ENTREPRENEUR

SHIP
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Common and Core Competencies
in Entrepreneurship
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Objectives:

◉ Explain the key concept of common and core

competencies in Entrepreneurship; and
◉ Delineate Clearly between Entrepreneurship
and Employment.

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 Common traits that
entrepreneurs should have

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1. Proactive
◉Entrepreneurs are reactive rather than
passive. They address issues, problems,
and challenges before they come rather
than when they already happened.

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2. Agents of change
◉They see opportunities in hopeless and
complex situations. They are always
enthused to improve and develop new
products and services and introduce them
to the market.

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3. Risk Takers
◉Entrepreneurs do not just grab
opportunities left and right; they have
to take into consideration the potential
various threats they may encounter.

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4. Have a sharp eye for opportunities
◉Entrepreneurs have a talent for
recognizing an opportunity even by using
the macro-level data only. They know how
to assess the net cause and effect of an
opportunity and decide intelligently if a
venture should be considered or not.

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5. Sociable
◉Soft skills are one of the most important
competencies of entrepreneurs as these
establish the relationship establish the
relationship with the most important
assets of the company- its people and its
customers.

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5. Networkers
◉A networker knows the key people to
connect with. Successful entrepreneurs
gain trust of their valuable network and
maintain a long-lasting relationship with
them.

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5. Decisive
◉ Entrepreneurs always have a decision about their
business. They do not settle for gray areas or unclear
solutions. They do not leave an issue unsolved without
a disposition. They make sure that all aspects of their
business have a clear objectives and strategies. Last,
they based their decisions on scientific calculations
backed up by their experience and technical
knowledge.

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6. Balanced
◉ The minds of entrepreneurs should have a
balance between the analytical and the creative
side. Their brains are always playing with unique
ideas that no one has ever thought of yet.
Entrepreneurs always have eureka moments and
enjoy them.

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7. Innovative
◉ The minds of entrepreneurs are rich with big
ideas that can add value to their existing
business and become a game changer in the
industry or business where they belong. They do
not stop improving and thinking of new and
worthwhile ideas for their business.

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 Core traits that
entrepreneurs should
develop in managing
business
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 ◉ Successful entrepreneurs always have the heart
leaders of a leader.

◉ Entrepreneurs know to use all forms of communication to

communicators effectively share ideas and address certain concerns with their
customers or employees.

◉ Entrepreneurs are experts in their chosen business. They are

specialist tactical and are very keen with details

◉ Entrepreneurs possess critical thinking and look at problem

problem solvers as challenges or puzzles that they to solve.

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Entrepreneurship or
Employment

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Important career factors Entrepreneurs Employees

- Income generated - Income generated

passively even when the actively (no work, no pay)
entrepreneurs is resting - Income usually fixed per
- Opportunity income month and increases
1. INCOME unlimited, depending on every employer and the
the success of the employee’s performance
business - Income earned whether
- Income only earned when the business is successful
the business is successful or unsuccessful

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Important career factors Entrepreneurs Employees

- Seeks for a job; is the one

- Provides jobs; is the owner of the
applying for a job and is
business and conducts the talent
interviewed by the company’s
selection
hiring officers
- Fully responsible for serving
- Has the goal of satisfying
customers, making the business
2. Hiring and firing, profitable/ sustainable, and
only the employer or the
organizational direct supervisor
providing employee satisfaction
- Fully dependent on the
setup, and major - Has the power to disengage
employer’s performance; is at
nonperforming employees
key result areas applying the due process policy
risk of losing his or her not
perform well; may find below
of disengaging personnel
par employer if this is their
- Can venture into expansion of
only source of income
business such as franchising and
- Can only work for the current
buying other similar businesses
employer exclusively

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Important career factors Entrepreneurs Employees

- Performs all necessary - Has routine tasks and

variable tasks to establish
and manage a startup
3. Daily tasks business
- Prepares policies,
procedures, and memoranda
for the business
works on regular or
normal hours
- Follows policies,
procedures and
memoranda form the
employer

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Important career factors Entrepreneurs Employees

- Has a limited number

4. Leisure time and - Has a flexible schedule of vacations days
and can take unlimited
Vacations number of vacation days
imposed by the
employer

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Important career factors Entrepreneurs Employees

- Taxed on the gross

income; cannot use
- Taxed on the net income; expenses incurred
can claim taxable income related to the job such
5. Taxation deductions for allowable as food and
expenses incurred by the transportation
business expenses to claim for
deductions from
taxable income

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Important career factors Entrepreneurs Employees

- Is comfortable in doing
multiple and challenging
tasks and takes - May be comfortable
6. Comfort accountability with the risks with routines and
and profits of the business; minimal risks; may also
level at does not want to be be comfortable in
work confirmed in a box; thinks
outside the box or
working for the
company itself
sometimes thinks there is no
box

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 References

◉ Outcome-based learning module in Entrepreneurship

◉ Entrepreneurship by Dr. Eduardo A. Morato, Jr.

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