Podcast
Questions and Answers
What is the goal of the Youth Entrepreneurship Act approved by the Philippine government in 2015?
What is the goal of the Youth Entrepreneurship Act approved by the Philippine government in 2015?
to promote sustained development of young Filipinos in finance and entrepreneurship
What are the initiatives under the Youth Entrepreneurship Act in the Philippines?
What are the initiatives under the Youth Entrepreneurship Act in the Philippines?
Entrepreneurship is solely about creating a business.
Entrepreneurship is solely about creating a business.
False
Entrepreneurship is a mindset that involves seeking opportunities, taking risks beyond security, and having the tenacity to push an idea through to _________.
Entrepreneurship is a mindset that involves seeking opportunities, taking risks beyond security, and having the tenacity to push an idea through to _________.
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Match the components of entrepreneurship with their descriptions:
Match the components of entrepreneurship with their descriptions:
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Which statement best describes Elon Musk's approach to entrepreneurship?
Which statement best describes Elon Musk's approach to entrepreneurship?
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Entrepreneurs are either born with innate traits or through acquired knowledge.
Entrepreneurs are either born with innate traits or through acquired knowledge.
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What was the initial business venture of Tony Tan Caktiong before Jollibee?
What was the initial business venture of Tony Tan Caktiong before Jollibee?
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Entrepreneurship requires a complete understanding of innovative __________ in all forms.
Entrepreneurship requires a complete understanding of innovative __________ in all forms.
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Match the following entrepreneurs with their successful business ventures:
Match the following entrepreneurs with their successful business ventures:
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What are the macro factors that can impact business operations?
What are the macro factors that can impact business operations?
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The micro view of entrepreneurship focuses on factors specific to entrepreneurship.
The micro view of entrepreneurship focuses on factors specific to entrepreneurship.
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Name one external factor considered by the macro view of entrepreneurship.
Name one external factor considered by the macro view of entrepreneurship.
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_______ is crucial for staying competitive for businesses in the macro view of entrepreneurship.
_______ is crucial for staying competitive for businesses in the macro view of entrepreneurship.
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Match the following types of entrepreneurship views with their descriptions:
Match the following types of entrepreneurship views with their descriptions:
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Study Notes
Understanding Entrepreneurship
- Republic Act No. 10679, also known as the Youth Entrepreneurship Act, was approved in 2015 to promote entrepreneurship and financial literacy among young Filipinos.
Importance of Entrepreneurship Education
- The purpose of entrepreneurship education is to create entrepreneurial universities with graduates who will be change-adept to meet the emerging challenges of an evolving world.
- Entrepreneurship education can help learners create value in their chosen profession, which is a concept of careerpreneurship.
Evolution of Entrepreneurship
- The word "entrepreneur" is derived from the French word "entreprendre," meaning "to undertake."
- Entrepreneurship involves seeking opportunities, taking risks beyond security, and having the tenacity to push an idea through to reality.
Definition of Entrepreneurship
- Entrepreneurship is a mindset that involves seeking opportunities, taking risks, and having tenacity to push an idea through to reality.
- It is not only about creating a business but also about innovating and finding new ways to solve problems or improve situations.
Characteristics of Entrepreneurship
- Seeking opportunities: always looking for new ways to solve problems or improve situations.
- Taking risks beyond security: willing to step out of your comfort zone and take calculated risks.
- Having tenacity: persistently working towards your goal despite challenges and setbacks.
Entrepreneurship Process
- Vision: having a clear idea of what you want to achieve in the future.
- Change: being willing to adapt and innovate to make your vision a reality.
- Creation: bringing something new into existence that adds value.
Essential Components of Entrepreneurship
- Willingness to take calculated risks: readiness to invest time, money, or effort into a venture despite the possibility of failure.
- Ability to formulate an effective venture team: assembling a group of individuals with the right expertise to bring your idea to life.
- Creative skill to marshal needed resources: creatively sourcing and utilizing resources essential for launching your venture.
- Fundamental skills of building a solid business plan: crafting a comprehensive plan detailing your business operations, revenue streams, and growth strategies.
- Vision to recognize opportunity where others see chaos, contradiction, and confusion: ability to identify opportunities amidst challenging circumstances.
Myths of Entrepreneurship
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Myth 1: Entrepreneurs are doers, not thinkers. Entrepreneurs are actually doers who are also thinkers, leading with clear vision and serving as role models in achieving the company's aims and purposes.### Debunking Entrepreneurship Myths
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Elon Musk is a prime example of a successful entrepreneur who combines thinking and doing, envisioning a future with sustainable energy and space exploration, and founding companies like Tesla and SpaceX to turn those visions into reality.
Myth 2: Entrepreneurs Are Born, Not Made
- Entrepreneurs are not necessarily born with innate traits, but can be made through learning, acquiring knowledge, and studying successful models.
- Goldilocks Bakeshop, founded by Milagros Leelin Yee and her family, exemplifies how entrepreneurship can be taught and cultivated through hands-on experience, learning from others, and continuous improvement.
Myth 3: Entrepreneurs Are Always Tech Ventures
- Entrepreneurship is not limited to the tech industry; it requires a complete understanding of innovative behaviors in all forms.
- Gourmet Farms, founded by Jose "Boy" Logro and Marivic Dubria, is an example of entrepreneurship in the agricultural sector, utilizing technology in modern irrigation systems and eco-friendly farming techniques.
Myth 4: Entrepreneurs Are Academic and Social Misfits
- Not all successful entrepreneurs are dropouts, and not all dropouts are successful entrepreneurs.
- Tony Tan Caktiong, the founder of Jollibee Foods Corporation, is an example of an entrepreneur who graduated with a degree in Chemical Engineering and went on to make significant contributions to society and the economy.
Myth 5: Entrepreneurs Must Fit the “Profile”
- There is no single profile of an entrepreneur; entrepreneurs can emerge from diverse backgrounds and fields, such as Oprah Winfrey's background in media.
Myth 6: All Entrepreneurs Need Is Money
- Ideas, not just money, are essential for starting an entrepreneurial undertaking.
- Blake Mycoskie's founding of TOMS Shoes exemplifies how a simple idea, coupled with a strong mission and effective planning, can lead to entrepreneurial success.
Myth 7: All Entrepreneurs Need Is an Idea
- Ideas and ideation are important, but comprehension and acting upon the entire entrepreneurship process are necessary for success.
- Howard Schultz's journey with Starbucks demonstrates how vision, preparation, and the ability to scale a business are essential elements of entrepreneurial success.
Myth 8: Entrepreneurship Is Unstructured and Chaotic
- Entrepreneurs are not disorganized and unstructured; they are involved in all areas of their business and have a system that works.
- Jeff Bezos' meticulous planning and smart logistical methods at Amazon disprove the misconception that entrepreneurship is chaotic.
Myth 9: Most Entrepreneurial Initiatives Fail
- According to the Kauffman Foundation, around 78.1% of start-up firms have survived one year after their founding, challenging the belief that most entrepreneurial initiatives fail.
- Startup resiliency reveals many key factors in their success, including resources, guidance, and funding, as well as technological advancements that have democratized entrepreneurship.
Myth 10: Entrepreneurs Are Extreme Risk Takers
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Entrepreneurs are calculated or moderate risk takers, neither low risk takers nor high risk takers (gamblers).### Entrepreneurial Risk-Taking
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Entrepreneurs weigh the chances of failure or success before taking action, as exemplified by Reed Hastings' calculated risks in transitioning Netflix from DVD rentals to streaming.
The Unicorn Fallacy
- Over 1,143 ventures have been valued at $1 billion, and companies like Facebook, Uber, and Airbnb have reached the decacorn level, achieving $10 billion.
- Highly valuable startups are more common than often assumed.
Entrepreneurial Schools of Thought
- The macro view of entrepreneurship involves external factors beyond the entrepreneur's control that can influence their business.
- Examples of macro factors include:
- Economic conditions (e.g., purchasing power, economic downturns)
- Political stability (e.g., government policies, taxation, labor laws)
- Socio-cultural trends (e.g., changes in dietary preferences, health consciousness)
- Technological advancements (e.g., digital technologies, cybersecurity)
- Environmental changes (e.g., climate change, sustainability regulations)
Examples of Macro Factors in the Philippines
- Jollibee Foods Corporation:
- Economic conditions (e.g., purchasing power, economic downturns)
- Political stability (e.g., government policies, taxation, labor laws)
- Socio-cultural trends (e.g., changes in dietary preferences, health consciousness)
- Technological advancements (e.g., digital technologies, cybersecurity)
- PLDT Inc.:
- Economic conditions (e.g., economic growth, demand for telecommunications)
- Regulatory environment (e.g., government regulations, pricing, competition policies)
- Technological advancements (e.g., infrastructure, services)
- Global competition (e.g., international market trends, strategic decisions)
- Ayala Corporation:
- Economic conditions (e.g., GDP growth, interest rates, foreign exchange rates)
- Political stability (e.g., government policies, sector-specific regulations)
- Environmental changes (e.g., sustainability, environmental regulations)
- Socio-cultural trends (e.g., shifts towards digital banking, sustainable living)
- Gcash (operated by Mynt):
- Economic conditions (e.g., economic inclusivity, digital economy growth)
- Regulatory environment (e.g., financial regulations, cybersecurity laws)
- Technological advancements (e.g., digital payment technologies, cybersecurity)
- Socio-cultural trends (e.g., increasing adoption of digital payments, fintech usage)
- SM Investments Corporation:
- Economic conditions (e.g., consumer spending power, economic stability)
- Political stability (e.g., policies on retail trade, real estate development, financial services)
- Environmental changes (e.g., climate change, environmental regulations)
- Socio-cultural trends (e.g., shifts towards e-commerce, lifestyle preferences, demographic trends)
The Environmental School of Thought
- Considers external factors that influence a potential entrepreneur's lifestyle, including positive or negative factors that mold their entrepreneurial desires.
- Examples: pandemic situation, economic variations, and cultural displacement.
The Financial School of Thought
- Based on the capital-seeking process, focusing on the availability of funds needed for a potential business venture.
- Examples: seed and growth capital, funding for entrepreneurial pursuits.
The Displacement School of Thought
- Alienation drives entrepreneurial pursuits, focusing on negative factors that prompt individuals to become entrepreneurs.
- Examples: political displacement, cultural displacement, and economic displacement.
The Micro View of Entrepreneurship
- Examines factors specific to entrepreneurship, including:
- Business idea (e.g., uniqueness, customer experience)
- Entrepreneurial skills (e.g., management, marketing, finance, customer service)
- Market research (e.g., understanding local consumer preferences, competition)
- Networking (e.g., relationships with suppliers, customers, local communities)
Examples of Micro Factors in Entrepreneurship
- Beanleaf Coffee and Tea:
- Business idea (e.g., uniqueness, customer experience)
- Entrepreneurial skills (e.g., management, marketing, finance, customer service)
- Market research (e.g., understanding local consumer preferences, competition)
- Networking (e.g., relationships with suppliers, customers, local communities)
- Sari-Sari Store:
- Location (e.g., choosing the right location with high foot traffic)
- Inventory management (e.g., stock selection, pricing, replenishment)
- Customer service (e.g., providing friendly and personalized service)
- Financial management (e.g., managing cash flow, expenses, profits)
- Online Clothing Boutique:
- Product selection (e.g., curating a unique collection of clothing items)
- Social media marketing (e.g., utilizing social media platforms effectively)
- E-commerce skills (e.g., managing online storefronts, handling orders, payments, shipping, customer inquiries)
- Branding and storytelling (e.g., building a brand identity and storytelling that connects with customers)
- Food Truck Business:
- Menu innovation (e.g., offering unique and high-quality food items)
- Mobile marketing (e.g., utilizing social media, location-based advertising, partnerships)
- Operational efficiency (e.g., managing food preparation, inventory, staffing, vehicle maintenance)
- Customer feedback and adaptation (e.g., listening to customer feedback and adapting the menu or service)
- Freelance Graphic Design Business:
- Portfolio development (e.g., building a strong portfolio showcasing past work and creative abilities)
- Networking and marketing (e.g., leveraging social media, online platforms, and personal connections)
- Time management (e.g., balancing multiple projects, deadlines, and client communications)
- Continuous learning (e.g., staying updated with the latest design trends, software tools, and industry best practices)
The Entrepreneurial Trait School of Thought
- Focuses on identifying traits common to successful entrepreneurs, believing that entrepreneurs have traits common to them and that if you have these traits, you could be a successful entrepreneur.
The Venture Opportunity School of Thought
- Focuses on the opportunity aspect of venture development, believing that the more idea sources and resources available for business concept development and implementation, the more people are motivated to be entrepreneurs.
The Strategic Formulation School of Thought
- Emphasizes the planning process in successful venture management and development, involving the establishment of a business venture with all its internal factors aligned with each other and with the external forces as the entrepreneur pursues the venture's vision and mission.
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Description
Learn about the importance of entrepreneurship education and the Youth Entrepreneurship Act in the Philippines, promoting financial development and business ownership among young Filipinos.
