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Importance of

Entrepreneurship
MODULE 1
INTRODUCTION OF ENTREPRENEURSHIP
OBJECTIVES
At the end of this module, you are expected
to:

a. understand the relevance of the course;


b. identify the basic concepts and
characteristics of entrepreneurship; and
c. explore job opportunities for
entrepreneurship.
Why do we need to study
entrepreneurship?

How entrepreneurship does


affect us?
Entrepreneurship
Is a science of converting processed ideas
into remarkable business venture.

It is a dynamic process of innovation and


the creation of new opportunity for the
creation of new venture.
Entrepreneurship teaches us to..
• create opportunity
• ensure social justice
• instill confidence
• stimulate the economy
• take risks
• fail and to persevere
• become creative, inventive and
innovative
Entrepreneurship is a key driver of our economy.
-The 1987 Philippine Constitution recognizes entrepreneurship as
an engine of economic growth.
-Article XII Section 1 highlights the role of private enterprises in
supporting equitable distribution of income and wealth, sustaining
production of goods and services and expanding productivity,
therefore raising the quality of life.
Entrepreneurship is more than just an economic term — it is
a way of thinking.
-People exposed to entrepreneurship frequently express that they
have more opportunity to exercise creative freedoms, higher self-
esteem, and an overall greater sense of control over their own
lives.
-Entrepreneurship is a way of inspiring creative individuals to
pursue opportunities despite its risks.
What Makes Someone an Entrepreneur?
Personal Attributes
•Creativity is the spark that drives the
development of new products or
services or ways to do business. It is the
push for innovation and improvement.
•Dedication is what motivates the
entrepreneur to work hard. Planning of
an ideas must be joined by hard work to
succeed.
Personal Attributes
•Determination is the extremely strong
desire to achieve success. It includes
persistence and the ability to bounce back
after rough times.
•Flexibility is the ability to move quickly
in response to changing market needs. It
is being true to a dream while also being
mindful of market realities.
•Leadership is the ability to create rules
and to set goals.
Personal Attributes
•Passion is what gets
entrepreneurs started and keeps
them there.
•Self-confidence comes from
thorough planning, which reduces
uncertainty and the level of risk.
•“Smarts” consists of common
sense joined with knowledge or
experience in a related business
or endeavor.
Why should becoming an
entrepreneur be any
different?
Required Education
-educational requirements for entrepreneurs
are nonspecific
-all entrepreneurs need capital, so the ability
to write an effective business plan is vital
Required Skills
-tolerance for risk taking and a willingness to
leave the security of a conventional and
tedious job
-the ability to multitask is a key
Career Outlook
-earnings for entrepreneurs vary drastically,
and income is often unstable, especially in
the early days of a new business
Career Opportunities in Entrepreneurship
Business consultant
Business consultants provide advice about
business issues, such as the development and
implementation of business plans, how to
streamline operations or how to expand into a
new market.

Management analysts
The person who evaluates a business' systems,
procedures and operations, they may also
review a business' financial matters, such as
the ratio of income to expenditures.
Career Opportunities in Entrepreneurship
Sales
Someone who works in sales or runs the
department needs to know how businesses
run. They need to know how to represent a
company, manage accounts, and follow up on
leads.

Research and development


To work in R&D, you need to understand
business concepts, procedures, and practices.
With all of the training and education someone
has received learning about entrepreneurship,
they are well prepared for this type of position.
Career Opportunities in Entrepreneurship
Not-for-profit fundraiser
Being able to raise funds requires understanding
the importance of business and networking
relationships. It is a great place for someone with
this type of degree because you will have
experience in studying advanced concepts that
can be used to your advantage on the job.

Intrapreneur
An intrapreneur is an inside entrepreneur, or an
entrepreneur within a large firm, who uses
entrepreneurial skills without incurring the risks
associated with those activities.
KEY Competencies
In starting a Business, learner should seek
entrepreneurial competencies, such as…
LOCUS OF CONTROL – Entrepreneur must know how
to determine the state to which a person agreed that their
actions can directly affect a situation or that they can
control a result.

SPECIFIC GOAL SETTING - Entrepreneurs should be


motivated to set goals, particularly business growth
objectives, have been found to increase firm growth
resulted in the firm performance and innovation.
SELF-EFFICACY – Entrepreneurs must believe in their
own ability or self-confidence. Learners with high self-
efficacy will persevere even in the face of setbacks, will
take negative feedback more positively and use feedback
to improve their performance.

LAYERS OF COMPETENCY – Entrepreneurs should


know the group of attributes, some of which are
applicable to all entrepreneurs, while the others are
occupation/industry specific. Universal competencies
occupying the bottom portion of the pyramid and specific
competencies located near to the top.
NEED FOR ACHIEVEMENT – Entrepreneurs must
have high need for achievement take responsibility for
outcomes. Engage in activities that have a moderate
degree of consequences and require skill and effort.

AMBITION – Entrepreneurs must be motivated,


persistent, and persevere even in the face of situational
challenges. They are patient and persistent, passionate
and goal driven. Learners embrace new challenges while
achieving to exceed set expectations and standards.
WILLINGNESS TO LEARN- Entrepreneurs
should have a strong willingness to learn often pursue
opportunities to acquire new skills and competencies.
They initiate personal career development and often
secure the feedback to help them make good career
decisions.

STRONG INITIATIVE – Entrepreneurs must have


a high initiative are often driven to work hard. They
frequently work independently to achieve task
master, regardless of the extra effort necessary to do
so. They take initiative to set specific, time-bound
and challenging goals.
ADAPTABILITY AND FLEXIBILITY –
Entrepreneurs must learn how to be a highly
flexible and adaptable often deal very well
with a unique ability to choose actions even
without all necessary information.

WILLINGNESS TO TAKE RISKS – Not


only are successful learners willing to take
consequences, they can also identify and
calculate risk. They are skilled at developing
new plans and scenarios.
INTERPERSONAL SKILLS – Learner with
strong interpersonal skills has skills of working well
with people from different backgrounds. They are
very insightful with regards to the behavior of
others.
INDUSTRY WIDE COMPETENCIES/WORK COMPETENCIES
According to: National Consortium for Entrepreneurial Education

NETWORKING/COLLABORATION – It is the ability to build


professional relationships, assists learners with leveraging contracts, initiating
collaborations and partnering with business contacts.

CREATIVE/CRITICAL THINKING – Learners who engage in creative


thinking are able to both generate innovative solutions and use relevant
information to understand the “greater picture”. They can analyze problems
and create innovative solutions.

ORGANIZING – Successful entrepreneurs plan and prioritize work to ensure


time is managed effectively. They can work methodically and effectively
allocate time and resources.
CHECKING, EXAMINING, & RECORDING – The ability to
maintain confidential records, easily locate, and complete appropriate
forms and paperwork, detect errors and make the necessary corrections is
vital to successful entrepreneurship.

PLANNING – Entrepreneurs must be specific about the direction of their


venture and the strategy they will adopt to achieve their short goals both
long and short objectives. They assess risks, estimate costs, and determine
potential for profit and loss before beginning a new venture.

BUSINESS PRINCIPLES – Entrepreneurs must understand the principles


of business. Being well-versed in market knowledge, economic principles,
and ethical practices are essential entrepreneurial knowledge.
COMPUTER COMPETENCY – Entrepreneur must be competent in the
use of basic computer hardware and software. A successful entrepreneur
can easily communicate and prepare documents electronically.

WORKPLACE COMPETENCIES – Workplace competencies have


been defined as “the application of knowledge, skills, attitudes, values and
behaviors in workplace”. Workplace competencies develop from the
synthesis of an individual’s skills, knowledge and abilities within the job
tasks and work related experiences.

HIGH-GROWTH,HIGH VALUE ENTREPRENEURSHIP –


Entrepreneurs typically offer incentive compensation, manage business
operations, build a strong entrepreneurial culture around determination
and high work ethic, and form effective boards of directors and advisors.
INNOVATION & CREATION – Successful entrepreneurs apply their
creativity to the formulation of inventive systems and products. They have
an “opportunity orientation”- assessing changes in trends, identifying small
niche or group of markets and seeking our opportunities to improve services
and products.

MARKETING – Successful entrep are competent in both executing


strategies that promote their products and establish client/customer
relationships.

BUSINESS OPERATIONS- Entrepreneurs performs business operations


that are able to carry out daily operations, such as scheduling manpower
and maintaining inventories of goods and management human capabilities.
RISK ASSESMENT & MANAGEMENT – Entrepreneurs can handle
risk management and can take into account legal actions. They can handle
uncertainty by mitigating rates, protecting intellectual property, and
determining liabilities.

FINANCIAL MANAGEMENT – As a skilled manager of funds and


assets is an entrepreneurial necessity. Entrepreneurs are knowledgeable in
assessing financing needs, determining risks, and identifying sources of
funds.

PROBLEM SOLVING & DECISION MAKING - Entrepreneurs who


are skilled at problem-solving and decision-making are critical thinkers.
They can generate, evaluate, and implement solutions to difficult
problems.
10 COMPETENCIES
FOR ENTREPRENEURIAL
SUCCESS
1. INTEGRITY
2. CONCEPTUAL THINKING
3. RISK-TAKING
4. NETWORKING/COLLABORATION
5. Strategic- Thinking
6. COMMERCIAL APTITUDE
7. DECISIVENESS
8. OPTIMISM
9. CUSTOMER RELATION SERVICE
10. PEOPLE-CENTERED
END.

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