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Entrepreneurship
Learning Activity Sheet
Quarter 3

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I. Title Topic
1. Relevance of course
2. Key concepts and common competencies
3. Core competency in Entrepreneurship
4. Career opportunities
II. Concept Notes
▪ Lesson 1: Overview of Entrepreneurship
❖ Entrepreneurship is one of the resources economists categorize as integral to
production; the three resources are land/natural resources, labor and capital.
(www.investopedia.com, www.reference.com, www.europeanentrepreneurship.com)
- The act of creating a business or businesses while building and scaling it to
generate a profit.
- An important driver of economic growth and innovation.
- What people do to take their career and dreams into their hands and lead it in the
direction of their own choice.
- About building a life on your own terms. No bosses. No restricting schedules. And
no one holds you back.
❖ Entrepreneurship is a practice and a process that results in one's creativity,
innovation and enterprise development and growth. It refers to an individual’s ability
to turn ideas into action by involving and engaging in socially useful wealth creation
through innovative thinking and application to meet consumer needs using one’s own
labor, time, and ideas. Engaging in entrepreneurship shifts people from being “job
seekers” to “job creators”, which is critical in countries that have high levels of
unemployment. It requires a lot of creativity which is the driving force behind
innovation. “Entrepreneurship is the process of discovering new ways of combining
resources.”(Russell S. Sobel, 2002)
❖ The word “entrepreneur” is derived from the French verb enterprendre, which means
„to undertake‟
- This refers to those who “undertake” the risk of new enterprises.
- An entrepreneur combines these three to manufacture goods or provide services.
They typically create a business plan, hire labor, acquire resources and financing,
and provide leadership and management for the business
(www.investopedia.com).
- A person who sets up a business with the aim to make a profit and creates a new
business, bearing most of the risks and enjoying most of the rewards.
- An innovator, a source of new ideas, goods, services, and business/or procedures.
- Playing a key role in any economy, using the skills and initiative necessary to
anticipate needs and bring good new ideas to market.
As an entrepreneur you must be a creative innovator who accepts risk in losing profit by
investing your capital. He should know how to generate business and job opportunity, easy
to think of a solution and know how to value its customers. As an entrepreneur you need to
possess some qualities to be successful. Let us now know about the qualities of a successful
entrepreneur. There may be many qualities needed to successfully run an enterprise.
However, the following qualities are considered important.
1. Disciplined. These individuals are focused on making their businesses work and eliminate
any hindrances or distractions to their goals. They have overarching strategies and outline

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the tactics to accomplish them. Successful entrepreneurs are disciplined enough to take
steps every day toward the achievement of their objectives.
2. Confidence. The entrepreneur does not ask questions about whether they can succeed
or whether they are worthy of success. They are confident with the knowledge that they will
make their businesses succeed. They exude that confidence in everything they do.
3. Open Minded. Entrepreneurs realize that every event and situation is a business
opportunity. Ideas are constantly being generated about workflows and efficiency, people
skills and potential new businesses. They have the ability to look at everything around them
and focus it toward their goals.
4. Self-Starter. Entrepreneurs know that if something needs to be done, they should start it
themselves. They set the parameters and make sure that projects follow that path. They are
proactive, not waiting for someone to give them permission.
5. Competitive. Many companies are formed because an entrepreneur knows that they can
do a job better than another. They need to win at the sports they play and need to win at the
businesses that they create. An entrepreneur will highlight their own company’s track record
of success.
6. Creativity. One facet of creativity is being able to make connections between seemingly
unrelated events or situations. Entrepreneurs often come up with solutions which are the
synthesis of other items. They will repurpose products to market them to new industries.
7. Determination. Entrepreneurs are not thwarted by their defeats. They look at defeat as
an opportunity for success. They are determined to make all of their endeavors succeed, so
will try and try again until it does. Successful entrepreneurs do not believe that something
cannot be done.
8. Strong people skills. The entrepreneur has strong communication skills to sell the product
and motivate employees. Most successful entrepreneurs know how to motivate their
employees, so the business grows overall. They are very good at highlighting the benefits of
any situation and coaching others to their success.
9. Strong work ethic. The successful entrepreneur will often be the first person to arrive at
the office and the last one to leave. They will come in on their days off to make sure that an
outcome meets their expectations. Their mind is constantly on their work, whether they are
in or out of the workplace.
10. Passion. Passion is the most important trait of the successful entrepreneur. They
genuinely love their work. They are willing to put in those extra hours to make the business
succeed because there is a joy their business gives which goes beyond the money. The
successful entrepreneur will always be reading and researching ways to make the business
better. Successful entrepreneurs want to see what the view is like at the top of the business
mountain. Once they see it, they want to go further. They know how to talk to their employees,
and their businesses soar as a result.

IMPORTANCE OF AN ENTREPRENEUR
The role of entrepreneurship and an entrepreneurial culture in economic and social development has often
been underestimated. Over the years, however, it has become increasingly apparent that entrepreneurship

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does indeed contribute to the economic development. Transforming ideas into economic opportunities is the
crux of entrepreneurship. History shows that economic progress has been significantly advanced by pragmatic
people who are entrepreneurial and innovative, able to exploit opportunities and willing to take risks.
Entrepreneurs produce solutions that fly in the face of established knowledge, and they always challenge the
status quo. They are risk-takers who pursue opportunities that others may fail to recognize or may even view
as problems or threats. Whatever the definition of entrepreneurship, it is closely associated with change,
creativity, knowledge, innovation, and flexibility-factors that are increasingly important sources of
competitiveness in an increasingly globalized world economy. Thus, fostering entrepreneurship means
promoting the competitiveness of businesses. Its importance can be expressed in the form mentioned below:
1) Provides employment to the people. People often hold a view that all those who do not get employed
anywhere jump into entrepreneurship, but in reality, now a days most of the business are set by those who
have other options available with them. 2) Contributes towards research and development system. Almost
2/3rd of all innovations is due to the entrepreneurs. Without the boom of inventions, the world would have
been a much dry place to live in. Inventions provide an easier way of getting things done through better and
standardized technology. 3) Creates wealth for the nation and for the individuals as well. All individuals who
search business opportunities usually, create wealth by entering entrepreneurship. The wealth created by
them plays a significant role in the development of the nation. The entrepreneurs contribute to the economy,
in the form of products, and services Their ideas, thoughts, and inventions are also of a great help to the
nation.

FUNCTIONS OF AN ENTREPRENEUR

An entrepreneur frequently has to wear many hats. He has to perceive opportunity, plan,
organize resources, and oversee production, marketing, and liaison with officials. Most
importantly he has to innovate and bear risk. The main functions of an entrepreneur are
grouped in three categories:
1. Risk bearing functions,
2. Administrative and decision-making functions, and
3. Distributive functions (responsibility of the organizer).

1. Risk Bearing Function

It is the most important and specific function of an entrepreneur. Every business involves
some amount of risk. The production of goods and services is always related to future
demands. The future demand is uncertain and unpredictable because it is influenced by the
changes in fashion or taste and liking of the consumers. The price structure, value of money,
climatic conditions and government policies are some other important factors that affect the
demand of a commodity. All these factors are variable and as such an exact estimation of
future demand is a difficult exercise to work out. Since this unpredictable task is undertaken
by the entrepreneur; he has to bear the risk. If his estimations prove to be wrong, then in the
entire business sphere, no other factor of production shares the loss incurred by the
entrepreneur. It is the main reason why the entrepreneur becomes entitled for the surplus
that is remaining with him from the sale proceeds of the product, after distributing the shares
to other factors. This surplus is termed as profit of the business.

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 2. Administrative and Decision-Making Functions
a. Conceiving the Idea of Business
The entrepreneur conceives the idea of a business which suits their nature, skill and
resources. They make a thorough (intensive and extensive) study of the condition of market
and business prospects. After making a thorough study of economic viability, they decide the
business that they must start.
b. Estimation of Details of Business and Implementation of the Same
After arriving at a conclusion about the nature of business, the entrepreneur works out the
details of business, i.e., what, how and when to produce and from where the resources are
to be arranged. With FUNCTIONS OF AN ENTREPRENEUR all these estimations, they
make an all-out effort to give a practical shape to his plans, organizes various factors of
production and sets them to function in proper harmony.
c. Supervision and Control of Business Activities
The entrepreneur must supervise and control the day-to-day business activities to accomplish
the business objectives. For this they properly coordinate between various factors of
production. As the risk (success or failure) of business operations directly affect the economy,
they keep a vision and control on the business affairs and avoids unnecessary expenditures.
They are required to take a numerous decision and has to get these decisions properly
implemented.
d. Innovation
Innovation is one of the most important functions of an entrepreneur. An entrepreneur uses
information, knowledge, and intuition to come up with new products, new methods of reducing
costs of a product, improvement in design or function of a product, discovering new markets
or new ways of organization of industry. Through innovation, an entrepreneur converts a
material into a resource or combines existing resources into new and more productive
configurations. It is the creativity of an entrepreneur that results in invention (creation of new
knowledge) and innovation (application of knowledge to create the new products, services,
or processes).

3. Distributive Functions
The entrepreneur organizes different factors of production and sets them to work. It,
therefore, becomes his responsibility to make proper allocation of funds for each factor of
production, i.e., each factor of production must be properly remunerated. The remuneration
here refers to an important decision as to what should be the share of each factor of
production in the sale proceeds of the entire product. The remuneration should be just and
equitable and the payment to each factor should be commensurate, so that each factor is
fully satisfied. If the factors of production remain dissatisfied, they will not be able to deliver
their best to the entrepreneur. So, it is the entrepreneur, who has to ultimately suffer. Hence,
it is very essential for the entrepreneur to perform distributive functions with extreme care
and caution.

Lesson 2: Relevance of Entrepreneurship to SHS Students

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 ❖ Importance of Entrepreneurship (www.reference.com)
Entrepreneurship generates new wealth in an economy.
2. Entrepreneurship decreases poverty.
3. It creates opportunities, ensures social justice, instills confidence and stimulates the
economy.
4. Entrepreneurship improves productivity.
5. Entrepreneurs create jobs.
6. Entrepreneurs innovate.
7. Entrepreneurs create innovation and social change.
8. Entrepreneurs give to society.

❖ Relevance of Entrepreneurship to SHS Students

(www.europeanentrepreneurship.com)

1. To prepare students for livelihood even before college.

2. Entrepreneurship education aids students from all socioeconomic backgrounds to
think outside the box and nurture unconventional talents and skills.
3. Entrepreneurship develops their initiative and helps them to be more creative and
self-confident in whatever they undertake and to act in a socially responsible way.
4. It exposes students to numerous opportunities to learn how to think critically and
analyze the pieces on the board.
5. Being aware of all the important factors and seeing how they affect each other is
the foundation of a smart decision-making process.
6. Students have to be exposed to real-world examples and learn from their own
experience.
7. Entrepreneurship education requires students to be innovative, creative and
collaborative with others.
8. Entrepreneurship education provides budding entrepreneurs with the skills and
knowledge to come up with business ideas and develop their own ventures.
Lesson 3: Explore job opportunities for entrepreneurship as a career.
(www.ideasforleaders.com)
❖ There are three levels of competencies, which all entrepreneurs need:
1. Personal competencies – These are your abilities to ground yourself so that you are
secure and self-assured in whatever situation you may find yourself (www.free-
management-ebooks.com).
Ex. creativity, determination, integrity, self-criticism.
2. Interpersonal competencies – These are your ability to lead, influence, communicate,
supervise, negotiate, and control people at all levels. It is the ability to get along with
people and motivate people to perform jobs. Entrepreneurs must effectively manage
people (baseread.com).
Ex. communication, engagement, delegation
3. Business competencies – These are set of particular abilities and knowledge that sets
a company apart from its competitors (yourbusiness.azcentral.com). It also refers to the
key characteristics that successful entrepreneurs should have in order to be successful
(www.mustangbols.com).
Ex. business vision, financial management, networking

❖ Core vs. Common Competencies in Entrepreneurship

→ Competencies in entrepreneurship play a leading role in making entrepreneurs successful
(baseread.com).
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 → Entrepreneurial competencies facilitate opportunity recognition, help adapt rapidly to
changes, enhances business performance, strengthen the firm‟s competitive position and stir
the achievement of organizational success. It is the sum total of the personality, skills and
knowledge that the entrepreneur possesses, which are necessary to effectively perform their
functions and responsibilities (Edralin, D. M., 2016).
→ Competence is an underlying personal characteristic which leads to superior performance.
It is a combination of knowledge, skills, attitudes, and motives (baseread.com).
→ Core competence is the foundation for sharpening a company's competitive edge and it
guides brand reputation, business growth, and marketing strategy
(www.thebalancesmb.com).
→ Common competence is one that describes the knowledge, skills and abilities found in most
or all position (www.ifpm.nifc.gov).

Examples of Core and Common Competencies in Entrepreneurship

→ Job Opportunities for Entrepreneurship as a Career

➢ If you‟re an aspiring entrepreneur, there are different career paths you can take to turn
your dream into a reality. Which path you choose will depend on your experience,
skills, finances, and flexibility, as well as your goals for the future (Doyle, A., 2020).
➢ Career opportunities you might pursue according to Michalowicz (2011) as cited by
Edralin, D. M., 2016):

→ Reasons why many would like to become an entrepreneur (www.scu.edu):

1. Achievement, Challenge, & Learning
2. Independence & Autonomy – you can set your own goals, pick their own partners, and
face the consequences of your decisions.
3. Income Security and Financial Success
4. Recognition and Status
5. Family
6. Dissatisfaction with Current Work Arrangements
7. Community and Social Motivation

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Note: Most would-be entrepreneurs, however, remain self-employed, preferring to be the
boss.
❖ Commonly, competencies such as risk seeking, assertiveness and vision are
considered typical of a successful entrepreneur.
Entrepreneurial behavior can be learned and developed.
Personal competencies – This are your abilities to ground yourself so that you are
secure and self-assured in whatever situation you may find yourself.
Interpersonal competencies - It is the ability to lead, influence, communicate,
supervise, negotiate, and control people at all levels. It is the ability to get along with
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 people and motivate people to perform jobs. Entrepreneurs must effectively manage
people.
Business competencies - is a set of particular abilities and knowledge that sets a
company apart from its competitors. It also refers to the key characteristics that successful
entrepreneurs should have in order to be successful.
Entrepreneurial competencies refers to the sum total of the personality, skills and
knowledge that the entrepreneur possesses, which are necessary to effectively perform
their functions and responsibilities (Edralin, D. M., 2016)

III. Learning Tasks

➢ Learning Task No.1
Instructions:
Definition of Terms: To fully understand this module, please read carefully the
definitions in column A and match it with the word/phrase in column B. Write your
answer in a yellow/bond paper.

➢ Learning Task 2
2.1 Instructions:
Read the selection and try to answer the questions there after.

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Questions:
1. What were the challenges faced by Mr. Lucio Tan?
2. What are some of his achievements?
3. What made Mr. Lucio Tan successful?
4. If you were Mr. Tan, do you think you will be able to hurdle all the challenges he had in the field of
entrepreneurship during his younger years? Why?
(Rubric: 15 pts. Reflective Thinking (5-1pt.);Analysis (5-1 pt.); Making Connections (5-1pt.)

2.2 Multiple Choice: Read and answer each statement carefully then write the letter of the
best answer on a separate sheet of paper.
1. Who acts as a coordinating agent in a capitalist economy?
A. Manager B. Finance Officer C. Entrepreneur D. Broker

2. Which of the following is not a definition of Entrepreneurship?

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 A. It creates opportunities, ensures social justice, instills confidence and stimulates the
economy.
B. It is an important part of the economic growth strategies of many local and national
governments around the world.
C. Refers to a person who sets up a business with the aim to make a profit.
D. The act of creating a business or businesses while building and scaling it to generate a
profit.

3. Which of the following is a relevance of Entrepreneurship to SHS Students?

A. It generates new wealth in an economy.
B. It aids students from all socioeconomic backgrounds to think outside the box.
C. It creates opportunities and ensures social justice.
D. It creates job.

4. Which statement is not correct about the status of entrepreneurship in the Philippines?
A. The number of business establishments formed every year would generally show an
increasing trend.
B. N-entrepreneurs are people who can secure resources such as technology and
information to gain distinct, sustainable, competitive advantages.
C. In 2005, the top 50 Philippine corporations in terms of sales could be broken down into
25 private domestic firms, 20 foreign firms, and 5 government-owned and/or controlled
corporations.
D. The 22 companies could be identified with 11 families and individuals, mostly Filipinos of
Chinese ethnic background.

5. Which of the following words is not associated with entrepreneur?

A. innovative B. impulsive C. collaborative D. Creative

➢ Learning Task 3
Instructions:
3.1 Identification. Read and analyze the statements below and identify whether it
requires a common competency or core competency. Write A if it is a common
competency and B if it is a core competency. Write your answer in a yellow/bond
paper.

_________1. Writing business correspondence.

_________2. Preparing income statement
_________3. Designing for packaging and labelling.
_________4. Relating with staff and co-workers.
_________5. Managing quality customer service.
_________6. Giving solution to a problem.
_________7. Coordinating with channel of distribution.
_________8. Negotiating with suppliers.
_________9. Adopting to work environment.
_________10. Able to operate computer system and applications.

IV. Reflection
Instructions: Complete the statement:

I have learned that __________________________________________________________

_________________________________________________________________________
_________________________________________________________________________
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 V. References
Websites
Batalla, V. (2011). Entrepreneurship and Philippine Development. Retrieved from: https//www.academia.edu/26552052/Entrepreneurship_and
Philippine_ Development
Hayes, A. (2020). Entrepreneur Retrieved from: https://www.investopedia. com/terms/e/entrepreneur.asp
Entrepreneurship: Characteristics, Importance, Types, and Functions of Entrepreneurship, Retrieved from: https://www.yourarticlelibrary. com/
What Is the Importance of Entrepreneurship? Retrieved from: https://www.reference.com/business-finance/importance- entrepreneurship-
a80aee8f21d6b6c1
Why We Need to Study and Learn Entrepreneurship? Retrieved from: https://www.europeanentrepreneurship.com/need-study-learnentrepreneurship-
education/
Doyle, A. (2020). The Best Jobs for Aspiring Entrepreneurs. Retrieved from: https://www.thebalancecareers.com/best-jobs-for-aspiring-
entrepreneurs4160409

Shukla, A. (2009). Top 7 Personal Competencies of an Entrepreneur. Retrieved from: https://www.paggu.com/entrepreneurship/top-7-personal-

competenciesof-an-entrepreneur/
Tarver, E. (2019). Interpersonal Skills. Retrieved from: https://www.investopedia.com/terms/i/interpersonal-skills.asp
Personal Entrepreneurial Competencies (PECS). Retrieved from: https://www.mustangbols.com/animation-2d/pecs
Three competencies every entrepreneur should develop. Retrieved from: https://www.ideasforleaders.com/ideas/three-competencies-everyentrepreneur-
should-develop
Definition of terms. Retrieved from: https://www.merriamwebster.com/dictionary
Personal Competencies Dictionary. Retrieved from: https://udayton.edu/ hr/_resources/documents/CompetencyDictionary.pdf
Emotional Intelligence and Personal Competence. Retrieved from: www. freemanagement-ebooks.com/faqpp/understanding-07.htm
What Is the Definition of Interpersonal Competence? Retrieved from: https://www.reference.com/world-view/definition-interpersonal-
competencef91084426191b7ca
Examples of Business Competency. Retrieved from: https://yourbusiness.azcentral.com/examples-business-competency9072.html
What Entrepreneurship is: Competencies and Development. Retrieved from: https://baseread.com/what-entrepreneurship-is-competencies-
anddevelopment/
The 3 core competencies entrepreneurs must master to succeed. Retrieved from: https://www.bizjournals.com/bizjournals/how-
to/growthstrategies/2017/04/the-3-core-competencies-entrepreneurs-must-master.html
The Definition of Core Competency in Relation to Business. Retrieved from : https://www.thebalancesmb.com/core-competency-in-business-2948314
Competency Descriptors. Retrieved from: https:// www.ifpm.nifc.gov/ standard/standard/Common_ Competencies.pdf
15. Careers in Entrepreneurship. Retrieved from: http://www.excite.com/education/business/ entrepreneurship/careers
16. 50 Best Small Scale Cottage Industry Business ideas for 2020. Retrieved from: https://www.profitableventure.com/cottage-industry-business-ideas/

17. Reasons People Become Entrepreneurs. Retrieved from: https://www.scu.edu/illuminate/thought-leaders/drew-starbird/7-reasonspeople-become-

entrepreneurs.html

Compiled by:
Name of Teacher Lenie Santos Pasigna
Designation Teacher 2
Name of School Mactan National High School- Senior High
Name of Division DepED-Division of Lapu-Lapu City

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