Introduction

Bill Gates, Henry Sy, John Gokongwei, Lucio Tan, Jaime Zobel Ayala, and Manny Villar.
These are some of the richest people in the Philippines accordingly to Forbes. What
commonality can we find in all the names mentioned? Are they all famous? Famous of
being what? True, they are all famous successful businessmen. Do you think they have
jobs that will sustain their living? Do you think they have bosses? NO! They are the boss,
they manage and all of them are rich because of their entrepreneurial skills. No job in
this world will make you rich. Especially us teachers, choosing this profession is like you
don’t like being rich. However, it isn’t like that, which is why some successful/rich
teachers are not only relying on their monthly salary to sustain their living. They have
sidelines and businesses that would help them achieve what they want in life. What do
you want in life?

"Do not struggle to be the best,

struggle to be the first"
Jack Ma

● Entrepreneurship is the proactive process of developing a business venture to

make a profit.
● It involves seeking opportunities for a market, establishing and operating a
business out of the opportunity, and assessing its risks and rewards through close
monitoring of the operations.
● A concise definition of entrepreneurship “is that it is the process of pursuing
opportunities without limitation by resources currently in hand” and “the process
of doing something new and something different for the purpose of creating
wealth for the individual and adding value to society”.

What does an entrepreneur do?

● An entrepreneur identifies a need that no existing businesses addresses and

determines a solution for that need.
● An entrepreneur who regularly launches new businesses sells them and then
starts new businesses is a serial entrepreneur. Additionally, although the term
"entrepreneur" is often associated with startups and small businesses, any
founder of a successful household-name business began as an entrepreneur.
Societal and Economic Benefits of Entrepreneurship

Everything that have had happened in this world had simple beginning, just like these
great countries. They too started as mediocre not only that, successful entrepreneurs
started aout

small. These little things contributed to the whole economy and as they gained even
more profit the countries too.

1. Entrepreneurship produces more jobs that equate to an increase in national

income. Millions of unemployed people will have the opportunities to have a
decent occupation.
2. Entrepreneurship amplifies economic activities of different sectors in the 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. Example: how can you look
good if not for the services of your nearby salon or barber shop?
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 reduces social conflicts and political unrest. Example: Imagine
if there are no or only few sari-sari stores in your area. All of you will then fight
for the food supplies because the store cannot supply your need.
7. Entrepreneurship controls the local wealth and balances regional development. It
makes sure local resources are used properly and that every area has appropriate
allocation of resources.
 8. Entrepreneurship elicits economic independence and capital formation. A
country with more entrepreneurs is highly likely to become financially
independent.

Who is an Entrepreneur?

To answer that question you must do this.

Write on a piece of paper one answer

Who is an entrepreneur?

An entrepreneur can be described as “one who creates a new business in the face of risk
and uncertainty for the purpose of achieving profit and growth by identifying significant
opportunities and assembling the necessary resources to capitalize on them”. Like other
vocations, being an entrepreneur is a calling. It is not a career that one can jump into
when he or she decides so. It entails a holistic business talent to be considered one,
ranging from product and marketing expertise to operations agility, and to financial
proficiency.

An entrepreneur is a unique individual who has the innate ability and extraordinary
dedication to establish and manage a business, acknowledging all risks and reaping its
rewards.
An entrepreneur is a unique individual who has the innate ability and extraordinary
dedication to establish and manage a business, acknowledging all the risks and reaping
its reward.

Entrepreneur entails a holistic business talent to be considered as one, ranging from

product and marketing expertise to operations agility, and to financial proficiency.

An entrepreneur’s natural talent is being perceptive for opportunities in his or her

surroundings that normal people don’t give importance to or often neglect. He or she
sees existing problems about a certain product or service as prospects rather than
threats. Leadership is the core of every entrepreneur.

An entrepreneur can be described as “one who creates a new business in the face of risk
and uncertainty for the purpose of achieving profit and growth by identifying significant
opportunities and assembling the necessary resources to capitalize on them”.

5 levels of Entrepreneurial Development

1. The Self-employed – people who are not comfortable of the routines of desk job.
They don’t want to conform to a fixed working schedule. They want to do things
in their own way and start to feel agitated when controlled by someone. While
they can be sufficient, their tendency is to become too reliant on themselves,
which leads to exhaustion. They will eventually realize that a successful business
should work for them, not the other way around. If they realize this, they can
move on to the next level.
2. The manager. Entrepreneur feel the need to step up and ask more help from the
people around them. They delegate and hire potential employees to do the work.
In this level, the entrepreneur doesn’t have knowledge in hiring people thus,
he/she gets frustrated with their performance. When they begin to realize this,
 that they know to know their employees, assess their strengths and their areas of
improvements, they will begin to create positions that will match the
requirements and the employee’s expertise. Entrepreneurs can now move to the
next level.
3. The leader. Entrepreneurs already enjoy seeing their people flourish, steeping up
and producing great results with minimal supervisions. At this stage,
entrepreneur focus on the big picture and strategic direction of their business
rather than in generating sales and operating the business. Entrepreneurs can
now move to the next level.
4. The Investor. Investors look for opportunities for their business to grow. They
may either purchase one or two business that can potentially add value to the
company or sell their establish business as franchise. When this becomes
successful, they will now become true entrepreneur.
5. The true entrepreneur. Entrepreneur aim for quality and excellence in their work.
They have continued to learn and process the four-step of thinking: idealization,
visualization, verbalization, materialization.

Different types of Entrepreneurs based on their field of expertise:

1. Technopreneur

2. Social Entrepreneur

3. Intrapreneur

4. Extrapreneur

Common and Core Competencies of an Entrepreneur

Fill in the boxes with the common and core competencies. The four boxes
on the left side are the core competencies the other nine are common
competencies.

Proactive, agents of change, Leaders, Risk Takers, Have a sharp eye for
opportunities, Communicators, Sociable, Networker, Specialist,

Decisive, Balanced, Innovative, Problem Solvers.

Reflection

Which among the different traits of an entrepreneur that you think you
have. Explain why.

Careers in Entrepreneurship

Look here!

Entrepreneurship offers a varied options depending on the passion and the

field of interest of the entrepreneur. Entrepreneurs often have several jobs
where they gain the necessary skills before actually beginning their own
companies. Common jobs for entrepreneurs include those in marketing,
business development and management. Entrepreneurs often pursue jobs
in industries they want to start a company in. In this article, we explain
what an entrepreneur is, the skills entrepreneurs often need to be
successful and several jobs you can pursue to further your goal of becoming
an entrepreneur.

Here are some ideas.