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Module 1

This document provides an overview of entrepreneurship including definitions from various economists, the relevance of entrepreneurship in economic development through job creation, developing new markets, innovation, and more. Key entrepreneurial competencies are discussed such as personality traits, behaviors, knowledge, and skills. Students then participate in activities to identify successful entrepreneurs and their characteristics.

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Anatanya Tirona
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0% found this document useful (0 votes)
75 views22 pages

Module 1

This document provides an overview of entrepreneurship including definitions from various economists, the relevance of entrepreneurship in economic development through job creation, developing new markets, innovation, and more. Key entrepreneurial competencies are discussed such as personality traits, behaviors, knowledge, and skills. Students then participate in activities to identify successful entrepreneurs and their characteristics.

Uploaded by

Anatanya Tirona
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Module 1:

Introduction to
Entrepreneurship
Brainstorming
Activity 1: who’s who
Directions: Below are names of well-established individuals in
the business industry alongside with popular establishment in
the country. Match column A to the corresponding business
they created or founded in column B. Write your answer in a ¼
sheet of yellow paper.
• Entrepreneurship is a mantra in the age of globalized economy. It
is the groundwork and catalyst of economic growth and
revolution across nations.
• Entrepreneurial activities prosper in societies with the support of
the government and which give much importance to
innovativeness and turn new ideas into a breakthrough solution.
• In the Philippines, small and medium enterprises (SMEs) are
concrete indicator and manifestation on how entrepreneurship
progress in our country. They contribute continuously on the
developing status of our national economy.
• Over the years, the definition of entrepreneurship has a lot of
variations. However, this variations point out to innovation,
development, growth, and achievement not only for economy but
also in society as whole.
• Entrepreneurship as defined by Glider is “Making the World
forever new” It originates from the French word
“ENTREPRENDRE” meaning an undertaker. Thus, an
entrepreneur is a person who is willing to undertake risks to create
a new enterprise. Below are some of the definitions of
entrepreneurship from early years to present according to some
economist.
• According to Schumpeter (1934), entrepreneurship is carrying out
new combinations of firm organization- new products, new services,
new sources of raw materials, new methods of production, new
markets, and new forms of organization.
• According to Hart, Stevenson, and Dial (1995), it is a pursuit of
opportunity without regard to resources currently controlled but
constrained by the founders’ previous choices and industry-related
experience.
• According to Kurato (2009), entrepreneurship is a dynamic process
of vision, change, and creation that requires an application of energy
and passion towards the creation and implementation of new ideas
and creative solutions.
• According to Dyck and Neubert (2012), entrepreneurship is
conceiving an opportunity to offer new or improved goods and services,
showing the initiatives to pursue that opportunity, making plans,
mobilizing the resources necessary to convert the opportunity into
reality.

The cited definitions above views entrepreneurship from insignificant


different point of views, they all contain the necessary element of
innovation, opportunity seeking and exploitation, resource mobilizing,
encountering risk and uncertainties, and economic and personal rewards.
Relevance of Entrepreneurship and
Entrepreneurs
• The relevance of entrepreneurships and entrepreneurs cannot be
denied, they plays an essential role in economic growth and standard
of living in the country. Below are list of relevance of
entrepreneurship and entrepreneur in economic development of a
country.
1. Creates employment. When entrepreneurs put up their businesses,
they will hire or employ individuals who will be an asset to the
business because of their relevant competencies and personal values
aligned to the needed requirements of the enterprise.
2. Develops new market. Entrepreneurs are opportunity-seekers,
creative, and resourceful. This behavior or traits of an entrepreneurs see
to it that they can penetrate or establish new buyers for their products
and services. They go beyond their existing market to get a new market
share and look for interested individuals.
3. Introduces innovation. Entrepreneurs innovate. Innovation can be
something ordinary or technological or break through. Entrepreneurs
are open for change and that changes oftentimes begins with the
outside forces. This innovation promises optimization of economic
wealth and sustainability in business. Due to innovation, other business
fold, while others will open flourish. Innovation is the game in
business.
4. Generates new materials. Entrepreneurs are always in constant
search for better and cheaper sources of materials they need. This
behavior focuses of being resourceful and creative of an entrepreneur.
When they seek for new material providers in different areas economic
growth increases for that place because of the value that have been
created.
5. Stimulates investment interest in the new business ventures being
created. When entrepreneurs engage in a new business, it stimulate
curiosity for other to venture in the business because of the benefits it
offers. This new investment contributes to personal and economic
growth.
6. Improves the quality of life. The new products and services
developed by the entrepreneur contribute to the increase of personal
benefit and convenience of people in society. The introduction of
automatic and electrical gadgets and appliances manifest improve
better quality of life because it makes individuals work easier and
faster.
7. Serves as role model. Entrepreneurs are individuals to be emulated
by younger generations in the community and society. The traits,
attitude, and personality exude by them in seeking and recognizing
opportunities, ability to handle risk, alertness in all circumstances, and
creativity are just some of the characteristic that should be imitate by
them to become a successful entrepreneurs in the future.
8. Bring social benefit to the people. Entrepreneurs pay taxes for every
product or services sold in the market. Taxes is the lifeblood of the
government. The taxes collected from businesses will be used to provide social
services to the people such as education, health, as well as to finance the build
build program of the government.
9. Utilizes and mobilizes indigenous resources. Small and medium enterprise
will always look for cheaper and local materials to supply their needs. This
actions of SMEs are proof of being resourceful and creative because of using
idle or unused resources to meet their needs and at the same time minimize
cost. This also make the flow of business improve in the area because of
patronage of local resources and aided them for not dependent on imported
materials.
10. Provides more alternatives for consumers. The rigid competition
in the marketplace for quality and cheaper products and services
requires the entrepreneur to come up with more products and services
consumers can choose from. Entrepreneurs should also come up with
strategies and ideas so that customers will prefer his products and
services among his/her competitors. Strategies such as providing
customers with diversified products, ethical in producing and selling
their products and services.
Businessman vs Entrepreneur
Entrepreneurial Competencies
• Entrepreneurial competencies are important in many ways. They help
facilitate opportunity recognition, enhance business performance,
adaptability to changes, and most importantly stir the achievement of
company goals and objectives. This indicate that if enterprise lead or
manage by competent entrepreneurs, their performance will be optimum.
Entrepreneurial competencies are the sum of personality, behavior,
knowledge, and skills that an entrepreneur possesses to discharge
effectively their functions and responsibilities.
Activity 1:
Personal Entrepreneurial
Characteristics
(yellow paper)
Group Activity:
Entrepreneurial Research Activity
Directions:
Using different learning resources (books, newspapers, articles, and
internet) identify and come up with a popular and successful entrepreneur
whom you believe to be an epitome of success. Make a picture collage of
his/her achievements and contributions to the community and economy. In
short bond paper. Be unique and creative!

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