Entrep. LESSON-1.1- Definition, Skills, Competencies.pdf

 Student Prayer before Class Heavenly Father, You hold each of us in your loving hands. Come fill our hearts, minds and bodies afresh with hope. Help us to cast our worries upon you, so that we can embrace our learning today. Ble...

 Student Prayer before Class Heavenly Father, You hold each of us in your loving hands. Come fill our hearts, minds and bodies afresh with hope. Help us to cast our worries upon you, so that we can embrace our learning today. Bless us as we study and grow together. Come and anoint those who teach and tutor us to be bringers of insight and knowledge. Lord, watch over us all, keep us safe within your Almighty hand. Amen.  Welcome to Day 2! AGENDA FOR TODAY Topics for Discussion:  Sharing of Insights Relevance of the course Definition of Entrepreneurship Key concepts, skills and common competencies Core competency in Entrepreneurship Career opportunities Values Integration  ANSWER :“Think Different” is the slogan of which brand? Think-Pair-Share Search in the internet/YouTube, TOP TEN YOUNG & articles or videos of INSPIRING FILIPINO the Top 10 Young Filipino Entrepreneurs. ENTREPRENEURS Discuss your insight in class next meeting.  ENTREPRENEURSHIP Introduction At the end of the session, the learner is expected to:  Discuss the relevance of the course.  Explain the key concepts of common competencies.  Explain the core competencies in Entrepreneurship.  Explore job opportunities for Entrepreneurship as a career; and  Envision a future with entrepreneurship as a potential career option. ENTREPRENEURSHIP Introduction RELEVANCE OF THE COURSE 1. Develops skills in starting up a business. 2. Demonstrates skills in maintaining business in long term basis. 3. Enhances knowledge of business operations and expansion. 4. Finds next level of training or access other resources and services. 5. Demonstrates business management. 6. Uses components of business plan. 7. Considers to become employer rather than employee. 8. Changes attitude toward entrepreneurship as a means of making a living. 9. Changes in personal and career attitude. ENTREPRENEURSHIP Introduction Let us do this... 1. Choose 3 words or set of words in the word cloud(next slide) that you think are related to “Entrepreneurship”. 2. Write your answer in your notebook, explain your selection and then come up with your own definition of Entrepreneurship (2 minutes to do this). 3. Share your thoughts and answers in class.  Word cloud… ENTREPRENEURSHIP Introduction What definition did you come up with? SPEAK IT UP! THE DIFFERENT DEFINITIONS YOU MUST KNOW https://m.youtube.com/watch?v=0d2525875vU&feature=y outu.be ENTREPRENEURSHIP DEFINED Process of creating or seizing an opportunity, and pursuing it regardless of resources controlled. (Howard H. Stevenson)  Other Definitions Science of converting processed ideas into a remarkable business venture. (Marife Agustin-Acierto) Other Definitions A capacity for innovation investment, and expansion into new markets and techniques. (Fajardo) Definition of Entrepreneur Someone who starts and manages a business is called an entrepreneur.  Big Idea? Entrepreneurs as “innovators.”  1.Why is entrepreneurship always associated with innovation? ESSENTIAL 2.Why is entrepreneurship QUESTIONS important to the economy? VALUES INTEGRATION ENTREPRENEURSHIP Introduction TOP TEN Assignment: Performance Task #1 SUCCESSFUL ENTREPRENEURS  ENTREPRENEURSHIP Introduction What to do… GROUP ACTIVITY PT#1  Group of 9/10 members and think of an entrepreneurial trait that will apply to your group and use it as your temporary group name.  Search in the internet the latest list (2024) of Top Ten Entrepreneurs and select one (1) Filipino entrepreneur and one (1) International entrepreneur and report the kind of business that these Entrepreneurs are managing, the trials encountered, achievements and milestones.  Present your work in Power point with 5 members as presenters, Pdf format with a minimum of 7 slides and maximum of 10. Be sure not to miss a member. Submit a hard copy compiled in a legal size folder (yellow color) with transparent cover and complete identification (name of group, list of members in alpha order, section & strand, date submitted, subject and subject teacher)  Your work will be graded using a rubric.  Start of Reporting: August 27, 2024  Format of Hard copy: Arial, font 12, font 14 bold for headings, Space: 1.5, portrait orientation Cover page should indicate complete identification (subject, submitted by, submitted to, list of members in alpha order, date submitted) Compile in a yellow folder with plasctic cover.  Group Presentation Marking Rubric Category Scoring Criteria Total Points Score Speaker maintains regular eye contact with the audience, no 5 distracting gestures, uses a clear, audible voice and appropriate volume. Information was well communicated presented in great 5 Presentation detail, Comprehensive and complete coverage of information. (35 points) Excellent language skills and pronunciation are used. 5 Extensive knowledge of the topic. The presentation is very well organized and includes concise 5x2 and clear visual aids on each slide which complement and enhance the presented information. Visually appealing and engaging. No errors in spelling, grammar and punctuation. Presenters showed mastery of the content. Members showed 5 x2 complete understanding of assignment. Physical Appearance All members are well-groomed and wear appropriate 5 (5 points) business attire/prescribed school uniform Over-All Excellent use of information was made of the student’s 5x2 Presentation presentation time (25 minutes per group). All presenters knew Quality the information, participated equally, and helped each other (10 points) as needed. Extremely prepared and rehearsed.  Student Prayer before Class Heavenly Father, You hold each of us in your loving hands. Come fill our hearts, minds and bodies afresh with hope. Help us to cast our worries upon you, so that we can embrace our learning today. Bless us as we study and grow together. Come and anoint those who teach and tutor us to be bringers of insight and knowledge. Lord, watch over us all, keep us safe within your Almighty hand. Amen. ENTREPRENEURSHIP Definition, Underlying Principles, Core Competencies & Skills Day 3 AGENDA FOR TODAY 1. Review of Previous Lesson 2. Continuation of Key Concepts, Underlying Principles, Core Competencies and Skills 3. Career Opportunities 4. Values Integration 5. Written Work #1 6. Asynchronous Task Key Concepts, DO YOU HAVE WHAT IT TAKES Underlying TO BE AN Principles, Core ENTREPRENEUR? Competencies and Skills  Underlying Principles for Business Success Having a vision. Transform vision into a reality. A clear vision provides a sense of purpose and direction for the business.  Underlying Principles for Business Success Providing innovative products or services. The successful creation of new ideas is crucial to any business. By bringing new and improved products or services to the market, entrepreneurs do not only improve their profitability, but also help uplift the quality of life of the people.  Underlying Principles for Business Success Managing effectively. Effective management refers to the extent to which entrepreneurs achieve their goals and objectives with the help of their employees and proper utilization of organizational resources.  Underlying Principles for Business Success Taking risks and opportunities. Entrepreneurs are accountable to the success or failure of their businesses. Successful entrepreneurship involves taking calculated risks and take advantage of opportunities.  Underlying Principles for Business Success Making informed decisions. When facing a decision with significant risks or consequences, entrepreneurs need to apply informed decision-making, which involves logic and information gathering. WRITTEN Essay - Choose one WORK #1 fundamental principle among the underlying principles of entrepreneurship. Explain why Due: it is a factor for entrepreneurial August 23, 2024 success (at least 100 words). Submit in MS Teams. Don’t forget to write your name, strand and section.  Core Competencies A core competency refers to an entrepreneur’s traits or personal attributes rather than physical assets or financial resources  EMPRETEC Program of United Nations Identified the 10 key areas of competencies related to entrepreneurial development. EMPRETEC – the Spanish acronym for emprendedores (entrepreneurs) and tecnologia (technology); was first introduced in Argentina in 1988 and has been initiated in 36 countries. 10 Personal Entrepreneurial Competencies (PECs) 1. Opportunity-seeking and initiative 2. Persistence 3. Fulfilling of commitments 4. Demand for quality and efficiency 5. Taking Calculated Risks 10 Personal Entrepreneurial Competencies (PECs) 6. Goal-setting 7. Information-seeking 8. Systematic planning and monitoring 9. Persuasion and networking 10. Independence and self-confidence 3 Clusters of the 10 PECs (EMPRETEC Programme) 1st Cluster Second Cluster Third Cluster (Achieving Behaviors) (Planning Behaviors) (Power Behaviors)  Opportunity-seeking  Goal-setting  Persuasion and and initiative networking  Information-seeking  Persistence  Independence and  Systematic Planning  Fulfilling and monitoring self-confidence commitments  Demand for quality and efficiency  Taking calculated risks  Entrepreneurial Skills  Creative/Critical Thinking Learners who engage in creative thinking are able to both generate innovative solutions and use relevant information to understand the greater picture.  Organizing Entrepreneurs can plan and prioritize work to ensure that time is managed effectively.  Entrepreneurial Skills  Planning Entrepreneurs must be specific about the direction of their venture and their strategy.  Business Principles Entrepreneurs must be well versed in market knowledge, economic principles, and ethical practices.  Computer Competency Entrepreneurs must be competent in the use of basic computer hardware and software.  Entrepreneurial Skills  Workplace Competencies Entrepreneurs are able to apply their skills, knowledge, and values to job tasks and work related experiences  High-Growth High-Value Entrepreneurship Entrepreneurs typically offer incentive compensation, manage business operations, build a strong entrepreneurial culture around determination and high work ethic, and from effective board of directors and advisors.  Entrepreneurial Skills  Marketing Entrepreneurs are competent in both executing strategies that promote their products and establish client/customer relationships  Interpersonal Skills Entrepreneurs can work well with people regardless of their backgrounds. They are also insightful on the behavior of people CAREER OPPORTUNITIES IN ENTREPRENEURSHIP  REASONS PEOPLE PURSUE ENTREPRENEURSHIP  Eureka – you have a brilliant idea and want to give it a try!  You’re not the boss of me  Ka-ching, I want to be rich  I hate my job – you’re no longer inspired, you’re at a dead end  It’s glamorous and exciting  Satisfaction, professional growth, and increased responsibility  Flexibility and freedom From The First 10 Steps to Entrepreneurship for Women – Down to Business by Claire  OPPORTUNITIES There are four skills necessary to a successful business. They apply equally to any business.  Engineering - the skill to invent and develop new products (or services).  Manufacturing - the skill to deliver them, consistently and reliably, with quality, service, and price.  Selling - the skill to sell them.  Business - the skill to make a profit doing the other three.  TRENDS, RISKS, AND DISADVANTAGES Risks and Disadvantages:  Losing stable income - Lack of family support  Long hours - No health benefits  All expenses are yours - It’s ALL your fault!  You don’t work, you - Didn’t research don’t eat  Start up costs - Thinking, I’m my own boss  RISKS AND DISADVANTAGES  No Regular Salary: when you start a business, you should be prepared to leave behind the security of having a paycheck each month. Even successful entrepreneurs experience lean months when all financial resources are being taken up by the new business.  Work Schedule: although they have the luxury of a flexible schedule, entrepreneurs also make sacrifices especially during situations that require them to work longer hours. Unlike regular employees who are not worried too much about the status of the business, entrepreneurs must make sure that everything is going well.  Administration: because they own the business, all major decisions are made by entrepreneurs. This is quite a burden and handling such responsibility is quite difficult. Every decision directly affects the future of their businesses and avoiding costly mistakes is imperative.  Risk: see http://www.entrepreneurship.org/en/resource-center/risk-in-entrepreneurship.aspx REASONS FOR FAILURE  High debt ratio – you’re heavy in debt or others owe you  High levels of mismanagement – lack of professionalism  Unexpected staff resignation  Inadequate inventory  Selling products below cost  Dwindling working capital, consistent negative cash flow, & inability to secure operational capital  Declining profit  Loss of market share  http://www.strategicbusinessteam.com/small-business-development-strategy/10-causes-of- business-failure-you-must-watch-out-for  MIND-SET & SKILLS NEEDED FOR ENTREPRENEURIAL SUCCESS Are you a self-starter? Are you a positive thinker? Are you disciplined? Can you be objective?  MIND-SET & SKILLS NEEDED FOR ENTREPRENEURIAL SUCCESS Traits:  Gain respect of their peers  Believe and trust in themselves  Follow a plan  Think creatively  Explore their exceptional skills  Envision their success  NEVER GIVE UP!!!  TRENDS  Internet Businesses  Service Businesses  Home-Based Businesses  Socially Responsible Nonprofit Businesses  Focus on Technology  Outsourcing – contracting with other companies for service  Strategic Alliances – forming a partnership with another company  Corporate Ventures – new venture started inside a large corporation  Convenience Products/services  PROFESSIONAL DEVELOPMENT OPPORTUNITIES There are many! Opportunities will depend on your industry/business choice.  - Universities SBA Some examples:  - Conferences  - Meetup  LinkedIn  Minority Business Network  - Workshops  - Facebook  Conventions  Asian Women in Business VALUES INTEGRATION  ASYSNCHRONOUS TASK ASYNCHRONOUS TASK: 1.Written Work #1 (Individual) 2.Online research on the Top Successful Entrepreneurs (PT#1) 3.Designating leaders and assigning of tasks to the members per group.  Group Presentation Marking Rubric Category Scoring Criteria Total Points Score Speaker maintains regular eye contact with the audience, no 5 distracting gestures, uses a clear, audible voice and appropriate volume. Information was well communicated presented in great 5 Presentation detail, Comprehensive and complete coverage of information. (35 points) Excellent language skills and pronunciation are used. 5 Extensive knowledge of the topic. The presentation is very well organized and includes concise 5x2 and clear visual aids on each slide which complement and enhance the presented information. Visually appealing and engaging. No errors in spelling, grammar and punctuation. Presenters showed mastery of the content. Members showed 5 x2 complete understanding of assignment. Physical Appearance All members are well-groomed and wear appropriate 5 (5 points) business attire Over-All Excellent use of information was made of the student’s 5x2 Presentation presentation time (25 minutes per group). All presenters knew Quality the information, participated equally, and helped each other (10 points) as needed. Extremely prepared and rehearsed.  REFERENCES Habaradas, Raymund B. and Tulliao Jr. S. (2017). Pathways to entrepreneurship. Quezon City. Phoenix Publishing House, Inc. Morato, Jr., E. A. (2016). Entrepreneurship. Manila City: Rex Book Store. Edralin, D., (2016). Entrepreneurship. Quezon City: Vibal Group, Inc. Kalambacal, Ludwig Ritchel A. and Dumlao Jr. S. (2022) Entrepreneurship. Quezon City: Tech Factors, Inc.