2-LESSON-1-AND-2-ENTREP-PPT PDF

Overview of Entrepreneurs LESSON 1  WHAT YOU NEED TO KNOW: Objectives: After reading this lesson, the learners should be able to: 1. Discuss the relevance of the course; 2. Explain the key concepts of common competencies; 3.Explain the core competencies in Entrepreneurship...

Overview of Entrepreneurs LESSON 1  WHAT YOU NEED TO KNOW: Objectives: After reading this lesson, the learners should be able to: 1. Discuss the relevance of the course; 2. Explain the key concepts of common competencies; 3.Explain the core competencies in Entrepreneurship;  READ ON Businesses are the backbone of the economy. Entrepreneurs play an important role in developing the economy through providing the needed products and services including the solution to the problem of unemployment. Entrepreneurs are encouraged by the economy because they can provide a lot of opportunities for the unemployed young people. It will increase in per capita income, higher standard of living and increased individual saving, revenue to the government in the form of income tax, value added tax, export duties, import duties, and balanced regional development  Meaning of Entrepreneurship and Entrepreneur 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 andinnovation. What people do to take their career and dreams into their hands and lead it in the directionof their own choice. About building a life on your own terms. No bosses. No restricting schedules. Andno one holdsyou back.  Meaning of Entrepreneurship and Entrepreneur An entrepreneur is..... 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 therewards. 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.  NOTE: Understanding what an entrepreneur is can help more people recognize the value they contribute to the world. Entrepreneurs take the idea and execute it while entrepreneurship isabout execution ofideas.  Entrepreneurship in the Philippines (Batalla, V. (2011) The notion of the entrepreneur as simply one who forms and manages business is apparent in government programs that attempt to develop small-scale industries. In the Philippines, many entrepreneurial development-training programs rest on such assumptions. But even without the presence of government support, the statistics for the past fifty years or so on the number of business establishments formed every year would generally show an increasing trend. They were mostly in food processing, property development, and trade (including shopping malls).  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 2007 as 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).  Importance of Entrepreneurship (www.reference.com) 1. Entrepreneurship generates new wealth in an economy. 2. Entrepreneurship decreases poverty. 3. It creates opportunities, ensures social justice, in stills confidence and stimulates the economy. 4. Entrepreneurship improves productivity 5. Entrepreneurs create jobs. 6. Entrepreneurs innovate. 7. Entrepreneurs create innovation and social change 8. Entrepreneurs give to society Relevance of Entrepreneurship to SHS Students (www.europeanentrepreneurship.com) 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. It exposes students to numerous opportunities to learn how to think critically and analyze the pieces on the board. Relevance of Entrepreneurship to SHS Students (www.europeanentrepreneurship.com) 5. Being aware of all the important factors and seeing how they affect each other is the foundation of a smart decision-making process. 6. Students have to be exposed to real-world examples and learn from their own experience. 7. Entrepreneurship education requires students to be innovative, creative and collaborative with others. 8. Entrepreneurship education provides budding entrepreneurs with the skills and knowledge to come up with business ideas and develop their own ventures.  Relevance of Entrepreneurship to an Organization 1. Development of Managerial capabilities - This means that one of the benefits an entrepreneur gets is to develop his managerial skills. 2.Creation of Organizations – It means that because of entrepreneurships many organizations will exist. 3.Improving standard of living - this means that entrepreneurship can lift up the economic status of an individual. 4.Means of economic development - this means that not only the life of the entrepreneur is improved but also the society where the business is located. Concept of Entrepreneurship 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). Concept of Entrepreneurship The word “entrepreneur” was derived from the French verb enterprendre, which means “to undertake. ”This is pin pointing to those who “undertake” the risk of enterprise. The enterprise is created by an entrepreneur and the process is called “Entrepreneurship.” Entrepreneurs are innovators, willing to take risks and generate new ideas to make it unique and profitable solutions to the present-day problems. Factors Affecting Entrepreneurship 1. Personality Factors which includes: a. Initiative – It means doing things even before being told. b. Proactive - Means he can classify opportunities and seize it. c. Problem Solver - It means he can retain good relations with other people. d. Perseverance - Meaning he will pursue things to get done regardless of challenges. e. Persuasion - means that he can entice people to buy even if they don’t. f. A Planner - meaning he makes plan before doing things and do not fail to monitor it. g. Risk-taker - which means that he is willing to gamble but he will calculate it first. 2. Environmental Factors - Include political, climate, legal system, economic and social conditions and market situations.  Are entrepreneurs born or made? This question has long been debated with little agreement. However, ascited by Longenecker,J.G.,et.al. (2016), Stephen Spinelli and Robert Adams described entrepreneurs as having and exhibiting “desirable and acquirable attitudes and behaviors” such as commitment and determination, leadership, opportunity obsession, risk-takers, motivation to excel, creativity, self-reliance, and adaptability. According to (www.ideasforleaders.com), competencies such as risk seeking, assertiveness and vision are considered typical of a successful entrepreneur. But these are innate predispositions or aspects of temperament; by using the mas yardstick, it is wrongly concluded that only certain types of people make good entrepreneurs or are capable of worth while innovations.  Is there such a thing as a ‘natural-born entrepreneur’? Accordingly there is not. Specific techniques and habits must be practiced and developed by all would- be entrepreneurs. Aside from business competencies, entrepreneurs need interpersonal and self-leadership skills too; however, these are often overlooked. Entrepreneurial behavior ‟can be learned and developed (www.ideasforleaders.com). The question is not who entrepreneurs are, but what they do, and more important than business skills can be other competencies that provide a foundation for those business skills (www.ideasforleaders.com).  Furthermore, according to www.ideasforleaders.com, there are three levels of competencies, which all entrepreneurs need: 1. PERSONAL COMPETENCIES These are your abilities to ground yourself so that you are secure and self- assured in whatever situation you may find yourself. (www.free-management-ebooks.com). Ex. creativity, determination, integrity, self-criticism.  Furthermore, according to www.ideasforleaders.com, there are three levels of competencies, which all entrepreneurs need: 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  Furthermore, according to www.ideasforleaders.com, there are three levels of competencies, which all entrepreneurs need: 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 Competencies in entrepreneurship play a leading role in making entrepreneurs successful (baseread.com). Entrepreneurial competencies facilitate opportunity recognition, help adapt rapidly to changes, enhances business performance, strengthen the firm’s competitive position and stir the achievement of organizational success. It is the sum total of the personality, skills and knowledge that the entrepreneur possesses, which are necessary to effectively perform their functions and responsibilities (Edralin,D.M.,2016).  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 in Entrepreneurship 1. Decisive – An entrepreneur must be firm in making decisions. 2. Communicator - An entrepreneur must have a convincing power. 3. Leader – An entrepreneur must have the charisma to be obeyed by his employees. 4. Opportunity Seeker – An entrepreneur must have the ability to be the first to see business chances. 5. Proactive – controlling a situation by making things to happen or by preparing for possible future problems. 6. Risk taker – They have the courage to pursue their business ideas. 7. Innovative – the entrepreneurs have big business ideas and they do not stop improving and thinking of new worthwhile ideas for their business.  Core Competencies in Entrepreneurship 1. Economic and dynamic activity - Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources. 2. Innovative - Entrepreneurs constantly look for new ideas, thus he needs to be creative. 3. Profit Potential - The entrepreneur can be compensated by his profit coming from the operation. 4. Risk bearing – The entrepreneur needs to gamble but wise enough to offset the risk.  Types of Entrepreneurs 1. Innovative entrepreneur - They are those who always make new things by thinking of new ideas.They have the ability to think newer, better and more economical ideas. 2.Imitating entrepreneurs - They are those who don’t create new things but only follow the ideas of other entrepreneurs. 3. Fabian entrepreneurs - They are skeptical about changes to be made in the organization. They don’t initiate but follow only after they are satisfied. 4. Drone entrepreneur - They are those who lives on the labor of others. They are die-hard conservatives even ready to suffer the loss of business. 5. Social entrepreneurs - They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development.  Examples of Core and Common Competencies in Entrepreneurship Core Competencies Common Competencies 1. Organizing and Planning 1. Analytical and critical thinking 2. Cash flow management 2. Decision making 3. Personnel management 3. Leadership 4. Operations and distribution 4. Communication 5. Customer Relations 5. Computer Literacy 6. Bookkeeping/Accounting 6. Human Relations 7. Promotions and Advertising 7. Managing Change 8. Resources Management 8. Creative Thinking 9. Financial Management 9. Time Management 10. Information Management 10. Conflict Management Explore Job Opportunities for Entrepreneurship as a Career LESSON 2  WHAT YOU NEED TO KNOW: Objectives: After reading this lesson, the learners should be able to: 1. Explore job opportunities for Entrepreneurship as acareer.  READ ON Job Opportunities for Entrepreneurship as a Career If you’re an aspiring entrepreneur, there are different career paths youcan take to turn your dream into a reality. Which path you choose will depend on your experience, skills, finances, and flexibility, as well as your goals for the future (Doyle, A.,2020). Career opportunities you might pursue according to Michalowicz (2011) as cited by Edralin, D. M., ( 2016): 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 Filmdirector Entrepreneurship Career Opportunities for the TECHVOC Track 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 Entrepreneurship Career Opportunities for the TECHVOC Track 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 specialist Tool keeper and technician Network support Associate Mechanical technologist Note: Most would-be entrepreneurs, however, remain self-employed, preferring to be the boss.  Reasons why many would like to become an entrepreneur (www.scu.edu): 1. Achievement, Challenge, & Learning 2. Independence & Autonomy –you can set your own goals, pick their own partners, and face the consequences of your decisions. 3. Income Security and Financial Success 4.Recognition and Status 5.Family 6. Dissatisfaction with Current Work Arrangements 7. Community and Social Motivation  THANK YOU FOR LISTENING