Entrepreneurship Module.docx

ENTREPRENEURSHIP Lesson 1. INTRODUCTION Relevance of the Course “If you can dream it, you can do it.” - Walt Disney It is the entrepreneur who could change the global economic landscape. This will open new avenue to explore the market that is untapped and undeveloped. This will strengthen the domestic economy by developing new industries and generate local employment for our people. Benefits to Senior High School Students 1. 2. 3. 4. 5.

Adaptation of concepts and strategies for idea generation. Evaluate feasibility of ideas. Discovery of entrepreneurial innovators to start their own business. Consider ethical and legal business practices. Write a micro business plan.

Usefulness of the Course to the Students 1. 2. 3. 4. 5. 6.

Develop skills in starting up a business. Demonstrate skills in maintaining business in long term basis. Enhances knowledge of business operations and expansion. Demonstrates business management. Considers to become employer than employee. Changes in personal and career attitudes including: communication; problem solving; self-management /personal responsibility; collaboration/networking; creativity and teamwork.

Importance of Entrepreneurship Education 1. 2. 3. 4.

Entrepreneurship education is very important to our economy as key driver. - Shoe Mart Entrepreneurship education is an individual lifelong learning process. Entrepreneurship will energize school management. Entrepreneurship will transform learners to be innovators.

Lesson 2. Key Concepts and Common Competencies “Opportunity comes from one person’s idea that influences others to take action.” Entrepreneurship = Is a science of converting processed into remarkable business venture. =A capacity for innovation, investment and expansion in new market, products and techniques. =Taking the risks and invest resources to make something unique or new. Competencies Specific Goal Setting= Entrepreneurs should be motivated to set goals, particularly business growth objectives. Self-Efficacy= Entrepreneurs must believe in their own ability or self-confidence. Need for Achievement= Entrepreneurs must have a high need for achievement to take responsibility for outcomes. Ambition= Entrepreneurs must be motivated, persistent, and persevere even in the face of situational challenges. Willingness to Learn=Entrepreneurs should have a strong willingness to learn often pursue opportunities to acquire new skills and competencies. Strong Initiative=Entrepreneurs must have a high initiative are often driven to work hard. Adaptability and Flexibility= Entrepreneurs must learn how to deal very well with a unique ability to choose actions even without all necessary information.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Willingness to take risks =Entrepreneurs are willing to take consequences, they can identify and calculate risks. Interpersonal skills = Entrepreneurs must have a strong interpersonal skill of working well with people from different backgrounds. Industry Wide Competencies/Work Competencies 1. Networking/Collaboration 2. Creative/Critical Thinking 3. Planning/Organizing 4. Checking, Examining & Recording 5. Business Principles 6. Computer Competency 7. Workplace Competencies 8. High-Growth, High-Value entrepreneurship 9. Innovation and Creation 10. Marketing 11. Business Operations 12. Risk Assessment & Management 13. Financial Management 14. Problem Solving/Decision Making 10 Competencies for Entrepreneurial Success Integrity Conceptual Thinking Risk Taking Networking/Collaboration Strategic Thinking Commercial Aptitude Decisiveness Optimism Customer Relation Service People Centered

LESSON 3: Core Competencies in Entrepreneurship “The greatest discovery of my generation is that people can alter their lives by altering their attitudes,”- William James Entrepreneurs are individuals who are alert to profitable opportunities for the exchange of goods and services. - during opening of classes, during Christmas. Entrepreneurial Skills and Competencies 1. 2. 3. 4. 5. 6. 7. 8.

Negotiating Planning Risk Assessing Purchasing Accounting Purchasing and Training Selling Controlling and dealing with emergencies a. The entrepreneur as a Missionary= The entrepreneur is a missionary who perceives opportunities inherent in the exchange of goods with great desire for profit. b. Entrepreneur is Goal Driven = The entrepreneur is goal driven and self-confident as he sets his goals and strives to attain the projected target and accomplishments.

c. The entrepreneur as a Marketing Man= The needs and wants of customers are properly identified and these are propelling reason for him to take the opportunity to make profit. d. Entrepreneur Starts Small to Become Big=Entrepreneurs start small scale but with their managerial talents and persistence, they exploit the opportunities available for their disposal. e. The Making of Entrepreneur= It is a dynamic process and an approach. 1. Approach – entrepreneur considers the business opportunity as a chance to find new ways to solve the problem rather solving immediately the problem. 2. Manager – adapter, Entrepreneur – innovator. 3. Entrepreneurship – is a process that can be developed, learned and nurtured. ENTREPRENEURSHIP IS A DYNAMIC PROCESS  It is a dynamic process of innovation and the creation of new venture.  The real entrepreneur is an individual with the greatest drive for expansion and growth and has propensity to make a difference in terms of their achievements in profit and exploitation of the resources.  Entrepreneur develops strategic plans and programs that will ascertain a definite advantage over the others in their line of business. THE FACTORS THAT DEVELOP ENTREPRENEURIAL ACTIVITY 1. 2. 3. 4. 5.

The entrepreneur Takes the Initiative Organization of Capital Resources The Development of Administrative Machinery The Development of Entrepreneurial Autonomy The Development of SWOT Analysis

PECULIAR CHARACTERISTICS OF MANAGERS IN SOLVING PROBLEMS 1. The manager develops system and procedure that are précised based on current practices in the industry. 2. The manager is interested in solving organizational problems rather than finding other avenues in the solution of the problems. 3. The manager is interested in the refinement of policies and procedure and tends to revise them to solve existing problems. 4. The manager is interested in the refinement of policies and procedure and tends to revise them to solve existing problems. 5. The manager is interested in the refinement of policies and procedure and tends to revise them to solve existing problems. CHARACTERISTICS OF ENTREPRENEUR IN SOLVING PROBLEMS 1. He looks at the problem on different angles and finds means to circumvent the same. 2. He discovers the roots of the problem and develops avenues to better solve the problem. He formulates solutions and alternatives. 3. He develops basic assumptions and hypothesis related to current practices and makes innovations based on careful analysis through SWOT. 4. The entrepreneurs is interested in the end result rather than the means to achieve it. He has little tolerance for details and routine work. 5. He capitalizes on people with bright ideas and talents and gets their opinion and consensus and with little regards for people with mediocre ideas. THE DEVELOPMENT OF ENTREPRENEURSHIP The making of Filipino Entrepreneur 1. The making of Filipino entrepreneur is a process of trial and error – colonization for more than 300 years is a great factor in the slow development of entrepreneurial activity in the country.

2. The concept of owning a small business makes the person an entrepreneur – where entrepreneurship is more than being self employed. (copy cat syndrome) LESSON 4: Job Opportunities “When you love what you do, you have the passion you’ll need to fuel the often intense road of entrepreneurship. Keep the passion alive.” - Kevin O’Leary Job Opportunities 1. Employment is One Great Factor in Economic Development 2. Income Opportunity in the Countryside is still Subsistence in Nature 3. We need to introduce new technology to make farming productive, improved irrigation, working condition and increase productivity wherein technology is one important factor in development. (economy and entrep’l act.) The Challenges for Entrepreneurship 1. The new entrepreneur must be a doer and willing to work hard and long until he achieved the task he wanted for himself. 2. Personal attention and comprehensive awareness for progress of the business is not trusted to other people. 3. The new entrepreneur must have high sense of integrity that he stands firm on his principles and ideals. 4. Emotional stability is an important factor in the making of an entrepreneur. 5. The build in self-starting mechanism that drive entrepreneur to success is his executive ability to manage people and resources – 5 functions of management. Starting Point to Entrepreneurial Success 1. 2. 3. 4.

Start to be on your own. – employee to employer. Explore the Business Environment. – feasibility study and SWOT analysis. Be in control – key driver to success. Have a Good Accountant or a Trusted Financial Adviser – for different financial activities of a business. 5. Seek the advice of Professionals. – legalities, etc.