Entrepreneurship Lesson 1 PDF

ENTRE PREPARED BY: TITSER  LESSON 1: ENTREPRENEURSH IP Are entrepreneurs born or made? WHAT IS ENTREPRENEURSHIP? Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make profit. The most obvious example...

ENTRE PREPARED BY: TITSER  LESSON 1: ENTREPRENEURSH IP Are entrepreneurs born or made? WHAT IS ENTREPRENEURSHIP? Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make profit. The most obvious example of entrepreneurship is the starting of new business. WHAT IS In economics, entrepreneurship combined with land and ENTREPRENEURSHIP? labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk – taking, and is an essential part of a nation’s ability to succeed in an ever changing and increasingly competitive global market place. A. ENTREPRENEURIAL It refers to specific state of mind which MINDSET orientate human and conduct towards entrepreneurial activities and outcomes. Individuals with entrepreneurial mindsets are often drawn to opportunities, innovation and new value creation. Characteristics include the ability to calculate risks and accept the realities of change and uncertainty B. CORE COMPETENCIES OF AN ENTREPRENEUR Based on Creativity the empirical studies of hundreds of entrepreneurs done by Idea, it reveals that entrepreneurial behavior is the result of a combination of: Strong motivation to achieve Innovation something; and The capabilities to achieve it. B. CORE COMPETENCIES OF AN ENTREPRENEUR Furthermore, there are three levels of competencies, which all entrepreneurs need: 1. Personal competencies: creativity, determination, integrity, tenacity, emotional balance, and self criticism. 2. Interpersonal competencies: communication, engagement, delegation and respect. 3. Business competencies: business vision, resource management, networking and negotiating skills. QUALITIES OF AN ENTREPRENEUR  Entrepreneurial Decision Making as a Core Competency 1. Rational/ scientific method in decision – making Involves the use of the standard six- step process to arrive at a decision as shown in the figure below. 2. Use of intuition in decision – making This pertains to the use of “gut feel” to arrive at a decision.  Entrepreneurial Decision Making as a Core Competency 3. Affect infusion Suggest that entrepreneurs’ current moods influence judgements or decision by influencing the ease with which information consistent with positive or negative moods can be brought to mind. 4. Attribution style Refers to the entrepreneurs’ self- serving bias  Entrepreneurial Decision Making as a Core Competency 5. Counterfactual thinking Understood as an “ afterthought in decision- making in which the procedures followed to perform the task are discussed, and various alternatives that could have been followed are considered”. 6. Over – confidence Tendency of the entrepreneurs to think that they know more than what they really know when they make the decision.  Entrepreneurial Decision Making as a Core Competency 7. Knowing style Combination of “ analytical and conceptual thinking”, where the entrepreneurs look for facts and data before they make decisions. 8. Creative style Characterized by “ holistic and conceptual thinking”. Entrepreneurs who use this style tend to be creative and enjoy experimentation before making decisions  LESSO ACTIVITY 1: LET ME N1 KNOW Give at least five (5) names of entrepreneurs that you know, may it be from your locality or within the Philippines. Identify what are their common traits as entrepreneurs. Write it on a whole sheet of yellow paper and submit it to your teacher within the day.  LESSO ACTIVITY 2: ESSAY N1 Explain the following questions below about the competencies of entrepreneurs. Your answer will be graded base upon the given rubrics: 1. What characteristics can you observe or see that are common among the entrepreneurs that you have listed? 2. Who among the entrepreneurs that you mentioned do you admire the most and why? 3. In your own opinion, what do you need to possess to become a successful entrepreneur?  THANK LESSON 1 YOU titser tone B. CORE COMPETENCIES OF AN ENTREPRENEUR Are entrepreneurs born or made? Commonly, characteristics such as risk seeking, assertiveness and vision are considered typical of a successful entrepreneur. But these are innate predispositions or aspects of temperament; by using them as yardstick, it is wrongly concluded that only certain types of people make good entrepreneurs or are capable of worthwhile innovations, but instead entrepreneurial behavior can be learned and developed.