OVERVIEW OF ENTREPRENEURSHIP
The word “entrepreneur” is derived from the French verb enterprendre, which means “to
undertake‟. This refers to those who “undertake” the risk of new enterprises. An enterprise is
created by an entrepreneur. The process of creation is called “entrepreneurship”
(www.yourarticlelibrary.com).
ENTREPRENEURSHIP- It is a proactive process of developing a business venture to make a
profit.
What is an Entrepreneur?
Entrepreneur: A person who organizes and manages an enterprise, especially a business,
usually with considerable initiative and risk.
• Initiative: Readiness and ability in initiating action.
• Risk: The hazard or chance of loss.
What is an Entrepreneur?
- Is a unique individual who has the innate ability and extraordinary dedication to establish
and manage a business, acknowledging all the risks and reaping its rewards.
- “An entrepreneur is someone who perceives an opportunity and creates an organization
to pursue it.”
Entrepreneurship is one of the resources economists categorize as integral to production;
the three resources are land/natural resources, labor and capital. An entrepreneur
combines these three to manufacture goods or provide services. They typically create a
business plan, hire labor, acquire resources and financing, and provide leadership and
management for the business (www.investopedia.com). Entrepreneurship is…
• The act of creating a business or businesses while building and scaling it to generate a
profit.
• An important driver of economic growth and innovation.
• What people do to take their career and dreams into their hands and lead it in the
direction of their own choice.
• About building a life on your own terms. No bosses. No restricting schedules. And no
one holds you back.
• A person who sets up a business with the aim to make a profit and creates a new
business, bearing most of the risks and enjoying most of the rewards.
• An innovator, a source of new ideas, goods, services, and business/or procedures.
• Playing a key role in any economy, using the skills and initiative necessary to anticipate
needs and bring good new ideas to market.
Entrepreneurship in the Philippines (Batalla, V. (2011)
In 2005, the top 50 Philippine corporations in terms of sales could be broken down into 22
private domestic firms, 23 foreign firms, and 5 government-owned and/or controlled
corporations (BizNews Asia 2007as cited by Batalla, V., 2011). The 22 companies could be
identified with 11 families and individuals, mostly Filipinos of Chinese ethnic background. The
11 families and individuals were the Zobel family (Ayala), the Lopez clan, Lucio Tan, Henry Sy,
John Gokongwei, Alfonso Yuchengco, Eduardo Cojuangco Jr., Jose Yao Campos (Unilab
Group of Companies), George Ty (Metrobank), Mariano Que (Mercury Drug), and Tony Tan-
Caktiong (Jollibee).
Relevance of Entrepreneurship to SHS Students
1. To prepare students for livelihood even before college.
2. Entrepreneurship education aids students from all socioeconomic backgrounds to think
outside the box and nurture unconventional talents and skills.
3. Entrepreneurship develops their initiative and helps them to be more creative and self-
confident in whatever they undertake and to act in a socially responsible way.
4. 4. It exposes students to numerous opportunities to learn how to think
5. critically and analyze the pieces on the board.
6. 5. Being aware of all the important factors and seeing how they affect each other is the
foundation of a smart decision-making process.
7. 6. Students have to be exposed to real-world examples and learn from their own
experience.
8. 7. Entrepreneurship education requires students to be innovative, creative and
collaborative with others.
9. 8. Entrepreneurship education provides budding entrepreneurs with the skills and
knowledge to come up with business ideas and develop their own ventures.
COMPETENCIES IN ENTREPRENEURSHIP AND JOB OPPORTUNITIES FOR
ENTREPRENEURSHIP AS A CAREER
THREE LEVELS OF COMPETENCIES (www.ideasforleaders.com)
1.Personal competencies – These are your abilities to ground yourself so that you are secure
and selfassured in whatever situation you may find yourself (www.free-management-
ebooks.com).
Ex. creativity, determination, integrity, self-criticism.
2. Interpersonal competencies – These are your ability to lead, influence, communicate,
supervise, negotiate, and control people at all levels. It is the ability to get along with people and
motivate people to perform jobs. Entrepreneurs must effectively manage people
(baseread.com). Ex. communication, engagement, delegation
3. Business competencies – These are set of particular abilities and knowledge that sets a
company apart from its competitors (yourbusiness.azcentral.com). It also refers to the key
characteristics that successful entrepreneurs should have in order to be successful
(www.mustangbols.com). Ex. business vision, financial management, networking
Core vs. Common Competencies in Entrepreneurship
Competence is an underlying personal characteristic which leads to superior performance. It is
a combination of knowledge, skills, attitudes, and motives (baseread.com).
Core competence is the foundation for sharpening a company's competitive edge and it guides
brand reputation, business growth, and marketing strategy (www.thebalancesmb.com).
Common competence is one that describes the knowledge, skills and abilities found in most or
all position (www.ifpm.nifc.gov).
Common Competencies of Entrepreneurs
1. Proactive
entrepreneurs are reactive rather than passive. They address issues, problems, and challenges
before they come rather than when they already happened.
2. Agents of change
are innovation champions and they are always enthused to improve and develop new products
and services and introduce them to the market.
3. Risk takers
calculate risks, if they think that there is a big chance of succeeding, they push through with the
venture and don’t let the opportunity pass.
4. Have a sharp eye for opportunities
know how to assess net cause and effort of an opportunity and decide intelligently if a venture
should be considered or not. 5. Sociable
soft skills are one of the most important competencies of entrepreneurs as these establish
relationship with the most important assets of the company its people and its customer.
6. Networkers know the key people to connect with.
7. Decisive always have a decision about their business they do not settle for
gray areas or unclear solutions.
8. Balanced the minds of entrepreneur should have balance between the
analytical and the creative side. 9. Innovative
the minds of entrepreneurs are rich with big ideas that can add value to their existing business
or could become a game changer in the industry or business where they belong.
CORE COMPETENCIES OF ENTREPRENEURS
1. Leaders
Successful entrepreneurs always have the heart of a leader and they must be a source of
inspiration for their employees.
2. Communicators
Know how to use all forms of communication to effectively share ideas and address certain
concerns with their customer or employees.
3. Specialists
Experts in their chosen business and they are tactical and very keen with details.
4. Problem solvers
Possess critical thinking skills and look at problems as challenges or puzzles that they need to
solve.
ENTREPRENEUR’S FIELD OF EXPERTISE
1.Technopreneur. Puts technology at the core of his or her business model.
2. Social entrepreneur. Takes advantage of the country’s social problems and turn them to
profitable institutions with the intention of helping the disadvantaged community rather than
making a profit.
3. Intrapreneur .Large company or corporation who is tasked to think, establish, and run a
new big idea or project.
4. Extrapreneur. Hops from one company to another to act as the innovation champion,
providing creative and efficient solutions.
SOCIETAL AND ECONOMIC BENEFITS OF ENTREPRENEURSHIP
1. Entrepreneurship produces more jobs that equate to an increase in national income.
2. Entrepreneurship amplifies economic activities of different sectors of society.
3. Entrepreneurship introduces new and innovative products and services.
4.Entrepreneurship improves people’s living standards.
5. Entrepreneurship disperses the economic power and creates equality.
6. Entrepreneurship controls the local wealth and balances regional development.
7. Entrepreneurship reduces social conflicts and political unrest.
8. Entrepreneurship elicits economic independence and capital formation
Job Opportunities for Entrepreneurship as a Career
❖ Entrepreneurship Career Opportunities for the Academic Track
Business Consultant
Sales
Research and development
Not-for-profit fundraiser
Teacher
Talent recruiter
Business reporter
New venture creation
Career in existing entrepreneurial ventures
❖ Entrepreneurship Career Opportunities for the TECHVOC Track Fine Arts
Artist
Graphic designer
Photographer
Art gallery manger
Film director
Fashion Designing
Designer wear production
Fashion marketing, planning and concept management
Fashion media design management
Fashion accessory design, quality control, and promotion brands
Costume designer
Fashion consultant and personal stylist
Technical designer and graphic designer
Fashion coordinator
Sports
Health club manager
Strength, wellness or conditioning coach
Fitness program or event planning manager
Professional or amateur team manager
Sports facility manger
Corporate fitness director
Rehabilitation center director
Nutrition center manager
Other TECHVOC Track
Cook/Chef
Automotive mechanic
Electrician
Technical support spec
Network support Associate
Mechanical technologist
