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SUCCESS MINDSET OF ENTREPRENEURS Subject: BE11- Entrepreneurial Mind Presenter: Prof. Romeo G. Pajigal, MBA, CMITAP Sources: DTI Success Mindsets of Entrepreneurs- by Ardy Roberto.and Developing an Entrepreneurial Mindset- by Quentin Hawkins Ardy Roberto is an award-winning entrepreneur, speak...

SUCCESS MINDSET OF ENTREPRENEURS Subject: BE11- Entrepreneurial Mind Presenter: Prof. Romeo G. Pajigal, MBA, CMITAP Sources: DTI Success Mindsets of Entrepreneurs- by Ardy Roberto.and Developing an Entrepreneurial Mindset- by Quentin Hawkins Ardy Roberto is an award-winning entrepreneur, speaker, and best-selling author of 10 books including the #1 Best- Seller, Ang Pera na Hindi Bitin, the #5 National Best Seller, Real Men are POGI and the most recent #2 National Best- Seller, The Happy Entrepreneur. Mindset is the established set of attitudes, a collection of thoughts and beliefs that shape your thought habits, which affect how you think, what you feel, and what you do. “Never give up hope. All things are working for your good. One day, you’ll look back on everything you’ve been through and thank God for it.” ― Germany Kent A screenshot of a computer Description automatically generated Source: https://www.forbes.com/real-time-billionaires/#5473145a3d78 Top Billionnaires in the Philippines for 2024 “Winners never quit, and quitters never win.” ―Vince Lombardi  Source: https://youtu.be/NfD_0TtppBI An unschooled, single mother tries to raise her daughter the best she could - - by teaching her to question the world. A daughter who supports her mom and gets successful in the end when she believes in herself! “Train up a child in the way he should go: and when he is old, he will not depart from it.” Teach by Example “This is a story about me, my daughter, and pineapple.” I didn’t go to school. I didn’t know what to say when I wanted to teach my daughter. All I knew was to show her, so she would understand by example. I’m happy to see her learn from experience. And solve problems on her own. Sometime when I’m not around, I know she will be just fine. Achara “Nin” Poonsawat received scholarship money from the Sarnrak Project, operated by AIS – the largest mobile phone operator in Thailand. She completed her Bachelors Degree in 2013. Tony Tan Caktiong, President of Jollibee Foods Corporation, won the title of World Entrepreneur Of The Year in 2004. Jollibee Group President and CEO Ernesto Tanmantiong was named the Entrepreneur of the Year by ASIA LEADERS AWARDS (ALA). By: BUSINESSMIRROR- NOV 27, 2020 As of the end of February 2021, the JFC Group reported owning and operating 3,211 outlets in the Philippines, and 2,601 stores overseas for a total of 5,812 restaurants worldwide.13 Apr 2021 Source: https://news.abs-cbn.com/life/08/15/22/jollibee-named-best-fried-chicken-chain-in- america?fbclid=IwAR0YgoOtpdH32fZz3UWus6LSXOayYi9yHEpzTHM2S7TQaTFMugglr6JkMfo Urban Bank President Commits Suicide (https://www.philstar.com>headlines>2005/04/12) NEWS CA revives P4.5-B estafa case vs Urban Bank execs Published October 15, 2007 1:05am (Source: https://www.gmanetwork.com) “These judges have studied the case thoroughly and they were one in declaring that there exists probable cause," the CA Said. “When all of them have the same finding that probable cause exists, one could only surmise that there is indeed a prima facie case against the private respondents, that there is sufficient ground to engender a well- founded belief that the crime had been committed and the private respondents are probably guilty thereof and should be held for trial," the CA added. E N D O F P R E S E N TAT I O N THANK YOU FOR LISTENING…  LAST THREE WISHES OF ALEXANDER THE GREAT H T T P S : / / W W W.Y O U T U B E. C O M / WAT C H ? V = P Q TJ N V O C C Y O “My first wish is that my physicians alone must carry my coffin,” said Alexander. I want my physicians to carry my coffin because people should realize that no doctor can really cure anybody. They are powerless and cannot save a person from the clutches of death. “For my second wish is I want the path leading to my grave be strewn with gold, silver and precious stones which are in my treasury while my body is being carried to be buried. To let the people know that though I spent all my life accumulating riches, not even a grain of gold will come with me when I leave this world. I want people to understand that it is a sheer waste of time, energy, and peace of mind when one yearns to be rich. The dying king continued, “My third and last wish is that both my hands be kept dangling out of my coffin.” I want people to know that I came empty handed into this world and likewise will go empty handed from this world.” For we brought nothing into the world, just as we shall not be able to take anything out of it. (I Timothy 6:7) The Entrepreneurial Mind B Y: P R O F. R O M E O G. P A J I G A L , MBA, CMITAP  Evolution of Entrepreneurs Richard Cantillon, a French economist during the 17th century give this term. Entrepreneurship basically refers to any activity of undertaking risk (from the French word “entreprendre,” which means to undertake) in scanning every available opportunity and transform it into a sustainable business venture (Pahuja & Sanjeev, 2015).  Definition of Entrepreneurship Entrepreneurship is any “undertaking” of: a person Note: From the with definitions independent presented, it can mind and be implied that thought that there is no perfect definition for aims to entrepreneurship. doing things create Regardless of your adding value that are not change and profession, as through time long as you are generally innovation and effort willing to done. by taking ‘undertake’ risk to every pursue an available opportunity, it is risk and not impossible for resources you to define your (Hayes, own definition of entrepreneurship. 2020).  Importance of Entrepreneurship Its contribution in the economic and social development Plays a pivotal role in the economic development of the country by allowing new ideas and perspectives to flourish. Promotes competition bringing the best quality for the consumers and driving the prices down. Pushes the producers to be competitive and innovative to survive in an everchanging climatology of markets. The one who take every available resource which is to be used and developed as an opportunity into money-making venture that address the needs of the country. Gives birth to other profession or what they called intrapreneur, a person who utilize the characteristics, attitudes and mindset of an entrepreneur to contribute a creative and innovative ideas to further deepen the scope of every profession.  Entrepreneurship spurs economic growth. New products and services are developed/innovated by entrepreneurs, which creates a “domino effect.” that contributes to continuous economic growth and development. Entrepreneurship adds to the national income of the country. It generates revenue for the people (employment)and the government (taxes). Entrepreneurship creates social change. The curiosity of entrepreneurs made the principle that “only the word change is constant.” Entrepreneurship creates community development. Entrepreneurship does not refer to money or profit alone; it also aims to contribute to community development by supporting charities and other non-government organizations (NGOs). Entrepreneurship gives rise to sound government policies. Policymakers tend to regulate this activity to avoid unwanted activities such as unfair market practices, corruption, financial crisis, and even criminal activity (creating proactive policies to prevent anticipated irregularities).  Common Myths About Entrepreneurship Entrepreneurs do not quit. Quitting from something (jobs, vices, comfort zones, etc.) can make a person become an entrepreneur. Entrepreneurs know everything. Entrepreneurship is about trying, failing, then trying again, accepting mistakes, and soliciting ideas for improvement. Entrepreneurs listen to criticisms as these can lead to a more effective decision. Entrepreneurs are the boss. No one is a boss. Entrepreneurs need to make reports to establish historical transactions and decisions that lead to either success or flunk. Entrepreneurship is unstructured and chaotic. Entrepreneurship is a system that needs coordination among the players in the markets (consumers and producers). Entrepreneurship is all about money. Money is not everything. You can capitalize on your skills (e.g. communication skills such as writing and speaking), abilities (literary, dancing, or speaking), and technical knowledge.  Entrepreneurship is fun. Entrepreneurship is just like a cycle, there are good times, and there are bad times (full of challenges). Entrepreneurship is all about risk-taking and gambling. Entrepreneurs tend to calculate the risks before entering a new venture or opportunity. Entrepreneurs will not enter into a fight if they know that the odds are against them. Entrepreneurship is all about inventing something new. It is not the primary requirement that you need to develop something new or create a sophisticated thing to be successful. For as long as you solve a particular problem or address a specific need, or make other people’s lives easier, then it’s entrepreneurship. Most entrepreneurs utilize what is already available and then apply innovation to it.  An entrepreneur is a starter, always on the frontline, searching and pursuing every available opportunity. Some figures of speech that An entrepreneur is a driver who takes the lead. A person who believes that they describe an need to take in charge of something to make it into motion. Leadership skills that can inspire others to follow or push others entrepreneur. to do something innovative or different. An entrepreneur is accountable and responsible. Blame-game is not found in entrepreneurship.  How do entrepreneurs think? Entrepreneurs think by Entrepreneurs think in Entrepreneurs can think in actions. Entrepreneurs possibilities. A simple ambiguity. This is an avenue tend to create their own but calculated possibility where they can test themselves as ambiguous theories and make it into can make them jump out situation enable them to action once opportunity of their set and begin evaluate more options to settle enters the field. their move. or solve the issue. Entrepreneurs think in patterns. Entrepreneurial thinking Entrepreneurs also know how to embraces risks. utilize the available patterns to Entrepreneurs already equip uncover the future opportunities themselves of much needed that ordinary people could not see. armaments before entering this Graphs and other available charts kind of battle. guide them in their future pursuit of opportunity. How do entrepreneurs think? Entrepreneurs think internally. Entrepreneurs think Entrepreneur utilizes their incessantly maximum internal capability to (constantly/without direct their future actions, to work interruption). Entrepreneur for their achievements and even continuously think of use it to plan with an eye for any something that gives value. available long-term opportunity. Entrepreneurs think of value- Entrepreneurs think of add. Entrepreneur thinks for an giving meaning. action that give plurality in terms Entrepreneurs’ desire is of its benefits and advantages. to be proud of what they Entrepreneurship is a “no man have done in changing is an island” concept. the world for the future. THE ENTREPRENEURIAL MIND PROCESS  The Entrepreneurial Mind Process The idea referred to here is the set of specific activities an entrepreneur has in mind and would like to explore to address particular transactions. Ideas and “opportunities” give entrepreneurs a high probability of pursuing them. In this context, opportunity refers to an intended product or service for which customers will pay more than the cost of the venture it provided. Conducting market research is deemed necessary as it tests hypotheses and determines the possible size of your target customers. It gives entrepreneurs an empirical basis on whether the idea is worth pursuing. Entrepreneurs need to carefully analyze and verify the data collected and draw conclusions/decisions about whether their idea is worthy of pursuit.  The Entrepreneurial Mind Process To build or have a competent human resource that will help you successfully run the business. Qualified human resource means the resources are fit, able to produce the expected outputs, and knowledgeable and experienced in their work. Entrepreneurs can now proceed with launching their business and expect your model to work. Risks are always involved in a business or any entrepreneurial venture, and you cannot expect a 100% correct or flawless operation. There will always be room for error or improvement. Learning and growing will take place from these faulty decisions and mismanagement committed. End of Presentation Thank you for listening… The Entrepreneurial Mind - (Module 2) PRESENTER: P ROF. R OMEO G. PAJIGAL, M B A, C M ITAP  Entrepreneurial Ecosystem It is stated in previous part of this module that the study of entrepreneurship is a complex one as it influences numerous factors in all aspects. Entrepreneurial ecosystem model of Babson Global (2011) helps aspiring entrepreneurs to understand the environment behind everyone’s success. Babson Global’s Mission- is to out the power of entrepreneurship, as the greatest force for social and economic value creation. Babson Global is a world leader in entrepreneurship education. As shown in the model, entrepreneurship comprises of various coordinating and interdependent parts (e.g. policy and finance). Within each part is another field of coordinating part required to run the entire entrepreneurship ecosystem. a complex network or interconnected system Characteristics of Entrepreneurial Ecosystem (Isenberg,2011and2014) Each domain (or area) presented in Figure 1 has their own specific functions. The failure in one domain can create gap between parts and may affect other parts which can lead to entire miscoordination and eventually destruction of entire entrepreneurial ecosystem. Here are the characteristics of entrepreneurial ecosystem. 1. Each entrepreneurship ecosystem is unique. It experiences constant change as transformation in human civilization occurs. For example, the Philippines entrepreneurial ecosystem evolves in agricultural production in 1950’s to 1980’s but the desire for massive industrialization creates major shift in the entrepreneurial ecosystem. 2. The success of the ecosystem depends on the number of people in the system. The higher the number of entrepreneurs and thinking individuals participating in the market activity, the more effective the ecosystem. 3. The ecosystem is correcting. Entrepreneurial programs are designed to be self- correcting in nature and able to adjust in its own way if any uncertainties arrived. The era of working for others: Intrapreneurship and Intrapreneur (Daykin, 2019; Chamorro-Premuzic, 2020) As transformation occurs in every field of endeavor, companies are in competition of new ideas and products. Successful companies need employees who do what the entrepreneurs are doing with during their start-ups. Thinking new and innovative ideas, researching for its market potential and even take calculated risk for the benefit of a certain company where he or she belongs. Intrapreneurship is term refers to the employee of a certain business or organization who usually ‘undertakes’ or ‘do’. It was coined by Gifford Pinchot III last 1978, as he wonders through innovative skills of some employees who work for the benefit of the organization. Accordingly, intrapreneurship is any activity or ‘undertaking’ by any person (who has the skills and knowledge similar to an entrepreneur) working for the benefit of other organization.  KODAK: An Intrapreneurship Case Steven Sasson is working for Kodak; a business Graphical user interface Description automatically generated organization involve in digital technology industry (an industry where innovation is abundant and cannot be avoided). During that time, Kodak believes that they will take the market lead forever with their current product offerings. On this eve, Mr. Sasson presented to the board his invention of digital camera. Kodak’s executives are quickly to assess this kind of technology. Unfortunately, due to their belief of status quo, the executives perceive the idea of Mr. Sasson Steve Sasson, a Kodak employee, as “threat rather than an opportunity” to introduce it to the was granted a patent for the world’s market. In 2012, in disbelief, Kodak file for bankruptcy first digital camera. So why did because they are not fully equipped with enough armaments Kodak go bankrupt in 2012 if the company had the future of to join the ‘market war’ of digital technology. photography in its grasp? The case above describes the need of an intrapreneur in any of organization. This is due to an ongoing ‘market war’ https://youtu.be/gHdOXWWD8ZE happening between companies trying to outwit each other and aims to take large chunk of market share.  Making an intrapreneurial job is a tedious task which involves a lot of competencies needed (again, already done by entrepreneurs). But one of the most important are: ✓Being Proactive. This kind of competency requires ability to think what the future needs. ✓Thinking altruistically or pro-socially. Be happy of what you are doing. Difference between Entrepreneur and Intrapreneur The Entrepreneurial Process  Discovery is where idea generation takes place, this time, the entrepreneur began to wonder the horizon and began to notice that something is not yet available that is needed by the people whether today or in the future. This activity requires a lot of effort in conducting market research, consumer behavior analysis and search for a possible information or recipe that can lead you to the next step. Developing a business plan, is the most crucial part. This activity helps to ease that doubts since making business plans allows you to create concrete strategic and contingency plans, evaluate the current market conditions, developing financial forecasts, and listing all the resources needed.  Resourcing involves gathering of all resources needed as contained in the business plan (although some alternatives will exist, just cautious not to be swayed by traps within your mind, be objective). Financial resources must be arranged properly in order for the entrepreneur to decide whether he or she will find investors for the project or do it by himself or herself. Managing the company. It involves a lot of activities. Monitor all the actions and progress if it is in accordance with the plan established in the previous stages. During this stage, entrepreneurs tend to create management structure or hierarchy that is required to solve the operational problems when they arise. Harvesting. involves reaping all awards and accomplishments from your long journey. Struggles have been paid off during this stage.  Entrepreneurs’ Personality Characteristics Flexibility. What’s unique for entrepreneurs is how they respond to changes. They do not stay within their limits and comfort zone, firm in their decisions/strategies. They do not stick-to-one as they’re willingly adjust in accordance to the changes created by ongoing transformation and modernization. Vision. Entrepreneurs tend to perceive that opportunities are everywhere. They have the ability to forecast that a possibility of thing to happen in the future is imminent. Risk-Taking. entrepreneurs calculate the risk before entering the battlefield. They will not join the fight if they believe that they are not fully equipped with enough skills, knowledge and information. Risk taking for entrepreneurs are another opportunity for them to test themselves if they can do it or not. If not, N.O. stands for next opportunity.  Entrepreneurial Personality Characteristics: Where can you get them? Self (Biggest Coach). Focusing your mind to attain your objective is not the others’ responsibility but you. Parents. They can provide realistic suggestions and guidance in your pursuit of success. Parents gives you moral advice. Also, for entrepreneurs, parents are their first customer. Their feedback is a crucial factor in influencing our attitude. However, depending much on then is also bad for you. Avoid getting caught by their too much intervention with your decisions (of course in a proper way). Teachers or Mentors. Teachers and mentors enrich your ideas by giving examples, cases and even their personal experience and judgements on entrepreneurship. Similar to your parents, they act as the filter of your decisions and refine your ideas. Each step is clearly explained or provided to you for you to be able to understand the process. Friends. They can be an effective way of moving on every problem as they are excellent tool for you to share those. They can also motivate and understand your situation. Encyclopedias, periodicals, magazines and other literary materials which contains the experiences of successful entrepreneurs. Information is vital in influencing every step of your journey. Continuous research is a tool. Entrepreneurial Attitudes: How is it developed? Self-Profiling. By knowing yourself better, you can easily identify your strengths and weaknesses. By that you can easily change yourself in order to minimize your weaknesses and maximize your strengths. Recognizing the areas of improvements enable you to revise your attitude/character in accordance with your established objectives. Consulting with Mentors. reflect on what are the requisites on becoming like them. You can also identify what are their attitudes or recipes of their success. Positive Habits. Create a big realization that problem can be solve by facing them and eventually when you start your entrepreneurial journey, you can realize that problem is just a problem, it cannot bring you to the end of the world. Reflect and Review. Reflecting and reviewing enables you to identify some areas that is need of improvement or changes. As human beings are too emotional sometimes, they can lose the success rope. Doing reviewing will help you to identify which part of the ropes need repair, innovation or extension. Moving Forward: The Entrepreneurs’ Social Network Online Social Networks for Entrepreneurs The availability of internet shared some of its benefits to the entrepreneurs. Other than face to face networking, it created an online platform such as social media to promote entrepreneurial activity and connect with other entrepreneurs. Example: Entrepreneur Connect, PartnerUp, StartupNation, LinkedIn, Biznik, Perfect Business, Go Big Network, Cofoundr, The Funded, Young Entrepreneur (see your module for details). Offline or External Social Networks External social networks are effective way where you can easily receive decisions from the panels when you present your idea for funding. Word of mouth is still powerful to build connection as words define who you are and what you are trying to do. Finally, in this type of networking, you can build your confidence which is beneficial as you go further to your entrepreneurial journey. Example (Phil. Setting): Professional Organizations, Chamber of Commerce in the Phils., Government Organizations.  Ways on Building Social Networks (Zwilling, 2018) Build new relationship by diversifying your networks. Do not limit your connections. Create a wide arena for your business. Practice yourself building relationship with unrelated people. Give as much as you expect to get from every relationship. This way you can build positive image and branding to yourself. Selectively spend quality time on key relationship. Spend your precious time your most important networks such as your customers, employees, and leaders who can make a difference in your organization. Keep your focus on the social and business landscape. Pay attention to things that may influence your journey to success. Apply your key resources to key issues. Collaborating with them on solving shared social problems will turn them into engaged advocates of your business and make them your most powerful allies in building other relationships. Prune, renew and reshape your networks frequently. Constantly change, revise or review your list. Regularly identify essential relationship that is vital to the future of your business and will also help in your pursuit of new networks. More relationship creates confusion which may lead to poor decision making.  Entrepreneurial Work Style (Johnson, 2018) Do it yourself person. Entrepreneurs believe that they are the powerhouse and the master of getting things done. Micromanager. Avoid claiming all the credits. By doing this, you are not only building your company, you are also building collaboration and network Perfectionist. Keep on searching for any available means of making your work seemingly perfect. Yes, nobody’s perfect and perfection is the enemy of progress for entrepreneurs. But, setting high standard for yourself makes you think that you want things done perfectly (which will never be). The Visionary. You have incredibly high hopes for your big, beautiful vision, and you feel that your ultimate success is always right around the corner. The Commander. A leader allows open space and encourage development for its members. Entrepreneurs like to be in charge always.  3 Types of Risk Attitude Risk Taking is an act of doing something that involves danger or uncertainty before reaching the goals or objectives. Risk taking is inherent to entrepreneurship since you need to invest your essential resources to without knowing what will happen to that investment. 1. Risk takers are those individuals who are loves or wills to take more risks while investing in order to earn higher returns. The excitement and pleasures derive from this attitude is very high but coupled with high risk of losing. 2. Risk averse attitude refers to a person’s attitude to take ventures/opportunities which have lower risk because he/she is afraid of losing. Expectedly, the returns are lower and estimated already. 3. Risk neutral attitude this attitude refers to neutrality of one person to take risk. As a result, neither he/she gains nor losses. TOOLS USED BY ENTREPRENEURS Economics. Using economic tools to determine price, product, place, promotion. The market forces such as demand and supply, the efficient and effective use of limited resources given that there are unlimited wants and desires of people. Statistics/Mathematics. Utilized for collecting, analyzing business data and testing of its validity for sound decisions. This models/concepts include regression, forecasting analysis and among others. These tools are necessary for scientific based decisions. Management. The science and art of management allows entrepreneur to become a successful one. Using these tools in management, entrepreneur critically plan, organize, direct, and control the limited resources to attain its objectives and goals. Accounting. The science of recording of data and/or transactions plays an important role in entrepreneurship especially because this reflects entity’s financial position, net loss or net profit earned, whether business should expand or shut down. Computer/Gadgets. In today’s era, the use of computers/gadgets essentially play a big role for everybody, regardless of background and/or profession. The knowledge on using modern computers make lives more convenient and efficient.  World’s Successful Entrepreneurs and their Philosophies (Forbes, 2021) Jeffrey Preston Bezos is an American entrepreneur, media proprietor, investor, and computer engineer. He is the founder and executive chairman of Amazon, where he previously served as the president and CEO. Bezos believe in such philosophies like: “You should be missionary in starting your career. Someone who loves to build his or her integrity and of the others, similar to building the customers. “ “Make sure that you love other people (customers) and be prepared to build them.” “If you don’t understand the details of your business you are going to fail.” Elon Musk “No, I don’t ever give up. I’d have to be dead or completely incapacitated.” “Pay attention to negative feedback and solicit it, particularly from friends. Hardly anyone does that, and it’s incredibly helpful.” Elon Musk, a South African-born “Life is too short for long-term grudges.” American entrepreneur who cofounded the electronic-payment ”CONSTANTLY think about how you could be doing firm PayPal and formed SpaceX, THINGS BETTER. Keep questioning yourself.” maker of launch vehicles and “When something is important enough, you do it spacecraft. He was also one of even if the odds are not in your favor.” the first significant investors in, as well as chief executive officer of, “I think it is possible for ordinary people to choose the electric car manufacturer to be extraordinary.” Tesla. Bernard Arnault “All that interests me is promoting my brands, never myself.” “I think in business, you have to learn to be patient. Maybe I’m not very patient myself, but I think that I’ve learned the most is be able to wait for something and get it when it’s the right time.” “The key to success is this duality- timelessness France's richest person is the chairman of and the utmost modernity.” LVMH Moet Hennessy Louis Vuitton, the world's largest maker of luxury goods. He “In the luxury business, you have to build on controls about half of LVMH, which had heritage.” revenue of 44.6 billion euros ($51 billion) in 2020. It sells products including Louis “Money is just a consequence, I always say to my Vuitton leather goods, TAG Heuer watches and Dom Perignon champagne. team, Don’t worry too much about profitability. If you do your job well, the profitability will come.” Bill Gates “It’s fine to celebrate success but it’s more important to heed the lessons of failure.” “Don’t compare yourself with anyone in this world, if you do so, you are insulting yourself.” “Patience is a key element of Success.” As the founder of Microsoft, Gates amassed “Your most unhappy customers are your his wealth over the years and constantly hit greatest source of learning.” the Forbes top Billionaires list. According to Gates, entrepreneurs and aspiring “Microsoft is not about greed. It’s about entrepreneurs should: innovation and fairness.” - Always analyze the situation from every possible angle. “To win big, you sometimes have to take big - Make sound the decisions based on your risks.” analysis of the situation and stick with it. - Avoid exploring for a perfect decision. If “I am not in competition with anyone but you do, it may influence your execution myself. My goal is to improve myself and may even affect your motivation to do so. continuously.” - Entrepreneurship is not all about guess. Mark Zuckerberg “I started the site when I was 19. I didn’t know much about business back then.” “Successful people only have two things on their lips. 1. silence 2. smile.” “Find that thing you are super passionate about.” Zuckerberg names are listed on the brains of “Some people dream of success. While as young as 11 years old. Perhaps, people who use his famous Facebook app knows others wake up and work hard at it.” him. The youngest entrepreneur who included in the top 10 world’s billionaires in “In a world that’s changing really quickly, 2019. Zuckerberg believes that success can the only strategy that is guaranteed to fail be attain if you: - Try to solve some problem is not taking risks.” - Have passion in solving that problem Famous Entrepreneurs in the Philippines and their Philosophies Henry Sy, Sr. (Founder, SM) “There is no such thing as overnight success or easy money. If you fail, do not be discouraged; try again. When you do well, do not change your ways. Success is not just good luck: it is a combination of hard work, good credit standing, opportunity, readiness and timing. Success will not last if you do not take care of it.”  Tony Tan Caktiong (Founder, Jollibee Foods Corporation) “Twenty-seven years ago, we didn’t have a firm vision that we would be number one, but we had a rough vision that we would go outside the Philippines. We also had a goal: to take care of our customers and employees and to enjoy what we’re doing. Once we did all these things, the profits would come.”  Socorro Ramos (National Bookstore) “You have to adjust to the flow of business. If you’re not open to change, your business can’t move on.” End of Presentation The Entrepreneurial Mind (Module 3) Part- 1 Prof. Romeo G. Pajigal, MBA, CMITAP  History of Opportunity As discussed in the previous section, the term entrepreneurship was invented last 17th century (1601-1700). However, much archaeological evidence can prove that business activity has existed since prehistoric times and experiences continuous evolution. As this happens, opportunities tend to evolve also depending on the changes in human activity The 17th century was a period of huge political and social upheaval (sudden violent/disruption). and behavior. From an age characterized by the Crown's tight control of the state, the century witnessed years of war, terror and bloodshed that enveloped the Thus, it can be implied that entrepreneurship and kingdom. opportunity have a positive correlation/relationship in terms of evolution. As shown in the figure above, opportunity exists since prehistoric times. People (the term entrepreneur is not yet coined/invented) created value by exploiting every opportunity created by numerous changes occurred which was influenced by sumptuous (expensive-looking) factors. Also, human survival played a crucial role in the evolution of opportunity and the creation of value from it since it prompts them to believe that entrepreneurial activity enables them to increase the chance of surviving the world that is full of uncertainties and risks.  Creating Value from Different Periods The Hunter’s Age: During this period, the ability of people to create value depends on the nature’s ability to provide food and other natural resources. Also, during this time, people realized that it is easier to take other peoples’ crops and other essential resources for survival. With that, war becomes popular and wealth bags a bad reputation.  Creating Value from Different Periods The Warrior Age: Given the fact that stealing other peoples’ resources is common during this time, people seek for refuge and created a stable form of society and maintain a steady supply of warriors to maintain safety way of living. People exploit this opportunity as Kings award warriors who bring victory with land and slaves.  Creating Value from Different Periods The Craftsman’s Age: As war become a common event in society, some people (peasants who are too smart but not aggressive to become warriors) realized that Kings and warriors will not plunder or kill them. Thus, these people exploit this opportunity by offering their ability to create decorative crafts and make things beautiful and attractive.  Creating Value from Different Periods Explorers’ Age: As cities continuously grows, resources become scarce and people tend to seek new land for them to plant crops and other resources for their survival. This scenario prompted them to construct ships for exploring unknown lands. When they return, they bring valuable raw materials such as silks and spices which brings wealth and money.  Creating Value from Different Periods Merchants’ Age: As far away lands are discovered, people did not mind the risk of travelling and brings back valuable spices and other materials such as porcelain, gold and salt.  Creating Value from Different Periods Mechanization Age: As craftsmen continue to seek new knowledge in perfecting their skills, they created machinery. With machines, people tend to mass produce things and materials thus creating value faster than ever before. Thus, owning a machine became the next big thing.  Creating Value from Different Periods Industrialization Age: As machines become more and more sophisticated, brought by electricity, production reach fastest rate. Industrialist become big guys as they can possibly predict what’s next.  Creating Value from Different Periods Oil Age: Since mass production becomes visible, cheap things such as cars provided new opportunity for people to exploit and create value from it. The demand for oil becomes increase at unprecedented rate and people realized that by drilling oil you can be the new big guy of society (Getty and Rockefeller Family). https://youtu.be/ZGZdGmPDH1E  Creating Value from Different Periods Corporate Age: During this time, people realized that they have the ability to serve multiple target market by building corporation that is capable to establish production and distribution office from different regions. Consumers become more exposed to new and sophisticated products.  Creating Value from Different Periods Financial Age: As corporation aspire for growth and expansion, capitalization is of another issue. Financial institutions such as banks provides the much- needed capital for such activity. Also, corporations with less business activity and with declining financial performance is another opportunity for financial institutions to purchase, restructure and revive its operations.  Creating Value from Different Periods Information Age: As corporations grow and employ more and more people, information becomes vital and significant. Holding essential information such as customer information is another way of winning the game and competition. This scenario leads to the development of technology that can handle massive data and information.  Creating Value from Different Periods Start-up Age: As some people realized that employment is not the key for their success, they tend to realize that entrepreneurship is a key to fulfill their dreams. People decided to scan environment for any possible opportunities and created value and made money from it and technology contributes to lowering the cost of starting a business. Becoming a successful start- up provides prestige and honor to them hence, encouraging them to do so. Today, start-up is the most common way of creating value and making money. The Entrepreneurial Mind (Module 3) PART -2 Prof. Romeo G. Pajigal, MBA, CMITAP Documentary Video 1: For Survival: Scarcity or Ingenuity https://youtu.be/x7G9v6JdYwc Because more than half of Israel is desert, the lack of clean water is a life- or-death issue. Gordon Robertson examines several of the ways that Israel conserves water, including: Desalination- the process of removing salt from seawater. Drip or trickle irrigation- a system of crop irrigation involving the controlled delivery of water directly to individual plants through a network of tubes or pipes. recycling. Agriculture in Israel RED AND BLACK TOMATOES IN ISRAEL FLOWERS IN ISRAEL In 1957, Israel and the Philippines established full diplomatic relations, and signed their 'Treaty of Friendship' on February 26th, 1958. Top 10 World’s Billionnaires - (Bloomberg Report) https://www.bloomberg.com/billionaires/  Documentary Video 2: Turning Wild Imagination into Reality https://youtu.be/mh45igK4Esw Elon Musk: How I Became The Real 'Iron Man' "Bloomberg Risk Takers" profiles Elon Musk, the entrepreneur who helped create PayPal, built America's first viable fully electric car company, started the nation's biggest solar energy supplier, and may make commercial space travel a reality in our lifetime.  SpaceX CEO Elon Musk gets internet access for Ukraine; Social media blocks Russian state media ads Latest News: 28 February 2022 https://youtu.be/PNQHuFciLm8 Comments: “Great humanitarian move- communication now is not a problem.” “A man of action. He donated his internet, to access his satellite. Ukrainian said, " Russia has knocked our internet, Elon can you help us?" Elon Musk looked at his buddy and said, "hold my beer!” “Elon is Iron Man, always trying to improve mankind.” There were plenty of new developments following Russia's invasion of Ukraine. SpaceX's Elon Musk responded to a Twitter request for internet access. Tech giants, like Facebook, Twitter and YouTube, blocked Russian state media ads, and Russian airlines were restricted on destinations.  A Message from one of the richest billionaire in the world. https://youtu.be/a_63VIDJbWw "Your choices construct your life" "you can only be proud of what you earn, not what you're given” “Choose wisely what you do with your time, every little choice we make today defines the person we're choosing to be! Find meaning and purpose in everything you do, do things not just for the sake of it but because you LOVE to do them.” “In the end we are our choices.” Documentary Video 3: From Failure to Success: Learn and Grow https://youtu.be/lYGGpc2mMno  Five life lessons that we can learn from Ma’s talk: Source: https://time.com/3423708/5-life-lessons-jack-ma-alibaba/ 1. Think ahead. “We got successful today not because we did a great job today—we had a dream 15 years ago,” said Ma, whose company, Alibaba had the biggest IPO ever at nearly $25 billion. 2. Money isn’t happiness—it’s responsibility. “When you have more than one billion dollars, or a hundred million dollars, that’s a responsibility you have—it’s the trust of people on you, because people believe you can spend money better than the others.” 3. Expect the unexpected. “Life is like a box of chocolates,” Ma said, drawing from a line from one of his favorite films, Forrest Gump. “You never know what you’re going to get.” Five life lessons that we can learn from Ma’s talk: Source: https://time.com/3423708/5-life-lessons-jack-ma-alibaba/ 4. You don’t need connections to achieve success. “We don’t have a rich father or a powerful uncle,” said Ma, who started Alibaba out of his apartment in Hangzhou, China. “We only have the customers that support us.” 5. To change the world, invest in youth. “The secret here is helping those who want to be successful,” Ma said. “Help young people. Help small guys. Because small guys will be big. Young people will have the seeds you bury in their minds and when they grow up they will change the world.”  What Happened to China's Superstar Entrepreneur Jack https://youtu.be/glDfJOmr4C4 Ma? After Jack Ma criticized Chinese regulators, Beijing scuttled the initial public offering of his fintech giant Ant and he largely disappeared from public view. Wall Street Journal looks at recent videos of the billionaire to show how he got himself into trouble. Documentary Video 4. Innovation for Competition Frito King owner Fritz Capulong shares how he found success as an entrepreneur at the age of 40. He shows how he prepares his products and differentiates it from those sold in other stores. Capulong also gives his tips for those who want to start a food business.  Documentary Video 5. From Rugs to Riches https://youtu.be/ROfEORJ2XTk MANILA, Philippines - A grade school dropout turned garbage collector is living proof that one can make money from trash.  Video Documentary 6: Health to Wealth https://youtu.be/sL85VvO4Jfk "Rated K" features the story of "KA REY HERRERA", a cancer survivor who became successful after putting up herbal supplement business. Video Documentary 7: The Mogul of Southeast Asia https://youtu.be/D2WP9xFG0zc “There is no such thing as overnight success or easy money. If you fail, do not be discouraged; try again. When you do well, do not change your ways. Success is not just good luck: it is a combination of hard work, good credit standing, opportunity, readiness, and timing. Success will not last if you do not take care of it.” Video Documentary 8: The Man Behind the Famous Bee (Jollibee) https://youtu.be/F2B46bo_uXY Jollibee founder Tony Tan Caktiong succeeded in creating a fast-food Giant in the Philippines.  Let’s Check and Analyze Activity 1. For EACH of the documentary videos you just have watch, provide your reflections anchored on the theories of entrepreneurial mind you studied? What are the real-life lessons can you learn from these documentary videos? 2. Do you think these videos can help improve yourself in your specific endeavors, becoming an entrepreneur/intrapreneur in your respective fields (e.g. pharmacist, nurse, criminologist, business, psychologist, engineering, HRM, social work, architecture, educators and among others)? 3. What do you think why majority of the successful entrepreneurs in the Philippines are Filipino-Chinese and not full blooded Filipinos? Please explain and justify your answer. (10 points) 4. Five years from now, you will graduate from the University of Mindanao. You have two options; one is to be employed or the other one is to become the employer? Which path will you take? Explain! End of Presentation The Entrepreneurial Mind- (Module 4) Prof. Romeo G. Pajigal, MBA, CMITAP  Format for Product Ideation Business Concept Paper Ideation is the process of forming ideas from conception to implementation, most often in a business setting. Ideation is usually derived from brainstorming sessions, online forums, seminars, surveys, social media platforms, and team- building exercises.  Components of Product Ideation Activity 1. Concept Name This is the creative name of your concept; it includes reasons and factors that prompt the proponents to think of that specific concept base on the current or future market and industry needs. In this section, an overview of the situation, condition or scenario must be provided. Also, to make the stated scenario credible and valid, the discussion must be rich in terms of supporting literatures and citations. 2. Problem Statement This section presents all possible problems, both current and future,that the concept can solve. It also includes both the current and the potential needs in the future of the market. Also, this section must contain brief explanation about the problem and in what way the problem can be solved by the chosen concept or idea. 3. Key Stakeholders This section answers the question of “who are involved in the concept”? Also, this section comprises of potential participants whom to be involved when the concept or product idea will be implemented. The proponents can refer to entrepreneurial ecosystem as one of the bases for the selection of their potential stakeholders. Finally, this section should contain the roles and responsibilities to be performed by each of the chosen stakeholders in the entire process of product ideation to implementation.  Components of Product Ideation Activity 4. How does it work? This section contains how the chosen product, idea, and/or concept to be produced, packaged and/or delivered to the potential customers or target market. To avoid confusion, this section can be presented in a step-by-step process or a flow chart. 5. Features and Benefits a. This section contains the highlights of the chosen concept such as their capability of providing solution to the problem statement. b. Also, this section includes the unique functions and/or processes of the chosen concept, idea or product. c. Finally, this section must contain benefits that can be attained by the chosen key stakeholders.  Components of Product Ideation Activity 6. Timeline and Milestones This section contains actions and or strategies to be performed or implemented. It is either three (3) or above number years. This section also includes all necessary achievements that can possibly be attained every year. This section must abide the SMART principle. 7. SWOT Analysis a. This section contains the Strengths, Weaknesses, Opportunities and Threats of the chosen product, concept or idea. b. Strengths are internal in nature which means it positively talks or description about your product or potential business in the future. This include the things, highlights, factors that can make your chosen concept unique from any existing products. c. Weaknesses are also internal in nature; however, these are negative description of your product. This may include possible flaws that may occur in the future or your chosen concepts can easily be copied or your chosen legal forms of business ownership is to weak for the type of business where your concept or idea belongs.  Components of Product Ideation Activity d. Opportunities are external factors that can contribute or caused positive or multiplier impact to your chosen concept. This includes situation or scenario that can change customers preference such as technological development or the ongoing crisis of every aspects (Pandemic or war). e. Threats are also external factors that can influence your chosen idea or concept.However, these are negative factors that may shorten the existence of your concept in the future. This includes competition, fortuitous events and or sudden change in market or industry condition. 8. Final Report This section contains the summary of all activities performed in the entire process of product ideation. In the last part of this section, the proponents must choose the best concept base on their analysis using the entire process of product ideation and the SWOT Analysis.  Sample Only: I. PANUBE 19 Food is life. PANUBE19 is not just for your sense and taste to enjoy but also for your tummy. It is a product which is good for everyone, it comes with different flavors (pancheese, pan de monggo, pan de chocolate, and our best-selling PANUBE19). It will give you lots of nutrients which keep you from illnesses. PANUBE19 is rich with vitamin A, B and C, protein and carbohydrates. Panube19 is for everyone, Panube19 is not just an ordinary bread who can solve you from hunger, but it also gives you happiness. II. STATEMENT OF THE PROBLEM Because of this pandemic our movements became limited, most of our works got affected. The daily routine we have in life was changed, also it gave us a hard time to buy some goods for our family to survive from this pandemic. Food is really the priority of people now a days, without food we cannot survive in life. Try not to worry because of this special PANUBE19 develops just for you to enjoy your quarantine. We got stuck into our house and all of what we want to do became limited. Because of this pandemic, all our plans ruined. Our plan to have some dinner in some restaurants and have some sweet cakes with your loved ones. People now a days afraid to go to malls to buy some goods to eat. The first priority of humans is to find food to eat and because of this pandemic, it sinks into our mind that it’s not safe to go outside. We made a product which really suits for our customer. They can choose between what flavors they want to satisfy their cravings to eat some sweets and also if they became worried about their safety, we offered delivery just for the sake of our valid customer. III. KEY STAKEHOLDER In business, stakeholders are very important because your business will be successful with the help of them. The primary stakeholders in our company are our investors, employees, customers and suppliers. IV. HOW DOES IT WORK? (FLOWCHART) 1. Dissolve yeast in warm water (110-130 degrees Fahrenheit). Stir to dissolve and let stand for 10 minutes. Set aside. 2. While waiting for yeast to bubble, place milk, butter, sugar, and salt into a microwave-safe bowl/cup or saucepan. 3. … (for the continuation, you may refer to the SIM/Module). Thank you. V. FEATURES Panube19 include features that can make the customers be satisfied because of its sweet, soft and creamy. This PANUBE19 is a special bread with an ube filled in middle and a cheese topping on the top. this will definitely what people want; this creamy and delicious bread will give a thumbs up from our dear customers. BENEFITS of Panube 19:\ Panube19has4gramsofprotein,25gramsofcarbohydrates,1-gramfiber,and3 grams of fat. 2. Panube19containsaround200milligramsofsodiumorsaltwhichisbasically used for providing flavor to the bread. The low sodium content is ideal for people with kidney disease or hypertension. 3. Panube19alsohasiron,whichisnecessaryfordevelopinghemoglobin,for carrying oxygen in the blood. This is helpful for people with anemia and pregnant women. 4.Thenutritionalbenefitsofpanube19variesaccordingtoitsrecipeoringredients. Some pan de ube may have more fiber. Still others add eggs which allows the person eating the pan de ube to obtain the nutritional benefits of eggs. 5.Also,sinceonecancreatesandwichvariationsofthepanube19,onecanalso enjoy the nutritional benefits of stuff you put in the pan ube19 while enjoying its great taste such as tuna, sardines, etc. 6. … VI. TIMELINE Year 1 It is very crucial to plan what product should we seal. The likes of our customer, the popular food that they can easily like. Also, the product which they can afford. It is always important to seal goods with lowest price, they can afford and also enjoy the product we have. We come up with the idea of creating something new to the taste of everyone, and this is the PanUbe19. The delicious and fits perfectly to everyone. Year 2 When we are done on planning our business the next thing we should apply how we can seal our products. Considering its place, the number of people who are living on that particular place and also if we’re selling our products in international, we should and must understand some other rules and regulations. VI. TIMELINE Year 3 This is one of the important things that should have in making a business. All business is running with money. We need capital to seal our products. Considering the supply and also the other miscellaneous. Year 4 Once we already planned for what product should be sell and also if we already have the capital in making this business. We should put an action to what have we plan. We should also consider the one who will seal our products, the staff. Year 5 Technology is always important. By this thing, it became much easier for us to supply the needs of our customers. Once our product became famous to everyone, we need to make more products in an easy way. VII. SWOT ANALYSIS Strengths The PanUbe19 is rich with vitamins which can also keep you away from sickness especially in this pandemic time. It is not just for your tummy but it also gives you a happiness because of its sweet taste. This provides the needs of every individual who loves sweet food and at the same time it has a good benefit to our body. They can always order our product through online and can easily afford because PanUbe’s price is much affordable. And if they had no time to travel just to pick up their order and for the security of our valid customers, we deliver it door to door. Weaknesses Because of this pandemic, most of individual cannot go outside because of the security of their health. And also, most of the customers are having doubt if our product is credible and good or bad since they can just see our product through online. And not everyone has the internet to surf in web, one of the weaknesses that our company faces is that not everyone can see our product because of the low internet they got in their places. VII. SWOT ANALYSIS Opportunities Because of this product (PanUbe19) we are not just helping people to have food who can they enjoy the taste of the product we have. But also, we help people who trapped in this pandemic. Those people who got affected their work because of this pandemic. We hired people who can deliver our product door to door. Because of this pandemic, individual really needs money to survive. Our company is hiring some rider which they can deliver foods to everyone who needs. We help people who got affected from this pandemic. Threat Since we all know that PanUbe19 is made up of flour, sugar, butter, ube, etc. So, in business industry, encountering problems are normal especially in our ingredients. For example, a drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield that really affects the production of flour that may lead to shortage of the products. Other common threats include things like rising costs for materials, increasing competition, tight labor supply and so on. https://www.youtube.com/watch?v=ZEMbKzy7FD8 How to Write a Business Plan - Entrepreneurship 101 Tutorial starts at 1:20 Whether you're starting a new business or just trying to get your existing business a bit more organized, writing a business plan is the perfect way to clearly outline how your business operates, declare goals, and set out a strategy to reach those goals. In this video you'll learn about the six essential pages every business plan should have, what to record on each of those pages, and also how to write your business plan as quickly and easily as possible -- even if you're a complete beginner! 🔹 Download the FREE Six-Step Business Success Plan: https://www.gillianperkins.com/download-easiest-business-plan-ever/ // WHAT TO WATCH NEXT Six Ways to Earn Six Figures Working from Home https://www.youtube.com/watch?v=Y1i8xcno3IY How I (actually) Got My First Client Online https://www.youtube.com/watch?v=AST3PFfCJ6s How I Created Multiple Streams of Income for Myself https://www.youtube.com/watch?v=dfaH_RjkoMQt=20s How to Decide What Business to Start https://www.youtube.com/watch?v=Mid_ALr8PYs // LINKS Learn more about Gillian and find resources to build your online business: https://www.gillianperkins.com Join our private Facebook group! https://www.facebook.com/groups/startupentrepreneurscollaborate/ Follow Gillian on Instagram to get a BTS look at what it's like to be a digital entrepreneur: https://www.instagram.com/gillianzperkins/ // MAIL Gillian Perkins International P.O. Box 13573 Salem, OR 97309 NOTE: This description may contains affiliate links to products we enjoy using ourselves. Should you choose to use these links, this channel may earn affiliate commissions at no additional cost to you. We appreciate your support! KEYWORDS how to write a business plan, free business plan, do i need a business plan, #entrepreneurship, #gillianperkins, business plan how-to guide, business plan step by step, business plan tips ,gillian perkins, gillianperkins, do you need a business plan, How To Write a Business Plan To Start Your Own Business, how to write a business plan step by step, business plan for beginners, simple business plan, business 101, business plan template, business plan example, how to write a business plan for beginners End of Presentation