COURSE TITLE ENTREPRENEURSHIP

COURSE CODE NUMBER OF UNITS 3 UNITS

COURSE PRE-
REQUISITE/S
MODULE TITLE

CONTACT CHRISTINE JOY D. QUINTAL

INFORMATION OF THE FB account: Christine Joy Quintal-Regucera
INSTRUCTOR E-mail Address: tinangquintal@[Link]
 ENTREPRENEURSHIP
Overview
The role of entrepreneurs in economic development varies from economy to economy,
country to country, depending upon its material resources, industrial climate and more
importantly, the responsiveness of the political system to the growth of entrepreneurs.
Liberalization and the new economic policy has thrown upon the doors for every entrepreneur to
seek its own fortunes and thus contribute to the growth of the economy.
Entrepreneurship is an important input of economic development. He is a catalyst of
development. They are the prime movers of industrial development in a country. Entrepreneur
are found in every economic system and in every type of economic activity. Artisans, traders,
importers, engineers, exporters, bankers, industrialists, farmers, forest workers, tribal,
professionals, politicians, and bureaucrats, any one from these could be entrepreneur. The nature
of entrepreneurs differs according to their functions.

Objectives
On the successfully completion of the module, students will be able to:
 Define Entrepreneur,
 Differentiate Entrepreneur and Entrepreneurship,
 Determine the History of Entrepreneurship,
 Enumerate the Characteristics of Entrepreneur,
 Identify the Types of Entrepreneur,
 Differentiate Entrepreneur, Manager and Capitalist.

Entrepreneur
 Entrepreneurship, like an Entrepreneur, has no single definition.
 Entrepreneur is a person who organizes, operates, and assumes the risk for business
ventures.
 Entrepreneur is an adventurer, undertaker, and projector. His or her function is to
accumulate and supply capital.
 Cantillon stated that Entrepreneur is one who bears uncertainty, buys labor and materials,
sells product at uncertain prices.
 Schumpeter stated that Entrepreneur is an innovator. He does things in a new way. He
supplies new product; makes new techniques of production; discovers new markets and
develops new source of raw materials.
 Peter Drucker stated that an Entrepreneur always searches for change, responds to it and
exploits it as an opportunity.
 Economist explains that an Entrepreneur is one who shifts economic resources from an
area of lower productivity to an area of higher productivity and greater yield.
 Geoffrey Meredith stated that Entrepreneurs are people who have the ability to see and
evaluate business opportunities, to gather the necessary resources and to take advantage
of them, and to initiate appropriate action to ensure success.

Entrepreneur and Entrepreneurship

  Entrepreneur is a person while entrepreneurship is a process.
 Entrepreneurship is a process under taken by an entrepreneur to create increment value
and wealth by investment, organizing enterprise and undertaking risks to contribute to the
economic growth.

History of Entrepreneurship

The Beginnings of Entrepreneurship and Trade

Nearly 20,000 years ago- first entrepreneurs traced back 17, 000 BCE- the first known
trading between humans took place in New Guinea
 Locals would exchange obsidian for other needed goods – like tools, skins, and
food.

Entrepreneurship and the Agricultural Revolution

12,000 years ago- first big shift in entrepreneurship took place during the Agricultural
Revolution.
 Humans started to domesticate plants and animals and remain stationary in one location
and farm the land.
 Villages and towns started developing close to fertile lands.
 By specializing in different professions, members of the community could trade valuable
goods for food.
 hunting and gathering, fishing, cooking, tool-making, shelterbuilding, clothes-
making (area of specialization)
 Farmers sell food at market to a clothes-maker so that they no longer needed to make
their own clothes.
 Different social institutions arose around these permanent structures, including religious
centers, courts, and marketplaces.
 pottery, carpentry, wool-making, masonry- new areas of specialization as time
went on Standards of living continued to increase. Entrepreneurs were constantly
at the forefront of innovation.

The Expansion of Trade Routes from 2000 BCE

 Between the Agricultural Revolution and 2000 BCE- cities started to appear around the
world.
 Nile, the Tigris and Euphrates, the Indus, and the Yellow and Yangtze - early areas
of civilization were concentrated here.
 Cities in Sumeria (3,000 BCE)- tens of thousands of people.
 City of Uruk- banks of the Euphrates, home to 50,000
 As cities sprang up around the world, entrepreneurship took an important turn.
Entrepreneurs were still specializing in all of the areas like pottery, carpentry, tool-
making, etc. But they began to realize that profits could be made by trading between
cities and cultures.
 The right international trade route could make an entrepreneur very wealthy.
 Trading salt from Africa across the Roman Empire
 Trading technologies like Chinese paper-making around the world
 Trading rice from China across Asia
  Trading coffee, lemons, and oranges from Arabia into Europe
 Trading complex ideas like the Arabic number system into Europe (this occurred
in the year 1200 by Italian trader named Leonardo Fibonacci).
 Trading gunpowder (a combination of carbon, sulphur, and potassium nitrate)
from China to other parts of the world 2000 BCE- weapons trading was
particularly important - iron was discovered- lead to the world’s first empires

Trade routes were about more than just raw resources and goods. They were also about ideas and
technologies. In this way, entrepreneurs were responsible for spreading ideas around the world

Entrepreneurship and the Invention of Money

 One of the key developments in the history of entrepreneurship was the invention of
money.
 Prior to the invention of money, all entrepreneurship and trade took place through the
barter system.
 Coincidence of wants- limit of barter system
 Ancient Iraq- found the earliest form of currency (silver rings and silver bars).
 2000 BCE- early forms of money have been discovered. It was called Specie (seashells,
tobacco leaves, beads, or large round rocks).
 Paper money and coinage would be developed.
 Currency gave entrepreneurs several important things:
 It facilitated long-distance trade.
 It acted as a medium of exchange.
 It provided a way for entrepreneurs to store value.

Currency changed the fate of entrepreneurship

Entrepreneurship and the Beginnings of the Marketplace in the Medieval Period

 Markets became more and more popular.
 Larger populations required larger marketplaces where they could purchase food,
clothing, services, and other important things.
 Some of the important developments that took place in entrepreneurship during this
period:
 Banking grew to new heights and complexities as small business owners had
greater financing needs.
 The guild system expanded, giving skilled craftsmen and other entrepreneurs a
way to organize their business together, regulate the quality of the goods
produced, and develop reputations for certain goods in towns across medieval
Europe.
 Entrepreneurs were able to purchase goods from abroad, turn those goods into
finished products, and then sell those goods for a profit at a wider scale than ever
before

The Unexpected Stifling of Innovation

 Many entrepreneurs had their inventions and innovations stifled.
  Prior to the advance of merchants and explorers, many people frowned upon the
accumulation of capital. Innovation was often – perplexingly – blocked around the world.
There are even examples were visionary entrepreneurs had their inventions stifled
because they weren’t seen as beneficial for society.
 This period still gave rise to some of the world’s most influential technologies, including
the windmill, paper mill, mechanical clock, the map, and the printing press, among many
others.
 It paved the way for future entrepreneurs to use innovation to capitalize on growing
trends

Mercantilism, Explorers, and the New World from 1550 to 1800

1550 to 1800- gave rise to the philosophy of mercantilism. -believed that there was only a finite
amount of wealth in the world.
 A country’s wealth and value was solely based on how much treasure and gold it could
obtain, and how many more exports it could sell compared to imports.
 Columbus’s “discovery” of the New World in 1492- would permanently change
entrepreneurship. Mercantilist ideals combined with a vast New World to discover made
early explorers some of the wealthiest entrepreneurs.
Entrepreneurs- known more as merchants and explorers than as entrepreneurs. -they raise capital,
take risks, and stimulate economic growth.
 See this period as the beginnings of capitalism.
 This period was related to the goods and materials brought back from the new world.
 Silver imports from the New World, for example, fueled expanded trade across the
Atlantic Ocean. Later on, gold would provide similar motivation.
 Luca Pacioli’s accounting advances. She created standardized principles for keeping track
of a firm’s accounts. These principles would later be used by the era’s explorers and
merchants.

Entrepreneurship in the 1800s Onward: Machines and Markets

Many people see the last 200 years of entrepreneurship as being fueled by “machines and
markets”.
 Capitalism became more entrenched in societies around the world.
 Adam Smith’s work- “An Inquiry into the Nature and Causes of the Wealth of Nations”,
where he destroyed the idea of mercantilism.
 Self-interested was the driving force in societies around the world.
 Entrepreneurs were able to act in self-interest while still improving society as a whole.
 Robert L. Heilbroner explains this theory in The Worldly Philosophers: “A man
who permits his self-interest to run away with him will find that competitors have
slipped in to take his trade away; if he charges too much for his wares or if he
refuses to pay as much as everybody else for his workers, he will find himself
without buyers in the one case and without employees in the other.”

The competition of the marketplace regulates self-interest and leads to a type of entrepreneurship
that fuels innovation, improves the standard of living, and increases the wealth of nations.

The Industrial Age and Entrepreneurship

18th century- Entrepreneurship moved from small-scale production in small towns to largescale
production in big cities.
 Availability of Energy Production
 Businesses were no longer restricted by small-scale energy powered by wind or
falling water.
 Rely on technologies like electricity, steam, the internal combustion engine, the
locomotive, the automobile, and oil- means to make large- scale factories.
 Availability of Labor
 Huge populations began moving to Industrial Revolution cities starting in the
1700s.
 This gave entrepreneurs a large pool of cheap labor with which to work.
Powerful market forces would give rise to some of the world’s greatest entrepreneurs and
innovators.
America played a particularly prominent role during this period, giving rise to entrepreneurs like
Andrew Carnegie, J. Morgan, John D. Rockefeller, Frank Kenan and Henry Ford.

Post World War II Entrepreneurship

The economy was increasingly global and becoming more global every decade.
 Better means of shipping and communication made it easy for entrepreneurs to sell
products and services to a global audience.
 Massive economies like America could no longer afford to concentrate solely on selling
products to American marketplaces.
 In America, car ownership made it more important to have highways between major
cities. As highways became more important, restaurants were needed where people could
eat while traveling.
 Ray Kroc created a standardized restaurant that cut down on costs by serving a limited
number of men items. Then, he replicated that model.
 General Electric, aircraft companies like Lockheed, IBM, and Holiday Inns- companies
that prospered during this period.
 Japan- became one of the world’s largest economies by exploiting a large population
available for cheap wages.
 Germany- experienced a similar trajectory.

Modern Entrepreneurship
Entrepreneurs are the lifeblood of economies all over the world. The global economy
 combined with modern infrastructure and communications
 introduced a new age of competition to the world of entrepreneurship
 many of these entrepreneurs can access cheaper means of production
 they may have better access to raw resources of cheap labor

REFERENCES

History of Entrepreneurship. Retrieved from

[Link]
Slide Title: What is Entrepreneurship?
Simple Explanation:
🧑‍💼 Entrepreneur – A person who starts a business, takes risks, and finds ways to make it
grow.
📈 Entrepreneurship – The process of creating, managing, and growing a business to solve
problems and earn profit.

Why It Matters:
Entrepreneurs help the economy grow by creating jobs and businesses.

They bring new ideas and innovations into the market.

They take risks and turn them into opportunities.

Examples of Entrepreneurs:
A farmer who uses new tools to grow more crops.

A student who starts a small food stall at school.

A mother who opens a sari-sari store in the barangay.

Key Traits of an Entrepreneur:

💡 Innovative
🧠 Decision-maker
💪 Hardworking
🎯 Goal-oriented
👍 Positive thinker

Quote to End:
"Entrepreneurship is about seeing opportunity where others see risk—and turning that
into a reality."

Let me know if you'd like me to create more slides based on the history, types, or traits of
entrepreneurs. I can also prepare this into an editable PowerPoint (.pptx) file if needed.
You said:
nxt

ChatGPT said:
Here’s the next slide in your Entrepreneurship presentation, this time focusing on the
Difference Between Entrepreneur and Entrepreneurship, based on Module 1:

Slide Title: Entrepreneur vs. Entrepreneurship

Simple Explanation:
👤 Entrepreneur

A person.

The one who starts and runs a business.

They take risks, make decisions, and find ways to earn profit.

⚙️Entrepreneurship

A process.

It is the journey of creating and managing a business.

It includes planning, organizing, investing, and taking risks.

In Short:
Entrepreneur = The person

Entrepreneurship = The action or process

Example:
When a student opens a printing shop near campus, the student is the entrepreneur, and
everything he/she does to run the shop—buying ink, hiring help, marketing—is part of
entrepreneurship.

Would you like the next slide on the History of Entrepreneurship, Characteristics, or
Types? Let me know your preferred sequence.

History of Entrepreneurship using simple storytelling based on Module 1.

Slide Title: A Short History of Entrepreneurship

Early Beginnings (17,000 BCE)
👣 People traded tools, food, and animal skins in early villages.
🔁 This was the start of bartering and simple trade.

Agricultural Revolution (12,000 years ago)

🌾 People learned to farm and stay in one place.
Villages grew. People specialized in jobs like farming, tool-making, and sewing—early
entrepreneurs.

Trade Routes and Ancient Cities (2000 BCE)

Cities formed near rivers like the Nile and Euphrates.
🌍 Entrepreneurs started long-distance trade: salt from Africa, silk from China, spices
from Arabia.

Invention of Money
💰 Money replaced bartering.
✅ Entrepreneurs could now store value, trade easier, and expand.

Medieval Markets & Guilds

🏪 Bigger markets formed.
👨‍🔧 Skilled workers formed guilds to sell crafts, control quality, and build a reputation.

The Age of Exploration (1550–1800)

🌎 Explorers like Columbus opened trade with the "New World."
⚓ Entrepreneurs became merchants and started global businesses.

Industrial Age (1800s–1900s)

🏭 Inventions like the steam engine led to factories and big businesses.
📈 Entrepreneurs like Henry Ford used machines to grow fast and cheap.

Modern Day
🌐 Entrepreneurs use technology, social media, and global shipping.
🚀 Ideas can now grow from a small town to the world stage.

Takeaway:
Entrepreneurship has always been about solving problems, taking risks, and finding new
ways to create and trade value.

Would you like the next slide to cover the Characteristics of an Entrepreneur or move on
to the Types of Entrepreneur?

Characteristics of an Entrepreneur, drawn from Module 2:

Slide Title: What Makes a True Entrepreneur?

Key Characteristics:
🧠 Decision-Maker

Makes smart choices to improve the business and satisfy customers.

💡 Innovative

Thinks of new ideas, products, or ways of doing things.

🎯 Risk-Taker (but reasonable!)

Takes smart risks with care—ready for success or failure.

💪 Hardworking

Goes beyond regular hours, loves challenges, and stays committed.

💖 Self-Confident

Believes in their own skills and potential, even during tough times.

🌞 Positive Thinker

Focuses on the good and believes that efforts will succeed.

🧭 Leader

Plans well, organizes tasks, motivates people, and gets things done.

Real-Life Example:
A small business owner in the Philippines who opened a coffee shop despite limited
resources. She studied trends, worked long hours, took smart risks, and turned her idea
into a success. That's entrepreneurial spirit!

Quick Reminder:
Successful entrepreneurs are not born—they are built through courage, vision, and hard
work.