lOMoAR cPSD| 16597102 Downloaded by FRANCIS L. FARNACIO (francisfarnacioflf@gmail.com) Course Downloaded by FRANCIS L. FARNACIO (francisfarnacioflf@gmail.com) 1 Module 2: Definition, Characteristic, Development and Core Competencies of an Entrepreneur lOMoAR cPSD| 16597102 OVERVIEW This module is intended for learning about the Definition, Characteristic, Development and Core Competencies of an Entrepreneur LEARNING OUTCOMES 1. Define Entrepreneurship 2. Define Entrepreneur 3. What is Mindset 4. What is Entrepreneurial Mindset 3. Identify the characteristics of an Entrepreneur 4. Determine the development and core competencies of being an Entrepreneur LET US EXPLORE Activity 1: Research What is Entrepreneurship? Do you know some famous Pinoy Entrepreneurs? Activity 2: Research Activity 1: List down 10 Entrepreneurs here in our locality and what do they have for Entrepreneurship? (Bullet format) Activity 3: Answer the following: 1. What is your take about entrepreneurship? (10 pts.) 2. There are 10 characteristics of entrepreneur. Discuss 6 characteristics and why is it important to in entrepreneurship? (30 pts.) Course Downloaded by FRANCIS L. FARNACIO (francisfarnacioflf@gmail.com) 2 Module 2: Definition, Characteristic, Development and Core Competencies of an Entrepreneur lOMoAR cPSD| 16597102 3. In the future, in which entrepreneurial level are you? Explain. ( 10 pts) Entrepreneurship - Entrepreneurship is regarded as a key tool to empowering the poor, enhancing production, and as a driving force to innovation and an engine to economic growth. It is recognized that entrepreneurship can provide the solution by creating wealth, jobs, and social empowerment. If we are to address the issue of poverty with some degree of success, life tells us we have no choice but to actively encourage entrepreneurial ventures. Therefore, teaching students from all field of studies on how to develop an entrepreneurial mindset is one way to encourage creation of more entrepreneurial ventures. - Self-employment of any sort (Cantillon, circa 1730). - Activity that involves identifying opportunities within the economic system (Penrose,1963). - Entrepreneurship as the willingness and ability of an individual to seek outinvestment opportunities in an environment and be able to establish and run an enterprise successfully based on the identifiable opportunities (Okpara, 2000). - Entrepreneurship as a process of seeing and evaluating business opportunities,gathering the necessary resources to take advantage of them and initiate appropriate action to ensure success (Nwachukwu, 1990). - Refers to all the processes and activities involved in establishing, nurturing, andsustaining a business enterprise. It is an economic activity that involves setting up, operating, and taking the financial risks of a business. - It involves seeking opportunities for a market establishing and operating a businessout of the opportunity and assessing its risks and rewards through close monitoring of the operations (Batisan, 2016). Mindset What is Mindset? We all have a mindset, yet often we are not consciously aware of it or the profound effect it has on our lives. Our mindset is the underlying mechanism that can expose opportunities and ignite our ambition, engaging our faculties in ways that enable us to flourish and thrive. Yet, our mindset can also blind us to opportunities and hinder our ability to learn and grow, keeping us tethered to familiar, yet unproductive patterns of thought and action. Entrepreneurial Mindset Course Downloaded by FRANCIS L. FARNACIO (francisfarnacioflf@gmail.com) 3 Module 2: Definition, Characteristic, Development and Core Competencies of an Entrepreneur lOMoAR cPSD| 16597102 Entrepreneurial Mindset is a way of thinking that enables individuals to overcome challenges, be decisive, and accept responsibility for their outcomes. It is a constant need to improve skills, learn from past mistakes, and take continuous action to fully develop ideas. Anyone willing to do the work can develop an entrepreneurial mindset. An entrepreneurial mindset is a specific set of beliefs, knowledge and thought processes that drives entrepreneurial behavior. Those with an entrepreneurial mindset tend to: believe in their ability to succeed and influence their own outcomes, empowering them to take ownership of their lives; have compelling goals that keep them future-focused and intrinsically motivated, driving them to be self-directed, action-oriented, and highly engaged; have an optimistic interpretation of adverse events and see problems as potential opportunities, becoming highly resilient, resourceful, and solution oriented even within highly uncertain, resource constrained environments; be lifelong knowledge seekers with a focus on micro-experiments as learning opportunities to test ideas, cultivation curiosity, creativity and critical thinking; display a high level of reliability, understanding that following through on simple solutions can lead to unforeseen opportunity; have a humanistic look, being other focused and understanding that one creates value by looking to solve problems for others; and surround themselves with an intentional community of positive influence and critical guidance. Entrepreneur - A person who sets up a business or businesses, taking on financial risks in thehope of profit – Oxford Dictionary, 2017 - A person who attempts to create a new product, service or solution while acceptingresponsibility for the results – Forbes, 2012 - Someone who has a vision. - Entrepreneurs as change agents (Say, 1816). Course Downloaded by FRANCIS L. FARNACIO (francisfarnacioflf@gmail.com) 4 Module 2: Definition, Characteristic, Development and Core Competencies of an Entrepreneur lOMoAR cPSD| 16597102 - The entrepreneur is defined as one who combines various input factors in aninnovative manner to generate value to the customer with the hope that this value will exceed the cost of the input factors, thus generating superior returns that result in the creation of wealth (Quick MBA, 2010). - Entrepreneurs create a value by introducing new products or services of findingbetter ways of making them. Characteristics of an Entrepreneur 1. Mind: open-minded and innovative 2. Eyes: vision and direction 3. Ears: listens to people 4. Mouth: communicates well 5. Nose: smells what sells 6. Hands: action-oriented 7. Heart: passionate 8. Guts: risk-taker 9. Skin (thick): tough 10. Legs: perseverance 5 Levels of Entrepreneurial Development 1. The Self-employed - Not comfortable with the routines of a desk job - They do not want to conform to a fixed working schedule - They do not want to be controlled 2. The Manager - They start to delegate and hire potential employees to do the work - They assess the strengths and weaknesses/areas for improvements of employees Course Downloaded by FRANCIS L. FARNACIO (francisfarnacioflf@gmail.com) 5 Module 2: Definition, Characteristic, Development and Core Competencies of an Entrepreneur lOMoAR cPSD| 16597102 3. The Leader - They enjoy seeing people flourish with minimal supervision - They focus on the bigger picture and strategic directions of their business insteadof boosting sales 4. The Investor - Look for more opportunities to grow business - They will delegate a suitable manager for such operations and will act as directors 5. The True Entrepreneur - Aim for quality and excellence - They have fully learned and continue to practice, a four-step process thinking: Idealization, Visualization, Verbalization, and Materialization. Core Competencies Cognitive Skills - Understand written materials - Learn and apply new information - Solve problems - Create new ideas - “How your mind work Technical Skills - Information Technology; Research and Development - Feasibility Study and Business Plan; Technical writing - Organization and Management; Marketing; Operations; Finance Interpersonal Skills - Non-verbal/verbal communication - Listening - Leading - Negotiating REFERENCES Course Downloaded by FRANCIS L. FARNACIO (francisfarnacioflf@gmail.com) 6 Module 2: Definition, Characteristic, Development and Core Competencies of an Entrepreneur lOMoAR cPSD| 16597102 References: https://www.entrepreneur.com/article/285079 https://www.spot.ph/eatdrink/46893/the-big-leagueementrepreneurphilippinemagazinesem-10-great-filipinoentrepreneurs- Course Downloaded by FRANCIS L. FARNACIO (francisfarnacioflf@gmail.com) 7
