ENTREPRENEURIAL MIND

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Module 3

Course Description This course provides the fundamentals necessary for a basic understanding of the
Entrepreneurial Mind. The students will develop an “entrepreneurial mindset”. It
provides an overview and general underpinning knowledge of perspective to the
wealth of knowledge available about how to be an entrepreneur. In today’s global
entrepreneurial economy, all members of society- whether self-employed or employed
by others - benefit from understanding and embracing an entrepreneurial mindset.
Course Learning At the end of the course, students would be able to:
Outcomes 1. Demonstrate critical thinking skills for them to identify and evaluate entrepreneurial
opportunities, manage risks and learn from the results.
2. Describe an understanding of the entrepreneurial economy that enables
entrepreneurs with limited resources to transform a simple idea to achieve sustainable
success.
3. Explain how to apply fundamental aspect of entrepreneurial thinking across
discipline and as means of personal empowerment.
4. Establish personal goals, identify resolution and determine the steps required to
accomplish their goals
5. Identify and interact with local entrepreneurs and business owners within our
community.
Evidence of Students are able to set up an entrepreneurial mind set with a deep knowledge of the
Learning/
actual entrepreneurial economy. Quizzes, Exercises, Group activity, Major
Assessment Tools
Examinations.
Module All activities must be written in a separate paper and to be submitted upon the
requirements collection of the offline module schedule. You may also opt to submit your output via
submission email or messenger if you will have the chance to access the internet (please check
instructions
your timeline for guidance).

Topics (Coverage) Pursuit of knowledge: The power of knowledge,learning defined, the “aha” moment,
planning for success, a word of caution, knowledgeas a barrier.
Creating Wealth: wealth perceived, wealth defined, spending [Link], the credit
traps, an entrepreneur’s approach
Target Second year Students of the Bachelor of Science in Information System
Participants

Learning Time: 6 hours a week for 18 weeks, 108 total hours.

Means for Learner Allotment of consultation hour once a week, discussion through messenger. For
Support inquiries, clarifications and other matters related to this course, students may contact
the teacher for assistance and guidance to the following links:

For BS Information System

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Email: reniemaequinlat9798@[Link]
Messenger: Renie Mae Quinlat
Mobile number: 09510319307
Students must be able to achieve 85% and above to pursue Rubrics/Standards
BSTM course. Earning 75% is considered passed and would not
85% and above performance would
repeat the course but grade below 85% would disqualify the
qualify the student to BSA program
student from BSTM program.

Summative
Assessment

(Performance/
Product)

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To guide you through your offline module, we include icons. Here’s what they mean:

Activation of your prior knowledge icon.

These include introduction of the topic and preliminary activities and/or exercises
(not graded)
Acquisition of new knowledge icon.

This is the learning part of the module where content about the topic/lesson is being
discussed.
Acquisition of new knowledge icon (for online references transcription)

This is the learning part of the module where other learning tools such as video or e-
books about the topic/lesson is being discussed.
Application of acquired knowledge and/or competency icon.

This learning part of the module where the acquired competency and knowledge will be
practiced (not graded)
Application of acquired knowledge and/or competency icon.
This learning part of the module where the acquired competency and knowledge will be
practice (graded)
Assessment of acquired knowledge and/or competency icon.
This learning part of the module where the acquired competency and knowledge will be
evaluated through different assessment activities (graded)

Resources icon.

This part of the module provided other additional reading materials and/or references
for the student to use in their self-paced learning.
Timeline icon.

This part of the module indicates the activity timeline as guide for the students
(instructions, submissions dates and other announcements).
Rubrics icon.

This part of the module indicates how the student activities will be graded.
*Icons designed by Ms. Lorelie F. Aguilar using Icon Maker

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TOPIC TITLE: PURSUIT OF KNOWLEDGE

TIME ALLOTMENT: 6 hours (1 week)

MODULE # 3

PREFINAL

Module Learning Objectives:

1. Explore the power of knowledge combined with effort

2. Define formal learning and examine its relevance to an entrepreneur
3. Describe the “aha” moment that awakens our curiosity and ignites an innate desire to learn
4. Discuss the importance of planning
5. Discuss the importance of approaching our ideas as unproven assumptions rather than
established facts.
6. Discuss the learning curve and knowledge barrier that stops many on their tracks
7. Discuss the process of informal learning. See how entrepreneurs learn to find knowledge they
need to get where they want to go.

Introduction
ARTICLE: THEORY OF KNOWLEDGE, 2002
A pursuit, by definition, requires a goal or answer to a question that the pursuer is attempting
to reach. This end, towards which effort is directed, is based upon previous knowledge that says that
it will be fruitful in some way. Any knowledge that is pursued is, logically, pursued for a reason. This
reason must be that the knowledge could prove valuable in some way to the acquirer of the
knowledge. What is believed to be valuable would thus greatly influence what knowledge is pursued.
Since the beliefs about the world help define what is valuable, they too determine the type of
knowledge that is searched for and acquired. This type of knowledge, that people think will be the
most valuable to them, is the type of knowledge that is searched for and of course attained before
the type of knowledge that is unexpected or thought unnecessary.

To logically determine the extent to which the values and beliefs of humanity affect its pursuit of
knowledge, all types of knowledge must be considered. Empirical knowledge significantly affects the
further pursuit of knowledge; as the type of knowledge that is acquired through experiences, future

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pursuits of knowledge are frequently based on it. Rational knowledge is applicable because
knowledge that is found through experimentation is looked for with a preconceived objective in mind.
Metaphysical knowledge must be considered because beliefs about the world and the realm of
metaphysics both affect what is deemed valuable. Even the effects of intuitive knowledge must be
examined because they are the basis of humanity’s search for knowledge for reasons of preservation.

Activate Prior Knowledge (Time allotted: _40 minutes_)

In not less than 500 words, make a reaction paper from the article given above. Relate
your reaction with how does the pursuit of knowledge influences your “entrepreneurial
mind”. Submit your reaction paper via gmail and attach the file with a file name
:Knolwged-(your FAMILY NAME). THIS IS A GRADED ACTIVITY.

Now, let’s acquire new knowledge!

Acquire New Knowledge (Time Allotted: 2 hours)

THE PURSUIT OF KNOWLEDGE

Knowledge — combined with effort — is the engine that drives entrepreneurs. Knowledge is the
rocket that thrusts them beyond their limitations, beyond their circumstances, leading them toward
their goals.

Entrepreneurs approach life as a continuous series of experiments. They are action oriented, and they
learn by doing. If they do not get the results they desire, they learn from their mistakes. They make
adjustments, and then they try again. Entrepreneurs are internally driven and understand the power
of knowledge. Rather than engage in mindless pastimes, they search constantly for knowledge that
can expose new opportunities and empower them to create the life they have imagined.

Knowledge, effort, and outcome.

For many, there is a disconnect between knowledge, effort, and outcome.

As an entrepreneur, it is essential to understand the connection between knowledge, effort, and

outcome. After all, our knowledge influences the choices we make and the choices we make will
ultimately determine the outcome of our lives.

Doing more of what we are already doing will rarely produce the outcome we desire. If we do what
we have always done, we are likely to get what we have always gotten.

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Our efforts can only take us as far our understanding, so working harder, by itself, is rarely the
answer. If we are to accomplish our goals, we must increase our knowledge.

Shortcuts for the pursuit of knowledge.

Perhaps the greatest source of knowledge comes from experienced entrepreneurs who have been
where we intend to go.

Entrepreneurs have valuable knowledge and insight gained from their experience that they are often
willing to share with others who are willing to listen, and to help those who are also on their way to a
life of entrepreneurial success.

Mentors are a vital resource not to be overlooked.

Basic sources of knowledge

Your sources of business knowledge could include:

 Customer knowledge - you should know your customers' needs and what they think of you. You
may be able to develop mutually beneficial knowledge sharing relationships with customers by talking
to them about their future requirements, and discussing how you might be able to develop your own
products or services to ensure that you meet their needs.
 Employee and supplier relationships - seek the opinions of your employees and your suppliers -
they'll have their own impressions of how you're performing. You can use formal surveys to gather
this knowledge or ask for their views on a more informal basis.
 Market knowledge - watch developments in your sector. How are your competitors performing?
How much are they charging? Are there any new entrants to the market? Have any significant new
products been launched?
 Knowledge of the business environment - your business can be affected by numerous outside
factors. Developments in politics, the economy, technology, society and the environment could all
affect your business' development, so you need to keep yourself informed. You could consider setting
up a team of employees to monitor and report on changes in the business world.
 Professional associations and trade bodies - their publications, academic publications,
government publications, reports from research bodies, trade and technical magazines.
 Trade exhibitions and conferences - these can provide an easy way of finding out what your
competitors are doing and to see the latest innovations in your sector.
 Product research and development - scientific and technical research and development can be a
vital source of knowledge that can help you create innovative new products - retaining your
competitive edge.
 Organisational memory - be careful not to lose the skills or experience your business has built up.
You need to find formal ways of sharing your employees' knowledge about the best ways of doing
things. For example, you might create procedural guidance based on your employees' best practice.
See the page in this guide: create a knowledge strategy for your business.
 Non-executive directors - these can be a good way for you to bring on board specialised industry
experience and benefit from ready-made contracts.
Exploiting your knowledge
Consider the measurable benefits of capturing and using knowledge more effectively. The following
are all possible outcomes:

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 An improvement in the goods or services you offer and the processes that you use to sell them. For
example, identifying market trends before they happen might enable you to offer products and
services to customers before your competitors.
 Increased customer satisfaction because you have a greater understanding of their requirements
through feedback from customer communications.
 An increase in the quality of your suppliers, resulting from better awareness of what customers want
and what your staff require.
 Improved staff productivity, because employees are able to benefit from colleagues' knowledge
and expertise to find out the best way to get things done. They'll also feel more appreciated in a
business where their ideas are listened to.
 Increased business efficiency, by making better use of in-house expertise.
 Better recruitment and staffing policies. For instance, if you've increased knowledge of what your
customers are looking for, you're better able to find the right staff to serve them.
 The ability to sell or license your knowledge to others. You may be able to use your knowledge and
expertise in an advisory or consultancy capacity. In order to do so, though, make sure that you
protect your intellectual property.
Make knowledge central to your business
In order to manage the collection and exploitation of knowledge in your business, you should try to
build a culture in which knowledge is valued across your business.
One way to do this might be to offer incentives to staff who supply useful market news or suggest
ways customers can be better served. You can use these knowledge management practices
throughout your organisation to build better processes.

As part of your knowledge management, you should also make sure that any intellectual
property that your business holds is protected. This means that you have the right to stop
competitors from copying it - and also allows you to profit by licensing your business' knowledge.
Protecting and exploiting your knowledge base will be more effective if you develop efficient systems
for storing and retrieving information. Your files - whether stored digitally or on paper - contain
knowledge that you can use to make your products, services, systems and processes better and more
customer-focused.

Keep knowledge confidential. Your employment policies play a central role in this. For example, you
might get staff to sign non-disclosure agreements (also known as confidentiality agreements) when
they join the business as this ensures that they understand the importance of confidentiality from day
one. Employment contracts can be written to reasonably limit your employees' freedom to quit and
work immediately for one of your rivals (restraint of trade clauses) or set up a competing business to
yours in the vicinity (restrictive covenants).
Sharing knowledge across your business
It's essential to avoid important knowledge or skills being held by only a few people, because if they
leave or retire that expertise could be lost to your business. If you have efficient ways of sharing
knowledge across the business, it will be more widely used and its value and effectiveness are likely
to be maximised.

Knowledge management

Technology alone isn't the answer to sharing knowledge - it has to be managed carefully so that
information is channelled properly. You may decide to appoint a senior manager as knowledge

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champion for your business. See the page in this guide on how to make knowledge central to your
business.

Create a knowledge strategy for your business

If you want to get the most from your business' knowledge, you need to take a strategic approach
to discovering, collating and sharing it. This is done via a knowledge strategy - a set of written
guidelines to be applied across the business.
If your strategy is to be effective, you must make sure your senior managers are committed to it and
are fully aware of the benefits it can bring. Discuss with them the best ways of collecting and using
knowledge.

You may decide to appoint a senior manager as knowledge champion for your business. For more
information see the page in this guide on how to make knowledge central to your business.
When you're drawing up the strategy you need to:

 consider how effective your business currently is at using its knowledge

 analyse your internal processes for gathering and sharing information - are there successful ways of
generating ideas and do staff have a good grasp of what's happening?
 make sure that knowledge management, acquisition and distribution is a continuing process, so that
it becomes central to your business' strategy
You should also identify the value of knowledge to your business. Think of ways you could exploit
your knowledge for financial gain - perhaps by gaining a larger market share, developing new
products, or selling or licensing your protected intellectual property to others. Ensure this fits in with
your overall business plan.

Using information technology to gain and manage knowledge

Information technology offers powerful tools to help you gain and make the best use of knowledge.
Some of the systems can be complex to set up and time-consuming to maintain. You need to choose
systems that fit with your business and that will improve it without becoming a burden. You may find
it useful to consult an IT specialist.

Types of information technology

 Databases organise information so it can be easily accessed, managed and updated. For instance,
you might have a database of customers containing their contact information, their orders and
preferences.
 A data warehouse is a central storage area you might use if you have a variety of business
systems, or a range of information in different digital formats. Many businesses now use digital asset
management to store, manage and retrieve information, and this can be particularly helpful if you sell
online. It is, however, a complex area technically and in task management, and you may wish to seek
specialist advice from an IT consultant.
 Data mining is a process in which all the data you collect is sorted to determine patterns. For
instance, it can tell you which products are most popular and whether one type of customer is likely
to buy a particular item.
 Reporting and querying tools let you create reports interpreting data in a particular way. How
many of your sales have been handled by one particular employee, for instance?
 Business intelligence portals are websites that bring together all sorts of potentially useful
information, such as legal issues or details of new research.

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 The Internet and search engines - these can be a powerful source of knowledge, although be
certain to check the credibility of your information source. Internet newsgroups can be specific
sources of business information, but check the authors' other postings before deciding how to view
their opinions and claimed facts.
 An intranet is a secure internal network for the sole use of your business.
 An extranet is similar to an intranet but can be extended to customers and suppliers.
 Customer relationship management software helps you build up a profile of your customer
database and enables you to target them through e-mail, telephone or postal marketing campaigns.
 Call-centre systems enable you to serve large numbers of customers if you sell by telephone.
 Website log-file analysis helps you to analyse how customers use your website so you can
improve its effectiveness.
 Systems to analyse and file customer letters, suggestions, emails, and call centre responses,
which will enable you to spot trends, improve customer service and develop new products, services
and systems.

LEARNING

Learning occurs when we are able to: Gain a mental or physical grasp of the subject. Make sense of a
subject, event or feeling by interpreting it into our own words or actions. Use our newly acquired
ability or knowledge in conjunction with skills and understanding we already possess.

Entrepreneurship is not only related to economic activities and business creation, but more widely to
creating value in all areas of life and society, with or without a commercial objective.

We take entrepreneurial learning to serve at least four purposes, and in this light we organise the
festival:
1. It creates conditions for job creation and a healthy economy
2. It stimulates innovation and the capacities to deal with exponential change and globalisation
3. It engages and motivates students through relevant learning experiences for education, life and
work.
4. It empowers people to create value for society and deal with societal challenges.

THE “AHA” MOMENT

Definition of aha moment

: a moment of sudden realization, inspiration, insight, recognition, or comprehension

Some people refer to it as a “Eureka!” moment. Others think of it as a little light bulb going off. In
business as well as in life, your “aha!” moment is going to shape you and help you grow, taking what
you didn’t understand at first and adding clarity and comprehension to get “it” all of a sudden. What
you get becomes your defining moment, a moment that is filled with insight and realization.

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Before The Aha Moment

Life can be divided into two periods. Before you know why you are alive and after. In
between there is just a single moment – the Aha! moment. One brainwave that turns a
person into a person on a mission.

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What Makes Us Aha

What brings the Aha moment?

Inconvenience. GoPro founder who struggled to take a picture of himself while

surfing.

Limited resources. Ikea founder could not fit a table in his small car, so he thought to
take off the legs.

Pain and tragedy. Samuel Morse received a letter about his wife’s illness after she was
already buried. Letters took a long time back then. He raced to see her, but it was too
late. Grief-stricken, he decided to forever change how people talk to each other and
invented the telegraph.

The aha moment comes at different ages. Here are a few examples. Is it ever too late to
have the aha moment? Some entrepreneurs had them well into their fifties. Were they
thinking it was never too late?

CREATING WEALTH

For most of us, wealth is broadly defined as assets minus liabilities (that is, net worth). As advisors,
we do our best to re-frame wealth as “more than money,” but the public generally sees wealth as
money or financial assets. The more you have, the wealthier you are.

Wealth is a great amount of money, property, possessions or ideas. An example of

wealth is the money, property and business ventures of Donald Trump. Weal; well-being.

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Characteristics of Wealth

 (1) It must possess utility. It must have the power to satisfy a want.
 (2) It must be limited in supply. For example, air and sunshine are essential for life.
 (3) Wealth should be transferable. ...
 (4) It must have money value.
 (5) It may be external.

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New and improved products, services, or technology from entrepreneurs enable new markets to be
developed and new wealth to be created. Additionally, increased employment and higher earnings
contribute to better national income in the form of higher tax revenue and higher government
spending

Successful entrepreneurs are rarely motivated solely by money. Successful entrepreneurs achieve
wealth because they believe in what they are doing and inject personal core values into how they
build a business: Wealth is their reward; not their god.

In most cases, entrepreneurs find it necessary to make at least a small monetary investment in
starting their businesses. Although there are ways to start a business with little money, a business
person is usually required to at least obtain a business license, for which a fee is charged.

INVESTING VS. SPENDING: WHAT’S THE DIFFERENCE?

Investing and spending share a similar characteristic: you spend the money when you buy things like
a new phone, a car, or investment assets. But where is the line between spending and investing?

SPENDING

Merriam-Webster defines “spending” as “to use up or pay out.”

Generally, you spend money to preserve your lifestyle, which includes paying off bills, utilities, and
rent. You also expend money for food, transportation, debt, subscriptions like Netflix and Spotify,
phone bill, and other fixed expenses. These are the type of expenses that you can no longer
recover—gone.

Spending isn’t innately bad. It’s your hard-earned money. You have the liberty to reward yourself
with a treat to the cinema or buy yourself plane tickets for that much-needed vacation if it brings you
value and enhances your well-being.

However, this goes out of hand when you start spending on “wants” that are unnecessary and which
costs beyond your means, such as a car, discounted airfares (which you don't necessarily need and
will only require you to spend more for travel expenses), fancy clothes and shoes, and new gadgets,
and more.

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Key difference from investing: Spending is more about trading your currency for goods and/or
services that covers your fixed expenses to sustain your living. Often, you disburse a good portion
(sometimes more) of cash exhausted on things to satisfy your instant gratification (e.g., new shoes,
clothes, accessories). Do you really need an action camera for your upcoming travel trip or is it just
a want?

INVESTING

Merriam-Webster defines investing as a way “to commit (money) in order to earn a

financial return” and “to make use of for future benefits or advantages.”

In essence, investing is purchasing items, like an investment vehicle, that serves you in the future.
These are the smart purchases you make that can bring in more money. It means using your money
to get bigger gains and rewards. You put it into a vehicle where there is an opportunity to grow when
done right.

While you invest to earn more money, it also comes with risks of potential loss. It’s crucial that you
review your financial situation, your goals, and investment options to find the best one that suits your
needs and financial status. When investing, it’s critical that you don’t just put your money in
investment vehicles willy-nilly, but you invest wisely.

Key difference from spending: Investing is just another way of spending money, but it is
disbursed with the goal of bringing future returns. Additionally, investing is usually carried for long-
term financial goals, such as life insurance, real estate property, retirement, and your children’s
education fund. You’re still “spending” your money, albeit now with the intent of preparing you and
securing you financially for the future.

3 TIPS FOR MAKING BETTER FINANCIAL DECISIONS

Now that you have a good grasp of the distinction between spending and investing, let’s move on to
how you can make smart financial decisions to help you handle your money for a healthier financial
standing.

1. Manage your spending first

If you're having a hard time keeping your impulsive spending habits in check, might as well leave
your credit cards and debit cards in safe storage at home. Instead, only carry your daily allowance
and a little extra cash for emergencies. Alternatively, you can bring a debit card containing your
allowance until the next payday.

Setting your spending habits straight will train you to spend wisely and keep your money where it
should be. This is an excellent way to kick-start your investment journey!

2. Set a budget and stick to it

Sit down and gather your receipts, bills, and statements of accounts to determine your monthly costs

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and to set your budget. It’s time to plan your finances and stick to it.

For starters, you can practice the 50/20/30 saving and spending rule. You allocate 50% of your
income to your living expenses and other essentials, 20% to your savings and investments, and 30%
to your personal spending budget. You can adjust it as you see fit in your financial standing and
goals.

3. Invest in assets that grow your money

Congratulations on getting your spending habits and budget in order! Now that you’ve found your
groove in your road to a better financial health, you can start putting your money in various
investment vehicles, like in stocks or UITF.

If you have a dollar fund, you can invest in a dollar-denominated product like Dollar Protect Plus,
which comes with life insurance coverage. Talk about hitting two birds with one stone! A dollar
investment allows you to access and participate in a global financial market while you build up your
USD funds. This is excellent for Filipinos who’ve built a relatively large dollar fund and wish to grow it.

GIVE EVERY PESO A PURPOSE

Bottom line, spending is disbursing money for living expenses and others, while investing is spending
your money to build your financial wealth. When you start to spend less on things that don't matter in
the long-term, you can put that extra money in the right investment vehicles to set up for a secure
future.

THE CREDIT TRAPS

When your credit card bill arrives, you either choose to make just the minimum payment or it is all
you can afford to pay at the time. You figure you'll pay off the rest when your finances improve.
Soon, you're in the trap of pulling out your card whenever you want to purchase something beyond
your budget.

The best way to avoid debt traps is to know exactly what your terms are by reading your
agreement thoroughly, and to pay your bills on time. Overdraft protection programs can be helpful as
well; but they are never free, and they can send you further into debt.

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AN ENTREPRENEUR’S APPROACH
Here are some ideas that an aspiring entrepreneurs can consider in starting a business:

1. Savings

Most startup founders use their personal savings to fund their businesses, according to Forbes.

That said, don’t drain your bank account to raise funds for your business. Entrepreneurs should set
aside enough living expenses (for for rent and groceries, for example) to last them for a year. This is
because many startups aren’t profitable for months after opening.

2. Personal Loans

This tactic involves borrowing money from family and friends. To avoid hurt feelings, put the terms of
the personal loan in writing. Be clear about how much you need, what the interest rate is and when
it’ll be repaid.

3. Credit Cards

You can either use your personal credit card or open a business credit card.

Even if this option is open to you, don’t choose it lightly. Credit cards often have high interest rates
that increase your balance monthly. You could end up with a debt balance much higher than you
planned for, which could cripple your new business.

4. Bank Loans

Unfortunately, a small business bank loan is not guaranteed. Banks want airtight businesses plans
and excellent credit scores before they’ll consider approving a small business loan. They may also
want you to invest your own money in the business to prove you’re really committed to making your
company work. You can go with your personal bank since they’ll already be familiar with your banking
history. Or choose a bank that’s historically known for lending to small businesses.

5. Venture Capital and Angel Investors

Venture capital and angel investing is best suited to high-growth companies or companies that are
already profitable with good cash flow. Still, each investor has his or her own specialty in terms of
region, industry and company age.

6. Government Programs

Government grants can require some research to find the right one for you.

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7. Corporate Programs

Select corporations offer programs that support small businesses, including low-interest financing. For
example, Goldman Sachs has a program that gives affordable loans to businesses who might not
qualify at traditional credit sources.

8. Crowdfunding and Crowdlending

Crowdfunding usually involves asking large groups of people for funds on dedicated crowdfunding
websites. They usually receive a gift or the product you’re developing in return for their investment.
Crowdlending functions much the same way except that your funders expect you to pay them back.

Here are some options:

How Can I Start My Own Business with No Money?

To start a business with no money or very little startup costs, consider these options:

SERVICE-BASED BUSINESS

Starting a service-based business that’s run primarily over the internet is cheap to start up. Creative
services like graphic design, software or app development or copywriting just require a computer and
are essentially free to start up. Other ideas include photography, fitness coaching and house cleaning,
though you’ll need equipment.

DROPSHIPPING

This hot business idea means that you sell products that are made, stored and shipped by a third
party such as Alibaba. You can set up your own low-cost online store using sites like Shopify. You
then curate the products sold and focus on marketing and excellent customers service to make your
shop stand out.

PRINT-ON-DEMAND

You use products from third parties and customize them with unique slogans or art. T-shirts, mugs,
tote bags, cell phone cases and hats are just some of the items you can customize. Not a designer?
Hire one for cheap on sites like Fiverr.

SELF-PUBLISHING

It’s simple and free to publish your own eBook or print book using services
like Amazon and Draft2Digital. You can hire people to format your book or design covers
on Fiverr and even hire ghostwriters on [Link].

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DIGITAL PRODUCTS

Design courses or templates or produce music or graphics that can be downloaded. You can sell
digital products on Shopify, as well.

How Much Does It Cost to Start a Business?

It costs about $3000 (or less) to start a small business, according to the SBA. These businesses are
usually home-based, run by one owner and have few startup costs.

Home-based franchises cost between $1000 to $5000 to start, though retail franchises may cost a lot
more.

Entrepreneur has a starting costs calculator to help you estimate your personal startup costs.

How Do I Qualify for a Business Loan?

 Good credit score. Get your credit score and then follow these steps if you need to improve it.
 Enough cash to cover outstanding loans. Your existing cash must cover not only debts and loans you
already have but the new loan as well.
 Strong [Link]’re more likely to qualify for a business loan if you have enough assets (such as
cash and accounts receivable—or money owed by your clients) to cover the loan should you default.
 Several years in business. This isn’t a given, though. There are funding sources that cater to new
businesses.
 Correct financial statements. Lenders may prefer accountant-reviewed financial statements. You’ll
need a complete and correct balance sheet, income statement and cash flow statement.

What is Entrepreneurship Approach

It is a multi-dimensional course of action based on imagination, initiative, innovating and motivating

attitude as principal dimensions that is designed to address challenges evolved in the external
environment after studying its overall & segmental viability and undertaken to reach the desired goal
in any particular domain.

1. Build A Community

No matter what your product or service is, you need someone to use it. I believe that you can sell to
anyone, but it's harder to get people to believe in what you are doing, so much so that they get
behind your success. If you can focus on creating a small group of super users, get close to them,
talk to them regularly and get them seeing your vision, they will help you succeed. - Stephen
Brett, Inmusik Inc.

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2. Continue Educating Yourself

The business world is more fast-paced than ever before, with technology creating the ability and
expectation of an instant connection. It's important for entrepreneurs to continually educate
themselves on the latest technology and trends, and surround themselves with experts that
compliment their skill set. It's also vital that you don't let connectivity become a distraction to
productivity. - Jennifer Buonantony, Press Pass LA L.L.C.

3. Find Mentors In Your Industry

Align yourself to mentors who are in your same space. They can help you avoid key mistakes.
Industry-specific accelerators are really great ways for entrepreneurs to dissect their business and
make the necessary pivots to ensure company growth and success. - Jilea Hemmings, Best Tyme

4. Think Globally When It Comes To Hiring

Entrepreneurs today need to think globally when it comes to hiring talent. Increasing numbers of the
millennial workforce are turning to remote work and looking for the best employment opportunities
worldwide, so you're not only competing with companies in your own city for top talent — you're
competing against all the best companies in the world. - Leanne Beesley, Coworker, Inc

5. Identify What’s Missing In Your Niche

I think that many entrepreneurs are looking for what the last most successful company did and trying
to just do that "but better." I don't think that's enough — I think that to really achieve success,
entrepreneurs need to focus on what's missing and work back from there to find truly innovative
solutions. - Giorgina Gottlieb, Squelch

6. Talk With People

Be open to every conversation. See every talk as a chance to position your company. You never know
what network the other person may have. - Philip Nussbaumer, skybow AG

TAKING AN ENTREPRENEURIAL APPROACH

1. The first is self-awareness. It comprises knowledge of your personal values, your professional and
personal goals, your attitudes and preferences in work and relationships, and your talents, strengths,
and weaknesses.
2. The second is awareness of the career landscape. This includes knowledge of the immediate
opportunities for growth and advancement within your organization, as well as keeping tabs on
career trends beyond your organization or industry and how these may affect you.
3. The third is relational mindset and skills. These are the combination of attitudes and relational
acumen that enable you to reach out to potential developers and to deepen current relationships.
4. The final one is selecting potential developers. This is the ability to identify developmental
partners who can provide mutual learning opportunities.

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Taken together, these principles focus your relationship-building efforts. They also help you hone
insightful questions for those whom you decide to enlist in your developmental network. (See
Table 1.)

Table 1: Entrepreneurial Approach to Relationships

Knowing Why: Self-Awareness Values Talents and skills
Goals and interests Areas for improvement

Knowing Where: Awareness of Career Landscape Research Opportunities Obstacles

Knowing How: Relational Mindset Proactivity Social skills
Effective interactions

Knowing Who: Potential Developers Senior leaders Junior colleagues

Peers Professional associates
Family/friends
Inside/outside work

Knowing Why: How Can I Build Self-Awareness?

Career experts agree that self-awareness is the first building block for a satisfying career and life
decisions. It gives you impetus. When you know what’s important (by examining your personal
values), self-awareness also reveals a personally meaningful goal. But, in order to course-correct, you
need two other things: an accurate sense of your strengths and weaknesses; and an understanding
of your “personal genius” (by determining what you love to do and excel at). The resulting self-
awareness also generates the confidence that enables you to reach out to others.

Make Time for Reflection

You don’t need a college course to develop self-awareness. But, Kelly should have learned that
regular reflection on your experiences, in and out of work, provides clarity; it offers unclouded insight
into your preferences, your personal values, your interests and talents, and, ultimately, your personal
goals. All must be crystal clear in order for you to make the right next step in your journey.

This doesn’t just happen. You have to make time for it. And, to use those minutes and hours
efficiently, we suggest employing several well-tested tools. Among these are journaling, pausing to
reflect during and after meaningful conversations, reviewing performance feedback carefully, and
soliciting feedback from supervisors and others. A variety of assessment tools also are available
through your organization and online.

Try Journalizing or Blogging

The technique of journalizing is frequently used in schools, executive programs, and by individuals.
Some discover its value in a classroom setting, working with a career counselor, through professional
associations, a self-help book, or an online resource.

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In some industries, it’s also quite common for individuals to use blogging or social media to gather
feedback on their ideas and reflections. Less personal than journaling, these electronic tools do
provide input from others who share interests and values. Common to all methods is a set of guiding
questions:

 What happened? Write a brief (three to four sentences) description of events that occurred.
 How did you feel? What did you think?
 What did you learn from the experience?
 How can you use what you’ve learned in the future?
 What actions will this lead you to take in the future?

Capture Your Experience for Future Reflection

The purpose of structured reflection is to sharpen your self-analytical skills. Opportunities can arise in
many ways—a conversation with your boss, a disagreement with a co-worker, a mistake at work, a
difficult conversation with your partner, or a recognized accomplishment.

The trick is to capture the experience on paper (or virtually) and to reflect on it. That is, use work-
based experiences as data for improving your relationships and performance. Then, as you reread
your reflections, you’ll discover patterns. These offer insight into what’s important to you and help
reveal future directions.

Beyond increasing your self-awareness, structured reflection will provide you with the data you need
and uncover questions you want to explore with potential developers. For example, from his start at
P&G, Cary found that reflecting on his experiences gave him plenty to talk about with his boss, peers,
and selected senior colleagues.

Reflect on a Regular Basis

Habitual reflection clarifies your thinking and makes you a better conversationalist. Remember,
intelligent conversations, as opposed to work-related chatter, are the starting point for strategic
relationships.

Reflect on Conversations with Others and Through Assessments

Conversations with people interested in you can enhance your self-awareness.

Most organizations have structured appraisal systems that regularly provide feedback on your
performance. Feedback also is available in widely used assessments of your personality style (such as
the DiSC or MBTI assessments), your leadership style (such as the LPI), your personal values, your
career interests, and current knowledge and skills.

If these are not available through your organization, such self-awareness tools can be found in books
and online. All provide a starting point for meaningful conversations. We define these as talks with a
boss or other experienced colleague, with friends and family members, or with any developer who
also is a good listener and really cares about your personal success and happiness.

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Discover Your Passion

The overarching goal of reflection and self-exploration is to discover your “personal genius.” Herb
Shepard defines “personal genius” as that which you are passionate about and really enjoy doing.
The only way to figure out your personal genius is to observe yourself in action, at work and in life.
Take note of the activities that give you positive energy and satisfaction. Then, consider what you
enjoy about these activities. Where else, especially in the workplace, might you find work that
engages you similarly?

Self-awareness evolves throughout our career journey. Our priorities, goals, and interests are likely to
change over time. Therefore, the practices we suggest are relevant not just early in your career. They
apply whenever you sense a need to move on, to grow, or to respond to external changes.

That also means that if you’re like Kelly, all is not lost. It’s never too late to reflect, journalize, and
avail yourself of assessment tools. In fact, we’ve seen managers and executives discover the value of
these practices after 15 or 20 years in the workplace. Sometimes this awareness comes from what’s
called “the gift of a crisis.” External conditions related to family, economy, or industry can all be the
catalysts that inspire you to reassess your situation at work. In doing so, you’ll be better prepared to
move on by engaging others in meaningful, purposeful dialogue.

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Application:

Write your answer in a white long bond paper.

Illustrate your “AHA” moment. Elaborate how did you come up with that idea and what you do after
discovering it. Enjoy! 


Congratulations! You have successfully completed Module 1 - Prelim. It is expected that
you have gained insights and meaningful experience in this lesson. Now, you are already
prepared to move to the last lesson of this module. So? Enjoy and keep working!

Timeline!

Let’s be mindful to your deadline.

Activity Name of Activity Date of submission Remarks

Number

1 Activity 2 WEEKS GRADED

PURSUIT OF
KNOWLEDGE

2 Application/Quiz 2 WEEKS GRADED

AHA MOMENT!!!

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ASSESSMENT:
CREATING “AHA MOMENT”

Tracing path from Discovery to Establishing the business will allow the students to be
creative and logical on how to reach their goals.

Instruction: Draw a pattern of illustration on how you discover your dream business.
Start the path from your discovery of passion up to the establishment of your future
business.
Example:

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References

1. The Entrepreneur Mind – Kevin D. Johnson 2013 Edition

2. The Entrepreneurial Mind - Dr. Jeff Cornwall 2012
3. [Link]
4. Mindset: The New Psychology of Success – Carol S. Dweck, Ph.D.
5. [Link]

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