Podcast
Questions and Answers
What is the primary benefit of entrepreneurship beyond starting a business?
What is the primary benefit of entrepreneurship beyond starting a business?
- It strictly adheres to a linear process.
- It guarantees financial success.
- It prepares individuals for an uncertain future. (correct)
- It requires no practice or learning.
Which approach to entrepreneurship follows a linear process?
Which approach to entrepreneurship follows a linear process?
- Creation Approach
- Adaptive Approach
- Predictive Approach (correct)
- Innovative Approach
In the Creation Approach, where do the goals originate from?
In the Creation Approach, where do the goals originate from?
- Predictions made from extensive research.
- Set objectives based on past successful businesses.
- Future trends predicted by experts.
- The evaluation of available resources on hand. (correct)
How do entrepreneurs gather information according to the Creation Approach?
How do entrepreneurs gather information according to the Creation Approach?
What is the government's aim regarding entrepreneurship in the Philippines?
What is the government's aim regarding entrepreneurship in the Philippines?
Which of the following statements aligns with the Predictive Approach to entrepreneurship?
Which of the following statements aligns with the Predictive Approach to entrepreneurship?
Which aspect is emphasized in the Creation Approach to entrepreneurship?
Which aspect is emphasized in the Creation Approach to entrepreneurship?
What role does entrepreneurship play in addressing poverty in the Philippines?
What role does entrepreneurship play in addressing poverty in the Philippines?
What percentage of business enterprises recorded by DTI in 2019 in the Philippines is mentioned?
What percentage of business enterprises recorded by DTI in 2019 in the Philippines is mentioned?
Which of the following is not cited as a barrier to entrepreneurship according to the Global Entrepreneurship Network survey?
Which of the following is not cited as a barrier to entrepreneurship according to the Global Entrepreneurship Network survey?
What skill is emphasized for allowing imagination to explore new opportunities in entrepreneurship?
What skill is emphasized for allowing imagination to explore new opportunities in entrepreneurship?
Which skill involves learning from attempts and structuring what has been learned?
Which skill involves learning from attempts and structuring what has been learned?
The Philippine Center for Entrepreneurship (PCE) was established to create which of the following?
The Philippine Center for Entrepreneurship (PCE) was established to create which of the following?
What is a common cultural barrier that affects entrepreneurship as noted in the survey?
What is a common cultural barrier that affects entrepreneurship as noted in the survey?
Which skill is associated with challenging creativity and exploring innovation?
Which skill is associated with challenging creativity and exploring innovation?
Which of the following reasons is often a barrier to accessing markets for potential entrepreneurs?
Which of the following reasons is often a barrier to accessing markets for potential entrepreneurs?
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Study Notes
Entrepreneurship Overview
- Entrepreneurship is recognized as a crucial life skill and prepares individuals for uncertainty in the business realm.
- It promotes adaptability and innovation beyond merely launching a business.
Old vs. New Entrepreneurship Views
-
Predictive Approach (Old View)
- Linear process leading to predictable results.
- Involves identifying goals and utilizing available resources.
- Typically adopted by established companies with predictable business environments.
-
Creation Approach (New View)
- Entrepreneurship is viewed as both a mindset and a necessary method practiced in unpredictable circumstances.
- Goals are derived from the resources at hand, emphasizing innovation and creativity.
- Focuses on real-world information gathering to inform predictions and decision-making.
Entrepreneurship in the Philippines
- Seen as a solution to rising poverty by creating jobs, wealth, and promoting social empowerment.
- Governed by the 1987 Philippine Constitution, which highlights entrepreneurship as a key driver of economic growth.
- Article XII, Section 1 focuses on private enterprise's role in wealth distribution, goods production, and productivity enhancement.
- The Philippine Chamber of Commerce and Industry established the Philippine Center for Entrepreneurship (PCE), fostering “Go Negosyo Communities”.
- In 2019, the Department of Trade and Industry (DTI) reported over a million business enterprises in the Philippines.
Barriers to Entrepreneurship in the Philippines
- According to a 2019 Global Entrepreneurship Network (GEN) survey, six main barriers prevent Filipinos from becoming entrepreneurs:
- Insufficient access to capital.
- Inadequate skills and training.
- Weak support systems for aspiring entrepreneurs.
- Regulatory and political obstacles complicating entrepreneurship.
- Challenges in accessing markets.
- Cultural perceptions and personal mindset issues.
Ways to Foster an Entrepreneurial Mindset in Schools
- Schools can help students develop essential entrepreneurial skills:
- The Skill of Play: Encourages imaginative exploration and creative problem-solving.
- The Skill of Experimentation: Promotes active learning through trial and error, allowing students to structure their learning from experiences.
- The Skill of Empathy: Understanding the needs of others to identify opportunities.
- The Skill of Creativity: Fostering innovation and unique solutions to problems.
- The Skill of Reflection: Analyzing experiences and learning outcomes to improve future actions.
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