UNIVERSITY OF SAINT LOUIS

Tuguegarao City

SCHOOL OF ACCOUNTANCY, BUSINESS and HOSPITALITY

Second Semester
A.Y. 2020-2021

CORRESPONDENCE LEARNING MODULE

ENTR 1013 – The Entrepreneurial Mind

Prepared by:

CAMILLE JAM L. SERA

MARY ANN C. BARTOLOME, MBE

Reviewed by:

MARY ANN C. BARTOLOME, MBE

Business Administration Program Chair

Recommended by:

ALICIA SILVA-TULIAO, MBE

Academic Dean

Approved by:

EMMANUEL JAMES PATTAGUAN, Ph.D.

Vice President for Academics

ENTR 1013 – The Entrepreneurial Mind | 1

 School of Accountancy, Business and Hospitality
Business Administration Department
Curriculum 2019-2020

CORRESPONDENCE LEARNING MODULE

ENTR 1013 – The Entrepreneurial Mind

This Weeks’ Time Table: May 10-14, 2021

For this week, the following shall be your guide for the different lessons and tasks that you need to accomplish.
Be patient, read them carefully before proceeding to the tasks expected of you.

HAVE A FRUITFUL LEARNING EXPERIENCE 😊

Date Topics Activities or Tasks

May 10-13 Management Skills Read Lessons
 Managing Human Resources in
Small & Entrepreneurial Firms
 Management Skills You Need to
Be the Next Great Entrepreneur

May 14 Lesson 13 and 14 Quiz

ENTR 1013 – The Entrepreneurial Mind | 2

 CORRESPONDENCE LEARNING MODULE
ENTR 1013 – The Entrepreneurial Mind
AY 2020-2021

Lesson 14: Management Skills

Topic: Management Skills

Learning Outcomes: At the end of this module, you are expected to:

LEARNING CONTENT

Introduction:

Do small and medium enterprises need a human resources function? And if so, what form will it take? This
lesson looks at the various ways in which human resources can be managed in SMEs.

Lesson Proper:

The HR Function and Growth Prospects

Human resources (HR) involves a range of practices, such as the daily operation of the business,
contracts, working conditions, pay, and general employee administration. Others are concerned with
the longer term, such as the development of the employee through training, talent development, and
developing employee career paths. If 8 out of 10 small and entrepreneurial businesses fail in the first 18
months, then there seems to be little need for any long-term HR function. Often, many small firms
employ an accountant to take care of the administration and payroll. So, what can be done for the HR
function in these small firms?

Just because there is a high chance of failure, does not mean that a small business should plan to fail.
The entrepreneur is focused on growth and making a success of the business. Often, we think of HR as
the existence of HR departments or the employment of an HR expert. Of course, at such an early stage
of growth in a business, there is often not enough finance to employ experts. A lack of HR specialists,
however, doesn't mean there is no HR function in a company, nor that the small and medium enterprise
(SME) doesn't take HR seriously. Let's consider the HR functions as the organization grows and
develops.

ENTR 1013 – The Entrepreneurial Mind | 3

a. The Start-Up
When a business is first founded, there may well be simply the entrepreneur and no one else.
Even if there is a handful of staff, the organization is managed in a very informal way. Staff are
expected to be flexible, undertake a wide range of tasks and roles, and strategy is unlikely to be
formally planned. With such high demands from employees, the owner has the task of finding
the right people with the right skills and flexibility. The owner sets the rates and conditions in the
contract. The owner is also likely to have a vision and personal values that he wants the
prospective employee to appreciate and take on board. Without an HR specialist, the owner is
likely to get advice from solicitors and accountants on a range of issues, such as paid leave,
holiday entitlement, sick leave, dismissal, and so on. Training is often on the job, with staff
learning by doing the task and muddling through.

b. Growth in Size
So far, we have considered a business with just an owner and a handful of employees.
However, as the company enjoys success, it might look to increase the workforce to cope with
further expansion. Firstly, this means the need for the owner to spend time recruiting more staff.
Once the staff gets into double figures, if not before, then it might be time to create some
systems and procedures. This means defining the job roles.

A lists the tasks and responsibilities that are expected for a certain
Job role
position.
Although the owner may be able to do this, it is very time consuming and the task might be
outsourced to an HR expert or given to someone inside the company, such as a general office
manager, who has an idea of who does what.

At this stage, the payroll may become the official part of the job role of the finance manager. In
time, employees may become separated into sections and a section leader may be required.
Contractual issues may well remain with the solicitor, but record keeping for employees may
become an employee task to keep track of sick days, holidays, and so on.

c. Time to Delegate
As leaders of sections appear, then the owner may also look to delegate his tasks and
responsibilities. Management training can be expensive and in smaller businesses may involve
the owner acting as a mentor rather than paying for expensive training courses. As a mentor,
the owner will spend time giving advice and guidance to the management, based on their own
experiences.

d. Attitudes to HR Management
At this stage, the business is able to get by without an HR department and even if the company
grows further, there is no guarantee that the HR department will be set up. It very much
depends on the owner's opinion of employee development. A view often referred to as hard
human resource management is when some owners may see the HR department as an
unnecessary expense and simply want to make sure that the minimum legal requirements are
kept. In this case there is little chance of the employees developing, but the main focus is on not
getting sued for some form of illegal treatment of employees.

Other owners may see people as the most important resource in a business and one that can
be developed so that they become even more valuable to the company as they perform their
jobs better, handle customers and suppliers better, and so on. This view is called soft human
resource management. The owner may also decide to set up an HR department if there has
already been a court case and wants to avoid any future legal action or if the company has a
high staff turnover. Staff turnover refers to the number of people quitting the job each year, and
a high staff turnover means that a lot of people are leaving the firm for one reason or another.

ENTR 1013 – The Entrepreneurial Mind | 4

Management Skills You Need to Be the Next Great Entrepreneur
Dr. Vinay Agarwal
Executive Director, ISBM (Indian School of Business Management and Administration)

In today’s context, an entrepreneur is somebody who operates a business, taking risks and reaping the
rewards that come with owning a business. An entrepreneur is a thought leader with often the expertise and
knowledge of an innovator. Entrepreneurs bring new concepts to the table. They possess the right set of skills
and the attitude to enhance and help a strategic business progress while also producing greater revenue.

Certain skills of an entrepreneur are fossilized prominently. However, future next gen entrepreneurs are
required to have distinguished management skills for a remarkable status on a socio-economic platform. A first-
rate entrepreneur thrives in his business strategy by abdicating the traditional ways of management and
infusing innovative managerial skills.

It is extremely important for an entrepreneur to blend in the traditional management skills with new models and
modernized techniques.

An entrepreneur must possess certain managerial skills -

 Optimizing the use of scarce resources

 Ensuring effective leadership
 Motivating employees by creating a safe and secure environment
 Promoting synchronization amongst industries and their relations
 Strategizing towards the achievement of primary goals of an organization
 Facilitating developmental opportunities that boost morale and help upgrade skills
 Knowledge and expertise to expand productivity
 Regulating competition in the market

Apart from the basic managerial skills, a future next gen entrepreneur must also have a grip on certain other
factors that will enable them to exercise a strong foothold among his competitors. Information and knowledge
are the key elements of management. Implementations of these elements are very crucial. Involvement in the
society by taking on social responsibilities goes a long way in establishing the business as a responsible entity
that helps make the world a better place while also using the market for good.

A. Passionate:
An entrepreneur can be trained for certain managerial skills and expertise in the same, but one cannot
be trained to be passionate as it is inbuilt. It is also imperative that the entrepreneur remains self-
motivated to achieve success and reach their goals.

B. Vibrant Personality:
A charismatic person can never be overlooked due to their unique personality and the wisdom they
display in the form of their brilliance. An entrepreneur should live by the ‘Be simple, but significant’
motto. A leader possesses traits which leave a long-lasting impact on their industry peers and
subordinates. A principle trait in an entrepreneur is their dedication and reliance on hard work, without
which an organization cannot be constructed.

C. Ready-to-go attitude:
A strong temperament will always help an entrepreneur sail smoothly through the highs and lows of the
business. They must have a ready-to-go attitude as it will help them perform better as a thought leader
among his competitors in the market. They take risks and tasks head-on as and when they may appear,
keeping in mind the inconsistencies and unpredictability of running a business.

D. Self-introspection:
ENTR 1013 – The Entrepreneurial Mind | 5
 The capacity to look closely and examine one’s nature and social behavior while developing deeper
insights for self-learning in business is an essential part of growing. This will provide a deeper
understanding of the situation at hand, no matter the number of fluctuations in business. A true
entrepreneur lives by the popular Japanese proverb - ‘Fall down seven times, get up eight.’ It is
important to keep a check on the strategies which may lead to failure and rectify in accordance when
taking a risk in business.

E. Flexibility:
An entrepreneur needs to exercise flexibility and adopt certain changes for the benefit of the company.
In order to lead, one should keep in mind that there are certain pre-requisites to run a successful
business; the prime factor being that the needs of others always come first and one should always be
open to change.

F. Self-belief:
In order to survive a storm in relation to a business that is prone to vulnerability, one must prioritize and
modify their business strategies and policies. This can be done effectively by making careful alterations
to one’s character through self- discipline, patience, and self- belief. These qualities that define an
entrepreneur evolve as a result of all the difficulties that come their way.

G. Money Management:
All our lives we are taught that time is money and for an entrepreneur managing these two resources
with the utmost care and patience is extremely crucial. In simple words, a person needs to efficiently
control his investments, savings, and expenses. This attribute in an entrepreneur is as important as the
skill to carry out the business itself.

H. Networking:
In a world where we are connected to each other through social media platforms business
professionals can share their ideas on social media platforms in order to connect with people who can
be of significance and can contribute towards their growth. Networking helps entrepreneurs to develop
various skill-sets such as communicating with a large number of audiences, gaining a deeper insight of
the market trends and so much more.

These tips can also help traditional entrepreneurs grow and gain prosperity in their profession. As time passes
by, it is really important to grow and evolve not only for individual improvement but also for business benefits.

It is an overall win-win situation for each and every individual who is striving to make a difference in the society.

*** END of LESSON 14***

ENTR 1013 – The Entrepreneurial Mind | 6

Evaluation

Quiz
_______1. This is the strategic linkage or a series of value-adding individual activities required to create,
produce and deliver products and services to the customer.
a. Value Network
b. Market Network
c. Value Chain
d. Market Value
_______2. Which of the following is an example of a soft asset?
a. Leadership Skills
b. Technology
c. Brand
d. Infrastructure
_______3. Which of the following is NOT true about PROCESS?
a. It is repetitive
b. It supports the value chain
c. It is followed when necessary
d. It transforms inputs to outputs
_______4. Which of the following processes is mean to govern systems?
a. Operational Process
b. Support Process
c. Simple Process
d. Management Process
_______5. Which of the following is an advantage of outsourcing?
a. In-breeding
b. Cheaper
c. Better secrecy
d. Lower quality
_______6. This business term is synonymous to arrangement and disposition.
a. Configuration
b. Complementors
c. Capabilities
d. Ecosystem
_______7. Hiring the right people with the right skills is the principle of this term.
a. Coordination
b. Configuration
c. Capabilities
d. Collaboration
_______8. This is a strength in management which enables them to develop the desires of their employees to
do a great job.
a. Planning
b. Problem-solving
c. Delegating
d. Motivating
_______9. This skill requires you to know the strengths, talents, and skills of your workforce.
a. Delegating
b. Problem solving
ENTR 1013 – The Entrepreneurial Mind | 7
 c. Inspiring
d. Communication
_______10. Entrepreneurs must make important decisions based on __________?
a. Feelings
b. Ideas
c. Information
d. Grapevine
True or False
_______11. Execution comes first before strategy.
_______12. A good combination of strategy and execution still carries uncertainty.
_______13. Another channel in the value chain can still be created after the transactions of the end user.
_______14. Critical processes have the least effect on the goals of the business.
_______15. Re-configuring your business means that you are willing to adapt to change.

REFERENCES

Textbooks

Go, Josiah and Escareal-Go, Chiqui (2018) Entrepreneurship: Starting an Enterprise. Having an Innovation
Mindset

Online References

"Managing Human Resources in Small & Entrepreneurial Firms." Study.com, 14 February 2018,
study.com/academy/lesson/managing-human-resources-in-small-entrepreneurial-firms.html

https://www.entrepreneur.com/article/283135

Learning Materials

1. Worksheets
2. Module

ENTR 1013 – The Entrepreneurial Mind | 8

 SCHOOL OF ACCOUNTANCY, BUSINESS and HOSPITALITY
Second Semester
A.Y. 2020-2021

CORRESPONDENCE LEARNING MODULE

ENTR 1013 – The Entrepreneurial Mind
Lesson 14

WORKSHEET – TASKS

NAME:
COURSE & YEAR:
INSTRUCTOR:

Evaluation

_______1. This is the strategic linkage or a series of value-adding individual activities required to create,
produce and deliver products and services to the customer.
e. Value Network
f. Market Network
g. Value Chain
h. Market Value
_______2. Which of the following is an example of a soft asset?
e. Leadership Skills
f. Technology
g. Brand
h. Infrastructure
_______3. Which of the following is NOT true about PROCESS?
e. It is repetitive
f. It supports the value chain
g. It is followed when necessary
h. It transforms inputs to outputs
_______4. Which of the following processes is mean to govern systems?
e. Operational Process
f. Support Process
g. Simple Process
h. Management Process
_______5. Which of the following is an advantage of outsourcing?
e. In-breeding
f. Cheaper
g. Better secrecy
h. Lower quality
_______6. This business term is synonymous to arrangement and disposition.
e. Configuration
f. Complementors
g. Capabilities
h. Ecosystem
_______7. Hiring the right people with the right skills is the principle of this term.
ENTR 1013 – The Entrepreneurial Mind | 9
 e. Coordination
f. Configuration
g. Capabilities
h. Collaboration
_______8. This is a strength in management which enables them to develop the desires of their employees to
do a great job.
e. Planning
f. Problem-solving
g. Delegating
h. Motivating
_______9. This skill requires you to know the strengths, talents, and skills of your workforce.
e. Delegating
f. Problem solving
g. Inspiring
h. Communication
_______10. Entrepreneurs must make important decisions based on __________?
e. Feelings
f. Ideas
g. Information
h. Grapevine
True or False
_______11. Execution comes first before strategy.
_______12. A good combination of strategy and execution still carries uncertainty.
_______13. Another channel in the value chain can still be created after the transactions of the end user.
_______14. Critical processes have the least effect on the goals of the business.

ENTR 1013 – The Entrepreneurial Mind | 10