaluate your past performance in order to improve your
next performance? Yes
3. Do you exert extra effort in order to do things better and faster?
Yes
4. Do customers return the products because of defects? No
5. Do customers complain about the products and services? No

2. Planning Cluster
2.1 Goal-setter
Evaluation 6:
1. Do you have clear goals and objectives in life? Yes
2. Do you have specific dates to meet your desired goals and
objectives? No
3. Do you set your goals and objectives in accordance with the
SMART principle? Yes
4. Do you regular review your goals and objectives? Yes

2.2 Information-seeker
Evaluation 7:
1. Will you consider information a significant element in ant/
entrepreneurial activity? Yes
2. Will you seek all available information, both qualitative and
quantitative, before making a business decision? Yes
3. Will you be ethical in gathering information about your
costumers, suppliers, and competitors? Yes
4. Will you seek the opinion and advice of an expert in the business
field? Yes
5. Will you base your decision on the relevant and timely
information that you will be able to gather? Yes
6. Will you find alternative ways in case the desired or needed
information is not readily available from an office that is expected
to provide it? Yes

2.3 Systematic in Planning and Monitoring

 Evaluate 8:
1. Will you prepare a plan in any form of business engagement?
Yes
2. Will your plan have a logical basis? Yes
3. Will you adopt a pattern in the preparation of the plan? Yes
4. Will you monitor the progress of your entrepreneurial
endeavor? Yes
5. Will you evaluate and consider alternative courses of action? Yes
6. What will you do after evaluation? I will quickly perform them.

3. PLUSTER
3.1 A persuasive and positive networker
Evaluation 9
1. Do you have a persuasive or convincing power? Yes
2. Can you influence or convince in a positive fashion the creditors,
suppliers, and even competitors to your entrepreneurial ideas?
Maybe
3. Will you have the specific strategies that can rein other to your
side? Yes
4. Have you tried bribing others for a good cause? No
5. Will some organizations or persons in their individual capacity
seek advice from you in economic, financial, and marketing areas?
Yes

3.2 SELF-CONFIDENT
Evaluation 10:
1. Do you have a strong belief in yourself? Yes
2. Do you have specific and unique skills or abilities that help you
build self confidence? Yes
3. Do you have the confidence to complete a difficult task on time?
Yes
4. Do you have the necessary ability to meet the challenges of an
entrepreneurial venture? Yes
5. Are you confident of your decisions? Yes
6. Do you have trust in your own abilities? Yes

ACTIVITY 5
I. TRUE OR FALSE
1. A person is assured of becoming a successful entrepreneur once
he/she possesses all the character traits common to successful
entrepreneurs. True
2. All business opportunities are exploited by an opportunity-
seeking entrepreneur. True
3.A persistent entrepreneur immediately quits from from the
business venture after experiencing failure. False, they take
different and make personal sacrifices and stick to his/her own
judgement.
4. A risk-taking entrepreneur engages in all-types of risky business
enterprises. True
5. A person who is effiecient produces more products using more
production input. True
6. A quality-oriented entrepreneur produces goods that are high
quality based on his/her perception. True
7. Planning simply refers to the review of the past performances.
True
8. Goods are broad, while objectives are specific. False, they,re
both specific but goals are long term while objectives are short-
term
9. As an information-seeker, an entrepreneur uses unverified data
in making economic decisions. False, they based their economic
decisions on specific and relevant economic, financial, and industry
data.
10. Planning and monitoring are two unrelated entrepreneurial
activities. True

II.
1. Differentative goals from objective. Give example for each one.
The basic concept of planning is setting goals and objectives. Goals
is making effort, actions and struggles, for example, The artist s/he
needs to keep working on improve his/her illustration skills. He
want to have his/her own gallery or art museum show.
And the objective is measurable targets, how will achieve
something that we want.
2. Describe the importance of knowing oneself in the field of
entrepreneurship.
The importance of knowing yourself you may able to create your
own plans, knowing the advantage and disadvantage and will help
you reduce stress and increase satisfaction.

III.
1. I am the captain of my ship
Expected Possibles
Goals Objectives time to problems
accomplish
Stable career Proving my 10 years from Lack of
historial now knowledge
works and and
efforts. intelligence
Physical To have a 3 years from Laziness
Fitness healthy now
lifestyle

2. I know Myself
How I will How I will
My use my My strengthen
strengths strengths to weakness my
 conquer weakness
opportunity
Dedication I have a word Practicing
of honor and Patience time
loyalty management
and patience.
Determined I will work Attempting to Do it for
hard to gain please yourself and
more, slowly everyone be dedicated
but surely.

Lesson 2: Skills and Core Competencies in

Entrepreneurship
Evaluate
I.
My present Cognitive/ Cognitive Skills that I
Technical/ Interpersonal want acquire and
Develop
Ability to learn and apply new Ability to create new ideas
information
I’m still want to learn and learn until I apply new information and
still also want to improve my learning skills so I can seek some new
information.
I want to acquire ability to create new ideas but in fact I can create
some ideas but in my abstract thought but can apply it since I’m
shy and not competitive and brave enough to face the opinion of
others.

II.
1. Enumerate the skills and identify their sources.
Cognitive Skills- it’s the way how you learn, and do things in your
own perception. Sources: Visual processing and logic and
reasoning.
Technical Skills- it’s your skills in today’s new advance
technologies and have the ability to know how to enhance it.
Sources: Information techonology, Feasibility study and business
plan preparation, Technical writing skills, Marketing and
Management and Finance.
Interpersonal Skills- we use everyday to communicate and interact
with each other. Sources: Skills in non-verbal communication,
Skills in verbal communication, skills in lestening, skills in leading
skills in negotiating.
2. Describe the significance of core competency.
The significance of the core competency is that is provides the
necessary attributes to outperform competitors, distinguish the
venture, achieves superior performance in the industry and
produces a product or develops production methods that can
hardly be copied by the competitors. It is really important to know
the essential of being competitive.
3. Discuss the skills that must be acquired and developed in the
practice of entrepreneurship.
Good image or good relationship to your clients or costumers to
gain their trust and to buy your products. Be credibility.
4. Explain the concept of entrepreneurial competency and its
importance in the practice of entrepreneurship.
Entrepreneur must possess and the character traits that are
common among successful entrepeneurs. It’s important in the
practice of entrepreneurship to know competitive advantage in
other business of there is value added in your products like
costumers are willing to pay for your products because it has a
good quality.

Activity 6:
I. TRUE OR FALSE
1. Skills are personal abilities of a person to do something well.
True
2. Skills are solely acquired from one’s own knowledge. False,
because skills is inherent, you acquire this with/without
influence from other people, whereas knowledge is something
you acquire or something you apply to other people.
3. Entrepreneurs must fully concentrate on the development
and enhancement of cognitive skills only. False, they should
also focus on entrepreneurial skills not only the cognitive.
4. The cognitive skills if a person are related to his/her
expertise to perform mechanical work. False, Technical Skills.
5. The ability to create new ideas from changes in the business
community a manifestation of developed technical skills. False,
manifestation of developed cognitive skills.
6. The ability to solve problems scientifically is the result of
interpersonal skills. False, it is cognitive that solve problems
scientifically.
7. The ability to influence and win over to one’s side is a
manifestation of having high interpersonal. True
8. The entrepreneurial skills necessary in the practice of the
entrepreneurship include cognitive skills and technical skills. False,
it includes also the interpersonal skills to interact with them.
9. Harmoniously combining entrepreneurial concepts and
principles, and entrepreneurial skills defines the competency in
entrepreneurship. True
10. The core competency of entrepreneurship provides competitive
advantage to the venture. True

II.
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Luiza’s Company