LESSON

Key Concepts in
01
What is Entrepreneurship?
Entrepreneurship
 Execution of ideas.  Always in search something new to exploit new
 Converting ideas into business ideas into gainful opportunities.

The Role of Entrepreneur

Who is an Entrepreneur?
 Derived from the French verb “Entreprende” which ü Innovation
Practical implementation of ideas.
means “to undertake”
ü Enterprise
 Innovators, willing to take risks and generate new An organization that is engaged in
ideas. commercial activities usually means creating
 Those who or stumbling on a new idea or concepts.

Steve Jobs “undertake” the risk of new enterprise

An example of a keen innovator who
had the uncanny knack of creating What are the duties of an entrepreneur?
new products that captured people’s  An entrepreneur is “an
imagination innovator” never runs out of ideas.
 An entrepreneur is “a dreamer”
who would turn vision into reality.
 An entrepreneur is “opportunity seeker” who would pursue
incredible and out of this world ideas.
 An Entrepreneur is “an adventurer” who would sail through rough
seas, steadfast and without fear.
 An entrepreneur “has bruises and scars” all over because every wound carries lessons learned and
wisdom.

“Developing an idea into an actual business venture is created by an entrepreneur and the process of its
creation is called entrepreneurship”

How to be an entrepreneur? To be an entrepreneur, one must:

 Open the eyes and scan the surroundings
 Treat problems as opportunities
 Even a barren land can be turned into a green pasture
 Don’t be afraid to experiment and fail
 It is alright to feel pain or become frustrated for a short while and move on with the same or even greater

“Anyone can be an entrepreneur, but not everybody is going to have the same level of success”
Relevance of Entrepreneurship
Why do we need to study entrepreneurship?
1. Development of managerial capabilities
Entrepreneurship helps in identifying and developing managerial capabilities of entrepreneurs.
2. Creation of organizations
When entrepreneurs assemble and coordinate physical, human and financial resources and direct them
towards achievement of objectives through managerial skills.
3. Improving standard of living
Entrepreneurships helps in making a wide variety of goods and services available to the society which
results into higher standard of living for the people
4. Means of economic development
 Entrepreneurship involves creation and use of innovative ideas, maximization of output from given
resources, and development of managerial skills.

LESSON

The Entrepreneurial Mindset

02
Henry Sy Socorro C. Ramos
He was known as the Known as the
“father of Philippine “matriarch of national
retail”. He developed bookstore”, a major
shoe mart into SM retailer of books, office
investments, one of the supplies and greeting
largest malls in the cards in the Philippines
Philippines

Mindset- The cognitive belief system consisting of interrelated beliefs, assumptions and knowledge.
An “entrepreneurial mindset” is a specific set of beliefs, knowledge, and thought processes that dive
entrepreneurial behavior
The Right Mindset
ü Commitment, determination and
perseverance
 Towards achieving success can overcome any
obstacles
ü Drive to achieve
 An entrepreneur’s intense desire to pursue high
challenging task
ü Opportunity Orientation
 Constant awareness of opportunities
ü Initiative and Responsibility
 They are highly accountable and responsible for
the success or failure of the operation
ü Persistent Problem Solving
 Impossible tasks just take a little longer to
become possible
ü Seeking Feedback
 To know how they are doing and how they
might improve their performance
ü Internal Locus of Control
 Entrepreneurs do not believe that the success
or failure of their venture will be governed by
fate, luck or similar forces.
ü Tolerance for Ambiguity
 The entrepreneurship can deal with the various
setbacks and changes that constantly confront
him/her
ü Calculated Risk Taking
 Entrepreneurs decide in a very calculated,
carefully thought-out manner
ü Integrity and Reliability
 Help build and sustain trust and confidence
ü Tolerance for Failure
 Entrepreneurs use failure as a learning
experience
ü High Energy Level
 Entrepreneurs fine-tune their health by
monitoring what they eat and drink and
knowing when to get away for relaxation.
ü Creativity and Innovativeness
 Product unique goods and services
ü Vision
 They have a concept of what their firms can be
ü Self-Confidence and Optimism
 Their belief in their ability seldom wavers
ü Independence
 They have the authority to make all important
decisions
ü Team Building
 They have highly qualified and high performing
teams that are strongly motivated to handle the
venture’s growth and development

LESSON
Job Opportunities for
03
Career
Entrepreneur
 It is a long-term professional journey you may determine based on your passions
 Path you embark
Job Opportunity- Simply an opportunity for employment