College of Hospitality Management

Second Semester, A.Y. 2023-2024

MODULE 1
Entrepreneurship Overview

Introduction
This module entitled Entrepreneurship overview is all about the definition
entrepreneurship qualities or traits that may possess of an entrepreneur and the
techniques on how to spot a business opportunity.

I. Objectives
At the end of the end of this module, students should be able to:
1. Define Entrepreneurship.
2. Understand the entrepreneurial traits in business.
3. Enumerate the things need to consider on how to spot a business opportunities.

II. Lecture
Entrepreneurship
- is the process of designing, launching and running a new business, which is often
initially a small business.
- the activity of setting up a business or businesses, taking on financial risks in the hope
of profit.
-is defined as the act of starting and running your own business or a tendency to be
creative and wish to work for yourself in your own ventures. An example of
entrepreneurship is a person who is running his own business.

Entrepreneurial Qualities -are the typical characteristics, abilities and thought

patterns associated with successful entrepreneurs. While some entrepreneurs are born
with these traits, others can develop them.

Five common personality traits that entrepreneurs possess.

1. Passion
2. Resilience
3. Strong Sense of Self
4. Flexibility
5. Vision
The process of Entrepreneurship
1. Idea Generation- every new venture begins with an idea.

2. Opportunity Evaluation- this is the step where you ask the question of whether
there is an opportunity worth investing in. Investment is principally capital, whether
from individuals in the company or from outside investors, and the time and energy of a
set of people.

3. Planning- Once you have decided that an opportunity, you need a plan for how to
capitalize on that opportunity. A plan begins as a fairly simple set of ideas, and then
becomes more complex as the business takes shape. In the planning phase you will
need to create two things: strategy and operating plan.

4. Company formation/launch- Once there is a sufficiently compelling opportunity

and a plan, the entrepreneurial team will go through the process of choosing the right
form of corporate entity and actually creating the venture as a legal entity.

5. Growth- After launch, the company works toward creating its product or service,
generating revenue and moving toward sustainable performance. The emphasis shifts
from planning to execution. At this point, you continue to ask questions but spend more
of your time carrying out your plans.

Planning

Oppotunit Company
y formation
Evalution /launch
Entrepreneurial
Process

Idea
Generatio Growth
n
How to spot a business opportunity

1. Listen to your potential clients and past leads

When you’re targeting potential customers listen to their needs, wants,

challenges and frustrations with your industry. Have they used similar products and
services before? What did they like and dislike? Why did they come to you? What are
their objections to your products or services?

This will help you to find opportunities to develop more tailored products and
services, hone your target market and identify and overcome common objections.

2. Listen to your customers

When you’re talking to your customers listen to what they saying about your
industry, products and services. What are their frequently asked questions? Experiences?
Frustrations? Feedback and complaints?

This valuable customer information will help you identify key business
opportunities to expand and develop your current products and services.

3. Look at your competitors

Do a little competitive analysis (don’t let it lead to competitive paralysis though)

to see what other startups are doing, and more importantly, not doing? Where are they
falling down? What are they doing right? What makes customers go to them over you?

Analyzing your competitors will help you identify key business opportunities to
expand your market reach and develop your products and services.
4. Look at industry trends and insights

Subscribe to industry publications, join relevant associations, set Google alerts

for key industry terms and news and follow other industry experts on social media.

Absorb yourself in your industry and continually educate yourself on the latest
techniques and trends.
 College of Hospitality Management
Second Semester, A.Y. 2023-2024

MODULE 2
Management Functions

Introduction
It details the different functions of management such as planning, organizing,
staffing, directing, and controlling. The course also emphasizes on identification of
critical issues and framing of strategies and scenarios required to execute management
functions.

I. Objectives
At the end of the end of this module, students should be able to:
1. Understand the functions of a leader or manager.
2. Differentiate the difference of small and big business organizational chart.
3. Describe the entrepreneurial organizational structure and their duties and
responsibilities.
.
II. Lecture
Functions of Management
Management has been described as a social process involving responsibility for
economical and effective planning & regulation of operation of an enterprise in the
fulfillment of given purposes. It is a dynamic process consisting of various elements and
activities. These activities are different from operative functions like marketing, finance,
purchase etc. Rather these activities are common to each and every manger
irrespective of his level or status.
Here are the functions of management and why they’re important.

1. Planning

Planning is an important function of management because it sets the pace for all

subsequent steps in the managerial process. You need to develop a roadmap for

the future—predefined steps—to accomplish organizational goals. In this step,

you’ll have to evaluate methods and strategies to determine how you’ll progress

toward your goal.

You may have to look at how things were done in the past to make any

adjustments to mitigate errors. You have to consider both internal factors—

people, time and cost—and external factors—competitors, policies and

general business environment—to arrive at a sound planning strategy.

2. Organizing

This is where you put your plan into action by establishing a system of authority

or hierarchy in the context of your organizational structure. Determine the tasks

that need to be completed to achieve your goals before assigning them to your

staff. As opposed to the traditional ways of working where a manager made all

the decisions, today’s business world is more dynamic and flexible. Every member

of the organization—regardless of position—shares accountability and

responsibility.

So, define an organizational structure that aligns with your workplace and assign

tasks that map to your team’s skills and abilities. You have to get everyone on the

same page and delegate tasks the way you see fit.

3. Staffing

This is another important function of management. You have to assign tasks

based on each team member’s knowledge, skills and abilities. You have to be

careful here because you may have to hire new talent for specific tasks that

require specific technical expertise. Assessing the needs of your employees in

 terms of incentives, training and development and compensation are critical for

the success of this step.

An effective manager will have the insight to evaluate the competency and

efficiency of their employees. This is to ensure that their assigned tasks match

their skills. You have to adopt an empathetic approach to connect with your

employees and understand their strengths and weaknesses.

4. Directing

Directing is concerned with supervising your team’s progress. In this step, you

have to keep an open channel of communication and get regular updates to stay

on top of things. A great way to do this is by giving and receiving feedback to

address any problem areas and improve performance. This is where you have to

act as a leader, navigate conflict and motivate your employees to take initiative.

As a manager, you have to give each team member enough autonomy to help

them stay motivated and perform without constant supervision. Besides

monitoring your team, you also have to keep your manager and other

stakeholders informed with progress reports. The entire organization should work

like a well-oiled machine to achieve your goals in a time-effective manner.

5. Controlling

This is where you have to measure the progress of each step established in the

planning stage against your organizational goals. This step requires you to

coordinate with your employees to ensure that they’re moving in the right

direction and in the right manner. According to Gulick’s 7 functions of

management, controlling can be understood in terms of coordinating, reporting

and budgeting.

Not only do you have to ensure that every step is going according to plan, but

also watch out for potential problems to take corrective measures. Make timely

adjustments and modifications where necessary. It’ll help you accomplish your

goals faster within your timeframe and your budget. Take this opportunity to

cooperate with everyone on your team.

Entrepreneurial organizational structure- is a simple organizational form
that typically includes one large operational unit, with one or a few individuals in top
management. This has made it a more flexible organization

Simple/small business Organizational Structure

 Organizational Structure of Large Hotel

Four Basic Elements of Organizational Structure

1. Functional Organization Structure- Under a functional organization
structure, people who do similar tasks are grouped together based on
specialty. So all the accountants are placed in the finance department and so
on for the marketing, operations, senior management and human resources
departments.
2. Divisional Structure Based on Products- your company group’s workers
into teams based on the products or projects that meet the needs of a certain
type of customer.

3. Matrix Structure Combines Functional and Divisional Models- It

groups people into functional departments of specialization, then further
separates them into divisional projects and products.
4. Flat Organizational Structure- In a flat organizational structure,
there is little to no middle management between employees and
executives. Therefore it reduces the space between employees
and executives to enable an effective communication flow within
the organization, thus being faster and leaner.
Environmental Scanning - Internal & External Analysis of Environment
Internal analysis of the environment is the first step of environment scanning.
Organizations should observe the internal organizational environment.

 employee interaction with other employees,

 employee interaction with management,

 manager interaction with other managers,

 Management interaction with shareholders, access to natural resources, brand

awareness, organizational structure, main staff, operational potential, etc. Also,
discussions, interviews, and surveys can be used to assess the internal
environment.
External environment- information from external environment adds crucial elements
to the effectiveness of long-term plans.

 It becomes essential to identify competitors’ moves and actions.

Legalizing Your Business

The complete business registration process involves four key steps:
1. Name reservation and approval via the governing entity
2. Obtaining a barangay permit
3. Securing the local government (city) clearance
4. Getting a certificate of registration and your receipts/invoices

V. Other References

[Link]
[Link]
[Link]
[Link]
[Link]
[Link]
%20is%20the%20process%20of,the%20entrepreneur%20makes%20a%20profit.
 College of Hospitality Management
Second Semester, A.Y. 2023-2024

MODULE 3
Types of Entrepreneurship

Introduction
This module entitled Types of Entrepreneurship is about various types of
entrepreneurship. Though entrepreneurship is the overall process of developing,
launching and running a business, there are many different types of entrepreneurship.
People have varying aspirations and visions for the kind of businesses they want to
create. Everyone operates their business based on their own personality, skills and
characteristics. Some people think that with hard work they can find success, while
others may use capital to help them get there. For some entrepreneurs, profits are less
important than providing a social good.
I. Objectives

At the end of the end of this lesson, students should be able to:
1 .List and describe the nine types of entrepreneurship.

II. Lecture

A. Small business entrepreneurship- A majority of businesses are small

businesses. People interested in small business entrepreneurship are most likely
to make a profit that supports their family and a modest lifestyle. They aren't
seeking large-scale profits or venture capital funding. Small business
entrepreneurship is often when a person owns and runs their own business.
They typically hire local employees and family members.
 B. Large company entrepreneurship- Large company entrepreneurship is when
a company has a finite amount of life cycles. This type of entrepreneurship is for
an advanced professional who knows how to sustain innovation. They are often
a part of a large team of C-level executives. Large companies often create new
services and products based on consumer preferences to meet market demand.
Small business entrepreneurship can turn into large company entrepreneurship
when the company rapidly grows. This can also happen when a large company
acquires them.

C. Scalable startup entrepreneurship- This kind of entrepreneurship is when

entrepreneurs believe that their company can change the world. They often
receive funding from venture capitalists and hire specialized employees. Scalable
startups look for things that are missing in the market and create solutions for
them. Many of these types of businesses start in Silicon Valley and are
technology-focused. They seek rapid expansion and big profit returns.

D. Social entrepreneurship- An entrepreneur who wants to solve social problems

with their products and services is in this category of entrepreneurship. Their
main goal is to make the world a better place. They don't work to make big
profits or wealth. Instead, these kinds of entrepreneurs tend to start nonprofits
or companies that dedicate themselves to working toward social good.
Example of Scalable and Social Entrepreneurship
 Software — a classic and obvious sample of a scalable business. Once the
product is ready, additional copies are released with much lower costs.
 E-commerce — any product or service provided via the internet is scalable.
Information business, webinars, some kinds of consulting services can be
delivered to the mass of people using only a Skype camera and microphone.

 Social media — Facebook, Twitter, Instagram. It seems like any new platform
for sharing photos and impressions is welcomed. As recently as 2015, Periscope
(a worldwide video-sharing source) and The League (a dating application for the
“elite”) appeared.
 Downloads — music, books, games, applications are similar to a software’s
scalability. The once launched app can be downloaded thousands of times a day.
 Line production and franchising — most processes of line commodity
production are automated. The net cost is relatively low, but always keep an eye
on the quality.
E. Innovative entrepreneurship- Innovative entrepreneurs are people who are
constantly coming up with new ideas and inventions. They take these ideas and
turn them into business ventures. They often aim to change the way people live
for the better. Innovators tend to be very motivated and passionate people. They
look for ways to make their products and services stand out from other things on
the market. People like Steve Jobs and Bill Gates are examples of innovative
entrepreneurs.

F. Hustler entrepreneurship- People who are willing to work hard and put in
constant effort are considered hustler entrepreneurs. They often start small and
work toward growing a bigger business with hard work rather than capital. Their
aspirations are what motivates them, and they are willing to do what it takes to
achieve their goals. They do not give up easily and are willing to experience
challenges to get what they want.

G. Imitator entrepreneurship- Imitators are entrepreneurs who use others'

business ideas as inspiration but work to improve them. They look to make
certain products and services better and more profitable. An imitator is a
combination between an innovator and a hustler. They are willing to think of new
ideas and work hard, yet they start by copying others. People who are imitators
have a lot of self-confidence and determination. They can learn from others'
mistakes when making their own business.
H. Researcher entrepreneurship- Researchers take their time when starting
their own business. They want to do as much research as possible before
offering a product or service. They believe that with the right preparation and
information, they have a higher chance of being successful. A researcher makes
sure they understand every aspect of their business and have an in-depth
understanding of what they are doing. They tend to rely on facts, data and logic
rather than their intuition. Detailed business plans are important to them and
minimize their chances of failure.

I. Buyer entrepreneurship- A buyer is a type of entrepreneur who uses their

wealth to fuel their business ventures. Their specialty is to use their fortunes to
buy businesses that they think will be successful. They identify promising
businesses and look to acquire them. Then, they make any management or
structural changes they feel are necessary. Their goal is to grow the businesses
they acquire and expand their profits. This kind of entrepreneurship is less risky
because they are purchasing already well-established companies.
V. Other References
[Link]
entrepreneurship

Prepared by:

JEREMIAH C. TORALBA, MBA

Faculty, College of Hospitality Management