GROUP 2

The Entrepreneurial Mind

BSCpE 2A- Night

Cu, John Paul

Hubahib, John Bonie P.
Mondigo, Carl Patrick
Tepora, Jessa Mae R.
Vibar, Alixa Venice N.
 TOPICS:

• ENTREPRENEURIAL CHARACTERISTICS
AND COMPETENCIES
• TYPES OF ENTREPRENEURS
• SOCIAL AND ETHICAL RESPONSIBILITIES
AND CHALLENGES OF ENTREPRENEURS
ENTREPRENEURIAL
CHARACTERISTICS
 CURIOSITY

An entrepreneur's
ability to remain
curious allows them to
continuously seek new
opportunities.
WILLINGNESS TO EXPERIMENT

Entrepreneurs require an
understanding of
structured
experimentation, such as
design thinking.
 ADAPTABILITY

Entrepreneurship is an iterative
process, and new challenges
and opportunities present
themselves at every turn. It’s
nearly impossible to be
prepared for every scenario, but
successful business leaders
must be adaptable.
 DECISIVENESS

An entrepreneur has to make

difficult decisions and stand by
them. As a leader, they’re
responsible for guiding the
trajectory of their business,
including every aspect from
funding and strategy to
resource allocation.
 SELF-AWARENESS

A great entrepreneur is aware

of their strengths and
weaknesses. Rather than letting
shortcomings hold them back,
they build well-rounded teams
that complement their abilities.
 RISK TOLERANCE

Entrepreneurship is often
associated with risk. While it’s
true that launching a venture
requires an entrepreneur to take
risks, they also need to take
steps to minimize it
COMFORT WITH FAILURE

In addition to risk-management and

calculated decision-making,
entrepreneurship requires a certain level of
comfort with failure.
 PERSISTENCE

Part of what makes an entrepreneur

successful is their willingness to learn
from mistakes, ask questions, and
persist until they reach their goal.
 INNOVATIVE THINKING

Innovation often goes hand-in-hand with

entrepreneurship. While innovation in business can
be defined as an idea that’s both novel and useful,
it doesn’t always involve creating an entirely new
product or service.
 LONG-TERM FOCUS

Entrepreneurship is a long-term endeavor,

and entrepreneurs must focus on the process
from beginning to end to ensure long-term
success.
ENTREPRENEURIAL
COMPETENCIES
 Entrepreneurial Competencies can be defined as
underlying characteristics such as generic and
specific knowledge, motives, traits, self-images,
social roles, and skills that result in venture birth,
survival, and growth.
 PERSONAL
ENTREPRENEURIAL
COMPETENCIES
-it is the personal characteristics of an individual who
possesses to perform the task effectively and
efficiently
• Initiative
• Sees and acts on opportunities
• Persistence
• Information Seeking
• Concern for High Quality of work
• Commitment to work contract
• Efficiency Orientation
• Systematic Planning
• Problem Solving
• Self-Confidence
• Use of Influence Strategies
• Concern for employee welfare
 VENTURE INITIATION AND
SUCCESS COMPETENCIES
• Competency to understand the nature of business
• Competency to determine the potential as an entrepreneur
• Competency to develop a business plan
• Competency to plan the market strategies
• Competency to locate the business
• Competency to manage the business
• Competency to promote business
• Competency to manage the finances
• Competency to protect the business
SOCIAL AND ETHICAL
RESPONSIBILITIES
&
CHALLENGES OF
ENTREPRENEURS
 TYPES OF
ENTREPRENEURS
 INNOVATORS
• Generate entirely new ideas and transform them
into successful businesses.
• Passionate and obsessive about their unique
business concepts.
• Examples include Steve Jobs, Larry Page, and
Bill Gates.
 HUSTLER ENTREPRENEURS
• Rely on hard work and determination, willing to
start small and grow.
• Motivated by dreams, focus on efforts over
raising capital.
• Example: Mark Cuban.
 IMITATORS
• Copy and improve upon existing business ideas.
• Strive for product enhancements to gain a
competitive edge.
• Part innovator, part hustler, with self-confidence.
 BUYER ENTREPRENEURS
• Have financial resources to buy promising
businesses.
• Assess viability, acquire, and find suitable
management to grow the business.
• Less risky, focuses on building upon an
established foundation.
 TECH ENTREPRENEURS
• Entrepreneurs who specialize in technology
based businesses.
• They may develop software, apps or other
technological solutions.
 GREEN ENTREPRENEURS
• Business owners who prioritize environmentally
sustainable practices.
• They may focus on eco friendly products,
renewable energy or other green initiatives.
 FREELANCERS AND SOLO
ENTREPRENEURS
• Individuals who work independently, offering
their skills or services on a freelance basis.
• They may not run traditional businesses but
operate as independent professionals.
 CULTURAL ENTREPRENEURS
• Cultural entrepreneurs focus on creating
businesses related to arts, culture and
entertainment.
• They may include artists, musicians and creators
who monetize their creative endeavors.
SOCIAL RESPONSIBILITIES OF
ENTREPRENEURS
• TOWARDS EMPLOYEES
• TOWARDS CUSTOMERS
• TOWARDS SHAREHOLDERS
• TOWARDS SUPPLIERS AND CREDITORS
• TOWARDS THE PUBLIC IN GENERAL
• TOWARDS GOVERNMENT
 Towards Employees
• Providing fair wages and
salaries.
• Ensuring adequate basic
facilities such as safe
drinking water, electricity,
and hygienic toilets.
 Towards Employees
• Offering skill development
programs.
• Creating a good and safe
working environment.
• Providing retirement
benefits and pension
schemes.
 Towards Customers
• Charging reasonable prices
for products or services.
• Supplying the right quality of
goods in the right quantity.
• Avoiding manipulated or false
advertisements.
• Offering fair guarantees for
products.
 Towards Shareholders
• Ensuring a fair return on
investment.
• Guaranteeing the safety of
invested capital.
• Providing regular and complete
information about the
company's performance.
• Ensuring regular payment of
dividends.
 Towards Suppliers and Creditors
• Maintaining healthy and
cooperative inter-business
relationships.
• Providing accurate and relevant
information to creditors.
• Ensuring timely payment for
materials and borrowed funds.
• Producing original documents for
credit processing.
Towards the Public in General
• Supporting weaker sections of
society.
• Creating job opportunities.
• Contributing to the
improvement of living
standards.
 Towards the Public in General
• Participating in building basic
infrastructure like roads and
sewerage.
• Investing in health and educational
development schemes.
• Making the best use of society's
resources for the welfare of the
community.
 Towards Government
• Paying corporate tax
correctly without
manipulating profit
figures.
• Avoiding corrupt practices
such as offering bribes.
 Towards Government
• Encouraging fair trade
practices.
• Avoiding monopoly practices.
• Contributing to the
improvement of national
income.
 ETHICAL
RESPONSIBILITIES OF
ENTREPRENEURS
 Honesty and Transparency
Provide accurate and honest
information to customers,
investors, employees, and other
stakeholders.
Fair Treatment of Employees
FAIR EMPLOYMENT
PRACTICES:
Ensure fair wages, equal
opportunities, and a safe working
environment for employees.
 Fair Treatment of Employees
RESPECT FOR EMPLOYEE
RIGHTS:
Uphold employee rights, including
the right to organize and the right to
a harassment-free workplace.
 Customer Satisfaction
• QUALITY PRODUCTS AND
SERVICES:
Deliver products and services that meet or
exceed the promised quality.
• FAIR PRICING:
Set reasonable prices and avoid deceptive
pricing strategies.
• CUSTOMER PRIVACY:
Safeguard customer data and respect privacy
rights.
Environmental Responsibility
• SUSTAINABLE PRACTICES:
Adopt environmentally sustainable
practices to minimize the ecological
impact of business operations.
• COMPLIANCE WITH
REGULATIONS:
Adhere to environmental laws and
regulations to ensure responsible resource
usage.
 Supplier Relationships
• FAIR BUSINESS DEALINGS:
Treat suppliers fairly and ethically, ensuring
timely payments and transparent business
transactions.

• Avoiding Exploitation:
Avoid engaging in exploitative practices with
suppliers, particularly in vulnerable
communities.
Community Engagement
• SOCIAL CONTRIBUTIONS:
Contribute positively to the local
community through job creation,
infrastructure development, and support
for local initiatives.
• Community Involvement:
Engage with the community to
understand its needs and concerns.
 Integrity in Business Practices
• AVOIDING BRIBERY AND
CORRUPTION:
Refrain from engaging in bribery, corruption,
or any unethical practices in business
dealings.

• Fair Competition:
Compete fairly in the market, avoiding anti-
competitive behavior.
Financial Responsibility
• ACCURATE FINANCIAL
REPORTING:
Ensure accuracy and transparency in
financial reporting to investors,
regulators, and other stakeholders.
• Avoiding Insider Trading:
Uphold ethical standards by avoiding
insider trading and maintaining fair
market practices.
Ethical Leadership
• SETTING ETHICAL TONE:
Lead by example, establishing a culture
of ethics and integrity within the
organization.
• ADDRESSING ETHICAL
CONCERNS:
Promptly address and rectify any ethical
concerns or misconduct within the
business.
 SOCIAL & ETHICAL
CHALLENGES FACED
BY ENTREPRENEURS
 SOCIAL RESPONSIBILITY
CHALLENGES
• Balancing the diverse
expectations and needs of
various stakeholders.
• Meeting societal
expectations in terms of
job creation, infrastructure
development, and
contributions to economic
development.
• Addressing challenges
related to the image
building of the business in
society.
• Coping with the two-way
activities of Corporate
Social Responsibility
(CSR) and ensuring
mutual cooperation with
the business firm.
 ETHICAL RESPONSIBILITY
CHALLENGES
• Aligning job values with
the rest of an individual's
life for happiness and
health.
• Overcoming challenges
arising from the
relationship of business to
the broader society.
• Managing moral and social
considerations to remain
motivating factors for
entrepreneurs.
• Handling potential issues
when organizations fail to
meet social expectations,
risking their image, market
share, and existence.
 In conclusion, entrepreneurs face the responsibility of
balancing ethical considerations and social commitments,
overcoming challenges to maintain a positive impact on
society while navigating the complexities of the business
environment. It is crucial for entrepreneurs to understand the
interconnectedness of their ethical and social responsibilities
for long-term success and societal well-being.
 REFERENCES:
• https://www.simplynotes.in/e-notes/mbabba/entrepreneurship-development/
entrepreneurial-competency/?
fbclid=IwAR3Fix_bWMvDOBV9BYsWiAHsZFPm8QsuwKOXAWb3S_3GWEVHkW15
8w5Wbl8
• https://online.hbs.edu/blog/post/characteristics-of-successful-entrepreneurs?
fbclid=IwAR16Rz2sisXLtboA8rg8-QlDWOBcN-bBVK_hcvtHTdf6s4hRES4n8lcIEuY
• https://lonelyentrepreneur.com/types-of-entrepreneurs/
• https://www.studocu.com/ph/document/sti-college/entrepreneurship/the-ethical-and-social-
responsibilities-of-the-entrepreneur/28987246
• https://ijrat.org/downloads/Conference_Proceedings/EESD-19/paper-37.pdf
THANK
YOU!