ESSENTIALS OF ENTREPRENEURSHIP

BECOMING AN ENTREPRENEUR
 ENTREPRENEURSHIP

correct practices in managing and operating a self-

owned wealth-creating business enterprise by
providing goods and services that are valuable to the
customers
 ENTREPRENEURSHIP

“entreprendre” which means

“to undertake”. a person who strongly advocates and
correctly practices the concepts and
operating and managing the self-owned
business venture.
 ENTREPRENEUR VS. BUSINESSPERSON

An entrepreneur is an individual having an A businessperson is an individual

exclusive idea to establish a new venture. who establishes a business with an
old business idea.

• a businessperson follows a set path engraved by some

other person CREDITS:
with an This presentation template was created
unoriginal idea, whereas an
by Slidesgo, including icon by Flaticon, and
entrepreneur thinks and believes& in
infographics making
images his own path
from Freepik
with new ideas.
ENTREPRENEUR VS. BUSINESSPERSON

P20.00 P20.00

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 THE ENTREPRENEURIAL MINDSET

WHY IS ENTREPRENEURSHIP BECOMING MORE POPULAR AS A CAREER?

• Today's environment makes it ripe for young students like you to think about becoming an
entrepreneur.

• Look around you and observe the underdeveloped economic and social conditions
generally found in the Philippines. One reason is that jobs available are not sufficient to
meet the growing labor force.

• More jobs and income-generating activities are badly needed in our country. Increased
income not only helps put food on the table, but also enables more people to afford housing,
acquire education, and gain access to better health care.

• Thus, apart from economic value, entrepreneurship has social benefits that improve the
well-being of people in society.
• The phenomenal success in entrepreneurship is attributed to a mindset.

is about your state of mind or mental attitude on a given

situation or resources available to you.

• An entrepreneurial mindset is defined as a way of thinking, reasoning,

and having a perspective on seizing an opportunity, and building on
leadership.

• entrepreneur is a person or a group who creates something new such

as a new idea, a new product or service, or new possibilities.
 COMMON COMPETENCIES OF AN ENTREPRENEUR:
• First, they constantly seek opportunities and act on them. They always look for business prospects or ways
to grow and improve themselves as well as others. As such, they continue to search for business prospects
and growth.

• Second, they recognize and prepare for risks and uncertainties. They try to figure out potential risks and
prepare for them. But they are also aware that they cannot possibly foresee all types of uncertainties.

• Third, they maintain flexibility or resiliency. When things suddenly go wrong or do not happen as expected,
they look for ways to remedy the problem.

• Last, they develop and maintain social relations and network. They value human relationships in businesses
through respect, trust, and care for other people.
 CORE COMPETENCIES OF ENTREPRENEURS:

• These are the patterns of how they think and

act, which are essential habits.

• entrepreneurship is not a fixed formula of traits

but is a lifelong skill that is continually learned
and practiced.

1. The Skill of Reflection

• Reflection is examining how you observe, think, feel, react, reason out,
make assumptions, draw conclusions, evaluate outcomes, and act
upon what you believe.

• It makes you aware of your thoughts, feelings, and what your bodily
senses tell you.
• in the context of entrepreneurship, reflection skills allow you to constantly learn
from your experiences.

• Reflection enables you to continuously improve and grow as a budding

entrepreneur.

• Reflection skills are essential for an entrepreneur to effectively discern what is

going on around him or her and to ponder how he or she could better respond to
various stimuli.
 2. The Skill of Experimentation

• Experimentation is trying out an approach or a solution and then learning from it. You may get
overwhelmed when you think of all possible solutions and approaches and not act on any of
them (often called "analysis paralysis").

The feeling of being unable to make decision due to

overthinking a problem

• The skill of experimentation involves taking a concrete action to test an approach or several
possible approaches. Experimentation is a learning-by-doing approach.

• In the context of entrepreneurship, you go through the experience of testing things out, then
gain knowledge from these experiences, and finally form the basis for developing on your next
attempt or experiment.

• You take action to test or try out a given strategy, product, or practice in real-life situations.
 How do you practice this skill?

• Start experimenting with some small, everyday tasks that you

often do in relation to your school work or, maybe, in your home
environment.

• Or, if you haven't tried concocting a pasta dish before, you may
want to experiment cooking spaghetti with meat sauce.
• All you just need is your own spark of interest and a small dose of self-confidence in trying out
something new.

• Note that experimentation is hands-on, and you may encounter errors in your initial attempt. You just
need to move on, persist in what you are experimenting on, and learn from past mistakes as you
continue to build your skill in your chosen area.

• Entrepreneurs never get tired of experimenting with new ideas, processes, and tactics even though it
could take a long time for them to see a favorable outcome, which could sometimes be totally
unexpected from what was originally conceived.

Risks Assumptions Dependencies

• Creativity and innovation require leadership because one must be willing to go into a
path that has not yet been tried.

• As Steve Jobs (Apple co-founder) said, “Creative individuals innovate because they
usually want to make things better for other people's lives.”

Where we are Where we want to be

 3. The Skill of Creativity

• Creativity is being open to new perspectives or other ways of looking at

things that are better or of higher quality.

• It is about unleashing your ideas, concepts, or approaches that have not

been tried before, or perhaps not obvious to many.
75% New customers
• In the context of entrepreneurship, the skill of creativity allows you to
innovate so as to differentiate your product or service. In that way, you
secure your competitive advantage over your rivals or competitors.

• Bear in mind that innovation does not always mean a breakthrough or a

25% Sales increase radical invention. Innovation can also be incremental or made in small
ways.
For example:

•Updating a product to make it more user-friendly is an innovation.

50% Market reach •Improving the efficiency of a process, even slightly, is innovative.
•Combining existing technologies in a novel way can also be considered innovation.
 4. The Skill of Empathy

• Empathy is the ability to put yourself in the shoes of

another person to understand how that other person
thinks and feels, enabling you to better relate to that
person.

• In the context of entrepreneurship, empathy skills

enable you to tailor your product or service offerings to
the needs and wants of your customers.

• CUSTOMERS, INVESTORS AND STAFF

 5. The Skill of Play

• The skill of play involves injecting some fun, excitement, and joy in
what you are doing as you go through your tasks. It is about cultivating
a sense of wonder and enjoyment in the midst of performing your
duties.

• In the context of entrepreneurship, it is about appreciating and

developing a sense of fun and adventure as you pursue your goals.
• Team building is one of the common avenues by which companies instill the spirit
of joy and fun in the workplace.

• businesses prefer to hold their team-building activities usually on weekends and

outdoors for employees to relax and unwind. Larger companies could afford
wellness programs such as sports tournaments, free movie passes, and free
membership to gyms.

• Examples: are holding a joint birthday party inside the office for managers and
staff, designating a monthly "free ice cream" day for everybody, and holding an
award for the "Most Supportive Employee."
• So, entrepreneurs never forget that a happy workplace is a creative and productive
workplace. Cultivating a "happiness" culture promotes employee satisfaction and
retention, making the enterprise more sustainable.

• Employees having fun and freely voicing out their individual concerns help strengthen
the skill of play vital to creativity in the workplace. An entrepreneur should explore
ways to promote this important culture of happiness within the organization.
QUESTION ?
ACTIVITY 1: PREMID

PAGE 8 (20 pts.)