Entrepreneurship: Overview and Concepts PDF

Unit 1: Understanding the Concept of Entrepreneurship Lesson 1 Entrepreneurship: Overview and Concepts MR. ERN VINCENT S. LAGMAY, LPT What is Entrepreneurship? Do you want to be an entrepreneur? 2 Explain the key concepts of common comp...

Unit 1: Understanding the Concept of Entrepreneurship Lesson 1 Entrepreneurship: Overview and Concepts MR. ERN VINCENT S. LAGMAY, LPT What is Entrepreneurship? Do you want to be an entrepreneur? 2 Explain the key concepts of common competencies in entrepreneurship. 33 Who are the entrepreneurs around you? 4 Can you name some of the most successful entrepreneurs in the country? 5  Entrepreneur An entrepreneur is a person who creates unique ideas that will be useful for starting a business. 6  Entrepreneurship the science of converting processed ideas into a remarkable business venture 7 Why study Entrepreneurship? 8  Usefulness of the Course to the Students 1. It develops skills that will be needed in starting up a business. 2. It enhances knowledge on how to operate business. 3. It demonstrates how to manage a business. 4. Learners consider becoming an employer rather than an employee. 9  Usefulness of the Course to the Students 5. Learners change their attitude towards the course as a means of living. 6. Learners change in personal and career attitudes such as communication, problem-solving, collaboration, motivation, creativity, and teamwork. 10  Importance of Entrepreneurship Education 1.key economic driver 2.increase the level of knowledge, competence and improve the quality of life 3.alternative career path 11 Can you think of other importance of Entrepreneurship Education aside from those already mentioned? 12 Entrepreneurship Common Competencies Competencies are considered as the capability, capacity and ability of the learner in handling situations in various areas in business operations such as in marketing, management, production, and finance. 13 What are the common entrepreneurial competencies? 14  Entrepreneurship Common Competencies 1. Specific Goal Setting 2. Self-Efficacy 3. Need for Achievement 4. Ambition 5. Willingness to Learn 6. Adaptability and Flexibility 7. Willingness to Take Risk 8. Interpersonal Skills 15 15 Competencies For Entrepreneurial Success Competency Example Integrity An entrepreneur knows what is good and right. Do what is best for everyone and do not act without thinking. 16 16 Competencies For Entrepreneurial Success Competency Example Conceptual Review outcome projects in order to Thinking understand where problems occurred. Check the impact of the proposed solution to both customers and employees. 17 17 ENGAG EXPLO EXPLAI EXTEN EVALUA 18 18  Competencies For Entrepreneurial Success Competency Example Strategic An entrepreneur finds ways to do things Thinking faster or at less costs. 19 19 Competencies For Entrepreneurial Success Competency Example Decisiveness An entrepreneur switches to an alternative strategy to reach a goal. It generates new ideas and innovative solutions. 20 20 Competencies For Entrepreneurial Success Competency Example Customer A good entrepreneur knows what his or Relations her customer needs Service in order to satisfy them and have a long term relationship. 21 21 Competencies For Entrepreneurial Success Other Competencies Risk-taking Collaboration Commercial Aptitude Optimism People-centered 22 22 The common competencies are the skills you need in starting a business. On the other hand, the 10 competencies discussed are the skills that you need to be a successful entrepreneur. 23  Individual Activity Do you have what it takes to be an entrepreneur? Answer the questionnaire in the Extend part of the study guide. 24  Questions Part A. 1. What are the qualities that you possess as an entrepreneurship student? Give at least 5 qualities and explain each. 2. Among those qualities, rank them with 1 as the highest and 5 as the weakest quality. 3. What are the benefits of studying entrepreneurship to students? 25  Questions 4. What entrepreneurial competencies do you need to have to become a successful entrepreneur? 5. What is the difference between a businessman and an entrepreneur? 26  Questions Part B. 1. You saw your classmate who was inside the faculty room alone using your teacher’s computer. Your teacher never allows anyone to be in the faculty room unattended. Your classmate looked up, saw you and knew you saw him. A few days later, it was found out that confidential files have been lost and everyone is being questioned. Should you reveal what you saw? Which is a better example of integrity: being honest or being loyal to a friend? 27  Questions 2. A sales staff is having difficulty assisting a foreign customer because he cannot speak English fluently. It was seen by the manager. What should the manager do? 3. All finance staff have a meeting with suppliers at 9:00 in the morning. Because of an accident on the road, it causes traffic and it is the reason why you came late. If you were the staff, what competency of entrepreneur you should have in order to conquer the scenario? 28