LESSON#1: Personal Entrepreneurial
What entrepreneurial activities do you know and
Competencies
Introduction
>Entrepreneurs are people with skills and capabilities
to see and evaluate business opportunities. They are
individuals that can strategically identify products or
services needed by the community and they have the
capacity to deliver these at the right time and at the
right place.
>Entrepreneurs are agents of economic change; they
organize, manage and assume risks of a business.
Some of the good qualities of an entrepreneur are
opportunity seeker, risk taker, goal setter, excellent
planner, a confident problem solver, hardworking,
persistent, and a committed worker.
>Entrepreneurship, on the other hand, is not just a
simple business activity. It is a strategic process of
innovation and new venture creation. Basically,
entrepreneurship is both an art and science of
converting business ideas into marketable products or
services to improve the quality of living.
PRE-ASSESSMENT#1
As part of your initial activity, you will be challenged
to dig deeper on your knowledge and previous
experiences on the topic. Try to diagnose or assess
what you already know about PECs by answering Task
1 that will serve as your seatwork#1.
Task 1: Matching Type
Direction: Match the entrepreneurial competencies in
column A with their meaning in column B. Write the
letter of the correct answer on a separate sheet of
paper.
A B
____1. Creative A. make a wise decision towards
the set objectives
____2. Profit-oriented B. strategic thinking and
setting of goals
____3. Discipline C. trust in one‘s ability
____4. Decision Making D. adoptable to change
____5. People Skill E. innovative to have edge over
other competitors
____6. Planner F. solid dedication
____7. Self-confidence G. skillful in record keeping
____8. Hardworking H. always stick to the plan
____9. Ability to I. working diligently
accept change
____10. Committed J effective and efficient
communication and relation to
people
K. always looking for income
Task 2(ASSIGNMENT#1): Guide
Questions(5pts.each)
Direction: The following are guide questions which
encapsulate the entire module. Write your answers on
your assignment notebook, and then share these to the
class next meeting.
A. Explain why entrepreneurial activities are important
to social development and progress of the economy.
B.
capable of doing which are related to Cookery?
C. Given the opportunity to own a business that relates
with Cookery are you confident to manage it? Explain
your answer.
D. What do you think are the most important
competencies you must possess in order to be
successful in running your chosen business?
E. Name successful entrepreneurs from your area
whose business is related to Cookery. Be able to share
to the class their PECs that made them successful.
Task 3: Individual Activity (25points)
Direction: Answer the following guide questions
on a separate sheet of paper. Share your
answers to the class.
1. Explain the importance of assessing one‘s
PECs before engaging in a particular
entrepreneurial activity.
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2. Are there other strategies or approaches where
you can assess your PECs? Explain how those
strategies will become more useful in selecting a
viable business venture.
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3. What are the desirable personal
characteristics, attributes, lifestyles, skills and
traits of a prospective entrepreneur? Why are
these important?
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4. Why there is a need to assess one‘s PECs in
terms of characteristics, attributes, lifestyles,
skills, and traits before starting a particular
business?
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Entrepreneurial activities are important to social
development because these help the people to have an
improved quality of life, greater morale and economic
freedom. The pioneering and innovative activities by the
entrepreneurs bring creation of new goods & services
which causes new employment. This makes a cascading
effect and virtuous circle in the economy.
The following are six reasons why
entrepreneurship capital is important to the
economy:
1. Entrepreneurs Create New Businesses-Path-breaking
offerings by entrepreneurs, in the form of new goods and
services, result in new employment, which can produce a
cascading effect or virtuous circle in the economy. The
stimulation of related businesses or sectors that support
the new venture add to further economic development.
For example, a few IT companies founded the Indian IT
industry in the 1990s as a backend programmers' hub.
Soon the industry gathered pace in its own programmers’
domain. But more importantly, millions from other sectors
benefitted from it. Businesses in associated industries, like
call centre operations, network maintenance companies
and hardware providers, flourished. Education and training
institutes nurtured a new class of IT workers offering
better, high-paying jobs. Infrastructure development
organizations and even real estate companies capitalized
on this growth as workers migrated to employment hubs
seeking new improved lives. Similarly, future development
efforts in underdeveloped countries will require robust
logistics support, capital investment from buildings to
paper clips and a qualified workforce. From the highly
qualified programmer to the construction worker, the
entrepreneur enables benefits across a broad spectrum of
the economy.
2. Entrepreneurs Add to National Income-Entrepreneurial
ventures literally generate new wealth. Existing businesses
may remain confined to the scope of existing markets and
may hit the glass ceiling in terms of income. New and
improved offerings, products or technologies from
entrepreneurs enable new markets to be developed and
new wealth created. Additionally, the cascading effect of
increased employment and higher earnings contribute to
better national income in form of higher tax revenue and
higher government spending. This revenue can be used by
the government to invest in other, struggling sectors and
human capital. Although it may make a few existing players
redundant, the government can soften the blow by
redirecting surplus wealth to retrain workers.
3. Entrepreneurs Also Create Social Change-Through their
unique offerings of new goods and services, entrepreneurs
break away from tradition and indirectly support freedom
by reducing dependence on obsolete systems and
technologies. Overall, this results in an improved quality of
life, greater morale and economic freedom.For example,
the water supply in a water-scarce region will, at times,
force people to stop working to collect water. This will
impact their business, productivity and income. Imagine an
innovative, automatic, low-cost, flow-based pump that can
fill in people's home water containers automatically.Such
an installation will ensure people are able to focus on their
core jobs without worrying about a basic necessity like
carrying water. More time to devote to work means
economic growth.
For a more contemporary example, smartphones and their
smart apps have revolutionised work and play across the
globe. Smartphones are not exclusive to rich countries or
rich people either. As the growth of China's smartphone
market and its smartphone industry show, technological
entrepreneurship will have profound, long lasting impacts
on the entire human race.Moreover, the globalization of
tech means entrepreneurs in lesser-developed countries
have access to the same tools as their counterparts in
richer countries. They also have the advantage of a lower
cost of living, so a young individual entrepreneur from an
underdeveloped country can take on the might of the
multi-million-dollar existing product from a developed
country.
4. Community Development-Entrepreneurs regularly
nurture entrepreneurial ventures by other like-minded
individuals. They also invest in community projects and
provide financial support to local charities. This enables
further development beyond their own ventures.Some
famous entrepreneurs, like Bill Gates, have used their
money to finance good causes, from education to public
health. The qualities that make one an entrepreneur are
the same qualities that motivate entrepreneurs to take it
forward.
5. The Other Side of Entrepreneurs-Are there any
drawbacks to cultivating entrepreneurs and
entrepreneurship? Is there an “upper limit” for the number
of entrepreneurs a society can hold?Italy may provide an
example of a place where high levels of self-employment
have proved to be inefficient for economic development.
Research reveals that Italy has in the past experienced
large negative impacts on the growth of its economy
because of self-employment. There may be truth in the old
saying, "too many chefs and not enough cooks spoil the
soup."
6. The Role of States-Regulations play a crucial role in
nurturing entrepreneurship, but regulation requires a fine
balancing act on the part of the regulating authority.
Unregulated entrepreneurship may lead to unwanted
social outcomes including unfair market practices,
pervasive corruption, financial crisis and even criminal
activity.Paradoxically, a significantly high number of
entrepreneurs may lead to fierce competition and loss of
career choices for individuals. With too many
entrepreneurs, levels of aspirations usually rise. Owning to
the variability of success in entrepreneurial ventures, the
scenario of having too many entrepreneurs may also lead
to income inequalities, making citizens more – not less –
unhappy.The interesting interaction of entrepreneurship
and economic development has vital inputs and inferences
for policy makers, development institutes, business
owners, change agents and charitable donors. If we
understand the benefits and drawbacks, a balanced
approach to nurturing entrepreneurship will definitely
result in a positive impact on economy and society.
I have known some entrepreneurial activities which are
related to cookery. This entrepreneurial activities involve
the preparation and creation of foods such as bread and
pastries, dim sum foods, desserts, and some other Filipino
or foreign tasty foods. These foods need to be promoted in
the public and to create product awareness. This
promotion is part of the entrepreneurial activities aside
from cooking and selling. By doing all of those things like
cooking, promotion, and selling consumers may fully know
and understand about the product.  

Cookery includes not only cooking but also adherence to

food preparation standards and food safety. These things
are part of entrepreneurial activities and must not be
neglected all throughout the process. Entrepreneurial
activities are properly performed for the purpose of having
a successful cookery business and to create a mark in the
industry.

Some important things needed for cookery business.

Canvassing and or looking good supplier for new

ingredients for cooking.
Meeting with culinary masters to discuss some cooking
techniques.
Attending culinary seminars and seeking advice to elite
chef cook.
Making some cooking experiments to form a new product.
Researching what is in and what is out in the market.
Exerting efforts on sampling and marketing.

Yes, especially if you have the needed skills. If you don't,

you can always take risks.
Yes, because food is in our daily needs and that’s the
reason why you should be confident. People will already
support your product(s) simply because not just they want
it, they need it. If you have the confidence and the effort
basically you can manage it properly.
Yes! Because its a great opportunity and as an individual, I
have a skill and knowledge regarding cooking.

Here are the most important competencies needed to run

a business successfully.
Understand basic business mathematics.
Observant.
Resourceful.
Articulate.
Able to communicate well.
Able to control and monitor daily business operations.
Able to forecast sales.
Able to adopt market trends.