Lesson 03

THE ENTREPRENEURS

Introduction

Entrepreneurship is the practice of forming a new business or commercial

enterprise, usually in an industry or sector of the economy with a large capacity for
growth. Entrepreneurship is generally synonymous with resourcefulness, ingenuity,
and the ability to take calculated risks in order to introduce a new, untested product
or service into the marketplace. These traits are often referred to collectively as the
“entrepreneurial spirit.” Entrepreneurship is driven by the entrepreneur, a person who
launches and oversees the operations of a new business venture. The entrepreneur
is generally self-employed, self-motivated, and ambitious and is willing to take
chances to meet his or her goals. Unlike the capitalist, a businessperson who
generally limits his or her role to financing commercial ventures, the entrepreneur is
the driving force behind the formation of a new business and asserts a great deal of
control over the key management decisions.

In some cases the entrepreneur invents or develops a new product or service,

which then forms the core of his or her new business. In other cases, however, the
entrepreneur simply discovers a new way to market and sell an existing product or
service. The risks undertaken by the entrepreneur are often considerable. Some
entrepreneurs invest everything they own into their new enterprise, with no
guarantee that the business will succeed. Other times a successful businessman will
risk his reputation on a new idea, the failure of which could potentially jeopardize his
entire career. Because of the high level of risk involved in entrepreneurial
endeavours, the entrepreneur generally hopes to earn a high rate of return in the
venture.

In this lesson, you will learn about the concept of being an entrepreneur and
what are the skills you need in order for you to become a successful entrepreneur.

Learning Objectives

At the end of the lesson, the learners should able to:

 describe the different traits of entrepreneur

 identify the characteristics of entrepreneurs
 describe the different types of entrepreneur
 explain the contribution of entrepreneurs
 discuss insights about the famous Filipino entrepreneurs
 develop the entrepreneurial mind-sets
Lesson Proper

The Entrepreneurs

An entrepreneur has traditionally been defined as “a person who organizes

and manages any enterprise, especially a business, usually with considerable
initiative and risk.” Rather than working as an employee, an entrepreneur runs a
business and assumes all the risk and reward of a given business venture, idea, or
good/service offered for sale. The entrepreneur is commonly viewed as an innovator
—a designer of new ideas and business processes. Entrepreneurs tend to be good
at perceiving new business opportunities. They have a knack for discovering new
possibilities and unmet market needs, and their pro-risk-taking attitude makes
them more likely to exploit the opportunities they find.
 
Entrepreneurs have many of the same character traits as leaders. Similarly to
the early great man theories or leadership; however trait-based theories of
entrepreneurship are increasingly being called into question. Entrepreneurs are
often constructed with managers and administrators who are said to be more
methodical and less prone to risk-taking.

 David McClelland (1961) described entrepreneur as primarily motivated by

an overwhelming need for achievement and strong urge to build.

 Collins and Moore (1970) studied 150 entrepreneurs and concluded that
they are tough, pragmatic people driven by needs of independence and
achievement. They seldom are willing to submit to authority.

 Bird (1992) sees entrepreneurs as mercurial, that is, prone to insights,

brainstorms, deceptions, ingeniousness, and resourcefulness. They are
cunning opportunistic, creative, and unsentimental.

 Cooper, Woo, & Dunkelberg (1989) argue that entrepreneurs exhibit

extreme optimism in their decision making process. In a study of 2994
entrepreneurs they report that 81% indicate their personal odds of success as
greater 70% and a remarkable 33% seeing odds of success of 10 out of 10.

Characteristics of Entrepreneur

Several research studies have been carried out to identify the

characteristics/traits of a true entrepreneur. Although there are no specific,
universally accepted characteristics that have been found to be possessed by all
entrepreneurs, yet there are few traits that most successful entrepreneurs possess.
These include:

 Motivation. Entrepreneurs are passionate, buoyant and highly self-motivated.

They have high energy levels and are always willing to take initiatives. They
always keep thinking about their business and how to increase the market
share, how to improve their existing processes.
  Risk Tolerance. Establishment of any entrepreneurial venture is risky and the
entrepreneur has to assume risk. As risk and rewards are inseparable, in
order to grow, the entrepreneur should have large appetite for assuming risk.

 Vision. One of the major responsibilities of an entrepreneur, as founder and

head of the company, is deciding where the business should go. That requires
a strong vision on the part of an entrepreneur.

 Mental ability and Creativity. The entrepreneur should anticipate changes

and must be able to study the various situations under which decisions have
to be made. Successful entrepreneurs have the creative ability to recognize
and pursue opportunities. They are always on a look out for new ways of
doing things, launching new products, providing new services etc.

 Clear Objectives. An entrepreneur has clarity about the objectives to be

achieved in the business, the nature of goods to be produced and subsidiary
activities to be undertaken. This clarity in objectives helps them to translate
their business idea into reality.

 Good Communication Skills. This basically pertains to communicate

effectively. An entrepreneur who can effectively communicate with customers,
employees, suppliers and creditors will be more likely to succeed than the
entrepreneur who does not.

 Human Skills. The most important personality factors contributing to the

success of any entrepreneur include emotional stability, good inter- personal
relations, consideration and tactfulness. An entrepreneur has to maintain
good relations with his customers so as to encourage them to continue to
patronize his business. He must also maintain good relations with his
employees so as to motivate them to perform their jobs with a high level of
efficiency

Traits of Entrepreneurs

 Ability to plan: Entrepreneurs must be able to develop business plans to

meet goals in a variety of areas, including finance, marketing, production,
sales and personnel.

 Communication skills: Entrepreneurs should be able to explain, discuss, sell

and market their goods or services.

 Marketing skills: Good marketing skills, which result in people wanting to buy
goods or services, are critical to entrepreneurial success.

 Interpersonal skills: The ability to establish and maintain positive

relationships with customers and clients, employees, financial lenders,
investors, lawyers and accountants, among others, is crucial to the success of
the entrepreneur's business venture.
  Basic management skills: Even if entrepreneurs hire others to deal with the
day-to-day tasks of the business, entrepreneurs need to know whether their
company has the correct resources.

 Leadership skills: The ability to develop a vision for the company and to
inspire employees to pursue it is imperative for success.

Categories of Entrepreneurs

No two entrepreneurs are the same. Anyone with the entrepreneurial spirit who is
willing to go out on a limb and assume the risk of starting a new business has unique
reasons and goals for doing so. That said, it is possible to broadly classify
entrepreneurs into one of the following categories: lifestyle entrepreneurs, social
entrepreneurs, and serial entrepreneurs.

The Lifestyle Entrepreneur. A lifestyle entrepreneur develops a business in

order to alter his or her own lifestyle, not for the sole purpose of making
money. In a sense, the entrepreneur’s own life—as opposed to a business per
se—is the venture. Such individuals are focused on leading a fulfilling life and
cultivating a passion for what they are doing. Unlike other entrepreneurs who
develop their businesses for financial rewards, lifestyle entrepreneurs put their
passion before profits and try to integrate their interests into their business. Of
course it may happen that the business itself becomes successful due to the
involvement of someone who is so passionate about what he/she is doing.
Consider, for example, an attorney who puts in eighty hours a week for a
multinational corporation and, for years, has little time for anything besides
work. If this person is a lifestyle entrepreneur, she might decide to leave the
corporate world and establish a small law practice in a rural town, giving her a
more flexible schedule that leaves time for family and other interests.

The Social Entrepreneur. Social entrepreneurs are individuals who act as

agents of change for society. Social entrepreneurs build companies that solve
problems, hire people in need, or both. Celebrity chef Jamie Oliver is a good
example of a social entrepreneur. In 2002 Oliver launched his company,
Fifteen, to give disadvantaged youths (aged 18–24) a means of creating
better futures for themselves by offering culinary training and experience. The
restaurant initiative was named for the fifteen young people who originally
entered apprenticeships under this program. The following information from
Fifteen’s Web site describes some of the accomplishments of this social
entrepreneur.

The Serial Entrepreneur. A serial entrepreneur is one who continually

generates new ideas and starts new businesses, one after the other. In
contrast to an entrepreneur who takes an idea, turns it into a business, and
remains involved in the day-to-day business operations over the long term, a
serial entrepreneur is more interested in the initial creative stages of inventing
and launching an idea. Once the venture is off the ground, he or she may give
the responsibility to someone else and move on to the next thing.
Types of Entrepreneur

There are a number of ways through which Entrepreneurs can be classified.

They can be classified on the basis of the type of business, use of technology,
gender, motivation, organization and many more. But here we will discuss two most
important classification based on prior researches. Clarence Danhof, on the basis of
his study of American agriculture, classified entrepreneurs in the manner that at the
initial stage of economic development entrepreneurs have less initiative and drive
and as economic development proceeds, they become more innovating and
enthusiastic (Gupta and Khanka, 2010). Based on this, he classified entrepreneurs
into four categories:

1. Innovating Entrepreneurs: Prevalent in developed countries, an innovating

entrepreneur is the one who introduces new goods and services, inducts new
methods of production, experiments with new processes, discovers new
market and restructures the enterprise. It is important to note that such
entrepreneurs can work only when certain level of development is already
achieved, and people look forward to change and improvement.

2. Imitative Entrepreneurs: Mostly found in developing/underdeveloped

countries, this class of entrepreneurs is characterized by their readiness to
adopt successful innovations already inaugurated. They enjoy the existing
innovations originated by innovating entrepreneurs, may be in developed
economies. Imitative entrepreneurs do not innovate the changes themselves,
they only imitate techniques and technology innovated by others.

3. Fabian Entrepreneurs: Fabian entrepreneurs are ones who lack the will to
adopt to new methods of productions. They exhibit great vigilance and
apprehensions in experimenting any change in their enterprise. They imitate
only when it becomes perfectly clear that failure to do so would result in a loss
of the relative position of their enterprise. They are sluggish and diffident in
adopting even the successful innovations.

4. Drone Entrepreneurs: Drone entrepreneurs are referred to the ones who

refuse to adopt opportunities to make changes in the existing methods of
production, despite the fact that they are earning extremely reduced returns
compared to other producers, who have adopted new and technologically
advanced methods. Sometimes such entrepreneurs may even suffer losses
but they are not ready to make changes in their existing production methods.
They struggle to exist, not to grow. Thus they are dawdlers as they choose to
continue working in their conventional way and resist changes.
Contributions of an Entrepreneur

1. Develop new markets. Under the modern concept of marketing markets are
people who are willing and able to satisfy their needs. In Economics, this is
called effective demand. Entrepreneurs are resourceful and creative. They
can create customers or buyers. This makes entrepreneurs different from
ordinary businessmen who only perform traditional functions of management
like planning, organization, and coordination.

2. Discover new sources of material. Entrepreneurs are never satisfied with

traditional or existing sources of materials. Due to their innovative nature, they
persist on discovering new sources of materials to improve their enterprises.
In business, those who can develop new sources of materials enjoy a
comparative advantage in terms of supply, cost, and quality.

3. Mobilize Capital Sources. Entrepreneurs are for organizers and coordinators

of the major factors of production, such as labor and capital. They properly
mix these factors of production to create goods and service. Capital
resources, from a layman’s view, refer to money. However, in economics,
capital resources represent machines, buildings, and other physical
productive resources. Entrepreneurs have initiative and self-confidence in
accumulating and mobilizing capital resources for new business or business
expansion.

4. Introduce new technologies, new industries and new products. Aside

from being innovators and reasonable risk-takers, entrepreneurs take
advantage of business opportunities, and transform these into profits. So, they
introduce something new or something different. Such entrepreneurial spirit
has greatly contributed to the modernization of economies.

5. Create Employment. The biggest employer is the private business sector.

Millions of jobs are provided by factories, service industries, agricultural
enterprises, and numerous small-scale businesses.

Famous Filipino Entrepreneurs

According to Chinese philosopher Lao Tzu, “The journey of a thousand miles

begins with a single footstep.”  All growth springs from the beginning. Major historical
changes didn’t occur overnight—they happened in gradual stages, through slow,
protracted movements. The same applies in the world of business. It is said that the
great entrepreneurs are the daring ones, the constantly-changing movers—those
who, despite humble beginnings, persisted with grit, drive and guts, who trusted their
inner voice against doubt, who believed in their vision and strived to be better, and
who decided to take a step, which made all the difference.

Such are the stories of these eight individuals, all of them successful Filipino
entrepreneurs.
1. Socorro Ramos – National Book Store

Socorro Ramos entered the publishing and retail industry by working as a

salesgirl at a bookstore. At the age of 19, she opened National Book Store in Escolta
with her husband with a capital of P200, selling books and school supplies to
students. At that time, Manila was under the control of the Japanese, who imposed
censorship on books and periodicals. To augment their earnings, she and her
husband resorted to selling other items like candles and soaps.

After the post-war boom proved profitable for the company, ushering in bigger
revenues, the Ramoses opened a nine-story building along Avenida. At 95, she still
believes in the time-honored tradition of “hands-on approach” in business. She even
designed the company’s logo herself.

2. Tony Tan Caktiong – Jollibee

Tony Tan Caktiong used to operate an ice cream parlor, before converting it
into a fast food restaurant called Jollibee. With a starting capital of P350,000, the
young Caktiong opened two branches in Cubao and Quiapo, together with friends
who supported his idea.  Caktiong decided to serve hamburgers, fried chicken, and
spaghetti to customers when they started looking beyond the usual ice cream.
Eventually, the business grew, and he had to hire more employees. By knowing the
Filipino market, Jollibee managed to excel as a fast food powerhouse.

3. Edgar Sia – Mang Inasal

Hailing from Iloilo City, Edgar Sia dropped out of college to pursue his own
laundry and photo-developing business at the age of 19. In 2003, 26-year old Sia
decided to open the barbecue fast food restaurant Mang Inasal—Ilonggo for “Mr.
Barbecue.” The first branch was built at a mall parking lot in his home city.
The restaurant took off. When Tony Caktiong heard about Sia’s burgeoning
business, he decided to buy Mang Inasal for a total of P5 billion. Sia eventually put
the sales of Mang Inasal to other investments like banking and healthcare. At 42,
he’s considered the country’s youngest billionaire.

4. Cresida Tueres – Greenwich Pizza

In 1971, Cresida Tueres started Greenwich as a small over-the-counter pizza

store in Greenhills. Tueres had a knack for cooking. Her friends loved the food she
served so much that they decided to buy their own Greenwich franchise. 
Impressed with Tueres’s business acumen and the growth of Greenwich, Jollibee
Foods Corporation obtained a deal in 1994 to acquire 80% of Greenwich’s
shareholding. Since then, the pizza parlor branched out to include other dishes in its
menu. In 1997, Greenwich had a record sale of P1 billion.
5. Milagros, Clarita, and Doris Leelin – Goldilocks

With only two cake displays and ten employees, Milagros, Clarita, and Doris
Leelin started Goldilocks at a 70-sq-m building space in Makati. Sisters Milagros and
Clarita loved baking and decided to pursue their passion into business. With the help
of their sister-in-law Doris, the Leelins opened their first branch.

In 1991, Goldilocks launched its franchising program. As of 2015, the

bakeshop chain had almost 400 stores across the country, with other branches in the
USA, Canada, and Southeast Asia. From a modest capital of P66,000, Goldilocks is
now a multi-million food enterprise with more than 4,000 employees.

6. Joe Magsaysay – Potato Corner

The young Magsaysay left school to bust tables, wash plates, and work on the
cash register at a fast food chain. In a few years, he became a manager, handling
five stores. With his background and skills in store management, Magsaysay’s
friends asked him to handle Potato Corner, of which he was a co-founder. They
pooled their money together and started the food cart business in 1992, offering
franchises left and right. Today, Potato Corner has more than 550 stalls in the
Philippines and around the world.

7. Asiang Reyes – The Aristocrat

In the 1930s, Asiang Reyes started The Aristocrat as a mobile canteen in

Luneta, serving sandwiches filled with adobo and other Filipino viands. Hotdog
trucks were in vogue at that time. Reyes created her own version of merienda for
park-goers. 
Reyes was supposed to name the canteen “Andy” after her eldest son, but changed
it to Aristocrat instead. The canteen prospered, and Reyes and her husband decided
to turn it into a full-time restaurant.

8. Araceli and Jun Manas – Hen Lin

Using the recipes they learned from a Chinese chef and a capital of P30,000,
Araceli and Jun Manas started Hen Lin in 1983. Jun worked for an insurance firm
while his wife Araceli worked in a bank. The couple had to learn the intricacies of the
business themselves. At night, they practiced making siomai or dumplings. The
Manas couple opened the first Hen Lin store in SM Makati, which was well received
for its delicious dim sum offerings. 30 years on, Hen Lin is popular in many malls,
offering various products such as hopia, noodles, congee, rice toppings, and
breakfast food. 

Whether you’re a small or medium-sized entrepreneur whose goal is to

amplify your business, BDO SME Loan can be your reliable financing partner. Avail
of financing options with your specific business need in mind – purchase new
equipment, add inventory or expand your office space and more. 
Mind vs. Money

Entrepreneurial environment is full of challenges and the entire team is bound

to face them. Now the question is, what is more important, mind or money, as both
are vital elements for an entrepreneur. For established entrepreneurs, mind is more
important than money as they have already invested as well as earned, and now
they are in a stage of expansion. New entrepreneurs prefer money more over mind
as they want to settle.
Money transforms ideas into reality. As we know ideas comes from the mind;
without mind money may not be properly distributed and utilized. Money affects the
economic activities whereas mind affects the activities of the firm. Mind is the route
of creative idea, idea leads to innovation. An idea shows the mission and vision
whereas money shows the way to achieve that mission and vision.

Determinants of Entrepreneurial Success or Failure

Being a successful entrepreneur means more than just starting a new

business every other day. It means the right attitude towards the trade and the
determination, along with the barriers to be faced to achieve success.
To an entrepreneur, failure is a positive experience which is considered as a
challenge or opportunity for growth in the form of a prerequisite to success, a
profound teacher, a future value-adder, a provider of new direction, an enhanced
motivator, a path to achievement and even as a relieving liberator.
Failure and success of an enterprise is dependent on two factors −

 Internal factors
 External factors

Internal Factors for Success

Factors that affect the organization internally and contribute to the success of the
firm are known as internal factors of success. These factors include efficient
management, good quality product, quality goods & services, good reputation, low
cost production, effective marketing, proper financing, dedicated manpower, proper
technology, and proper time management.

External Factors for Success

Factors that affect the organization externally and contribute to the success of the
firm are known as external factors of success. These factors include availability of
appropriate raw material, quality manpower, high demand in the market,
government policy, low competition, and new market.

Internal Factors for Failure

Factors that affect the organization internally and contribute to the failure of the firm
are known as internal factors of failure. These factors include ineffective
management, old technology, poor financing, ineffective marketing strategies, low
quality of raw materials, low human relations, and poor leadership.

External Factors for Failure

Factors that affect the organization externally and are responsible for failure of the
firm are known as external factors of failure. These factors include shortage of raw
material, shortage of power, shortage of manpower, poor finance, change in
technology, high competition, negative government policies, and increase in supply
and availability of better substitute.

THE ENTREPRENEURIAL MINDSET

Vision and Mission in Entrepreneurship

Vision is fundamental element in becoming an Entrepreneur. It is powerful

motivating force that gives the entrepreneur a sense of perspective of what he
hopes, expects, and desires for his intended business.

This fundamental role which vision provides to entrepreneur is summarized:

1. A sense of direction by being the “light at the end of the tunnel”

2. Helps entrepreneur identify and define his goal or mission
3. Guides in formulating action plans
4. Serves as a communication tool
5. Provides a sense of warmth and encouragement
6. Serves as a medium for attracting people for support and for motivating them.
7. Provides moral content to the endeavour.

Occasionally, a vision emerges slowly in entrepreneur’s mind, taking shape

clearly later on or it may just present itself to the entrepreneurs quite suddenly.

Mission, on the other hand, flows from the entrepreneurial process of

visioning. It is the formal, articulated expressions of what the entrepreneur’s hopes
and wishes to achieve. In the field of entrepreneurship, vision and mission always go
together and both are indispensable to a starting entrepreneur who wishes to
engage in a particular business endeavour.

Exploring Ideas and Opportunities in Entrepreneurship

In the entrepreneurial landscape, new ideas and opportunities are constantly

in the conscious mind of the entrepreneur. Entrepreneurs are attuned to
opportunities and are always on the lookout for them.

The entrepreneurs generate ideas for innovation after exploring various

opportunities which, in turn, enables him to come up with different and better ideas.
This innovation in turn can be an opportunity for the entrepreneur to come up with
something new and different in the forms of methods, materials, systems, products
and process, and among others.
 In the context of Entrepreneurship, the relationship between opportunity and
innovation is that opportunity provides the entrepreneur the chance to do something
differently and better while innovation is the means of doing something differently
and better. The way in which opportunity can be recognized may take shape in the
form of the following combination:

New Product – this can be in the form of physical devise, which provides a
new means to satisfy a need or to solve problem.
New Service – this refers to action or actions which will satisfy a particular
need or solve a particular problem.
New Means of Production – this happens when the new means of producing
an existing product can deliver additional value, like producing a product at a
lower cost.
New Distribution Route – a new way of getting product to the end-user,
which the customer finds it easier, more convenient and less time consuming.
Improved service – this means offering additional serviced element to the
product like offering training in the use of product.
New Relationships – this can be mean building relationship based on trust
which creates value by reducing cost in communication, monitoring, and in
strengthening networks against fierce competition.

Self-Progress Test/Activity

 Guide Questions – 30 POINTS

 Individual Activity – 50 POINTS
TOTAL 80 POINTS

A. Guide Questions (Short Essay) 30 POINTS

Direction:
Choose 3 Questions Only
Answer each questions through short essay (for 3 sentences only)
Answer in the 1 sheet of paper or through MS Word
Each question is equivalent to 10 POINTS. Check the Rubrics below
Guide Question Rubrics

Rubrics for Short Essay

FEATURES 10 POINTS 7 POINTS 5 POINTS 3 POINTS
1. Outstanding 1. Satisfactory 1. Good construction 1. Poor construction of
construction of ideas construction of ideas. of ideas ideas.
2. The Piece was 2. The piece w written 2. The piece has little 2. Piece had no style
Concept
written in an in an extraordinary style. 3. Gives no new
Quality of
extraordinary style style. 3. Give some new information and very
Writing
3. Very informative 3. Somewhat information but poorly poorly organize.
and well organize. informative and well organized.
organize.
1. Virtually no spelling, 1. Few spelling and 1. A number of 1. So many spelling,
Grammar, punctuation or punctuation errors, spelling, punctuation punctutation, and
Usage& grammatical errors minor grammatical or grammatical errors grammatical errors
Mechanics errors that it interferes with
the meaning.
Questions

1. Who are the Entrepreneurs?

2. Why vision is important for an entrepreneur?
3. What are the different traits and character of an entrepreneur? Explain its
importance.
4. What are the categories of entrepreneurs?
5. Discuss the contribution of entrepreneur in creating new markets.

B. Individual Activity 50 POINTS

Directions

Pick two of the TRAITS OR CHARACTERISTICS OF

ENTREPREENUR listed above and come up with at least one more on
your own.
Create a comic showing these three benefits. In the description for
each panel, explain the benefit and how it's a good thing.
Use this interactive rubric for easy, thorough assessment. It can even
be used by students for self-assessment
 FEATURES 50 45 40 35 20
• explains with extensive • explains with detail • explains with sufficient • explains with limited • explains with no detail
detail detail detail
• numerous connections • considerable • several connections • limited connections • very few connections
Understanding of made between concept connections made made between concept made between concept made between concept
Concepts and activity between concept and and activity and activity and activity
• illustrations and • illustrations and • illustrations and • illustrations and • illustrations and
descriptions are descriptions have descriptions have basic descriptions have little descriptions have no
comprehensive purpose purpose purpose purpose
• Extensive use of • Considerable use of • Includes several • Some relevant details • Very few relevant use
details; support from a details; support from relevant details; basic included; sources are of details
Inquiry/Research wide variety of sources several sources use of sources limited
• Facts are accurate • Facts are accurate • Facts are consistent • Facts contain some • Facts are inaccurate
Skills
and complete inaccuracies or false
• Sources are • Sources are • Sources listed • No sources listed • No sources listed
accurately listed accurately listed
• excellent • effective • sufficient • poor communication of • inadequate
communication of ideas communication of ideas communication of ideas ideas communication of ideas
• statements are • statements are • statements are • statements are • statement are general
Communication dynamic with extensive powerful with consistent with general with some with little development
development appropriate increasing development development
• descriptions are • descriptions are • descriptions are basic • descriptions are • descriptions are
purposeful and well concise and organized and organized limited and unorganized incomplete and
• correct sentence • few errors in basic • occasional errors in • several errors in • repeated errors in
structure, grammar, sentence structure, sentence structure, sentence structure, basic sentence
spelling and spelling, punctuation, or spelling, punctuation, or spelling, punctuation, or structure, spelling,
punctuation; may grammar; errors do not grammar; errors rarely grammar; errors may punctuation, or grammar
Style
include some errors in interfere with meaning interfere with meaning make parts hard to often make the writing
• panels are highly • panels have excellent • panels have basic • panels have limited • panels are
organized with organization with organization and organization and unorganized and lack
exceptional use of effective use of supporting details supporting details supporting details

Sample Individual Activity

List of Sites as a Guide for the Learners in creating a COMIC SCRIPT

https://www.commonsense.org/education/top-picks/classroom-friendly-websites-and-
apps-for-making-comics
https://www.makebeliefscomix.com/
https://www.pixton.com/

Summary of the Lesson

An entrepreneur has traditionally been defined as “a person who organizes

and manages any enterprise, especially a business, usually with considerable
initiative and risk.” Rather than working as an employee, an entrepreneur runs
a business and assumes all the risk and reward of a given business venture,
idea, or good/service offered for sale.

Some of the major characteristics of entrepreneurs are Motivation, Risk

Tolerance, Vision, Mental ability and Creativity, Clear Objectives, Good
Communication Skills, Human Skills.

Traits of an entrepreneurs falls under the Ability to plan, Communication

skills, Marketing skills, Interpersonal skills, and Basic management
skills

There are three categories of entrepreneur such as the Serial Entrepreneur,

the Social Entrepreneur, and the Lifestyle Entrepreneur.

There are certain types also of Entrepreneurs such as Innovating

Entrepreneurs, Imitative Entrepreneurs, Fabian Entrepreneurs and Drone
Entrepreneurs

An entrepreneur provides also a developing new markets, discover new

sources of materials, mobilize capital resources, introduce new industries and
products, and create employment.

There are also successful entrepreneurs who started from the scratch and
owns already some of the biggest corporation in the country.

In the context of Entrepreneurship, the relationship between opportunity and

innovation is that opportunity provides the entrepreneur the chance to do
something differently and better while innovation is the means of doing
something differently and better.

Supplementary Readings/Materials

https://www.youtube.com/watch?v=aozlwC3XwfY
https://www.youtube.com/watch?v=lJjILQu2xM8

References
Books

Bajao, Grayfield D.; Osorno, Rene D 2020 Entrepreneurship in Tourism and

Hospitality Wiseman’s Books Trading, Inc.

Camposano, Jorge A. 2008 Entrepreneurship for Modern Business National

Bookstore

Lashley, Conrad; Ross, Darren Lee 2009 Entrepreneurship and Small Business
Management in Hospitality Industry Elsevier LTD.

Internet Sources

https://business.inquirer.net/273445/eight-successful-filipino-entrepreneurs-who-
started-small
https://courses.lumenlearning.com/wmopen-introbusiness/chapter/entrepreneurs-2/
https://www.tutorialspoint.com/entrepreneurship_development/mind_vs_money.htm