City College of San Jose del Monte

THE ENTREPRENEUR MIND – MODULE

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 City College of San Jose del Monte

THE ENTREPRENEUR MIND – MODULE

THE ENTREPRENEURIAL MIND

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Table of Contents

MODULE 1: ENTREPRENEURSHIP 4
MODULE 2: ENTREPRENEUR CONTEXT 9
SOCIAL ENTREPRENEUR 10
PUBLIC ENTREPRENEURSHIP 11
POLICY ENTREPRENEUR 13
MODULE 3: EMERGENCE OF OPPORTUNTIIES 15
MODULE 4: ENTREPRENEURSHIP - STRATEGY 19
MODULE 5: ENTREPRENEURSHIP - PEOPLE 23
MODULE 6: ENTREPRENEURSHIP - FINANCE 25
MODULE 7: ENTREPRENEURSHIP - LEADERSHIP 27
MODULE 8: ENTREPRENEURSHIP - MOTIVATION 31
MODULE 9: ENTREPRENEURIAL MINDSET AND ACTION: GOAL SETTING 34
MODULE 10: ENTREPRENEURIAL MINDSET AND ACTION: FEEDBACK 39
MODULE 11: ENTREPRENEURIAL MINDSET AND ACTION: EXECUTION 44

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MODULE 1: ENTREPRENEURSHIP
Entrepreneurship and Entrepreneur

Intended Learning Outcomes

✔ Discuss the basics of Entrepreneurship

What Is an Entrepreneur?

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most
of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods,
services, and business/or procedures.

Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs
and bring good new ideas to market. Entrepreneurs who prove to be successful in taking on the risks of a
startup are rewarded with profits, fame, and continued growth opportunities. Those who fail, suffer losses
and become less prevalent in the markets.

What is Entrepreneurship?

Entrepreneurship is both the study of how new businesses are created as well as the actual process of
starting a new business – the term is used interchangeably. An entrepreneur is someone who has an idea
and who works to create a product or service that people will buy, by building an organization to support
those sales.

Entrepreneurship is now a popular college major, with a focus on studying new venture creation.

Entrepreneurship Definitions

Economists have never had a consistent definition of "entrepreneur" or "entrepreneurship" (the word
"entrepreneur" comes from the French verb entreprendre, meaning "to undertake"). Though the concept of
an entrepreneur existed and was known for centuries, the classical and neoclassical economists left
entrepreneurs out of their formal models: They assumed that perfect information would be known to fully
rational actors, leaving no room for risk-taking or discovery. It wasn't until the middle of the 20th century
that economists seriously attempted to incorporate entrepreneurship into their models.

Three thinkers were central to the inclusion of entrepreneurs: Joseph Schumpeter, Frank Knight, and Israel
Kirzner. Schumpeter suggested that entrepreneurs—not just companies—were responsible for the creation
of new things in the search of profit. Knight focused on entrepreneurs as the bearers of uncertainty and
believed they were responsible for risk premiums in financial markets. Kirzner thought of entrepreneurship
as a process that led to the discovery.

Entrepreneurs Impact the Economy

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In economist-speak, an entrepreneur acts as a coordinating agent in a capitalist economy. This coordination

takes the form of resources being diverted toward new potential profit opportunities. The entrepreneur
moves various resources, both tangible and intangible, promoting capital formation.

In a market full of uncertainty, it is the entrepreneur who can actually help clear up uncertainty, as he makes
judgments or assumes the risk. To the extent that capitalism is a dynamic profit-and-loss system,
entrepreneurs drive efficient discovery and consistently reveal knowledge. Established firms face increased
competition and challenges from entrepreneurs, which often spurs them toward research and development
efforts as well. In technical economic terms, the entrepreneur disrupts course toward steady-state
equilibrium.

Entrepreneurs Help Economies

Nurturing entrepreneurship can have a positive impact on an economy and a society in several ways. For
starters, entrepreneurs create new business. They invent goods and services, resulting in employment, and
often create a ripple effect, resulting in more and more development. For example, after a few information
technology companies began in India in the 1990s, businesses in associated industries, like call center
operations and hardware providers, began to develop too, offering support services and products.

Entrepreneurs add to the gross national income. Existing businesses may remain confined to their markets
and eventually hit an income ceiling. But new products or technologies create new markets and new wealth.
And increased employment and higher earnings contribute to a nation’s tax base, enabling greater
government spending on public projects.

Entrepreneurs create social change. They break tradition with unique inventions that reduce dependence
on existing methods and systems, sometimes rendering them obsolete. Smartphones and their apps, for
example, have revolutionized work and play across the globe.

Entrepreneurs invest in community projects and help charities and other non-profit organizations,
supporting causes beyond their own. Bill Gates, for example, has used his considerable wealth for
education and public health initiatives.

Becoming an Entrepreneur

After retiring her professional dancing shoes, Judi Sheppard Missett taught a dance class to civilians in
order to earn some extra cash. But she soon learned that women who came to her studio were less
interested in learning precise steps than they were in losing weight and toning up. Sheppard Missett then
trained instructors to teach her routines to the masses, and Jazzercise was born. A franchise deal followed.
Today, the company has more than 8,900 locations worldwide.

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Following an ice cream making correspondence course, Jerry Greenfield and Ben Cohen paired $8,000 in
savings with a $4,000 loan, leased a Burlington, Vt., gas station and purchased equipment to create
uniquely flavored ice cream for the local market. Twenty years later, Ben & Jerry’s hauls in millions in annual
revenue.

Although the "self-made man" (or woman) has always been a popular figure in American society,
entrepreneurship has gotten greatly romanticized in the last few decades. In the 21st century, the example
of Internet companies like Alhabet, fka Google (GOOG) and Facebook (FB)—both of which have made
their founders wildly wealthy—people are enamored with the idea of becoming entrepreneurs.

Unlike traditional professions, where there is often a defined path to follow, the road to entrepreneurship is
mystifying to most. What works for one entrepreneur might not work for the next and vice versa. That said,
there are five general steps that most, if not all, successful entrepreneurs have followed:

1. Ensure Financial Stability

This first step is not a strict requirement but is definitely recommended. While entrepreneurs have built
successful businesses while being less than financially flush (think of Facebook founder Mark Zuckerberg
as a college student), starting out with an adequate cash supply and ensuring ongoing funding can only
help an aspiring entrepreneur, increasing his or her personal runway and give him more time to work on
building a successful business, rather than worrying about making quick money.

2. Build a Diverse Skill Set

Once a person has strong finances, it is important to build a diverse set of skills and then apply those skills
in the real world. The beauty of step two is it can be done concurrently with step one.

Building a skill set can be achieved through learning and trying new tasks in real-world settings. For
example, if an aspiring entrepreneur has a background in finance, he can move into a sales role at his
existing company to learn the soft skills necessary to be successful. Once a diverse skill set is built, it gives
an entrepreneur a toolkit that he can rely on when he is faced with the inevitability of tough situations.

3. Consume Content Across Multiple Channels

As important as building a diverse skill set is, the need to consume a diverse array of content is equally so.
This content can be in the form of podcasts, books, articles or lectures. The important thing is that the
content, no matter the channel, should be varied in what it covers. An aspiring entrepreneur should always
familiarize himself with the world around him so he can look at industries with a fresh perspective, giving
him the ability to build a business around a specific sector.

4. Identify a Problem to Solve

Through the consumption of content across multiple channels, an aspiring entrepreneur is able to identify
various problems to solve. One business adage dictates that a company's product or service needs to solve

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a specific pain point—either for another business or for a consumer group. Through the identification of a
problem, an aspiring entrepreneur is able to build a business around solving that problem.

It is important to combine steps three and four, so it is possible to identify a problem to solve by looking at
various industries as an outsider. This often provides an aspiring entrepreneur with the ability to see a
problem other might not.

5. Solve That Problem

Successful startups solve a specific pain point for other companies or for the public. This is known as
"adding value within the problem." Only through adding value to a specific problem or pain point does an
entrepreneur become successful.

Say, for example, you identify the process for making a dentist appointment is complicated for patients, and
dentists are losing customers as a result. The value could be to build an online appointment system that
makes it easier to book appointments.

KEY TAKEAWAYS

⮚ A person who undertakes the risk of starting a new business venture is called and entrepreneur.
⮚ An entrepreneur creates a firm, which aggregates capital and labor in order to produce goods or
services for profit.
⮚ Entrepreneurship is an important driver of economic growth and innovation.
⮚ Entrepreneurship is high-risk, but also can be high reward as it serves to generate economic
wealth, growth, and innovation.

ACTIVITY/ASSESSMENT:

ACTIVITY: Comprehension Check:

Directions. Answer the following questions and post your answer in our official Google Classroom.

1. Why did you take the course of Entrepreneurship?

2. What is the difference between Entrepreneurship from other Management Courses?

ACTIVITY: K-W-L Chart

Directions. With the inputs you collected, you will now complete the KWL chart by writing what they have
learned in the L column. Screenshot your final KWL Chart and post it in our official Google Classroom.

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K- what I already KNOW about W- what I WANT to know L- What I LEARNED about
this topic about this topic this topic

RESOURCES

Book Title: Entrepreneurship in Theory and Practice

Author: Suna Løwe Nielsen
Publisher : Edward Elgar Pub

Book Title: The Entrepreneur Mind: 100 Essential Beliefs, Characteristics, and Habits of Elite
Entrepreneurs
Author: Kevin D. Johnson
Publisher: Johnson Media Incorporated

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MODULE 2: ENTREPRENEUR CONTEXT

Learning Objectives

✔ Know the basics of Entrepreneurship

✔ Define Intrapreneurship, Social Entrepreneurship, Public Entrepreneurship and Entrepreneurship
Policy

INTRAPRENEURSHIP
What Is Intrapreneurship?

The term intrapreneurship refers to a system that allows an employee to act like an entrepreneur within a
company or other organization. Intrapreneurs are self-motivated, proactive, and action-oriented people who
take the initiative to pursue an innovative product or service. An intrapreneur knows failure does not have
a personal cost as it does for an entrepreneur since the organization absorbs losses that arise from failure.

KEY TAKEAWAYS

Intrapreneurship is a system which allows an employee to act like an entrepreneur within an organization.

Intrapreneurs are self-motivated, proactive, and action-oriented people who have leadership skills and think
outside the box.

Intrapreneurship is one step toward entrepreneurship—intrepreneurs can use what they've learned as part
of a team to develop their own businesses.

Understanding Intrapreneurships

An intrapreneurship creates an entrepreneurial environment by allowing employees to use their

entrepreneurial skills for the benefit of both the company and the employee. It gives employees the freedom
to experiment, as well as the potential for growth within an organization.

Intrapreneurships foster autonomy and independence, while attempting to find the best resolution. For
example, an intrapreneurship may require an employee to research and recommend a more
efficient workflow chart to a company’s brand within a target group or implement a way to benefit company
culture.

It's important for employers to recognize these employees. By not promoting intrapreneurship or
recognizing employees who demonstrate an intrapreneurial spirit can be detrimental to a brand or company.
Employers who encourage intrapreneurship stand to benefit because it leads to the success of the
department or the company as a whole. Keeping these employees can help lead to innovation and growth.
Companies that don't promote them may lose intrapreneurs to other companies, or they may end up
working for themselves.

Identifying intrapreneurs can sometimes be difficult. These employees are generally self-starters who are
both ambitious and goal oriented. They are often able to solve problems on their own and come up with
ideas that lead to process improvements. An intrapreneur may also take certain risks by assuming multiple
tasks—even some that he or she may not be comfortable with—and look for new challenges.

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Intrapreneurs are tasked with using the company's resources, while entrepreneurs use their own.

Special Considerations

Intrapreneurship is one step toward entrepreneurship. Intrapreneurs can develop and use their creativity to
enhance existing goods and services within the context of the business, all without any of the risk attached
to being an entrepreneur. Using these skills as part of a team lets the intrapreneur test theories and
determine which methods are most effective for solving problems.

Intrapreneurs may use what they've learned as part of an organization's team to create their own company
and reap the benefits of their hard work rather than letting another organization profit from their ideas.

Types of Intrapreneurs

By including employees from every age group when resolving issues, a variety of answers are proposed
and resolutions determined in a more efficient manner, benefiting everyone in the organization. A majority
of millennials are embracing the intrapreneurial style of work. They desire meaning, creativity and
autonomy when working. Millennials want their own projects to develop as they help their companies grow.

Characteristics of Intrapreneurs

Intrapreneurs are able to resolve specific issues such as increasing productivity or cutting costs. This
requires a high level of skill—namely leadership skills and thinking outside the box—directly applicable to
the assignment. An intrapreneur also takes risks and drives innovation within a business to better serve
the market through increased goods and services.

A successful intrapreneur is comfortable being uncomfortable while testing his or her ideas until achieving
the desired results. He or she is also able to interpret trends in the marketplace and visualize how the
company needs to evolve to stay ahead of its competition. The intrapreneur is part of a company's backbone
and the driving force mapping out the organization’s future.

SOCIAL ENTREPRENEUR

What Is a Social Entrepreneur?

A social entrepreneur is a person who pursues novel applications that have the potential to solve
community-based problems. These individuals are willing to take on the risk and effort to create positive
changes in society through their initiatives.

Widespread use of ethical practices such as impact investing, conscious consumerism, and corporate
social responsibility programs facilitate the success of social entrepreneurs.

KEY TAKEAWAYS

A social entrepreneur is interested in starting a business for greater social good and not just the pursuit of
profits.

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Social entrepreneurs may seek to produce environmentally friendly products, serve an underserved
community, or focus on philanthropic activities.

Social entrepreneurship is a growing trend alongside socially responsible (SRI) and ESG investing.

Understanding Social Entrepreneurs

While most entrepreneurs are motivated by the potential to earn a profit, the profit motive does not prevent
the ordinary entrepreneur from having a positive impact on society. As Adam Smith explained in The
Wealth of Nations (1776), "It is not from the benevolence of the butcher, the brewer, or the baker that we
expect our dinner, but from their regard to their own self-interest."1 Smith believed that when individuals
pursued their own best interests, they would be guided toward decisions that benefited others. The baker,
for example, wants to earn a living to support his family. To accomplish this, he produces a product, bread,
which feeds and nourishes hundreds of people.

Examples of social entrepreneurship include microfinance institutions, educational programs, providing

banking services in underserved areas and helping children orphaned by epidemic disease. Their efforts
are connected to a notion of addressing unmet needs within communities that have been overlooked or not
granted access to services, products, or base essentials available in more developed communities.

A social entrepreneur might also seek to address imbalances in such availability, the root causes behind
such social problems, or social stigma associated with being a resident of such communities. The main
goal of a social entrepreneur is not to earn a profit, but rather to implement widespread improvements in
society. However, a social entrepreneur must still be financially savvy to succeed in his or her cause.

How Social Entrepreneurs Take Action

The introduction of freshwater services, through the construction of new wells for instance, to communities
that lack stable utilities of their own is another example of social entrepreneurship. In the modern era, social
entrepreneurship may be combined with technology assets such as bringing high-speed internet
connectivity to remote communities, with the intent to provide school students with more access to
information and knowledge resources.

Social entrepreneurship is a way to connect you to your life's purpose, help others find theirs, and make a
difference in the world, all while eking out a living.

PUBLIC ENTREPRENEURSHIP

What is public Entrepreneurship?

Public entrepreneurship is an idea whose time has come. As the challenges for public services and society
become more acute and complex, a concept with its roots in the 1960s is being increasingly revisited as
public leaders look to inject entrepreneurial spirit and innovation into the traditional structures and
processes of government.
While “social entrepreneurs” are people outside government, public entrepreneurs act within government
and, at their heart, are a blend of two different roles: that of a public servant, and that of an entrepreneur.
The underlying premise is that these roles are usually distinct, but the skill sets they require need not be.
Indeed, the future public servant will increasingly need to think and act like an entrepreneur – building new
relationships, leveraging resources, working across sector lines and acting, and sometimes failing, fast.

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Within organizations, this means stimulating innovation through a problem-solving spirit and a natural bent
for working more closely with citizens. Across systems, it means building coalitions and cross sector
collaborations that can improve outcomes, control cost and sustain access in ways that span the traditional
siloes of government.
Why are we talking about public entrepreneurship now?

Public entrepreneurship is re-emerging because the context for public services is changing rapidly:

● In many OECD countries, a cocktail of rising demand, constrained budgets and high citizen
expectations is putting pressure on established welfare states and forcing difficult decisions about
how public resources are mobilized and spent.

● In parts of the Global South, questions are being asked about the efficacy and sustainability of
development programs. State capacity may be increasing but public servants require new skills
and capabilities in order to adapt to the grain of society and politics.

● Digital technology and social media are helping to provide new insights about behavior, motivation
and decision-making – flipping our expectations about how change happens and what public
servants are there to do.

In all these contexts, the implications for individuals working in government and public services are
profound. Old hierarchical structures of performance management and accountability are being replaced
by a more modern, adaptive climate in which public servants are expected to be co-designers of services
and co-producers of outcomes – rather than cogs in the system.
What are the key characteristics of a public entrepreneur?

● Collaborating and networking. Collaboration is fundamental to the public entrepreneur, who

seeks to build coalitions for change across government, business, and civil society, often knowing
when to ‘let go’ in order for others to lead.

● Working across systems. Public entrepreneurs see themselves as part of a system rather than
just an organization or department.

● Building narratives for change. Entrepreneurs persuade, influence and “sell”. They influence
behavior, showcase social innovation and persuade colleagues (administrators, politicians and
citizens) that even in our increasingly blame-driven culture, where civil servants are understandably
risk averse, there remains an upside of doing something differently.

● Leveraging new resources. A critical function of the public entrepreneur is to find new ways of
financing public service and development interventions. This could mean pooling budgets, looking
to public-private partnerships, utilizing digital technology, or experimenting with new models of
social finance and impact investment.

● Focusing on outcomes. Public entrepreneurship is about doing what it takes to get the right
outcome, even if that means abandoning traditional career paths and confounding performance
expectations

● Adapting and learning. An appetite for risk is woven deeply into the DNA of entrepreneurs, who
are minded to “fail quickly, fail fast and fail cheaply” – an attitude that can feel antithetical to that of
the archetypal civil servant. Public entrepreneurs must take this attitude into environments with a
human as well as a financial cost, so learning and adapting quickly is vital.

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POLICY ENTREPRENEUR

Policy entrepreneur refers to an individual who takes advantage of opportunities to influence policy
outcomes to increase their self-interests

The term was first coined by American political scientist John W. Kingdon in his influential work Agendas,
Alternatives and Public Policies published in 1995.

He himself describes them as "advocates who are willing to invest their resources - time, energy, reputation,
money - to promote a position in return for anticipated future gain in the form of material, purposive or
solidary benefits"

Kingdon created the Multiple Streams Framework (MSF) which outlines that the policy process can be
situated into problems, policy and politics.

Political entrepreneurs are most active in the policy stream, creating solutions to potential problems and
bringing them forth to the agenda setting process.

Policy entrepreneurs are the most important actors in the Multiple Streams Framework, as they develop
policy alternatives and couple them with problems to present solutions to policy makers at the right time.

POLICY ENTREPRENEURS USE:

⮚ innovative ideas
⮚ non-traditional strategies
⮚ to influence society,
⮚ create opportunities,
⮚ and promote desired policy outcomes.

This new term has been addressed in other works but hasn't been systematically used by other political
scientists in theories of policy change

The Role of a Policy Entrepreneur is to…

1. First identify demand for innovation in the political landscape when a recognizable policy window
is open.
2. When this window is open, a policy entrepreneur has a limited amount of time to undergo the initial
launch of proposing policy recommendations to supply the demand
3. utilizing their personal, network and institutional resources to take action on joining streams
together on their idea through the policy stages.
4. addressing issues and problems and coming up with innovative solutions to them by creating policy
alternatives into a product that they can present as a persuasive agenda.
5. A successful policy entrepreneur will manage to get their issues onto a political agenda and
potentially pass and influence a form of legislation that relates to their personal benefit.
6. However, not every attempt will be successful. If unsuccessful, a policy entrepreneur may hold onto
their agenda for a later time or even apply it to a different issue that they deem may work

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ACTIVITY/ASSESSMENT:

ACIVITY: Comprehension Check:

Directions. Answer the following questions and post your answer in our official Google Classroom.

1. What do you prefer, A new product or an innovation of a new product?

2. Think of an example of a simple business and apply the 5 Steps to Evaluating Business
Opportunities.

ACIVITY: K-W-L Chart Directions. With the inputs you collected, you will now complete the KWL chart by
writing what they have learned in the L column. Screenshot your final KWL Chart and post it in our official
Google Classroom.

K- what I already KNOW about W- what I WANT to know L- What I LEARNED about
this topic about this topic this topic

REFERENCES

Intrapreneurship by Will Kenton

Published: Jan 29, 2020
https://www.investopedia.com/terms/i/intrapreneurship.asp#:~:text=The%20term%20intraprene
urship%20refers%20to,an%20innovative%20product%20or%20service.

Social Entrepreneur by Adam Hayes

Publihsed on Sep 28, 2020
https://www.investopedia.com/terms/s/social-entrepreneur.asp

Enter the public entrepreneur: implementing innovation in the public sector

Published on December 12, 2016
https://www.centreforpublicimpact.org/public-entrepreneurship-briefing-bulletin/

Policy entrepreneurship
Published on Oct 15, 2019
https://www.slideshare.net/ssusercd9ee1/policy-entrepreneurship

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MODULE 3: EMERGENCE OF OPPORTUNTIIES

What is an Opportunity?

An appropriate or favorable time or occasion: Their meeting afforded an opportunity to exchange views.
a situation or condition favorable for attainment of a goal. a good position, chance, or prospect, as for
advancement or success.

Three Ways to Identify an Opportunity

1. Discovery

2. Concept Development

Develop a business plan: a detailed proposal describing the business idea

Important Components of Business Plan

a. Executive Summary
b. Mission
c. Company Overview
d. Product
e. The Market Marketing plan
f. Competition/competitors
g. Risk/Opportunity
h. Employees Management
i. Capital Requirements
j. Conclusion

A trademark is a word, phrase, symbol or design, or a combination of words, phrases, symbols or

designs, that identifies and distinguishes the source of the goods of one party from those of others

A copyright protects works of authorship, such as writings, music, and works of art that have been
tangibly expressed.

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A patent for an invention is the grant of a property right to the inventor, issued by the Patent and
Trademark Office

3. Resourcing
The stage in which the entrepreneur identifies and acquires the financial, human, and capital
resources needed for the venture startup, etc.

4. Actualization
The stage in which the entrepreneur operates the business and utilizes resources to achieve its
goals/objectives.

5. Harvesting
The stage in which the entrepreneur decides on business’s future growth/ development, or demise

5 Steps to Evaluating Business Opportunities

Self-Analysis

According to the Arkansas Small Business Development Center, most small businesses fail because of
poor management and the owner’s inability to manage resources. Before you even start researching the
feasibility of your idea and the market you plan on entering, evaluate your own talents, desires and goals.
Consider your willingness to take risks as well as the amount of time and energy you’ll need to make the
business a success. Review your financial, personnel and marketing skills as well to ensure you have the
necessary background to make a success of your new venture.

Financial Components

After learning about the investment required to purchase the existing business or franchise or the start-up
costs you’ll need initially, evaluate your own resources. Part of a financial assessment includes the amount
you have in personal savings to add to the initial investment. Banks typically require entrepreneurs to come
up with a portion of the investment to show good faith and willingness to take a risk with the lender. Assess
the financing available through the seller, investors and lenders when evaluating your chances of
succeeding.

Market Research

To thoroughly understand what you’re getting into, perform an extensive market research project to
determine the feasibility of your business. In addition to gleaning statistics of trends and current customer
buying patterns, you need to know who your customers are, where they are located and what kind of
competition exists in your area. Consider market research your first steps in opportunity analysis that help
you understand exactly how you will sell products or services to a specific market.

Risk Assessment

A complete evaluation of a business opportunity includes a risk assessment. An honest appraisal of the
potential risks inherent in your new business can help you prepare for possible problems and decide
whether the risks are worth the investment. Details you need to consider in the risk assessment process
include factors that could negatively affect your business, such as the general state of the economy,
weather events and your competition's competitiveness. Internal considerations should include your own

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health, the level of credit available to you and the number and type of employees you’ll need to hire to run
the business efficiently.

Support

Finally, evaluate the amount of support you expect to receive from your family and the community. You’ll
most likely spend an inordinate amount of time in the initial stages of opening your new business, which
could affect your family relationships. Opportunity evaluation requires professional and personal
considerations. Outside hobbies and commitments may need to be curtailed for some time. Attitudes and
cultural preferences in your community can impact your ability to grow and sustain your business. Evaluate
your standing on all these fronts to ensure you’ve got the necessary support to be successful.

Invention VS Innovation

Invention can be defined as the creation of a product or introduction of a process for the first time.

Innovation on the other hand, occurs if someone improves on or makes a significant contribution to an
existing products, process, or service.

Types of Innovation

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Sources of Innovation Ideas

ACTIVITY/ASSESSMENT:

ACIVITY: Comprehension Check:

Directions. Answer the following questions and post your answer in our official Google Classroom.

1. As a future entrepreneur, what do you prefer, a new product or an innovation of a new product?
Why? (minimum 100 words)

K- what I already KNOW about W- what I WANT to know L- What I LEARNED about
this topic about this topic this topic

RESOURCES:

Steps in the Entrepreneurial Process

https://www.kdkce.edu.in/upload/Entrepreneurial%20Process.pdf
The Entrepreneurship Process
(https://repository.up.ac.za/bitstream/handle/2263/24173/03chapter3.pdf?sequence=4&isAllowe
d=y#:~:text=Thus%20the%20four%20stages%20of,of%20the%20product%20or%20service.)

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MODULE 4: ENTREPRENEURSHIP - STRATEGY

Learning Outcomes:
Define the 35 Strategies of an Entrepreneur

Discuss the attitudes, values, characteristics, behavior, and processes associated with possessing
an entrepreneurial mindset and engaging in successful entrepreneurial behavior.

Strategies of a successful Entrepreneur

1. Think big: Failing to reach your potential is a lesser-known, lesser-understood type of business failure.
Entrepreneurs fail to think big because they are limited by their environment or their lack of expertise, or
they lack the motivation or self-confidence.

2. Create new markets: Studies have shown that “blue ocean” businesses account for a disproportionate
amount of the profits and revenues.

3. Work on your business, not in your business: Doing lots of operations work leads to early burnout. You
should hire key employees so you can spend your time making plans for growth.

4. All risk isn’t risky: Entrepreneurs may have a tolerance for risk, but they also have the ability to make
calculations and increase their chances of success.

5. Don’t waste time: The best entrepreneurs have a sense of stressful urgency. If you don’t feel this way,
ask yourself why.

6. Build a company that is systems-dependent, not people-dependent: Map out all the roles in your
company, from CEO to CFO, even if you’re doing most of them. That way, you can automate processes,
make things more efficient, and be ready to hire.

7. Ask for help: Don’t let your ego get in the way.

8. Business comes first, family second: If it doesn’t, your business will probably fail. But if it succeeds,
you can offer many benefits to your family.

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9. Do what’s most important first: Successful entrepreneurs prioritize the important tasks, even though
they are harder and take longer. Increase your motivation and focus by working in the morning, taking a
break, changing your environment, and disconnecting from the web.

10. Hire a good lawyer: They can help with choosing a business entity, intellectual property, and contracts.

11. The business plan is overrated: Before writing one, research the competition, talk to customers, and
develop a prototype.

12. Require criticism and disagreement in your company: Many founders make the mistake of hiring
“yes-men” who think and act like they do.

13. Fire your worst customers: They can make you lose money and waste time in the long run.

14. Make money while doing nothing: To do that, try to work on your business (not in your business),
focus on systems rather than people (see above), automate processes through technology, and outsource.

15. Outsourcing makes sense: Your business is more likely to succeed if you outsource non-core
functions. And in the long run, you’ll create more jobs in your community (by surviving).

16. Move on fast from a bad business idea: Tenacity can help entrepreneurs, but not when it makes you
stick with a bad idea for too long.

17. A bad economy is a great opportunity: Many great companies were founded during bad times, and
great entrepreneurs are the ones who can stick it out.

18. Adopt technology early: Successful entrepreneurs like Bill Gates or Steve Jobs are often exposed to
new technologies before they hit the consumer market and become early adopters.

19. Ignorance can be bliss: Although many entrepreneurs are familiar with the industries they disrupt,
others are newcomers that come in with radical ideas.

20. Adapt to change quickly: It’s harder to change when you’re doing well. To build change into the
culture, do regular reviews of changing markets, customers, and technologies.

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21. Technology is an opportunity, not a threat: It’s hard to imagine that the newest technologies will
become widespread, but they do. Adopt them early.

22. Always follow up: Don’t let your fear of rejection, laziness, or misunderstanding of what is polite get in
the way.

23. Have laser like focus: Having too many products can lower quality, waste resources, and confuse
customers.

24. Nonprofit really means profit: Look to nonprofits as customers. They have money to spend, are eager
to find a deal, and will refer you to other nonprofits.

25. Explore new adventures for inspiration: Go outside or visit another city or state or country to solve a
mental block or come up with new ideas.

26. Failure doesn’t kill you; it makes you stronger.

27. Seek partnerships for the right reasons: According to Guy Kawasaki, good partnerships accelerator
cash flow, increase revenues, and reduce costs – not generate press coverage or make up for weaknesses,
for example.

28. Be a master at leveraging resources: Customers and advertisers aren’t always willing to pay cash;
learn to do creative things with the resources they offer.

29. An idea’s execution, not its uniqueness, yields success: Focus on speed, your team, and frugality.

30. Find an enemy: Finding an enemy can motivate your team and “gamify” the startup process.

31. Don’t underestimate your competition: Saying you have no competitors does not attract investors.
Every company has competitors, even if it’s a different product that people might otherwise spend their
money on (a “substitute”) or a product with a different business model.

32. Ask for what you want: You’ll be surprised what people are willing to give.

33. No competition probably means your idea has little merit: Possible reasons include lack of demand,
too small of a market, an unprofitable idea, or huge barriers to entry.

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34. Put out fires quickly: For customer complaints, respond quickly and calmly; listen after apologizing;
explain your plan and give a timeline; share updates frequently; and make sure they are satisfied with the
resolution.

35. Have an exit strategy: It will help you make decisions along the way and recognize opportunities to
exit.

ACTIVITY/ASSESSMENT:

ACIVITY: Comprehension Check:

Directions. Answer the following questions and send your answer in our official Google Classroom.

❖ Choose 5 strategies of a successful Entrepreneur and discuss it in your own words. Provide
examples. (minimum of 50 words per example)

ACIVITY: K-W-L Chart Directions. With the inputs you collected, you will now complete the KWL chart by
writing what they have learned in the L column. Screenshot your final KWL Chart and post it in our official
Google Classroom.

K- what I already KNOW about W- what I WANT to know L- What I LEARNED about
this topic about this topic this topic

REFERENCE:

Book Title: The Entrepreneur Mind: 100 Essential Beliefs, Characteristics, and Habits of Elite
Entrepreneurs
Author: Kevin D. Johnson
Publisher: Johnson Media Incorporated

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MODULE 5: ENTREPRENEURSHIP - PEOPLE

Learning Objectives

✔ Student would learn what matters most when dealing with people

As an entrepreneur, your ability to repel bad people and to attract good people, whether in the office or in
your bedroom, makes all the difference in your level of success. In this chapter, you learn what matters
most when dealing with people, so that you can surround yourself with the kind of people who move your
business forward.

⮚ Spend the majority of your time with people smarter than you: You will pick up their habits and
thoughts and learn from them.

⮚ Office space is not a priority, but a good team is: Office space can actually decrease productivity
because of commuting, and services like Regus can provide the facade of an office (like a secretary
and address) without the real thing.

⮚ What you wear isn’t what you’re worth: Dress comfortably, but respectably – the right people
won’t care.

⮚ You don’t always have to be the smartest one in the room: The best CEOs are humble and
know how to bring together smart people.

⮚ Talent trumps seniority.

⮚ You are odd, and it’s okay: Entrepreneurs have higher levels of dyslexia, ADD, and Asperger’s
than the general population.

⮚ People don’t only work for money: Good employees will accept payment other than money, and
they may even work harder than paid employees.

⮚ You have a sidekick: Working with someone else can increase productivity by more than double.

⮚ Don’t let people abuse your flexibility: Entrepreneurs have flexible work hours, but that doesn’t
mean that friends and family should take advantage of that. Try to set some boundaries.

⮚ Don’t manage people, manage expectations: Setting expectations for things like deadlines will
make people fall into line, rather than you having to manage them at each step.

⮚ Get the right mentor: Choose one who has achieved the success that you want and is able to
answer questions fairly quickly.

⮚ Choose your spouse wisely: Marry someone who understands you.

⮚ Fire unproductive people: Know what you’re looking for, don’t make rash hiring decisions, and
be sure to constantly evaluate the team and seek out top talent.

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ACTIVITY/ASSESSMENT:

ACIVITY: Comprehension Check:

Directions. Answer the following questions and send your answer in our official Google Classroom.

❖ Think of 5 scenarios/events in a business that will deal with people. How will you deal with it if
you will be the owner? (minimum of 50 words per example)

ACIVITY: K-W-L Chart Directions. With the inputs you collected, you will now complete the KWL chart by
writing what they have learned in the L column. Screenshot your final KWL Chart and post it in our official
Google Classroom.

K- what I already KNOW about W- what I WANT to know L- What I LEARNED about
this topic about this topic this topic

REFERENCE:

Book Title: The Entrepreneur Mind: 100 Essential Beliefs, Characteristics, and Habits of Elite
Entrepreneurs
Author: Kevin D. Johnson
Publisher: Johnson Media Incorporated

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MODULE 6: ENTREPRENEURSHIP - FINANCE

Learning Objectives:

✔ Students will know different ways to stay on top of your personal and business finances to
avoid problems

Though it sounds obvious, this basic idea must be emphasized from time to time: You are in business to
make money. Caught up in the throes of everyday business activities, ranging from selling to managing
operations, entrepreneurs often leave matters of finance to fall by the wayside. By the time they realize the
importance of closely monitoring their finances, it is too late; the damage has been done.

⮚ You don’t need money to make money: You can obtain lots of resources for free. But it might
take money to make lots of money quickly.

⮚ Pay taxes quarterly: Otherwise, you may owe more than you can pay at the end of the year.

⮚ A check in hand means nothing: Take questionable checks to the bank to verify funds and, more
broadly, don’t assume you’ve been paid until the money is in the bank.

⮚ Avoid negative cash flow: It’s possible to have negative cash flow over a month (for example)
even if your company is profitable overall. Keep track of this so you can pay all your bills.

⮚ Borrow money from a bank before you need it: You’re more likely to get a loan when you don’t
need it, and you’ll be prepared should an economic downturn hit.

⮚ Prepayment is king; disregard standard payment terms: Build trust with customers to get them
to pre-pay for products or services. Make your payment terms clear and set up a timeline for getting
paid as early as possible.

⮚ Hiring a professional accountant is money well spent: In the end, they save you time and
money overall.

⮚ Manage debt well. Most entrepreneurs don’t raise funding, and most businesses fail due to
undercapitalization.

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⮚ There’s a downside to having investors: Investors aren’t easy to find, deals can fall through, and
money can exacerbate your problems if the business isn’t sound already.

⮚ Focus on building revenue: Investors care about sales and revenue.

⮚ The biggest investment in your company is yours: People are more likely to invest when you
have invested your own money (or at least time) into the business.

⮚ Use different banks to minimize risk: If your business and personal accounts are at the same
bank, they are linked by your Social Security number. You may see business debt affecting your
personal credit report or be pressured to pay off business debts with personal finances.

ACTIVITY/ASSESSMENT:

ACIVITY: Comprehension Check:

❖ Think of 5 scenarios/events in a business that will deal with finance. How will you deal with it if you
will be the owner? (minimum of 50 words per example)

ACIVITY: K-W-L Chart Directions. With the inputs you collected, you will now complete the KWL chart by
writing what they have learned in the L column. Screenshot your final KWL Chart and post it in our official
Google Classroom.

K- what I already KNOW W- what I WANT to know L- What I LEARNED about

about this topic about this topic this topic

REFERENCE:

Book Title: The Entrepreneur Mind: 100 Essential Beliefs, Characteristics, and Habits of Elite
Entrepreneurs
Author: Kevin D. Johnson
Publisher: Johnson Media Incorporated

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MODULE 7: ENTREPRENEURSHIP - LEADERSHIP

Learning Objective:

✔ Know the main leadership qualities that entrepreneurs have and why they are important.

Entrepreneurial leadership involves organizing and motivating a group of people to achieve a common
objective through innovation, risk optimization, taking advantage of opportunities, and managing the
dynamic organizational environment

Leaders are born, not made. What do you think? Many people disagree. While some people seem to come
out of the womb with leadership qualities, they don’t have a monopoly on leadership, especially when it
comes to business. Leadership qualities can be taught and learned.

Countless examples are available of tech entrepreneurs who learned to be leaders of their companies—
and are quite good ones. Mark Zuckerberg, the cofounder of Facebook who was coached by business
veterans, comes to mind. Once a reserved geek, he is now a dynamic CEO of a billion-dollar company.

⮚ Act in spite of how you feel: Don’t let your emotions or fatigue let you miss out on valuable

opportunities.

⮚ Push beyond your fear: Let your goals propel you

⮚ Be a maverick: Lots of successful entrepreneurs were rebellious.

⮚ Make your dreams come true.

⮚ Make difficult sacrifices: The best entrepreneurs are willing to make extreme sacrifices that go

beyond just eating ramen.

⮚ You have unbelievable endurance: Endurance is the most important trait for entrepreneurs.

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⮚ Be prepared to lose it all: Despite the media hype, this is what happens to many

5 Essential Leadership Skills and Practices

1. Self-development
Because businesses today operate at breakneck speed, leaders should prioritize a half-hour a week to
focus on themselves, whether that means learning something new or taking time to plan for the week ahead,
Bullock says.

“This could be seeking out quick learning experiences, whether they’re through online videos or short,
online trainings,” he says. “Maybe it’s learning about how to work with difficult people, how to have a difficult
conversation, or how to motivate someone who’s difficult to motivate. Learning isn’t something that should
ever end; it should be continual.”

Self-development might also mean setting aside time each week to prioritize what you want to achieve in
the week ahead. This helps you become more intentional; Bullock says.
“When you step into your workspace, you’re immediately flooded with communications and fires to put out.
This whirlwind hinders your intentionality because you’re only reacting,” he says. “Think about what’s most
important for you and your team in the upcoming week and set strategic actions to accomplish them.”

2. Team development

Equally as important as your own development is the development of your team members, Bullock says.
Some of the most successful managers today are adopting a leadership approach that embraces
developing partnerships with employees, he adds. In this paradigm, superiors embrace developing
partnerships with employees, working together with them to develop and achieve goals, and allowing
employees to take a more independent approach in completing their work.

“Leaders today might check in once a week for 10 to 15 minutes with the people on their team to review
priorities, what they’re working on, and how they’re feeling—whether they’re overwhelmed or engaged, for
example,” Bullock says. “It’s more about collecting real-time data on their team to make sure they’re focused
on the right things at the right time.”

Moreover, as job-hopping trends continue to increase, retaining talent is more important than ever. Leaders
should meet with their team members quarterly to discuss the employee’s interests, ambitions, and goals
and then work together to develop a path with resources to get there.

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“Many times leaders aren’t aware of all the resources that are available to them,” he says. “When people
think about development, their mind goes to sitting in a classroom—but that’s not necessarily the only
option. There are videos, e-learning opportunities, on-the-job trainings, and even networking events that
can be useful. The leader’s job is to facilitate this process.”

3. Strategic thinking and acting

Companies today must remain nimble and responsive to change, which is why strategic thinking are among
the most highly effective leaders, according to Harvard Business Review. In the report, HBR found that a
strategic approach to leadership was 10 times more important to the perception of effectiveness than other
behaviors it studied, including communication and hands-on tactical behaviors. Strategic thinkers take a
broad, long-range approach to problem-solving and decision making that involves objective analysis,
thinking ahead, and planning.

“Leaders need to think about the best route to get to the outcomes that exceed the expectations for the
people they serve,” Bullock says. “There are many ways to go about that, including setting a vision and
being clear about what that means, along with everyone’s role in achieving that vision.”

4. Ethical practice and civic mindedness

Leaders set the standard for teams based on their values, Bullock says. “The things you talk about, do, and
allow all become part of your team’s culture,” he says. “If you’re talking about ethics and doing the right
thing, your team will pick up on that,” he says. “What you value gets valued by your team.”

Ethics and civic mindedness are often dictated by the organization through written policies and procedures
that leaders should learn and periodically reference. Many leaders are aware that these policies exist, but
only seek them out in times of crisis, Bullock says. Instead, leaders should familiarize themselves with the
policies and procedures so they’re prepared when an ethics situation arises.
“Most leaders don’t take ethics as seriously as they should,” he says. “Mishaps happen when something
drastic happens and they get caught up in the whirlwind. Leaders should have ethics front-of-mind so when
a problem happens, they can handle it quickly and effectively.”

5. Innovation

For businesses to keep pace in today’s competitive marketplace, innovation needs to be an organizational
priority—and this type of culture starts at the top. It’s easy for leaders to get stuck in a rut performing their
everyday responsibilities because people are creatures of habit, Bullock says. Innovation is a good way for

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leaders to change things up and try something new—which sometimes leads to great ideas and better
methods.

ACTIVITY/ASSESSMENT:

ACIVITY: Comprehension Check:

1. Think of 5 scenarios/events in a business that will deal with leadership. How will you deal with
it if you will be the owner? (minimum of 50 words per example)

2. How can you improve your leadership trait? Discuss,

ACIVITY: K-W-L Chart Directions. With the inputs you collected, you will now complete the KWL chart by
writing what they have learned in the L column. Screenshot your final KWL Chart and post it in our official
Google Classroom.

K- what I already KNOW W- what I WANT to know L- What I LEARNED about

about this topic about this topic this topic

REFERENCE:

Book Title: The Entrepreneur Mind: 100 Essential Beliefs, Characteristics, and Habits of Elite
Entrepreneurs
Author: Kevin D. Johnson
Publisher: Johnson Media Incorporated

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MODULE 8: ENTREPRENEURSHIP - MOTIVATION

Learning Objective:
✔ Students will know how to be motivated with their studies and business

The word “motivation” in a business context often conjures up images of a room full of corporate
managers getting an expensive pep talk from motivational speakers like Zig Ziglar and Les Brown.
But motivation comes in several different forms, many of which are subtle and even subconscious.
As an entrepreneur, you must be keenly aware of what motivates you to ensure that your
maximum effort is sustainable.

⮚ Being successful is not the goal: Entrepreneurs should be motivated by creating a valuable
product for customers, not success itself. The feeling of success is fleeting after each
accomplishment.

⮚ You are excited when Monday morning arrives: Entrepreneurs love Mondays because they get
a fresh start with work, and the rest of the world is available to respond to them and move things
along.

⮚ You’re disappointed when Friday arrives Fridays are less productive for your team, you have to
pay everyone, and you can’t really get back to work until Monday.

⮚ A 9-to-5 is worse than death: Entrepreneurs do have fear, and that is the fear of failing to the
point where they need a “real job.”

⮚ Your parents want you to get a real job with benefits: Be patient with them; they may not
understand what drives you or the risks involved.

⮚ You sometimes get more resentment than respect: People are often jealous or can’t really
understand what you do.

⮚ It’s not about being your own boss: People who don't want a boss may not have the discipline
that entrepreneurship requires. And entrepreneurship is not about being a manager (as the term
“boss” implies), but a visionary.

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⮚ Entrepreneurship is in your blood, literally: Research your family history to see if you have any
entrepreneurial ancestors – it might give you a little extra inspiration.

⮚ You know your worth: Entrepreneurs are willing to leave jobs or say no to deals that undervalue
them or their companies.

⮚ You can’t keep a job: Entrepreneurs tend to leave jobs or get fired.

⮚ You cry when things don’t go your way: Steve Jobs did; it’s okay for you to, as well.

⮚ It’s never too late to be an entrepreneur: In fact, older people are starting more businesses than
those in their teens and twenties. But the media tends to focus on young tech entrepreneurs.

⮚ You feel unequaled joy when your idea becomes reality.

⮚ Following your passion is bogus: Not all passions can be monetized, there are other reasons
for starting a business, and businesses actually come with lots of drudgery.

⮚ You have the right motivation: The best entrepreneurs are motivated by the desire to solve a
problem and create a great product. Other entrepreneurs are motivated by the desire to avoid a
regular job, or just make a living.

⮚ You love your life: Controlling your own destiny is what makes entrepreneurs love their lives,
through good or bad times.

⮚ You’re an entrepreneur forever: Once you know the life of the entrepreneur, you can never forget
it.

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ACTIVITY/ASSESSMENT:

ACIVITY: Comprehension Check:

1. Think of 5 scenarios/events in a business that will deal with motivation. How will you deal
with it if you will be the owner? (minimum of 50 words per example)

ACIVITY: K-W-L Chart Directions. With the inputs you collected, you will now complete the KWL chart by
writing what they have learned in the L column. Screenshot your final KWL Chart and post it in our official
Google Classroom.

K- what I already KNOW W- what I WANT to know L- What I LEARNED about

about this topic about this topic this topic

REFERENCE:

Book Title: The Entrepreneur Mind: 100 Essential Beliefs, Characteristics, and Habits of Elite
Entrepreneurs
Author: Kevin D. Johnson
Publisher: Johnson Media Incorporated

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MODULE 9: ENTREPRENEURIAL MINDSET AND ACTION:

GOAL SETTING

Learning Objective:
✔ Know the main leadership qualities that entrepreneurs have and why they are important.

If you want to succeed, you need to set goals. Without goals you lack focus and direction. Goal setting not
only allows you to take control of your life's direction; it also provides you a benchmark for determining
whether you are actually succeeding. Think about it: having a million dollars in the bank is only proof of
success if one of your goals is to amass riches. If your goal is to practice acts of charity, then keeping the
money for yourself is suddenly contrary to how you would define success.

To accomplish your goals, however, you need to know how to set them. You can't simply say, "I want" and
expect it to happen. Goal setting is a process that starts with careful consideration of what you want to
achieve and ends with a lot of hard work to actually do it. In between, there are some very well-defined
steps that transcend the specifics of each goal. Knowing these steps will allow you to formulate goals that
you can accomplish.

The Five Golden Rules

1. Set Goals That Motivate You

When you set goals for yourself, it is important that they motivate you: this means making sure that they
are important to you, and that there is value in achieving them. If you have little interest in the outcome, or
they are irrelevant given the larger picture, then the chances of you putting in the work to make them happen
are slim. Motivation is key to achieving goals.

Set goals that relate to the high priorities in your life. Without this type of focus, you can end up with far too
many goals, leaving you too little time to devote to each one. Goal achievement requires commitment, so
to maximize the likelihood of success, you need to feel a sense of urgency and have an "I must do this"
attitude. When you don't have this, you risk putting off what you need to do to make the goal a reality. This
in turn leaves you feeling disappointed and frustrated with yourself, both of which are de-motivating. And
you can end up in a very destructive "I can't do anything or be successful at anything" frame of mind.

Tip:

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To make sure that your goal is motivating, write down why it's valuable and important to you. Ask
yourself, "If I were to share my goal with others, what would I tell them to convince them it was a
worthwhile goal?" You can use this motivating value statement to help you if you start to doubt
yourself or lose confidence in your ability to actually make the goal happen.

2. Set SMART Goals

You have probably heard of SMART goals already. But do you always apply the rule? The simple fact is
that for goals to be powerful, they should be designed to be SMART. There are many variations of what
SMART stands for, but the essence is this – goals should be:

Specific.
Measurable.
Attainable.
Relevant.
Time Bound.

Set Specific Goals

Your goal must be clear and well defined. Vague or generalized goals are unhelpful because they
don't provide sufficient direction. Remember, you need goals to show you the way. Make it as easy
as you can to get where you want to go by defining precisely where you want to end up.

Set Measurable Goals

Include precise amounts, dates, and so on in your goals so you can measure your degree of
success. If your goal is simply defined as "To reduce expenses" how will you know when you have
been successful? In one month's time if you have a 1 percent reduction or in two years' time when
you have a 10 percent reduction? Without a way to measure your success you miss out on the
celebration that comes with knowing you have actually achieved something.

Set Attainable Goals

Make sure that it's possible to achieve the goals you set. If you set a goal that you have no hope
of achieving, you will only demoralize yourself and erode your confidence.

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However, resist the urge to set goals that are too easy. Accomplishing a goal that you didn't have
to work hard for can be anticlimactic at best and can also make you fear setting future goals that
carry a risk of non-achievement. By setting realistic yet challenging goals, you hit the balance you
need. These are the types of goals that require you to "raise the bar" and they bring the greatest
personal satisfaction.

Set Relevant Goals

Goals should be relevant to the direction you want your life and career to take. By keeping goals
aligned with this, you'll develop the focus you need to get ahead and do what you want. Set widely
scattered and inconsistent goals, and you'll fritter your time – and your life – away.

Set Time-Bound Goals

Your goals must have a deadline. Again, this means that you know when you can celebrate
success. When you are working on a deadline, your sense of urgency increases and achievement
will come that much quicker.

3. Set Goals in Writing

The physical act of writing down a goal makes it real and tangible. You have no excuse for forgetting about
it. As you write, use the word "will" instead of "would like to" or "might." For example, "I will reduce my
operating expenses by 10 percent this year," not "I would like to reduce my operating expenses by 10
percent this year." The first goal statement has power, and you can "see" yourself reducing expenses, the
second lacks passion and gives you an excuse if you get sidetracked.

Tip 1:
Frame your goal statement positively. If you want to improve your retention rates say, "I will hold on to all
existing employees for the next quarter" rather than "I will reduce employee turnover." The first one is
motivating; the second one still has a get-out clause "allowing" you to succeed even if some employees
leave.

Tip 2:
If you use a To-Do List , make yourself a To-Do List template that has your goals at the top of it. If you use
an Action Program , then your goals should be at the top of your Project Catalog.
Post your goals in visible places to remind yourself every day of what it is you intend to do. Put them on
your walls, desk, computer monitor, bathroom mirror or refrigerator as a constant reminder.

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4. Make an Action Plan

This step is often missed in the process of goal setting. You get so focused on the outcome that you forget
to plan all of the steps that are needed along the way. By writing out the individual steps, and then crossing
each one off as you complete it, you'll realize that you are making progress towards your ultimate goal. This
is especially important if your goal is big and demanding, or long-term. Read our article on Action Plans for
more on how to do this.

5. Stick With It!

Remember, goal setting is an ongoing activity, not just a means to an end. Build in reminders to keep
yourself on track and make regular time-slots available to review your goals. Your end destination may
remain quite similar over the long term, but the action plan you set for yourself along the way can change
significantly. Make sure the relevance, value, and necessity remain high.

KEY POINTS

Goal setting is much more than simply saying you want something to happen. Unless you clearly define
exactly what you want and understand why you want it the first place, your odds of success are considerably
reduced. By following the Five Golden Rules of Goal Setting you can set goals with confidence and enjoy
the satisfaction that comes along with knowing you achieved what you set out to do.

ACTIVITY/ASSESSMENT:

ACIVITY: Comprehension Check:

1. Think of a goal. How will you deal with it using the SMART goal setting? Discuss.

ACIVITY: K-W-L Chart Directions. With the inputs you collected, you will now complete the KWL chart by
writing what they have learned in the L column. Screenshot your final KWL Chart and post it in our official
Google Classroom.

K- what I already KNOW W- what I WANT to know L- What I LEARNED about

about this topic about this topic this topic

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REFERENCE:

Book Title: The Entrepreneur Mind: 100 Essential Beliefs, Characteristics, and Habits of Elite
Entrepreneurs
Author: Kevin D. Johnson
Publisher: Johnson Media Incorporated

Golden Rules of Goal Setting

By the Mind Tools
https://www.mindtools.com/pages/article/newHTE_90.htm

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MODULE 10: ENTREPRENEURIAL MINDSET AND ACTION:

FEEDBACK

Learning Objectives:
✔ Discuss the ideas and collect feedbacks (negative and positive

Feedback is a vital part of any leader’s skillset. Project managers, team leaders, teachers, coaches develop
this skill over the course of their careers. Not just giving feedback, but also receiving it is essential for
efficiently sharing information within teams and groups. Let’s take a closer look at its value and learn how
to get better at providing it.

Constructive feedback is a robust tool for creating healthy environment, boosting productivity and
engagement, and achieving better results. It positively influences communication, team members’
interaction and teamwork results in different fields. Here’s how it works for different processes:

The importance of feedback in the workplace is hard to overestimate: sharing information on what can and
needs to be improved helps optimize work process and get things done in less time.

Feedback is of great help in leadership and communication: it creates a clear picture and increases
transparency.

Feedback plays the crucial role in education and learning by helping adopt new knowledge sooner and
avoid repetitive mistakes.

The same applies to feedback in sports and coaching: it helps learn new skills and get better results.

Why Is Feedback So Important?

So, what exactly is so great about feedback? Let’s see how team leaders can use it to influences
communication and work inside their team or group.

Feedback keeps everyone on track.

That’s beneficial for everyone involved in any type of activities: working on a project, preparing for an event,
studying, etc.

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Feedback helps your team avoid major mistakes.

By creating a clear and honest communication flow during any kind of teamwork, it saves you the time of
correcting someone’s work, reduces errors caused by miscommunication to a minimum, and prevents
regrets of those who feel like they failed.

You form better relationships.

Feedback promotes honesty and trust. It often involves criticism, which is something most people aren’t
comfortable with. But when given in the right way, it can help them evolve.

Constructive feedback motivates people.

A friendly approach works well here. You can not only help others see what they might be doing wrong, but
allow them to use this as a piece of advice, not judgment. Make them feel like you believe in them and just
want to help them reach the project’s goal sooner. That will make them even more motivated to do a good
job.

Feedback promotes personal and professional growth.

Feedback is about listening actively, taking the time to analyze, and then thinking of the best possible
solution to perform better. It provides positive criticism and allows to see what everyone can change to
improve their focus and results. It brings people together and creates a healthy communication flow.

Feedback helps to create a friendly work environment.

Openness to criticism and an urge to seek feedback are the other positive effects that save you big time.
It’s not uncommon that the best ideas come from someone on the team who simply mentions a solution to
a problem or points out an issue that others haven’t noticed yet.

Feedback produces some business-related, direct benefits.

They are business growth, saving money, making more sales, completing projects on time, and other
positive changes in finance, relationships with customers, and company’s market positions.

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All this makes people on the team more engaged in the work process. You might notice they show more
involvement and loyalty once giving feedback becomes a regular practice.

The Skill of Providing Feedback

For a team leader, manager, or teacher, it’s extremely important to give feedback in the right way. While it
is a powerful practice that creates a visible positive effect, it can also hurt people, lower their self-esteem
or make them feel underappreciated.

To do this right, plan your approach in advance. Take into account some simple advice on what to do and
what not to do when providing feedback and receiving it.

First, avoid anything that can be heard as blaming or judging you want to motivate people and show them
area for improvement, not the opposite. Always explain your team how open communication about possible
improvements is a win-win situation. Mention their strengths first, after which you can point an aspect they
can work on more.

Make sure you’re specific and use evidence. Your employees should know exactly what aspect of the
project you’re talking about, what they did wrong, and how it can be improved. For this reason, it’s important
to utilize hard evidence, such as time tracking and employee progress data that display how much time
each worker uses to complete tasks and which activities they engage in on the way. These data may be
collected with actiTIME – a smart timesheet tool with a powerful reporting and task management
functionality. It can help you monitor team performance in real time and gather data to inform your
feedback.

Give people time to understand your feedback and make sure to receive their responses. They should be
comfortable with sharing how they feel about it. Be open-minded and take into account your team members’
points of view.

Don’t forget to let them be part of the problem-solving process. Even if you already have a specific solution
in mind, hear them out, then share your proposal using some of their words or ideas.

It is not uncommon that people aren’t actually sure what happened or what their next step should be. That’s
why you should ask questions in the end and see if the other person received your message. Follow up
after a few days to see how they are doing and whether there’s still an issue.

Last but not least, encourage team members to provide feedback as well. Leave your ego behind, ask them
if they have something to add about your performance and role as a manager, and carefully listen to what
they have to say. Let them give examples too so you can see what exactly they mean, then discuss this
openly and together to find a way to make it work and use the feedback effectively.

Summary

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Promoting feedback in a team should be your next move. Make room (and plan time!) for it in the process
of planning your future activities. Take into account that, in fact, feedback should be present at every step.
Give your team time to get used to this new, open-minded and feedback-friendly environment.

What is customer feedback?

Customer feedback is the information, insights, issues, and input shared by your community about their
experiences with your company, product, or services. This feedback guides improvements of the customer
experience and can empower positive change in any business — even (and especially) when it’s negative.

Why is customer feedback important?

Customer feedback is important because it serves as a guiding resource for the growth of your company.
Don’t you want to know what you’re getting right — and wrong — as a business in the eyes of your
customers?

Within the good and the bad, you can find gems that make it easier to adjust and adapt the customer
experience over time. In short, feedback is the way to keep your community at the heart of everything you
do.

The 7 most effective customer feedback methods

Before you begin collecting feedback from customers, you need to pinpoint why you’re seeking their input.
Identifying your desired outcomes and outlining the process for getting there sets the groundwork for a
worthwhile investment of your time — and your customers’ time. Without a clear intention, your feedback
may not serve anyone.

Jot down the answers to these questions and talk about them with your team before getting started.:

What part of the customer experience would you like to improve? (Onboarding? Content marketing? Target
the aspect of the customer journey that would most benefit from customer insights.)

What’s your plan for the data you collect? There’s no reason to gather customer feedback unless it leads
to actionable change. Let’s say your customer survey reveals that your product’s UI is confusing. Ensure
that you’re willing to invest in fixing it before collecting feedback.

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Customer Feedback Methods:

1. Customer feedback surveys

2. Email and customer contact forms
3. Usability tests
4. Exploratory customer interviews
5. Social media
6. On-site activity (via analytics)
7. Instant feedback from your website

ACTIVITY/ASSESSMENT:

ACIVITY: Comprehension Check:

1. How do you deal with feedbacks? Discuss any experience.

ACIVITY: K-W-L Chart Directions. With the inputs you collected, you will now complete the KWL chart by
writing what they have learned in the L column. Screenshot your final KWL Chart and post it in our official
Google Classroom.

K- what I already KNOW W- what I WANT to know L- What I LEARNED about

about this topic about this topic this topic

REFERENCE:

The Importance of Feedback

Published: March 2020
https://www.actitime.com/project-management/importance-of-feedback/

Customer Feedback: Why It’s Important + 7 Ways to Collect It

Author: Elizabeth Wellington
Published: November 25, 2019
https://www.helpscout.com/blog/customer-feedback/

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MODULE 11: ENTREPRENEURIAL MINDSET AND ACTION:

EXECUTION

Learning Objectives:

✔ Students can discuss the steps on how to perform and execute a plan

You'll notice two key things about this diagram:

It's circular.

Strategy isn't a process, it's a way of running your organization. It never ends and is 100% iterative.

It's holistic.

It may seem obvious, but so few organizations have tangible connections between their strategic plan and
their reporting, performance management or remuneration processes. All your business processes need to
act as one, in harmony if you're to be truly successful.

So, how to successfully execute a strategy? Let's break down the individual phases of this diagram and
see how they fit together:

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Strategic Planning

It goes without saying that the first step needed to successfully execute a strategy, is the planning process.
We’ve written extensively about how to write good strategic plans. But the main point here is that planning
isn’t just about actions, it’s also about frameworks and methods.

Your planning phase needs to address at least the following questions:

⮚ What are you going to ultimately achieve?

⮚ The steps (big and small) you will be taking to get there?
⮚ What framework will you be using to keep you focused and on track (think the Balanced Scorecard,
McKinsey’s Strategic Horizons, etc)?
⮚ How will you structure your strategy reporting?
⮚ The frequency of your strategy meetings?
⮚ What communications plan do you have in place for your strategy?
⮚ Who will your strategy mentors or advisers be?

Don’t even start the ‘doing’ phase until you can confidently answer each of the above!

Communication

Once you’ve created your plan – you need to start the process of engaging your organization. In reality the
communication process should have been taking place in parallel to the planning process. Communication
is the vessel for driving organizational adoption of a new strategy, however, there are 5 key factors that
influence the rate of strategy adoption in your organization

Communication needs to be two-way. For example, you need to establish a mechanism for people to
feedback their views about the strategy both at the start and as it rolls out. Some ideas for ways that you
can facilitate this kind of constructive communication include:

⮚ An online strategy platform

⮚ Regular ‘all staff’ forums specifically about the strategic plan
⮚ A structured one-to-one meeting framework that includes dedicated discussion time on the strategy
in meetings between managers and subordinates
⮚ An open and collaborative culture (this is a whole big topic in itself of course!)
⮚ Regular formal and informal surveys and questionnaires about the progress of the strategy

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Don’t fall into the trap of doing a great job of communicating at the start, only to see efforts fall away as
people go back to business-as-usual! This is why planning your communications out ahead of time is so
important. It will ensure that you keep your momentum up!

Goal Setting

OK so you've got a plan - the next step is to start creating tangible goals. Goals owned by individuals that
will actually move your plan towards fruition. This is really the first step of the Cascading process. Linking
back all of the activities of your senior team to the strategic plan.

It seems obvious, but often organizations create a plan, communicate it, and almost expect the rest to
happen by magic. Creating goals with/for your people will help bring structure around execution of the plan.
It will also flush out any areas that might have been overlooked.

It’s also the time when an additional element of pragmatism can be applied. Goal setting can help tease
out things like:

⮚ Whether or not the plan is realistic given resource constraints

⮚ If you have the right people and skills to execute every aspect of the plan
⮚ How well people have understood your overarching objectives

Goals will also become the bedrock for your ongoing tracking, reporting and performance management.
Each of which is a key element in a successful execution programme.

Tracking and Reporting

There are really two key components to effective tracking and reporting. Firstly, you need to ensure that
everyone in your organization is regularly updating the progress of their own goals. This doesn't have to be
arduous or time-consuming. Probably just a few minutes per month is usually enough. Perhaps just prior
to a team meeting or the regular strategy sessions you've booked into people’s diaries.

Updates should include a quantitative measure of progress against the goal, as well a short line or two of
commentary to add flavor and give a rounded picture of progress.

Goals should never be seen as static – it’s a given that sometimes you’ll need to edit the deadline of a goal,
or even rewrite it entirely as your organization evolves. That’s fine, and indeed should be encouraged – so
long as visibility of those changes exists.

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Effective tracking lays the groundwork for effective reporting. Where reporting differs from tracking, is that
your reporting should be at a strategic level rather than a goal by goal level. The way we built our strategy
reporting suite in Cascade is so that your strategy reports are automatically generated as a result of the
tracking that takes place for all contributing goals. Even if you’re not using a cloud-based execution suite
to execute your plan, you should ensure there is a deep understanding within your organization of the
importance of tracking in relation to the reports that are fed to the board, investors and other key
stakeholders.

Performance Management

This is where things start to become a little more progressive – and in our opinion where the vast majority
of strategy execution approaches start to unravel. To successfully execute a strategy - you need your entire
business process to reflect the importance of that strategy.

Performance management (and appraisals in general) are often viewed as the sole domain of Human
Resources. Worse still, they’re viewed as a process for the sake of a process – or at least for the sake of
management alone. You’d be hard pressed to find actual users of the most common performance
management systems that have positive things to say about the experience – let alone espouse on how it
helps them to better execute strategy.

In our view, performance management should be a natural extension of goal setting, which in turn is a
natural extension of your strategic plan. It is therefore a critical part of the execution journey.

As you go through the process of appraising your people, you need to be able to draw clear connections
between how well they've executed on their specific component of the strategic plan, and their ultimate
assessment / score / etc.

But in so many cases, it’s just implemented so very, very badly!

The only way that a performance management process can help you execute on your plan is if it meets the
following checks:

⮚ Goals must relate directly back to the organization’s strategic plan

⮚ It must explicitly measure and reward people for their contribution to the overall strategy
⮚ The system must be simple to use and as close to ‘fun’ as possible
⮚ Performance management must celebrate achievement of people and teams above all else
⮚ It must be social, transparent, fair and well understood

Remuneration

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The natural evolution of performance management is remuneration. You've put so much effort into planning,
communicating and goal setting - yet so many people fail to follow through with strategy into the one thing
that ultimately, we all (almost all) work for - money. We're now 5 steps 'away' from where our journey started
with our strategic plan - but the importance of connecting remuneration back to strategy cannot be
understated.

If you got step 5 right and did a good job of linking performance management > goals > strategy - then this
should be easy enough. But as you go through your initial thoughts on pay rises and bonuses for your
people - make sure to sense check yourself. Did the person receiving the highest pay rise / bonus make
the single biggest contribution to executing your strategic plan??

Don't forget that remuneration or more broadly 'reward', doesn't just have to be monetary. It could be travel
perks, sending people to conferences, extending them additional leadership opportunities - anything at all
that you're doing on a merit basis.

It's important to establish firm links between the rewards you give out and the execution of (elements) of
your strategy - this needs to be deeply embedded in the culture of the organization.

Conclusion: how to successfully execute a strategy?

There are plenty of software tools on the market that address elements of the above. If strategy really is
important to you, you need to make a tangible commitment to linking these elements together. This holistic
approach to successfully executing a strategy becomes increasingly critical as your organization grows -
one of the reasons why larger organizations find it harder to execute than startups do, is because their
business processes become so disjointed that strategy only permeates the top few layers.

ACTIVITY/ASSESSMENT:

ACIVITY: Comprehension Check:

1. Think of a goal. How will you deal with it using the SMART goal setting? Discuss.

ACIVITY: K-W-L Chart Directions. With the inputs you collected, you will now complete the KWL chart by
writing what they have learned in the L column. Screenshot your final KWL Chart and post it in our official
Google Classroom.

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K- what I already KNOW W- what I WANT to know L- What I LEARNED about

about this topic about this topic this topic

REFERENCE:

Book Title: The Entrepreneur Mind: 100 Essential Beliefs, Characteristics, and Habits of Elite
Entrepreneurs
Author: Kevin D. Johnson
Publisher: Johnson Media Incorporated

6 Steps to Successfully Execute a Strategy

by Tom Wright, on May 11, 2015
https://www.executestrategy.net/blog/successfully-execute-a-strategy

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