SLA No.

1: Introduction to Entrepreneurship
Subject Code/Number: APL06
Subject Title: Entrepreneurship
Teacher:

I. Introduction

Good day, students!

How does one ensure success in his chosen career? Do you see yourself running a business? Do you have plans in venturing one?
(These learning competencies are extracted from the DepEd curriculum guide)
A. Learning Competencies
 Discuss the relevance of the course
 Explore job opportunities for Entrepreneurship as a career
B. Learning Outcomes
1. The learner demonstrates understanding of key concepts, underlying principles, and core
competencies in Entrepreneurship.
2. The learner identifies what are the market needs based from the problems of the community.
3. The learner correlates the market needs to the problems identified by the community.
4. The learner determines possible products or services that will meet the needs identified.
5. The learner recognizes one’s duty in the formulation of solution to a problem.
II. Learning Content

WHAT IS ENTREPRENEURSHIP?
- It is the process of discovering new ways of combining resources.
When the market value generated by this new combination of resources is greater than the market value
these resources can generate elsewhere individually or in some other combination, the entrepreneur makes a
profit.

Entrepreneur
- He is “a person who starts a business and is willing to risk loss in order to make money.”
- The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and
business/or procedures.
Why is entrepreneurship important?
1. Entrepreneurship improves productivity – entrepreneurship injects the economy with a fresh batch of
higher productivity firms, increases competition among existing businesses, and pushes out less-
productive ones.
2. Entrepreneurship spurs innovation – new firms are disproportionately responsible for commercializing
new innovations, particularly radical innovations that spawn entirely new markets or substantially
disrupt existing markets.
3. Entrepreneurship creates jobs – new and young businesses, not small businesses, are the engine of net
job creation in the economy.
Why is entrepreneurship important for students?

- Entrepreneurship education aids students from all socioeconomic backgrounds to think outside the box
and nurture unconventional talents and skills.
- It creates opportunities, ensures social justice, instills confidence and stimulates the economy.

What Are the Basic Concepts & Characteristics of Entrepreneurship?

Entrepreneurship is the act of setting out on your own and starting a business instead of working for
someone else in his business. While entrepreneurs must deal with a larger number of obstacles and fears than
hourly or salaried employees, the payoff may be far greater as well.
Tip:
Entrepreneurs must deal with a larger number of obstacles and fears than hourly or
salaried employees, but the payoff may be far greater. Good entrepreneurs have
interest and vision, the skills to start a business and the willingness to invest.

1. Interest and Vision

The first factor for entrepreneurial success is interest. Since entrepreneurship

pays off according to performance rather than time spent on a particular effort, an
entrepreneur must work in an area that interests her. Otherwise, she will not be able
to maintain a high level of work ethic, and she will most likely fail. This interest must
also translate into a vision for the company's growth. Even if the day-to-day activities of a
business are interesting to an entrepreneur, this is not enough for success unless she can turn this
interest into a vision of growth and expansion. This vision must be strong enough that she can
communicate it to investors and employees.

2. Many Areas of Skill

All of the interest and vision cannot make up for a total lack of applicable skill.
As the head of a company, whether he has employees or not, an entrepreneur must
be able to wear many hats and do so effectively. For instance, if he wants to start a
business that creates mobile games, he should have specialized knowledge in mobile
technology, the gaming industry, game design, mobile app marketing or
programming.

3. Financial and Emotional Investment

An entrepreneur must invest in her company. This investment may be something

less tangible, such as the time she spends or the skills or reputation she brings with
her, but it also tends to involve a significant investment of assets with a clear value,
whether they be cash, real estate or intellectual property. An entrepreneur who will
not or cannot invest in her company cannot expect others to do so and cannot expect
it to succeed.

4. Organization and Delegation

While many new businesses start as a one-man show, successful

entrepreneurship is characterized by quick and stable growth. This means hiring other
people to do specialized jobs. For this reason, entrepreneurship requires extensive
organization and delegation of tasks. It is important for entrepreneurs to pay close
attention to everything that goes on in their companies, but if they want their
companies to succeed, they must learn to hire the right people for the right jobs and
let them do their jobs with minimal interference from management.

5. Risk and Rewards

Entrepreneurship requires risk. The measurement of this risk equates to the

amount of time and money you invest into your business. However, this risk also tends
to relate directly to the rewards involved.

An entrepreneur who invests in a franchise pays for someone else's business plan
 and receives a respectable income, while an entrepreneur who undertakes
groundbreaking innovations risks everything on an assumption that something
revolutionary will work in the market. If such a revolutionary is wrong, she can lose
everything. However, if she is right, she can suddenly become extremely wealthy.

THREE COMPETENCIES EVERY ENTREPRENEUR SHOULD DEVELOP

KEY CONCEPT
Is there such a thing as a ‘natural-born entrepreneur’? According to this Idea there is
not. Specific techniques and habits must be practiced and developed by all would-be
entrepreneurs. And as well as business competencies, entrepreneurs need interpersonal
and self-leadership skills too; however, these are often overlooked. Read on for advice on
how to build and put these skills into practice.

IDEA SUMMARY
Are entrepreneurs born or made? Commonly, characteristics such as risk seeking,
assertiveness and vision are considered typical of a successful entrepreneur. But these are
innate predispositions or aspects of temperament; by using them as yardstick, it is wrongly
concluded that only certain types of people make good entrepreneurs or are capable of
worthwhile innovations. Instead, this Idea proposes that ‘entrepreneurial behavior’ can be
learned and developed.
The question is not who entrepreneurs are, but what they do, and more important than
business skills can be other competencies that provide a foundation for those business skills.
The research behind this Idea is based on empirical studies of hundreds of entrepreneurs,
which revealed that entrepreneurial behavior is the result of a combination of:
a. strong motivation to achieve something; and
b. the capabilities to achieve it.

Furthermore, there are three levels of competencies, which all entrepreneurs need:

1. Personal competencies: creativity, determination, integrity, tenacity, emotional balance and self-
criticism.
2. Interpersonal competencies: communication, engagement/charisma, delegation, respect.
3. Business competencies: business vision, resource management, networking, negotiating skills.

BUSINESS APPLICATION
The key take away from this Idea is that entrepreneurship can be learnt by anyone, however, it’s not something that can
be simply learnt in a classroom. Even once key business knowledge has been acquired, the entrepreneur still has to
learn how to use it in practice - something that can only be done through practice. In this respect, ‘leaning by doing’ is
useful. Other tips include the following:

 Have a clear understanding of industry evolution, knowledge of the effects of globalization, techniques for
developing markets, etc. Some training in an academic environment (e.g. business schools) may help with
this, particularly where case methods/working groups are used to teach
 Practice developing your interpersonal competencies. Certain skills, such as communication, delegating and
respecting others can only be acquired through practice and developing ‘habits of character’.
 Habits of character may not strictly be related to business but are to do with the kind of person the
entrepreneur is and what he/she does. These are indispensable, alongside ‘technical habits’ and ‘skills’.
 The only way to acquire the habits essential for entrepreneurs is by acting in a way consistent with them.
Only then do these habits become the ‘driving force’ of successful entrepreneurial ventures

Is entrepreneurship a good career?

Entrepreneurship is a good choice for those people who are self-driven, ambitious, and creative. On the
contrary, it is a bad choice for those who are not good leaders, love the fixed timings work culture, don't want
stressful responsibilities over weekends, and can't take hard decisions alone.
If you're not ready to start your own business, fret not. There are other ways to use your entrepreneurship
degree.
So, you studied entrepreneurship. Congratulations! But maybe you don’t want to start your own company
after all, or at least not quite yet. Don’t fret. All that studying and training you spent on learning about
entrepreneurship is not wasted. Not by a long shot. You may just be surprised at how many options you really
have out there.

There are many other options and very few limitations. Rather than simply focusing on the “entrepreneurial”
aspect of your degree, consider all that you learned to get that degree. Most likely there are courses that covered
creativity, innovation, ethics, marketing, finance, and a wide variety of other topics. Focus on those skills and
concepts and see where you can use them in the fortune 50 job world.
This is only a small snapshot of what you can do with an entrepreneurial degree. All of these places will help you
gain valuable insight and hands-on experience that can either be used to further your career working for
someone else, or help you become a more effective leader, should you decide to go out on your own.
1. Mid-level management
At big companies, the C-level folks develop ideas, the ground force does the work, and mid-level
management converts the idea into execution. Graduates with entrepreneurial degrees are well suited
for this opportunity.
2. Business consultant
The Fortune 500 is ripe with business consultants. They need people who can go to a client site,
identify problems and fix them. That is what an entrepreneur does, and that is why this job is perfect for
you. You have the training to help identify things that others may not pick up on and the training to
know how to fix them.
3. Sales
Someone who works in sales or runs the department needs to know how businesses run. They need
to know how to represent a company, manage accounts, and follow up on leads.

4. Research and development

To work in R&D, you need to understand business concepts, procedures, and
practices. With all of the training and education someone has received learning
about entrepreneurship, they are well prepared for this type of position.
5. Not-for-profit fundraiser
Being able to raise funds requires understanding the importance of business and
networking relationships. It is a great place for someone with this type of degree
because you will have the experience in studying advanced concepts that can be used to
your advantage on the job.
6. Teacher
I am not suggesting that you go teach entrepreneurship. I suggest you
teach a core competency (e.g., math, history, literature, etc.), but teach
students the entrepreneurial side. Teach them the benefits of math to
business, history to innovation, and literature to persuasive advertising.
7. Recruiter
Having courses that cover operations management, leadership, and a variety of others, you most
likely have a keen sense of what type of person is needed to fulfill a position. Companies who use
recruiters rely upon someone being not just people savvy, but having an in-depth business sense as well.
8. Business reporter
If you can write articles, or pick up a quick class to learn it, you are in a prime position to take the lead
on covering a local business beat. You will understand the field and concepts and can use your
knowledge to make the business section that much more interesting and telling.

III. Self-learning Activities

Activity 1. Reflection Activity
Answer the following reflection questions in a half sheet of paper.
1. How do you think being an entrepreneur affects a person’s life?
2. How does this lesson affect your mentality towards the entrepreneurs? How?
3. Before this class, had you thought about becoming an entrepreneur? What about now?
Activity 2: Pitch Game
Direction: Write your answer in a half sheet of paper.
1. Create a new product and then try to convince the class it’s a great idea.
 IV. Looking Back (Evaluation)
A. Multiple Choice. Direction: Choose the letter which corresponds to the best answer/answers.
1. Which is a characteristic of a successful entrepreneur? (hint: choose 3 correct answers)
a. Motivated
b. Passionate
c. Takes very little risk
d. Hard-working
2. What is the disadvantage of being an entrepreneur?
a. You have more control over your work
b. You do not always receive a regular paycheck
c. You have a more flexible schedule
d. Your work schedule is always predictable
3. Elon Musk is one of the greatest innovators in the last 30 years. He... (hint: choose 3 correct
answers)
a. Co-founded Google
b. Founded the company SpaceX
c. Co-founded Paypal
d. Founded the company Tesla
4. The process of creating something new that makes life better is called...
a. Technology
b. Brand recognition
c. Innovation
d. Opportunity cost
5. This famous innovator & entrepreneur was a scientist, printer, inventor, author, &
businessman.

a. John D. Rockefeller
b. Thomas Edison
c. Benjamin Franklin
d. Henry Ford
B. Case Study
On one of those pleasant cold February mornings, Sanjay Nandrajog, the Chief Executive Officer of FieldFresh
Foods Private Limited, pondered the future. He had just returned to Delhi from the company’s Agri Centre of
Excellence (ACE), an R&D farm where he celebrated the dispatch of 500 metric tons of fresh baby corn to Europe.
The top management team at FieldFresh was justifiably proud of this achievement as it had required tremendous
effort to become an important exporter of Indian produce.

FieldFresh had been incorporated in 2004 with the vision of linking Indian fields to the world. India had a number
of natural advantages in terms of climate, acres in production, and labor force to become a major power in
agriculture. However, a poor infrastructure and an antiquated regulatory regime had stymied efforts to unleash
India’s promise. FieldFresh hoped to overcome those challenges to bring India to the forefront of the world’s
agriculture.

During its initial years of operation, FieldFresh had found out how difficult it was to build a supply chain for
produce in India. The company had been through a phase of experimentation where it tried different sourcing
models, logistical options, and crops. After less than stellar results, the company had decided to concentrate on
one crop, baby corn. Over the next 24 months, the FieldFresh team adapted logistics to overcome crowded and
crumbling roads, irregular power supply, and bureaucratic procedures. The company worked with thousands of
farmers to gain their trust. By 2010, the FieldFresh team had been able to create an efficient supply chain for baby
corn across Punjab and Maharashtra at all levels— input delivery, credit, irrigation, timely scientific advice,
production as per specifications of European market, careful harvesting, improved produce handling, clean and
fast transportation, proper management of cold chain storage environment, gaining safety certification, as well as
grading, packaging, and labeling to meet international standards. But success brought with it the expectation of
growth. Nandrajog had a number of questions to answer before he could articulate a plan.

Instruction: Answer the following questions on a whole sheet of paper.

1. Should FieldFresh grow opportunistically into different foreign markets as retailers and wholesalers
demanded different products for their respective markets?
2. Should FieldFresh continue to focus on baby corn, whose supply chain-market linkages it had perfected,
or should the company expand the range of products it would supply?
3. Should FieldFresh continue to maintain its primary export focus, or shift relative emphasis to the growing
domestic market?

References:

https://www.americanexpress.com/en-us/business/trends-and-insights/articles/8-jobs-you-can-get-with-an-
entrepreneurship-degree/

https://smallbusiness.chron.com/basic-concepts-characteristics-entrepreneurship-18526.html

https://www.ideasforleaders.com/ideas/three-competencies-every-entrepreneur-should-develop

https://www.aeseducation.com/blog/2015/05/entrepreneurship-lesson-plans

https://venturelab.org/free-activity-pitch-entrepreneurship-game/

https://quizizz.com/admin/quiz/5a8f623a9637150025e75115/entrepreneurship

https://som.yale.edu/case/2010/fieldfresh-foods