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What is ENTREPRENEURSHIP?
➢ It is a proactive process of developing a business venture to make a
profit.
➢ It involves seeking opportunities for a market, establishing and
operating a business out of the opportunity, and assessing its risks and
rewards through close monitoring of the operations.

Societal and Economic Benefits of Entrepreneurship

1. Entrepreneurship produces more jobs that equate to an increase in
national income.
2. Entrepreneurship amplifies economic activities of different sectors of
society.
3. Entrepreneurship introduces new and innovative products and
services.
4. Entrepreneurship improves people’s living standards.
5. Entrepreneurship disperses the economic power and creates equality.
6. Entrepreneurship controls the local wealth and balances regional
development.
7. Entrepreneurship reduces social conflicts and political unrest.
8. Entrepreneurship elicits economic independence and capital
formation.

Who is an ENTREPENEUR?
➢ It came from the French words entre, which means “between”, and prendre,
which means “to take”.
➢ An entrepreneur is a unique individual who has the innate ability and
extraordinary dedication to establish and manage a business,
acknowledging all the risks and reaping its rewards.

LEADERSHIP is the core of every entrepreneur.

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Five Levels of Entrepreneurial Development according to Action Coach

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Four-Step Process of Thinking of a True Entrepreneur

1. IDEALIZATION – entrepreneurs dream enormously and desire to build

an ideal environment.
2. VISUALIZATION – entrepreneurs start to create plans to make the
dream a reality.
3. VERBALIZATION – involves sharing their ideas with other people,
knowing that their vision is already occurring.
4. MATERIALIZATION – happens when the vision becomes a reality.

Other terms coined to suit an entrepreneur’s field or expertise…

1. Technopreneur – is an entrepreneur who puts technology at the core

of his or her business model.
2. Social Entrepreneur – is one who takes advantage of the country’s
social problems and turn them to profitable institutions with the
intention of helping the disadvantaged community rather than making
a profit.
3. Intrapreneur – is an entrepreneur in a large company or corporation
who is tasked to think, establish, and run a new big idea or project.
They are usually product managers or the business development
managers of a company.
4. Extrapreneur – is an entrepreneur who hops from one company to
another to act as the innovation champion, providing creative and
efficient solutions.

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Common and Core Competencies in Entrepreneurship

Common Traits of Entrepreneurs

1. Proactive
• Entrepreneurs are reactive rather than passive.
• They ensure that proper research is done, the risk factors are
assessed, and plans are executed on a timely and most efficient
way.
2. Agents of Change
• They are innovation champions.
• They see opportunities in hopeless and complex situations.
• They don’t settle for mediocrity and the status quo.
3. Risk Takers
• Entrepreneurs do not just grab opportunities left and right; they
have to take into consideration the potential threats that they
may encounter.
• If they think that there is a big chance of succeeding, they push
through with the venture and don’t let the opportunity pass.
4. Have a Sharp Eye for Opportunities
• They know how to assess the net cause and effect of an
opportunity and decide intelligently if a venture should be
considered or not.
5. Sociable
• Soft skills are one of the most important competencies of
entrepreneurs as these establish the relationship with the most
important assets of the company – its people and its customers.
• Relationship management is the key for employee and customer
relation, which can be achieved by a social entrepreneur.
6. Networkers
• A networker knows the key people to connect with.

7. Decisive
• They do not settle for gray areas or unclear solutions.
• They do not leave an issue unsolved without disposition.
• They make sure that all aspects of their business have clear objectives and
strategies.
• They base their decisions on scientific calculations backed up by their
experience and technical knowledge.

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 8. Balanced
• The minds of entrepreneurs should have a balance between the
analytical and the creative side.
• Their brains are always playing with “unique ideas” that no one
has ever thought of yet.
9. Innovative
• They do not stop improving and thinking of new and worthwhile
ideas for their business.

Core Traits of Entrepreneurs

1. LEADERS
✓ To be successful leaders, they must be a source of inspiration for
their employees.
✓ They must be very humble, approachable, friendly, and also know
how to listen to people’s concerns.
✓ Leaders, act on their responsibilities that were given to them.
✓ They use their strengths and limitations to make the best of a
situation.
✓ They must also be decisive and know how to own up to their
decisions.
✓ They know how to unite the team and bring out the best in every
employee.

2. COMMUNICATORS
✓ Entrepreneurs know how to use all forms of communication to
effectively share ideas and address certain concerns with their
customers or employees.
✓ Communication channels between entrepreneurs and their
employees or customers should always be open to ensure the
smooth flow of operations in their business.

3. SPECIALISTS
✓ Entrepreneurs are tactical and are very keen with details.
✓ They understand the totality and specificity of their business.
✓ They enjoy being in action instead of being behind the scenes.

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 4. Problem Solvers
✓ Entrepreneurs possess critical thinking skills and look at problems
as challenges or puzzles that they need to solve.
✓ They know how to handle issues in any area of the business, be it
finance, operations, or marketing.
✓ They are able to solve problems by immersing themselves in day-
to-day activities, knowing what is happening in and out of their
business.
✓ They should also be aware of their employee’s personalities; they
must know how and when to use them to help solve the problems.
✓ They must have faith that every problem has a solution no matter
how hard it is.
✓ They must also be courageous and know how to face the
consequences of their decisions.

ENTREPRENEURSHIP OR EMPLOYMENT?

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Careers in Entrepreneurship

Most Common Small Businesses in the Philippines

1. Sari-Sari Store
2. Rice retailing
3. Food cart business
4. Printing business
5. Buy-and-sell business
6. Street food business
7. Flea market business or “tiangge”
8. Online selling business
9. Cellphone loading business
10. Laundry and dry cleaning business
11. Hair, styling and makeup business
12. Spa, gym, nail care business
13. Video and photography business
14. Tutorial business
15. Baking business
16. Web site development and design/blogging
17. Direct selling business
18. Car wash and car care business
19. Bar, café, and restaurant
20. Water station and LPG station

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Franchise or Startup Businesses

• Bakeries, bakeshops, and bread products

• Bars, café, and coffee shops
• Beverage and confectionery
• Car café
• Clothing and accessories
• Convenience stores
• Drug stores and pharmacies
• Fast food establishments and restaurants
• Food and snack carts
• Gas stations/petroleum products
• General merchandise and retail
• Health and wellness (salon, massage, spa and gym)
• Schools
• Services (personal and business)
• Water stations

Other Business Opportunities

• Dealerships
• Direct selling
• Distributorship

Franchising is a business arrangement wherein the franchisor, who is the

owner of the business, acquires distribution centers through the franchisees
or the affiliated dealers.

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ACTIVITY 1

Identify and research one person who is/was a successful entrepreneur.

Complete this worksheet for your entrepreneur choice. Possible sources for
information include the library, websites on internet, YouTube and more.

Entrepreneur Name: __________________________________________________

What influenced them to become an entrepreneur?

________________________________________________________________________
________________________________________________________________________

How does this person fit the definition of an entrepreneur?

________________________________________________________________________
________________________________________________________________________

How did this person measure whether they were successful or not?
________________________________________________________________________
________________________________________________________________________

What are your sources you used for information above?

________________________________________________________________________
________________________________________________________________________

RUBRICS
5 4 3 2 1
Clear and Fairly clear Minimal Somewhat Unclear not
Concise statements. effort. Few unclear. address the
statements. Sufficient supporting Confusing topic.
Demonstrate a details. details. and
thorough incomplete
understanding details.
of the topic.

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