Entrepreneurship - Entrepreneurship
and Economic Growth
Preliminary
It’s a year and a half since we experienced the Covid-19 pandemic and until now we
are still under this crisis. Despite the difficult times, we continue to impart to you the
knowledge that will enhance your cognitive thinking.
Welcome to the world of business! As we start our journey let us keep our fingers
crossed that we will able to sail smoothly despite the waves of turbulence. Let’s move on
and face these new academic online approach.
Remember in this journey “no entrepreneurs should be left behind!”
Objectives
1. understand the meaning of entrepreneur and entrepreneurship;
2. give the important characteristics of an entrepreneur; and
3. identify the five ways to entrepreneurs’ contribution for sustainable economy.
Value Integration
1. integrity
2. solidarity
3. respect
Lesson 1
Entrepreneurship
Diagnostics
Instruction: Put a Y mark if you agree or N mark if you disagree. Write your answer
on the blank space.
_____ 1. International business is about global activity.
_____ 2. Understanding of strategy management is not important in the context of
global business.
_____ 3. Entrepreneurship help you think about the opportunities that is unavailable
when you connect new ideas with new markets.
_____ 4. Understanding of a company’s SWOT helps you better assess how
international business should be accounted for in the firm’s strategy.
_____ 5. Ideas of entrepreneurship can be applied not only in new ventures but also in
the context of existing organizations—even government.
Get Involve
Instruction: From the sample graph below, illustrate your own style of graph on how
you will interpret any description from the acronym ENTREPRENEUR. Prepare your
output on a short sized bond paper.
Let’s Discover
Instruction: As a student, what is your concept of being an entrepreneur? In a
paragraph form, state your answer on a short sized bond paper and compile it
in a transparent envelope.
Let’s Listen
Reading A: Definitions of Entrepreneurship
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. Three thinkers were central to the inclusion of entrepreneurs: Joseph
Schumpeter, Frank Knight and Israel Kirzner. Schumpeter suggested that entrepreneurs
– not just companies – were responsible for the creation of new things in the search of
profit. Knight focused on entrepreneurs as the bearers of uncertainty and believed they
were responsible for risk premiums in financial markets. Kirzner thought of
entrepreneurship as a process that led to discovery.
Reading B: Who is an Entrepreneur?
1.
An entrepreneur is a starter. An entrepreneur is an initiator, a challenger
and a driver. Someone that creates something new, either an initiative, a business
or a company. He or she is the beginning (and sometimes the end) of a venture,
project or activity. The entrepreneur might not be the ideator, but he or she is
definitely the one that decides to make that idea a reality.
2. An entrepreneur is the driver. The entrepreneur is the person in charge, the
leader and the person to look to for leadership. He or she is the one that pushes
forward and inspires a team to follow. The entrepreneur is the one that sits in the
driver’s seat, and has the ability to change direction, accelerate, slow down or
even stop a venture.
3. An entrepreneur is accountable and responsible. The entrepreneur is the
ultimate responsible for the destiny of its venture, which can be a company, a
project, or any other endeavor. The entrepreneur is the one that has the highest
stakes at the venture, thus the one that needs to be empowered to fully direct the
endeavor.
Being an entrepreneur is not directly related to having an equity stake in a company,
but instead showcases the leadership-related points. Why do we tend to associate
entrepreneurship with equity ownership (as value), instead of understanding it as the one
that has the highest stakes in an endeavor, which sometimes gets translated into
entrepreneurship?
Reaching Out
Reading: Young Entrepreneur Living the Dream
Jack Bonneau is the quintessential entrepreneur. In the three years he has been in
business, he has expanded his product line, opened multiple locations, established
strategic partnerships, and secured sponsorship from several national brands. His
business has garnered publicity from The New York Times, The Denver Post, The Today
Show, Good Morning America, and numerous other media. He has shared his business
success on several stages, speaking at TechStars and the Aspen Ideas Festival, and
recently delivered the closing keynote speech at a national STEM conference. He even
landed a gig on Shark Tank.
Jack Bonneau is smart, charismatic, an excellent spokesperson, and persistent in his
mission. And he is only 11 years old—which also makes him very adorable.
Jack’s business was born from a need that most kids have: a desire for toys. He asked
his dad, Steve Bonneau, for a LEGO Star Wars Death Star. The problem was that it cost
$400. Jack’s dad said he could have it but only if he paid for it himself. This led Jack to
do what a lot of kids do to earn some extra cash. He opened a lemonade stand. But he
quickly learned that this would never help him realize his dream, so, with the advice and
help of his father, he decided to open a lemonade stand at a local farmer’s market. “There
were lots of people who wanted to buy great lemonade from an eight-year-old,” says
Jack. In no time, Jack had earned enough to buy his LEGO Death Star. “I had sales of
around $2,000, and my total profit was $900,” Jack said.
Jack realized that he was on to something. Adults love to buy things from cute kids.
What if he could make even more money by opening more locations? Jack developed an
expansion plan to open three new “Jack Stands” the following spring. Realizing that he
would need more working capital, he secured a $5,000 loan from Young Americas Bank,
a bank in Denver that specializes in loans to children. Jack made $25,000 in 2015.
The following year, Jack wanted to expand operations, so he secured a second loan
for $12,000. He opened stands in several more locations, including shopping malls during
the holiday season, selling apple cider and hot chocolate instead of lemonade. He also
added additional shop space and recruited other young entrepreneurial kids to sell their
products in his space, changing the name to Jack’s Stands and Marketplace. One of his
first partnerships was Sweet Bee Sisters, a lip balm and lotion company founded by Lily,
Chloe, and Sophie Warren. He also worked with 18 other young entrepreneurs who sell
a range of products from organic dog treats to scarves and headbands.
Jack’s strategy worked, and the business brought in more than $100,000 last year.
This year, he became the spokesperson for Santa Cruz Organic Lemonade, and he’s now
looking at expanding into other cities such as Detroit and New Orleans.
Even though Jack is only 11 years old, he has already mastered financial literacy,
customer service, marketing and sales, social skills, and other sound business practices—
all the qualities of a successful entrepreneur.
Check Your Understanding
Instruction: Answer the questions below in not more than 50 words on a short sized
bond paper. Compile your answer in your transparent envelope.
Critical Thinking Questions
1. What do you think enabled Jack Bonneau to start and grow a successful business
at such a young age?
2. What personal characteristics and values will Jack need to continue running his
business while also attending school full-time?
Enrichment
On a short sized bond paper write a narrative story why you choose Bachelor of
Science in Entrepreneurship as a baccalaureate course
Entrepreneur’s Quote:
“Never start a business just to make money. Start a business to make a difference.”
- Marie Forleo
Lesson 2
Characteristics of an Entrepreneur
Diagnostics
Analytical Thinking
Instruction: Below are important words that you will meet as we go along with the
lessons. Explain briefly the words in your own ideas.
1. profit
2. motivation
3. innovation
4. risk taker
5. self-confidence
6. action-oriented
Get Involve
Instruction: From the jumbled word/s arranged them correctly to form the right word.
1. sibunses
2. reyneg
3. rotivamto
4. iatienviti
5. mucintomoncai
6. arucoge
Let’s Discover
Instruction: From the jumble words above select one (1). Illustrate through cartooning
Your choice. Do this on a short sized bond paper. Make it colorful.
Let’s Listen
Reading: Characteristics of an Entrepreneur
The most important characteristics of an entrepreneur is his achievement motivation.
All other characteristics emanate from achievement motivation, successful entrepreneurs
are action-oriented, they have the ability to visualize the steps from idea to actualization.
An entrepreneur is a job-giver and not a job–seeker. That means he is his own boss, the
characteristics which make him his own boss are given below:
a) Strong achievement orientation
b) Unwavering determination and commitment
c) Self-reliance and independence.
d) Hunger for success
e) Self-confidence and self –faith
f) Sustained enthusiasm
g) Single-mindedness
h) Strong reality orientation.
i) Willingness to accept responsibility
j) Courage
k) Ability to survive defeat
l) Become wealthy and stay humble
An entrepreneur is a highly achievement oriented, enthusiastic and energetic individual.
The characteristics of an entrepreneur may be briefly stated as follows:
1. Mental ability
2. Clear-cut objectives
3. Capacity to guard business secrets
4. Capacity to interact with people
5. Effective communication
6. Technical expertise
7. Self-confidence
8. Initiative and drive
9. Motivator
10. Decision-maker
11. Energy
12. Risk-bearing
Reaching Out
Reading: Origins of Entrepreneurial Behavior
To better understand entrepreneurial behavior, scholars have relied on the study of
the entrepreneur him/herself. Entrepreneurs are at the heart of entrepreneurial activity,
as they are those who recognize opportunities and choose to exploit them. The study of
the entrepreneur has emerged based on the psychological traits that distinguish an
entrepreneur from a non-entrepreneur. Over the last four decades, a huge variety of
traits have been identified as characteristics of entrepreneurs, such as need for
achievement, risk taking, innovativeness or autonomy. However, researchers have found
a great diversity of traits among entrepreneurs and between entrepreneurs and non-
entrepreneurs. Given that a single and consistent “psychological profile” of the
entrepreneur has not been achieved, the use of the trait approach is limited to explain
how entrepreneurial behavior emerges and develops over time
Check Your Understanding
Instruction: Make a narrative essay on “Many hands make light work.” Do this on a
short sized bond paper of not more than 75 words.
Enrichment
Have a copy of the Mission, Vision, and the Institutional Goals of Calabanga
Community College. Memorize and be ready for a graded recitation.
Entrepreneur’s Quote:
“It’s not about ideas. It’s about making ideas happen”
- Scott Belsky
Lesson 3
Role of An Entrepreneur
Diagnostics
Instruction: Fill out the blank spaces from the highlighted words below.
1.The most dynamic ____________ in the world are the ones that have the most
entrepreneurs.
2. The _____________ success of nations worldwide is the result of encouraging and
rewarding the entrepreneurial instinct.
3. Entrepreneurs create all ____________, all jobs, all opportunities, and all prosperity in
the nation.
4. Entrepreneurs are ______________ and future oriented.
5. Entrepreneurs occupy a central position in a _____________ economy.
wealth
market
economic
societies
optimistic
Get Involve
Instruction: Write the things that you think can be of help in preventing and spreading
of the virus.
At this moment in time we are still experiencing the crisis brought about by this Covid
19 pandemic, as an entrepreneur student, what is now your role for the safety of your
community and the society.
Let’s Discover
Instruction: Make a comic strip and show how you will be of help to the community.
Use short sized bond paper and label and present it with gusto.
Let’s Listen
Reading: What are the Role of Entrepreneur?
 Economy
Entrepreneurs occupy a central position in a market economy. For it's the
entrepreneurs who serve as the spark plug in the economy's engine, activating and
stimulating all economic activity. The economic success of nations worldwide is the result
of encouraging and rewarding the entrepreneurial instinct.
 Growth and opportunities
A society is prosperous only to the degree to which it rewards and encourages
entrepreneurial activity because it is the entrepreneurs and their activities that are the
critical determinant of the level of success, prosperity, growth and opportunity in any
economy. The most dynamic societies in the world are the ones that have the most
entrepreneurs, plus the economic and legal structure to encourage and motivate
entrepreneurs to greater activities.
 Risk Assumption
It is the entrepreneur who undertakes the risk of the enterprise in search of profit and
who seeks opportunities to profit by satisfying as yet unsatisfied needs. Entrepreneurs
seek disequilibrium--a gap between the wants and needs of customers and the products
and services that are currently available. The entrepreneur then brings together the
factors of production necessary to produce, offer and sell desired products and services.
 Business Decision Making function
They invest and risk their money--and other people's money--to produce a product or
service that can be sold at a profit. Entrepreneurs are optimistic and future oriented; they
believe that success is possible and are willing to risk their resources in the pursuit of
profit. They're fast moving, willing to try many different strategies to achieve their goals
of profits. And they're flexible, willing to change quickly when they get new information.
 Managerial Function
Entrepreneurs are skilled at selling against the competition by creating perceptions of
difference and uniqueness in their products and services. They continually seek out
customer needs that the competition is not satisfying and find ways to offer their products
and services in such a way that what they're offering is more attractive than anything
else available.
 Innovation
Entrepreneurs are a national treasure, and should be protected, nourished,
encouraged and rewarded as much as possible. They create all wealth, all jobs, all
opportunities, and all prosperity in the nation. They're the most important people in a
market economy--and there are never enough of them.
Reaching Out
Reading: What is the role of entrepreneurship in the society?
Entrepreneurship is the capacity and willingness to develop and participate in
a business venture with the intention of making a profit regardless of the financial risks
involved. The role of entrepreneurship in any economy is critical, as it contributes to the
socio-economic development of societies in various ways, including:
1. Identifying existing opportunities in the market - Through production and
distribution of goods and services, entrepreneurial ventures seek to satisfy client
needs and improve livelihoods. Constant market research provides insights into
existing customer needs that inform decisions to provide goods and services.
2. Creating employment opportunities – Entrepreneurship helps bridge the
unemployment gap through formal and informal business ventures that employ
millions of people.
3. Contributing to national income – Through payment of taxes, businesses
contribute to government revenue that consequently facilitates development.
Entrepreneurial ventures further contribute to the GDP, an indication of their
importance in raising revenue and financing government projects, as well as
contributing to economic growth.
4. Infrastructural
Development – Entrepreneurial
ventures
open
up
infrastructural development in their localities. Starting up businesses often leads
to the development of transport and communication networks, driven by the need
for infrastructure created by these businesses.
5. Contributing to Community Development – Through participation in
Corporate Social Responsibility, entrepreneurs contribute to and support the
development of infrastructure for education, healthcare, business training &
mentorship and other social needs.
Entrepreneurship is vital for any country’s economy as it supports the contribution of
the government in the provision of goods and services.
Check Your Understanding
Instruction: Write your personal insights on the topic that you have learned of not less
than 150 words. Do this in your journal.
Enrichment
Make a simple organizational chart of a company stating the persons involved. Do
this on a short sized bond paper and label it.
Entrepreneur’s Quote:
“Entrepreneurship is living a few years of your life most people won’t, so that you
can spend the rest of your life most people can’t.”
- Unknown
Lesson 4
Types of Entrepreneurs
Diagnostics
Instruction: Write Yes or No on the blank space provided if you think the statement is
appropriate or not.
______
______
______
______
______
1.
2.
3.
4.
5.
There are six types of entrepreneurs.
Fabian entrepreneurs are skeptical people.
Entrepreneurs that are reluctant to change are called drone.
Imitating entrepreneurs are copycats.
Innovative entrepreneurs do not follow new ideas.
Get Involve
Instruction: Make a line a graph about the mode of transportation you like most in your
daily travel. Rank it from highest to lowest. You may add some color to give
emphasis.
Let’s Discover
Instruction: Since you enrolled in BS Entrepreneurship, what is your vision to become
a successful entrepreneur? Illustrate through a diagram of your own choice how
you will envision it.
Let’s Listen
Reading: Types of Entrepreneurs
There are four types of entrepreneurs, classified on the basis of their willingness to
create and accept the innovative ideas.
Innovative Entrepreneur: These are the ones who invent the new ideas, new
products, new production methods or processes, discover potential markets and
reorganize the company’s structure. These are the industry leaders and contributes
significantly towards the economic development of the country. The innovative
entrepreneurs have an unusual foresight to recognize the demand for goods and services.
Imitating Entrepreneurs: The imitating entrepreneurs are those who immediately
copy the new inventions made by the innovative entrepreneurs. These do not make any
innovations by themselves; they just imitate the technology, processes, methods
pioneered by others.
Fabian Entrepreneurs: These types of entrepreneurs are skeptical about the changes
to be made in the organization. They do not initiate any inventions but follow only after
they are satisfied with its success rate. They wait for some time before the innovation
becomes well tested by others and do not result in a huge loss due to its failure.
Drone Entrepreneurs: These entrepreneurs are reluctant to change since they are very
conservative and do not want to make any changes in the organization. They are happy
with their present mode of business and do not want to change even if they are suffering
the losses. Thus, this classification is done on the basis of the willingness of an
entrepreneur to create and accept the innovative ideas.
Reaching Out
Reading: Several Categories of Entrepreneurs
Entrepreneurs fall into several categories: classic entrepreneurs, multipreneurs, and
intrapreneurs.

Classic Entrepreneurs
Classic entrepreneurs are risk-takers who start their own companies based on
innovative ideas. Some classic entrepreneurs are micropreneurs who start small and plan
to stay small. They often start businesses just for personal satisfaction and the lifestyle.
In contrast, growth-oriented entrepreneurs want their business to grow into a major
corporation. Most high-tech companies are formed by growth-oriented entrepreneurs.

Multipreneurs
Then there are multipreneurs, entrepreneurs who start a series of companies. They
thrive on the challenge of building a business and watching it grow. In fact, over half of
the chief executives at Inc. 500 companies say they would start another company if they
sold their current one. Brothers Jeff and Rich Sloan are a good example of multipreneurs,
having turned numerous improbable ideas into successful companies.

Intrapreneurs
Some entrepreneurs don’t own their own companies but apply their creativity, vision,
and risk-taking within a large corporation. Called intrapreneurs, these employees enjoy
the freedom to nurture their ideas and develop new products, while their employers
provide regular salaries and financial backing. Intrapreneurs have a high degree of
autonomy to run their own minicompanies within the larger enterprise. They share many
of the same personality traits as classic entrepreneurs, but they take less personal risk.
According to Gifford Pinchot, who coined the term intrapreneur in his book of the same
name, large companies provide seed funds that finance in-house entrepreneurial efforts.
These
include Intel, IBM, Texas
Instruments (a
pioneering
intrapreneurial
company), Salesforce.com, and Xerox.
Entrepreneurs are innovators who take the risk of starting and managing a business
to make a profit. Most want to develop a company that will grow into a major corporation.
People become entrepreneurs for four main reasons: the opportunity for profit,
independence, personal satisfaction, and lifestyle. Classic entrepreneurs may be
micropreneurs, who plan to keep their businesses small, or growth-oriented
entrepreneurs. Multipreneurs start multiple companies, while intrapreneurs work within
large corporations.
Check Your Understanding
Instruction: On a short sized bond paper answer all the questions below.
1. Describe several types of entrepreneurs.
2. What differentiates an entrepreneur from a small-business owner?
3. What are some major factors that motivate entrepreneurs to start businesses?
Enrichment
Make a Venn diagram comparing the three categories of entrepreneur. Use short sized
bond paper in your output.
Entrepreneur’s Quote:
“The true entrepreneur is a doer, not a dreamer.”
- Nolan Bushrell
Lesson 5
Five ways to entrepreneur’s contribution
for sustainable economy
Diagnostics
Instruction: Higher Order Thinking Skills (HOTS). Read the questions and briefly
answer in one sentence.
1.
2.
3.
4.
5.
How does an entrepreneur stimulate the economy?
In what way do the entrepreneurs help the government?
What are the basis of the country’s economic stability?
How will an entrepreneur show that his/her clients are energized?
Why do you think that diversification is a must to an entrepreneur?
Get Involve
Instruction: Look for pictures on different calamity that struck the country recently.
Paste it on a short sized bond paper. Label it and answer the general question below.
Question: What are the effects of this calamity to our economy?
Let’s Discover
Instruction: Make a table showing some measures that you think that can be of help to
the nation’s economy. Make at least five.
Let’s Listen
Reading: Entrepreneur’s Contribution to Economy
Entrepreneur’s contribution to the economy is of immense value. He or she is
indispensable to the economic growth of the country. His or her products are valuable to
the overall development of the society. People need their products. They simply cannot
do without them. Ours is a consumer society now. Even in the developing countries
consumerism is gaining ground. Developed countries anyway thrive on consumerism.
Naturally, the role of an entrepreneur is of much significance in generating products
valuable for the comforts and luxurious living of the people of a particular country. An
economy is much dependent upon the performance level of its entrepreneur. He or she
plays a vital role in the growth of the national income as well as raising the per capita
income of the people.
Reaching Out
Reading: How does an entrepreneur vitalize the economy?
Investment – Then entrepreneur has to invest in what is required for the economy.
Economic progress will much depend upon his or her contributions. Any entrepreneur will
invest in products and services which the people need. His or investment will ensure a
better life for the people. More goods and services will be at their disposal.
Employment – An entrepreneur by setting up various businesses and establishments is
generating employment in the economy. People need jobs. This is a major contribution
that an employer can make to provide income to an employee who can meet his or her
needs.
Diversity in products and services – An entrepreneur can provide various types of
goods and services to the consumer. The latter has much to choose from. A consumer
after all would like to have a good bargain, and if his or her choices are more than he or
she can get these products or services at reasonable rates. Also personal desires are met
if there are products and services to choose from. A person may like a particular type of
tie and he can perhaps locate it in his local market. His desire to purchase a tie of his
choice is thus met.
International trade – An entrepreneur promotes international trade by selling his or
her products abroad. Any entrepreneur would like a wider market. If there are more
consumers to purchase his or her products, the higher his profits.
Contributes to gross national product – An entrepreneur makes much contribution
to the national exchequer and to the national economy as whole. The GNP of the country
is calculated based upon the total number of products and services available in a
respective country. The more products and services available the higher the GNP. It
indicates the economic prosperity of the country. The entrepreneur is essential for the
economic development of a country. The progress of a country will depend upon his skill
and talent as well as hard work to deliver necessary goods and services required by the
citizens of his or her country.
Check Your Understanding
Instruction: Make a reflection on the topic that we have discussed of at least 100
words. Do this on a short sized bond paper.
Enrichment
Look for an article about the disasters in any region. Clip it in your journal and label
it.
Entrepreneur’s Quote:
“Never too young to start an empire. Never too old to chase a new dream.”
- BoomSuma Com
Lesson 6
Entrepreneurship and Economic Growth
Economists’ View
Diagnostics
Instruction: Match Column A with Column B. Write the letter of your answer on the
blank space before the number.
A
B
____ 1. human resources
a. physical resources
____ 2. production
b. factory
____ 3. resources
c. innovation
____ 4. industry
d. raw materials
____ 5. tangible
e. process
f. employees
Get Involve
Instruction: As a member of the family, what is your internal and external duty? List
your duties and responsibilities that your regularly perform. Write your answer
on a short sized bond paper.
Let’s Discover
Instruction: Make a ladder web. Do this on a short sized bond paper and label it
where you are in. In every step indicate your duties from lowest to highest.
Let’s Listen
Reading: Entrepreneur and Modern Production Development
The position of the entrepreneur in modern production is like that of the director of a
play. Modern economic development is closely linked with production. Modern production
is highly complex. The entrepreneur directs production and he must do whatever is
necessary for its success. His role in modern economic development has at least three
aspects.
(a) The entrepreneur co-ordinates the other factors of production. This involves not only
assembling the factors, but also to see that the best combination of factors is made
available for the production process.
(b) The entrepreneur takes risk. In Hawtrey’s view this is the most important function of
the entrepreneur and the quantum of profit he receives is directly proportionate to the
risks he takes.
(c) Finally, the entrepreneur innovates. Innovation is different from invention. Invention
is the work of scientists. Innovation implies the commercial application of an invention.
As an innovator the entrepreneur assumes the role of a pioneer and an industrial leader.
Modern economists tend to agree with the view expressed by Schumpeter. Since the
process of economic development is characterized by the presence of discontinuous
disturbance, economists tend to agree to the view that this disturbance comes in the
form of innovation. The entrepreneur can undertake anyone type of the following five
categories of innovation.
(a) The introduction of a new good or a new quality of a good
(b) The introduction of a new method of production
(c) The opening of a new market
(d) The conquest of a new source of supply of raw materials.
(e) The carrying out of a new organization of any industry.
Reaching Out
Reading: Production Resources



Material resources. These are tangible, physical resources which are used for
production. In industry, producers used steel, cement, glass, machines, and
equipment. In agriculture, farmers, use fertilizers, seeds, machines, tools and
pesticides. In schools, they use books, chairs, computers, laboratories and other
physical facilities.
Financial resources. These are funds. Business organizations needs these for
various purposes. With sufficient funds, business organizations can implement
their projects.
Human resources. These are the most important resources. It is the people who
plan and implement business activities. In view of the great importance of people,
progressive corporations stress human resource development through education
and training of their employees.

Informational resources. Correct and complete information is vital to the
success of any business organization. Without information, it is impossible to
formulate good plans and programs. Especially in decision-making, facts are very
important. The entrepreneur must know the needs of his customers, the strategies
of his business rivals, technological developments, and business policies of the
government.
Check Your Understanding
Instruction: Explain in your own words the following terms.
1.
2.
3.
4.
5.
Informational resources
Material resources
Financial resources
Human resources
Entrepreneur innovates
Enrichment
Make a collage about production resources. Do it creatively on a short sized bond
paper. Label it.
Entrepreneur’s Quote:
“Success is not easy and is certainly not for lazy.”
Lesson 7
Micro, Small and Medium Enterprises
Diagnostics
Instruction:
1.
2.
3.
4.
5.
What is Micro, Small and Medium Enterprises (MSMEs)? Explain in your words.
What is the importance of MSMEs in every country throughout the world?
In what way that MSMEs contribute to the economy of a certain country?
Who are qualified to join MSMEs?
What government agency in the Philippines that is in charge of MSMEs?
Get Involve
Instruction: In your community name some homemade products that are being sold in
in the nearest sari-sari store. What are these items and who are the makers/producers
of these? Give at least 10 products.
Let’s Discover
Instruction: From a magazine or any other reading materials, cut out different novel
products in the Philippines under MSMEs? Label the product and the region it came
from. Paste your output on a short sized bond paper.
Let’s Listen
Reading: Entrepreneurship and Economic Growth
The idea that entrepreneurship and economic growth are very closely and positively
linked together has undoubtedly made its way since long. The quote of Adam Smith,
“when the division of labor increases, so will economic development.” An increase in the
number of entrepreneurs leads to an increase in economic growth. This effect is a result
of the concrete expression of their skills, and more precisely, their propensity to innovate.
Entrepreneurship is a key indicator of economic development of any country. As more
and more of the population becomes involved in opportunity entrepreneurship and as
more and more people re-leave necessity entrepreneurship the more we see rising levels
of economic development. In other terms, the “driving force of the market”.
Entrepreneurs create new businesses, and new businesses in turn create jobs, intensify
competition, and may even increase productivity through technological change, high
measured levels of entrepreneurship will thus translate directly into high levels of
economic growth. Micro, small and medium enterprises (MSME) is the engine of economic
development in emerging economies like India. MSMEs are generally characterized as
being skill oriented, low capital, resource based and local market ambitious enterprises.
MSMEs open the new opportunities for the employment growth, economic development,
and provide new dimension to the country’s economy. This sector plays an important role
especially relating to poverty alleviation and improving living standard, utilization of the
available human and other resources for the development of the economy and thereby
leading to individual growth, social growth and national growth. As MSME play a vital role
in economic development, since independence high priority was given to support and
make these enterprises vibrant. Assistance and support was provided in terms of
production, upgrading technology and policy measures to stabilize the enterprises taking
into consideration its role in economic development.
Reaching Out
Reading: The value of imaginative intelligence and self-space
MSMEs come in a wide variety of forms and most remain micro-sized, employing fewer
than ten people. Even so, these firms are responsible for more than 80% of employment
in every country throughout the world. Many stay small because they operate in service
sectors or retail sectors serving a limited client base, for example in a specific
neighborhood. Others grow but maintain small structures because the entrepreneurcreator subcontracts most of the activities. Regardless of these variables, research into
MSMEs in different countries and contexts has revealed that, for a business to remain
healthy and lucrative, a certain number of guidelines must be followed, some of which
are listed below. Guideline 1: Dare to dream. It is important for venture creators to allow
themselves to dream. They can then imagine ways of bringing their dreams to fruition
and take the steps needed to do so. People usually become what they truly want to
become, although sometimes their final destination may not be what they originally
imagined. Dreams evolve and take different directions, and sometimes transform into
visions that provide the guiding thread needed to move forward into action.
Task Force on E-commerce
The task force aims to provide MSMEs access to comprehensive and focused support
for tapping business opportunities and expanding markets through innovative and
effective promotion of MSMEs and their products.
Check Your Understanding
Instruction: What is being referred to? Write your answer opposite the question.
1.
2.
3.
4.
5.
What
What
What
What
What
Philippine government agency is in charge of MSMEs? _____________
is one function of MSMEs? ___________________________________
does MSME means? ________________________________________
is the focus of MSMEs? ______________________________________
do you mean by micro-business? ______________________________
Enrichment
Picture out examples of MSME’s in Calabanga. Paste and label it on a short sized
bond paper.
Entrepreneur’s Quote:
“The struggle you’re in today is developing the strength tomorrow.”
Lesson 8
Qualities of an Entrepreneur
Diagnostics
Instruction: Defend your answer whether your answer is Yes or a No.
1.
2.
3.
4.
5.
A good quality is a must for an entrepreneur.
An entrepreneur knows no boundary.
A businessman should be disciplined.
Being an entrepreneur is a traveler.
All entrepreneurs are successful.
Get Involve
Instruction: Through a caricature illustrate your best friend and describe the good traits
he/she possessed. Use arrows to describe him/her. Prepare your output on a short
sized bond paper.
Let’s Discover
Instruction: Explain what this quotation wants to convey?
“A friend in need, is a friend in deed.”
Let’s Listen
Reading: What are the Qualities of an Entrepreneur?
Successful business people have many traits in common with one another. They
are confident and optimistic. They are disciplined self-starters. They are open to any new
ideas which cross their path. Here are ten traits of the successful entrepreneur.
1.Disciplined
These individuals are focused on making their businesses work, and eliminate any
hindrances or distractions to their goals. They have overarching strategies and outline
the tactics to accomplish them. Successful entrepreneurs are disciplined enough to take
steps every day toward the achievement of their objectives.
2. Confidence
The entrepreneur does not ask questions about whether they can succeed or whether
they are worthy of success. They are confident with the knowledge that they will make
their businesses succeed. They exude that confidence in everything they do.
3. Open Minded
Entrepreneurs realize that every event and situation is a business opportunity. Ideas
are constantly being generated about workflows and efficiency, people skills and
potential new businesses. They have the ability to look at everything around them and
focus it toward their goals.
4. Self-Starter
Entrepreneurs know that if something needs to be done, they should start it
themselves. They set the parameters and make sure that projects follow that path.
They are proactive, not waiting for someone to give them permission.
5. Competitive
Many companies are formed because an entrepreneur knows that they can do a job
better than another. They need to win at the sports they play and need to win at the
businesses that they create. An entrepreneur will highlight their own company’s track
record of success.
6. Creativity
One facet of creativity is being able to make connections between seemingly
unrelated events or situations. Entrepreneurs often come up with solutions which are
the synthesis of other items. They will repurpose products to market them to new
industries.
7. Determination
Entrepreneurs are not thwarted by their defeats. They look at defeat as an opportunity
for success. They are determined to make all of their endeavors succeed, so will try and
try again until it does. Successful entrepreneurs do not believe that something cannot be
done.
8. Strong people skills
The entrepreneur has strong communication skills to sell the product and motivate
employees. Most successful entrepreneurs know how to motivate their employees so the
business grows overall. They are very good at highlighting the benefits of any situation
and coaching others to their success.
9. Strong work ethic
The successful entrepreneur will often be the first person to arrive at the office and
the last one to leave. They will come in on their days off to make sure that an outcome
meets their expectations. Their mind is constantly on their work, whether they are in or
out of the workplace.
10. Passion
Passion is the most important trait of the successful entrepreneur. They
genuinely love their work. They are willing to put in those extra hours to make
the business succeed because there is a joy their business gives which goes
beyond the money. The successful entrepreneur will always be reading and
researching ways to make the business better.
Reaching Out
Reading: The Qualities that define a Successful Entrepreneur
Being a successful entrepreneur means more than starting new ventures every other
day. It means the right attitude towards a business and the determination and grit to
achieve success.
A successful entrepreneur has a strong inner drive that helps him or her to succeed.
Let us take a look at the qualities that go into making a successful entrepreneur.
An entrepreneur should be excited by the prospect of work. They should always have
a strong drive to succeed and overcome obstacles. They should not only set big goals for
themselves but also see that they are actually committed to achieving them regardless
of the countless setbacks that occur.
A successful entrepreneur always has a strong sense of self-confidence and a healthy
opinion of their skills and abilities. Their personality is assertive and strong. They are
always focused and do not really dilly dally with the issues at hand. This is what makes
them different from the rest.
An entrepreneur should always be on the lookout for new innovations and ideas in
order to emerge as a winner. They should constantly reinvent themselves and think of
better ways to run a business and improvise on the products and services offered by
them.
Another important quality of a successful entrepreneur is openness in adopting
change. They should not be headstrong and stubborn when it comes to choosing other
options. Change is the only thing that is constant in business no one can make any profits
on age old methods.
The path to success lies in evolution, whether it is evolution of ideas, services and
products or technology. An entrepreneur should have an open mind and eagerness to
learn new things. It is imperative to understand that the only way to keep at the top is
to keep on changing and evolving with the time. An entrepreneur should be aware of the
latest service techniques and technology in order to serve the clients in a better way.
Competition should never scare an entrepreneur. In fact, competition is what a
successful entrepreneur thrives on. Monopoly is never a good thing. This is because in
monopoly there is no scope for improvisation or change.
An entrepreneur should be highly energetic and motivated. He or she should always
be on the go. At the same time, the commitment levels have to be pretty high. Only when
a person is motivated can he do justice to his line of work.
Accepting rejection or constructive criticism can go a long way in making an
entrepreneur successful. Criticism shows what he or she is not doing properly or where
change is needed. However, it must be remembered that accepting criticism is a very
important way of getting success. This is because a person will then be aware of the
shortcomings of his business and accordingly make amends. Hence accepting criticism is
actually a good way of improvising.
Passion, resourcefulness, willingness to improvise and listen to others and strong
determination to succeed is what makes an entrepreneur successful. And this is what you
have to keep in mind as well if you want to be a successful entrepreneur yourself.
Check Your Understanding
Instruction: In your opinion do you think that an entrepreneur should possess all the
good qualities to qualify in the field of business? Explain your answer.
Enrichment
Select one quality of an entrepreneur and make an anecdote about it. Write this on
a short sized bond paper.
Entrepreneur’s Quote:
“I’m convinced that about half of what separates the successful entrepreneurs from
non-successful ones is pure perseverance.”
- Steve Jobs