GENTREP Entrepreneurship Module 2 PDF

MODULE IN ENTREPRENEURIAL MIND...

MODULE IN ENTREPRENEURIAL MIND GENTREP Entrepreneurship, Human Resources Development and Marketing School of Accountancy, Management, Computing and Information Studies SCHOOL Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited.  GENTREP COURSE LEARNING OUTCOMES At the end of the course, the Louisian entrepreneurs are expected to: 1. Relate Christian Spirit, competence, creativity, social involvement, ethics, professionalism, maturity, traits and values in the development of your personal and professional vision; 2. Discuss the role of entrepreneurship in socio-economic development; 3. Appraise the application of personal entrepreneurial competencies and entrepreneurial mind in all their undertakings along their program; 4. Apply critical thinking and problem- based learning in identifying and evaluating new opportunities and new product ideas that are responsive to current business and environmental challenges, relevant to their program; and 5. Enhance creativity, personal entrepreneurial competencies and entrepreneurial mind when designing and pitching innovative product ideas ENTREPRENEURIAL MIND pertinent to their program as well as that are responsive to sustainable development goals. Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited. 1  Being an entrepreneur is a mindset. You have to see things as opportunities all the time. Soledad O’Brien COURSE INTRODUCTION Hi, Louisian Learners! Welcome to GENTREP! We live in the entrepreneurial age, an age that has evolved from and will be as important as the industrial age and the information age before it. In these preceding ages, humans have learned the importance of using the sciences and information in our pursuit of satisfying our individual and collective needs. The entrepreneurial age is not meant to replace them, but to extend them as our human society marches on, as it continues to evolve. In the industrial age, humans have learned to organize ourselves as we learned the value of harmoniously working together and of contributing whatever each one is best at in our collective effort to achieve our common aspirations. And even then, organizations thrived through entrepreneurial efforts manifested by the innovative, change-adept and risk-taking minds that led and comprised them. It is through these mind sets, these ways of thinking and of living that organizations provide solutions to the various crucial environmental and societal problems that we face. As organizations respond to the call for innovation, jobs are created, societal problems are solved, the world is transformed and the entrepreneurial individuals, organizations and societies profit. However, entrepreneurship is a journey least taken. It may be attributed to fear and to failure: not just the fear of failure in being an entrepreneur, but the failure to appreciate the value of providing entrepreneurship education. Instead, young individuals are inculcated with the mindset to be intellectual, highly performing employees. Hence, since their youth, individuals are set to be someone other than an entrepreneur or, even if they may not eventually turn out to be business people, they are not molded with entrepreneurial mind sets. As the governments in highly progressive countries have long realized, the Philippine government has also seen the need to develop entrepreneurial mind set in young Filipinos, which led to the approval of the Youth Entrepreneurship Act in 2015. Following this initiative, the Department of Education (DepEd) and the Commission on Higher Education (CHEd) have endorsed the inclusion of Entrepreneurship in Senior High School education and of The Entrepreneurial Mind as a general course offering in tertiary education, respectively. Hopefully, through these actions, students may come to develop the entrepreneurial mind set and to adopt the perspectives of entrepreneurship and apply it in their chosen field of discipline and profession. Through this course, GENTREP, you learners are expected to transform your mindset into an entrepreneurial mind set. This does not mean to change your chosen program into the BS Entrepreneurship program, but for you to become entrepreneurial. This course aims Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited. 2  to introduce to you the two concepts of being entrepreneurial – an entrepreneurial: one who is an undertaker, that is, one who organizes resources for productive outputs by establishing his or her own enterprise; and an entrepreneurial: one who has a growth- oriented, independent, goal-oriented, risk-managing, resilient, opportunity-recognizing, and designing mind. Entrepreneurial: this is what we envision our GENTREP learners to become – imbued with the Christian Spirit, competent, creative and socially involved entrepreneurial Louisians of any and all disciplines – who will be part of a vast army of innovative game changers, who will introduce transformative solutions to problems in their respective disciplines, as we altogether do our best to address our societal and environmental concerns. This module serves as a reference to ensure that you will be guided on the course activities, intended learning outcomes, and course requirements. Study Schedule Course Requirements The table below shows the course requirements and schedule of course activities. Follow the schedule of course activities, remind yourself of deadlines. Read in advance. Try to anticipate possible conflicts between your personal schedule and the course schedule, and make the appropriate adjustments. It is important to prepare in advance any assignment that may be due within the given deadline. Observe deadlines. Inform the facilitator in advance about any unavoidable delays. Read through the modules for the instructions for the activities. Midterm coverage: module 1, module 2 and module 3. Final coverage: Module 4 and module 5. WEEK Topic learning outcomes activities Module 1 Journey to Self-discovery through entrepreneurship 1. Generalize the significance of SLU’s core Engage: Know their personal values. values in entrepreneurial undertakings 20 points 2. Appraise what variation of Explore: Self-discovery through entrepreneurship is fitting to you entrepreneurship 3. Relate the relevance of Explain: why be an entrepreneurial entrepreneurship concepts to your Louisian (formative) program Elaborate: Reading activities Evaluate: Relating values and vision; values and entrepreneurial undertaking. 50 points; Module 2 ENTREPRENEURSHIP DISCOVERY Unit 1 Entrepreneurship and Economic development Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited. 3  1. Describe the theories on economic Engage: reflect on your role in socio- development economic development (formative) 2. Deduce the impact of entrepreneurship in socio-economic development. Explore: Factors influencing economic development; MSME’s Explain: economic development Unit 2 Government support to MSME’s in the theories Philippines Elaborate: government programs 1. Classify the MSMEs and advance search Evaluate: its impact in the Philippines Relationship mind map (group). 140 pts. Module 3 JOURNEY TO ENTREPRENEURIAL DEVELOPMENT Unit 1 Personal entrepreneurial competencies 1. Distinguish strong and weak Engage: Self-assessment competencies and examine how to (formative) improve and enhance them. Explore: Entrepreneurial development Explain: entrepreneurial mind; Unit 2 Entrepreneurial mindset Elaborate: Strengthening weaknesses. 70 points 1. Comprehend the concepts of Evaluate: Concept paper 100pts entrepreneurial mind (EM) and appraise their significance in decision making pertinent to their program. 2. Use entrepreneurial mind in their undertakings. Unit 3 Entrepreneurial Organization 1. Explain dimensions of entrepreneurial orientation (EO). 2. Appraise organizations that adopt EO and use EO in their future practice NOTE: Submit Module 3 activities before the midterm exam. Please check date of submissions in the Google Classroom/ announced in class Module 4 PROBLEM EXPLORATION FINAL COVERAGE - Unit 1 Understand your environment Appraise the elements of business Engage: personal flag (formative) environment to able to identify problems Explore: Explore the concept of that will be turned into business business environment opportunities. Explain: Watch Video clip Elaborate: Generate opportunities Evaluate: Business ideation Unit 2 Opportunity identification and (GROUP). 60 pts evaluation Use entrepreneurial mind to recognize and evaluate business ideas that help solve societal and environmental problems. Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited. 4  Enhance critical thinking and EM through the use of approaches in ideation and evaluation of ideas Module 5 SOLUTION DISCOVERY Unit 1 Product ideation Discuss the significance of creativity and Engage: Rethinking on solutions to innovation in their program. problems Product ideation (formative). Demonstrate creativity and innovation in Explore: Discover creativity developing innovative business and product ideas pertinent to their program innovation Explain: read creative and innovative Unit 2 Product Development entrepreneurial actions during covid Describe the concepts of product and the stages of product development. 19 crisis Elaborate: product ideation Create a viable and sustainable innovative (formative) product pertinent to their program. Evaluate: Final project (GROUP); Pitch-100points Apply communication skills, EM, and PEC as Business proposal-50 they pitch their ideas with the aid of the business model canvas. Submit Final requirements before the end of finals. Please check date of submissions in the Google Classroom. EXAM DATES Midterm EXAMINATIONS July 1 & 3, 2023 FINAL EXAMINATIONS July 24-25, 2023 THE ENTREPRENEURIAL JOURNEY In life, before you commence to any journey, you assess if that journey is right for you. That is the purpose of the first stage in this entrepreneurial journey. You examine yourself if you do have the passion and interest in pursuing your entrepreneurial activities. When you start to measure up yourself and ask “how entrepreneurial am I?” your entrepreneurial journey has begun. The outstanding entrepreneur has to have the passion in what he is doing. Having no passion in what you are doing will guarantee failure. Interest dictates commitment. Starting a new enterprise entails total commitment in order to stay in the journey. Without commitment, eventually you decide to divorce yourself from the journey. One has to love what he is doing, to be passionate about it, in order to succeed in it. Once you know that you have the entrepreneurial passion, examine if you have the skills needed to become a superb entrepreneur. Do you have what it takes to be an entrepreneur? Do you have the right stuff to be an outstanding entrepreneur– the mindset, the attitudes, the competencies? Can you perform the roles and tasks of an entrepreneur? Do you think and behave like one? These are some of the questions that you should consider Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited. 5  during your entrepreneurial assessment. As you will see, answering ‘no’ to these questions does not mean that you should not be an entrepreneur or cannot be entrepreneurial; it only means that you are not yet one, but can become one as you develop through this course. This stage is the core of Module 1, Module 2 and Module 3 of this course. The second stage in your entrepreneurial journey is problem discovery through environmental scanning and opportunity identification and evaluation. Now that you know and have developed the passion and the capability to do entrepreneurship, you will scan your environment to be able to search for societal problems that that can eventually be turned into business opportunities. Employ your passion for the welfare of the society. As Guy Kawaski said “Call me idealistic, but the genesis of great companies is answering simple questions that change the world, not the desire to become rich.” It is the intention of this course to mold you to contribute to the society through the development of businesses and eventually prosper yourself. This stage is a critical and challenging task for every entrepreneur. Not all businesses that failed are due to the absence of opportunities, but because of the incapability of the entrepreneur to spot them, assess which of them is the most advantageous to pursue, and to derive clear business ideas from it. This stage is the focus in Module 4 of this course. Once a problem is discovered and a business opportunity has been selected through the ideation process, development of the concept comes next by way of solution discovery stage. This solution discovery entails development of the product concept fitting for the solution of the problem identified. Develop the product concept through the product ideation and development process. In this course, this is the heart of Module 5. The fourth stage is the business model discovery where the business opportunity is turned into business reality by planning, organizing, staffing, leading and controlling its resources and performance. Likewise, this is the implementation stage. The last stage is the growth discovery which is the stage where strategies are develop to keep the business going and to derive the most benefit from. Entrepreneurs realize that the entrepreneurial process is cyclical, a continuous spiral of development that entrepreneurs go through as they evolve together with their enterprises in their entrepreneurial journey. Every entrepreneur, whether operating a micro, small, medium or large business, undergo these series of stages. This entrepreneurial journey serves as guide in this entrepreneurial mind course. The focus of this course will be first 3 stages; self-discovery, problem discovery and solution discovery. Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited. 6  Self-discovery Growth Problem discovery discovery Business Model Solution Discovery discovery Figure 1: The entrepreneurial journey MODULE 2: Entrepreneurship Discovery Module 2 further your discovery about entrepreneurship. The focal of your entrepreneurial discovery concentrates on the socio-economic development. It is with belief that a deep understanding on the key role of entrepreneurship to the socio- economic development will stir your interest towards entrepreneurship. You are tasked to read newspapers/magazines about changes to the economy brought about by the MSMEs in the Philippines particularly during this pandemic. With the lessons, be able to draw the significant link between entrepreneurship and the economic situation we are into in this trying time. Entrepreneurs will definitely have significant contributions to the improvement on the quality of life and the progress of the society. Unit 1: Theories on Economic Development and the role of entrepreneurship in economic development This unit will present the different theories that will explain how economic development happens in a society. You will come to understand that entrepreneurship influence economic development in a community. Learning outcomes: The topics in unit 1 will enable you to: 1. Describe the theories on economic development Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited. 7  2. Deduce the impact of entrepreneurship in socio-economic development. ENGAGE ACTIVITY As a (your program) student, what are your contributions to socio- economic development? Show your contributions in a form of comic strip. You may draw or use an app in making this requirement; there should be a minimum 5 panels/boxes; in a short copy paper. General theories on economic development  Law of nature -economic development is a natural thing so it is expected to happen in any society  Racial heritage -economic development is brought by the racial characteristics. Racial characteristics affect the energy of people; they tend to be more energetic with their shared characteristics.  Climatic condition -extreme climate affect the energy of the people; they tend to be lazy when climate is too cold or too hot.  Cultural diffusion -diffusion of two societies will lead to economic development. If a developed society helps a less develop society this process will bring development to the less developed society.  Principle of invisible hand -a concept introduced by Adam Smith, the father of economics. Economic theories  Population changes Economic development is influenced by population. Population growth leads to increase in production (supply) and increase in consumption (demand). The effect can either be economic development or economic stagnation. When population increases then demand and supply also increases. This means that greater production and employment would follow. However, an increase in population results to scarcity of resources that can lead to economic stagnation.  Technological breakthrough. Technological innovation drives economic development as it makes work easier, faster, and more accurate.  Entrepreneurship. Entrepreneurship is the backbone of the economy; the key to economic and social development due to its contributions to the society. Contributions of entrepreneurship to socio-economic development Entrepreneurship assures the improvements in the lives of the entrepreneur, the people, the community, and the world. Through entrepreneurship, people get to have job for their sustenance, pay taxes, and improve the circulation of money. Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited. 8   Entrepreneurship creates employment of resources. (land, labor, capital, entrep) Through the establishment of enterprises, jobs are created; resources such as land, labor and capital are being used for productive purposes thus bringing about development. Entrepreneurs employ the unutilized and unmaximized resources.  Entrepreneurship brings equitable distribution of income Entrepreneurship helps provide sources of income through the job creation. Hence, changes the adage “the rich becomes richer, the poor becomes poorer” to “the rich becomes richer, the poor becomes rich”. When entrepreneurship flourishes then more jobs are created. This means that more people have sources of income. Hence income is distributed. So people will use their income to buy goods and services. This then improves the circulation of money.  Entrepreneurship brings industrialization in the countryside Bringing development in the rural or countryside through encouraging creation of enterprises in these areas than in the urban areas which are saturated. With the presence of enterprises in the countryside, we also prevent the migration of talents thus assuring improvements in the countryside.  Entrepreneurship helps provide the following: ❖ Products and necessities that sustain life; ❖ Freedom from servitude, social deprivation, and misery ❖ Self-esteem for the entrepreneur; to be a person with a sense of self-worth and self- respect; and being of service to the community  Entrepreneurship brings income to the government through the taxes paid by the entrepreneur, the business and the employees. Unit 2: Government support to MSME’s in the Philippines With the contributions of entrepreneurship to the improvement of lives of people and the advancement of communities, the government through the different agencies plan for policies and programs that will support entrepreneurship growth. Most of these programs are focus for the growth of MSMEs. Learning outcomes: At the end of unit 2, you should be able to: 1. Classify the MSMEs and advance search its impact in the Philippines. 2. Understand that the government empower the MSMEs through the different government agencies’ assistance programs and policies. Classification of MSMES in the Philippines ENTERPRISE By asset size By number of employees MICRO Up to Php 3,000,000 1-9 employees SMALL Php 3,000,001-15, 000,000 10-99 employees Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited. 9  MEDIUM Php 15,000,001-100,000,00 100-199 employees LARGE More than Php100,000,000 200 and more employees Role of government in entrepreneurship growth  It is expected that the government through, laws, policies, regulations and procedures, create an environment favorable for entrepreneurship growth. ❖ Example of laws that protect the entrepreneurs and would be entrepreneurs: ▪ The go Negosyo Law (Republic Act No. 10644) ▪ The barangay micro business enterprise law (RA. 9178 Act of 2002 ) ▪ The magna carta for small and medium enterprises (Republic Act 6977) ▪ The intellectual property code of the Philippines (R.A.8293) ▪ Innovative start up act (Republic Act 11337)  Access to finance, legal, technological, and socio-psychological support must be readily available through the government agencies. ❖ Financial Assistance- Government through government agencies provide financial assistance through grants and loans. ❖ Marketing assistance- Provision of assistance in the form of promotion, product clinic and development, pricing, and distribution. ❖ Production and productivity assistance- Assistance through trainings and workshop on productivity enhancement. ACTIVITIES Explain activity: READ about the following:  Theory of mercantilism  Adam Smith’s Laissez Faire Theory  Karx Marx’s theory of socialism  Theory of socio-economic development by Joseph Schumpeter  newspapers or magazines to able to search for government programs for the development of MSMEs  Republic Act No. 10644, RA. 9178 Act of 2002 , Republic Act 6977, R.A.8293, and Republic Act 11337 Elaborate activity: Visit: https://www.dti.gov.ph and search for the MSMEs statistics to get a view on the role of MSMEs in employment creation and Value creation. Evaluate activity: You, an entrepreneur* specialized in the field of (your program), are encouraged by the city mayor to develop creative business ideas that will inspire local residents and tourists to support quality local products. This hopes to result to quality life of the entrepreneurs themselves, local residents and tourists. Also, it hopes to bring betterment of the community/city in the areas of social, economical and environmental. Tasks: Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited. 10  a. Create an entrepreneurship and socio-economic development relationship mind map illustrating the connectivity of the developed creative ideas to quality life and a more progressive city. In this relationship mind map, entrepreneurship is represented by: a) ecopreneur; b) social entrepreneur; c) intrapreneur; and d) technopreneur. You will be rated as to: Content/focus- 40; creativity- 20; clarity-10; timeliness-10 b. Write a reflection paper zeroing on: 1. Distinctive characteristics of a/an ecopreneur; social entrepreneur; intrapreneur; and technopreneur based on articles from journals; and 2. your role as a/an a) ecopreneur; b) social entrepreneur; c) intrapreneur; and d) technopreneur in bringing socio-economic development in our communities during this challenging and changing situation. You will be rated as to: content- 20; creativity- 20; organization &citations-20. *Note: ecopreneur; social entrepreneur; intrapreneur; and technopreneur in the context of your field of discipline. References: Diaz, P., Fajardo, H., (2015). Entrepreneurship Study and Practice. Small Enterprise and Research Development Foundation, Manila. Small Enterprise and Research Development Foundation and UPISSI. (2007). Introduction to Entrepreneurship. Revised edition, Manila 2007. Small Enterprise and Research Development Foundation and UPISSI. (2013). Windows to Entrepreneurship A teaching Guide. Manila, 2013. Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited. 11