Module 7 Entrepreneurship
Module 7 Entrepreneurship
Module 7 Entrepreneurship
7
ENTREPRENEURSHIP
Learning Objective: At the end of the lesson, the students should be able to:
1. discuss the environment of the Philippines for
entrepreneurship;
2. explain entrepreneurship and identify who the
entrepreneurs are;
3. explain the contributions of entrepreneurship; and
4. discuss the impact of entrepreneurship in the society
Methodology : Lecture-discussion
100%
What is entrepreneurship?
Contributions of entrepreneurship
Entrepreneurship brings not only to the entrepreneurs but also to the country as a whole.
1. Provide self-employment
2. Create employment for others
3. Develops industries especially in the rural areas
4. Encourages the processing of local materials into finished or semi-finished goods
5. Generate additional income for the family
6. Encourages healthy competition which may assure highest quality products
7. Makes more goods and services available to the consumers
8. Promotes the use of modern technology in small scale manufacturing to enhanced
productivity
9. Develops possible market
10. Encourages more research/studies and inventions of machines and equipment for
domestic consumption
11. Develops entrepreneurial qualities and positive attitudes among potential
entrepreneurs to bring about significant changes in the rural areas
Who are the entrepreneurs?
Entrepreneurs are those who launched their own business from scratch, they
develop scarce resources into successful business by their instinct, sense of timing and
hard work and ides producing activity.
Characteristics of an entrepreneur
There are 10 characteristics identified and defined by Mc Bear and Co. (1986) of
a successful entrepreneur:
1. Opportunity seeker
a. explores and acts on new business opportunities
b. takes usual opportunities to obtain capital, facilities, equipment,
machineries and government assistance
2. Persistent
a. formulates different alternatives to overcome possible problems that may
come along the way
b. makes personal sacrifices to see a job completed according to specified
standards
4. Risk takers
a. makes an effort to evaluate advantages of a business in which he/she
would opt for a modern risk
b. Open to untoward experience and considers constraints as challenges
5. Competent and Hard worker
a. aspires and works towards quality performance
b. does things that assures work that meets or exceeds standards of
excellence
6. Goal setter
a. formulates specific, measurable, attainable, reliable and time-bounded
objectives
b. formulates long term goals
7. Information Seeker
a. solicits information about clients, competitors, suppliers.
b. Confers with experts about business or technical advice
c. Established linkages to obtain important information
9. Persuasive/Salesman
a. implements planned strategies to persuade or convinced others
b. sells ideas to other people
c. uses business contacts to attain goals
10. Self-confident
a. possesses strong belief in self and in what he/she accomplishes
b. has confidence in meeting problems and challenges especially those that
are related to the business
2. Planning cluster
a. Goal setting
b. Information seeking
c. Systematic planning and monitoring
3. Power cluster
a. Persuasion and networking
b. Self-confidence
People have many physical needs. Basically, they need food, clothing, shelter, air
and water. In addition, they also need other things like transportation, bags, shoes, soap,
salt and sugar, medicine and many others.
People living in the community are dependent on each other for the products and
service each of them needs every day. This is so because as the community grows,
individual roles become more distinct and specialized. It is difficult for everyone to
provide for everything he needs.
A need for a product or service is an economic opportunity. When people need
something they are willing to pay someone who is able to provide it to them. The ability
of individuals to perceive the kind of products or services that others need and to deliver
these at the right time, to the right place, to the right people and at the right price, is what
is generally referred to as entrepreneurship. When entrepreneurship is a practice of many
members of a community or society, that society develops very rapidly.
Integrating Activity:
The class will be divided into groups (according to collage making activity
grouping). Each group will interview an entrepreneur and answer the survey
questionnaire below.
Dear Mr./Ms. Entrepreneur,
Our students in NSTP 1 subject (National Service Training Program) are currently
conducting a survey questionnaire for a village level enterprise. One of the learning
objectives of the subject is for the students to get first-hand information from actual
entrepreneurs hence this survey. We hope that you will help our students learn from your
experience and expertise.
Thank you very much.
Sincerely yours,
______________________________
Signature over printed name of the
NSTP Facilitator
Type of Ownership:
Sole ownership Partnership
Inherited from parents/relatives
Others (please specify): ____________________________________
Economic Profile
Initial Capital:
Below P5, 000.oo P 5,001.00 – P 10,000.00
P 10,001.00 – P 15,000.00 P 15,001.00 – P 20,000.00
P 20,001.000 – P 25,000.00 P 25,001.00 – P 30,000.00
P 30,001.00 – P 35,000.00 P 35,001.00 – P 40,000.00
P 40,001.00 – P 45,000.00 P 45,001.00 – P 50,000.00
Above P 50,000.00 (please specify): __________________________
Sources of Capital:
Personal
Loan
Borrowed money from relatives/friends
Inherited from parents/relatives
Others (please specify): ____________________________________
_____________________________________________
_____________________________________________
Water bill: ___________________________________
Electric bill: __________________________________
Rental/lease of space: _______________________________
Revenues: _______________________________________________
Promotion and marketing expenses: ___________________________
Others (please specify): ____________________________________
____________________________________
____________________________________
Problems encountered:
Major Problems encountered Solutions made
Conforme:
_______________________________________
Signature over printed name of the entrepreneur