CORDILLERA CAREER DEVELOPMENT COLLEGE

COLLEGE OF BUSINESS EDUCATION AND

ADMINISTRATION
Buyagan, Poblacion, La Trinidad, Benguet

LEARNING MODULE
IN ENTREPRENEURIAL MIND
for remote teaching and learning use only

PREPARED BY:

Kristine G. Paayas
Chessa Marie V. Selvino

AUGUST 2021

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 INTRODUCTION

Many of us Filipinos see education as a means of becoming

successful. You often hear your parents reminding you of being a
diligent student in school and working hard so you can land
reputable position in a company or in the government, as these
equate to “success”. Living abroad has been traditional notion for all
of us as a measure of success. Nowadays, however, there are some
Filipinos who see another path to success—entrepreneurship.

This course will provide you with understanding of the nature

of entrepreneurship and orients you towards an entrepreneurial
mindset. It introduces theories and concepts of what is the role of
entrepreneur, as well as creativity and innovation in entrepreneurial
activity. This will establish your knowledge on the theoretical
approach in designing your own business and will prepare you too in
establishing and managing your own business.

The creation of this course aims to deliver you the concepts,

principles, theories and real-life applications, and core competencies
of entrepreneurship for you to enhance your knowledge in
managing a business. This module aims to introduce to you the
value of entrepreneurship and show you how important it is in an
economy or society. It is hoped that you will find hope and
inspiration with the topics in this module.

So, Welcome to your subject Entrepreneurial Mind!

The key to succeed in this subject is for you to take it

seriously. Allocate a certain time of your day to focus on reading
your module, viewing the video lessons, answering the self-
assessment questions, and doing the required assignments. By
doing this, you will finish your activities on schedule.

Please read as well your Course Guide thoroughly for you to

have a clear roadmap of this subject’s course policies, expectations,
and requirements. Should you have any questions, concerns or
inquiries, please do not hesitate to contact me through the contact
information provided in your course guide.

Good luck and happy learning!!

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ACKNOWLEDGEMENTS

I would like to thank you, our students, for choosing to enroll

amidst the global pandemic that we are facing today. The creation
of this learning material holds you as its inspiration to make it
possible. Extend as well my gratitude to your parents, guardians
and to whoever supports you in your studies. Let us work together
for you to finish successfully this subject.

Also, to our dean, Mary Ann M. Dampilag, who have assisted

and guided us in creating this module, to the CCDC team
responsible in collating the learning materials and making sure that
these are complete and thereafter taking care of the distribution of
the learning packages.

Thank you very much!

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CONTENTS

TITLE PAGE

INTRODUCTION.............................................................................................................. 2
ACKNOWLEDGEMENTS................................................................................................ 3
CONTENTS........................................................................................................................ 4
CHAPTER 1 ENTREPRENEURSHIP DEVELOPMENT................................. 6
Chapter Objective.......................................................................................................... 6
Economic Development and Growth Explained............................................. 6
Theories that Explain how Economies Grow................................................... 8
Summary.................................................................................................................... 12
Self-Assessment Questions................................................................................. 12
References.................................................................................................................. 12
CHAPTER 2 NATURE OF ENTREPRENEURSHIP...................................... 13
Chapter Objective....................................................................................................... 13
Lesson 1 Entrepreneurship Defined................................................................13
Lesson 2 Origin of Entrepreneurship............................................................... 14
Summary.................................................................................................................... 17
Self-Assessment Questions................................................................................. 17
References.................................................................................................................. 17
CHAPTER 3 THE ENTREPRENEUR................................................................... 18
Chapter Objective....................................................................................................... 18
Lesson 1 Who is an Entrepreneur?...................................................................18
Lesson 2 Characteristics of Successful Entrepreneurs............................. 21
Lesson 3 Roles and Responsibilities of Entrepreneurs............................. 23
Lesson 4 Advantages and Disadvantages of becoming an
Entrepreneur............................................................................................................. 25
Summary.................................................................................................................... 29
Self-Assessment Questions................................................................................. 30
References.................................................................................................................. 31
CHAPTER 4 WELLSPRINGS OF ENTREPRENEURSHIP: ARE
ENTREPRENEURS BORN OR MADE?............................................................. 32
Chapter Objectives..................................................................................................... 32
Lesson 1 Early Life Experiences........................................................................ 32
Lesson 2 Cultural Values...................................................................................... 33
Lesson 3 Philippine Culture and Entrepreneurship.................................... 34

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 Summary.................................................................................................................... 37
Self-Assessment Questions................................................................................. 37
References.................................................................................................................. 37
CHAPTER 5 PERSONAL ENTREPRENEURIAL COMPETENCIES...... 38
Chapter Objective....................................................................................................... 38
Lesson 1 Personal Entrepreneurial Competencies..................................... 38
Lesson 2 Developing Yourself for Entrepreneurship................................. 39
Lesson 3 Must-Dos Before Becoming an Entrepreneur........................... 41
Summary.................................................................................................................... 43
Self-Assessment Questions................................................................................. 43
References.................................................................................................................. 44
CHAPTER 6 BASIC SKILLS OF AN ENTREPRENEUR............................ 45
Chapter Objective....................................................................................................... 45
Lesson 1 Ideation.................................................................................................... 45
Lesson 2 Creativity................................................................................................. 51
Lesson 3 Innovation............................................................................................... 54
Summary.................................................................................................................... 56
Self-Assessment Questions................................................................................. 56
References.................................................................................................................. 56

CHAPTER 7 ENTREPRENEURIAL OPTIONS...............................................57

Chapter Objectives..................................................................................................... 57
Lesson 1 Reasons Why People go into Business........................................ 57
Lesson 2 Routes to Entrepreneurship............................................................. 61
Summary.................................................................................................................... 73
Self-Assessment Questions...............................................................................733
References.................................................................................................................. 73
Chapter 8 Successful Entrepreneurs........................................................... 74
Chapter Objective....................................................................................................... 74
Successful Filipino Entrepreneurs..................................................................... 74
Self-Assessment Questions................................................................................. 82
References.................................................................................................................. 83
REFERENCES................................................................................................................. 84

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CHAPTER 1 ENTREPRENEURSHIP DEVELOPMENT

Chapter Objective

At the end of this chapter, you should be able to understand

the different theories on how economies grow

Economic Development and Growth Explained

Why do we need to understand economic growth? A

developing country, like the Philippines, would need such an
understanding to help in its efforts to develop workable ways or
strategies to achieve economic prosperity.

Watch the video lecture in the USB with file

name: EDGE

Economic growth is the increase in goods & Services

produced by an economy or nation, considered for a specific period
of time. The rise in the country’s output of goods and services is
steady and constant and may be caused by an improvement in the
quality of education, improvements in technology or in any way if
there is a value addition in goods and services which is produced by
every sector of the economy.

It can be measured as a percentage increase in real gross

domestic product. Where a gross domestic product (GDP) is
adjusted by inflation. GDP is the market value of final goods &
services which is produced in an economy or nation.

Economic development is the process focusing on both

qualitative and quantitative growth of the economy. It measures all
the aspects which include people in a country become wealthier,
healthier, better educated, and have greater access to good quality
housing.

Economic Development can create more opportunities in the

sectors of education, healthcare, employment and the conservation
of the environment. It indicates an increase in the per capita
income of every citizen. The standard of living includes various
things like safe drinking water, improve sanitation systems, medical
facilities, the spread of primary education to improve literacy rate,
eradication of poverty, balanced transport networks, increase in
employment opportunities etc. Quality of living standard is the
major indicator of economic development. Therefore, an increase in

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economic development is more necessary for an economy to
achieve the status of a Developed Nation.

It can be measured by the Human Development Index, which

considers the literacy rates & life expectancy which affect
productivity and could lead to Economic Growth.

Key differences between Economic Growth vs Economic

Development

Both Economic Growth vs Economic Development are popular

choices in the market; let us discuss some of the major differences
between economic growth and economic development:
 Economic Growth is the increase in the real output of the country
in a particular span of time. Whereas, Economic Development is
the increase in the level of production in an economy along
enrichment of living standards and the advancement of
technology.
 Economic growth does not consider the Income from the
Informal Economy. The Informal economy is unrecorded
economic activity. Whereas, Economic Development takes
consideration of all activities, whether formal or informal and
eases people with low standards of living a suitable shelter and
with proper employment.
 Economic Growth does not reflect the depletion of natural
resources. Depletion of resources such as pollution, congestion &
disease. Governments are under pressure due to the
environmental issues, majorly the problem is due to Global
warming. However, Economic Development is concerned with
Sustainability, which means meeting the needs of the present
without compromising.
 Economic growth is the subset of economic development.
 Economic growth indicates the expansion of the Gross Domestic
Product (GDP) of the country and the concept of Economic
Growth is basically related to the developed countries. Economic
Development is a broader concept than the Economic Growth.
Economic Development refers to the increase of the
Real National Income of the economic and socio-economic
structure of any country over a long period of time. Economic
Development is related to underdeveloped or developing
countries of the world.
 Unlike economic development, Economic growth is an automatic
process. Meanwhile, economic development is the outcome of
planned and result-oriented activities.
 Economic Growth refers to the rise in the value of all the
products produced in the economy. It indicates the yearly
increase in the country’s GDP or GNP, in percentage terms. It

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 alludes to a considerable rise in the per-capita national product,
over a period, i.e., the growth rate of increase in total output
should be greater than the population growth rate.
 Economic growth is necessary but not enough to achieve
economic development.
 They both Economic Growth vs Economic Development have
different indicators for their measurement. Economic Growth can
be measured through an increase in the GDP, per capita income,
etc. However, Economic Development can be measured through
improvement in the life expectancy rate, infant mortality rate,
literacy rate, and poverty rates.

Theories that Explain how Economies Grow

1. General Theories
Theories viewing economic growth as a natural and inevitable
process.

2. Economic theories
Theories explaining economic development as a rational process
brought about when men respond to opportunities in the
environment as to promote their own self-interest or materials.

3. Socio-psychological theories
Theories viewing economic development as result of seemingly
economically irrational yet psychologically and sociologically
satisfying activities of enterprising men.

General Explanations of economic development

1. Economic development proceeds according to a master plan or

“Law of nature”

Spengler (1932) – explained economic development as a

natural thing that happens to an existing culture: it is a part of
life and is something to be expected.

Herbert Spencer – Viewed society as an organism

constantly in the process of evolution. As it evolved, it increased
in complexity since new institutions developed and the roles and
functions of social institutions became increasingly specialized.
The result is economic development.

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2. Economic development is brought about by an “Invisible hand”

Adam Smith (18th century) –while individuals seek to work

for their own personal goals, they unknowingly promote what is
best for all. It is as if these individuals were led to such actions
by an “Invisible hand” to the interest of the community or society
as a whole.

Any society can be made to prosper with little or no

intervention from government because economic development is
brought about as a natural course of think.

3. Economic development is brought about by “Cultural Diffusion”

As one culture that has begun to use new techniques

interacts with another that has not been exposed to the
technique, the former is able to influence the latter to discard old
ways and adopt new ones.

4. Racial heritage determines the economic development of a

people

Racial characteristics make some people more energetic,

thus, allowing their countries to be far more developed than
other does.

5. Climatic conditions determine the energy levels of people and in

turn, its rate of development.

Ellsworth Huntington (1915) wrote that most of the great

civilizations flourished in the tropics or the far north. His
observation and studies led him to conclude that extremes of
temperature as well as high functions of climatic conditions
would have a detrimental effect on the energy levels of people in
the countries experiencing such climatic extremes.

6. Challenge of the Natural Environment is responsible for rise of

civilization

A.J. Tonybee, a study of history (1947) – traces economic

and cultural changes to a combination of natural (geographic)
phenome and socio-psychological pressure of stimuli such as new
soil to exploit; living in a frontier position; and prejudice of
society towards a minority group.

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Economic Explanations for development

1. Technology Improvements and division of labor lead to

development.

Adam Smith believed that the invention of better machines

and equipment brought about increased productivity which
together with specialization or division of labor, made economic
growth possible.

Division of labor leads to an increase in dexterity or skills

among workers; reduced time necessary to produce commodities;
and the invention of better machines and equipment.

2. Population changes affect development

David Ricardo says population increases eventually lead to

stagnation or a final stationary state of the economy. While, John
Maynard Keynes (1936) capitalists or entrepreneurs are most
likely to invest their resources when there is a demand for the
commodity. Therefore, with increasing demand by an increasing
population, capitalists would likely to invest more.

3. Entrepreneurship is an important factor in development

Economists recognized that for production to take place,

someone had to mobilize all resources (land, labor, and capital)
of the enterprise. They called this individual the entrepreneur,
and his activity, entrepreneurship.

The entrepreneur was viewed as either a proprietor,

landowner, investor, or organizer of the guided only by
consideration of profit or return on investment.

Socio-Psychological explanation of development

In many instances, people engage in enterprise even if it

seems that they will not gain materially or that the venture is
without bright prospects. Apparently, there are entrepreneurs who
go into business for reasons other than profit or return on
investments.

Joseph Schumpeter observed that economic development

progressed unevenly and in sudden leaps, initiated by men who
wanted to “promote new goods and new methods of production, or
to exploit a new sources or materials or a new market”, the
entrepreneur is driven by noble motives.

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Sociological factors

Max Weber (1904) has attributed the high degrees of

economic development in the West to the Protestant people’s
emphasis on hard work as a sacred and God-given duty and on
spending money only for productive purposes.

Work of Talcott Parsons and His Students (1951, 1956, 1958)

has been used extensively by sociologists to describe the change in
values held by cultures as they evolve from traditional to modern
economies. According to him Individuals in modern societies are:
1. Unemotional
2. Interested in themselves
3. Able to relate to others in terms of their social roles (ex. As
buyers, sellers, middlemen) or their ability to do a job.
4. Known for their accomplishment (achievements)
5. Able to relate to others in specific economic terms, that is in
terms defined and limited by a labor contract

While members of traditional societies according to Talcott tend to

be:
1. Unemotional
2. Be more interested in the general welfare of the community
3. Relate to others in terms of their unique qualities (ex. My old
classmate, my neighbor, my wife)
4. Be known for who they are
5. Tie up economic relationships (such as employer-employee) with
all sorts of other relationships involving kinship and political,
religious and social structures

Psychological Factors

Economic growth is a product of individual human behavior,

that is, of a person’s decisions, thoughts and actions.
David McClelland (1961) concluded that among the many motives,
the achievement motive does the most in predisposing individuals
to vigorous economic activity.

Need for achievement (n Ach) the need to do well, not so

much for social recognition or prestige, but for the sense of
personal accomplishment it gives an individual measured against an
internal standard of excellence.

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Summary

With the preceding discussion on various theories of economic

growth, you are now in a better position to analyze for yourself how
relevant the various economic and non-economic factors are to the
economic growth process. Again, remember that while these views,
observation, claims, assertions or beliefs are only theories, they all
provide valuable insights necessary to an understanding of the
phenomenon of economic development.

Self-Assessment Questions

1. I love business as much as my family?

2. I take responsibility for every aspect of your business?
3. I give myself challenges when I take a new project?
4. I am fairly curious and I am continually in search of discovery?
5. When faced with difficulties, I look for alternative solutions

Be sure to answer and submit Assignment 1.1 and 1.2

before preceding to the next chapter.

References

Economic Growth vs Economic Development. (n.d.). EDUCBA.

Retrieved August 14, 2020, from
https://www.educba.com/economic-growth-vs-economic-
development/

Serdef, (1998). Introduction to entrepreneurship. Manila: Small

Enterprises Research and Development Foundation, Inc.

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CHAPTER 2 NATURE OF ENTREPRENEURSHIP

Chapter Objective

At the end of chapter, you should be able to trace the history

of entrepreneurship and explain how entrepreneurship contributes
to the economy

Lesson 1 Entrepreneurship Defined

“Entrepreneurship is living a few years of your life like most

people won’t. So that you can spend the rest of your life like most
people can’t.”—unknown

What is entrepreneurship?

Entrepreneurship is the ability to determine and come up with

the proper combination of the resources available in the
environment and transform this into an output of either goods or
services, and obtain a fair profit at the price the entrepreneur sets.
It is the capacity for innovation, investment, expansion, in new
markets, products, and techniques. With this definition, it may
seem that being an entrepreneur is difficult, but it can be rewarding
if the enterprise flourishes. With the success of the enterprise, it will
not only benefit the entrepreneur but also the entire society and
economy.

Here are the societal and economic benefits of

entrepreneurship:

1. Entrepreneurship produces more jobs that equate to an increase

in national income. Millions of unemployed people will have the
opportunities to have a decent occupation.

2. Entrepreneurship amplifies economic activities of different

sectors of society. The sari-sari store near your house, or the
coffee shop you frequently visit to drink a cup of barako is no
different with the giant SM of the Sy’s because both businesses
ignite economic activity regardless of their business scale.

3. Entrepreneurship introduces new and innovative products and

services. The latest gadget you bought, the last milk tea flavor
you consumed, the latest decorations your mother bought from
the department store are all possible because of the ingenuity of
entrepreneurs. They always introduce new and innovative
products and services.

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4. Entrepreneurship improves people’s living standards. How will
your hair look if there are no salon and barbershops? What if
there are no sari-sari stores near you? What if toothpaste was
never invented? Thanks to these entrepreneurs who consistently
provide you goods and services to improve your living standard.

5. Entrepreneurship disperses the economic power and creates

equality. It balances the economy by distributing national income
to more businesses rather than to only few monopolies. An
example of this is Rising Sun who serves as the supplier of many
sari-sari store in nearby municipalities instead of them putting up
Rising Sun branches, by this activity, income is distributed to
many sari-sari owners and not only to the owner of Rising Sun.

6. Entrepreneurship controls the local wealth and balances

development. It makes sure local resources are used properly
and that every area has an appropriate allocation or resources.

7. Entrepreneurship reduces social conflicts and political unrest.

Social conflicts and political unrest are reduced through various
entrepreneurial activities, how? Imagine if there will only be one
Tiongsan branch who can provide us our essential needs here in
Benguet, can it accommodate all of us, probability is not and
may lead us into fighting who gets to have their items first.

8. Entrepreneurship elicits economic independence and capital

formation. A country with more entrepreneurs is highly likely to
become financially independent and will less likely need the help
off other countries. Entrepreneurship creates wealth instead of
borrowing health.

9. Entrepreneurship is the backbone of the economy. Imagine

yourself who doesn’t have backbone, how does it look like?
That’s how our economy would look like if there will be no
entrepreneurial activity in our country.

Lesson 2 Origin of Entrepreneurship

It is not really clear where entrepreneurship began. Even

though the term did originate from the French, we can say that
entrepreneurship began even before there was a term for it.
Throughout the theoretical history of entrepreneurship, scholars
from multiple disciplines in the social sciences have had difficulty
with a diverse set of interpretations and definitions to concretize
this abstract idea. Even though certain themes continually resurface
throughout the history of entrepreneurship theory, presently there

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is no single definition of entrepreneurship that is accepted by all
economists or that is applicable in every economy in the world
today.

Some schools of thought on entrepreneurship suggests that

the primary role of the entrepreneur is that of risk- bearer in the
event of uncertainty and the lack of perfect information. Role of the
entrepreneur is that of an innovator (original French term).

Earliest historical accounts

The earliest historical accounts of entrepreneurs and

entrepreneurial activities can be traced to the great Marco Polo
who made the practice of selling his goods to a moneyed person
with both of them signing contract.

In the Middle Ages entrepreneurs were described either as

actors or the managers of large production projects using resources.
Those people are called clerics- people in charge of building castles
and fortifications, public buildings, cathedrals, etc.

17th Century

1. Richard Cantillon- Economist and author

- Introduced the term “entrepreneur”
-considers him as the Father of Entrepreneurship
-viewed entrepreneurs as risk- bearer
- Entrepreneurs as the agent who buys means of
production at certain prices in order to combine them
into a new product.

2. Jean Baptiste Say- the French Economist

- Entrepreneurs should be leaders
- Claimed that an entrepreneur is the one who brings other
people together in order to build a single productive organism.

Evolution of Term Entrepreneurship (18thcentury-

present)
Contributor and Year of Contribution to Entrepreneurship
Contribution Thought
Entrepreneurship refers to the shifting
of economic resources out of an area
Jean Baptiste Say (1800)
of lower and into higher productivity
and greater yield.
Entrepreneurship involves obtaining
Carl Menger (1871) information, calculation, an act of will
and supervision.

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 Entrepreneurship is, in its essence,
Joseph Schumpeter
the finding and promoting new
(1910)
contributions of productive factors.
Entrepreneurship is the reduction of
Harvey Liebenstein (1970)
organizational inefficiency.

Entrepreneurship is the identification

Israel Kirzner (1975)
of market arbitrage opportunities.
Entrepreneurship involves a kind of
behavior that includes initiative
taking, organizing and recognizing
Albert Shapiro (1975) social mechanism to turn resources
and situations to practical account,
and the acceptance of risks and
failures.
Entrepreneurship is the dynamic
Karl Vesper (1980) process of creating incremental
wealth.
W. Ed Mc Mullan and Entrepreneurship is the building of
Wayne A. Long (1990) new growth organization.
Entrepreneurship is the pursuit of
Howard Stevenson (1992) opportunity beyond the resources
currently under one’s control.
Entrepreneurship is the ability to
Jeffrey Timmons (1994) create and build a vision from
practical nothing.
Entrepreneurship is the process of
starting one’s own, new and small
business. It is also the process of
innovation and new venture creation
through four major dimensions –
Peter Drucker (1998)
individual, organizational,
environmental, process – aided by
collaborative networks in
government, education and
institutions.
Entrepreneurship involves the
creation process, requires devotion of
the necessary time and effort,
assumes the accompanying financial,
Robert Hisrich (2001)
psychic and social risks, and receives
the resulting rewards of monetary
and personal satisfaction and
independence.

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Summary

This chapter was able to define entrepreneurship as the ability

to determine and come up with the proper combination of the
resources available in the environment and transform this into an
output of either goods or services, and obtain a fair profit at the
price the entrepreneur sets. It is the capacity for innovation,
investment, expansion, in new markets, products, and techniques.
In this chapter you were able to know some of the contemporary
contributors of entrepreneurship.

Self-Assessment Questions

TEST AND APPLY your Knowledge

1. List 5 names of contemporaries who have contributed in the
development of entrepreneurship.
2. List 3 societal benefits of entrepreneurship not provided in this
module.

Be sure to answer and submit Assignment 2 before

preceding to the next chapter.

References

Azarcon, E., Areola, A., Arguelles, R., Barlis, M., Dela Pena, G.,
Drequito, G., et al. (2008). Entrepreneurship principles and
practices: a modular approach (2nd ed.). Baguio City: Valencia
Educational Supply.

Diwa, Entrepreneurship. Legaspi Village, Makati City, Philippines:

Diwa Textbook

Serdef, (1998). Introduction to entrepreneurship. Manila: Small

Enterprises Research and Development Foundation, Inc.

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CHAPTER 3 THE ENTREPRENEUR

Chapter Objective

At the end of this chapter, you should be able to identify the

characteristics, roles, and categories of entrepreneurs and analyze
the advantages and disadvantages of becoming an entrepreneur

Lesson 1 Who is an Entrepreneur?

An entrepreneur is an individual who creates a new business,

bearing most of the risks and enjoying most of the rewards. The
entrepreneur is commonly seen as an innovator, a source of new
ideas, goods, services, and business/or procedures.

Entrepreneurs play a key role in any economy, using the skills

and initiative necessary to anticipate needs and bring good new
ideas to market. Entrepreneurs who prove to be successful in taking
on the risks of a start-up are rewarded with profits, fame, and
continued growth opportunities. Those who fail, suffer losses and
become less prevalent in the markets.

Watch the video lecture in the USB with file

name: C3

 Key Terms:

An entrepreneur has:
1. Ideas – makes these ideas happen or come to life.
Sometimes called an inventor and innovator.
2. Business skills – not only pertain to ideation (generating
idea), but also to the skills of organizing and running a
business.
3. Assume risks – knows how to calculate risks and is willing to
invest his resources in a business undertaking he himself
conceptualized, without guarantee or certainty of making
additional money out of it, much less recovering his
investment.
4. Desires to make profit – spot opportunities, and turn these
into profitable business ventures. A characteristic that
differentiates him from an inventor or an innovator.

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Categories of an Entrepreneur

A. The Manufacturer – one who produces useful goods.

1. Handicraft producer – produces goods without much
machinery
2. Cooked food producer – produces goods in cooked state
already and ready to be consumed.
3. Processor or subcontractor – ex. Production of components,
parts and supplies

B. The Trader – transfer goods from the manufacturer who

produces the goods to the consumer who buys the goods.

Trading – process of buying and selling of goods and services

involving transfer or exchange of goods and services for money.
1. Wholesaling
2. Retailing
3. Repacking
4. E-trading
5. Vending Machine Operation

C. The Solo Entrepreneur – independent and has autonomy from

authority structures.
1. Event organizer
2. Show host, clown, magician, fireworks specialist
3. Writer of specialized reports
4. Online consultant
5. Online teacher
6. Online book publisher
7. Online business program creator
8. Digital newsletter writer
9. Lifestyle entrepreneur
10. Plumber, electrician, house painter, and similar
service providers

D. Specialty Service Entrepreneur - Professional services firms sell

knowledge and expertise, while other types of organizations tend
to sell tangible products.

This knowledge and expertise can be appealing to small-

business owners, who cannot be experts in everything. They
may be comfortable dealing with management, sales and
marketing matters, but they are not schooled in these
disciplines. Nor are they practitioners of them. Similarly, they
did not go to law school or pass the certified public accountant
exam. Their business specialty represents their area of

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 expertise – not on the ancillary issues that have sprung up
around it.
1. Lawyers
2. Accountants
3. Management and marketing consultants

E. The Street Entrepreneur “Streetpreneur” – refers to micro

entrepreneurs selling various home articles and food items to
motorists stuck in traffic or business riders at terminals and
stations.

F. The Franchisee “with the least tears and fears” A continuing

relationship in which a franchisor provides a licensed privilege to
the franchisee to do business and offers assistance in organizing,
training, merchandising, marketing and managing in return for a
monetary consideration. Franchising is a form of business by
which the owner (franchisor) of a product, service or method
obtains distribution through affiliated dealers (franchisees).
1. Jollibee
2. Ad’ laine
3. Minute Burger
4. Padi’s point
5. Starbucks

G. The Serial Entrepreneur - more concerned about spotting new

enterprise each time the one he has set up is starting to go well.
They feel the urge to keep finding new products or services to
new or untapped markets. A serial entrepreneur is
an entrepreneur who continuously comes up with new ideas
and starts new businesses.
1. Steve Jobs (Apple, NeXT, Pixar, Apple)
2. Elon Musk (Zip2, PayPal, SpaceX, Tesla, SolarCity)

H. The Social Entrepreneur - those who provide products and

services with the overall desire of creating social good, operating
from the perspective of benefitting the people and the planet
while earning profit. Some are undertaken by non-government
and civic organizations.

“Social Enterprises” – profit is often reinvested into the

business rather than distributed to stakeholders. Innovators who
focus on creating products and services that sole social needs
and problems. Goal is to make the world a better place and not
to take market share nor create wealth from the enterprise.
1. R2R (Rags2Riches, Inc.), Payatas, Q.C. – produce items out of
scrap materials.

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 2. Gawad Kalinga Community Development Foundation, Inc.
(GK), Bagong Silang, Caloocan, City – big informal settlers’
relocation site in Metro Manila.
3. Jollibee Corporation Outreach Program – Harnesses groups of
farmers to provide the needs of giant food company for farm
products.
4. Zonta Club of Pateros-Taguig – trains women to produce rags
from fabric scraps obtained from nearby garment factories.
5. Girls Scout of the Philippines – girls take part in the
production and selling of handicrafts in their community.

I. The Intrapreneur - the term refers to someone within an

organization who has the entrepreneurial spirit. These employees
show the ability to balance daydreaming and doing. They're the
type who'll spend time coming up with innovative new ideas for
your business as well as putting in the effort to bring those new
ideas to life.

These are just some of the categories of an entrepreneur,

there’s a lot more categories out there but this are the most
common that you can easily spot in your environment.

Lesson 2 Characteristics of Successful Entrepreneurs

Entrepreneurs are a different breed - they think different, act

different, and live different than the rest of society. However, the
successful ones all seem to share a few of the same traits with each
other. Here are 12 of the most common:

1. They take what they do seriously.

Entrepreneurs understand that the success of the business
ultimately rests upon their shoulders. When you run a startup,
whether or not rent is paid depends on how you run the business.
Because of this, all successful entrepreneurs take their work very
seriously.

2. They make it all about the customer

Customers are why a business exists. Their sales dollars
determine the success of any business. Successful entrepreneurs
realize this early on and make their business about the
customers. Studies show that customers are four times more
likely to switch to a competitor if they have a customer service
concern versus a price or product issue.

3. They make the big decisions carefully.

Every decision has consequences, whether good or bad.
Over time, those consequences shape our reality and tell the

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 story of our lives. Entrepreneurs who are doing well take note
and carefully identify the potential long-term effects of each
decision, while seeking counsel before making major decision.

4. They are not scared of the road less traveled.

Following the crowd only leads to where others have been
before. Successful entrepreneurs are not afraid to venture out on
their own with a company and blaze a new trial. That is their
defining characteristic. Some of the best inventions and designs
have come from the minds of those who were not afraid to be
different.

5. They harness technology.

Things change constantly, and they change especially
quickly in business. To best serve their customers, successful
entrepreneurs keep up to date with the best technology can offer
to them. Take, for example, live chat. It can make a huge
difference in your company’s customer service results and overall
growth.

6. They invest in themselves.

You cannot make other people better unless you make
yourself better first. Entrepreneurs who are successful make a
point to carve out time from their calendar and money from their
budget to invest in themselves. This investment may be further
education or a well-earned vacation. Either way, successful
entrepreneurs find ways to recharge and propel themselves
further.

7. They are constantly learning.

There is always something you do not know and something
else that has just been discovered. Both are essential for
entrepreneurs. You cannot build a business around something
you do not know about, and you cannot improve products and
services using outdated methods. Entrepreneurs are always on
the prowl to learn more about what they do and what the
competition is working on.

8. They’re not afraid of risks

The best things in life are often found on the other side of
a worthwhile risk; in that way, the best business you can build
may be on the other side of possible failure. Entrepreneurs do
not shy away from the unknown or the uncharted. They know
that is where the future sales dollars and profits are. While
uncalculated risks can cause terrible consequences, calculated
risks are the sweet spot of a new business venture.

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9. They’re willing to experience failure
Very few successful entrepreneurs have made it without
living through some failure, large or small. They realize failure is
just information about what doesn’t work, not the end of the
journey. They continue trying long after most would have given
up.

10. They adapt to the current needs of the customer and

market
As conditions and society go through changes, so do the
needs of customers. The successful businesses of tomorrow will
be those that learn how to meet those needs quickly and don't
get left behind in the heap of non-adapters.

11. They know how to sell themselves

Successful entrepreneurs know when something is valuable,
even if no one else does yet. They can explain and prove why
their product or service is worth the price or investment. Finding
a way to sell yourself before anyone believes in you or your
business is the key to successful entrepreneurship.

12. They network, network, network

Not everyone is going to be jumping at the chance to use a
new product and service, and some still will not adopt even after
a lot of compelling information. So, entrepreneurs’ network; not
only to find clients, but also to meet others who share their
passion and desire and who can help them go even further.

If you do not possess any of these characteristics, do not

worry, because these are just few of characteristics of an
entrepreneur.

Lesson 3 Roles and Responsibilities of Entrepreneurs

Some people think that the entrepreneur is someone who is

engaged in selling, while others think that he is a middleman who
stands between buyer and seller. The entrepreneur is, in fact, much
more than either of these. As you shall see, selling is only one
among the many functions that sets him apart from men of other
occupations and have earned for him the distinction of being the
key the country’s bid to progress. Indeed, without the entrepreneur
there can be no development.

Entrepreneurs occupy a central position in a market economy.

For it's the entrepreneurs who serve as the spark plug in the
economy's engine, activating and stimulating all economic activity.

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The economic success of nations worldwide is the result of
encouraging and rewarding the entrepreneurial instinct.

To enumerate some of the roles of entrepreneur are as

follows:

1. Visioning role – sometimes called a dreamer who follows his

vision.

2. Implementation role – take practical steps so everyone can live

according to the organization’s mission and direction. Proper
implementation of the business ideas will enable the
entrepreneur to harness the talents and skills of the
organization’s team members to pursue the mission, goals and
objectives of the business.

5 Functions of Entrepreneur according to Jennifer Warawa:

a. Chief Customer Officer
b. Chief Financial Officer
c. Chief People Officer
d. Chief Executive Officer
e. Chief Innovation Officer

3. Counseling role – must have a good amount of self-awareness,

respect for everyone in the team, credibility, and empathy.

4. Evaluator role – should be able to measure performance fairly

and objectively against job requirements and standards.

Responsibilities of an entrepreneur

At home, you have your responsibilities as member of the

family. As a student, you have as well responsibilities in the school
same goes with entrepreneurs. They take also responsibilities in the
economy. To list some are as follows:

1. Innovation – innovator who tries to develop new technology,

products and markets in the community. He uses his creative
faculties to do new things and to exploit opportunities in the
market. He does not believe in status quo and always in search
of change.

2. Assumption of risk – always prepared to assume losses as a

result of introducing new ideas and projects.

3. Research – practical dreamer who takes time to study his moves,

including the groundwork, before taking a leap in his ventures.

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 Finalizes an idea only after considering a variety of options by
analyzing their advantages and disadvantages.

4. Management – use of managerial skills which he develops while

planning, organizing, staffing, directing, controlling, and
coordinating business operations.
5. Overcoming resistance to change – he paves the way for the
acceptance of his ideas.

6. Catalyzing economic development – accelerating the pace of

economic development of a country by discovering new uses of
available resources and maximizing their utilization.

Lesson 4 Advantages and Disadvantages of becoming an

Entrepreneur

What are the advantages of being an entrepreneur?

Being an entrepreneur is seriously underrated. There are far

more benefits than you might think. Some of the best are also the
most overlooked.

If you have been debating the pros and cons of

entrepreneurship and starting your own business, check out these
advantages, and you will want to quit your job before you finish
reading this.

1. Be the Master of Your Own Destiny

If you are tired of feeling like you do not have enough

control over your circumstances and opportunities and wonder
how to launch a business, then becoming an entrepreneur might
be the silver bullet you’ve been craving.

You are the master of your own financial destiny. You can
grow your own startup to being worth hundreds of millions of
dollars. Even billions. Along with that comes a nice income and
additions to your wealth and net worth.

It is not just about buying stuff or bragging right either.

The most important thing it can buy you is peace of mind and
freedom. Freedom to pursue more of the things you care about
most.

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2. It is The Most Sane & Safest Path

While many spend years struggling with the decision of

being an entrepreneur, questioning the sanity of it (and their
own sanity), as well as the logic of taking such a ‘risk’,
entrepreneurship is the safest and most logical path.

Not all of your friends, teachers and family members may

agree. However, it is probably even truer today than it has ever
been. It will become even more obvious over the next few years.

There are no guarantees a degree will hold value, your job

will last another day, or a corporate pension fund will survive the
next few years. Betting everything on someone else’s business is
just about the riskiest thing you can do in life. Especially if you
are not right at the top with a lot of decision-making power. It’s
illogical.

3. Live & Die with No Regrets

In the end, we don’t regret the things we tried. We only

regret the things we cowered away from or put off for too long.
This is one of the biggest advantages of being an entrepreneur.

One of the most common of these regrets in

entrepreneurship and what it can do for you. It’s unlikely you’ll
meet someone who regrets trying their hand at being an
entrepreneur. That’s true even if their first attempt failed
miserably.

4. Make Your Own Decisions & Do It Better

If you constantly notice serious flaws in how other

companies do things and are compelled to take action to do
something about it, you are probably a natural entrepreneur.
Give yourself a chance.

Starting your own company means you get to make the

decisions. You can do things better than your old boss or
company, and other providers in the market. Stop complaining.
Do something about it. There are probably thousands of other
people who would love what you have to offer.

5. Positive Peer Pressure

As an entrepreneur, you’ll have the power to be the change

you want to see in the world. Maybe that is solving a really huge

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 and pressing crisis. Maybe it is just making things more efficient.
Maybe it is just making daily life a lot easier for millions of
people and families. Or it could be enabling the next generation
of businesses to build a whole new world on your platform.

6. Create A Legacy

When considering the advantages of being an entrepreneur.

if you crave leaving a legacy and your mark on this world,
entrepreneurship is a great tool for doing it. It could be by
creating a multigenerational business that lasts for over 100
years. It could be creating the next platform that all businesses
are built on. It could be new landmarks or how we store our
memories. It’s totally up to you.

7. Teach Your Kids to Do the Same

If you have kids or hope to, then you want all of these
advantages of being an entrepreneur for them in their lives and
for their families as well. They are going to follow your example,
not words.

You can’t recommend they become entrepreneurs and

expect them too if your actions showed you were too scared to
do it all of your life. If you want them to have the best life
possible, get out there and start leading by example today.

8. Empower Other Entrepreneurs

It’s not just your kids or employees you’ll have the chance
to influence. It’s other entrepreneurs too which is something
critical to keep in mind as you are thinking about the advantages
of being an entrepreneur. You will have the opportunity to make
a real difference in the life of other people.

However, being an entrepreneur also has its disadvantages. Before

deciding to dive in a business, try to consider and look at the cons
of being an entrepreneur:

1. The leave benefits of an entrepreneur are not the same.

When you work as an employee under a traditional

employment contract, then there are leave benefits and holidays
for which you may qualify. These are specific times of the year
where you can enjoy being paid while not actually being at work.
You might receive discretionary sick time to use if you feel under
the weather or need a mental health day. Vacation times are

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 paid as well, often taken when you want to get away. Holidays
are paid-time off. When you are working as an entrepreneur,
these options are not always available.

2. You do not have a guaranteed income as an entrepreneur.

One of the biggest advantages that employees have when

compared to those in the pursuit of entrepreneurism is a
guaranteed paycheck. Although there is the threat of being fired
or laid off, the income you receive for your work comes in on a
regular schedule. That means entrepreneurs are working with
lower levels of financial security for themselves and their families.
The payment an employee receives often includes a range of
financial benefits for their family as well, including health and life
insurance.

3. There are no fixed working hours when you are an entrepreneur.

When you work in a traditional employment setting, then

you are given fixed working hours with a guarantee of payment.
It is a contract outlined between you and the company that
offers compensation at a specific level. If you exceed those hours,
then you can earn additional wages, benefits, or opportunities in
the future. Some workers receive “hours in lieu” that work like
vacation time.

4. You are the one required to do all of your updates.

If you are working as an entrepreneur, then there is an

excellent chance that you are using technology to make things
happen. That is a lovely tool to use when things are up-to-date.
When your firmware needs to update to a different version or the
software stops function, then you stop working until the process
completes itself. You could find yourself losing 2+ hours out of a
day trying to fix your tech problems. Unless you budget time for
this on a regular basis, there will be times when you will struggle
to meet deadlines because something is not working right.

5. There are more responsibilities as an entrepreneur.

When you are active in the employment world, then you

are given a specific role or assignment to complete. You are only
responsible to perform the tasks given to you, which are usually
related to the role in which you have been hired. There is not a
need to worry about the work that others are doing. You get paid
for that limited scope or tunnel vision. You even receive
appraisals based on how well you perform in your role which can

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 often lead to promotions. If you are an entrepreneur, then you
are responsible for everything all of the time without exception.

6. There are higher levels of stress as an entrepreneur.

You do not have a guaranteed income as an entrepreneur.

There is not a boss around that can offer you advice if you are
stuck on a problem. You might not have any colleagues to rely
on for support. There are plenty of people in this position who
are working solo every day, mired in their home office,
struggling to make ends meet. Being your own CEO, managing
your marketing, legal work, and accounting leads to high levels
of stress. That’s why there are some people who like the idea of
following this trend, but then discover that it isn’t right for them.

7. You might need some cash to get started on a new idea.

There are some business opportunities that can be started

for next to nothing. If you’re a sole proprietor who offers a
standard service that can be sold online, then all you need to do
is create a website or join a platform, put up your listing, and
then start to market yourself. If you want to start an LLC or
corporation, however, then you may need to have a few
thousand dollars at-the-ready to begin the investment process.
Most entrepreneurs start in debt because they need to cover
their start-up costs. If you can’t turn a profit, then you could lose
everything when pursuing a dream.

Summary

In this chapter, you got to know who entrepreneurs are.

What their characteristics are, their roles and responsibilities as well
as the advantages and disadvantages of being an entrepreneur.
Think you can be your own boss and blaze your own trail as an
entrepreneur?

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Self-Assessment Questions

Multiple choice. Below are statements that describe concepts related

to the term Entrepreneur. Directly following each statement are
choices of concepts being described by each statement. Read each
question by writing this on the space provided before each item.
Should your answer not be found among the given choices, write
the Capital E.
________1. The following are roles of an entrepreneur except:
a. Avoid risks
b. mobilize capital
c. introduces innovation
d. makes decision
________2. This refers to quick identification of possible profitable
business endeavor
a. risk taking
b. investing
c. opportunity seeking
d. feasibility study
________3. This refers to an entrepreneur’s ability to set realistic
and attainable objectives.
a. Goal setting
b. panning
c. decision making
d. organizing
________4. This pertains to an entrepreneur’s ability to develop
strong links with other people and institutions.
a. persuasion
b. networking
c. cooperation
d. collaboration
________5. An entrepreneur who is sure of himself and his abilities,
skills and talents and uses them when called for without hesitation,
is known to be
a. self-reliant
b. self-dependent
c. self-confident
d. self-contained

True of False. Encircle your choice of answer.

T F 1. Being an entrepreneur means that you will be wealthy
from the start since there is an assurance of
your profit.
T F 2. Entrepreneurs has the same compensation like the
employee.
T F 3. Being an entrepreneur gives you the power to decide on
your destiny.

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T F 4. You can an entrepreneur if you are not willing to take risk.
T F 5. An entrepreneur can start a business without capital.

Let’s check your answer. Send your answers to our group chat.

Be sure to answer and submit Assignment 3 before

preceding to the next chapter.

References

Asor, W., Entrepreneurship in the Philippine Setting. Manila,

Philippines. Rex Book Store, Inc.

Azarcon, Areola, Et al., Entrepreneurship Principles and Practices 2nd

edition, Baguio City. Valencia Educational Supply

Cremades, A. (n.d.). The Advantages of Being An Entrepreneur.

Alejandro Cremades. Retrieved August 14, 2020, from
https://alejandrocremades.com/the-advantages-of-being-an-
entrepreneur/

https://www.entrepreneur.com

(2019, February 4). 18 Major Advantages and Disadvantages of

Entrepreneurship. ConnectUS. https://connectusfund.org/18-
major-advantages-and-disadvantages-of-entrepreneurship

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CHAPTER 4 WELLSPRINGS OF ENTREPRENEURSHIP:
ARE ENTREPRENEURS BORN OR MADE?

Chapter Objectives

At the end of this chapter, you should be able to:

 relate the development of entrepreneurship values and
attitudes with early life experiences, i.e., family
upbringing, childhood training and cultural influences
 answer the question “are entrepreneurs born or made?”

Where do entrepreneurs come from? Why did/how do people

eventually become entrepreneur? Are entrepreneur born or made?
These are the questions that we will now try to answer.

We shall trace the origins of entrepreneurs in terms of their

life experiences within the family and culture experiences where
they belong. Then we shall look into some of our cultural
experiences and find out which ones are helpful, and which ones are
not in preparing us to meet the challenges of an entrepreneurial
career. By doing so, we hope to encourage you to develop certain
attitudes and values that help generate entrepreneurial qualities
which, as you may have seen, are the foundations of excellent
performance in business as well as in any other career. Whether
you decide to be entrepreneur or not, you can benefit from
developing entrepreneurial qualities in yourself to help you to be the
best of whatever you choose to become.

Are entrepreneurs born or made? In other words, are

entrepreneurial qualities already present in the child when he is
born perhaps as inherited characteristics from his parents, or are
these qualities developed through life. Nowadays, however, there is
enough evidence to show that entrepreneurial qualities can be
developed early in life to show that entrepreneurial qualities can be
developed early in life as a result of childhood training in
independence and self-reliance, among others, and exposure to
certain cultural values relating to work and industry.

Lesson 1 Early Life Experiences

Psychologists maintain that the first five years are the most
influential in the life of an individual. It is at this time that the social,
economic, physical and psychological atmosphere surrounding the
child leaves lasting imprints on his personality.

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 And what about entrepreneurs? What sort of home
atmosphere did they grow up in?

1. Early training in independence, self-reliance, decision making

and hard work.
Studies that looked into the background of successful
entrepreneurs reveal that they have come from homes wherein
independence and self-reliant were given premium value.
Evidently, exposure or training of children to self-reliance,
independence, decision-making and hard work early in life has a
lot to do with developing entrepreneurship.

2. Early training in business

Exposure to parents who are in business or in related
occupations also seem to help develop entrepreneurship in
children.

3. Early training in a craft or trade

Apart from orienting the young towards self-reliance,
families are apparently important in providing early mastery
training in artisanship to children. Such early exposure has
greatly helped many entrepreneurs succeed in a business
venture.

Lesson 2 Cultural Values

The emergence of entrepreneur is related to cultural values,

or those ideals held by a community as standards for social or
interpersonal behavior. Values upheld because they are viewed to
be conducive or necessary to the welfare of everyone in the group.

People who have studied entrepreneurial origins found that

entrepreneurs generally come from cultures with specific views on
certain activities and concepts such as competition, time, trade,
social status, work and money.

1. Ideals of competition
Entrepreneurship flourishes under a climate of competition
that stimulates the competing parties to find ways of using and
managing their resources more efficiently and more productively
rather than one that encourages unfair trade practices like
underpricing, selling cheap, low quality products and maligning
of competition.

2. Time Orientation
Long-range planning and anticipation of future trends are
essential for success in business. Thus, entrepreneurs are future-

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 oriented and usually belong to cultures that appreciate the value
of foregoing immediate profit or satisfaction in favor of large
future rewards.

3. Views on trading
Trading has been the seedbed of many entrepreneur. Many
of today’s successful businessmen started as vendors or traders.

4. Conferment of social ranks

A culture that promotes entrepreneurship is one that
confers social ranks in terms of actual achievements rather than
circumstances of birth. An example of this system is the system
of India.

5. Work ethics
The culture must look at work as a duty, and it must value
honest, productive labor while punishing laziness. Example of a
culture that values work highly were the countries of Europe
during the Industrial Revolution.

6. Views on Money
The attitude of a culture towards the value of money and
thrift seems to encourage the emergence of many entrepreneurs.
A thrifty people which appreciates the value of money will find it
wasteful to spend too much on beautiful but not necessarily
durable products. This attitude further encourages inventiveness
or innovation because entrepreneurs will then try to look for
ways to manufacture a given product at lesser costs, or by using
other types of materials, process or equipment.

Lesson 3 Philippine Culture and Entrepreneurship

As you know, our country is very rich in natural resources and

human ability. We are capable of eliminating poverty form our midst
through our own initiative. The reason why our efforts to attain
economic prosperity failed in the past is perhaps because we did not
appreciate enough the contribution which each one of us – whether
as a manual laborer, mayor, student or housewife – can make
towards development.

Filipinos Values Favorable to Entrepreneurship

1. “Pakikipagkapwa” values promote ideals of entrepreneurship

This trait encompasses our concern of hiya, pakikisama,
pakikibagay. At the root of this value lies all our standards of
interaction with others. This trait tells us to treat others as fellow
human beings – every bit God’s creatures as we are.

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 This favors entrepreneurship because it is against any form
of exploitation against another.

2. Many values promote risk-taking or “lakas ng loob”

Individuals who are without “guts” or who shrink before
challenges do not become entrepreneurs.

 Bahala na
As Filipinos we are by nature malakas ang loob, and not timid
and fearful as we were made to believe in the past. In
situations where we are uncertain of our ability to accomplish
things, we say “bahala na” and do the best we can, believing
that, “Nasa Diyos ang awa, nasa tao ang gawa”.
 Pakikipagsapalaran
In many instances, especially in the field of making a living,
our confidence or lakas ng loob is justified, because almost all
of us are intelligent and literate enough to read, write and
count. We are very quick to learn and find it easy to adapt to
new and strange situations.
 Gaya-gaya
Our ability to learn and adapt to new ways of doing things
may also be seen in our talent for gaya-gaya or imitation. But,
for those who are only starting out in business doing gaya-
gaya of other products (mostly imported) do contribute to the
training and preparation of many Filipinos for an
entrepreneurial career.
 Close family ties
In most Filipino families, children are taught the values of
honesty, hard work cooperation and self-sacrifice for the
common good, that is, for the sake of father, mother,
brothers, sisters, relatives. The emphasis on “togetherness”
provides plenty of support to any aspiring entrepreneur. If he
lacks capital, the family can pool resources which he can
borrow and pay without interest, if he needs workers, his kin
can help out and render service with the loyalty and
dedication which can only come from blood ties.
 Utang na loob, hiya, awa, bayanihan
In business, this may mean that we can count on other people
that we know to buy form us. If they do that on utang (debt),
they have to pay because of hiya or awa.
3. Other values drive us to succeed in enterprise
 Kasipagan. One such value has to do with industriousness or
kasipagan which is an essential characteristic of an
entrepreneur.
 Pagtitipid. We also place high value on pagtitipid (thrift).

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  Pagtitiis. We are likewise a persistent, persevering person. We
do not easily give up in the face of adversity.
 Pagtitimpi. We do not allow ourselves to display, verbally or
otherwise, our emotions at the slightest provocation.

4. Katapatan as a value promotes ethical business practices.

This trait is very useful in business since exploitative ways
are always self-defeating in the long run. Business deal is a
transaction where trust is a silent participant. The customer
trusts that the entrepreneur gives him the right quality and
quantity of the things he buys, and the entrepreneur trusts that
the customer pays him the agreed and correct amount at the
right time.

5. Our values promote harmonious labor-management relations.

For his emphasis on katapatan and kalinisan ng kalooban,
the Filipino cannot but be a good manager of his workers. He
treats his people with concern. He sees to it that there is mutual
help and camaraderie in his company, and that his workers find
him to be personal, easy to like and compassionate.

6. Our values promote social mobility

Every Filipino can aspire to be rich and prosperous no
matter how hard life is. There is in fact great mobility among the
classes in the Philippines, and people will admire a carpenter’s
son, for example, who has worked hard and become rich enough
later on to own a modest house and drive his own car. This
cultural orientation favors the spawning of entrepreneurial
talents.

Practices and Values Deterrent to Entrepreneurship

Here are some traditional Filipino values which hinder the

development of the entrepreneurial spirit among us:

1. Traditional child rearing practices inhibit the development of an

independent spirit
Why is such an upbringing dysfunctional to
entrepreneurship? Growing up in a strict, authoritarian
environment effectively kills the independent spirit which, is the
first hallmark of a successful entrepreneur.

2. Belief in the existence of all-powerful forces that control all

destinies may destroy entrepreneurial initiative

There are beliefs held by our people for a long time such as
“swerte at malas”, “ang kapalaran, di ko man hanapin, dudulog

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 at lalapit kung talagang akin”, were strengthened by the
circumstances of their livelihood.

3. “Amor propio” disinclines the Filipinos to take full responsibility

for his action when he fails.
As we succeed, we feel good and take full credit for it. But
as we fail, we tend to point the responsibility on another.

4. The “bahala na” attitude if not tempered by intelligent judgment

and planning, may lead to imprudent business decision making.

5. Our family and kin may be very supportive a lot, but watch out,
for they can also do harm to our business enterprises.

6. Colonial mentality impedes the development of a self-reliant

entrepreneurship.

Summary

This Chapter has identified some of the wellsprings or sources

of entrepreneurial qualities in people. As you have seen, early
training in independence, self-reliance, decision making and hard
work is important in preparing individuals for entrepreneurship. In
addition, you saw that the values held by a culture are likewise
important to sustain entrepreneurial activities. You were also able to
know our own Philippine culture and found out that it largely instills
values favorable to entrepreneurship.

Even if evidence shows that entrepreneurial qualities are

developed fairly early in life, this is not necessarily discounting the
possibility that these qualities may be developed among adults,
especially young adults like you –if they so decide to want it.

Self-Assessment Questions

1. I have no problem working for someone else

2. I am capable of seeing many solutions to a problem
3. I am capable of imagining how we can make things work
4. I always try to learn lessons from my failures
5. A certain level of stress stimulates me

References
Asor, W. (2009). Entrepreneurship in the Philippine setting. Manila:
REX Bookstore, Inc.

Serdef, (1998). Introduction to entrepreneurship. Manila: Small

Enterprises Research and Development Foundation, Inc.

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CHAPTER 5 PERSONAL ENTREPRENEURIAL
COMPETENCIES

Chapter Objective

At the end of this chapter, you should be able to identify the

various personal competencies of an entrepreneur and assess the
areas wherein you can grow to be better prepared as entrepreneur.

Lesson 1 Personal Entrepreneurial Competencies

Competency among entrepreneurs plays a critical role in

achieving excellent performance to ensure a continuous growth and
success of a business amongst competitive enterprise environment.
During the past few decades, the importance of entrepreneurial
competency and the human factor played by the entrepreneur
himself have constantly increased. The entrepreneur is the one who
shoulders both the risk and success of a business and the standard
needed to carry on his business successfully is called his
competency. To be able to outline the attitude and behavior of
entrepreneurs, a set of qualities has been created and developed by
a behavioral scientist and is collectively called as Personal
Entrepreneurial Competencies (PEC‘s). McClelland, the researcher,
categorizes 14 personal entrepreneurial competencies
characterizing the behavior of a successful entrepreneur. The study
also found out that the PEC surpasses both culture and continent. A
lot of studies have been made to characterize entrepreneurial
personalities and even though there is no particular set of traits that
can assure success, some identified behaviors are found common in
most successful entrepreneurs. A well-known research on human
behavior is done by McClelland and McBer and is able to identify 10
behavioral patterns grouped into three general clusters: the
achievement, planning, and power clusters. The entrepreneurial
qualities, more known as the Personal Entrepreneurial
Competencies (PECs) are as follows:

 Opportunity-seeking and initiative

Entrepreneurs seek opportunities and take the initiative to
transform them into business situations.
 Persistence
When most people tend to abandon an activity, successful
entrepreneurs stick with it.
 Commitment
Entrepreneurs keep their promises, no matter how great the
personal sacrifice.

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 Demand for efficiency and quality
Entrepreneurs try to do something better, faster or cheaper.
 Taking calculated risks
Taking calculated risks is one of the primary concepts in
entrepreneurship.
 Goal setting
This is the most important competency because none of the rest
will function without it. Entrepreneurs set goals and objectives
which are meaningful and challenging.
 Information seeking
Entrepreneurs gather information about their clients, suppliers,
technology and opportunities.
 Systematic planning and monitoring
Systematic behavior means acting in a logical way. Planning is
deciding what to do. Monitoring means checking.
 Persuasion and networking
Entrepreneurs influence other people to follow them or do
something for them.
 Independence and self-confidence
Entrepreneurs have a quiet self-assurance in their capability or
potential to do something.

These PECs are considered correlated to entrepreneurial skills.

PECs are transformed into actions by individuals and do not remain
as mere passive traits. These has to be practiced and can be
developed. Having none or a few of these competencies does not
mean that you can no longer be an entrepreneur. Now go on and
read lessons 2 and 3 for you to know the things you need to do to
start your journey to being an entrepreneur.

Lesson 2 Developing Yourself for Entrepreneurship

Here are some ways to start developing an entrepreneurial

attitude and conditioning yourself for entrepreneurship:

1. Strengthening the Mind: Entrepreneurs are constantly looking

to grow and become better individuals. They know the value of
developing a healthy mind with good thought patterns. You need
to know how to feed your mind and enable it to grow by reading
great books, attending business seminars, watching videos that
can inspire you and educate you about this amazing global
startup ecosystem that we are living in. It is a great time to
start-up and be your own boss.

Exploring the entrepreneurial endeavors of people from

around the world can be quite inspiring to fire up the
entrepreneur inside you.

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 Your mind has to be renewed each day - you cannot afford
to think like the 95% of the World. To condition yourself for true
Entrepreneurship you have to get around successful people and
find out what they are feeding their minds with.

All actions flow from our thoughts and therefore for an

Entrepreneur to develop an appetite for strategic and bold action
they have to strengthen their mind and develop a capacity for
knowledge that has the power to start and grow a successful
business.

2. Obsessive Dreaming: By constantly dreaming about your

business and envisioning what your business could look like even
before starting one you can position yourself to actually start it!
People who dream big have a unique combination of brain
chemistry that allows them to dream unrealistically combined
with an ability to take a risk along with the different action steps
needed to achieve their dream. If you lack the ability to dream
big and yet find yourself wanting to pursue Entrepreneurship,
ask yourself why you really want to do it.

Entrepreneurship almost demands unrealistic dreaming.

Many people around you may call you foolish but I think you
should tell them what Steve Jobs said, "Those people who are
foolish enough to think that they can change the World are the
ones that actually do". Develop a sense and an attitude of
dreaming big for your business idea so that your internal wiring
knows you are in for the long-term in order to achieve this
dream.

Now dreaming big does not only include the fancy estate or
the yacht. No, it includes dreaming big for your employees and
their families, it includes dreaming about your customers and
how your products and services are going to change their lives.
This is real impact. It is imperative that you develop an "others"
mentality to condition yourself. What this means is seeking out
the interests of your clients, investors and employees above your
own.

3. Internal Governance: What this means is knowing how to

govern your internal discussions. Before you make any kind of
decision the final person you consult with is yourself! We are
always having internal discussions before doing anything and
often times we need to understand the way we internalize these
discussions and figure out how we can have the best level of
internal governance before making any kind of decision to speak
or act. I think prayer and meditation is an excellent tool to help

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 you develop a healthy pattern of thought. Prayer and meditation
allow you to calm yourself and brings you to a place of wisdom
and understanding which is invaluable for decision makers.

If you see yourself having toxic internal conversations

which are negative and unhealthy it's probably time to go
through a spiritual detox and re-wire your internal thinking
processes for better decision-making.

An entrepreneur is an optimist. Period. Optimism is an

essential element to condition yourself for great success. An
entrepreneur cannot have any tolerance for negativity or passive
thinking.

Lesson 3 Must-Dos Before Becoming an Entrepreneur

Not everyone is cut out to be a successful business owner. It

requires a ton of time and effort, and many times -- investing your
own capital. Sure, the idea of being your own boss is appealing, but
how do you know whether entrepreneurship is for you? How do you
get there? What if you fail?

Think about the reasons you want to become an entrepreneur.

For many of us, it’s a combination of being able to be more creative,
make a difference, work for ourselves, have flexible hours and
increase our earning potential. To do these things, you must learn
to put yourself in the right mindset -- otherwise, you will spend
most of your time struggling to keep your head above water.

If you are considering entrepreneurship, you should also

consider doing these five things -- right now.

1. Educate yourself about finances

A class in personal finance should really be mandatory for
high school and college curriculums. It’s something we’ll have to
do for the rest of our lives, but when it comes to personal income,
we're essentially thrown into the lion's den. Is there any wonder
so many of us are drowning in debt?

Make sure you read up on managing your finances. It will

make your creative life as an entrepreneur easier to navigate
and more rewarding. A good place to get started is by checking
out KhanAcademy.org, which provides free videos, tools and
resources to help you learn more.

Also, find a mentor. This is something helps tremendously

when it comes to accelerating your learning curve at a much

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 quicker pace. You can access the Go-Negosyo Mentorship online
by visiting their official webpage Go Negosyo.com

2. Get out of that employee mentality

Most people head out into the real world with one goal: to
get a job. It’s been hammered into our minds almost from birth.

But if you're an entrepreneur, you're looking to be an

employer, not an employee. It's vital for you to set yourself
apart from the “employee” mindset: You're not just a worker
toiling away for someone else's benefit. You’re the one steering
this ship.

How do you do this? First, identify your gift or skill.

Everyone has one, but sadly, many aren't able to recognize it
quickly. Seek opinions of others you trust. Ask them what you do
naturally better than others. Once you understand what your gift
is, then develop a business around it that achieves a specific
need in society.

3. Learn how to take risks

Having a regular job gives people a sense of security. Many
will stay in their secure hub for fear of losing it all, but every
successful person has had to take a risk at some point during
their professional lifetime -- probably more than once.

If you hope to come out on top, you need to not only face
risks head on but actively embrace them. Sometimes it pays off,
sometimes it does not. But comfortable security doesn’t often
pay high dividends. To succeed, you have to take the leap and
choose to fly. And you can only learn this lesson by doing it.

4. We have technology. Use it to learn!

Not all successful entrepreneurs went to college -- or
graduated from high school for that matter. In our
technologically-obsessed culture, there's no excuse for not being
informed -- absolutely crucial to your success that you know
your industry inside and out. With the push of a few buttons on
our phones and tablets, we can educate ourselves on nearly any
topic, but it's up to you to use that power to your advantage.

When it comes to technology, it's all about learning a new

skill set. Whether it's learning how to use Wordpress (a blogging
platform) or understanding how to market your business on
Facebook, it's important that you're always learning about the
new technology of today.

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 If you don't, your competition will leave you in the dust.
5. Don't let technology make you lazy
Draw a fine line between using the Internet for information
and letting it make you lazy. While having the Internet in the
palm of your hand gives you access to a barrage of information,
news, discussions and ideas, it can be too easy to let it be a
distraction.

In order to avoid distractions, get out the old-school

whiteboard and write a daily or weekly to-do list. Once you finish
a task, remove it from the board and start working on the next
one. The goal by the end of the day or week should be
completing all of your task. This vastly improves efficiency.

Remember: You are not in a box -- you're building it, and the basics
of building are a solid blueprint, lots of planning and hard work.
Only then can you step back and admire what you’ve created.

Summary

This chapter gave you an insight of the competencies of

becoming an entrepreneur. You were able to identify the various
personal competencies of an entrepreneur and the things you can
do to develop yourself into being an entrepreneur.

Self-Assessment Questions

Reflect upon the following questions:

1. Do you think you have the characteristics of becoming an

entrepreneur?
2. How do you plan to develop yourself into an entrepreneurial one?

Be sure to answer and engage in the E-discussion.

Page 43 of 85
References

Alusen, M. (2016). PERSONAL ENTREPRENEURIAL COMPETENCIES

OF LPU- LAGUNA BSBA GRADUATING STUDENTS: BASIS FOR
CURRICULUM ENHANCEMENT. LPU- Laguna Journal of
Multidisciplinary Research, 4(4), 92–105.
http://lpulaguna.edu.ph/wp-
content/uploads/2017/03/Personal-Entrepreneurial-
Competencies-of-LPU-Laguna-BSBA-Graduating-Students-
Basis-For-Curriculum-Enhancement.pdf

Asor, W. (2009). Entrepreneurship in the Philippine setting. Manila:

REX Bookstore, Inc.

Gamble Jr., D. (2015, April 20). 5 Must-Dos before Becoming an

Entrepreneur. Entrepreneur.
https://www.entrepreneur.com/article/245246

Motivation and Personal Competencies. (n.d.). Empretec. Retrieved

August 14, 2020, from
https://empretec.unctad.org/?page_id=30

Serdef, (1998). Introduction to entrepreneurship. Manila: Small

Enterprises Research and Development Foundation, Inc.

https://www.entrepreneur.com

Page 44 of 85
CHAPTER 6 BASIC SKILLS OF AN ENTREPRENEUR

Chapter Objective

At the end of this chapter, you should be able to demonstrate

the skills of ideation, creativity, and innovation.

Watch the video lecture in the USB file name:

Creativity

Lesson 1 Ideation

The beginning of a business endeavor is ideation. This should

be the first investment who seeks to be an entrepreneur; and to be
called an entrepreneurial business opportunity, such idea has to be
new, or if not, should be innovative.

It is always nice to start with a good idea, one that is worth

exploring or converting into a business option. Steve Jobs had that
great idea of putting together the television and typewriter which
gave birth to Apple Inc.,

Where to get idea?

The best source of ideas worth pursuing into a business is the

consumers or the market in general, because they are the one who
needs the product or service. Creativity is innate to those who are
creative, but for some who are deprived of creative thinking, they
can try to get ideas from reading books or talking to someone who
is creative. Suggested sources of ideas also includes trade journals,
trade associations, conventions, exhibits, trade shows, and
consumer shows, country or government affairs, product catalogs,
consumer magazines, “opportunity” magazines, government
publications, directories, old advertisements, import/export bulletins,
current events and announcements, trends and fashion,
club/society meetings/functions, social encounters, pedestrians
observation.

Options for sourcing business ideas:

Suggested by A.W. Hiam & K.W. Olander in their book “The

Entrepreneur’s Complete Source Book”
1. Draw from personal interest or hobbies.

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 -Many businesses started out by owners just doing what they
like, and because this gives happiness to the entrepreneur, they
do it because of money as their top reason, but because this is
their passion.

2. Look around for limitations in existing products or services.

-There are so many kinds of mobile phones already but there is
always something to look forward to this, month after month,
there are new kinds introduced to the market, better than the
last. So, think of it, you might be the next entrepreneur who
could develop new infusion of Benguet coffee, you could be the
next chef of an innovative kiniing dish. Don’t put limitations to
what you see, there are always new things you can develop out
of a product.

3. Make a wish list.

-Writing down your wish list will give you an insight that there is
something that you’d still want to have in terms of a good or
service and no one is selling it. You can translate that wish into
a product that you can eventually sell.

4. Think of new and different ways to use existing products. There

are many products which we can use in other use aside from its
major purpose. For example, a baking soda is purposely created
for baking but did you know that this can also be used as
cleaning agent, as teeth whitener, as deodorant, as ointment,
and used as medication as well.

5. Take a close look at the social scene and how it is changing.

What’s new today? Using of facemask and face shield is now a
must, in the future what can you see that will be largely used?

6. Consider technological advances and how they affect currently

available products. Online selling is the new normal of selling
products, take advantage of the use of technology since you can
use even your mobile phones to sell your products.

7. Think of possible spin-offs from existing products or services that

might be developed. Work your creativity, explore, and don’t
limit your imagination. There might be something you can add to
existing products to make it better.

8. Look at currently established business. Take a look in your

environment. What business are still open and can stand the
trials of this pandemic?

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9. Consider the features of particular products. Quality over
quantity, or the other way around?

Ideas that are worth a business should be the one that has a
market now and in the future. This could be a product, a service
system, and the like, which could fall in any of the following
categories:
a) Need/want driven
b) Time-savings driven
c) Money-savings
d) Unique or incorporating a strong competitive advantage
e) Linked to personal interest, preferably passion
f) Linked to personal talent, ability, or specialized knowledge
g) Can improve one’s earning/income potentials
h) Contribute to solving socio-economic problem
i)Can satisfy basic and extreme needs of man

The more idea a person produces, the more original and the
better-quality ideas one will find among them. When you come
across an idea, you should put it in writing.

The most common way of developing ideas is as follows:

1. Recognize the need. Develop an idea or a product that can
satisfy a need, and respond to the need by establishing a
business concern.
2. Improve existing product. The result of consumer dissatisfaction
to the existing product could open the door to introduce
innovations or improvements.
3. Recognize trends. Entrepreneurs should be able to recognize the
opportunity to develop a product and set trends that can make
them leading entrepreneurs.
4. Be aware of everything. There is no other way to know about
what is happening around you, but to research and read.
5. Question and assumptions. Anybody can question the relevance
of any product or services, provided, that there is an effort to
improve the product.
6. Name it first, then, develop it. If you have the idea, study it an
develop it to something that is worth a business.

Evaluating an Idea

Earlier, it is said that ideation is the beginning of a business. A

wrong choice of idea could be the cause of business failure, so
ideas need to be evaluated it can be profit potential.

Kimberly Stansell suggests the following tips on evaluating

ideas to make business out of it.

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1. Don’t let your ideas follow money-let money follow your ideas. If
the idea is clear and viable, there should be clear for the options
for the business out of the idea.
2. See yourself as a problem solver. Ideas should be a solution to
an existing problem of the consumer or the market in general.
3. Use research as a weapon against failure. This is important fat
in decision-making process; most business failed because of
lack of information.
4. Make sure your idea has longevity. An idea that is worth
pursuing into a business is one which has a long-term purpose
and not only a fad.
5. Take a risk on your own ideas. Venture into a business by using
your own ideas.
6. Test your idea against the past, present, and future. The market
needs and demands will not be far from what is happening in
the past, so it is better to get information about the past,
present, and future.
7. Know the idiosyncrasies of your market. Know the needs of your
market and all the factors that affect the buying process. Your
idea will depend on this.

Protecting your Idea

Once you generate an idea, it has to be protected because it

can make you a potential millionaire, like in the case of Bill Gates.
There are many ways of protecting your idea from being stolen or
claimed by others, and losing the opportunity to be known as the
creator and the originator of the ideas. Aside from this, no
company will pay you a royalty if the idea presented is not legally
protected. The following are the ways of protecting your ideas:

1. Confidentiality agreement – an agreement which specifically

provides that a signer (e.g., investor, business partner,
manufacturer, etc.) will not share the idea to anyone.
Sample:

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2. Patents- theses gives the inventor exclusive legal rights to
exclude anyone else from manufacturing, selling, importing, or
using an invention during the life of the patent.
Classifications:
a.Design patent – protects the way something looks as
opposed to the way it operates

Coca cola deign patent

b.Utility patent – protects the actual mechanical, chemical,

computer or process design of an invention

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 Utility patent of an Apple phone

c. Plant patent – covers protection on new strains of plants

created by engineered, asexual production.

Plant patent of avocado by R.G. Hass

2.Trademark- a word, name, symbol, or device (or any

combination of these) used by the manufacturers or merchants to
identify their goods and distinguish them those made or sold by
others.

3. Copyright – protects the creative work of composers,

authors/writers, artists, film makers, and others; endures during
the lifetime of the creator and for 50 years his or her death.

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Other means of protecting an idea

1. Written on a diary, notes, etc. – keep notes in a safe place

2. Contacted a company, individual or any parties by telephone to
discuss the idea- make a copy of phone bills with notes on the
call and what was discussed.
3. Send samples of the product or paper work or diskette files
describing the idea or product through the mail or courier
service – use certified or credible companies or any other legal
means.

Lesson 2 Creativity

“Creativity is the starting point of a process which, when

skillfully managed brings and idea into innovation”- Lampikoksi
and Emden

Entrepreneurial creativity
This is the implementation of novel, useful ideas to establish a
new business or new program to deliver products or services. The
primary novel, useful ideas may have to do with (a) the products or
services themselves, (b) identifying a market for the product or
services, (c) ways of producing and delivering the product or
services, or (d) ways of obtaining resources to produce or deliver
the products or services.

Characteristics of Creative People

1. Bright but not necessarily brilliant. Creativity is not directly
related to extraordinarily high intelligence.
2. Good at generating a high degree of different ideas in a short
period of time.
3. Have a positive image of themselves. They like who they are and
they are self-confident.
4. Sensitive to the world around them and the feelings of other.
5. Motivated by challenging problems.
6. Able to withhold the decision on a problem until sufficient facts
have been collected.

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7. Value their independence and do not have strong needs from
group approval.
8. Lead a rich, almost bizarre, fantasy life.
9. Flexible as opposed to rigid or dogmatic.
10. More concerned with the meanings or implications of a
problem than with mall details.

Environmental Stimulants to Creativity

a)Freedom: freedom in deciding what to do or how to accomplish

b)Good project management: a manager serves as a good role

model, is enthusiastic, has good communication skills, protects
the project team from outside distractions and interference,
matches tasks to worker’s skills and interests, and sets clear
direction without managing too tightly.

c) Sufficient resources: access to necessary resources, including

facilities, equipment, information, funds and people.

d)Encouragement: management enthusiasm for new ideas, creating

an atmosphere free of threatening evaluation.

e)Various organizational characteristics: a mechanism for

considering new ideas, a corporate climate marked by
cooperation and collaboration across levels and divisions, an
atmosphere where innovation is prized and failure is not fatal.

f) Recognition: a general sense that creative work will receive

appropriate feedback, recognition and reward.

g)Sufficient time: time to think creatively about the problem to

explore different perspectives rather than having to impose an
already-determined approach.

h)Challenge: a sense of challenge arising from intriguing nature of

the problem itself or its importance to the organization

i) Pressure: a sense of urgency that is internally generated from

competition as a personal sense of challenge.

j) Outside organization: form a general desire to accomplish

something important

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Environmental Obstacles to Creativity

a. Various organizational characteristics: inappropriate reward

system in organization; excessive red tape; a corporate climate
marked by a lack of cooperation across divisions and levels; little
regard for innovation in general.

b. Constraint: lack of freedom in deciding what to do or how to

accomplish the task; a lack of sense of control over one’s own
work and ideas.

c. Organizational disinterest: a lack of organizational support,

interest, or faith in a project; a perceived apathy toward any
accomplishments coming from the project.

d. Poor project management: a manager who is unable to set clear

directions, who has poor technical or communication skills, who
controls tightly, or who allows distraction and fragmentation of
the team’s efforts.

e. Evaluation: inappropriate or inequitable evaluation and feedback

systems; unrealistic expectations; an environment focused on
criticism and external evaluation.

f. Insufficient resources: a lack of appropriate facilities, equipment,

materials, funds, people
.
g. Time pressure: insufficient time to think creatively about the
problem; high frequency of “fire-fighting”.

h. Overemphasis on status quo: reluctance of managers or co-

workers to change their way of doing things; an unwillingness to
take risks.

i. Competition: interpersonal or intergroup competition within the

organizational fostering a self-defensive attitude.

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Lesson 3 Innovation

“Innovation is the specific function of

entrepreneurship…it is the means by
which the entrepreneur either creates
new wealth-producing resources or
endows existing resources with
enhance potential for creating
wealth”- Peter Drucker

Innovation is doing something different. It could be

introducing either something new or different. Innovativeness is a
characteristic of an individual, team, or organization. This is also the
capacity to create ideas and develop them to usable products or
services.

Impacts of Innovation
Efforts on innovation must have impacts- positive impacts. It
must have a positive implication that is supportive of organizational
goals and objectives. The innovative accomplishment exists if the
following happens:
1. Effecting a new policy – creating change or orientation or
direction.
2. Finding new opportunities – developing an entirely new product
or opening a new market.
3. Designing a new structure – changing the formal structure,
reorganizing or introducing a new structure.
4. Devising a fresh method – introducing a new process, procedure,
or technology for continued use.

Types of Innovation
1. Invention – the creation of a new product, service, or process,
one that is often novel or untried.
2. Extension – the expansion of a product, service, or process
that is already in existence.
3. Duplication – the replication of an already existing product,
service, or process
4. Synthesis – the combination of existing concepts and factors
into a new formulation.

Types of Innovators
1. Gatekeeper
 Collects and channels information about changes in the
technical environment.
 Stays current with events and ideas through personal contacts,
professional meetings, and the news media.
2. Idea generator

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  Analyzes information about new technologies, products, or
procedures in order to yield a new idea for the company.
3. Champion
 Advocates and pushes for the new idea
 Obtains and applies the resources and staff to demonstrate
the feasibility of the idea
4. Project Manager
 Draws up schedules and budgets; arranges periodic
information sessions and status reports; coordinates labor,
equipment, and other resources; and monitors progress
against the plan
5. Integrates and administers the tasks, people, and physical
resources necessary to move on idea into practice Coach
 Addresses the technical and interpersonal aspects of the work
in the innovation process
 Provides technical training related to new developments and
helps people work together to turn an idea into a tangible
result

Sources of Innovation
1. Unexpected occurrences
2. Incongruities
3. Process needs
4. Industry and market changes
5. Demographic changes
6. Changes in perception
7. Knowledge-based concepts

Myths of innovation
1. Innovation is planned and predictable
2. Technical specifications should be thoroughly prepared
3. Creativity relies on dreams and blue-sky ideas
4. Big projects will develop better innovations
5. Technology is the driving force of innovation and success

Principles of Innovation
1. Be action-oriented
2. Make the product, process, or service simple and
understandable
3. Make the product, process, or service customer-based
4. Start small
5. Aim high
6. Try-test-revise
7. Learn from failures
8. Follow a milestone schedule
9. Reward heroic activity
10. Work, work, work

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Summary

Creativity, innovation and entrepreneurs are inseparable.

Creativity is an essential part of innovativeness, the starting point of
a process, which is skillfully managed, and brings idea into
innovation. It is considered as a characteristic that is innate or
inherent to every individual, but the social environment can
influence both the level and frequency of creative behavior. It is
particularly important to understand the role the environment can
play.

Self-Assessment Questions

Test and apply your knowledge

A. 1. Where and how do you generate ideas worth pursuing into a
business?
2. What is the best way to evaluate business opportunities?
3. What is an idea that is worth a business?
4. Describe the stimulants to creativity.

B. Name that!

Note: Send your answers to our Facebook GC.

Be sure to answer and submit Assignment 4 before

preceding to the next chapter.

References
Azarcon, E., Areola, A., Arguelles, R., Barlis, M., Dela Pena, G.,
Drequito, G., et al. (2008). Entrepreneurship principles and
practices: a modular approach (2nd ed.). Baguio City: Valencia
Serdef, (1998). Introduction to entrepreneurship. Manila: Small
Enterprises Research and Development Foundation, Inc.

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CHAPTER 7 ENTREPRENEURIAL OPTIONS

Chapter Objectives

At the end of this chapter, you should be able to:

 select an entrepreneurial option to become an
entrepreneur
 differentiate the various routes to becoming an
entrepreneur

Lesson 1 Reasons Why People go into Business

There are many cool reasons why people should get into
business. Most people get into business just to secure some extra
income to take care of their many needs. Some even do so just to
raise some money and handle a one-time problem. These are no
doubt reasons why they do business like a part time thing. Such
businesses hardly amount to anything big.

But there is more to gain in starting up your own business. I

present to you the following reasons;

1. To Increase Your Income

This is obviously the main reason why most people get into
one form of business or the other. If you set up a viable business,
you are likely to move from a six-digit monthly income to even an
eight-digit income in less than no time.

These days there are few jobs that can pay a person enough
money to take care of the needs of a family. A sure way to get a
comfortable life and earn serious income is to get into your own
business. Hardly will you find a very rich person who is depending
fully on a job.

If you are unsatisfied with the income you make every month,
you need to seriously consider starting up a business. You will soon
have more than enough money resting in your bank account.

2. To Have an Additional Job

It is very difficult to handle two jobs at the same time. But

having a formal job and doing a business is not too difficult. In fact,
today, many people do both. They set up a business, employ one or
two persons to work for them and then still carry on with their

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formal job. Such an opportunity only comes when you set up your
own business where you make the decisions.

As you grow in life, you will soon see that your job is unable to
fund the projects of your life. When this happens, starting up a
business of your own is the best option you have.

3. To Be Your Own Boss

Not many people love to be bossed and controlled around.

People love to do things out of their discretion. Sometimes when I
see an old man in his 60s and 70s, answering “Sir” and being
ordered around by a young man in his 20s – 40s who happens to be
his boss, I can’t help but pity the situation. This happens only to
people who are solely dependent on their jobs for survival.

When you set up your own business, you have no one to

answer to but you. You can make decisions freely and choose what
to do at every point in time, without anyone asking you questions.
You are the boss and everyone respects you for that.

4. To Get Freedom

Man, naturally loves some degree of freedom. Because you

don’t have chains on your hands, doesn’t mean you are free. As
long as you have to strive daily to be at work in order to secure an
income, you are not free. Even if you are heading the organization
you work for, you are not free as long as you can only earn an
income if you go to work.

A free person is one who can decide where to be and what to

do at any point in time, without being answerable to anyone else,
not even to a salary. I am sure you will love such a life. Starting
your own business will allow you have full control over your life and
you could spend every day of your life traveling all over the world,
getting recognition, reaching out to needy people, making your
impact felt and enjoying all the good things money can offer, while
others work for you.

5. To Gain Job Security

Before now, most people thought that in order to secure a

wonderful future, you ought to study, get a good degree, pick up a
lucrative job and earn a huge package. Now, with the high rate of
job insecurity, getting a job has become the most insecure way to
earn an income. This is worst in the private sector.

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 I was talking lately with a friend who works with a private
mining company and she told me that the industry is a very
lucrative one with well-paid jobs but the most insecure place to be.
She said when you work in her company, at the end of each month
you pray hard not to receive a letter saying that you have been laid
off. It is that bad.

Owning your own business offers you a very high level of job
security when well established. The decisions to quit or stay both lie
in your hands and no one else’s. No day will you wake in the
morning to receive a sack letter.

6. To Enjoy Life by Doing What You Love

Starting up your own business offers you the rare opportunity

to do what you love and create your own unique impression in the
world. When you do what you love, you earn money for doing
nothing. Writing is something I love to do. I am very relaxed when I
write. If I build a business that is centered on writing and publishing,
life is more likely to be fun for me.

7. To Meet A Need in The Market

Every good business identifies a need in the market and seeks

to meet it. Needs abound everywhere around us. There will never
be a time when all the needs we have would have been met.
Starting up your own business begins from discovering a gap (or
need) and seeking to fill it up. It is always so wonderful when
someone comes up with something that addresses the problems of
people and succeeds. The feeling is an out-of-this-world feeling.

The only way to meet a clear need in the market is to step

out of the comfort zone of a job and go through the odds just to fill
an existing gab. You can only do this by starting up your own
business.

8. To Develop Your Own Creative Skills

Starting your own business is one big way of putting your

creativity to work and thus developing it. When you know that your
life depends on how much you make use of your knowledge, talents,
skills, experience, etc, you cannot go to sleep. You are always
thinking and trying to come up with something that will keep your
business going forward. This will make you even more creative.

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 Most jobs are built around some form of routine and only help
to kill the creativity in most people. This is why a true entrepreneur
is hardly able to keep a job.

9. To Have Influence

Did you know that the business people of every nation have
one of the greatest influences on who is who in the leadership of
that nation? They appear not to be interested but many of them
have a greater influence on the political climate of the nation than
the ballot box. They sponsor candidates during elections, sponsor
bills in parliament, influence presidential appointments, and so on.
They have an indirect influence over your life and what becomes of
you.

When you grow your business to a height that you no longer

make money for yourself alone but your money starts affecting
people’s lives, you have started having influence. Such money can
easily be guaranteed by building a business of your own.

10. To Enjoy Recognition

One of the most accomplished business men in my country

that I know of, did not go to school to beyond the primary level. He
cannot even speak English properly. However, wherever he goes,
people respect him. No one cares if he is educated or not. He is
more recognized than many professors and accomplished career
men in the country.

His businesses are all over the country and through them he
has put food on many tables by offering numerous job opportunities
for people. He travels abroad very frequently and whenever
decisions are made that concern any sector where he has invested,
he is consulted and his opinion is sought after. He has vocal power;
He has a voice all because he went into business.

You will hardly be able to gain some great level of recognition

if all you do is leave the house daily to an office and back. At most,
it will be in your organization and if it goes beyond that, it will be
short-lived.

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Lesson 2 Routes to Entrepreneurship

Family Business
A business actively owned and/or managed by more than one
member of the same family. If you own a family business, you
probably worry even more than the average entrepreneur about
ensuring that your company not only survives, but also thrives to
nurture the next generation. Several years ago, researchers David
Sirmon and Michael Hitt examined the strategies behind successful
family businesses. They found that success is tied directly to how
well a company manages the five unique resources every family
business possesses:

1. Human capital. The first resource is the family's human capital,

or "inner circle." When the skill sets of different family members
are coordinated as a complementary cache of knowledge, with a
clear division of labor, the likelihood of success improves
significantly.

2. Social capital. The family members bring valuable social capital

to the business in the form of networking and other external
relationships that complement the insiders' skill sets.

3. Patient financial capital. The family firm typically has patient

financial capital in the form of both equity and debt financing
from family members. The family relationship between the
investors and the managers reduces the threat of liquidation.

4. Survivability capital. The family company must manage its

survivability capital-family members' willingness to provide free
labor or emergency loans so the venture does not fail.

5. Lower costs of governance. The family business must manage

its ability to hold down the costs of governance. In nonfamily
firms, these include costs for things such as special accounting
systems, security systems, policy manuals, legal documents and
other mechanisms to reduce theft and monitor employees' work
habits. The family firm can minimize or eliminate these costs
because employees and managers are related and trust each
other. If you own a family business, you probably worry even
more than the average entrepreneur about ensuring that your
company not only survives, but also thrives to nurture the next
generation.

Clearly delineating these unique family resources and

leveraging them into a well-coordinated management strategy

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greatly improves your business's chances of success compared to
nonfamily-owned companies.

5 Keys to Successfully Leading a Family Business

Family businesses aren't always easy, but they are most

definitely be worth it.

1. Recognize the advantages of family ownership.

One of the most attractive benefits in a family-owned
business is fast, agile, nimble decision making. The era of digital
transformation is here. Quicker decisions must be made whether
it’s leveraging data, closing the gap with customers, or
something else. It is more than a trend; there’s plenty of
research to support an action-oriented business model. In a
review of traits linked to organizational health, McKinsey
researchers found that businesses scoring high for agility also
ranked within the top quartile of overall business health. For
their purposes, agile companies were those who could
successfully combine speed and stability without sacrificing
quality. The Harvard Business Review also reported that
decision-making windows are shrinking, and managers must
continually produce results in less time.
Speed: In family-owned businesses, decisions are often made
immediately – without lengthy approvals or formal votes. The
speed of change either moves companies forward or holds them
back.
Stability: Many companies struggle with balancing current gains
against business longevity. In a family business, stability is not
in question when words like legacy and heritage are used daily.
It simplifies decision making by establishing a preferred
approach.
Commitment: With a family business, there is a greater sense
of commitment and accountability. Younger generations are
expected to buckle down and grow what they’ve inherited. Unlike
some resumés that are built by strategically jumping from one
career to the next, those involved with a family business must
find a way to make things work.
Vision: Nothing is as gratifying as everyone being on the same
page and pulling in the same direction. A legacy of shared values
and vision, coupled with long-term commitment, is what
transforms those involved in a family business to not simply look
at their own success, but to also become stewards for future
generations.

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2. Treat family members equally.
Seniority doesn’t win; skill and hard work does. Sometimes
the big win will come from one team member. Other times it will
come from someone else. Don’t limit people’s ability to make a
positive impact simply because of age or time with the company.

3. Empower the next generation.

It is human nature to be resistant to change. It takes
practice to be able to recognize change and evaluate its
opportunities and drawbacks. That means you have to allow
change while remembering your roots, your core values, and key
business principles. If you don’t let change in, progress will never
happen.

4. Innovate
There is no overstating how necessary it has become for
businesses to break away from the clutter. That takes people
who think creatively to offer a fresh perspective on new ideas.
Cultivate a business dynamic that welcomes innovation…and the
people who inspire it.

5. Business is business, family is family.

Conflict happens in business. You won’t always see eye-to-
eye with everyone. That’s no reason to ever make it personal (or
take it personally for that matter). Whether it’s an actual family
member or a valued team member, don’t let business dealings --
no matter how frustrating -- become a source of difficulty or
resentment outside the business.

Family businesses aren’t always easy, but they are most

definitely be worth it. Appreciate the value each person brings to
the table, encourage their contributions, and you’ll see a business
that has what it takes to be a leader.

Buying an existing business

If you think you have the chops to be an entrepreneur, but

would rather not start with a new idea -- or just plain don’t have a
new idea worth starting -- you may be a great candidate to buy an
existing business instead.

While buying an existing business typically involves more

upfront cost, it also presents less risk than starting from scratch.
Financially, you’re looking at actual profit and loss records rather
than rough estimates, and there’s a clear history of sales to point to.
You may also acquire valuable patents or copyrights, or have the

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opportunity to drive a stagnant business in an exciting direction
with your expertise.

How to buy an existing business

Do you want to be the buyer that ushers an existing business

into a new era of success? Follow these steps to move forward.
1. Decide what you are looking for.
Purchasing a business is a huge decision that will impact your
life and livelihood for many years. So, before you even start
investigating options, start by knowing exactly what kind of
business you’re looking for. Here are a few factors to consider:
 Location: Are you open to moving, or do you need something
close to home? Or maybe you’re looking at businesses not tied to
a specific location. Either way, remember that the location of
your business will affect labor costs, taxes, and other financials
that can change the business’s bottom line.
 Size: Do you want to own a small family business, or a large,
bustling enterprise? Buying a larger business could mean bigger
profits, but will likely also involve a higher purchase price and
more stress in the transition.
 Industry: What are the areas where you already have experience?
What causes are you passionate about, or what hobbies are you
interested in?
 Lifestyle: Are you interested in a job involving lots of travel? Are
you open to working odd hours, or would you rather stick to a
traditional nine-to-five? As the owner of a business, the buck
stops with you -- so think twice before choosing the kind of
hands-on business that might involve emergency phone calls at
3 a.m.

2. Research available businesses.

Once you know what you’re looking for, you’ll need to start
researching businesses up for sale. But wait! This isn’t the time to
start Googling “businesses for sale.” Not yet, at least.

First put out some feelers close to home. Are your friends who
launched a successful app ready to move on to their next project?
Do you work for a small business you love whose owners may be
willing to sell? Or if you’re keeping it small and local, maybe the
owners of your favorite local coffee shop are ready to sell out and
move to Bermuda?

If you know of a business you wish you owned, there’s no

harm in asking.

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 From there, move outward to your business contacts, and
carefully take to the internet for your research. BizBuySell is a
reputable marketplace for buying businesses online. But be
careful—for every legitimate opportunity to be found online, you’ll
encounter dozens of bad deals waiting to happen.

3. Consider working with a business broker.

If you’ve done some research on your own and haven’t found
the business you’re looking for, consider hiring a business broker to
prescreen businesses for you, help you pinpoint your areas of
interest, and negotiate the terms of your eventual business
purchase.

Business brokers work similarly to real estate agents in that

they will typically charge you a commission—around 5 to 10 percent
of the purchase price—so they only get paid when you buy a
business. So, while the assistance of a broker can offer may be
worth the cost, proceed with caution, and don’t let yourself get
pushed into a hasty decision.

4. Complete your due diligence.

When you find a business that is a good match, a true
entrepreneur will be immediately itching to dive head-first into
purchasing the business and moving it forward. Before you get too
excited, slow down and do your homework. A business that looks
great at first glance could have serious issues hiding underneath
that would make it a poor choice for sale.

Before you go any further, get your acquisitions team

assembled. Especially if you are not working with a broker, you will
need an acquisitions attorney and an independent business
valuations firm to help you determine the value and health of the
business.

Have a business valuation performed to determine how much

the business is worth, and consider how the current owner’s
connections and expertise may affect that value. In a business-to-
business company, for example, a business sale could cause the
former owner’s clients to leave, which would seriously impact the
value of the business.

Have a professional accountant evaluate the business’s

written financials very carefully to make sure everything is on the
up and up, and question anything that may be unclear. When you
buy a business, you take on a tremendous amount of liability for
things that may have happened before you were involved, so do not
leave anything up to chance.

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5. Acquire the necessary funding.
While there are many benefits to purchasing an existing
business, it can certainly be an expensive option. Unless you are
independently wealthy or have a financial backer, you’ll likely need
funding to make the sale.
Once you have settled on a purchase price for the business
and know how much funding you need, you have a few options for
sources of financing:

 Seller financing: This is where the seller allows you to make

payments over time to purchase the business, usually for the
purchase price plus interest. If your seller is open to this option,
it can be the best financial choice for all involved.
 Angel investors or venture capital: In this model, you would be
partnering with someone else to purchase the business -- they
are the financial investor, and you are the on-the-ground
operator. If the business succeeds, this will cost you significantly
in profits. But if it fails, you won’t have to worry about paying
debts on a business that isn’t making money.
 Business loan: Alternatively, you could take out a term loan to
purchase the business through a traditional bank or an online
alternative lender. The good news here is that lenders are often
more open to loans for purchasing existing businesses with a
known revenue history. Even so, your personal financials will
play a big role in your ability to qualify.

Each financing source comes with its own pros and cons, so
do your research and talk to an independent financial advisor to
make sure the funding source you pursue is the best choice for your
bottom line.

6. Draft the sales agreement

You have chosen a business, negotiated the terms, and
secured the funding to make a purchase. All that is left to do is draft
the agreement and sign on the dotted line. Again, make sure you’re
working with a reputable acquisition’s attorney here, and that you
fully understand the written terms of the agreement before you sign.

Do not leave any ambiguities that could cause trouble at

closing or even after the sale has gone through.

Choosing to buy an existing business is a valuable

entrepreneurial feat that will impact your life, your community and
the lives of your employees for years. With the right connection and
a lot of hard work on the transition, you may be the perfect person
to turn a good business model into great future for all involved.

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Franchising

A continuing relationship in which a franchisor provides a

licensed privilege to the franchisee to do business and offers
assistance in organizing, training, merchandising, marketing and
managing in return for a monetary consideration. Franchising is a
form of business by which the owner (franchisor) of a product,
service or method obtains distribution through affiliated dealers
(franchisees).

If buying an existing business does not sound right for you

but starting from scratch sounds a bit intimidating, you could be
suited for franchise ownership. Just what is a franchise--and how do
you know if you are cut out to be a franchisee?

In addition to a well-known brand name, buying a franchise

offers many other advantages that aren't available to the
entrepreneur starting a business from scratch. Perhaps the most
significant is that you get a proven system of operation and training
in how to use it. New franchisees can avoid a lot of the mistakes
startup entrepreneurs typically make because the franchisor has
already perfected daily operations through trial and error.

Reputable franchisors conduct market research before selling

a new outlet, so you will feel greater confidence that there is a
demand for the product or service. The franchisor also provides you
a clear picture of the competition and how to differentiate yourself
from them.

Finally, franchisees enjoy the benefit of strength in numbers.

You will gain from economics of scale in buying materials, supplies
and services, such as advertising, as well as in negotiating for
locations and lease terms. By comparison, independent operators
have to negotiate on their own, usually getting less favorable terms.
Some suppliers will not deal with new businesses or will reject your
business because your account is not big enough.

Once you have decided a franchise is the right route for you,
how do you choose the right one? With so many franchise systems
to choose from, the options can be dizzying. Start by investigating
various industries that interest you to find those with growth
potential. Narrow the choices to a few industries you are most
interested in, then analyze your geographic area to see if there is a
market for that type of business. If so, contact all the franchise
companies in those fields and ask them for information on their
franchise opportunity. Any reputable company will be happy to send
you information at no cost.

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 Of course, you should not rely solely on these promotional
materials to make your decision. You also need to do your own
detective work. Start by visiting your library or going online to look
up all the magazine and newspaper articles you can find about the
company you are considering. Is the company depicted favorably?
Does it seem to be well managed and growing?

Once you have decided on a certain franchise through your

preliminary research, you need to find out if this opportunity is as
good as it sounds. Your next step is to analyze it thoroughly to
determine whether it is really worth buying.

Much of the information you will need to gather in order to

analyze a franchise will be acquired through the following:
 Interviews with the franchisor
 Interviews with existing franchisees
 Examination of the franchise's Uniform Franchise Offering
Circular (UFOC)
 Examination of the franchise agreement
 Examination of the franchise's audited financial statements
 An earnings-claim statement or sample unit income (profit-and-
loss) statement
 Trade-area surveys
 List of current franchisees
 Newspaper or magazine articles about the franchise
 A list of the franchisor's current assets and liabilities

Through this research, you want to find out the following:

• If the franchisor--as well as the current franchisees--are
profitable
• How well-organized the franchise is
• If it has national adaptability
• Whether it has good public acceptance
• What its unique selling proposition is
• How good the financial controls of the business are
• If the franchise is credible
• What kind of exposure the franchise has received and the
public's reaction to it?
• If the cash requirements are reasonable
• What the integrity and commitment of the franchisor are
• If the franchisor has a monitoring system
• Which goods are proprietary and must be purchased from the
franchisor?
• What the success ratio is in the industry

Do not be shy about asking for the required materials from

the franchisor. After all, they will be checking you out just as

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completely. If they are not, that should sound a warning bell.
Another warning sign is if the franchisor asks you to sign a
disclaimer stating you have not relied on any representations not
contained in the written agreement. Such a requirement could
indicate the franchisor does not want to be held responsible for
claims made by its sales representatives.

Create a new business

Not every small business is positioned for success. In fact,

only about two-thirds of businesses with employees survive at least
two years, and about half survive five years. So, you may be in for
a real challenge when you decide to take the plunge, ditch your day
job, and become a business owner. The stage is often set in the
beginning, so making sure you follow all of the necessary steps
when starting your business can set the foundation for success.

Here are 10 steps that are required to start a business successfully.

Take one step at a time, and you'll be on your way to successful
small business ownership.

Step 1: Do Your Research

Most likely you have already identified a business idea, so
now it's time to balance it with a little reality. Does your idea have
the potential to succeed? You will need to run your business idea
through a validation process before you go any further.
In order for a small business to be successful, it must solve a
problem, fulfill a need or offer something the market wants.
There are a number of ways you can identify this need, including
research, focus groups, and even trial and error. As you explore the
market, some of the questions you should answer include:
• Is there a need for your anticipated products/services?
• Who needs it?
• Are there other companies offering similar products/services now?
• What is the competition like?
• How will your business fit into the market?
• Don't forget to ask yourself some questions, too, about starting a
business before you take the plunge.

Step 2: Make a Plan

You need a plan in order to make your business idea a reality.
A business plan is a blueprint that will guide your business from the
start-up phase through establishment and eventually business
growth, and it is a must-have for all new businesses.

The good news is that there are different types of business

plans for different types of businesses.

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 If you intend to seek financial support from an investor or
financial institution, a traditional business plan is a must. This type
of business plan is generally long and thorough and has a common
set of sections that investors and banks look for when they are
validating your idea.

If you do not anticipate seeking financial support, a simple

one-page business plan can give you clarity about what you hope to
achieve and how you plan to do it. In fact, you can even create a
working business plan on the back of a napkin, and improve it over
time. Some kind of plan in writing is always better than nothing.

Step 3: Plan Your Finances

Starting a small business does not have to require a lot of
money, but it will involve some initial investment as well as the
ability to cover ongoing expenses before you are turning a profit.
Put together a spreadsheet that estimates the one-time startup
costs for your business (licenses and permits, equipment, legal fees,
insurance, branding, market research, inventory, trademarking,
grand opening events, property leases, etc.), as well as what you
anticipate you will need to keep your business running for at least
12 months (rent, utilities, marketing and advertising, production,
supplies, travel expenses, employee salaries, your own salary, etc.).

Those numbers combined is the initial investment you will

need.

Now that you have a rough number in mind, there are a

number of ways you can fund your small business, including:
 Financing
 Small business loans
 Small business grants
 Angel investors
 Crowdfunding

You can also attempt to get your business off the ground by
bootstrapping, using as little capital as necessary to start your
business. You may find that a combination of the paths listed above
work best. The goal here, though, is to work through the options
and create a plan for setting up the capital you need to get your
business off the ground.

Step 4: Choose a Business Structure

Your small business can be a sole proprietorship, a
partnership, a limited liability company (LLC) or a corporation. The

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business entity you choose will impact many factors from your
business name, to your liability, to how you file your taxes.
You may choose an initial business structure, and then reevaluate
and change your structure as your business grows and needs
change.

Depending on the complexity of your business, it may be

worth investing in a consultation from an attorney or CPA to ensure
you are making the right structure choice for your business.

Step 5: Pick and Register Your Business Name

Your business name plays a role in almost every aspect of
your business, so you want it to be a good one. Make sure you think
through all of the potential implications as you explore your options
and choose your business name.

Once you have chosen a name for your business, you will
need to check if it is trademarked or currently in use. Then, you will
need to register it. A sole proprietor must register their business
name with either their state or county clerk. Corporations, LLCs, or
limited partnerships typically register their business name when the
formation paperwork is filed.

Do not forget to register your domain name once you have

selected your business name. Try these options if your ideal domain
name is taken.

Step 6: Get Licenses and Permits

Paperwork is a part of the process when you start your own
business.

There are a variety of small business licenses and permits

that may apply to your situation, depending on the type of business
you are starting and where you are located. You will need to
research what licenses and permits apply to your business during
the start-up process.

Step 7: Choose Your Accounting System

Small businesses run most effectively when there are systems
in place. One of the most important systems for a small business is
an accounting system.

Your accounting system is necessary in order to create and

manage your budget, set your rates and prices, conduct business
with others, and file your taxes. You can set up your accounting
system yourself, or hire an accountant to take away some of the
guesswork. If you decide to get started on your own, make sure

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you consider these questions that are vital when choosing
accounting software.

Step 8: Set Up Your Business Location

Setting up your place of business is important for the
operation of your business, whether you will have a home office, a
shared or private office space, or a retail location.

You will need to think about your location, equipment, and

overall setup, and make sure your business location works for the
type of business you will be doing. You will also need to consider if
it makes more sense to buy or lease your commercial space.

Step 9: Get Your Team Ready

If you will be hiring employees, now is the time to start the
process. Make sure you take the time to outline the positions you
need to fill, and the job responsibilities that are part of each
position. The Small Business Administration has an excellent guide
to hiring your first employee that is useful for new small business
owners.

If you are not hiring employees, but instead outsourcing work

to independent contractors, now is the time to work with an
attorney to get your independent contractor agreement in place and
start your search.

Lastly, if you are a true solopreneur hitting the small business

road alone, you may not need employees or contractors, but you
will still need your own support team. This team can be comprised
of a mentor, small business coach, or even your family, and serves
as your go-to resource for advice, motivation and reassurance when
the road gets bumpy.

Step 10: Promote Your Small Business

Once your business is up and running, you need to start
attracting clients and customers. You will want to start with the
basics by writing a unique selling proposition (USP) and creating a
marketing plan. Then, explore as many small business marketing
ideas as possible so you can decide how to promote your business
most effectively.

Once you have completed these business start-up activities,

you will have all of the most important bases covered. Keep in mind
that success does not happen overnight. But use the plan you've
created to consistently work on your business, and you will increase
your chances of success.

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Summary

This chapter discussed the routes to entrepreneurship. Family

business is one of the best courses of business since it is your
family that you get to deal with. Buying an existing business can be
your option if you want an easy entry in the business. Franchising
will be a great option if you want everything to be synchronized
since a system will be provided by the company already. Creating a
new business is yet to be one of the most promising things a person
can achieve especially if they get to follow their dream, passion and
interest.

Self-Assessment Questions

Share your answers in the google classroom.

1. What for you is the best route to entrepreneurship, why?
2. If you are to adopt franchising, what will be the best company
that you can put up in your locality.

Be sure to answer and submit Assignment 5 before

preceding to the next chapter.

References

Azarcon, E., Areola, A., Arguelles, R., Barlis, M., Dela Pena, G.,
Drequito, G., et al. (2008). Entrepreneurship principles and
practices: a modular approach(2nd ed.). Baguio City: Valencia

Serdef, (1998). Introduction to entrepreneurship. Manila : Small

Enterprises Research and Development Foundation, Inc.

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Chapter 8 Successful Entrepreneurs

Chapter Objective

At the end of this chapter, you should be able to describe

what is needed of the individual to become a successful
entrepreneur.

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 did not 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.

Successful Filipino Entrepreneurs

There are many successful Filipino entrepreneurs in our

country. Among many reasons, they became famous because of
their big contributions to the growth of our economy. These top
Filipino entrepreneurs possess different characteristics which are
essential to becoming successful. Many of them have great stories
for us to wonder. They can serve as an inspiration for us Filipinos
that someday we may become like them. Be inspired of these
stories from 10 of the most successful entrepreneurs in the
Philippines.

At the end of this chapter, you will be able to determine the

ONE quality that made them succeed while others failed.

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1. Henry Sy, Shoe Mart

SM is more than just a shopping mall. It is

a beloved institution. Many of my favorite
memories happened in SM. From shopping,
watching blockbuster movies, date night, ice
skating to food tripping, SM has it all.

However, this gigantic chain of more than

44 large-scale shopping centers in the Philippines
and throughout Asia has very humble beginnings.

Henry Sy came from an impoverished family in Jinjiang, a

town near Xiamen, China. The entire family left China in 1936 to
help the family patriarch manage a thriving convenience store in
Manila.

Unfortunately for the family, their store was burned down

during World War II. However, business-minded Henry saw an
opportunity selling used military combat boots and other postwar
goods from supportive American soldiers!

His success led to the opening of his first shoe store, the SM
in Avenida, Manila. Henry had problems finding shoe manufacturers
who could design shoes according to what he had in mind, but he
persisted. He spoke to customers and built his own network of
suppliers and manufacturers.

That never-say-die attitude got Henry Sy to where he is now:

one of the richest men in the world and a world-class commercial
center developer who provides opportunities to both entrepreneurs
and the working class! (Henry Sy Sr died last January 19, 2019 at
the age of 94 but his legacy continues to make waves in the
business community through his trusted allies as well as his
children.)

2. Tony Tan Caktiong, Jollibee

If you thought you only loved The Champ

and Chicken Joy, then be prepared to be inspired
by the man behind the franchise.

Also coming from an immigrant family from

China, Tony learned the value of hard work and
dedication from his father who worked as a cook
in a Buddhist temple. Tony’s father started a
Chinese restaurant in Manila with his savings so he can send him to
college.

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 In 1975, Tony bought a Magnolia ice cream parlor. However,
it was not generating enough business. After talking with his
customers and people within the neighborhood, Tony decided to
include sandwiches, fried chicken, and French fries in the menu. In
time, the restaurant found itself packed to overflowing capacity.

By 1978, Tony had opened six more restaurants, but the main
item was no longer ice cream. Tony then decided to adapt the
McDonald’s concept and named his franchise after his work ethic of
being as “busy as a bee.”

Today Jollibee has grown to more than 2,500 stores in the

Philippines plus locations in the US, China, Saudi Arabia, Vietnam,
Singapore, and Brunei.

3. John Gokongwei Jr., JG Holdings

John’s life story is a “rich-to-rags-to riches”

story. John Jr. was born in China to the scion of
one of the wealthiest families in Cebu.

When the father died, so did the business

and the family fortune was soon gone. John Jr.
supported his family by peddling items along the
streets of Cebu by bike. Soon, he was trading
items by boat to Lucena City and to Manila by truck. Eventually, he
started importing items from the US.

John Jr. soon realized that importing carried too much risk
and low margins. Thus, in 1957, he borrowed Php 500,000 from
China Bank and started a corn milling business named Universal
Corn Products.

By 1961, Universal started diversifying its products and

launched several popular brands such as Blend 45. Universal Corn
Products was renamed Universal Robina Corporation.

Today, the Gokongwei family owns several successful and

highly diversified businesses. Among these are Robina Land
Corporation and Cebu Pacific.

4. Socorro C. Ramos, National Bookstore

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 The next time you buy your batch of new
school supplies and textbooks, do not forget to
thank Ms. Socorro C. Ramos!

Her story is a stuff for telenovela, and

frankly, I’m surprised the networks and movie
outfits have not caught on. How’s this for a plot
teaser?

Girl’s brother marries scion of a wealthy bookstore owner in

Manila. The girl finds job as a saleslady at 18, meets and falls in
love with the son of the owner; thus, he is technically her in-law!
Their parents forbid the relationship and sends the girl back to the
province. However, their love is so strong, girl and boy stand up to
the parents, get married, and have twins.
The boy takes over a branch with the girl, and they renamed
it in National Book Store. However, a war breaks out, and the store
is destroyed! They rebuild the store, but everything is held under
suspicion of being “questionable.” They relocate the store in
Avenida, but as the business picks up, a storm destroys their roof.
Soon, they rebuild the store, and every centavo is used to build a
nine-story National Book Store.

The girl is Socorro and the boy is Jose. Today, National

Bookstore has grown to over 100 stores. Despite digital technology,
it continues to flourish!

5. Cecilio Kwok Pedro, Lamoiyan Corporation

Cecilio’s life is not a typical rags-to-riches

story; instead, it embodies the entrepreneurial
spirit of overcoming seemingly insurmountable
odds.

Cecilio used to head Aluminum Container

Inc., which produced the aluminum toothpaste
tubes for Procter and Gamble, Philippine Refining
Company (now Unilever), and Colgate-Palmolive. However,
environmental concerns led his clients to shift to plastic-laminated
toothpaste tubes. Aluminum Container Inc. failed and closed its
shop in 1986.

He put up Lamoiyan Corporation and manufactured

toothpaste that was priced 50% lower than his competitors. These
included the still-popular brands Hapee and Kutitap. Although the
foreign brands countered by lowering their brands by 20%, Cecilio

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responded by introducing toothpaste targeted for children that
featured the characters from Sesame Street.

Cecilio’s brands have made it to other markets in Asia, such

as China, Vietnam, and Indonesia.

Cecilio’s greatest accomplishment was not limited to

manufacturing. He is also known for his advocacy to help hearing-
impaired people find employment in the country.

His programs include free housing for more than 30 deaf–

mute staffs. To date, more than 180 hearing-impaired students
have received college education through DEAF or Deaf Evangelistic
Alliance Foundation.

6. Mariano Que, Mercury Drugstores

Many of today’s entrepreneurs would learn

the value of customer experience and innovation
through Mariano Que.

Like many of the entrepreneurs discussed

so far, Mariano found opportunities for
entrepreneurship after World War 2. Mariano had
been working in a local drugstore when the war
destroyed several businesses in the city.
Mariano saw the need to supply sulfa drugs, which were used
to treat bacterial infections. He started to buy sulfa tablets and sold
them at affordable prices. Soon, other people followed and adapted
Mariano’s strategy.

However, only Mariano sold high-quality sulfa tablets, which

ensured him a steady clientele. With his hard work and dedication
to build up savings, he was able to put up his first drug store in
1945, which he named Mercury Drug. The Roman god Mercury is
known for speed. He also carries the caduceus, which is a symbol in
the medical industry.

Mariano invested his earnings into the company and

introduced many innovations in the service. Among these
innovations were a drug-delivery service to clients and locations
that are open 24/7 because he knew people would be needing
medicines any time of the day.

By the time Mariano opened his second Mercury Drug at the

newly constructed Ayala shopping center in Makati, he had invested

Page 78 of 85
in technological innovations, such as biological refrigerators and
computer-guided controls.

Mariano’s dedication to his business has allowed Mercury

Drug into 700 stores and a widely recognized name for quality
pharmaceuticals.

7. Alfredo M. Yao, Zest-O

The next time you pass a vendor peddling

goods on the street, keep in mind that he or she
can be supporting the next Alfredo M. Yao.

When Alfredo lost his dad at age 12, his

mother was left to support him and his siblings
by becoming a sidewalk vendor. A relative was
able to give financial aid, which allowed Alfredo
to reach, but not complete, college at the Mapúa Institute of
Technology.

Alfredo took several odd jobs, which included time at a

printing press. During his stay there, Alfredo learned how to print
cellophane wrappers for candies and biscuits. His experience
prompted him to start his own printing business.

His printing business was doing well. However, his discovery

of the Doy Packaging system from Europe was the turning point of
his entrepreneurial career. He tried to sell the system to juice
manufacturers, but no one was interested. Thus, Alfredo ventured
into the juice business by concocting flavors in his kitchen.
These juices were not only delicious but also appealing to
parents as they found the light and brightly colored packs easy to
include in their children’s lunch boxes. Best of all, the packaging
allowed the juice to stay chilled longer. Zest-O was born!

Today, Zest-O controls 80% of the juice market, and it has

expanded to markets in Australia, China, New Zealand, Korea,
Singapore, US, and several countries in Europe. Alfredo’s
entrepreneurial success has revitalized the juice region in the
Philippines particularly farmers growing dalandan. The Doy packs
are also recycled by local cottage industries into handbags for
export to other countries!

The boy who once faced the harsh realities of life now become
a successful juice manufacturer. Alfredo has diversified his business
interests into airlines by acquiring Asian Spirit Airlines and renaming
it as Zest Air.

Page 79 of 85
8. Corazon D. Ong, CDO Foodsphere

Corazon represented the value of having

passion in what you do as a motivating factor in
finding success as an entrepreneur.

Corazon was a dietitian by profession. She

used her knowledge to create processed meats
that were affordable enough to compete with the
popular foreign brands. She developed corned
beef, hamburger patties, meat loaf, and hotdogs, which were sold
purely as a home business.

By 1975, Corazon decided to scale her newfound business and

established CDO Foodsphere. The company’s reputation to develop
high-quality but low-priced processed meats quickly spread and
made CDO a regular staple in every shopping cart.

As a mother herself Corazon understood the value of having

meals that can be prepared easily, taste good, and fit the family
budget.

In time, CDO expanded to industrial markets. Today, CDO

supplies processed meats to 90% of quick service restaurants or
QSRs in the country.

9. Gregorio G. Sanchez Jr., LactoPAFI

While working as a provincial board

member in Cebu, Gregorio noticed that pigs sold
to market were apparently malnourished.

He decided to look into the cause of

malnutrition by doing research in his spare time.
Using only pots and pans in his home, Gregorio
conducted several tests and experiments on how
to alleviate the state of malnutrition of Cebu’s livestock.

Despite numerous failures, his persistence finally paid off. He

discovered the pigs were suffering from a type of bad bacteria. His
solution was a probiotic bacterium that would increase the level of
good bacteria in the body.

The bacteria would be called LactoPAFI Probiotic Bacteria.

Gregorio’s discovery would reach global acclaim as a leader in
probiotics. It is now exported to New Zealand, Norway, France,
Australia, Hong Kong, Japan, and US.

Page 80 of 85
10. Diosdado Banatao, Computer Chips

Diosdado’s life story exhibits perseverance,

hope, determination, and the power of self-belief.
The son of a farmer in Cagayan, Diosdado would
walk barefoot just to complete his high school
education. His resilience made him a Magna Cum
Laude graduate in electrical engineering.

His excellence in the academe paved the

way for Diosdado to become a pilot-trainee at the Philippines
Airlines or PAL, which would eventually open doors for a design
engineer position at Boeing Co. The opportunity brought Diosdado
to the US where he completed a master’s degree in electrical
engineering and computer science at Stanford University.

Diosdado’s experience working with the top technology

companies led to his design of the first single-chip 16-bit
microprocessor calculator. By 1981, Diosdado was commissioned by
Seeq Technologies to assist the Ethernet to find an efficient way of
linking computers. Disodado designed the single- chip controller
that provided data-link control and the transceiver in the first 10-bit
Ethernet CMOS.

His success opened doors to build his own company,

Monstroni, in 1985 and Chips and Technology, which made US$ 12
million in the first quarter alone. By 1996, Diosdado sold Chips and
Technology to Intel for US$ 430 million!

Throughout his success, Diosdado never forgot his roots and

Filipino heritage. He set up the Banatao Filipino American Fund to
lend support to Filipino American students in Northern California
who aspire to become electrical engineers.

The ones who succeed are the ones who persevere…

After reading these inspiring stories from our own successful

Filipino entrepreneurs, one quality easily stands out among their
many admirable traits; that is, the quality of embracing failure as a
necessity to achieve long-term sustainable success.

These entrepreneurs went through so many adversities and

challenges in their lives. Truth be told, condensing their life stories
in paragraphs does not do them justice. A better way to understand
what they went through would be by imagining how we would have
felt or acted if we were in the same situation.

Page 81 of 85
 Failure in any form is never easy to accept. Some have
described the feeling of failure from being slapped in the face to
getting stabbed in the gut. It is a very painful feeling that leaves
even the most powerful men helpless and stripped of dignity.

However, the ones who succeed are the ones who persevere.
They acknowledge failure not as a termination point but an
educational experience. It is a wake-up call on what needs to get
done. These entrepreneurs had three choices to make: fight, flight,
or freeze. Every single one chose to FIGHT.

Is your life worth fighting for?

If you believe in your dream, FIGHT for it. If you believe in

your vision, FIGHT for it. If you believe that success is just around
the corner, FIGHT for it.

Deciding to become an entrepreneur is not enough. You have

to commit to it. Whatever you do from that moment on will have
repercussions on your life and on those you love.

Ask yourself: Is your life worth fighting for?

Additional Reading:

For more success stories, especially of entrepreneurs in the

Cordillera region, you can visit
 https://www.philstar.com/lifestyle/business-
life/2004/04/12/245907/narda-capuyan-weaves-successful-
enterprise
 https://www.dti.gov.ph/regions/car/car-success-stories/

Self-Assessment Questions
Answer the following questions on a piece of paper. If you want,
you can also share your answers in our Google Classroom

Write SA if you Strongly Agree, SWA If Somewhat Agree and, SD if

you Strongly Disagree

_____1. I am willing to work 50 hours or more per week regularly.

_____2. My family will support my going into business.
_____3. I am willing to accept both financial and career risks when
necessary.
_____4. I don't need all the fringe benefits provided by
conventional employment.
_____5. I would like to take full responsibility for the successes and
failures of my business.

Page 82 of 85
 _____6. I would experience more financial success by operating
my own business.
_____7. I feel a great deal of pride when I complete a project
successfully.
_____8. I have a high energy level that can be maintained over a
long time.
_____9. I enjoy controlling my own work assignments & making all
decisions affecting my work.
____10. I believe that I am primarily responsible for my own
successes and failures.
____11. I have a strong desire to achieve positive results even
when it requires a great deal of additional effort.
_____12. I have a good understanding of how to manage a
business.
_____13. I can function in ambiguous situations.
_____14. One or both of my parents were entrepreneurs.
_____15. I believe that my abilities and skills are greater than
those of most of my coworkers.
_____16. People trust me and consider me honest and reliable.
_____17. I always try to complete every project I start, regardless
of obstacles and difficulties.
_____18. I am willing to do something even when other people
laugh or belittle me for doing it.
_____19. I can make decisions quickly.
_____20. I have a good network of friends, professionals, and
business acquaintances.

Be sure to answer and submit Assignment 6 and

Finalize your final output for this subject.

References
INQUIRER.net BrandRoom. (2019, July 5). Eight Successful Filipino
Entrepreneurs Who Started Small. INQUIRER.Net.
https://business.inquirer.net/273445/eight-successful-filipino-
entrepreneurs-who-started-small

Manarang, R. (n.d.). Top 10 Successful Entrepreneurs in the

Philippines Story. Tycoon. Retrieved August 13, 2020, from
https://tycoon.ph/top-10-successful-entrepreneurs-
philippines-story/

Villanueva, P. (2013, September 6). 10 Famous Successful Filipino

Entrepreneurs. OurHappySchool.
https://urhappyschool.com/education/10-famous-successful-
filipino-entrepreneurs

Page 83 of 85
REFERENCES

Alusen, M. (2016). PERSONAL ENTREPRENEURIAL COMPETENCIES

OF LPU- LAGUNA BSBA GRADUATING STUDENTS: BASIS FOR
CURRICULUM ENHANCEMENT. LPU- Laguna Journal of
Multidisciplinary Research, 4(4), 92–105.
http://lpulaguna.edu.ph/wp-
content/uploads/2017/03/Personal-Entrepreneurial-
Competencies-of-LPU-Laguna-BSBA-Graduating-Students-
Basis-For-Curriculum-Enhancement.pdf

Asor, W., Entrepreneurship in the Philippine Setting. Manila,

Philippines. Rex Book Store, Inc.

Azarcon, E., Areola, A., Arguelles, R., Barlis, M., Dela Pena, G.,
Drequito, G., et al. (2008). Entrepreneurship principles and
practices: a modular approach (2nd ed.). Baguio City: Valencia
Educational Supply.

Cremades, A. (n.d.). The Advantages Of Being An Entrepreneur.

Alejandro Cremades. Retrieved August 14, 2020, from
https://alejandrocremades.com/the-advantages-of-being-an-
entrepreneur/

Diwa, Entrepreneurship. Legaspi Village, Makati City, Philippines:

Diwa Textbook

Economic Growth vs Economic Development. (n.d.). EDUCBA.

Retrieved August 14, 2020, from
https://www.educba.com/economic-growth-vs-economic-
development/

Gamble Jr., D. (2015, April 20). 5 Must-Dos Before Becoming an

Entrepreneur. Entrepreneur.
https://www.entrepreneur.com/article/245246

INQUIRER.net BrandRoom. (2019, July 5). Eight Successful Filipino

Entrepreneurs Who Started Small. INQUIRER.Net.
https://business.inquirer.net/273445/eight-successful-filipino-
entrepreneurs-who-started-small

Manarang, R. (n.d.). Top 10 Successful Entrepreneurs in the

Philippines Story. Tycoon. Retrieved August 13, 2020, from
https://tycoon.ph/top-10-successful-entrepreneurs-
philippines-story/
Motivation and Personal Competencies. (n.d.). Empretec. Retrieved
August 14, 2020, from https://empretec.unctad.org/?page_id=30

Page 84 of 85
Serdef, (1998). Introduction to entrepreneurship. Manila: Small
Enterprises Research and Development Foundation, Inc.

Villanueva, P. (2013, September 6). 10 Famous Successful Filipino

Entrepreneurs. OurHappySchool.
https://urhappyschool.com/education/10-famous-successful-
filipino-entrepreneurs

(2019, February 4). 18 Major Advantages and Disadvantages of

Entrepreneurship. ConnectUS. https://connectusfund.org/18-
major-advantages-and-disadvantages-of-entrepreneurship

https://www.entrepreneur.com

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