GENTREP – The Entrepreneurial Mind

INTRODUCTION: THE ENTREPRENEURIAL JOURNEY

Outline The entrepreneurial process is cyclical – a continuous process of

I. First Stage: Self-discovery development that entrepreneurs go through as they evolve together
II. Second Stage: Problem Discovery with their enterprises in their entrepreneurial journey.
III. Third Stage: Solution Discovery
IV. Fourth Stage: Business Model Discovery Self-
V. Fifth Stage: Growth Discovery discovery

FIRST STAGE: SELF-DISCOVERY

• examine yourself
• how entrepreneurial am I? Growth Problem
Discovery Discovery
• do I have the entrepreneurial passion?
o no passion = failure
o interest dictates commitment
• do I have the necessary skills?
o mindset, attitude, and competencies
• answering “no” does not mean that you should not or cannot be an Business
entrepreneur Solution
Model
o you are not one yet but you can develop into one Discovery
Discovery
• result: well-evaluated entrepreneurial self

SECOND STAGE: PROBLEM DISCOVERY

• search for societal problems that can become business
opportunities “Being an entrepreneur is a mindset, You have to see things as
opportunities all the time.”
• done via the problem ideation process
– Soledad O’Brien
o environmental scanning; and
o opportunity identification and evaluation
• employ your passion for the welfare of society

“Call me idealistic, but the genesis of great companies is answering

simple questions that change the world, not the desire to become rich.”
– Guy Kawasaki

• businesses can fail due to the;

o absence of opportunities; and
o incapability of the entrepreneur to:
 spot opportunities;
 asses the most advantageous one; and
 derive clear business ideas from it
• result: well-founded business opportunity

THIRD STAGE: SOLUTION DISCOVERY

• development of product concept based on the identified solution
• done via the product ideation and development process
• result: product concept

FOURTH STAGE: BUSINESS MODEL DISCOVERY

• business opportunity is turned to business reality
• done via planning, organizing, staffing, leading, and controlling
resources and performance
• aka implementation stage
• result: implemented business model

FIFTH STAGE: GROWTH DISCOVERY

• development of strategies to help the business prosper
• aimed at deriving the most benefit
• result: evaluation and improvement

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GENTREP – The Entrepreneurial Mind

MODULE 1: JOURNEY TO SELF-DISCOVERY THROUGH ENTRPRENEURSHIP

Outline SAINT LOUIS UNIVERSITY

I. Topic 1: Personal Values Discovery
A. Significance of having a vision VISION-MISSION STATEMENT
B. Personal values “We envision Saint Louis University as an excellent missionary and
C. Implication to entrepreneurship transformative educational institution zealous in developing human
D. Saint Louis University resources imbued with the Christian Spirit and who are creative,
1. Vision-mission statement competent, and socially involved.”
2. Core values
II. Topic 2: Understanding Entrepreneurship CORE VALUES
A. Entrepreneurship education 1. Christian Spirit
1. Republic act no. 10679 2. Creativity
2. Entrepreneurial Louisians 3. Competence
B. Entrepreneurship background 4. Social Involvement
1. Evolution
2. Definition As a result of their educational experiences at the University, Louisian
C. Entrepreneurship myths graduates should be able to:
D. Entrepreneurial schools of thought
1. Macro view 1. Christian Spirit
2. Micro view o lead others in encountering God as a mission-oriented Louisian
III. Topic 3: Categories of Entrepreneurship o live Christian values in their personal and professional
A. Corporate entrepreneurship endeavors
B. Technopreneurship o manifest compassion in human relations with emphasis for the
C. Ecopreneurship marginalized and the poor
D. Social entrepreneurship o practice ethical behaviour in a globalized, multicultural, and
technology-driven world with the end in view of perpetuating
TOPIC 1: PERSONAL VALUES DISCOVERY life in all its forms and the conservation of the environment

“Your vision will become clear only when you can look into your own 2. Creative and Critical Thinker
heart. Who looks outside, dreams; who looks inside, awakes.” o generate new knowledge through research and develop
– Carl Jung innovative projects
o devise creative solutions to discipline-related problems and
• living without examining what is in your heart is like living someone issues
else’s dream o develop products, creative outputs, and services through the
use of appropriate tools, techniques, and technologies in the
• to be awake is to look inside your heart and discover yourself
discipline
• when you look inside, your vision becomes clear o exhibit innovativeness and aesthetics in knowledge-building
and problem-solving in their field of expertise
SIGNIFICANCE OF HAVING A VISION
• vision gives you direction 3. Professionally Competent
• having a clear vision = following the journey you set for yourself o demonstrate academic rigor in the practice of their professions
o directs you to making sound decisions o pursue lifelong learning in personal development and
professional practice
PERSONAL VALUES o communicate effectively across a wide range of contexts and
• personal values = foundation of your vision medium
• describe your core as a person o work effectively and independently in multidisciplinary and
• give you clarity and help build your self-awareness multicultural teams
• highest values = guide in creating better decisions and results
4. Socially Involved
o leads to a more balanced life
o advocate the promotion of social justice and nationalism
• are your decisions aligned with your core values? o foster a lifelong commitment and discerning attitude toward
addressing global, religious, political, and societal issues and
IMPLICATION TO ENTREPRENEURSHIP environmental concerns
• to create a successful enterprise, have a clear view of yourself o promote unique and diverse cultural heritage vital to
o looking outside becomes a hindrance development, inclusiveness, and nationhood
o dependency on what society and other people dictate o engage in community-based programs to improve the quality
• personal discovery = conscious route to self-discernment of life
• values → core of company → decisions and paths
• your decision-making impacts other people, the environment, and
the next generation
• find partners and employees who share your values

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GENTREP – The Entrepreneurial Mind

TOPIC 2: UNDERSTANDING ENTREPRENEURSHIP “Entrepreneurship refers to an individual’s ability to turn ideas into
action. It includes creativity, innovation, and risk taking, as well as
ENTREPRENEURSHIP EDUCATION the ability to plan and manage projects in order to achieve objectives.
This supports everyone in day-to-day life at home and in society,
REPUBLIC ACT NO. 10679 makes employees more aware of the context of their work and better
• Youth Entrepreneurship Act, 2015 able to seize opportunities, and provides a foundation for
• response to the traditional programs offered in universities entrepreneurs establishing a social or commercial activity.”
• promotes the sustained development of young Filipinos in the – Commission Communication, 2006
areas of finance and entrepreneurship
• aims to change the Filipino mindset ENTREPRENEURSHIP MYTHS
o from wanting to be employees to being business owners
1. Entrepreneurs Are Doers, Not Thinkers
• initiatives include: Entrepreneurs are both. They need to lead with a clear vision and
o standardizing the current programs of schools on serve as role models in achieving the company’s aims and
entrepreneurship and financial literacy; purposes.
o providing government assistance and training programs to
students; 2. Entrepreneurs Are Born, Not Made
o developing mentoring and coaching programs for young Entrepreneurs are either born or made. There are innate traits that
entrepreneurs; and entrepreneurs are born with. Likewise, there are models and
o setting up incubation laboratories and creative spaces in processes that need to be studied and knowledge that are to be
schools acquired; hence, the purpose why entrepreneurship is taught.
ENTREPRENEURIAL LOUISIANS 3. Entrepreneurs Are Always Inventors.
• ignite your entrepreneurial spirit Not all inventors end as entrepreneurs; not all entrepreneurs are
• be innovators in your chosen career path inventors. However, entrepreneurs are innovators.
• introduce changes in your field of discipline that transform the
world for the better 4. Entrepreneurs Are Academic and Social Misfits
• see the opportune use of creative outputs and turn them into reality Not all drop outs are successful entrepreneurs; not all successful
entrepreneurs are drop outs. Likewise, entrepreneurs are
ENTREPRENEURSHIP BACKROUND recognized in and by society due to their enormous contributions.
Today, entrepreneurs are considered as heroes – socially,
EVOLUTION economically, and academically.
• etymology of entrepreneur
5. Entrepreneurs Must Fit the “Profile”
o French: entreprendre – “to undertake”
There is no absolute profile of an entrepreneur. They are as varied
o Richard Catillon, French economist
as they come.
• entrepreneur
o one who organizes, manages, and assumes the risks of a 6. All Entrepreneurs Need Is Money
business Ideas are also needed for an entrepreneurial undertaking. Other
factors can contribute to the failure of a business (e.g., poor
DEFINITION financial planning, managerial incompetence, poor investments
• a mindset and poor planning).
• more than mere creation of a business, but alo involves:
o seeking opportunities; 7. All Entrepreneurs Need Is Luck
o taking risks beyond security; and You need hard work to be successful. Luck actually happens with
o having the tenacity to push an idea through to reality preparation, determination, desire, knowledge and innovativeness.
• an integrated concept that permeates an individual’s business in
an innovative manner 8. Ignorance Is Bliss for Entrepreneurs
You need the right information/data when making decisions.
“Entrepreneurship is a dynamic process of vision, change, and
9. Entrepreneurs Seek Success but Experience High Failure Rates
creation.” – Book of Kuratko
Not all experience failure. Some succeed after some failure, and
some fail because they are still learning how to succeed.
• essential components:
o willingness to take calculated risks (time, equity, or career) 10. Entrepreneurs Are Extreme Risk Takers.
o ability to formulate an effective venture team Entrepreneurs are calculated or moderate risk takers; not low risk
o creative skill to marshal needed resources takers nor high risk takers (gamblers). As a moderate risk taker,
o fundamental skills of building a solid business plan the entrepreneur weighs the chances of failure and success before
o vision to recognize opportunity where others see chaos, taking action.
contradiction, and confusion

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GENTREP – The Entrepreneurial Mind

ENTREPRENEURIAL SCHOOLS OF THOUGHT TOPIC 3: CATEGORIES OF ENTREPRENEURSHIP

MACRO VIEW CORPORATE ENTREPRENEURSHIP

• includes external factors that are beyond the entrepreneur’s • aka intrapreneurship
control but can affect them • entrepreneurship within existing organizations or companies
• structure organization to instigate innovation
1. The Environmental School of Thought • corporate entrepreneurs
o considers the positive and negative external factors that o managers/employees who lead the company to new directions
influence a potential entrepreneur’s lifestyle and desires • intrapreneurial environment
o e.g., the pandemic o motivates employees to commit and take initiatives and risks
2. The Financial School of Thought TECHNOPRENEURSHIP
o based on the capital-seeking process
• doing business using technology to transform ideas into products
 search for seed and growth capital
o availability of funds for a potential venture can influence one to • use of new technology to enhance existing operations
become an entrepreneur • process of synthesis in engineering the future
• technopreneur
3. The Displacement School of Thought o new age entrepreneur who uses technology to innovate
o alienation and frustrations drive entrepreneurial pursuits o accelerates national development with innovation
o displacement: focuses on the negative factors o first use of term: 1987

a. Political displacement • 3 q’s for a technopreneur:

 e.g., gov’t regulations/policies that limit certain industries, o What problems in society/consumers do you want to solve with
causing job displacement technology?
 Thomas A. Edision: bringing light to people with the light
b. Cultural displacement bulb, not candles
 e.g., ethical background, religion, race, and sex factors that o What makes your invention/product different from what is
drive people away from standard professions already in the market?
 Steve Jobs: didn’t create computers but brough computers
c. Economic displacement from gov’t and corp. use to the masses
 economic variations of recession and depression can o What is the improvement from the existing technology?
create the foundation for entrepreneurial interest
 e.g., job loss during the pandemic ECOPRENEURSHIP
• use of entrepreneurship principles in crafting businesses that solve
MICRO VIEW environmental problems or that operate sustainably
• examines factors that are specific to entrepreneurship • ecopreneur
o entrepreneur whose business efforts are not only driven by
1. The Entrepreneurial Trait School of Thought profit, but also by a concern for the environment
o focuses on identifying traits common to successful
entrepreneurs SOCIAL ENTREPRENEURSHIP
o believing that having the traits common in successful • new form of entrepreneurship that focuses on solving social
entrepreneurs prompts one to be an entrepreneur problems through innovation and risk taking
• venturing into business in pursuit of a social mission
2. The Venture Opportunity School of Thought
o focuses on the opportunity aspect of venture development • different from the concept of corporate social responsibility
o more ideas and resources for concept development and
pursuing venture opportunities = more motivated to be an • characteristics of social entrepreneurs as change agents:
entrepreneur o adoption of a mission to create and sustain social value
(beyond personal value)
3. The Strategic Formulation School of Thought o recognition & relentless pursuit of opportunities for social value
o emphasizes the planning process in successful venture o engagement in continuous innovation and learning
management and development o action beyond the limited resources at hand
o establishing a business venture with all its internal factors o heightened sense of accountability
aligned with each other and with the external forces
 in the pursuit of the venture’s vision and mission • social entrepreneurship process:
a. recognition of a perceived social opportunity
Entrepreneurship is a MINDSET. b. translation of it into an enterprise concept
It is about CHANGE and DEVELOPMENT. c. identification and acquisition of resources required to execute
It is about CONSTRUCTION and VALUE CREATION. the enterprise’s goals
It is about INNOVATION and CREATIVITY.
It embraces RISK and UNCERTAINTY.

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