Practice Occupational

Health and Safety

Procedures
How do you ensure your safety in your house ?

How do you ensure your safety in coming to

school?
What is a workplace?
● A workplace is an area where almost all
the activities of a certain industry takes
place. The production of goods or
services are generated here. A certain
level of safety and protection is needed
in all workplaces to ensure that the
welfare of everyone is taken into
consideration.

● Through OHS, you can ensure the safety

and protection of the workers.
What is an OHS?

Occupational Safety and

Health (OHS) procedures is a
set of systematic plans and
actions to prevent any work
related accidents and illnesses.
It is carefully planned to
identify and recognize the
hazards and risks in the
workplace.
What is an OHS?
● A hazard is a potential source of any
harm or adverse effect to anyone. A
risk is the possibility that a person
may be harmed or suffers adverse
health effects if exposed to a
hazard. It is important that the
management recognizes these
hazards so that the risk of having
mishaps will be minimized.
There are three common steps in managing
health and safety at a workplace. These are:
1. Hazard Identification
– identifying the hazards in a
workplace is an important
assignment. Being able to
identify something is a
potential hazard to anyone will
greatly minimize the chance of
it to become a risk.
There are three common steps in managing
health and safety at a workplace. These are:
2. Risk Assessment – this is
conducted to comprehend the
severity of the hazard and its
potential outcomes. It is a
careful examination on how a
certain risk would affect in an
individual including its adverse
effects and severity.
There are three common steps in managing
health and safety at a workplace. These are:
3. Risk Control – this is a
technique that gathers the
information taken from risk
assessment that helps the
management in creating plans
and changes to reduce the
chances of these risks to
happen in a workplace.
Key points
● Keeping the workplace safe is not only the responsibility of the
management.
● Occupational safety and health procedures are just guides on how to
maintain the well-being of the workplace.
● As a responsible worker, simple practices like keeping the work area clean
and organized can already help in minimizing hazards.
● One must also know how to work safely and properly especially when
handling tools that may incur physical or bodily injuries to anyone.
● Employees and the management must always work together to keep the
workplace safe and protected.
● In order to have a well accomplished hazard and risk assessment in a
workplace, a thorough investigation must be made. Hazards must be
identified and its risks be well recognized. Being able to identify the hazards
will help in carrying out the job requirements safely. Recognizing and
controlling the risks will help in eliminating a hazard.
What is a Hazard ?
● A hazard, as defined in the Canadian
Centre for Occupational Health and
Safety website, is the source of any
potential damage or harm on a
person or property in the workplace.
It can also be considered as the
actual harm in some cases. On the
other hand, risk is the probability
that a person or property will be
harmed or affected. It is an uncertain
situation that can lead to the
potential loss of something of value.
Hazards can be classified into four
categories:
Physical - any natural or human-made elements that can cause
damage to the body or intense stress. Examples are hypothermia,
noise, ultraviolet rays.
Chemical - these are substances that are either natural or human-
made that can cause damage or harm. It is also a system where
chemical accidents can happen, causing fire, explosions or leakages.
Biological - these are biological elements such as viruses, toxins or
microorganisms
Psychological - these are work-related stresses that affect a
person's well-being or health.
●To illustrate further, examples of physical hazards are electricity,
fire, water, gas, chemicals, noise, etc. These become hazardous
once they pose a threat or a potentially dangerous effect to a
worker. Other hazardous situations include confined working
spaces, contaminated rooms or areas exposed to highly contagious
diseases.
●Fire becomes a hazardous in the workplace once it goes
uncontrolled and spreads out, causing damage to the company's
equipment and potential loss of life.
●Noise is also considered a hazard if it affects the employee's
health, especially for those working in the construction site or
mines. Hazards can also cause illness, death and loss of properties.
● Risks pose a potential loss in health, safety,
environment, economy, information technology,
business, security, and maintenance.
● In security, risks are often managed through
creation of guidelines or protocols that ensure
the safety of the people within the area. As part
of the security protocol, workers are given
identification cards (ID) to be worn at all times in
the premises. This allows security enforcers to
monitor the people going in and out of the area
and will help them identify suspicious individuals.
● Hazards and risks should be properly managed.
Companies should build a dependable health and
safety management system that addresses both
concerns. It should be able to foresee the possible
hazards that can be given appropriate solutions
and minimize the risks that go along with it. This
helps avoid future accidents and probable losses
from occurring and imposing threats to its workers
and assets.
There are different ways in identifying hazards and risks.
Basic means of identifying if something is a hazard are as
follows:
Read the labels and
instructions first. This will
provide the necessary
technique in properly using a
tool or equipment. Reading the
labels of chemical based tools
will also reduce the risk of
poisoning from exposure.
There are different ways in identifying hazards and risks.
Basic means of identifying if something is a hazard are as
follows:
Checking the records of past
incidents can also help in
identifying hazards with almost
similar characteristics.
There are different ways in identifying hazards and risks.
Basic means of identifying if something is a hazard are as
follows:
Hazards can also be identified
during maintenance checks. If
a component of a machine is
not working properly, it can be
considered as a hazard.
There are different ways in identifying hazards and risks.
Basic means of identifying if something is a hazard are as
follows:
Proper observation of the
practices by the people in the
work area can also identify the
hazards and risks involved in
performing them. This will
result in a safer method of
doing so.
There are different ways in identifying hazards and risks.
Basic means of identifying if something is a hazard are as
follows:
Work orientation can also help
in identifying a hazard. This
type of hazard involves how the
operation of a certain tool or
equipment can cause potential
harm to the user.
Categories of a Hazard
● Hazards can be anything from physical things to actions done by anyone. A way to spot a
hazard is to know its category, an example of it, and the harm it can cause to anyone. Listed
below is a table that shows the categories of a hazard, an example and risks involved:
In order to make use of the hazard indicator
table above, proper risk assessment must be
made.

Risk assessment can be done by:

● Determining the severity of harm a hazard may inflict to the user
● Knowing how a hazard may inflict the said harm to the user
● Identifying the chances or likelihood that an unwanted accident
might occur
● Being able to identify the hazards in a workplace will make it
more conducive for working. Proper risk assessment on the other
hand will help in making sure that risks are well managed and
appropriate actions, in case of incidents, are well established.
Contingency measures are part
of the standard occupational
health and safety policies and
procedures that is being
implemented in a workplace. It
is designed to deal with any
minor or major incidents or
emergency that might occur in
the duration of performing a
task. Contingency measures are
composed of predefined
procedures on how to handle
situations wherein the well-
being of a personnel is being
compromised.
Contingency measures

●Contingency measures must be planned ahead of time. Having

it accomplished will shed light to some hazards and risks that
may not be recognized before and will eventually bring out any
deficiencies in the equipment or items that is being utilized.
The lack of planning could lead to severe injuries or even loss of
lives when an emergency is encountered.
The following are the most common goals
of having contingency measures:
Prevent aggravated injuries or
death – having a personnel severely
injured, or worse, having someone
die in the workplace while
performing his daily task is the last
scenario any workplace would like
to encounter. If a proper
contingency measure has been
planned ahead of time, this
scenarios will be prevented since
proper actions will be taken at the
moment of an unwanted incident.
The following are the most common goals
of having contingency measures:
Reduce the damage to the
workplace and its equipment –
aside from protecting the
personnel, the workplace itself
must be secured from further
damages. Workplace and
equipment safety and
protection must also be
included in the contingency
measures.
The following are the most common goals
of having contingency measures:
Continue the workflow – after
applying the appropriate
contingency measure, work
must resume as soon as
possible. This is so the
workplace activities will not be
hampered for a prolonged
period of time which may result
in reduced production and
pending projects.
Listed in the table are some of the most common
hazards and the appropriate contingency measure
for each:
Listed in the table are some of the most common
hazards and the appropriate contingency measure
for each:
Listed in the table are some of the most common
hazards and the appropriate contingency measure
for each:
●Having a well-planned contingency measures in accordance
with the OHS policies and procedures will help in alleviating
the risks involved while experiencing an unwanted incident.
●Contingency measures must be put into action immediately to
avoid any further injuries and damage to properties.
●In case the scene could not be contained anymore, calling the
appropriate emergency personnel, like paramedics, firemen,
and explosive experts must be done immediately.
OHS in Computer System Servicing

1. Do not work alone so that there’s someone who can take

care of you in case of emergency.
2. Always power off the computer and unplug the computer
before working on it.
3. Take away any liquid near your working area to avoid
getting electrocuted or accidentally damaging computer
parts.
4. Be careful with tools that may cause short circuit.
5. Always discharge yourself before touching any part of the
computer.
6. Clean the area before and after using it to maintain
sanitation and prevent accidents.
7. Do not use excessive force if things don’t quite slip into
place.
8. Hold the components to the on the edges and do not touch
the integrated circuit (IC) parts.
9. Always wear personal protective equipment (PPE) in
accordance with the organization’s OHS procedures and
practices.
10.Use brush, compressed air or blower in cleaning the
system unit.
Exercise Efficient and
Effective Sustainable
Practices in the
Workplace
Identify the efficiency and
effectiveness of resource utilization
● What is resource utilization?
● Resource utilization is a KPI (or metric) of resource planning used to help project
managers and leaders understand performance and effort over a specific
amount of time. It measures your team's productivity and can help you
understand if your organization is over or underutilizing resources.
● Resource utilization differs from resource allocation in a few key ways. Resource
utilization measures the efficiency of your resources, while resource allocation
is the process of picking the right resources for different projects. However,
both elements are part of resource planning and resource management.
What is the resource utilization
formula?
● Calculating your resource utilization rate
depends on a formula. This formula helps
you understand your utilization percentage
and your team's efficiency. The typical
resource utilization formula is:
● Resource utilization = Total billable hours /
Total available working hours x 100
● This metric will help you understand exactly
how many actual hours are available for
projects and how many of those hours go
towards billable time. Here’s an example.
● Let’s say you have a graphic designer on your team who works a 40-hour
work week. Each week they spend about 35 hours on billable tasks and the
rest of the time on internal tasks like administrative activities or meetings.
You would plug those figures into the formula to get:
● Resource utilization = 35 total billable hours / 40 total available working
hours x 100 = 87.5%
● This means that the employee's resource utilization rate is 87.5%. This will
provide a baseline for all of your employees that you can use to figure out
project hours, whether or not you need to find more billable time for
employees or if you can find ways to increase billable hours.
● Remember that certain factors will impact this rate, like days off, overtime,
reporting time versus actual time, and different working time for full-time
and part-time employees.
Why resource utilization is important
● Resource utilization is an important part of
project management. It helps project
managers do their jobs better and get the
best results out of employees. Here are a
few of the major reasons why you should
spend time figuring out your resource
utilization rates and calculating the rate for
each employee.
Leads to happier team members
● Fostering employee happiness can create a
better working environment, and resource
utilization can help. If your employees have
more billable hours than they have working
hours, it can lead to burnout, turnover, and
poor performance. You can improve the
workload of all of your team members
when you better understand their resource
utilization and their available time for
projects during the week.
Increases profitability
● Time-tracking and billing go hand in hand
with resource utilization. When you have a
system in place for tracking billable hours
and ensuring that your team members are
recording those hours accurately, you will
increase the profitability of your business.
You’ll be able to get more accurate data for
planning future projects and accepting new
clients, and you’ll also be able to know
which resources can be used when you are
forecasting future work.
Helps manage scope creep
● Ah, scope creep: a common phenomenon in
client-based work when the project’s goals
and initiatives begin to expand over what was
initially agreed upon. If a project has no clear
boundaries and borders, clients might ask for
extra work or tasks beyond what was
included in the original contract.
● This can lead to some serious problems when
it comes time to evaluate your team’s
utilization and determine resource
availability. Resource utilization helps you
define and clearly document project
requirements to help avoid scope creep.
Encourages team training and growth
● Resource utilization helps you determine
which team members are the best fit for
different projects based on their skill sets
and training. When your team knows you
track resource utilization, it can encourage
them to want to expand their knowledge in
certain areas or learn new things so they
can increase the likelihood of billable hours
for different projects. This will also help you
get more variety when it comes time to
assign roles during projects.
6 techniques to improve resource
utilization
Now that you know why resource utilization is valuable let’s look at
ways to improve your resource utilization and create better planning
processes.
Put the right tools in place to properly manage tasks

Trying to work without the right tools is

impossible. To improve resource
utilization, you need to have the right
programs and software options that
make it easier for your team to do
business and manage their tasks.
Resource management software like
Teamwork.com makes it easy for teams
to track their time, manage tasks,
communicate with each other, deliver
results to clients, and then some! Learn
more about our resource management
tool here.
Roll out an in-depth resource planning schedule
A resource planning schedule helps teams
organize and structure time so that tasks
and projects are completed on time and by
the right people. It’s an integral part of
project management and can help improve
resource utilization. When your team
members have their work schedules clearly
laid out, it helps them do their jobs better
and lets you get a better idea of
timeframes, deadlines, and responsibilities.
In-depth resource planning schedules help
narrow things down even more and give
project managers a deep look into the
organization's usage of time and resources.
Investing in detailed software is better —
and more cost-effective — than trying to
organize your team on spreadsheets.
Track team members’ time (temporary or ongoing)
Time tracking is a crucial part of resource
utilization. Time tracking helps you learn
exactly how many hours employees spend
on billable tasks and how much time is
spent on internal meetings or
administrative tasks in real time. To
maximize profitability and get more out of
your team’s time, you should be tracking
hours both temporarily to get a snapshot
and on an ongoing basis to gather more
data.
When you track time, you learn how long
projects actually take to complete, which
can help you with billable utilization. You
also can learn more about when employees
are underutilized or overutilized and can
rearrange tasks to make everyone happier.
Forecast future projects
When new projects come in, it’s important
that you know if you have the bandwidth to
manage them and who will be responsible
for taking on those new tasks. Resource
utilization will help you accurately forecast
and plan future projects. It will help you
make better decisions at the beginning of
planning to avoid reworking schedules and
assigning tasks. It will also help you make
sure that the right employees are assigned
to the project.
Time tracking and resource utilization also
help you understand the scope of future
projects, which makes it easier for you to
forecast the time needed to complete tasks.
This makes it easier for you to communicate
with clients about the goals and outcomes
of their projects and improve resource
utilization plans.
Analyze actual hours vs. planned booked hours
Any project manager can tell you that no
project ever goes exactly as planned; it's
just the nature of the job, with challenges,
changes, and roadblocks occurring when
you least expect it. However, it’s important
to make sure that you examine your actual
hours versus planned or booked hours.
For example, if you set aside 100 hours for a
project but only spend 50 actual hours on it
(or went over budget to 130 hours), then
your utilization of resources is off, and you
need to reexamine the project plan.
Common Causes of Inefficiency at the
Workplace
Poor fit between the person, the position and the
organization.
It’s no secret that companies make
poor hiring decisions all the time. As
an employer, you owe it to your
employees to be transparent. Talk to
them about how they feel about their
job, how well they think they’re doing,
and even be ready to work out a
transition plan into a different
position. It might be their strength
aren’t aligned with their current role.
There’s no reason why they or the
organization should continue to
pretend all is well.
A disconnect between cause and effect, work and
outcome.
We tend to “give work” to our teams
and expect them to understand the
effect it will have on the organization
down the line. However, when we tie
outcome to work/input, it helps
people understand the value of their
work in the final product or service
and give them a sense of urgency and
importance. It can easily be explained
by asking one simple question: “what
would happen to the product/service
if you stopped doing what you’re
doing?”
Lack of clarity regarding how responsibility is
assigned
Have you ever had to complain about something over
to customer support and were passed on to the next
“representative” for a solution, or told that “it’s out
of our hands?” That’s what lack of clarity regarding
responsibility looks like. In an organization where
people have no idea who is responsible for what, or
even worse, know they are responsible but they will
pass it on anyhow, inefficiency reins!
Responsibility needs to be assigned to people in the
organization to the extent of roles – i.e. if someone is
responsible to deliver a service and misses a
deadline, then that’s their responsibility entirely. If
they miss it twice, then it’s the manager’s
responsibility. If the manager doesn’t feel compelled
to address the issue, neither will their report.
Assign responsibility and hold people accountable for
the quality of their work!
Nepotism – it doesn’t matter how well I do if I’m
not among the preferred
Unfortunately, there are still businesses that
are run through nepotism. That is gross
favoritism towards people who are close to a
decision maker, someone of influence or
importance in the company. It’s one of the
common causes of inefficiency because
people all of a sudden compare their work,
results, and reward to the ones of those
being favored.
Any organization that doesn’t quantify and
award effort according to clear criteria will
suffer from inefficiency at the workplace.
Absence of feedback
There’s a direct connection between
inefficiency and lack (or poor) of feedback.
The unwritten rule is that what is encouraged
is repeated. Managers who say anything
about how well or poorly someone on their
team is doing are in fact encouraging similar
results. Constructive feedback requires clarity
through facts and willingness to make
someone (as well as yourself) feel
uncomfortable. If it’s provided within the
mind-frame of genuine care for the growth,
and professional development of people, it
can improve their performance and
engagement too!
Deficiency in communication
Perhaps the most widespread of the causes
of workplace inefficiency is a lack or poor
quality in communication. It will affect
people’s capacity to quantify how well they
are doing, understanding of whether their
efforts have any impact, and to act in due
time to have any positive impact. It also
causes frustration with the people a
company needs to care about most
(disclosure: not nepotism!) – those who want
to work, be in time, have good results and
want their job to be rewarding.
Time management
Of course, we all have 24h, and regardless of
how we manage it, that doesn’t change.
Leaders and especially managers have the
responsibility of setting the importance and
priority of projects, tasks, etc. (see the
Eisenhower Matrix). Efficiency comes down
to achieving your objectives with the least
amount of time. The better the time
management, the more efficient we are, and
the more engaged we are.
Wasteful processes
We all follow steps and procedures as they are laid
out in our organization’s processes. These are
tremendous tools that used in the right order and
provided enough attention will create the desired
outcomes. However, when processes are the result
of operational inertia, they can have a highly
detrimental effect on an organization’s efficiency.
Worst case scenarios include bottlenecks,
redundancy, and misalignment. In other words,
inefficiency.
All of these have deep roots in leadership but
ultimately can be traced back to an organization’s
mission, culture, and values. If the only purpose of
a business is to create profit, then one must
integrate into that equation the means to sustain
and increase efficiency in the workplace!
Practice Entrepreneurial
Skills in the Workplace
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 process of setting up a
business is known as entrepreneurship.
● Entrepreneurs play a key role in any
economy, using the skills and initiative
necessary to anticipate needs and bring
new ideas to market. Entrepreneurship
that proves to be successful in taking on
the risks of creating a startup is
rewarded with profits and growth
opportunities.
Key Takeaways
● A person who undertakes the risk of starting a new business venture is called
an entrepreneur.
● An entrepreneur creates a firm to realize their idea, known as
entrepreneurship, which aggregates capital and labor in order to produce
goods or services for profit.
● Entrepreneurship is highly risky but also can be highly rewarding, as it serves
to generate economic wealth, growth, and innovation.
● Ensuring funding is key for entrepreneurs: Financing resources include Small
Business Administration loans and crowdfunding.
● The way entrepreneurs file and pay taxes will depend on how the business is
set up in terms of structure.
Why Are Entrepreneurs Important?
● Entrepreneurship is one of the resources economists categorize as integral to production, the
other three being land/natural resources, labor, and capital. An entrepreneur combines the
first three of these to manufacture goods or provide services. They typically create a business
plan, hire labor, acquire resources and financing, and provide leadership and management for
the business.
● 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.
● Fast-forward to today, entrepreneurs commonly face many obstacles when building their
companies. The three that many of them cite as the most challenging include overcoming
bureaucracy, hiring talent, and obtaining financing.
What Are Different Types of
Entrepreneursship?
●Not every entrepreneur is the same and not all have the same
goals. Here are a few types of entrepreneurs:
● Small business entrepreneurship
● Large company entrepreneurship
● Scalable startup entrepreneurship
● Social entrepreneurship
● Innovative entrepreneurship
● Hustler entrepreneurship
● Imitator entrepreneurship
● Researcher entrepreneurship
● Buyer entrepreneurship
Small business entrepreneurship
● A majority of businesses are small
businesses. People interested in small
business entrepreneurship are most likely
to make a profit that supports their family
and a modest lifestyle. They aren't
seeking large-scale profits or venture
capital funding. Small business
entrepreneurship is often when a person
owns and runs their own business. They
typically hire local employees and family
members. Local grocery stores,
hairdressers, small boutiques, consultants
and plumbers are a part of this category
of entrepreneurship.
Large company entrepreneurship
● Large company entrepreneurship is when a
company has a finite amount of life cycles.
This type of entrepreneurship is for an
advanced professional who knows how to
sustain innovation. They are often a part of a
large team of C-level executives. Large
companies often create new services and
products based on consumer preferences to
meet market demand. Small business
entrepreneurship can turn into large company
entrepreneurship when the company rapidly
grows. This can also happen when a large
company acquires them. Companies such as
Microsoft, Google and Disney are examples of
this kind of entrepreneurship.
Scalable startup entrepreneurship
● This kind of entrepreneurship is when
entrepreneurs believe that their company can
change the world. They often receive funding
from venture capitalists and hire specialized
employees. Scalable startups look for things
that are missing in the market and create
solutions for them. Many of these types of
businesses start in Silicon Valley and are
technology-focused. They seek rapid
expansion and big profit returns. Examples of
scalable startups are Facebook, Instagram and
Uber.
Social entrepreneurship
● An entrepreneur who wants to solve social
problems with their products and services is
in this category of entrepreneurship. Their
main goal is to make the world a better place.
They don't work to make big profits or
wealth. Instead, these kinds of entrepreneurs
tend to start nonprofits or companies that
dedicate themselves to working toward social
good.
Innovative entrepreneurship
● Innovative entrepreneurs are people who are
constantly coming up with new ideas and
inventions. They take these ideas and turn
them into business ventures. They often aim
to change the way people live for the better.
Innovators tend to be very motivated and
passionate people. They look for ways to
make their products and services stand out
from other things on the market. People like
Steve Jobs and Bill Gates are examples of
innovative entrepreneurs.
Hustler entrepreneurship
● People who are willing to work hard and put
in constant effort are considered hustler
entrepreneurs. They often start small and
work toward growing a bigger business with
hard work rather than capital. Their
aspirations are what motivates them, and
they are willing to do what it takes to achieve
their goals. They do not give up easily and are
willing to experience challenges to get what
they want. For example, someone who is a
hustler is willing to cold call many people in
order to make one sale.
Imitator entrepreneurship
● Imitators are entrepreneurs who use others'
business ideas as inspiration but work to
improve them. They look to make certain
products and services better and more
profitable. An imitator is a combination
between an innovator and a hustler. They are
willing to think of new ideas and work hard,
yet they start by copying others. People who
are imitators have a lot of self-confidence and
determination. They can learn from others'
mistakes when making their own business.
Researcher entrepreneurship
● Researchers take their time when starting
their own business. They want to do as much
research as possible before offering a product
or service. They believe that with the right
preparation and information, they have a
higher chance of being successful. A
researcher makes sure they understand every
aspect of their business and have an in-depth
understanding of what they are doing. They
tend to rely on facts, data and logic rather
than their intuition. Detailed business plans
are important to them and minimize their
chances of failure.
Buyer entrepreneurship
● A buyer is a type of entrepreneur who uses
their wealth to fuel their business ventures.
Their specialty is to use their fortunes to buy
businesses that they think will be successful.
They identify promising businesses and look
to acquire them. Then, they make any
management or structural changes they feel
are necessary. Their goal is to grow the
businesses they acquire and expand their
profits. This kind of entrepreneurship is less
risky because they are purchasing already
well-established companies.
How to Become an Entrepreneur
In the 21st century, the example of Internet giants like Google
(GOOG), and later its parent company Alphabet, as well as
Facebook, and now its parent company Meta (META). Both
companies have made their founders wildly wealthy, have been
clear examples of the lasting impact of entrepreneurs on society.
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 seven general steps that
many successful entrepreneurs have followed:
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, starting out with an adequate cash
supply and stable ongoing funding is a great
foundation.
● This increases an entrepreneur's personal
financial runway and gives them more time to
work on building a successful business, rather
than worrying about having to keep raising
money or paying back short-term loans.
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,
they can move into a sales role at their 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 they can rely on when they
are faced with the inevitability of tough situations.
● Much has been discussed about whether going to
college is necessary to become a successful
entrepreneur. Many well-known entrepreneurs are
famous for having dropped out of college: Steve Jobs,
Mark Zuckerberg, and Larry Ellison, to name a few.
Consume Content Across Multiple
Channels
● As important as developing a diverse skill set is,
the need to consume a diverse array of
information and knowledge-building materials
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.
Aspiring entrepreneurs should always
familiarize themselves with the world around
them so they can look at industries with a fresh
perspective, giving them the ability to build a
business around a specific sector.
Identify a Problem to Solve
● Through the consumption of content across
multiple channels, an aspiring entrepreneur is
able to identify various problems in need of
solutions. One business adage dictates that a
company's product or service needs to solve 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 others might not.
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 that the process
for making a dental 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.
Lead by Example
● Every entrepreneur needs to be a leader within
their company. Simply doing the day-to-day
requirements will not lead to success. A leader
needs to work hard, motivate, and inspire their
employees to reach their best potential, which will
lead to the success of the company.
● Look at some of the greatest and most successful
companies; all of them have had great leaders.
Apple with Steve Jobs and Microsoft with Bill
Gates, are just a couple examples. Study these
people and read their books to see how to be a
great leader and become the leader that your
employees can follow by the example you set.
Entrepreneurship Financing
● Given the riskiness of a new venture, the
acquisition of capital funding is particularly
challenging, and many entrepreneurs deal with it
via bootstrapping: financing a business using
methods such as using their own money,
providing sweat equity to reduce labor costs,
minimizing inventory, and factoring receivables.
● While some entrepreneurs are lone players
struggling to get small businesses off the ground
on a shoestring, others take on partners armed
with greater access to capital and other resources.
In these situations, new firms may acquire
financing from venture capitalists, angel investors,
hedge funds, crowdfunding, or through more
traditional sources such as bank loans.
Resources for Entrepreneurs
● There are a variety of financing resources for
entrepreneurs starting their own businesses. Obtaining
a small business loan through the Small Business
Administration (SBA) can help entrepreneurs get the
business off the ground with affordable loans. Here, the
SBA helps connect businesses to loan providers.
● If entrepreneurs are willing to give up a piece of equity
in their business, then they may find financing in the
form of angel investors and venture capitalists. These
types of investors also provide guidance, mentorship,
and connections in addition to capital.
● Crowdfunding has also become a popular way for
entrepreneurs to raise capital, particularly through
Kickstarter or Indiegogo. In this way, an entrepreneur
creates a page for their product and a monetary goal to
reach while promising certain givebacks to those who
donate, such as products or experiences.
Bootstrapping for Entrepreneurs
● Bootstrapping refers to building a company solely
from your savings as an entrepreneur as well as
from the initial sales made from your business.
This is a difficult process as all the financial risk is
placed on the entrepreneur and there is little
room for error. If the business fails, the
entrepreneur also may lose all of their life savings.
● The advantage of bootstrapping is that an
entrepreneur can run the business with their own
vision and no outside interference or investors
demanding quick profits. That being said,
sometimes having an outsider's assistance can
help a business rather than hurt it. Many
companies have succeeded with a bootstrapping
strategy, but it is a difficult path.
Small Business vs. Entrepreneurship
● A small business and entrepreneurship have a lot
in common but they are different. A small
business is a company—usually, a sole-
proprietorship or partnership—that is not a
medium-sized or large-sized business, operates
locally, and does not have access to a vast amount
of resources or capital.
● Entrepreneurship is when an individual who has
an idea acts on that idea, usually to disrupt the
current market with a new product or service.
Entrepreneurship usually starts as a small business
but the long-term vision is much greater, to seek
high profits and capture market share with an
innovative new idea.
How Entrepreneurs Make Money
● Entrepreneurs seek to generate revenues that are greater than costs.
Increasing revenues is the goal and that can be achieved through
marketing, word-of-mouth, and networking. Keeping costs low is also
critical as it results in higher profit margins. This can be achieved through
efficient operations and eventually economies of scale.
How Do Taxes Work for
Entrepreneurs?
● Sole proprietorship: You remain the
sole supervisor of all your business
operations. You have complete
control over the decision-making
process. There is no separate
taxation for the business. The tax
rate for self-employed individuals is
8%, provided their income is less
than P3,000,000)
● Partnership: For tax purposes, a
partnership functions the same way
as a sole proprietorship, with the
only difference being that income
and expenses are split amongst the
partners.

● C-corporation: The Corporate Tax

Rate in Philippines stands at 25
percent. Corporate Tax Rate in
Philippines averaged 30.66 percent
from 1997 until 2025, reaching an all
time high of 35.00 percent in 1997
and a record low of 25.00 percent in
2022. source: Bureau of Internal
Revenue.
7 Characteristics of Entrepreneurs
● What else do entrepreneurial success stories have in common? They invariably
involve industrious people diving into things they’re naturally passionate about.
● Giving credence to the adage, “find a way to get paid for the job you’d do for
free,” passion is arguably the most important attribute entrepreneurs must have,
and every edge helps.
● While the prospect of becoming your own boss and raking in a fortune is alluring
to entrepreneurial dreamers, the possible downside to hanging out one’s own
shingle is vast. Income isn’t guaranteed, employer-sponsored benefits go by the
wayside, and when your business loses money, your personal assets can take a
hit; it's not a corporation’s bottom line. But adhering to a few tried and true
principles can go a long way in diffusing risk. The following are a few
characteristics required to be a successful entrepreneur.
Empathy
● The ability to exercise a sense of empathy is an
essential trait for entrepreneurs. Whether a business
owner manages a large team of employees or works
directly with their customers on an individual level,
they must have the ability to understand and
connect with others on a genuine level.
● Successful entrepreneurs can put themselves in
others’ shoes, considering their customers’ and
employees’ perspectives as they navigate critical
business decisions. In hospitality, empathy takes the
shape of anticipating your customer’s needs and
expectations, empowering your team members to
take time off to recharge when they need it, and
giving both employees and customers space to voice
their opinions and concerns.
Grit
● Especially for new entrepreneurs, grit is one of the
most critical factors that separates many successful
entrepreneurs from those who are more likely to give
up. According to Angela Duckworth’s bestselling book
Grit, she defines it as “passion and sustained
perseverance applied toward long-term achievement,
with no particular concern for rewards or recognition
along the way.”
● A couple of the core traits that shape thriving, high-grit
entrepreneurs focus specifically on being motivated
and future-oriented. Because these character traits are
built on habitual, repetitive action, several practices
can strengthen your entrepreneurial grit and make you
more resilient to setbacks and more likely to succeed in
the long term. From building your resourcefulness,
learning from failures, and holding yourself
accountable.
Vision
● Every successful entrepreneur you hear about likely
started with an idea or image about something he or
she felt passionate about creating. Unfortunately,
many potential entrepreneurs have big dreams and
ideas but never develop a concrete vision.
● An entrepreneurial vision statement is a picture you
have for what the venture will become in the future
or what you envision it will grow into. An
entrepreneurial vision specifically considers precisely
what you want your venture to become, what this
venture will look like, what the driving forces are,
and what values and culture should surround it.
While it may not be easy to write your vision, at the
very least, set aside time each day to train your mind
to think and reflect on the vision you are setting for
yourself.
Spirit
● An entrepreneurial spirit gives leaders the capacity
to carry a manner of thinking with them each day
that enables them to overcome obstacles and meet
challenges with a can-do mindset. What does it
mean to have an entrepreneurial spirit? In the case
of a hospitality entrepreneur, it could mean being
passionate, purposeful, positive, bold, persistent,
and curious.
● Passion is a vital element of the entrepreneurial
process. Without it, an entrepreneur’s drive to run
the business can diminish. Passion and spirit are
what keeps an entrepreneur going when external
forces send negative messages or less-than-positive
feedback. The combination of vision, grit, and spirit
reinforces each other and keeps the entrepreneur on
the right track with the business’s next steps.
Flexibility and Versatility
● A common trait among successful entrepreneurs is adapting to change and solving problems as
they arise. A strong leader can shift their priorities to specific areas that need attention or
whenever the team needs assistance and guidance. In this context, flexibility is shaped by your
ability to be receptive to other people’s needs, opinions, and ideas, as well as being open-
minded to feedback from your team.
● Similar, having the ability to pivot, shift, and adapt to changes is a closely related attribute that
defines versatile and agile entrepreneurs. Versatility takes many different forms when you’re
running a business. From being an early adopter of new technology to embracing new channels
to reach potential customers, having an open mind can go a long way in being a flexible, versatile
entrepreneur.
Resourcefulness
● In most circumstances, entrepreneurs are faced with
perplexing tasks and challenges they have never
encountered before. In the world of hospitality, that
couldn’t be more true. Being resourceful is a
mindset that helps entrepreneurs overcome
challenges and accomplish goals that may not have a
clear path to achieving them.
● Entrepreneurs who can work resourcefully can
effectively solve problems and grow and scale their
businesses without having all of the answers or
resources. Learning how to be resourceful requires a
can-do attitude, an open mind, and a willingness to
work creatively to effectively manage a business
without having the immediate know-how.
Process-Oriented
● While challenging to do in the dynamic world of
hospitality, having reliable processes is essential for any
successful entrepreneur. A process is a repeatable
series of steps that help those working within a
business to complete necessary tasks in business.
Processes can apply to various aspects of the business,
including sales, onboarding new team members,
production, and product fulfillment.
● When business owners have a process-oriented
mindset, they can work smarter, not harder.
Implementing processes in various areas of the
business can prevent waste, allowing business owners
to scale and grow their businesses. Additionally, when
business owners have repeatable processes in place,
they are able to quickly train new team members to
fulfill essential aspects of the business without
sacrificing time or quality.