Functions of the Entrepreneur
1. An entrepreneur perceives business
opportunities in the environment
2. The entrepreneur takes “calculated” risks
3. The entrepreneur produces and uses capital
4. The entrepreneur introduces innovations
5. An entrepreneur organizes the business
6. The entrepreneur makes plans and decisions
7. The entrepreneur makes profit
Ex. Water Lilies can be stripped, dried and
woven into baskets, bags, shoes and novelty
items
Ex. Entrepreneurs who are ingenious,
hardworking and resourceful are able to get an
up-to-date market and business information
Ex. My savings aren’t enough to start my
business; I can either mortgage my car or
accept the loan that Father is offering me
Ex. The entrepreneur introduces new products,
new ways of doing things, he thinks of different
ways by which a product can be: put to new
uses, improved, made bigger, made smaller,
substituted, combined, diversified, given a new
color, given a new shape etc.
Ex. I’ve converted my yard into a work area; I’ve
hard workers; money is ready; I’ve talked to
suppliers and prospective customers. I am all
set to begin operations.
Ex. In the next 3 years, how many competitors
will I have more, what possible products will I be
serving my customers, do I need to train my
employees more, should I lessen the price of y
products.
Ex. Wow! I like the money that I make from this
business; I also like the sense of
accomplishment it gives me.
An entrepreneur is someone who locates the need of society and tries to meet the same, with his/her
innovative idea. On the other hand, ‘entrepreneurship’ which refers to the process of establishing a business
entity, intending to get profit, as a return in the future.

“Entrepreneurship rests on a theory of economy and society. The theory sees change as normal and indeed as
healthy. And it sees the major task in society - and especially in the economy - as doing something different
rather than doing better what is already being done. That is basically what Say, two hundred years ago, meant
when he coined the term entrepreneur. It was intended as a manifesto and as a declaration of dissent: the
entrepreneur upsets and disorganizes. As Joseph Schumpeter formulated it, his task is "creative destruction.”

― Peter F. Drucker, Innovation and Entrepreneurship: Practice and Principles

The Evolution of the Concept of Entrepreneurship

Early Exchange of Goods – Bartering to the Use of Money As early as 10,000 B.C. people were already
engaged in exchanging goods and services – food, shelter and clothing, with other people in order to survive.
The earliest form this exchange took is the barter system. People exchanged goods or services with other
people for goods or services that they need. After a while, money was invented as a tool for exchanging goods
or services

Identify 2 characteristics of an entrepreneur common or recurrent in the three authors discussed below. Why
are these characteristics important to an entrepreneur? Discuss with your groupmates. Agree on your
answers and write below:

20th Century Authors on “Entrepreneurship”

Joseph Alois Shumpeter. In the 1930’s, Shumpeter defined entrepreneurship in the context of the functions
and activities related to innovation. “For him, the entrepreneur is someone who adds new features to an
existing technology in order to produce a new commodity or to produce an old commodity by using new
technology or someone who sells existing commodities to new buyers who may be hearing of the product for
the first time. Thus, for Shumpeter, an entrepreneur breaks with the old tradition and finds new or novel ways
to produce and sell his products.” [Diaz and Fajardo, p. 17]
1. Is the sales manager of Purefoods Corporation an entrepreneur?
2. Is the Branch Manager of Philippine National Bank in your hometown an entrepreneur?
3. Is a gambler, who sometimes but not always wins big money at the casino, an entrepreneur?
4. Is Narda Capuyan, who manufactures ethnic hand-woven products and exports them abroad, an
entrepreneur?
5. Is the owner-manager of the grocery store where you buy your food supplies an entrepreneur?
6. Is the Filipino, who invented the Quink fountain pen ink and sold his patent or his right to manufacture the
product to an American company an entrepreneur?
7. Is Aling Juaning, the hardworking working woman who cooks and vends your favorite kalamay (rice cake) in
your hometown or barrio, an entrepreneur?
1. No
2. No
3. No
4. Yes
5. Yes
6. No
7. Yes
 Characteristic Trait
Self-confidence Confidence, Independence, Individuality, Optimism
Task-oriented Need for Achievement, Profit-oriented, Persistence, Determination,
Perseverance, Hard work, Drive, Energy, Initiative
Risk-taker Risk-taking ability, Likes challenges
Leadership Leadership behavior, Gets along well with others, Responsive to
suggestions and criticisms
Originality Innovative, Creative, Flexible (openness of mind), Resourceful,
Versatile, Knowledgeable
Future-oriented Foresight, Perceptive
Try your best to answer the prompts below.
1. “Entrepreneurs are born , not made . “This means that the characteristics, skills,
and values that helped entrepreneurs meet the challenges of starting and managing a business are learned
and honed.
2. Name atleast 5 characteristics or traits of an entrepreneur:
a. Future- oriented
c. Self- confidence
e. Task- oriented
b. leadership
d. originality

Characteristic Trait
Self-confidence Confidence Independence
Individuality Optimism
Task-oriented Need for Achievement Profit-oriented
Persistence Determination
Perseverance Hard work
Drive Energy Initiative
Risk-taker Risk-taking ability
Likes challenges
Leadership Leadership behavior
Gets along well with others
Responsive to suggestions and criticisms
Originality Innovative Creative Flexible (openness of mind)
Resourceful Versatile Knowledgeable
Future-oriented Foresight Perceptive
 Definition of entrepreneur
Derived from the French word entreprendre
Entrepreneur
Peter F. Drucker. He was considered one of the most influential thinkers on management. In
1964, Drucker said that entrepreneurship is the “maximization of opportunities.” For him, an
entrepreneur is an innovative person who “searches for change, responds to it and exploits
opportunities.” [Diaz and Fajardo, p. 20]

Howard H. Stevenson. He is a professor at Harvard University and is considered the

godfather of entrepreneurship studies at the Harvard Business School. According to
Professor Stevenson, “entrepreneurship is the pursuit of opportunity beyond resources
controlled.” An entrepreneur needs to be “inventive, creative, opportunistic, and persuasive”
because he does not always have all the resources he needs or that available resources are
limited. [Diaz and Fajardo, pp. 20-21]
1. Entrepreneurs provide goods and services They provide food on our tables, clothes on our
2. Entrepreneurs earn profit which makes the Most people need or demand goods and
economy grow
3. Entrepreneurs provides employment and
livelihood for people in the society
bodies, utensils for our kitchen, supplies for our
offices, fuels for our cars and machines,
medicines for the sick etc. It is the entrepreneur
that makes these goods not only available but
conveniently available. They are not only
providing useful goods but valuable services too
like when your refrigerator breaks down etc.
services—these are the consumers or the
general public. Other people supply these
goods and services—these are of course, the
entrepreneurs. Together, they make up what is
known as the economy. Demand and Supply
are the forces that make the economy work.
When there is a demand for goods and
someone supplies it, money changes hands and
profits are made. The more goods are
demanded and supplied, the bigger the profits,
and the more the money that goes around the
economy. This is how the economy prospers
and grows. The main person who makes these
activities happen is the entrepreneur.
That is why entrepreneurs were called as the
backbone of the economy.
In the process of producing goods and services,
entrepreneurs’ employs people. Of course, when
he employs workers, he pays them income or
salaries. This income gives workers purchasing
or buying power and enables them to become
more active participants in the economy. The
more the entrepreneurs profit, the more they are
able to hire people and to pay them well. And so
the benefits go around and around in a circle.
Entrepreneurs provide goods and services

Entrepreneurs earn profit which makes the economy grow

Entrepreneurs provides employment and livelihood for people in the society

Entrepreneurs help other entrepreneurs grow too, by helping them produce products through raw
materials

Entrepreneurs providing goods so that country will not rely on imported goods

Entrepreneurs who set up businesses in small towns and cities help develop these areas and thus
preventing rural people from leaving their homes to migrate to big cities
Levels of Management
a. Top level – senior executives of an organization and are responsible for its overall
management. Referred to as Strategic Managers. E.g., CEO, CFO, COO, GM
b. Middle level – sometimes called Tactical Managers, they are responsible for translating the
general goals and plans developed by strategic managers into more specific activities. E.g,
Regional Managers, Division Managers
c. Lower – sometimes called front line or Operational Managers, they supervise the operations
of the organization. They often have titles such as supervisors. E.g., Branch Managers,
Department Managers, Supervisors.

Management Skills
a. Technical Skills – the ability to perform a specialized task involving a particular method
or process.
b. Conceptual Skills – the ability to identify and resolve problems for the benefit of the
organization and its members. It is the ability to see the big picture.
c. Interpersonal Skills - people skills; the ability to lead, motivate, and communicate
effectively with others.

LEADER MANAGER

-one who influences others to attain goals. -does things effectively and efficiently.

-has followers -has subordinates

-conceives and executes more fundamental changes in the -is a problem-solver

organization

9 DIFFERENCES BETWEEN BEING A LEADER & A MANAGER

1. Leaders create vision, managers create goals.

2. Leaders are change agents, managers maintain the status quo.
3. Leaders are unique, managers copy.
4. Leaders take risks, managers control risk.
5. Leaders are in fit for the long haul, managers think short term.
6. Leaders grow personally, managers rely on existing, proven skills.
 7. Leaders build relationships, managers build systems and processes.
8. Leaders coach, managers direct.
9. Leaders create fans, managers have employees.

TYPES OF LEADERS
TRANSFORMATIONAL LEADER TRANSACTIONAL LEADER

-motivates people to transcend their personal interests for the -manages through transactions using their
good of the group. and coercive powers to give commands an
rewards for services rendered.

Sources of Power Used By Leaders

Power of the POSITION Power of the PERSON

-based on things managers can offer to -based on how managers are viewed by
others. others.

1. Rewards – “if you do what I ask, I’ll give 1. Expertise – “as a source of special
you a reward.” knowledge and information.”

2. Coercion – “if you don’t do what I ask, I’ll 2. Reference – “as a person with whom
punish you.” others like to identify.
 3. Legitimacy – “because I am the boss,
you must do ask I ask.”

__________1. Entrepreneurs are the backbone of the economy.

__________2. Entrepreneurs provide goods and services for the society.
__________3. Entrepreneurs provides employment and livelihood for people in the society.
__________4. Entrepreneurs earn profit which makes the economy grow.
__________5. Entrepreneurs help other entrepreneurs grow too, by helping them produce
products through raw materials.
4. Entrepreneurs help other entrepreneurs
grow too, by helping them produce products
through raw materials
5. Entrepreneurs providing goods so that 30 years ago, for example, all the corned beef
country will not rely on imported goods that we eat, came from United States, Brazil, or
6. Entrepreneurs who set up businesses in
small towns and cities help develop these
areas and thus preventing rural people from
leaving their homes to migrate to big cities
Entrepreneurs depend on other entrepreneurs
for their raw materials, parts and supplies. Ex.
Aling
Lilia a Ready to Wear (RTW) garment
manufacturer buys fabric from Divisoria
Fabritex, a wholesaler; thread from another
wholesaler in Divisoria; buttons and zippers and
accessories from suki in nearby Tutuban;
sewing machines and small sewing tools from a
Singer dealer. Around Christmas time, when
Aling Lilia can no longer serve the big orders for
RTW alone, she sub-contracts some of the
sewing operations to her neighbor and kumare,
Aling Juanita, who has her small dress shop. As
Aling Lilia prosper, so do so Divisoria Fabritex
and her other suppliers,
and Aling Juanita, her sub-contractor. It is true
that growth, begets growth.
Argentina. Today, there are, Purefoods, Swift,
Ligo, Argentina corned beef. All made in the
Philippines, most of them better than the
imported brands. Our dollars stay inside our
country rather than are paid to foreign
businessmen.
If you come from the provinces, can you count
how many of your kababayan or kababaryo
migrated to Manila and other big cities like
Cebu, Davao or Baguio? And while you’re
counting, can you also include those who left the
Philippines to get contract employment in
Hongkong, Singapore and Saudi? If there were
many entrepreneurs who set up business
establishments in your town and employed
many of your townspeople, wouldn’t some of
these migrants have stayed instead of left?
Answer the questions below, write True, if the statement is Correct and False if the statement is
wrong.
__________1. Entrepreneurs depend on other entrepreneurs for their raw materials, parts and
supplies.
__________2. It is growth, begets growth.
__________3. Entrepreneurs providing goods so that country will not rely on imported goods.
__________4. 30 years ago, Philippines is not importing corned beef in other countries like
United States, Brazil and Argentina.
__________5. Entrepreneurs who set up businesses in small towns and cities help develop
these areas and thus allowing rural people from leaving their homes to migrate to big cities.
Entrepreneur refers to a person who creates an enterprise, by taking financial risk in order to get profit.
While Manager is an individual who takes the responsibility of controlling and administering the
organization.

The similarities between an entrepreneur and business managers reveal that they both are decision
makers; both have managing abilities and can project forward. To become successful in either field
both, possess great time management, organization, prioritize, monitor plans, have great
communications and listening skills. This equates to successful entrepreneur and business managers.

Levels of Management
a. Top Level – senior executives of an organization and are responsible for its overall management.
Referred to as
Strategic Managers. E.g., CEO, CFO, COO, GM
b. Middle level – sometimes called Tactical Managers, they are responsible for translating the
general goals and plans developed by strategic managers into more specific activities. E.g.,
Regional Managers, Division Managers
c. Lower – sometimes called front-line or Operational Managers, they supervise the operations of
the organization. They often have titles such as supervisors. E.g. Branch Managers, Department
Managers, Supervisors
Management skills
a. Technical skills – the ability to
perform a specialized task
involving a particular method
or process.
b. Conceptual skills – the ability
to identify and resolve
problems for the benefit of
the organization and its
members. It is the ability to
see the big picture.
c. Interpersonal skills – people
skills; the ability to lead,
motivate, and communicate
effectively with others.
 The Philippine Enterprises
In the 2003 census on business establishments conducted by the National Statistics Office
(NSO), there were about 810,362 enterprises operating in the country…This was 0.11%
more than the 809,460 recorded in 2002. Micro and Small enterprises accounted for 99.27%
of the total enterprises, which were about 804,413. There were about 2,922 medium
enterprises and 3,027 large scale enterprises.

YEAR MICRO SMALL MEDIUM LARGE TOTAL

2003 743,628 60,785 2,922 3,027 810,362

2002 743,426 60,566 2,874 2,594 809,460

2001 743,949 61,759 2,923 2,958 811,589

2000 747,740 67,166 3,070 2,984 820,960

SOURCE: NSO 2003

The figures are staggering considering that for [2001 – 2003], the numbers remained almost
the same for the micro and small enterprises.

This could mean that some of the micro enterprises in the previous years could have
graduated or have gone bankrupt and closed down, although as can be noticed, there is a
slight increase in the total number of micro enterprises in 2003 from 2002, which totals to
202. This is true to all enterprise categories from micro to large.

Reflecting on this, we can see that there are only a few entrants in the micro enterprise level
assuming that there are not so many who have closed shop. If this is so, there is opportunity
here, which the micro enterprises can seize. The environment seems to be offering a
conducive condition for entrepreneurs since the government has included this provision in
the Small and Medium Enterprises (SMEs) development program. This includes enabling
mechanisms to support Micro, Small, and Medium Enterprises (MSMEs).

[NSO 2003 data] also show the ability of micro enterprises to create jobs…the micro enterprise
sector generated 2,152,105 jobs which accounted for 37.69% of total jobs generated. This is
the micro entrepreneurs power. Imagine if more people go into entrepreneurship, the
unemployment rate will greatly decrease and the products will have more value added
because of the competition. Productivity and purchasing power as well will increase. [Diaz and
Fajardo, pp. 14-15]
 By Asset Size

Micro Up to P3M
Small P3M – P15M

Medium P15M – P 100M

Large Above P100M

By Employment

Micro 1 – 9 employees
Small 10 – 99 employees

Medium 100 – 199 employees

Large 200 – above

employees

By Form of Ownership or Legal Form

Sole Proprietorship – this refers to a business legally owned by one person.
Partnership – a simple form of business entered into and invested in by two or more
persons who contribute money, property, time and labor or skill to operate a business,
and divide profits among themselves.
Corporation – this refers to a legal entity created by or composed of at least five
and not more than 15 persons, identified as the incorporators. This is the most
sophisticated form of business.

Write your answers on the space provided:

1. What does MSME mean? Micro, Small and Medium Enterprises
2. A business that is owned exclusively by a one person is called a Sole Proprietorship
3. A business that is owned by two or more people is called a Partnership
4. A business that has the legal rights of a person but is independent of its owners is
called a
Corporation

Create as many questions based on the given statements below. And as many as YOU can,
YOU try to answers the formulated questions.

1. Sole Proprietorship is the most common business enterprise.

2. Corporation is complicated but these are very popular in the Philippines.

TOP 10 BUSINESS TRENDS IN THE PHILIPPINE INDUSTRY (2020)
1. Food Cart Business

2. Eco-Friendly Products

3. Health Care Business

4. Beauty and Wellness Business

5. Water Refilling Station

6. Bill Payment Centers

7. Laundry Shop

8. Cold Beverage Stand

9. Car Wash Business

10. Education

The trends in business are always changing, however, if observed carefully, those
businesses that thrive for a long time are those that offer products and services that cater the
basic necessities of the people. The business ideas listed may be trendy, but it doesn’t
guarantee that once you start with it, you will be successful immediately. Careful planning,
researching, identifying the target market and complying of the legal requirements when
starting a business are still important factors to consider.

Entrepreneurial Challenges
• Most businesses remain small in scale and are motivated by necessity.
• Only 1% of the country’s whole population is classified as non-owner investors.
• There is lack of entrepreneurial education and training.
• There is lack of support from concerned government agencies.
• There is the lack of
access to financing.
• Barriers to
entrepreneurship
development
• Difficulty in finding information on local regulations, taxation, and environmental laws
• Inadequate infrastructure facilities
• Lack of support from local and national government
• Issues of graft and corruption
• Resistance to technological advancement
• Inadequate digital connections and internet facilities

TYPES OF ENTREPRENEURS

This type of entrepreneur is someone who produces useful

Manufacturer goods. More likely than not, the manufacturer has intimate
knowledge of the product, how it is produced and its purpose or
use. Ex. Handicraft Producer

Trader This refers to the person who transfers goods from the
manufacturer who produces the goods to the consumer who
buys the goods. Ex. Wholesaler, Retailer, Vending Machine

Solo Entrepreneur This is the entrepreneur who is independent or acting solo. Ex.
event organizers, show hosts, clown, magician, fireworks
specialist, writer of specialized reports,

Specialty Service These provide special services to customers. Ex. beauty salons,
Entrepreneur barbershops, sauna and massage parlors, wellness and fitness
centers, and funeral parlors.

These refers to micro entrepreneurs selling various home

The Street Entrepreneur articles and food items to motorists stuck in traffic or bus riders
at terminals and stations. Ex. street sellers, sidewalk vendors,

The Franchisee This is a form of business organization in which an established

firm (franchisor) with an established product or service and
proven business model, allows another business (franchisee) to

The Serial Entrepreneur This type of entrepreneur starts different businesses especially
once the previous ones he started has taken root. He feels the urge
to keep finding new products or services to offer to new or untapped

These are entrepreneurs who provide products and services

The Social Entrepreneur
The Intrapreneur
with the overall desire of creating social good, operating from the
perspective of benefitting the people and the planet while
earning profit. This is usually undertaken by non- government
and civic organizations.
These are a manager or a salaried employee who finds a way of
making innovations in the company where he or she works. They
lead in what is called process improvement.
1. Manufacturing is the process of transforming raw materials into finished goods.
2. Trading is the process of buying and selling of goods and services involving transfer or
exchange of goods and services for money.
3. Retailing is a type of business which involves selling of products directly to end-users.
4. Identify two reasons small to medium scale enterprises do not succeed in the Philippines: [any two of
the following]
● Most businesses remain small in scale and are motivated by necessity.
● Only 1% of the country’s whole population is classified as non-owner investors.
● There is lack of entrepreneurial education and training.
● There is lack of support from concerned government agencies.
● There is the lack of access to financing.
● Difficulty in finding information on local regulations, taxation, and environmental laws
● Inadequate infrastructure facilities
● Lack of support from local and national government
● Issues of graft and corruption
● Resistance to technological advancement
● Inadequate digital connections and internet facilities
 REWARDS AND OPPORTUNITIES

1. MAKE MONEY Mariano Que (Founder and Owner of Mercury Drug)

Mariano Que started out as an employee in a drugstore before

World War II. After the war, he saw the need for sulfa drugs and
grabbed the opportunity. A surplus of antibiotics from war-time
supplies and a booming demand from the masses fueled his
business model.

In 1945, Mr. Que put up his first drugstore in Pasig followed by

landmark branches in developing CBD Makati and in the iconic
Plaza Miranda in Quiapo, Manila. Today, Mercury Drug is the
country’s quintessential pharmaceutical establishment with
quality products at affordable prices.

Lesson: Know what the market needs and provide it. Remember,
when there’s a need, there’s money to be made.
2. BE YOUR OWN BOSS Potato Corner is a wholly-owned Filipino company that is now
one of the most successful local businesses that is also reaping
success in other countries. It can be found in all malls and the
brand has gone from just kiosks to stand-up stores. Its amazing
success, like most other success stories, started with a leap of
faith and has gone on to establish it as one of the most profitable
franchises in the country.

One of the original founders of Potato Corner, Joe Magsaysay,

shared with Business & Leisure the company’s humble
beginnings over 20 years ago. It started with four partners: Ricky
Montelibano, Joe’s brother-in-law, and friends Danny Bermejo,
George Wieneke and their wives. Meanwhile, Joe, who had
been working with Wendy’s for nine years, was confronted with a
choice
— it was Wendy’s or Potato Corner. He couldn’t have both, so
Joe made his incredible leap of faith right there and then and left
the safety of a stable corporate job for the unknown.

That was in 1992, and they opened their first store in October of
that same year. It was only a cart in Mandaluyong because, as
Joe simply said, they couldn’t afford anything bigger. In just 30
days, Joe was able to pay back the P37,500 loan he got, and so
did the rest of the group. This was phenomenal success for their
novel product and the group saw the opportunities that were
open to them. That was the time to expand, and franchising was
certainly the most promising option they considered seriously
because, with very little funds at their disposal, franchising
seemed to be their only option to raise additional capital.

Words from Joe: The opportunity to work for yourself instead of

working for others is the best reward of any entrepreneur. You
no longer need to follow the set of rules shoved into you that you
are not amendable with. But rather, you create your own rules
that you think will help prosper the business that you have
started.

Lesson: “Take your ideas, put your money where your mouth is
and start your own company!” Be your Own Boss!

REWARDS AND OPPORTUNITIES

3. EXPRESS CREATIVITY & Diosdado Banatao (Co-Founder of Chips and
INNOVATIVENESS Technologies Co.)

Born to a rice farmer and a housekeeper, Mr. Banatao

used to walk barefoot for most of his elementary and high
school days in Cagayan Valley. Despite his hapless
upbringing, he refused to settle for just a high school
diploma.

He pursued higher education and graduated cum laude

with a bachelor’s degree in electrical engineering in Mapua
Institute of Technology. He then worked as a design
engineer for world-famous aviation company Boeing and
capped off his exceptional academic stint by completing a
Master’s Degree in Electrical Engineering at Stanford
University.

Mr. Banatao used the knowledge and expertise he gained

from all the years in school and in the aviation industry to
develop milestone innovations in the computer industry. He
co-founded Chips and Technologies Co., which was later
bought by Intel for $430 million.

Lesson: Good education is the catapult to success. What

you do with your four years in college can have a lasting
impact on the rest of your life.
4. FEELING OF SELF-SATISFACTION Corazon D. Ong (Founder of CDO-Foodsphere)

Being a full-time mother didn’t stop the entrepreneur in

Mrs. Ong. After quitting her career as a dietician, she used
her skills in preparing delicious baon for her family to start
her own food company. In 1975, she founded a kitchen-
based mom-and-pop enterprise producing siopao with a
longanisa filling and other tocino products.

The company was based at their home in Valenzuela City,

which for the most part, was also their production,
warehouse, and distribution areas. It had two employees—
Mrs. Ong and her husband Pepe.

Fast forward 40 years and Foodsphere is one of the

country’s top food companies employing 3,000 Filipinos
and producing high-quality products under popular brands
like CDO, Bibbo, Holiday, San Marino, Highlands, and
Danes. Not too shabby for something that started from a
makeshift kitchen with two employees.
 Lesson: If you love doing something, try to make money
out of it. It may be a hobby or a passion of yours but it
could also be the next big thing.

1. MAKE MONEY
2. BE YOUR OWN BOSS
3. EXPRESS CREATIVITY & INNOVATIVENESS
FEELING OF SELF-SATISFACTION
NAME: GIERRAN, PRANCHISKA VIRA JIMENEZ BSMLS 2-B

I. Write True, if the statement is Correct and if it is False underline the word that makes it
incorrect.

TRUE 1. Entrepreneurs are the backbone of the economy.

TRUE 2. Entrepreneurs provide goods and services for the society.
TRUE 3. Entrepreneurs provides employment and livelihood for people in the society.
TRUE 4. Entrepreneurs earn profit which makes the economy grow.
TRUE 5. Entrepreneurs help other entrepreneurs grow too, by helping them
produce products through raw materials.
TRUE 6. Entrepreneurs depend on other entrepreneurs for their raw materials, parts and
supplies.
TRUE 7. It is growth, begets growth.
TRUE 8. Entrepreneurs providing goods so that country will not rely on imported goods.
9. 30 years ago, Philippines is not importing corned beef in other countries
like United States, Brazil and Argentina.
10. Entrepreneurs who set up businesses in small towns and cities help
develop these areas and thus allowing rural people from leaving their homes to migrate to
big cities.

II. Fill in the blanks with the

corresponding word or group of words.
1. A CEO is an example of a
____TOP________ level manager.
2. A Regional Manager is an
example of a ______MIDDLE_______ level manager.
3. Supervisors or Department
managers are considered as ________LOWER_____ level managers.
4. Name three skills of a
manager:
a. TECHNICAL SKILLS
b. CONCEPTUAL SKILLS
c. INTERPERSONAL SKILLS

5. What does MSME mean? ___ Micro, Small and Medium Enterprises
6. A business that is owned exclusively by a one person is
called a ___ Sole Proprietorship ______________
7. A business that is owned by two or more people is called
a _____ Partnership __________________
8. A business that has the legal rights of a person but is
independent of its owners is called a ____ Corporation _______
 TRUE 1. Entrepreneurs are the backbone of the economy.
TRUE 2. Entrepreneurs provide goods and services for the society.
TRUE 3. An entrepreneur provides employment and livelihood for people in the society.
TRUE 4. Entrepreneurs earn profit which makes the economy grow.
TRUE 5. Entrepreneurs help other entrepreneurs grow too, by helping them produce products
through raw materials.
TRUE 6. Entrepreneurs depend on other entrepreneurs for their raw materials, parts and
supplies.
TRUE 7. It is growth, begets growth.
TRUE 8. Entrepreneurs providing goods so that country will not rely on imported goods.
FALSE 9. 30 years ago, Philippines is not importing corned beef in other countries like United
States, Brazil and Argentina.
FALSE 10. Entrepreneurs who set up businesses in small towns and cities help develop these
areas and thus allowing rural people from leaving their homes to migrate to big cities.
II. Fill in the blanks with the corresponding word or group of words. 1. A CEO is an example of a
____TOP________ level manager. 2. A Regional Manager is an example of a
______MIDDLE_______ level manager. 3. Supervisors or Department managers are considered as
________LOWER_____ level managers. 4. Name three skills of a manager:
a. TECHNICAL SKILLS
b. CONCEPTUAL SKILLS
c. INTERPERSONAL SKILLS
5. What does MSME mean? ___ Micro, Small and Medium Enterprises 6. A business that is
owned exclusively by a one person is called a ___ Sole Proprietorship ______________ 7. A
business that is owned by two or more people is called a _____ Partnership
__________________ 8. A business that has the legal rights of a person but is independent of its
owners is called a ____ Corporation