THE ENTREPRENEURIAL JOURNEY  Create product

1. Self-Discovery concepts.
 Assess yourself before  Conduct product
starting an ideation and
entrepreneurial journey. development.
 Determine if you have:  Focus of Module 5.
o Passion 4. Business Model Discovery
o Interest  Transform opportunities
o Commitment into actual businesses.
o Entrepreneurial  Includes:
mindset o Planning
o Skills and o Organizing
competencies o Staffing
 Questions to ask: o Leading
o Do I think like an o Controlling
entrepreneur? 5. Growth Discovery
o Do I behave like  Develop strategies for
an business sustainability.
entrepreneur?  Maximize benefits and
o Do I have the business growth.
necessary skills Important Note:
and attitudes?  Entrepreneurship is a
 Focus of: continuous cycle.
o Module 1  Entrepreneurs
o Module 2 repeatedly go through
o Module 3 these stages as they
2. Problem Discovery grow and adapt.
 Scan the environment
for societal problems. Flow:
 Identify and evaluate Self-Discovery → Problem
opportunities. Discovery → Solution Discovery
 Turn problems into → Business Model Discovery →
business opportunities. Growth Discovery
 Requires:
o Observation
o Opportunity
recognition
o Evaluation skills
 Focus of Module 4.
3. Solution Discovery
 Develop solutions to
identified problems.
 MODULE 1: JOURNEY TO SELF- TOPIC 1: PERSONAL VALUES
DISCOVERY THROUGH DISCOVERY
ENTREPRENEURSHIP Carl Jung's Quote
Purpose "Your vision will become clear
 Develop appreciation only when you can look into
for entrepreneurship. your own heart."
 Use entrepreneurship to:
o Solve problems Meaning
o Create value  Looking outside =
o Develop an following others' dreams.
entrepreneurial  Looking inside =
mindset discovering your own
o Contribute to vision and purpose.
society
Learning Outcomes Importance of Vision
1. Understand SLU Core  Gives direction in life.
Values in  Helps make intelligent
entrepreneurship. decisions.
2. Understand  Guides career and
entrepreneurship and its entrepreneurial choices.
relevance.
3. Classify forms of Personal Values
entrepreneurship.  Foundation of vision.
Topics Covered  Define who you are.
1. Personal Values  Improve self-awareness.
Discovery  Guide decision-making.
2. Understanding  Help achieve a
Entrepreneurship balanced life.
3. Categories of
Entrepreneurship Entrepreneurship and Personal
Values
 Successful entrepreneurs
understand themselves.
 Personal values
influence:
o Business
decisions
o Company
culture
o Vision and
mission
 3. Professional Competence
Benefits of Knowing Your Values  Demonstrate academic
 Better decision-making excellence.
 Stronger self-awareness  Pursue lifelong learning.
 Meaningful contribution  Communicate
to society effectively.
 Finding life purpose  Work independently
and collaboratively in
Team Building Principle diverse teams.
 Work with people who
share similar values. 4. Creative and Critical Thinking
 Shared values improve  Generate new
teamwork and decision- knowledge through
making. research.
 Develop innovative
solutions.
SLU CORE VALUES  Create products and
1. Christian Spirit services using
 Lead others in appropriate
encountering God. technologies.
 Live Christian values  Demonstrate innovation
personally and and creativity in
professionally. problem-solving.
 Show compassion,
especially to the poor
and marginalized. PERSONAL VALUES DISCOVERY
 Practice ethical ACTIVITY
behavior. Suggested Top 10 Values
 Promote environmental (Including SLU Values)
stewardship. 1. Christian Spirit
2. Integrity
2. Social Involvement 3. Professional
 Promote social justice Competence
and nationalism. 4. Social Involvement
 Address social, political, 5. Creative and Critical
religious, and Thinking
environmental issues. 6. Responsibility
 Preserve cultural 7. Compassion
heritage. 8. Commitment
 Participate in 9. Perseverance
community-based 10. Excellence
programs.
 Most Important Value Entrepreneurial Louisians
Christian Spirit Goal:
Reason:  Become innovators and
Christian Spirit serves as the change-makers.
foundation of ethical decision-  Create value in chosen
making. It guides a person to professions.
act with integrity, compassion,  Transform ideas into
and responsibility toward others. reality.
By living according to Christian
values, entrepreneurial Careerpreneurship
decisions are not only focused  Applying
on profit but also on serving entrepreneurship within
society, helping the a chosen career.
marginalized, and creating  Becoming valuable and
positive change. innovative in one's
profession.

TOPIC 2: UNDERSTANDING
ENTREPRENEURSHIP EVOLUTION OF
Why Entrepreneurship ENTREPRENEURSHIP
Education? Origin of the Word
Republic Act No. 10679 (Youth  From French word
Entrepreneurship Act) "entreprendre"
Purpose:  Means "to undertake"
 Promote
entrepreneurship Richard Cantillon
among Filipino youth.  French economist who
 Develop financial coined the term.
literacy.
 Encourage students to Entrepreneur
become business A person who:
owners.  Organizes a business.
 Manages resources.
Government Initiatives  Assumes risks.
 Entrepreneurship
training
 Mentoring and DEFINITION OF
coaching ENTREPRENEURSHIP
 Incubation laboratories Entrepreneurship is a Mindset
 Creative spaces in It involves:
schools  Seeking opportunities
 Taking calculated risks
 Turning ideas into reality
 According to Kuratko Entrepreneurs No single
Entrepreneurship is: must fit a entrepreneurial
 A dynamic process of: profile. profile exists.
o Vision All Ideas, planning,
o Change entrepreneurs and
o Creation need is money. management are
equally important.
Essential Components All Success comes
 Calculated risk-taking entrepreneurs from preparation
need is luck. and hard work.
 Venture team formation
 Resource mobilization Ignorance is Entrepreneurs
bliss. need information
 Business planning
for decisions.
 Opportunity recognition
Entrepreneurs Many succeed
mostly fail. through learning
European Commission Definition and persistence.
Entrepreneurship is:
Entrepreneurs They take
 Turning ideas into are extreme risk calculated risks.
action. takers.
 Using creativity,
innovation, and risk-
taking. ENTREPRENEURIAL SCHOOLS OF
 Planning and managing THOUGHT
projects to achieve A. MACRO VIEW
goals. Focus: External factors affecting
entrepreneurship.
1. Environmental School
MYTHS OF ENTREPRENEURSHIP  External environment
Myth Reality influences
Entrepreneurs They are both entrepreneurship.
are doers, not thinkers and  Example: Pandemic
thinkers. doers. creating business
Entrepreneurs They can be born opportunities.
are born, not and developed. 2. Financial School
made.  Availability of capital
Entrepreneurs Entrepreneurs are influences
are always innovators, not entrepreneurship.
inventors. necessarily 3. Displacement School
inventors. Negative experiences drive
Entrepreneurs Many are highly entrepreneurship.
are academic respected
and social contributors.
misfits.
Types: KEY POINTS TO REMEMBER
Political Displacement Entrepreneurship is:
 Government policies  A Mindset
cause career shifts.  About Change and
Cultural Displacement Development
 Religion, race, gender,  About Construction and
and culture influence Value Creation
entrepreneurial  About Innovation and
decisions. Creativity
Economic Displacement  About Taking
 Job loss or recession Calculated Risks
encourages  About Managing
entrepreneurship. Uncertainty
 About Turning Ideas into
Action
B. MICRO VIEW  About Solving Problems
Focus: Internal entrepreneurial and Creating
factors. Opportunities
1. Entrepreneurial Trait School  About Contributing to
 Focuses on common Society while Achieving
traits of successful Personal Growth and
entrepreneurs. Success
2. Venture Opportunity School
 Focuses on identifying
opportunities and
resources.
3. Strategic Formulation School
 Focuses on planning
and aligning business
goals with resources and
environment.
 TOPIC 3: CATEGORIES OF Importance
ENTREPRENEURSHIP  Helps companies remain
Entrepreneurship can take competitive.
different forms depending on  Encourages continuous
the entrepreneur's goals, field, improvement and
and impact on society. innovation.

Example
A. CORPORATE  An employee develops
ENTREPRENEURSHIP a new digital system
(INTRAPRENEURSHIP) that improves company
Definition operations.
 Entrepreneurship within
an existing organization Best For
or company.  Individuals who want to
 Also called work in existing
Intrapreneurship. organizations while still
being entrepreneurial.
Key Characteristics
 Encourages innovation
inside the company. B. TECHNOPRENEURSHIP
 Employees and Definition
managers take initiative.  Entrepreneurship that
 Promotes: utilizes technology to
o Creativity create products,
o Commitment services, or innovations.
o Risk-taking
o Leadership Key Characteristics
 Uses modern
Corporate Entrepreneur technology.
(Intrapreneur)  Converts ideas into
 Employee or manager innovative products.
who introduces new  Improves existing
ideas, products, business operations.
services, or processes.
 Leads the company Technopreneur
toward new directions.  A technology-driven
entrepreneur.
 Uses technology to
create new solutions
and innovations.
 Importance Ecopreneur
 Drives technological  Entrepreneur concerned
advancement. with both profit and
 Improves efficiency and environmental welfare.
productivity.
 Creates innovative Goals
products and services.  Reduce environmental
damage.
Example  Promote sustainability.
 Developing a mobile  Conserve natural
application. resources.
 Creating software
solutions. Example
 Designing AI-based  Recycling businesses.
systems.  Solar energy
companies.
SLU Example  Eco-friendly packaging
 SEA (School of businesses.
Engineering and  Sustainable agriculture.
Architecture) aims to
produce technopreneur Importance
engineers and  Helps address
architects. environmental
challenges.
 Encourages responsible
C. ECOPRENEURSHIP business practices.
Definition
 Entrepreneurship that
focuses on solving D. SOCIAL ENTREPRENEURSHIP
environmental problems Definition
and promoting  Entrepreneurship
sustainability. focused on solving
social problems through
Key Characteristics innovation and business
 Environmentally solutions.
responsible.
 Sustainable business Main Focus
practices.  Social impact rather
 Balances profit and than profit alone.
environmental  Creating positive
protection. change in society.
 Characteristics of Social COMPARISON OF THE FOUR
Entrepreneurs TYPES
1. Mission-Oriented Type Main Example
 Creates and sustains Focus
social value. Corporate Innovation Employe
2. Opportunity-Seeking Entrepreneurs within e
 Continuously identifies hip organizati creating
opportunities to improve ons new
society. compan
y
3. Innovative
process
 Engages in continuous es
innovation and learning.
Technopreneu Technolog Mobile
4. Resourceful rship y and app
 Acts despite limited innovation develop
resources. er
5. Accountable Ecopreneurshi Environme Recyclin
 Demonstrates a strong p ntal g
sense of responsibility to sustainabili compan
society. ty y
Social Social Commu
Examples Entrepreneurs impact nity
 Community livelihood hip and livelihoo
projects. problem- d
 Educational assistance solving project
programs.
 Social enterprises
IMPORTANT NOTE
helping marginalized
A person can be:
groups.
 An Intrapreneur
 A Technopreneur
Difference from Corporate
 An Ecopreneur
Social Responsibility (CSR)
 A Social Entrepreneur
Social Corporate
Entrepreneurship Social
all at the same time.
Responsibility
Social mission is Social activities
Example:
the main goal support A BS Information Technology
business goals graduate develops an
Creates businesses Existing environmentally friendly mobile
to solve social businesses give app that helps communities
problems back to society manage waste while working
for a company. This person
demonstrates corporate
entrepreneurship,
technopreneurship, KEY TAKEAWAY
ecopreneurship, and social Entrepreneurship is not limited
entrepreneurship to starting a business. It can be
simultaneously. practiced in organizations,
through technology, by
protecting the environment, or
QUICK REVIEWER by solving social problems.
Corporate Entrepreneurship Regardless of the category,
 Entrepreneurship within entrepreneurs create value,
a company solve problems, innovate, and
 Also called contribute to positive change in
Intrapreneurship society.
 Focus: Organizational
innovation
Technopreneurship
 Technology-based
entrepreneurship
 Focus: Innovation
through technology
Ecopreneurship
 Environment-focused
entrepreneurship
 Focus: Sustainability
Social Entrepreneurship
 Society-focused
entrepreneurship
 Focus: Solving social
problems
Characteristics of Social
Entrepreneurs
1. Social mission
2. Opportunity recognition
3. Innovation
4. Resourcefulness
5. Accountability
 MODULE 2: ENTREPRENEURSHIP GENERAL THEORIES OF ECONOMIC
DISCOVERY DEVELOPMENT
Overview These theories explain how
Module 2 deepens the economic development occurs
understanding of entrepreneurship within a society.
by focusing on its role in socio-
economic development. 1. Law of Nature Theory
Main Idea Concept
 Entrepreneurship is a major  Economic development is
contributor to economic a natural process.
growth and social progress.  Every society is expected
 Understanding how to develop over time.
entrepreneurship affects Key Idea
society and the economy  Development occurs
can increase one's naturally as societies
appreciation and interest progress.
in entrepreneurship. Limitation
 Special emphasis is given  Does not fully explain why
to the role of MSMEs some societies develop
(Micro, Small, and Medium faster than others.
Enterprises) in improving
the Philippine economy, 2. Racial Heritage Theory
especially during difficult Concept
periods such as  Economic development is
pandemics. influenced by racial
characteristics.
UNIT 1: THEORIES ON ECONOMIC Key Idea
DEVELOPMENT AND THE ROLE OF  Certain shared
ENTREPRENEURSHIP characteristics supposedly
ECONOMIC DEVELOPMENT affect people's energy,
Definition productivity, and work
Economic development refers to ethic.
the improvement of a society's Limitation
economic well-being and quality of  Modern economists
life through increased productivity, generally reject this theory
income, employment, and because development is
innovation. influenced more by
education, institutions,
technology, and
opportunities than by race.
 3. Climatic Condition Theory 5. Principle of the Invisible Hand
Concept Introduced By
 Climate affects people's Adam Smith
productivity and energy. Concept
Key Idea  Individuals pursuing their
 Extremely hot or cold own interests
climates may reduce unintentionally benefit
productivity. society.
 Moderate climates may Key Idea
encourage economic  Market forces naturally
activity. regulate supply, demand,
Example and prices.
 Workers may become less Example
productive under extreme  Businesses produce goods
weather conditions. for profit, but society
benefits through
4. Cultural Diffusion Theory employment and
Concept availability of products.
 Development occurs when
societies interact and ECONOMIC THEORIES OF
exchange knowledge. DEVELOPMENT
Key Idea 1. Population Change Theory
 Developed societies can Concept
help less-developed  Population growth affects
societies improve through: economic development.
o Technology Positive Effects
transfer When population increases:
o Education  Demand increases.
o Trade  Supply increases.
o Cultural exchange  Production increases.
Example  Employment opportunities
 Foreign investments increase.
introducing modern Negative Effects
technology to developing When population becomes too
countries. large:
 Resources become scarce.
 Unemployment may rise.
 Economic stagnation may
occur.
Summary Importance
Population growth can either: Entrepreneurship is considered one
 Promote development, or of the strongest drivers of
 Cause economic economic and social
stagnation. development.

2. Technological Breakthrough CONTRIBUTIONS OF

Theory ENTREPRENEURSHIP TO SOCIO-
Concept ECONOMIC DEVELOPMENT
 Technology drives Entrepreneurship improves:
economic development.  Lives of entrepreneurs
Benefits  Communities
Technology:  Society
 Makes work easier.  National economy
 Improves efficiency.
 Increases accuracy. 1. Creates Employment of
 Reduces production costs. Resources
 Encourages innovation. Factors of Production Utilized
Examples A. Land
 Computers  Natural resources used in
production.
 Artificial Intelligence
B. Labor
 Automation
 Human effort used in
 Mobile Applications
production.
Importance
C. Capital
Technological innovation increases
 Money, tools, equipment,
productivity and economic growth.
and machinery.
D. Entrepreneurship
3. Entrepreneurship Theory
Concept  Organizing and managing
resources.
 Entrepreneurship is the
Contribution
backbone of the
Entrepreneurs:
economy.
Key Idea  Create jobs.
Entrepreneurs:  Utilize idle resources.
 Create businesses.  Increase productivity.
 Generate employment. Result
Economic growth and
 Introduce innovations.
development.
 Stimulate economic
activity.
 2. Brings Equitable Distribution of 4. Provides Essential Products and
Income Services
Concept Entrepreneurship Provides
Entrepreneurship creates A. Basic Necessities
employment, resulting in more  Food
income opportunities.  Clothing
Effects  Shelter
 More people earn income.  Healthcare
 Poverty is reduced. B. Improved Quality of Life
 Money circulates within the  Reduces poverty
economy.  Reduces social deprivation
Economic Cycle  Improves living conditions
Entrepreneurship → Employment → C. Self-Esteem
Income → Spending → Business Entrepreneurs gain:
Growth → Economic Development
 Self-worth
Key Idea
 Independence
Entrepreneurship helps narrow
 Personal fulfillment
income inequality.
D. Community Service
Businesses contribute to community
3. Promotes Industrialization in the
welfare.
Countryside
Concept
5. Generates Government Revenue
Encouraging businesses in rural
Through Taxes
areas.
Sources of Taxes
Benefits
Entrepreneurs
 Creates jobs locally.
Pay business taxes.
 Reduces migration to
Businesses
cities.
Pay corporate taxes.
 Develops rural Employees
communities. Pay income taxes.
 Improves infrastructure. Result
Result Government earns revenue for:
Balanced regional development.  Education
 Healthcare
 Infrastructure
 Public services
SUMMARY OF ENTREPRENEURSHIP'S CLASSIFICATION OF MSMEs
CONTRIBUTIONS Number of
Enterpris
Contribution Benefit Asset Size Employee
e Type
Reduces s
Job Creation
unemployment Up to
Micro 1–9
Resource Maximizes ₱3,000,000
Utilization productivity ₱3,000,001 –
Small 10–99
Income ₱15,000,000
Reduces poverty
Distribution ₱15,000,001
Rural Countryside –
Medium 100–199
Development industrialization ₱100,000,00
0
Goods & Improves quality
Services of life More than
200 and
Large ₱100,000,00
Supports above
0
Tax Revenue government
programs
ROLE OF GOVERNMENT IN
ENTREPRENEURSHIP GROWTH
UNIT 2: GOVERNMENT SUPPORT TO Main Role
MSMEs IN THE PHILIPPINES
The government creates a business
MSMEs IN THE PHILIPPINES
environment favorable to
Meaning of MSME
entrepreneurship through:
M – Micro Enterprise
 Laws
S – Small Enterprise
 Policies
M – Medium Enterprise
 Regulations
E – Enterprise
MSMEs form the backbone of the  Support programs
Philippine economy because they
comprise the majority of businesses LAWS THAT SUPPORT ENTREPRENEURS
and generate significant 1. Go Negosyo Act
employment. Republic Act No. 10644
Purpose
 Simplify business
registration.
 Support MSME growth.
 2. Barangay Micro Business GOVERNMENT ASSISTANCE TO
Enterprises Act MSMEs
Republic Act No. 9178 (2002) A. Financial Assistance
Purpose Forms
 Support micro-enterprises.  Loans
 Provide incentives and  Grants
benefits.  Financing programs
Purpose
3. Magna Carta for MSMEs  Provide business capital.
Republic Act No. 6977  Support business
Purpose expansion.
 Promote growth of small
and medium enterprises. B. Marketing Assistance
 Improve access to Includes
financing.  Product promotion
 Product development
4. Intellectual Property Code of the  Pricing assistance
Philippines
 Distribution assistance
Republic Act No. 8293
Goal
Purpose
Help businesses reach more
Protect:
customers.
 Patents
 Copyrights C. Production and Productivity
 Trademarks Assistance
 Innovations Includes
 Seminars
5. Innovative Startup Act  Training programs
Republic Act No. 11337  Workshops
Purpose
 Productivity enhancement
 Support startups. programs
 Promote innovation. Goal
 Encourage technology- Improve efficiency and
based enterprises. competitiveness.
 QUICK REVIEWER MODULE 3: JOURNEY TO
General Theories of Economic ENTREPRENEURIAL DEVELOPMENT
Development Development Process
1. Law of Nature Entrepreneurial Development
2. Racial Heritage begins with:
3. Climatic Condition Personal Discovery (Module 1)
4. Cultural Diffusion ↓
5. Invisible Hand (Adam Entrepreneurial Discovery (Module
Smith) 2)
Economic Theories ↓
1. Population Changes Entrepreneurial Development
2. Technological (Module 3)
Breakthrough Main Idea
3. Entrepreneurship A well-developed entrepreneurial
Contributions of Entrepreneurship mind leads to:
1. Employment Creation  Entrepreneurial behavior
2. Income Distribution  Strong entrepreneurial
3. Countryside competencies
Industrialization  Better decision-making
4. Provision of Goods and  Greater ability to identify
Services and exploit opportunities
5. Government Revenue
Through Taxes UNIT 1: PERSONAL ENTREPRENEURIAL
MSME Classification COMPETENCIES (PECs)
 Micro = 1–9 employees PERSONAL ENTREPRENEURIAL
 Small = 10–99 employees COMPETENCIES (PECs)
 Medium = 100–199 Definition
employees PECs are abilities, behaviors, and
 Large = 200+ characteristics that successful
Laws Supporting Entrepreneurship entrepreneurs possess.
 RA 10644 – Go Negosyo Source
Act Identified through research by:
 RA 9178 – BMBE Act  Management Systems
 RA 6977 – Magna Carta for International (MSI)
MSMEs  McBer Team
 RA 8293 – Intellectual Purpose
Property Code PECs help distinguish:
 RA 11337 – Innovative  Successful entrepreneurs
Startup Act from
 Unsuccessful entrepreneurs
 THE 10 PERSONAL ENTREPRENEURIAL 3. Commitment to Work Contract
COMPETENCIES Meaning
The 10 PECs are grouped into:  Keeping promises and
A. Achievement Cluster fulfilling obligations.
B. Planning Cluster Entrepreneurial Behavior
C. Power Cluster  Delivers work on time.
 Honors agreements.
A. ACHIEVEMENT CLUSTER  Takes responsibility.
Focus: Accomplishing goals and Example
achieving results. Completing customer orders
1. Opportunity-Seeking despite personal inconvenience.
Meaning
 Looking for opportunities. 4. Demand for Efficiency and
 Taking initiative. Quality
 Turning opportunities into Meaning
business ventures.  Constant desire to
Entrepreneurial Behavior improve.
 Identifies unmet needs. Entrepreneurial Behavior
 Recognizes market gaps.  Produces better products.
 Acts before others do.  Improves services.
Example  Reduces costs and waste.
A student notices classmates Goal
struggling with note organization Do things:
and creates a digital note-sharing  Better
platform.  Faster
 Cheaper
2. Persistence
Example
Meaning
Using automation to improve
 Continuing despite production efficiency.
obstacles and setbacks.
Entrepreneurial Behavior 5. Taking Calculated Risks
 Does not quit easily. Meaning
 Continues working toward  Taking risks after careful
goals. analysis.
 Finds alternative solutions Important
when problems arise. Entrepreneurs are NOT gamblers.
Example Entrepreneurial Behavior
A business owner continues  Weighs benefits and risks.
improving a product despite initial  Makes informed decisions.
failures.
 Minimizes uncertainty.
Example 8. Systematic Planning and
Conducting market research Monitoring
before opening a business. Meaning
 Organizing activities
B. PLANNING CLUSTER logically and monitoring
Focus: Setting goals and organizing progress.
actions. Components
6. Goal Setting Planning
Meaning  Deciding what to do.
 Establishing clear and Monitoring
challenging objectives.  Checking performance
Importance and progress.
This is considered the most Entrepreneurial Behavior
important PEC because other  Creates schedules.
competencies depend on it.  Tracks performance.
Entrepreneurial Behavior
 Makes adjustments when
 Creates long-term goals. needed.
 Develops action plans. Example
 Measures progress. Regularly reviewing sales reports
Example and business goals.
Setting a goal to increase sales by
20% within one year. C. POWER CLUSTER
Focus: Influencing and leading
7. Information Seeking others.
Meaning 9. Persuasion and Networking
 Gathering relevant Meaning
information before making  Influencing people.
decisions.  Building relationships.
Entrepreneurial Behavior Entrepreneurial Behavior
Researches:  Negotiates effectively.
 Customers  Builds partnerships.
 Competitors  Expands professional
 Suppliers networks.
 Technology Example
 Opportunities Convincing investors to support a
Example project.
Surveying customers before
launching a new product.
10. Self-Confidence UNIT 2: THE ENTREPRENEURIAL MIND
Meaning WHAT IS MINDSET?
 Belief in one's abilities. Definitions
Entrepreneurial Behavior Merriam-Webster
 Trusts personal judgment. Mindset = Mental attitude or
 Faces challenges inclination.
confidently. Thum (2012)
 Takes initiative. Mindset = Sum of:
Example  Knowledge
Launching a new product despite  Beliefs
uncertainty.  Thoughts about yourself
and the world
QUICK SUMMARY OF THE 10 PECs Bosman & Fernhaber (2018)
Achieveme Planning Power  Mindsets can be shaped
nt Cluster Cluster Cluster by experiences.
 Mindsets can be
Persuasion
intentionally developed.
Opportunit Goal &
 Mindset is a habit that
y-Seeking Setting Networkin
requires practice.
g
Informati Self- WHAT IS ENTREPRENEURIAL?
Persistence on Confiden Major Thinkers and Contributions
Seeking ce
Thinker Contribution
Systemati
Richard Entrepreneur as
c
Commitme Cantillon Undertaker
Planning
nt to Work Jean Entrepreneur
&
Contract Baptiste Say Creates Value
Monitorin
g Entrepreneur as
Demand Joseph Agent of Change /
for Schumpeter Creative
Efficiency & Destruction
Quality Howard Resourcefulness
Taking Stevenson and Uncertainty
Calculated Peter Opportunity
Risks Drucker Recognition
 ENTREPRENEURIAL MINDSET 3. Focus Only on the Best
Definition Opportunities
The inclination to:  Avoid chasing every idea.
 Discover opportunities 4. Focus on Adaptive Execution
 Evaluate opportunities  Adjust strategies when
 Exploit opportunities needed.
(Bosman & Fernhaber) 5. Engage Others
 Mobilize people and
Entrepreneurial Mindset Involves resources.
 Innovation
 Opportunity recognition ENTREPRENEURIAL MIND ATTRIBUTES
 Value creation 1. INDEPENDENT MIND
 Problem solving Characteristics
 Adaptability  Thinks independently.
 Action-oriented thinking  Makes personal decisions.
 Has internal locus of
Importance of Entrepreneurial control.
Mindset  Comfortable being unique.
Helps Build  Prefers autonomy.
 Entrepreneurial society  Believes in personal
 Innovative individuals capability.
 Change agents Key Idea
Encourages Independent thinkers form opinions
 Entrepreneurship as a way because they make sense, not
of life because others say so.
 Early development of
2. GROWTH-ORIENTED MIND
entrepreneurial thinking
Characteristics
McGRATH & MacMILLAN'S 5  Open to change.
CHARACTERISTICS OF  Adaptable.
ENTREPRENEURIAL MINDSET  Lifelong learner.
1. Passionately Seek New  Receptive to feedback.
Opportunities  Believes abilities can
 Constantly search for improve.
possibilities. Growth Mindset
2. Pursue Opportunities with Skills and intelligence can be
Discipline developed through:
 Follow opportunities  Effort
systematically.  Learning
 Persistence
 3. GOAL-ORIENTED AND 5. RESILIENT MIND
EFFECTUATING MIND Characteristics
Characteristics  Maintains positive attitude.
 Wants high achievement.  Learns from failure.
 Sets challenging goals.  Recovers quickly from
 Takes initiative. setbacks.
 Acts quickly.  Remains persistent.
 Turns ideas into action.  Celebrates others' success.
 Works carefully and Importance
thoroughly. Resilience keeps entrepreneurs
Key Idea moving despite challenges.
Entrepreneurs are action-oriented.
Four Elements of Resilience
4. RISK-MANAGING MIND 1. Confidence
Characteristics Belief in oneself.
 Takes calculated risks. 2. Social Support
 Evaluates benefits and Help from others.
costs. 3. Adaptability
 Considers long-term Ability to adjust.
effects. 4. Purposefulness
Having clear goals and direction.
 Manages uncertainty.
 Includes risk mitigation in
6. OPPORTUNITY-RECOGNIZING
planning.
MIND
Characteristics
Entrepreneur's Confrontation with
Risk
 Curious
A. Financial Risk  Observant
 Possibility of monetary loss.  Empathetic
B. Career Risk  Problem-sensitive
 Loss of job security.  Resource-aware
C. Family and Social Risk Key Idea
 Work-family conflicts. Entrepreneurs see opportunities
D. Psychic Risk where others see problems.
 Emotional effects of failure.
 7. DESIGNING MIND DIMENSIONS OF ENTREPRENEURIAL
Characteristics ORIENTATION
 Thinks creatively. 1. AUTONOMY
 Generates innovative Definition
ideas. Willingness to act independently to
 Creates multiple solutions. pursue opportunities.
 Experiments with new Promoted By
approaches.  Independent work groups
 Learns from mistakes.  Flexible organizational
Key Idea structures
Entrepreneurs design solutions, not Advantages
merely identify problems.  Encourages innovation
 Speeds decision-making
UNIT 3: THE ENTREPRENEURIAL Problems
ORGANIZATION  Duplication of effort
ENTREPRENEURIAL ORIENTATION  Resource wastage
(EO)
Definition 2. INNOVATIVENESS
Entrepreneurial Orientation refers Definition
to: Seeking new opportunities and
 Strategy-making practices novel solutions.
used to identify and launch Promoted By
entrepreneurial ventures.  Creativity
 A mindset reflected in  Experimentation
organizational culture.  R&D investments
 A perspective that guides  Continuous improvement
entrepreneurial decision- Problems
making.  High costs
EO Influences  No guaranteed results
 Corporate culture  Competitors may imitate
 Business processes innovations
 Decision-making styles
 3. PROACTIVENESS QUICK REVIEWER
Definition 10 PECs
Actively seeking and seizing 1. Opportunity Seeking
opportunities. 2. Persistence
Promoted By 3. Commitment to Work
 Launching products before Contract
competitors 4. Demand for Efficiency and
 Anticipating market needs Quality
Problems 5. Taking Calculated Risks
 First movers may fail 6. Goal Setting
 Excessive expansion may 7. Information Seeking
hurt the brand 8. Systematic Planning and
Monitoring
4. COMPETITIVE AGGRESSIVENESS 9. Persuasion and Networking
Definition 10. Self-Confidence
Efforts to outperform competitors. 7 Entrepreneurial Mind Attributes
Promoted By 1. Independent Mind
2. Growth-Oriented Mind
 Competitive pricing
3. Goal-Oriented and
 Strategic market
Effectuating Mind
positioning
4. Risk-Managing Mind
Problems
5. Resilient Mind
 Damaged reputation
6. Opportunity-Recognizing
 Excessive hostility toward
Mind
competitors
7. Designing Mind
5 Dimensions of Entrepreneurial
5. RISK TAKING
Orientation
Definition
1. Autonomy
Acting boldly despite uncertainty.
2. Innovativeness
Promoted By
3. Proactiveness
 Risk assessment 4. Competitive
 Research Aggressiveness
 Planning 5. Risk Taking
Problems
 Poor preparation
 Failure to evaluate risks
properly