PROGRAM OUTCOMES:

In pursuance of the school’s mission, the objectives of the College of Business Education are as
follows:
1. articulate and discuss the latest developments in the specific field of practice;
2. perform the basic functions of management such as planning, organizing, staffing
directing and controlling;
3. apply the basic concepts that underlie each of the functional areas of business
(marketing, finance, human resource management, production and operations
management, information technology, and strategic management) and employ these
concepts in various business situations,
4. select the proper decision making tool to critically, analytically anf creatively solve
problems and drive results;
5. express oneself clearly and communicate effectively with stakeholders both in oral and
written forms;
6. apply information and communication technology ( ICT) skills as required by the
business environment;
7. work effectively with other stakeholders and manage conflict in the workplace;
8. plan and implement business related activities;
9. demonstrate corporate citizenship and social responsibility;
10. exercise high personal moral and ethical standards;
11. analyze the business environment for strategic direction;
12. prepare operational plans;
13. innovate business ideas based on emerging industry;
14. manage a strategic business unit for economic sustainability;
15. conduct business research;
16. participate in various types of employment, development activities and public discourse
particularly in response to the needs of the communities one serves.

COURSE TITLE: ENTREPRENEURIAL MINDSET

COURSE DESCRIPTION:
This course takes the approach that anyone not just those who wants to start business or
enterprises) can benefit from understanding and applying an entrepreneurial mindset to any
situation that demands change in their life. It is designed to immerse you in learning about the
fundamental aspects of an entrepreneurial mindset and the unlimited opportunities it can provide.
You then will take that knowledge and apply it to the creation, implementation and evaluation of
a self-directed project with a topic of your choice.

COURSE OUTCOMES:
In this course, you are expected to:
 use critical thinking skills to identify and evaluate entrepreneurial opportunities, manage
risks and learn from the results of evaluating that process;
 understand the process that enables entrepreneurs with limited resources to transform a
simple idea into a sustainable success;
 understand fundamental aspects of entrepreneurial thinking across disciplines and as a
means of personal development;
 appreciate the importance of entrepreneurship;
 examine the importance of balancing the “right” idea with our ability;
 illustrate how entrepreneurs create sustainable wealth regardless of circumstances;
 make effective oral presentations pertaining to the project based work that you performed
this semester;
 establish goals, identify resources and determine the steps required to accomplish their
goals.
 MODULE 1
st
THE 21 CENTURY ENTREPRENEURIAL MIND-SET: AN INTRODUCTION

INTRODUCTION:

Entrepreneurship is a fundamental driver of economic evolution, and has been recognized

as an important element in explaining (regional) economic development. This means that the
explanation of regional variations in entrepreneurship has also become an important issue.

Lesson 1

ENTREPRENEURSHIP AND THE ENTREPRENEUR

I. LEARNING OUTCOMES:
In this lesson, you are expected to:

1. explain the nature of entrepreneurship;

2. discuss the various traits of an entrepreneur;
3. enumerate the various benefits of entrepreneurship;
4. clarify misconceptions on entrepreneurship;
5. appreciate the role played by entrepreneurship in nation building;
6. illustrate the story of a successful entrepreneur;

II. PRE – ASSESSMENT:

A. Instruction: Encircle the letter of the correct answer.

1. What are the characteristics of an entrepreneur?

a. Ethical Stance, Social Entrepreneurship, Independence, Home working
b. Profit Maximization, Profit Satisfaction
c. Motivated by supporting a cause instead of making a profit
d. Opportunity Spotter, Creative, Show Initiative, Risk Taker, Positive Thinker,
Hard Working, Decision Maker, Visionary, Determined and Persistent
2. Communication, Financial Skills, Literacy, Numeracy, Info- technology, Organization,
Problem Solving, and Team Working
a. Profit Maximization
b. Ethical Stance
c. Skills of an Entrepreneur
d. Profit Satisficing
3. What is an Entrepreneur?
a. Someone who invests time and money to start a business
b. Someone who makes a lot of money
c. Someone who takes a risks to make a profit
d. Both A and C.
4. Represents the cognition and commitment to view the world with an innovative
perspective.
a. Entrepreneurial Skills
b. Entrepreneurial Ethics
c. Entrepreneurial Cognition
d. Entrepreneurial Mindset
5. Conceptualizes and designs a product that consumers find some use for. It likewise
produces a product that is pleasing to see, touch, smell, hear, and taste.
a. Technical Mind c. Business Mind
b. Creative Mind d. Entrepreneurial Mind
 III. MODULE MAP:

ENTREPRENEURIAL
MIND-SET

This map shows the various concepts that make up an entrepreneurial mindset. These are
entrepreneurial approaches, evolution, and concepts.

IV. CORE CONTENT:

ENGAGE: MEETING THE FILIPINO ENTREPRENEURS

National Bookstore is probably one of the

most visited shops in the Philippines. From its
humble beginnings as a school supplies and
textbook store in Escolta, to its over 150
branches nationwide today – National
Bookstore is clearly a part of every Filipino
household. All thanks to the hardwork and
perseverance of Socorro Ramos, also known
as Nanay Coring. Nanay Coring has always
been in the retail industry. As a young girl, she helped her grandmother sell fruits at the
local market in their home province. Life was hard and her mother decided to move to
Manila to find better opportunities. She attended a public school and took on many jobs
during summer vacation – from wrapping bubble gum to sewing buttons on shirts. After
finishing high school, her family did not have enough money to send her to college. She
then worked as a salesgirl at a bookstore. It was there where she met her would be
husband, JoseThey opened a stall shop in Escolta. They named it National Bookstore,
after their cash register. But things did not go uphill from there. In the 1940s, a strict
censorship on books was implemented. Nanay Coring had to put the books away and
resort to selling soap, candies, and slippers. After the war, the whole of Escolta was
burned down. This did not dampen Nanay Coring and Jose’s souls. They opened another
small store. This time, they sold the books they had previously put away and whisky.
 Born third of seven siblings, Tony Tan Caktiong
was from a poor family in China who immigrated
to the Philippines in hope that they may have a
better life. His family helped each other out,
establishing a restaurant business in Davao which
enabled young Tony to study Civil
Engineering in the University of Santo Tomas.
When he was 22, Caktiong decided to shell out
P350,000 in an ice cream parlor franchise. He
opened Cubao Ice Cream House and Quiapo
Ice Cream House. As their business becomes more and more successful, they started to
hire more people to help them manage it. Two years later, he decided to serve
hamburgers,fried chicken, and spaghetti as people began to tell him that they don’t want to eat
ice cream all the time. It was then that they decided to rebrand and change their name to
“Jollibee” as it represents them as a company, and the people that they cater to – hardworking
and happy. As years go by, the Jollibee group grew bigger. Caktiong partnered up and
established a couple other food chains including Chowking, Red Ribbon, Greenwich, and
Delifrance. Aside from bringing Jollibee, Chowking, and Red Ribbon to other countries,
they’ve also established new food chains in China and Taiwan which suit the tastes of the people
there.

I’m Ben Chan, chairman and founder of Suyen

Corporation and executive creative director of
Bench.We started BENCH/ in 1987, and we celebrate
our 30th anniversary this year. We are thirty years
young, and we remain a youthful brand. Every day for
us in the fashion industry is a fresh start. What made you
ecide to get into the world of fashion?It would be my
inclination towards aesthetics and an eye for beauty. I
suppose I was only waiting for the right medium for me
to express that creatively. After years of study, seeing
the world, and a bit of experimentation, my calling turned out to be in fashion retail.When was
BENCH/ launched and what was the idea behind it?We started out as a t-shirt brand in a corner of SM
Department Store (now SM Store) in 1987. I put up a fashion label under my own name at a time when I
felt there was something lacking in the local industry and decided to focus on it.It was small, but we
already had a distinct look and design to our brand. Shoppers at SM noticed that and patronized it, which
led to the brand’s rapid growth.

Process Questions:

1. From the given article, what do you think are the characteristics of a successful
entrepreneur?

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2. Give some entrepreneurial activities they practiced in achieving profitable business.

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 EXPLORE: EXAMINING THE TERM ENTREPRENEURSHIP

Instruction: Read the article below “The Evolution of the Term Entrepreneurship”

THE EVOLUTION OF THE TERM ENTREPRENEURSHIP

In the Earliest period, definition of entrepreneurship began as early as the Marco Polo
who comes to the Middle East for trade. Marco Polo has signed an agreement with the capitalists
to sell their products. In the contract merchant adventurer took a loan at 22.5% rate including
insurance. Capitalist was the passive risk bearer and merchant adventurer took the active role in
trading, bearing all physical and emotional risks. When the merchant adventurer successfully
sold the goods and completed the trip, the profits were divided with the capitalist taking most of
them up to 75%, while the merchant adventurer settled for the remaining 25%.
In middle ages, Entrepreneur is described as someone who is involved in the care and
control of a large production projects. It is possible to control the project using the resources
provided by the government. In this case, the entrepreneur does not bear any risk. Entrepreneurs
in this age, is a have control and authority of construction works such as public buildings and
churches. A typical entrepreneur in the middle age was the priest.
In 17th century, the evolution of entrepreneurship can be related with the relationship
between risk and entrepreneurs. Entrepreneurship is the person who signed the contract
agreement with the government to provide a service or supply products that have been
determined. The contract price is fixed. Then, the entrepreneurs are fully responsible for the
gains and losses of the business. John law, a Frenchman was one of the entrepreneurs in that
period. The founder of the royal bank of France and the Mississippi Company, which had an
exclusive franchise to trade between France and the new world. Monopoly on French trade
eventually led to collapse of the company. Richard Cantillion, an economist defines
entrepreneurs earlier. In his view, the entrepreneur is risk insurers. Merchants, farmers,
craftsmen, and so is an entrepreneurs. They buy things at a certain price and sell it at a price that
is uncertain, with the risks
. In the 18th century, the person with capital was differentiated from the one who needed
capital. The entrepreneur was distinguished from the capital provider. One reason for this
differentiation was the industrialization occurring throughout the world. Eli Whitney was an
American inventor best known for inventing the cotton gin. This was one of the key inventions
of the industrial Revolution. Thomas Edison, the inventor of many inventions. He was
developing new technologies and was unable to finance his inventions himself. Edison was a
capital user or an entrepreneur, not a provider or a venture capitalist.
In 19th and 20th century, Entrepreneurs are not always associated with the
management. According to Merriam-Webster's online dictionary, an entrepreneur is one who
organizes, manages, and assumes the risk of a business or an enterprise. The entrepreneur
organizes and manages an enterprise for personal gain. The materials consumed in the business,
for the use of the land, for the services he employs, and for the capital he requires. Andrew
Carnegie is one of the best examples of this definition. Carnegie, who descended from a poor
Scottish family, made the American Steel Industry one of the wonders of the industrial world.
In the middle of the 20th Century, the function of the entrepreneurs is to recreate or
revolutionize the pattern of production by introducing an invention. Innovation, the act of
introducing some new ideas, is one of the most difficult tasks for the entrepreneur. For example,
Edward Harriman, who reorganized the railroad in the United States and John Morgan, who
developed his large banking house by reorganizing and financing the nation’s industries.
Besides, the Egyptian who designed and built great pyramids out of stone blocks weighing many
tons each, to laser beams, supersonic planes and space stations.

In 21st century, Entrepreneurs are known as a hero for Free Enterprise market.
Entrepreneur of the century created many products and services and is willing to face a lot of
risks in the business. According to Kuratko & Hodgetts, most people say entrepreneurs are
pioneers in creating new businesses. In the year 2005 Hisrich, Peter and Shepherd regarded
entrepreneur as an organizer who controls, systematize, purchases raw materials, arranges
infrastructure, throw in his own inventiveness, expertise, plans and administers the venture.
The Future of entrepreneurship will be growth with development of technologies. The
modern technologies and internet have improved the ways of conduct business. Entrepreneurs
now have the luxury of putting their business idea into action through the click of button.

Guide Questions: Based on the article above, answer the following questions:

1. Examine the historical development of entrepreneurship and explain one of the

historical idea of entrepreneurship that catch you interest.

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 2. In your own words, summarize the different views of economist about
entrepreneurship.

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EXPLAIN: UNDERSTANDING ENTREPRENEURSHIP

In this section, we shall be using the concepts you have formed previously.

I. The Nature of Entrepreneurship

a. It is a dynamic process of vision, change, and creation that requires an application
of energy and passion toward the creation and implementation of new ideas and
creative solutions.
b. It consists of doing things that are not generally done in an ordinary course of
business routine; it is essentially a phenomenon that comes under the wider aspect
of leadership.
c. In entrepreneurship, there is an agreement that we are talking about a kind of
behavior that includes:
i. Initiative taking;
ii. Organizing and reorganizing of socio-economic mechanism to turn
resources and situations to practical account;
iii. Acceptance of risk and failure.

Processing Questions:

How do you differentiate the concepts of Entrepreneurship you have earned from the
“Explore” part to the concepts you have just read?

II. Who is an Entrepreneur?

a. These are individuals who recognize opportunities where others see chaos,
contradiction, and confusion. They are aggressive catalysts for change within the
marketplace.
Processing Questions:

1. How do you differentiate the term Entrepreneurship from Entrepreneur?

2. Are all those engaged in the activity called Entrepreneurship considered an

Entrepreneur? Why or why not?

b. “Anyone can be an entrepreneur who wants to experience the deep, dark canyons,
of uncertainty and ambiguity and who wants to walk the breathtaking highlands of
success. But I caution, do not plan to walk the latter until you have experienced
the former.”

Processing Questions:
1. What do you think is the quotation from an anonymous source above trying to
say? Justify by giving concrete examples.
III. Entrepreneurship : A Mind-set

Entrepreneurial Mind
IV. The Myths of Entrepreneurship
a. Entrepreneurs are Doers, not Thinkers
“Thinking” entrepreneurs are as important as “Doing” entrepreneurs.
b. Entrepreneurs are Born, not Made
Entrepreneurship, like any other discipline, has models, processes, cases, that
allow topic to be studies and the knowledge to be acquired.
c. Entrepreneurs are Always Inventors
Entrepreneurs are not necessarily inventors. Entrepreneurship covers more than
just inventions but requires a complete understanding of innovative behavior in all
its form.
d. Entrepreneurs are Academic and Social Misfits
Entrepreneurs are not socially and academically ineffective. This thought
originated from the stories of some business owners who have stared business
after dropping out of school.
e. Entrepreneur must Fit the Profile
Entrepreneurs need not to fit the profile of other successful entrepreneurs.
f. All Entrepreneurs Need is Money
Money is not the only bulwark against failure. Money is a resource but never an
end in itself.
g. All Entrepreneurs Need is Luck
What appears to be luck is actually preparation, determination, desire, knowledge,
and innovativeness.
h. Entrepreneurship is Unstructured and Chaotic
Entrepreneurs are well – organized individuals.
i. Most Entrepreneurs Initiatives Fail
The corridor principle states that with every venture launched, new and
unintended opportunities often arise.
j. Entrepreneurs are Extreme Risk Takers
Entrepreneurs are usually working on moderate or calculated risks.

Processing Question:

1. Prior to reading the content of this lesson, which myths stated above did you consider
true or factual?

2. What did you realize upon knowing that these are just myths? Are your
misconceptions now clarified? Elaborate.
V. Topic Summary:
In this lesson, you have learned that:
 Entrepreneurship as a concept and as discipline is ever-dynamic and evolving.
 Entrepreneurs are individuals who recognize opportunities where others see
chaos, contradiction, and confusion.
 Entrepreneurship is a combination of competence: brain/mind (cognition),
heart (values and ethics), and skills (creativity and innovativeness).
 There are 10 myths about entrepreneurship which include:
o entrepreneurs are doers, not thinkers
o entrepreneurs are born, not made
o entrepreneurs are always inventors
o entrepreneurs are academic and social misfits
o entrepreneur must fit the profile
o all entrepreneurs need is money
o all entrepreneurs need is luck
o entrepreneurship is unstructured and chaotic
o most entrepreneurs initiatives fail
o entrepreneurs are extreme risk takers

VI. Reference:
1. Kuratko, D. (2019). Entrepreneurship: Theory, Process, and Practice. Cengage
Learning Asia PTE Ltd.