The Practice of

Entrepreneurship
 Objectives
The learners shall be able to:
Background of Theoretical Scope and
the Study Framework Delimitation Combine the two views of entrepreneurship for new ventures;

Relate the start of entrepreneurship in the Philippines;

Develop the skills important in entrepreneurship;

Statement of Conceptual Definition of
the Problem Framework Terms Express the truths about entrepreneurship;

Distinguish each type of entrepreneurship;

Adapt entrepreneurship as a method;

Objectives Hypothesis
Contrast between managerial and entrepreneurial thinking; and,

Justify deliberate practice of entrepreneurship.

 Why do we need to practice
Background of
the Study
Theoretical
Framework
Scope and
Delimitation
Entrepreneurship?
It helps us to become
Statement of
the Problem
Conceptual
Framework
Definition of
Terms
independent and channel
our creativity into creating
Hypothesis
something in our own
Objectives
competitive world.
Background of Theoretical Scope and
Background of the
the Study Framework Delimitation
Study
Statement of Conceptual Definition of
the Problem Framework Terms
Traditionally, entrepreneurship has been related
with launching new businesses. Today, however, a lot of
people and organizations has considered entrepreneurship as
Hypothesis
Objectives an important life skill that is beyond just starting a venture.
Background of Theoretical Scope and
Entrepreneurship Views
the Study Framework Delimitation

There are two ways of thinking about entrepreneurship,

Statement of Conceptual Definition of
the Problem Framework Terms

• Older view known as Predictive approach

• Recent/ newer view known as Creation approach

Objectives Hypothesis
 The Start of Entrepreneurship in the Philippines

Background of Theoretical Scope and

the Study Framework Delimitation

Known as a developing country, the Philippines is always

challenged by high poverty rate compared against countries in
Asia. Although the country has a growing average of 6% economic
Statement of Conceptual Definition of
the Problem Framework Terms growth, still poverty prevalence is beyond 20% of the total
population. Entrepreneurship has become the solution to poverty
through job formation, wealth creation and social empowerment.
For now, the Philippine government sees entrepreneurship as the
Objectives Hypothesis sole means to address the poverty problem. Hence,
entrepreneurial ventures are really being encouraged,
 The Skills Important in Entrepreneurship

Background of Theoretical Scope and

the Study Framework Delimitation
1. The Skill of Play
2. The Skill of Experimentation
Statement of Conceptual Definition of 3. The Skill of Empathy
the Problem Framework Terms
4. The Skill of Creativity
5. The Skill of Reflection
• Narrative
Objectives Hypothesis • Emotional
• Perceptive
• Analytical
• Evaluative
• Critical
 Definition of Terms
Background of Theoretical Scope and
the Study Framework Delimitation

1. Narrative – It is describing what happened in terms of what

took place, what was said and the people involved.
Statement of Conceptual Definition of
2. Emotional – This centers on the feelings and the management
the Problem Framework Terms of these feelings during a certain situation.
3. Perceptive – It focuses on ones insight and feedback as well
as others in additional to how various views
4. Analytical – It is rationalizing about skills and understanding
Hypothesis obtained from an experience
Objectives
5. Evaluate – This concerns on what went well as well as what
went bad or whether the experience was useful or not.
6. Critical – This is considering the role played in situation, the
approach applied, what could still might be done
Background of Theoretical Scope and
the Study Framework Delimitation
The Truths about Entrepreneurship
• Entrepreneurship in Not Solely for Startups
• Entrepreneurs Do Not Have Exceptional Personality Qualities
Statement of
the Problem
Conceptual
Framework
Definition of
Terms
• Entrepreneurship can be Taught Yet Entails Practice
• Entrepreneurs are Not So Much Risk-Takers
• Entrepreneurs Work in Partnership More that They Compete
• Entrepreneurs are More on Doing than Planning
Hypothesis
Objectives • Entrepreneurship is Truly a Life Skill
 Some of these life skills include:
Background of Theoretical Scope and
the Study Framework Delimitation

1. Resilience – being able to deal with setbacks through bouncing back and
refocus after failure.
Statement of Conceptual Definition of 2. Agility – responding speedily and conclusively to adjust to dynamic
the Problem Framework Terms changing environment and situations
3. Negotiating – is about setting boundaries to have a best chance of
success
4. Problem solving – creating solutions from minor to major difficulties.
Objectives Hypothesis
5. Relationship building – involves give and take relationship of the
entrepreneur with a supplier, investor or even his employee.
6. Mindfulness – is the ability to disconnect from the pressure and focus on
being in the moment by techniques such as meditation to be better.
Intrapreneurship

Entrepreneurs Inside

Buying a Franchise

Buying a Small Business

Types of
Social
Entrepreneurship
Entrepreneurship
Family Business

Serial Entrepreneurs
Intrapreneurship Intrapreneurship
Entrepreneurs Inside

Buying a Franchise

Buying a Small Business

Intrapreneurship refers to encouraging people to
Social
discover high-risk, high-reward concepts with the
Entrepreneurship support of a big corporate organization.
Family Business

Serial Entrepreneurs
Intrapreneurship

Entrepreneurs Inside
Entrepreneurs Inside
Buying a Franchise Entrepreneurs inside is almost similar with intrapreneurship. The only
difference between the two is that entrepreneurs function inside any type of
Buying a Small Business organizations such as government agencies, non-profit organizations,
Social religious entities, self-employed and even cooperatives, whether they are
Entrepreneurship big or small. These type of entrepreneurs must be supported by
management. However, often it becomes difficult for these entrepreneurs
Family Business
to practice entrepreneurship due to resistance of management to support
Serial Entrepreneurs novel ideas.
Intrapreneurship
Buying a
Entrepreneurs Inside

Buying a Franchise
Franchise
Buying a Small
A franchise is a type of license bought by an entrepreneur as
Business the franchisee from an existing branded Business (franchisor)
Social so that the may do business under the name of said brand.
Entrepreneurship The license serves as the right to open the business using the
Family Business brand's proven business model and system, its proven pricing,
products and promotional tactics.
Serial Entrepreneurs
Intrapreneurship

Entrepreneurs Inside
Buying a Small
Buying a Franchise Business
Another way to enter the business world is buying a small business. In this
Buying a Small manner, the entrepreneur buys out the existing owner and takes the management
Business
and operations of the small business. This normally involves more upfront cost
Social
and also presents less risk than starting from zero. In buying a small business,
Entrepreneurship the new owner may be able to acquire valuable patents or copyrights, or have the
opportunity to drive an unprotective business in an exciting direction with his
Family Business expertise.

Serial Entrepreneurs
Intrapreneurship

Entrepreneurs Inside
Social Entrepreneurship
Buying a Franchise

Buying a Small
Social entrepreneurship means pursuing innovative applications that have the
Business
likelihood of solving community-based problems. A lot of entrepreneurs are able to
Social make solutions to social problems such as water shortages, education, poverty and
Entrepreneurship global warming. Social entrepreneurs may try to produce environmentally-friendly
products, serve an underserved community, or focus on philanthropic activities.
Family Business

Serial Entrepreneurs
Intrapreneurship

Entrepreneurs Inside
Family
Buying a Franchise Business
Buying a Small
A family business is owned and managed by members of the family that is usually
Business
handed down from generation to generation. Entrepreneurship is practiced with
Social this type of business through the opportunity available for each generation to be
Entrepreneurship innovative in their own way. It is essential for business survival to have an
entrepreneurial program done by each generation. Most family businesses stuck
Family Business to their old ways and are unwilling to embrace changes.

Serial Entrepreneurs
Intrapreneurship
Serial
Entrepreneurs Inside

Buying a Franchise
Entrepreneurs
Buying a Small Business

Social Entrepreneurship A serial entrepreneur is an entrepreneur who constantly crops up

with fresh ideas and starts new businesses. This is different from
Family Business
the classic entrepreneur who only have one idea to start with his
Serial Entrepreneurs venture, then play an important role on its daily operations.
Managerial thinking is usually best to apply during
times of certainty. Managerial thinking uses
information and data as basis for decision-making.
Managerial and
Managerial thinking is used primarily by big and
well-established companies, where goals are Entrepreneurial
planned, problems are transparent and
information is reliable and reachable. Thinking
 Managerial Thinking
Manage and mitigate risk
Safeguard inventions and
insights
Avoid failing
Work within the confines of the Think in terms of possibilities
current environment
Increase the bottom line
Entrepreneurial Thinking
Table 1. Managerial
Evaluate and Embrace Risk
vs Entrepreneurial
Exchange ideas and share
learnings
Thinking
Fail fast and try again
Create value and make a
difference
Entrepreneurship method is both a mindset Entrepreneurship
and a practice. There is a certain type of
practice that makes a novice entrepreneur Requires Deliberate
be an expert serial entrepreneur. Same
thing with other professions. Practice is Practice
usually linked with repetition and of course
experience. Performance cannot be
improved by plainly having experience nor
success could be attributed to genes.
People spending lots of time repeating the
same action will end up to be experts on
said act.
Repetition of a certain practice creates moderate
outcomes. Once a basic competence is achieved
after progressing from constant practice, a person Cont.
becomes expert of a particular field. Any basic
abilities that has been deliberately practiced turn to
be spontaneous already. Said deliberate practice
becomes a discipline, because it has been
mastered. However, deliberate practice needs to be
done every day. Having a milestone today should
not keep anyone from becoming comfortable.
Everyday should be set to be tougher. This is a
reality for anyone who wanted to succeed but much
more for entrepreneurs.
 Entrepreneurship as a Method
A method is a systematic way of doing a task, while a process is a sequence of steps to take to attain something.
Usually, entrepreneurship is considered a process with steps that could lead to a successful business.
AEntrepreneurship as a process
method is a systematic way of focuses
doing a on planning
task, while aand
processmaking
is aforecasts.
sequenceItofissteps
said that when
to take the steps
to attain are followed
something. Usually,
correctly with a good
entrepreneurship business model,
is considered a new
a process venture
with steps shall succeed.
that could leadObviously, this process
to a successful mayEntrepreneurship
business. work for big as a
companies, however
process focuses entrepreneurial
on planning ventures
and making are just
forecasts. It issmall
said ones.
that when the steps are followed correctly with a good
The entrepreneurial
business model,method mainly consists
a new venture of fiveObviously,
shall succeed. effectual principles.
this process Based
mayon thefor
work works of Sarasvathy,
big companies, today,
however
much is said about effectuation theory. Effectuation is
entrepreneurial the ideaare
ventures in entrepreneurship
just small ones. that the future is unpredictable
yet controllable. Sarasvathy believes that the focus of effectual entrepreneurs is to create a future instead of
predicting it. There are five principles behind effectuation, which are:
Cont.
1. Bird in Hand
2. Affordable Loss
3. Crazy Quilt
4. Lemonade
5. Pilot in the Plane
 Components of the Entrepreneurship
Method
• Identify Desired Impact
• Begins with Means at Hand
• Describe the Idea Today
• Estimate Affordable Loss
• Reflect and be Honest
• Take a Small Action
• Network and Enjoin Others in the Journey
• Build and Learn from What Has Been Learned