Entrepreneurship Discussion - PDF

WELCOME BACK TO SCHOOL! PRAYER Discuss the relevance of the course MARY JANE M. LAGUNA ENTREPRENEURSHIP  Give at least five (5) names of entrepreneurs that you know in the Philippines. Famous Entrepreneur Tony Tan Caktiong  Tony Tan Caktiong is the...

WELCOME BACK TO SCHOOL! PRAYER Discuss the relevance of the course MARY JANE M. LAGUNA ENTREPRENEURSHIP  Give at least five (5) names of entrepreneurs that you know in the Philippines. Famous Entrepreneur Tony Tan Caktiong  Tony Tan Caktiong is the founder and chairman of Jollibee Food one of the world's fastest-growing Asian restaurant chains. Corazon Dayro Ong  Corazon Dayro Ong is the founder of the meat- processing company CDO. Outstanding Dietitian Award by the Nutritionists-Dietitians Association of the Philippines. She was also awarded the 2009 Woman Entrepreneur of the Year Socorro Cancio-Ramos Socorro Cancio-Ramos is the matriarch of National Book Store, the Philippines' leading retailer of books, office supplies, and greeting cards – a rare example of a businesswoman who watched her efforts fail multiple times, then rose from the ashes to succeed with one more try at the same venture. Alfredo Yao  Alfredo Yao is the founder of Macay Holdings, a maker and distributor of carbonated soft drinks. His privately held Zesto Corp. Manuel "Manny" Bamba Villar Jr.  Manuel "Manny" Bamba Villar Jr. Manuel Villar chairs property developer Vista Land & Lifescapes run by his son Manuel Paulo. The company is planning to list a real estate investment trust in 2021. Villar's biggest asset is his stake in Golden MV Holdings (formerly Golden Bria), a developer of mass housing projects and condos. Villar also chairs mall operator Vistamalls. In October 2019, he took his home improvement chain AllHome public. Villar's wife, Cynthia Villar, is a senator in the Philippines. Henry Sy  Henry Sy become rich? Born in 1924 in Fujian province, he went to the Philippines at the age of 12 and got his start in the retail business by selling goods in his father's neighborhood store. After saving enough money, Sy started his first business with a footwear shop called ShoeMart in 1958  Sergey Brin (born August 21, 1973, Moscow, Russia, U.S.S.R.) , American computer scientist and entrepreneur who created, along with Larry Page, the online search engine Google, one of the most successful sites on the Internet.  Larry Page byname of Lawrence Edward Page, (born March 26, 1973, East Lansing, Michigan, U.S.) American computer scientist and entrepreneur who, with Sergey Brin, created the online search engine Google, one of the most popular sites on the Internet.  Chad Hurley Born on January 24, 1977, in Birdsboro, Pennsylvania Chad Hurley is the co-founder and former CEO of the video- sharing website YouTube.com. After college, Hurley worked at eBay's PayPal division before collaborating with co-workers Steve Chen and Jawed Karim to create YouTube in 2005.  Mark Elliot Zuckerberg bornMay 14, 1984 an American media magnate, internet entrepreneur, and philanthropist. He is known for co-founding Facebook, Inc. and serves as its chairman, chief executive officer, and controlling shareholder. Famous Entrepreneur Milagros, Clarita, and Doris Leelin (Goldilocks) Goldilocks—Combination of ‘Gold’ and ‘Luck’  Goldilocks was founded by sisters Milagros Leelin Yee, Clarita Leelin Go and their sister-in-law, Doris Wilson. Milagros and Clarita were two of the nine children of Pascual Leelin and Trinidad Tancioco. During the Second World War, Milagros learned to cook while Clarita became interested in baking after getting an oven from her parents when she was 10. “My father taught us to cook and bake. We would wake up early in the morning to cook for him,” Milagros shared to Inquirer.Net. Eventually, the sisters started baking delicacies in their Makati apartment serving doctors, nurses, and patients, and after a while decided to open up their own small bakeshop. “My sister and I decided to start a business when we began to receive requests for the cakes.”  On May 15, 1966, the sisters together with their sister-in-law, opened Goldilocks on a 70-sqm space on the ground floor of a three-story building at Pasong Tamo, Makati. “The name Goldilocks was chosen because of two very important words embedded in the name—gold and luck, which suggest fortune and success.” They opened the first branch with only 10 employees in it, and just two displayed cakes. Pasong Tamo quickly gained attention from locals and visitors. Their products were made in their family kitchen. The store offered freshly- made cakes and pastries which were sold out every day. In 1991, they began accepting franchisees. And when the franchising began to grow in the Philippines, hundreds of Goldilocks branches opened around Metro Manila serving customers that also grew in number every day. From their humble beginning in Pasong Tamo, they now have grown to over 600 stores and employ over 2,000 people.  Concept of Entrepreneurship The word “entrepreneur” was derived from the French verb enterprendre, which means “to undertake.” The enterprise is created by an entrepreneur and the process is called “Entrepreneurship.” Entrepreneurs are innovators In French the verb "entreprendre" means "to undertake," with "entre" "between“ "prendre" "to take"  ENTREPRENEURSHIP Entrepreneurship is a discipline where individuals based from their experiences, habits, innovations and skills are being executed to form a profit-generating activities.  ENTREPRENEURSHIP Entrepreneurship is thus important for a number of reasons, from promoting social change to driving innovation (S. Seth, 2019).  Entrepreneurship Help in the Economic Growth New and existing business ventures helps in the economic growth and also help jobless to earn profit and income from the knowledge and skills they have.  Entrepreneurship Help in the Economic Growth stated that entrepreneurs start new business and take on the risk and rewards of being an owner.  Entrepreneurship Help in the Economic Growth as a career is that you have broad of options and open to many possibilities to grow your business. This may include IT , services, tutorials, media, clothing, food and other small businesses.  Entrepreneurship Help in the Economic Growth Entrepreneurs first do business where they are good at and where their talents and resources can be utilized to create good money.  Drivers of Entrepreneurship 1. Need Entrepreneurship – this consider those who do not have no option but to go into business for themselves. The entrepreneurial activity is needed by the family to support the needs and living of the family.  2. Opportunity Entrepreneurship this is another driver of entrepreneurship because individuals see opportunity to pursue the business due to available resources and they are also doing their passion in conducting the business.  Entrepreneurship as Source of Opportunities There are some businesses than can generate income but does necessarily need physical shop or capital.  Entrepreneurship as Source of Opportunities People always experience different needs depending on their age, situation, sex, religion, beliefs, occupation, and status in life, marital status, educational attainment, profession and others.  Entrepreneurship as Source of Opportunities Customer needs are unique per individual and this is the reason why businesses struggle to motivate. Entrepreneurs continue to innovate and this make the business survives decade after decade.  Wants and Needs Each group requires different strategies and marketing mix (product, place, promotion and price) depending on the different wants and needs.  Needs This include primary needs Needs are the which are called physiological needs such things that are as shelter, clothing air to needed for an breathe, food, reproduction, sleep and water. These are the individual to things indeed necessary for a person to survive. survive.  Wants Wants are the things also need by individuals but they can survive without it. Some are calling it luxuries.  RELEVANCE OF ENTREPRENEURSHIP TO AN ORGANIZATION 1. Development of Managerial Capabilities - 2. Creation of Organizations - 3. Improving Standard of Living - 4. Means of Economic Development -  Factors Affecting Entrepreneurship 1. Personality c. Problem Solver Factors which include: d. Perseverance - a. Initiative - b. Proactive -  Factors Affecting Entrepreneurship e. Persuasion - f. Planner - g. Risk-taker -  2. Environmental Factors which include political, climate, legal system, economic and social conditions and market situations.  Students will read a true story (Pascual, 2007) of a Filipino couple who were social workers-turned-successful entrepreneurs and take note of the characteristics and competencies that you observe.  Ana and Boy Manrique met while working for the less privileged. Both contented as a social workers, both disclaimed early entrepreneurial aspirations. It was only when their family started growing that they felt the beckons (signs) of entrepreneurship. Ana and Boy’s first venture into entrepreneurship was through a bakery business. The couple lived in Las Piñas, near a subdivision and a commercial area with no presence of a bakery in the vicinity. Ana and Boy, however, also had no knowledge and experience in baking.  What they lack in know-how and skill, though, they make up for willingness to learn. The couple both went back to school and enrolled in a course on commercial baking and attended food demonstrations to further their knowledge on the bakery business. With a fifty thousand capital borrowed from a friend, Moonbake was born. They sold pan de sal, pan de coco, and Spanish bread to neighbors and sari-sari stores in the area. Before long, their product already reached Pampanga, Bulacan, and Batangas.. Moonbake grew from 6 employees to 200; from daily sales of PhP 1,500 to PhP 25 million gross annual figures. Business was good and continued to get better, until they hit a roadblock. Raw material costs started rising, supply of sugar grew scarce, and competition started sprouting all over the area.  The couple, unwilling to be hindered by the roadblock, went back to school again. Boy took up a course in the “Rehabilitation of Distressed Industries” and, applying what he learned. StarGlow was born. It was formed to be the marketing arm of Moonbake, and soon sales started to pickup again.  Not stopping yet, the couple decided to diversify. They aimed to export and looked for a good product to introduce to the global market. They visited the Industrial Technology Development Institute (ITDI) of the Department of Science and Technology (DOST) and became interested in the vacuum friend tahong (mussel). Using the vacuum frier in ITDI, they initiated a pilot run. Unfortunately, the vacuum fried tahong proved to be a short venture for the couple and after incurring PhP 100,000 loss, they decided to look for a new product.  They visited yet another DOST agency, the Food and Nutrition Research Institute (FRNI). They became interested in the canned laing (taro leaves cooked in coconut cream with shrimp paste, ginger, and siling labuyo). This time, their pilot run at FNRI became successful. They know they have a good product on hand and after they launched it at the First Asian Ethnic Food Festival, they were able to secure a deal with ShoeMart and after a couple of years, sent their first delivery to Guam and eventually, to the Middle East, Canada, the USA and Europe. From the canned laing, another company, Moondish, was born. After reading the story, students shall discuss and identify the different characteristics and competencies(PEC’s) of Ana and Boy Manrique which helped them become successful entrepreneurs. ? ? Ana & ? Boy Manrique ? ?  Students will read a true story (Pascual, 2007) of a Filipino couple who were social workers-turned-successful entrepreneurs and take note of the characteristics and competencies that you observe. After reading the story, students shall discuss and identify the different characteristics and competencies of Ana and Boy Manrique which helped them become successful entrepreneurs.  Guide Questions: Describe the personalities in the picture? What are their strengths?  PEC’s Personal Entrepreneurial Competencies  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.  Common Competencies in Entrepreneurship 5. Proactive – an entrepreneur can control a situation by making things happen or by preparing for possible future problems. 6. Risk Taker – an entrepreneur has the courage to pursue business ideas. 7. Innovative - the entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his 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 – The entrepreneur constantly looks 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 Entrepreneurs - 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.  Types of Entrepreneurs 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.  Types of Entrepreneurs 4. Drone Entrepreneurs - They are those who live 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. The first step toward change is awareness. The second step is acceptance. -Nathaniel Branden  Assignment: What are the Career Opportunities in Entrepreneurship ? Thank You…