Lesson 1 Entrepreneurship Overview and Concepts for print.docx

Unit 1: Understanding the Concept of
Entrepreneurship
Lesson 1: Entrepreneurship: Overview and
Concepts
Fig. 1. The Business Man
Do you know that everything you see in your environment is related to business? Do you know that
almost all establishments that surround you are businesses? A student like you can also be engaged in
business activities and may become an entrepreneur. Read the lesson and immerse yourself as you gain
an interest in becoming an entrepreneur.
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Unit 1.1: Entrepreneurship: Overview and Concepts
Objective
In this lesson, you should be able to explain the key concepts of common competencies in
entrepreneurship.
DepEd Competency
Explain the key concepts of common competencies. (additional lesson
for review/enrichment)
Observe the environment that surrounds your school. Answer the following questions.
2. Do any of the establishments you listed earn profit? How do these establishments earn a
3. What ability or skills should entrepreneurs have in order to make these establishments
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Guide Questions
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The Entrepreneur and Entrepreneurship
An entrepreneur is a person who creates unique ideas that will be useful for a starting business. It will
enhance a student’s interest to be an employer rather than an employee. Having this in mind, we can
define entrepreneurship as the science of converting processed ideas into a remarkable business
venture. It refers to the setting up of a business or businesses while taking into consideration its financial
risks, geared towards the attainment of profits.
Why Study Entrepreneurship?
The following will be the benefits to senior high school
students for studying entrepreneurship:
1. It will increase an individual’s entrepreneurial interest.
2. It will help to discover innovators who also have the competence and edge of becoming
entrepreneurs.
3. It will help the learners analyze creative and attainable ideas.
4. The learners will be able to write a business plan.
How will this course be beneficial for you?
Usefulness of the Course to the Students
1. It develops skills that will be needed for starting up a business.
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2. It enhances knowledge on how to operate business.
3. It demonstrates how to manage a business.
4. Learners may consider becoming an employer rather than an employee.
5. Learners change their attitude towards the course as a means of living.
6. Learners change in personal and career attitudes such as communication, problem-solving skills,
collaboration, motivation, creativity, and teamwork.
How important is it to have a good background in
entrepreneurship?
Importance of Entrepreneurship Education
The following are the importance of entrepreneurship education:
1. Entrepreneurship serves as a key economic driver. It focuses on wealth creation, and through
small businesses started by entrepreneurial-minded individuals, it will also create jobs for the
people.
2. Entrepreneurial education is an individual lifelong process. It helps increase the level of
knowledge and competence and improve the quality of life.
3. Entrepreneurship education benefits every student by giving an alternative career path at any
time of his or her life.
Tip
In terms of idea generation, entrepreneurs and businessmen have
differences. A businessman starts the business with an existing idea or
concept while an entrepreneur starts the business from his own unique idea
or concept.
Common Entrepreneurial Competencies
For us to understand clearly the common entrepreneurial competencies, let us define first the term
entrepreneurship and competencies.
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Entrepreneurship is a science of converting processed ideas into a remarkable business venture.
Competencies are considered as the capability, capacity, and ability of a person to handle situations in
various areas in business operations such as in marketing, management, production, and finance.
Entrepreneurial Competencies
In starting a business, you should seek competencies such as the following:
Table 1. Common entrepreneurial competencies
Competencies Description
Specific Goal Setting Entrepreneurs should set goals that are specific,
measurable, attainable, realistic, and time-bound
because it will increase the chances of achieving that
goal.
Self-Efficacy Entrepreneurs must believe in their ability.
Entrepreneurs with high self-efficacy will turn
negative feedback into positive and use this as a
basis for improvement.
Need for Achievement Entrepreneurs must have a high desire to accomplish
goals. This includes repeated efforts to achieve
success.
Ambition Entrepreneurs must have motivation and persistence
to pursue their goals.
Willingness to Learn
Entrepreneurs should have a strong
willingness to acquire new knowledge and skills.
Adaptability and Flexibility Entrepreneurs must learn how to be adaptable and
flexible in every situation. They can manage change
well and generate new actions even with undesirable
events.
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Willingness to Take Risks Entrepreneurs must be willing to accept the
consequences of every decision. They must know
how to calculate and identify risk. They are skilled in
developing new plans.
Interpersonal Skills Entrepreneurs should have strong skills in working
with people. They should have an understanding of
the behavior of others.
10 Competencies for Entrepreneurial Success
The entrepreneurial competencies only enable you to be engaged in business. It is not a guarantee that
your business will be a big hit or very successful all of a sudden. That is why aside from the
entrepreneurial competencies, you should also be well versed in the competencies for entrepreneurial
success. These will help you to have a successful business undertaking.
Table 2. Competencies for entrepreneurial success
Competencies Description
Integrity
An entrepreneur should have a positive sense of
values and personal beliefs, particularly when
encountering difficult or challenging situations.
Conceptual Thinking An entrepreneur is open to new approaches and
analyzes ideas that may enhance work and will lead to
significant improvements.
Risk-taking An entrepreneur anticipates future conflicts but knows
how to solve problems that may arise in business
organizations.
Collaboration Entrepreneurs should know how to work with people
or groups to attain common goals and to promote
teamwork.
Strategic Thinking Entrepreneurs understand and use strategies as a way
to accomplish goals in relevance to aims and
objectives.
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Commercial Aptitude An entrepreneur should be updated with the
developments in the locality and with knowledge to
identify opportunities that can be attained by the
business.
Decisiveness An entrepreneur should know how to make choices
and resolve issues quickly.
Competencies for entrepreneurial success:
Competencies Example
Integrity
An entrepreneur should have a positive sense.
He or she knows what is good and right, does what is best
for everyone, and does not act without thinking.
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Conceptual Thinking
An entrepreneur reviews project outcomes in order to
understand where problems occurred. Check the impact of
the proposed solution on both customers and employees.
Risk-taking An entrepreneur relies on his or her gut feel if the venture
will be successful or not.
Collaboration An entrepreneur should establish good networking and
connections with experts and government
Competencies Example
agencies that are instrumental to the operation and success of
the business.
Strategic Thinking An entrepreneur finds ways to do things faster or at less costs.
Commercial Aptitude An entrepreneur always checks for updates on the current trends in the market
in relation to his or her product.
Decisiveness An entrepreneur switches to an alternative strategy to reach
a goal. It generates new ideas
and innovative solutions.
Optimism An optimistic entrepreneur lets go of the
unfortunate events that took place and just takes the lessons
learned from the experience.
Customer Relations Service A good entrepreneur knows what his or
her customers need in order to satisfy them and have a
long-term relationship with them.
People-centered An entrepreneur knows how and when to show
empathy. He or she listens actively to everyone.
Activity
The following are questions that a potential entrepreneur must ask before setting up a new business. A
YES or NO answer is recommended.
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Questions Answer
1. Do I have strong people skills?
2. Do I enjoy making decisions?
3. Am I a planner and goal setter?
4. Am I willing to take risks?
5. Am I flexible and can adapt in changing
circumstances?
6. Am I ready to learn and accept mistakes?
7. Am I customer-oriented and willing to have a
good relationship with customers?
8. Do I have positive values and beliefs?
9. Do I create innovative ideas in order to make
my product unique?
10. Do I take responsibility for my actions?
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1. What are the qualities that you possess as an entrepreneurship student? Give at least five
2. Among those qualities, rank them with 1 as the strongest and 5 as the weakest quality.
3. What are the benefits of studying entrepreneurship to students?
4. What entrepreneurial competencies do you need to have to become a successful entrepreneur?
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5. What is the difference between a businessman and an entrepreneur?
B. Analyze the following scenarios. Identify what competencies for entrepreneurial
success are involved in the following situations and then answer the provided
questions.
1. You saw your friend alone inside the faculty room. He was using your teacher’s computer. Your
teacher never allowed anyone to be in the faculty room unattended. Your classmate saw you and
knew that you saw him. A few days later, it was found out that confidential files had been lost,
and everyone was being questioned. Should you reveal what you saw? Which is a better example
of integrity: being honest or being loyal to a friend?
2. A sales staff was having difficulty assisting a foreign customer because he could not speak English
fluently. It was seen by the manager. What should the manager do?
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of the staff arrived late due to a road accident that caused a traffic jam. If you were the staff,
what entrepreneurial competency should you have in order to conquer the scenario?
Wrap Up
___________________________________________________________________________________________
● An entrepreneur is a person who creates unique ideas that will be useful for a starting business.
● Entrepreneurship is the science of converting processed ideas into a remarkable business
venture.
● A businessman starts the business with an existing idea or concept, while an entrepreneur starts
the business from his or her own idea or concept.
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