However, any skill can

be enhanced if you
have the will to acquire
new learnings.
This “new normal” brings
out the worst and best in
us and we cannot predict
what the future holds.
Thus, being creative and
innovative is significant to get
along with the 21st century and
studying Entrepreneurship is an
excellent foundation in developing
these skills.
Let’s share some of your
experience on any business
venture
Are you familiar
with the story of
the “Turtle and
Rabbit”?
What is the moral of the story?
What have you realized after
watching the story?
In the story, it is worthwhile
to take it from the turtle’s
technique
The term entrepreneur was
derived from “entreprendre”,
a French word which means
“to undertake” (Aduana,
2016). Entrepreneurs are
innovative opportunity
seekers.
They create value by
introducing new products or
services or finding better ways
of making them. They are not
the same with ordinary
businessmen whose major goal
is to gain profit by producing,
buying, and selling of products.
On the other hand, the term
entrepreneurship is an art of observing
correct practices in managing and
operating a self-owned wealth creating
business enterprise by providing goods
and services that are valuable to the
customers (Aduana, 2016).
Why do we need to
study
Entrepreneurship?
Five Salient Features of Entrepreneurship
1. Art of Correct Practices
Entrepreneurship is an art and not a science
thus, there is a constant change; it
continuously grows, develops, improves and
expands. As an art, it is closely related to
creativity that contributes to the enhancement
of the enterprise. Entrepreneurship education
teaches how failure makes people more
creative and innovative.
The current situation we are in
gave birth to many opportunities.
Food businesses that used to be
for dine-in purposes only evolved
into food service deliveries and
DIY (Do IT Yourself) food kits to
name a few.
2. Wealth creating venture
How are you going to define wealth?
Although profit is a good indication of
wealth, improving the life of an
entrepreneur in terms of economic,
financial, social, moral and
psychological aspects are also priceless
outcomes of entrepreneurship.
Conscious Canvas PH creates lovely and
well-crafted tote bags that are ideal for
everyday use made by persons with
disabilities (PWDs). What is commendable
with this business venture is that 10% of
its profits goes to para-athletes. More
than the profit it brings about, loyalty of
its workers and admiration from other
people in the community is the real return
of investment of this venture.
3. Providing values to customers
Products and services are
considered valuable when they
satisfy the needs and wants of the
customers. It also gives the buyers
reason to purchase your product
over and over again and even refer
it to others.
Adding armrests on the chairs of the
wooden dining sets will result to
additional materials and time spent
on making a product thus increasing
the cost of production. If a customer
does not find this necessary, this
product modification will not bring
any benefit to the entrepreneur
4. Opening and managing self-owned
business
Businesses which are managed by other
people for the benefit of the owner falls
under intrapreneurship. Entrepreneurship is
different from intrapreneurship. The concept
of entrepreneurial endeavor may range from
a small sari-sari store up to multimillion
companies as long as the business is managed
by the owner himself.
A cakeshop manager who works for
the store owner and receives a
monthly salary cannot be considered
an entrepreneur despite that she is
handling a business. All profits go to
the owner (who just wait for the
remittance of the sales) himself and
the manager is merely an employee.
5. Risk taking venture
Risk is a part of any entrepreneurial
endeavor. A good entrepreneur does
not avoid risks, rather face them by
analyzing the risks and good decision-
making skills for the survival of the
venture.
The pandemic caused many business
establishments to cease operations
and this had a huge impact on the
sales of business ventures. Some
entrepreneurs resort to online
selling of their products as to not
fully stop their ventures and have
an alternative way of gaining profit
during this situation.
Entrepreneurship affects
the lives of the Filipinos,
the local community, and
the Philippine economy in
one way or another.
As shown in the diagram, the first to
benefit from entrepreneurship are the
Filipino entrepreneurs or the people who
are directly involved with the venture.
These benefits will then be extended to
the local community where the
entrepreneur performs his business. The
benefits the community received will
transcend to the national economy which in
turn will be given back to the Filipinos and
the community.
According to Aduana (2016), entrepreneurship makes the
following contributions to the lives of the Filipinos, the
local community and the Philippine economy:
Read and analyze the given example.
Mr. Juan Dela Cruz, a resident of Bagac, Bataan saw
opportunity to sell cashew products due to the great
amount of cashew produced in their municipality. He
started to sell homemade products online and when the
business grew, he decided to put up a physical store for his
products.
He applied for a barangay business certificate and Mayor’s
Permit and registered his business name to DTI. He also
processed, paid, and complied with all the documentary
requirements and fees in opening a business with BIR.
Since the business grew, he bought equipment
and materials to make the production more
efficient from a local supplier. He also hired two
workers from their barangay to have his store
fixed to be ready for operations. He also closed a
deal with local cashew farmers in their
municipality for the raw materials for his
products. He also hired employees for his
business: two for the production of the products
and one saleslady who will take care of the sales
in his store.
At the end of the year, he had earned a good profit enough for him to purchase
a house and lot, but he did not forget to pay the annual income tax to BIR.

 Mr. Dela Cruz, as the entrepreneur was enriched with properties (house and lot)
because of his business venture.

 The local cashew farmers alongside the employees had a living for supplying
raw materials and working with Mr. Dela Cruz respectively. The local equipment
supplier and the workers hired for fixing the store also had income.

 The local government collected local taxes from Mr. Delacruz while the
national government, through BIR, collected an annual income tax. The taxes
accumulated by both local and national government will be utilized for public
services such as healthcare, education, security, road constructions and the like.
Now, back to the story you’ve read, let us discuss
significant factors for the success of an
entrepreneur. Personal Entrepreneurial
Competencies refer to the important characteristics
that should be possessed by an individual in order to
perform entrepreneurial functions effectively.
So, what are these Personal Entrepreneurial
Competencies or PEC’s? Let us explore together and
have a peek on success stories of some known
entrepreneurs.
Important Skills of an Entrepreneur
Career paths:
After undergoing this course and you
feel like not starting your own
business yet, all your learnings and
skills acquired will not go to waste.
These job opportunities need people
like you and may be good leadership
training grounds if ever you decide to
go on your own. (American Express)
1. Mid-level management
Be in-charge of the execution of business ideas in big
companies.
2. Business consultant

Identify and fix problems for both aspiring and young

entrepreneurs
3. Sales

Representing a firm, handling accounts, and visiting

clients in the field are some of the tasks for this job.
4. Research and development

Solving problems by working in a R&D firm should be

armed with an understanding of the what’s and
how’s of the business
5. Not-for-profit fundraiser

Raising funds for various groups or organizations for

different causes is comparable to accomplishing a
business task and creating a good communication
network.
6. Teacher
One may impart knowledge to the young generation by integrating the
importance of entrepreneurship while teaching other subjects. For
example, learning the importance of Math in business, reviewing history as
basis of innovation and enhancing language skills to improve marketing
strategies.
7. Recruiter

Work at Human Resources (HR) department as someone who has

knowledge in management, leadership, and other significant
characteristics in selecting people who will be joining a company.
8. Business reporter

Having an understanding about the field will give one an advantage in

writing articles or being in a broadcast team to make a business section or
program more knowledgeable and interesting.
 Assessment:

1. Explain the importance of entrepreneurial activities to social development

and economic progress
2. What are the entrepreneurial activities that you know and capable of doing
which are related to the strand you are enrolled in?
3. Given the opportunity to own a business that is related to your strand, would
you be confident in managing it? Explain your answer.
4. What do you think are the most important competencies you must possess in
order to be successful in running your chosen business?
5. Name successful entrepreneurs from your area whose business is related to
your current strand. Be able to identify their PEC’s that made them successful.