Pangilinan, Joselle G.
Entrep 1-V
Answer in Module 1
Activity 1: CONCEPT PAPER
1. Discuss the meaning of Entrepreneurship based on your own
understanding
and concept of the topic
After the discussion, I can say that Entrepreneurship has one of the most
critical concepts and not the easiest thing to think of. Entrepreneurship
is commonly known as act of starting or building your own business out
of your ideas and financial capabilities. It also requires high decision-
making skills, because starting business needs a lot of courage and a lot
of things to consider or to risk before we gain profit from it.
2. Why do you think Entrepreneurship is both a Science and an Art? Explain
your Answer in no less than fifty (50) words.
First, Entrepreneurship is an art because it letting Entrepreneur to be
more creative and create or even innovate things. It’s helping us to put
our imagination and ideas into reality. Being artistic can help our
products, services or business to grow.
We cannot also deny that entrepreneur is also science, because like
science it has/ needed systematic study and pattern. Starting a business
has steps to take, from (1) Environmental scanning, (2) cast analysis, (3)
business planning and (4) implementation of the actual business. And
also, like science, entrepreneurship urge us to create or to do
experiment in new things so we can build/introduce new products, new
Production Method, New markets and new forms of organization after
series of studying.
3. Discuss the significance Entrepreneurship especially during the COVID-19
pandemic.
a. To your local community (Barangay)
Based on my observation here in Castellano, San Leonardo where
I’m currently residing, many small business appeared offering
services and goods to our neighborhood. Because of these small
business, people here in Castellano doesn’t need to travel or visit
other places just to have supplies that they need. Small business
men/women bring so much convenient here in our area
b. To your Province
Entrepreneurs here in Nueva Ecija contributes on local economy
in this time of pandemic. Establishments are starting to innovate
their products. Especially those businesses that is related on
protecting our health. New products were introduced, like a pen
with spray bottle, perfect as alcohol container. So you have pen
and alcohol in one products. These businesses or store that sells
essential products helps to somehow decrease the unemployment
rate here in our Province
c. To the Philippines as a whole
Due to this pandemic a lot of business and companies needed to
close temporarily or worst close permanently. This phenomena
leads us to high unemployment rate and causes our economic
drops. But after months, Filipino entrepreneur find ways to
recover. Many business collapsed or file bankruptcy but new
businesses is starting to build. Businesses that is more timely and
more suitable on this time of pandemic. Like online selling of
goods and anti virus gears or items, humidifier is one of the
example. Online selling started to have big impact because it helps
our fellow Filipino to maximize the usage of their bicycle,
motorcycle and other vehicle that can be use to deliver goods and
materials. Because of the rising demand on products that is
available online, many doors open for those people that want to
venture in business. Many companies hires drivers and customer
service representative.
4. If you will be an entrepreneur in the future, Conceptualize the following:
a. What will be your product (1 only)? Draw or make a picture of your
preferred product.
Scented candles
This picture is from google
These are the first scented candles I personally made for the burial of my Auntie
b. Why you choose this product?
Since almost of us is now working on work at home setup,
meaning that there’s few ways to escape stress from our work or
job. So one of the best product to sell to helps our mind to calm is
scented candles. Unlike humidifier, it doesn’t requires electricity,
you can just lit it up by matches or lighter, in this way we can
saved electricity. And It also always in trend. And knowing
Filipinos, we are captured by aesthetic featured of one thing that
we can flaunt in to social medias
c.What makes your product different to other existing product?
It will be different with others because I will offer refill candles on
customer old container and I’ll set it with discount. We are saving
our environment by reducing waste container and gain profit at
the same time.
d. How much do you sell this product? Why?
150-200 depends on its size and variety
5.Why do you think venturing in Entrepreneurship is risky but rewarding, explain
your answer
It is risky but rewarding because you have to use all the things that
you have to start business without any assurance that all of your
plan will work, you can lose anything but for me its rewarding
weather your business becomes successful or not. Because in
every failure there’s lesson to be learned.
