ENTREPRENEURSHIP 1st Trimester A.Y.
2020-2021
Governor Pack Road, Baguio City, Philippines 2600
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268 Grade Level/Section: Grade 12-STEM
Email: email@[Link]; Website: [Link]
MODULE 1 – ENTREP Subject Teacher: JONATHAN C. IGLESIAS
INTRODUCTION TO ENTREPRENEURSHIP
I. Objectives
The learner should be able to:
● define entrepreneurship;
● explain different entrepreneur’s point of view;and
● discuss the relevance of entrepreneurship.
II. Discussion
What is an ENTREPRENEURSHIP?
● Having profits from bearing uncertainty and risk. (Knight,1921)
● Carrying out of new combinations of firm organization- new products, new services, new
sources of raw materials, new methods of production, new markets, new form of
organization. (Schumpeter, 1934)
● Behavior rather than personality traits. Its foundation lies in concept and theory rather
than intuition. (Drucker, 1985)
● Dynamic process of vision, change, and creation that requires an application of energy
and passion toward the creation and implementation of new ideas and creative
solutions (Kuratko, 2009)
● Conceiving an opportunity to offer new or improved goods or services, showing the
initiative to pursue that opportunity, making plans, mobilizing the resources necessary to
convert the opportunity into reality. (Dyck and Neubert, 2012)
COMMON ELEMENTS OF ENTREPRENEURSHIP
● Innovation
● Opportunity seeking and exploitation
● Resource mobilizing
● Encountering risks and uncertainties
● Economic and personal rewards
What Is an Entrepreneur?
- Someone who creates and runs a business is called an entrepreneur.
- When an entrepreneur starts a new business, risk is involved. Risk is the chance of losing
something.
- Because employees work for someone else and entrepreneurs work for themselves,
entrepreneurs risk more than employees.
- Small firms employ about half of the Philippines private work force, and they create around
64 percent of all new jobs.
- One way you can gain a sense of what business is like is by investigating an internship, or
apprenticiship.
Why Be an Entrepreneur?
The biggest reward of becoming an entrepreneur is the personal satisfaction that comes
from having the freedom to make your own business decisions and then act on them.
- Making Your Own Rules. When you own a business, you get to be your own boss.
- Doing Work You Enjoy. Since the majority of most peoples’ lives is spent working, why not spend
that time doing something you enjoy?
- Creating Greater Wealth. There’s no limit to what an entrepreneur can make.
- Helping Your Community. Being an entrepreneur lets you make your community and world a
better place.
ENTREPRENEURSHIP 1st Trimester A.Y. 2020-2021
Governor Pack Road, Baguio City, Philippines 2600
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268 Grade Level/Section: Grade 12-STEM
Email: email@[Link]; Website: [Link]
MODULE 1 – ENTREP Subject Teacher: JONATHAN C. IGLESIAS
Risks of Being an Entrepreneur
- Potential Business Failure. Being fully responsible means the
success or failure of your business rests on you.
- Unexpected Obstacles. Problems can happen that you don’t
expect.
- Financial Insecurity. Many new businesses don’t make much
money in the beginning, so you may not always be able to pay
yourself.
- Long Hours and Hard Work. It’s not unusual for entrepreneurs
to work a lot of extra hours to make their businesses successful. This
is especially true during the initial start-up process.
GREAT IDEAS FOR STARTING THINGS
Since Entrepreneurship is both a privilege and risk, here are some ideas to start things. This may apply
not only in business but also in starting new things in our life.
1. MAKE MEANING
Meaning is NOT about MONEY, POWER or PRESTIGE but meaning are to: a) make the world
a better place; b) increase the quality of life; c)right a terrible wrong; and d.) prevent the
end of something good.
2. MAKING MANTRA
Business Mantra: A guiding principle that supports your values, informs decisions and
inspires action throughout the life of the business.
3. DECISION MAKING
What entrepreneurs plan about are:
● Alternatives
● Uncertainty
● High risk consequences
● Interpersonal issues
● Complexity
ENTREPRENEURSHIP 1st Trimester A.Y. 2020-2021
Governor Pack Road, Baguio City, Philippines 2600
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268 Grade Level/Section: Grade 12-STEM
Email: email@[Link]; Website: [Link]
MODULE 1 – ENTREP Subject Teacher: JONATHAN C. IGLESIAS
If you want to become wealthy, you need to be aggressive.”
“If you want to be an entrepreneur, you have to be aggressive.”
“If you want to be great employees — not just
mediocre ones — you have to be aggressive.”
III. Additional References
Paige, A. (2015). Small Business “ What is a Company Mantra?” retrieved from
[Link]
IV. Reference
Edralin,D.M. (2016). Entrepreneurship. Quezon City: Vibal Group Inc.
Kawasaki, G. (2004). Art of start: The time-tested, battle-hardened guide for anyone starting anything.
USA: Penguin Group