present your idea for funding.
Word of mouth is still powerful to build connection as words define who
you are and what you are trying to do. Finally, in this type of networking, you can build your confidence
which is beneficial as you go further to your entrepreneurial journey. Here some offline or external social
networks
(Philippine Setting):
Professional Organizations- Professional organization is an important arena for both non-entrepreneurs
and entrepreneurs. For non-entrepreneurs, this is where you can meet mentors within your practice or
profession. Also, this is an avenue where you can meet your co-students pursuing the same which can be
used as your future partner or character reference when you look for job opportunities.
For entrepreneurs, professional organization is an important avenue where they can present their
project or ideas to famous venture capitalist. Professional organizations sponsored major events where
practitioners from all over the world meet in one place to discuss the issues and possible opportunities
of a specific profession.
Chamber of Commerce in the Philippines
It is a non-government organization of business owners where the entrepreneurs can ask funding and
advising support. The main agenda of this organization is to help foster and grow the entrepreneurial
environment in the Philippines. Also, this organization conducts annual events (such as Search for Best
Business Idea and Development Award or BIDA) where both aspiring entrepreneurs and already
entrepreneurs gather in one place to witness the presentation of project or business ideas of some
business students in selected Universities in the Philippines.
Government Organizations
Government organization such as DTI is another source for networking. They can provide business
partners for start up entrepreneurs. Also, they can help in increasing the market presence of your
selected project or product by sponsoring or inviting you to join product Which student organization do
you belong? Why did you register for membership? What do you think are the
benefits of being a member of your organization?
Finally, government organizations will help you forming up a concrete
business system which can help for the sustainability of your chosen venture.
Ways on Building Social Networks (Zwilling, 2018)
Building networks and connection is a tedious and rigorous task. This does not happen
overnight. You need to equip yourself with enough and required information, skills, knowledge
and confidence to do so. Here are some ways of building networks. Build new relationship by diversifying
your networks. Force yourself not to limit your connections, go out from the circle of friends and family
members. It is important for you to diversify your relationship (to your supplier and
customers) in order to create a wide arena for your business. Practice yourself building
relationship with unrelated people.
Give as much as you expect to get from every relationship
Effective relationship is a give and take process. Offers and deliver some help or
connect people with each other and even share some information to them. This way you can
build positive image and branding to yourself.
Selectively spend quality time on key relationship
Spend your precious time your most important networks such as your customers,
employees, and leaders who can make a difference in your organization. This relationship will
be beneficial to you in the long run as it may create opportunity and wealth to you. Be aware of
ego building and unproductive conversations.
Keep your focus on the social and business landscape
Pay attention to things that may influence your journey to success. Evaluate and
carefully study the behaviors, norms and culture of people near you as it may influence your
future product offering.
Apply your key resources to key issues
Spend your essential resources to the people who shared he same value with
you. Avoid joining conversation with different perspectives as it may create confusion to you.
By doing this you are gathering much needed and crucial information which may help in your
career. Finally, collaborating with them on solving shared social problems will turn them into
engaged advocates of your business and make them your most powerful allies in building other
relationships.
Prune, renew and reshape your networks frequently
Carefully arrange your networks according to its impact or influence to you.
Constantly change, revise or review your list. Regularly identify essential relationship that is
vital to the future of your business and will also help in your pursuit of new networks. More
relationship creates confusion which may lead to poor decision making.
Entrepreneurial Work Style (Johnson, 2018)
Entrepreneurs work style is another factor that makes them unique with ordinary people.
Their style of working things done is an essential tool for other profession to follow. The following
are the frequently visible work style of entrepreneurs
Do it yourself person
Entrepreneurs believe that they are the powerhouse and the master of getting
things done. Sometimes, help do not come, therefore, it is important for them to practice working
alone. Do it your own. Do not expect that if help somebody, help also comes to you. It is true
that there are some people who want to offer their help and advices to you but it is another
tedious task to evaluate whom should you trust. Remember, in this world, trust is a big issue.
College of Business Administration Education
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Telefax: (082)227-5456 Local 131
38Module for GE 11: Entrepreneurial Mind
FOR INSTRUCTIONAL USE ONLY. NOT for QUOTATION. NOT for REPRODUCTION
Prepared by: Reil S. Romero and Adriane John P. Luncido
Reviewed by: CBAE College Monitoring Committee
Micromanager
Success cannot be attained without the help of other people, but due to some
trust issues you tend to work alone. This work style encourages you to take time appreciating
the works of other people which provide benefit and impact to you. Avoid claiming all the credit.
Express your gratitude from their revolutionary contribution that sometimes a big difference from
yours. By doing this, you are not only building your company, you are also building collaboration
and network that as mentioned in previous part, an essential and crucial tool for the survival of
the venture or career.
Perfectionist
Yes, nobody’s perfect and perfection is the enemy of progress for entrepreneurs.
But, setting high standard for yourself makes you think that you want things done perfectly
(which will never be). By this, you keep on searching for any available means of making your
work seemingly perfect. You are easily disappointed because you did not accomplish
something for this specific date.
The Visionary
Dreaming is for free. Thus, you need to establish dreams and know how to
develop these dreams into something that makes you different. You need to value your dreams
as it is another source of great idea for great value. You have incredibly high hopes for your
big, beautiful vision, and you feel that your ultimate success is always right around the corner.
The Commander
Entrepreneurs like to be in charge always. By doing this, they are exploring their
capabilities of getting things done. Often find yourself in authority, this can help you to discover
some of your unknown abilities. Taking leas is different by being a boss. A leader allows open
space and encourage development for its members.
Risk Taking Ability of Entrepreneurs
Entrepreneurs are often scared to take risk. With this, they evaluate, study and gather
every available information to guide their decisions. By doing this, they step up their risk-taking
ability and enable themselves to take what they called ‘calculated risks’. Pursuing you dream
profession or project requires a lot of effort and risk, but entrepreneurs took the risk when no
one else want because they know that nobody wants to do it except for them. Risk Taking is an
act of doing something that involves danger or uncertainty before reaching the goals or
objectives. Risk taking is inherent to entrepreneurship since you need to invest your essential
resources to without knowing what will happen to that investment. You need to take actions in
order to solve pressing problems of the society and the economy. Entrepreneurs sacrifice so
much just to attain what they desire.
Types of Risk Attitude
Risks are not only found in entrepreneurship, but in every undertaking or decision made
by human or any organization. Coupled with these risks are the returns or losses of every
undertaking performed which will affect significantly or substantially the entity.
There are three types of risk attitude: namely, (a) risk takers, (b) risk averse, and (c) risk
neutral. Risk takers are those individuals who are loves or wills to take more risks while
investing in order to earn higher returns. The excitement and pleasures derive from this attitude
is very high but coupled with high risk of losing. Meanwhile, risk averse attitude refers to a
person’s attitude to take ventures/opportunities which have lower risk because he/she is afraid
of losing. Expectedly, the returns are lower and estimated already. Risk neutral attitude this
attitude refers to neutrality of one person to take risk. As a result, neither he/she gains nor
College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131
39Module for GE 11: Entrepreneurial Mind
FOR INSTRUCTIONAL USE ONLY. NOT for QUOTATION. NOT for REPRODUCTION
Prepared by: Reil S. Romero and Adriane John P. Luncido
Reviewed by: CBAE College Monitoring Committee
losses.
5. TOOLS USED BY ENTREPRENEURS
Figure 6. Interdependent tools used by entrepreneurs
1. Economics
Market forces such as demand and supply provide the opportunity for every
entrepreneur to see some missing links/products/services and thrive. From this
point, entrepreneurial venture can enter to address certain missing or potential
activity. These market forces (the demand and supply which determines price) used
by entrepreneurs and by other professions are under the science of economics.
The study of economics provides working knowledge and tools for efficient and
effective use of limited resources given that there are unlimited wants and desires
of people.
Moreover, the study of markets and its structures allow entrepreneurs to
maneuver/improvise their strategy given the existing condition and competition per
market structure. Using economic tools to determine price, product, place,
promotion allows entrepreneur to be successful in his/her venture.
2. Statistics/Mathematics
Mathematical and statistical concepts are important tools which
entrepreneurs utilized for collecting, analyzing business data and testing of its
validity for sound decisions. Mathematical/statistical techniques estimate
demand/production/cost and a scientific guide for decision making. This
models/concepts include regression, forecasting analysis and among others.
These tools are necessary for scientific based decisions.
3. Management
The science and art of management allows entrepreneur to become a
successful one. Using these tools in management, entrepreneur critically plan,
organize, direct, and control the limited resources to attain its objectives and goals.
Entrepreneurship
Mathematics/
Statistics
Management
Computers Accounting
Economics
College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131
40Module for GE 11: Entrepreneurial Mind
FOR INSTRUCTIONAL USE ONLY. NOT for QUOTATION. NOT for REPRODUCTION
Prepared by: Reil S. Romero and Adriane John P. Luncido
Reviewed by: CBAE College Monitoring Committee
The art and science of management lays down the specific blueprints as to
what steps are being treaded.
4. Accounting
The science of recording of data and/or transactions plays an important role
in entrepreneurship especially because this reflects entity’s financial position, net
loss or net profit earned. Also, like mathematics and statistics, accounting
techniques are used as a tool as basis for scientific decision making, whether the
business should expand or shut down.
5. Computer/Gadgets
In today’s era, the use of computers/gadgets essentially play a big role for
everybody, regardless of background and/or profession. The knowledge on using
modern computers make lives more convenient and efficient especially in
entrepreneurial ventures and in estimating mathematical and statistical concepts
through programs. It also makes entrepreneurial marketing reach bigger and wider
arenas.
6. World’s Successful Entrepreneurs and their Philosophies (Entrepreneur
Handbook, 2019)
Being successful in every field of endeavor is one of the greatest achievements of your
life. Here are the Top 5 world’s famous entrepreneurs and their philosophies in life.
Bill Gates (Net worth - $88.8 Billion)
Perhaps none of us did not the hear of this famous entrepreneur. As the founder
of Microsoft, Gates amassed his wealth over the years and constantly hit the Forbes tob
Billionaires list. According to Gates, entrepreneurs and aspiring entrepreneurs should:
- Always analyze the situation from every possible angle.
- Make sound the decisions based on your analysis of the situation and stick with
it.
- Avoid exploring for a perfect decision. If you do, it may influence your execution
and may even affect your motivation to do so.
- Entrepreneurship is not all about guess.
Jeff Bezos (Net worth – $84.3 Billion)
Another name that for some its unfamiliar is Jeff Bezos, the founder of Amazon.
He founded Amazon just in two decades and made it one of the most successful companies in
the world. Bezos believe in such philosophies like:
- You should be missionary in starting your career (Someone who loves to build
his or her integrity and of the others, similar to building the customers).
- Make sure that you love other people (customers) and be prepared to build them
Warren Buffet (Net worth – $80.5 Billion)
Buffet is one of the world’s famous investor. Building numerous businesses from
vending machines to sofas before putting his money to Berkshire Hathaway. He still one
of the famous investors that many small-time traders idolize him the most. Buffet’s advice
for people is to:
- Have fun always
- Love what you are doing
- Enjoy the essence of life
College of Business Administration Education
2nd Floor, SS Building
Bolton Street, Davao City
Telefax: (082)227-5456 Local 131
41Module for GE 11: Entrepreneurial Mind
FOR INSTRUCTIONAL USE ONLY. NOT for QUOTATION. NOT for REPRODUCTION
Prepared by: Reil S. Romero and Adriane John P. Luncido
Reviewed by: CBAE College Monitoring Committee
Amancio Ortega (Net worth – $78.5 Billion)
Perhaps, none of us heard this name, but Ortega, as a founder of a Zara – a
famous Spanish retail and fashion business, known as the world’s most reclusive
billionaires or avoiding the company of other people. For Ortega, you need to
- Speed is everything
- You need to have an ability to execute decisions faster than your competitor
Mark Zuckerberg (Net worth – $71.7 Billion)
Zuckerberg names are listed on the brains of as young as 11 years old. Perhaps,
people who use his famous Facebook app knows him. The youngest entrepreneur who
included in the top 10 world’s billionaires in 2019. Zuckerberg believes that success can
be attain if you:
- Try to solve some problem
- Have passion in solving that problem
Famous Entrepreneurs in the Philippines and their Philosophies
Knowing the entrepreneurs around the world is easy because of their increasing
familiarity. But, in the Philippines, many Filipinos have no knowledge of successful
entrepreneurs in the Philippines. Here are some of the successful entrepreneurs in the
Philippines.
Henry Sy, Sr. (Founder, SM)
“There is no such thing as overnight success or easy money. If you fail, do not be
discouraged; try again. When you do well, do not change your ways. Success is not just good
luck: it is a combination of hard work, good credit standing, opportunity, readiness and
timing. Success will not last if you do not take care of it.”
Tony Tan Caktiong (Founder, Jollibee Foods Corporation)
“Twenty-seven years ago, we didn’t have a firm vision that we would be number
one, but we had a rough vision that we would go outside the Philippines. We also had a goal:
to take care of our customers and employees and to enjoy what we’re doing. Once we did all
these things, the profits would come.”
Cecilio K. Pedro (Famous for Hapee Toothpaste)
“Fighting multinationals was very tough. At first, everyone thought I was crazy. They told
me; how will I survive this? True enough, it’s by the grace of God that I’m still here in the
toothpaste industry after 20 years. God is good,”
Alfredo Yao (Zest-O Juice)
“When Zest-O was established, it had a single yet valuable mission, to provide products
of immense consumer value and quality that exceeds even the scrutiny of global measure.”
Socorro Ramos (National Bookstore)
“You have to adjust to the flow of business. If you’re not open to change, your business
can’t move on.”
Inspire Yourself!
Research for more successful entrepreneurs both international and domestic one. Study
their philosophies and beliefs.