Entrepreneurship Unit 1 Lesson 1 PDF

Unit 1: Understanding the Concept of Entrepreneurship Explain and Elaborate Lesson 1: Entrepreneurship: Overview and Concepts The Entrepreneur and Entrepreneurship ENGAGE...

Unit 1: Understanding the Concept of Entrepreneurship Explain and Elaborate Lesson 1: Entrepreneurship: Overview and Concepts The Entrepreneur and Entrepreneurship ENGAGE An entrepreneur is a person who creates unique ideas that will be Introduction useful for a starting business. It will enhance a student’s interest to be an employer rather than an employee. Having this in mind, we can define entrepreneurship as the science of converting processed ideas into a remarkable business venture. It refers to the setting up of a business or businesses while taking into consideration its financial risks, geared towards the attainment of profits. Why Study Entrepreneurship? The following will be the benefits to senior high school students for Fig. 1. The Business Man studying entrepreneurship: Do you know that everything you see in your environment is related to business? Do you know that almost all establishments that surround 1. It will increase an individual’s entrepreneurial interest. you are businesses? A student like you can also be engaged in business 2. It will help to discover innovators who also have the activities and may become an entrepreneur. Read the lesson and competence and edge of becoming entrepreneurs. immerse yourself as you gain an interest in becoming an entrepreneur. 3. It will help the learners analyze creative and attainable ideas. 4. The learners will be able to write a business plan. OBJECTIVE Usefulness of the Course to the Students In this lesson, you should be able to explain the key concepts of common competencies in entrepreneurship. 1. It develops skills that will be needed for starting up a business. 15 minutes 2. It enhances knowledge on how to operate business. Guide Questions 3. It demonstrates how to manage a business. 4. Learners may consider becoming an employer rather than an Observe the environment that surrounds your school. Answer the employee. following questions. 5. Learners change their attitude towards the course as a means of living. 1. What are the establishments you see? List down at least five 6. Learners change in personal and career attitudes such as establishments. communication, problem-solving skills, collaboration, 2. Do any of the establishments you listed earn profit? How do motivation, creativity, and teamwork. these establishments earn a profit? 3. What ability or skills should entrepreneurs have in order to make these establishments successful? Importance of Entrepreneurship Education efficacy will turn negative feedback into positive and use this as a basis for The following are the importance of entrepreneurship education: improvement. Need for Achievement Entrepreneurs must have a high desire to 1. Entrepreneurship serves as a key economic driver. It focuses on wealth creation, and through small businesses started by accomplish goals. This includes repeated entrepreneurial-minded individuals, it will also create jobs for efforts to achieve success. the people. Ambition Entrepreneurs must have motivation 2. Entrepreneurial education is an individual lifelong process. It and persistence to pursue their goals. helps increase the level of knowledge and competence and Willingness to Learn Entrepreneurs should have a strong improve the quality of life. willingness to acquire new knowledge 3. Entrepreneurship education benefits every student by giving an and skills alternative career path at any time of his or her life. Adaptability and Entrepreneurs must learn how to be Common Entrepreneurial Competencies Flexibility adaptable and flexible in every situation. They can manage change well and For us to understand clearly the common entrepreneurial generate new actions even with competencies, let us define first the term entrepreneurship and undesirable events. competencies. Willingness to Take Entrepreneurs must be willing to accept Risks the consequences of every decision. They Entrepreneurship is a science of converting processed ideas into a must know how to calculate and identify remarkable business venture. Competencies are considered as the risk. They are skilled in developing new capability, capacity, and ability of a person to handle situations in plans. various areas in business operations such as in marketing, Interpersonal Skills Entrepreneurs should have strong skills management, production, and finance. in working with people. They should have an understanding of the behavior Entrepreneurial Competencies of others. Table 1. Common entrepreneurial competencies 10 Competencies for Entrepreneurial Success Competencies Description The entrepreneurial competencies only enable you to be engaged in Specific Goal Setting Entrepreneurs should set goals that are business. It is not a guarantee that your business will be a big hit or specific, measurable, attainable, realistic, very successful all of a sudden. That is why aside from the and time-bound because it will increase entrepreneurial competencies, you should also be well versed in the the chances of achieving that goal. competencies for entrepreneurial success. These will help you to have Self-Efficacy Entrepreneurs must believe in their a successful business undertaking. ability. Entrepreneurs with high self- Table 2. Competencies for entrepreneurial success Example Competencies Description Competencies for entrepreneurial success: Competencies Examples Integrity An entrepreneur should have a positive sense of values and personal beliefs, Integrity An entrepreneur should have a positive sense. particularly when encountering difficult He or she knows what is good and right, does or challenging situations. what is best for everyone, and does not act Conceptual Thinking An entrepreneur is open to new without thinking. Conceptual Thinking An entrepreneur reviews project outcomes approaches and analyzes ideas that may in order to understand where problems enhance work and will lead to significant occurred. Check the impact of the improvements. proposed solution on both customers and Risk-taking An entrepreneur anticipates future conflicts employees. but knows how to solve problems that Risk-taking An entrepreneur relies on his or her gut may arise in business organizations. feel if the venture will be successful or not. Collaboration Entrepreneurs should know how to work Collaboration An entrepreneur should establish good networking and connections with experts with people or groups to attain common and government agencies that are goals and to promote teamwork. instrumental to the operation and success of Strategic Thinking Entrepreneurs understand and use the business. strategies as a way to accomplish goals in Strategic Thinking An entrepreneur finds ways to do things relevance to aims and objectives. faster or at less costs. Commercial An entrepreneur should be updated with Commercial An entrepreneur always checks for Aptitude updates on the current trends in the Aptitude the developments in the locality and with market in relation to his or her product. knowledge to identify opportunities that Decisiveness An entrepreneur switches to an alternative can be attained by the business. strategy to reach a goal. It generates new Decisiveness An entrepreneur should know how to ideas and innovative solutions. make choices and resolve issues quickly. Optimism An optimistic entrepreneur lets go of the Optimism An entrepreneur should always think unfortunate events that took place and positively even when faced with just takes the lessons learned from the experience. unexpected problems. Customer Relations A good entrepreneur knows what his or Customer Relations An entrepreneur should know how to her customers need in order to satisfy Service Service build trust and long-term relationships them and have a long-term relationship with customers. with them. People-centered An entrepreneur should know how to People-centered An entrepreneur knows how and when motivate people and see and value the to show empathy. He or she listens best in others. actively to everyone. Activity A. Answer the following questions. The following are questions that a potential entrepreneur must ask 1. What are the qualities that you possess as an before setting up a new business. A YES or NO answer is entrepreneurship student? Give at least five qualities and recommended. explain each. 2. Among those qualities, rank them with 1 as the strongest and 5 as the weakest quality. Questions Answer 3. What are the benefits of studying entrepreneurship to students? 1. Do I have strong people skills? 4. What entrepreneurial competencies do you need to have to become a successful entrepreneur? 2. Do I enjoy making decisions? 5. What is the difference between a businessman and an entrepreneur? 3. Am I a planner and goal setter? B. Analyze the following scenarios. Identify what competencies for entrepreneurial success are involved in the following 4. Am I willing to take risks? situations and then answer the provided questions. 5. Am I flexible and can adapt in 1. You saw your friend alone inside the faculty room. He was using your teacher’s computer. Your teacher never allowed anyone to changing circumstances? be in the faculty room unattended. Your classmate saw you and knew that you saw him. A few days later, it was found out that 6. Am I ready to learn and accept mistakes? confidential files had been lost, and everyone was being questioned. Should you reveal what you saw? Which is a better 7. Am I customer-oriented and example of integrity: being honest or being loyal to a friend? willing to have a good relationship with customers? 2. A sales staff was having difficulty assisting a foreign customer because he could not speak English fluently. It was 8. Do I have positive values and seen by the manager. What should the manager do? beliefs? 9. Do I create innovative ideas in 3. All the finance staff were having a meeting with suppliers at order to make my product unique? 9:00 in the morning. One of the staff arrived late due to a road accident that caused a traffic jam. If you were the 10. Do I take responsibility for my staff, what entrepreneurial competency should you have in actions? order to conquer the scenario?