Introduction to Entrepreneurship Course

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the primary goal of the Youth Entrepreneurship Act approved by the Philippine government?

To decrease the number of universities in the country

To ensure financial stability for all employees

To promote business ownership among young Filipinos (correct)

To increase traditional job opportunities

According to the content, what constitutes an asset for a business?

Employees who work for the company

Market share and customer loyalty

Office supplies and inventory

Anything that provides profit (correct)

What type of assets can be classified as tangible?

Cars and machinery (correct)

Goodwill and patents

Bank accounts and bonds

Trademarks and copyrights

What is a key resource for an entrepreneur aiming for successful transformation of ideas?

Pursuit of knowledge Signup and view all the answers

What is the first stage of entrepreneurship development as outlined?

Simulation Signup and view all the answers

Which stage involves identifying entrepreneurial abilities within society?

Identification of Entrepreneurial Abilities and Capacities in the Society Signup and view all the answers

At which stage are programs like vocational guidance and management training organized?

Development and Expansion of Entrepreneurs Signup and view all the answers

What misconception about entrepreneurs is highlighted regarding their role?

Entrepreneurs focus solely on practical work. Signup and view all the answers

Which of the following is NOT a common myth about entrepreneurship?

Entrepreneurs contribute meaningfully to society. Signup and view all the answers

What is established during the Promotion stage?

Support organizations for economic activities. Signup and view all the answers

What does the Follow Up stage primarily focus on?

Evaluating government initiatives for entrepreneurship. Signup and view all the answers

Which of the following statements accurately reflects the entrepreneurial disposition?

Entrepreneurs are recognized cultural influences. Signup and view all the answers

What does the term 'entrepreneur' mean in its original French?

To undertake Signup and view all the answers

Which theory suggests that an entrepreneur is born with a desire to establish his own industry?

Innovation Theory Signup and view all the answers

According to McClelland's Theory of Need for Achievement, what drives entrepreneurial tendencies in individuals?

Desire for high achievements Signup and view all the answers

Which theory emphasizes the impact of a society's past and current economic social aspirations on entrepreneurial development?

Behavior Theory Signup and view all the answers

What is one characteristic mentioned as part of the behavior of an entrepreneur?

Often makes hasty decisions Signup and view all the answers

Who proposed the Innovation Theory of entrepreneurship?

Joseph A. Schumpeter Signup and view all the answers

According to Thomas Beagle and David P. Bayad, what must an entrepreneur be ready to face?

Uncertainties and ambiguities Signup and view all the answers

What is a key assumption of the Entrepreneurial Group Theory?

Entrepreneurship can be influenced by social groups Signup and view all the answers

What is a key responsibility of an ethical entrepreneur regarding their business practices?

Communicating ethical standards clearly to all stakeholders Signup and view all the answers

How should an ethical entrepreneur respond to inevitable tensions in the business world?

With resilience and a proactive action plan Signup and view all the answers

What role do ethical policies play in a business?

They must be included in business plans and mission statements Signup and view all the answers

What is an ongoing requirement for ethical values in a business?

They need to be adapted and re-communicated regularly Signup and view all the answers

Which practice is NOT recommended for reducing a business's Eco-footprint?

Increasing single-use plastic products Signup and view all the answers

What is a common misconception about the motivation of employees?

Money is the only effective motivator. Signup and view all the answers

What does entrepreneurial success require according to the content?

A combination of various factors. Signup and view all the answers

Which statement reflects the misunderstanding regarding quitting in entrepreneurship?

Quitting indicates a lack of commitment. Signup and view all the answers

Which statement accurately represents the role of an MBA in entrepreneurship?

Formal education is of immeasurable benefit. Signup and view all the answers

What perception about businesses is considered mythological?

Businesses either succeed or fail. Signup and view all the answers

Which statement discusses the ethical responsibility of entrepreneurs?

Integrity is vital to creating a trustworthy business environment. Signup and view all the answers

Why might entrepreneurs cycle through many ideas according to the content?

The goal is to find one that can become sustainable. Signup and view all the answers

What is the consequence of dishonest business practices as highlighted in the content?

They foster a climate of distrust and antagonism. Signup and view all the answers

What is one consequence of cheating or underpaying employees in a business?

High staff turnover Signup and view all the answers

Which attitude is important for an entrepreneur when building a business?

Humility Signup and view all the answers

How should an entrepreneur ideally treat their clients?

With great and humble appreciation Signup and view all the answers

What is a possible benefit of treating employees well in a business?

Reciprocal positive behavior from employees Signup and view all the answers

Why is it important for entrepreneurs to develop good work habits within their organization?

To form a bond and loyalty among staff Signup and view all the answers

What role does an entrepreneur's ethics play in establishing their business?

It fosters community trust and goodwill Signup and view all the answers

How can a business impact the environment?

Businesses always have an Eco-footprint Signup and view all the answers

What should entrepreneurs aim for when providing goods and services to clients?

Goods and services of the best quality Signup and view all the answers

Study Notes

Course Orientation

The course will discuss the characteristics of an entrepreneurial mindset and how aspiring entrepreneurs should think.
The module will also cover the resources entrepreneurs use for idea transformation and knowledge pursuit, essential for successful entrepreneurship.

Classroom Rules

Attendance is mandatory; five absences will lead to dropping out.
Punctuality is crucial; a 15-minute grace period applies.
Three tardiness instances equal one absence.
One-person speaking policy: raise your hand to speak.

Requirements

Case Analysis
Quizzes
Major Examinations
Business Proposal

Grading System

Major Examinations: 40% (Midterm and Finals)
Class Standing: 60%
Quizzes: 20%
Recitation: 25%
Discussion/Paper Outputs/Seatworks: 15%

Self Introduction

State your name, age, and residence.
Briefly introduce yourself.

Lesson 1: Introduction to Entrepreneurship

This is an introductory lesson about entrepreneurship.

Why Study Entrepreneurship?

The Philippine government aims to change the mindset of Filipinos from wanting to be employees to being business owners through initiatives like the Youth Entrepreneurship Act of 2015.
This act aims at promoting the sustained development of young Filipino entrepreneurs in finance and other relevant areas.
Initiatives include standardizing current programs, financial literacy, government assistance and training, mentoring/coaching programs for young entrepreneurs, and the creation of incubation/creative spaces in schools.

Wealth Creation, Management, and Its Value

Wealth creation involves building a stable source of tangible (cars, houses, machinery) or intangible (goodwill, copyrights, patents, trademarks) assets.
Employees are resources, not assets, because companies don't own them.
Mr. Robert Kiyosaki argues that anything generating profit is an asset, while other items are liabilities.

What is Entrepreneurship?

"Entrepreneur" originates from the French word "entreprendre," meaning "to undertake."
Richard Cantillon, a French economist, coined this term.
Entrepreneurship involves creating or extracting value, often viewed as change encompassing economic and other aspects.
An entrepreneur designs new ideas and business processes relevant to market needs and personal passions.

Theories of Entrepreneurship

Various thinkers have proposed theories and models of entrepreneurial development.

Innovation Theory

Joseph A. Schumpeter proposed this theory, suggesting entrepreneurs are born with the desire to establish new industries or businesses, taking pleasure in creativity and gaining experience in skills.

Need for Achievement Theory

David McClelland proposed this theory, arguing that a desire for high achievement and reaching excellence drives entrepreneurial tendencies.

Behavior Theory

John Kunkel propounded this theory, focusing on the influence of past and existing economic/social aspirations on entrepreneurial development in a society.

Five Dimensions of Entrepreneurial Development.

Need for high achievement.
Self-control, not luck, drives entrepreneurs.
Anticipating returns and assets drive entrepreneurs.
Entrepreneurs are prepared to handle uncertainties/ambiguitites.
Entrepreneurship behavior may include haste, feeling pressure, and hyperactivity/aggressiveness.

Theories of Entrepreneurship (Cont)

Entrepreneurial Group Theory (Frank W. Young): Entrepreneurial activities occur through groups to grow.
Social Change Theory (Max Weber): Ethical values in a society affect the start of entrepreneurship.
Cultural Theory (B. F. Hauslin): Entrepreneurial development occurs where social procedures are unstable and employment alternatives exist, supporting personality development of entrepreneurs.

Cultural Value Theory

Kroken emphasized the importance of culture, expectations, and approval related to entrepreneurship.

Socio-Cultural Value Theory

Stokes focused on the impact of socio-cultural values during economic transition periods on entrepreneurial development.

Economic Theory

Pepuek and Hassis emphasized the role of physiological motivation for economic gains (increased real income) in every society, impacting entrepreneurial drives.

Entrepreneurial Disposition Theory

T.V.S. Rao's theory highlights the importance of courageous entrepreneurial disposition for development.

Entrepreneurial Disposition Theory(Cont)

Venkat Rao’s concept of Entrepreneurial Stage Theory describes the process through stages such as simulation, ability identification, development and expansion, and promotion/follow-up.

Myths of Entrepreneurship

Entrepreneurs are born, not made.
A good idea is the sole need.
Starting a business guarantees freedom.
Launching a company quickly leads to wealth.
Only money motivates employees.
Business success or failure is pre-determined.
All responsibility falls on the entrepreneur.
A secret "silver bullet" exists for success.
Businesses need an MBA leader (misconception).
Quitting is for losers (misconception).

Types of Entrepreneurial Ventures

Survival Ventures: provide basic subsistence for the entrepreneur and family.
Lifestyle Ventures: provide relatively stable income for owners, with a maintenance approach, no growth focus.
Managed Growth Ventures: seek stable growth over time (occasional new products, entry into new markets).

Essential Characteristics of Entrepreneurs

Good listening skills.
Positive attitude.
Collaborative/helping nature.
Sincere and authentic.
Follows up (proactive communication).
Trustworthiness.
Approachable.

The Entrepreneurial Process

Innovation stage: idea generation, market opportunity analysis, market research.
Triggering event stage: gestation, business motivations.
Implementation stage: infancy to business launch and growth.
Growth stage: business maximizing profits & growth.

Importance of Ethics in Key Areas of Business

Integrity in business.
Labor practices.
Clientele relationship.
Environmental awareness.
Ethical standards in all business dealings.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

This course provides an overview of entrepreneurship, focusing on the entrepreneurial mindset and the resources necessary for successful idea transformation. Students will engage in case analysis, quizzes, major examinations, and business proposal development. Understanding classroom policies and grading will set the foundation for effective participation.