Lesson 1 - Understanding Entrepreneurship PDF

ENT104 Entrepreneurship 1 Lesson 1: Understanding Entrepreneurship ❑ Definition ❑ Importance of Entrepreneurship ❑ Why do we have to study Entrepreneurship in SHS? ❑ Sources of Entrepreneurial Ideas ❑ Job Opportunities for Entrepreneurship as a Career...

ENT104 Entrepreneurship 1 Lesson 1: Understanding Entrepreneurship ❑ Definition ❑ Importance of Entrepreneurship ❑ Why do we have to study Entrepreneurship in SHS? ❑ Sources of Entrepreneurial Ideas ❑ Job Opportunities for Entrepreneurship as a Career 2  At the end of this lesson, students should be able to: discuss the relevance of the course explore job opportunities for Entrepreneurship as a career 3 Activity: Word Cloud 4 Select a word from the illustration below. For each word, construct a sentence to describe what that word has to do with entrepreneurship or entrepreneurs. 5 Reference: Areola, E. M., & Siggaoat, J. P. (2017). Entrepreneurship. Pasay City, Philippines: JFS Publishing Services.  What is the difference between a businessman and an entrepreneur? 6  Businessman vs. Entrepreneur Image Source: 7 https://steemitimages.com/640x0/https://img.esteem.ws/bpoj3xt5mt.jpg  Businessman vs. Entrepreneur Image Source: 8 https://differbetween.com/storage/img/images_2/difference_between_businessman_and_entrepreneur.png Definition 9 Definition “entrepreneur” originates from the "entrepreneurship" comes from the French word “entreprendre”, which word entrepreneur; it refers to a means particular field of practice or process. “to undertake.” Comparatively, the relationship is like that of a manager and the management in which a manager is a person who correctly practices the concept of management. 10 Definition Entrepreneurship Entrepreneur is the art of observing is a person who strongly correct practices in advocates and correctly Enterprise managing and operating practices the concepts a self-owned wealth- - business venture. and principles of creating business entrepreneurship in enterprise by providing operating and managing goods and services that a self-owned business are valuable to the venture. customers. Nick L. Aduana operationally defines an entrepreneur as a person who strongly advocates and correctly practices the concepts and principles of entrepreneurship in operating and managing a self-owned business venture. 11 Importance of Entrepreneurship 12 Importance of Entrepreneurship COMPOUNDED BENEFITS OF ENTREPRENEURSHIP The Flow of Entrepreneurial Benefits 13 Importance of Entrepreneurship Entrepreneurship makes the following contributions to the lives of the Filipinos: 1. It provides guidelines in their wealth- creating ventures. IMPORTANCE TO THE FILIPINO PEOPLE Filipino people - the entrepreneur himself/herself 2. It helps improve their financial and and other people who have direct dealings with social life. the entrepreneur in the community. 3. It helps broaden their creativity. 4. It helps make their life happy, fruitful, and successful. Importance of Entrepreneurship Entrepreneurship makes the following contributions to the local community: 1. It provides employment in the community. 2. It creates new demand in the market. IMPORTANCE TO THE LOCAL COMMUNITY 3. It makes a substantial contribution to Local community - where the concept of the raising and collection of taxes. entrepreneurship is practiced. 4. It creates new business opportunities. 5. It promotes a peaceful and loving community. 6. It increases constructive competition. Importance of Entrepreneurship Entrepreneurship makes the following contributions to the Philippine economy: 1. It encourages competitiveness and thereby challenges entrepreneurs to keep improving their products and services. IMPORTANCE TO THE PHILIPPINE ECONOMY 2. It helps find an entrepreneurial niche in the world market. Economy – the wealth and resources of any country. 3. It helps hasten the economic recovery process of the Philippines during financial turmoil or crackdown. 4. It facilitates the smooth flow of money in the local market. 5. It assists the national government in its desire to have favorable economic ratings in the world market. Why do we have to study Entrepreneurship in SHS? 17 Why do we have to study Entrepreneurship in SHS? The DepEd’s intention is to create an “ecosystem that encourages entrepreneurship” which – in turn –helps in building a progressive economy and culture. Acquiring sufficient knowledge of entrepreneurial principles equip SHS “We dream that one day, the K to 12 graduates will have students with the necessary tools in the entrepreneurial mindset and boldness to put up their handling and maximizing entrepreneurial own businesses and where government helps them achieve their goals.” opportunities. - DepEd BCD Director Jocelyn Andaya Reference: GARCIA, P. (2019, July 24). DepEd to adopt entrepreneurship program in K to 12 curriculum. Retrieved from Manila Bulletin: https://mb.com.ph/2019/07/24/deped-to-adopt- entrepreneurship-program-in-k-to-12-curriculum/ Sources of Entrepreneurial Ideas 19 Sources of Entrepreneurial Ideas Technological Discovery and Government's Thrust, Programs, Changes in the Environment Advancement and Policies Entrepreneurial ideas arise from A person with entrepreneurial The priorities, projects, programs, the changes that happen in the interest looks at the possibility of and policies of the government are external environment with business opportunities in any new also good sources of entrepreneurial entrepreneurial implications. discovery or advancement in ideas. technology. For example, the use of firecrackers A person with an entrepreneurial For example, a person with sufficient to celebrate New Year's Eve is strictly drive views these changes knowledge in the repair and prohibited. People without positively. He/she determines installation of a mechanical engine entrepreneurial drive will view the what business opportunities they discovers that the additional engine ordinance as a plain restriction. An may provide. parts he installed during the repair entrepreneur, however, will take it as have considerably reduced fuel a business opportunity to come up consumption. If he had any with a new product that will serve as entrepreneurial drive, he would see a substitute for firecrackers. his discovery as a business opportunity to manufacture the new engine parts that could reduce fuel consumption. Sources of Entrepreneurial Ideas People's Interests Past Experiences The interests, hobbies, and The expertise and skills preferences of people are a rich developed by a person who has source of entrepreneurial ideas. worked in a particular field may lead to the opening of a related However, an entrepreneur must business enterprise. be keen on identifying the cycle of interests and trends of his/her For example, an auditor who has target market since these tend to learned the appropriate auditing continuously change. He/she and management advisory skills must be ready to address the and techniques in a prominent change properly and immediately auditing firm can start his/her to avoid possible negative effects entrepreneurial venture by on the operations of the business opening his/her own auditing venture. office. Job Opportunities for Entrepreneurship as a Career 22 Job Opportunities for Entrepreneurship as a Career job opportunity career - an opportunity of employment - a career is the job or profession that someone does for a long period Reference: job opportunity. (n.d.). In collinsdictionary.com dictionary. Retrieved of their life Reference: from https://www.collinsdictionary.com/dictionary/english/job- career. (n.d.). In collinsdictionary.com dictionary. Retrieved from opportunity https://www.collinsdictionary.com/dictionary/english/career 23 Job Opportunities for Entrepreneurship as a Career Business Consultant Sales Manager Fundraiser An expert in providing advice, ▪ Develop and implement a Raises money for a specific information, insight and strategic business plan to purpose and meant not to recommendations for the increase the company's make profit but instead for purpose of assisting clients with customer base in order to maintaining the organization their objectives and solving ensure its strong presence. or toward the purpose for problems ▪ Manages recruitment, which it was created. objectives setting, training and They also may design performance monitoring for promotional materials and sales representatives. increase awareness of an organization's work, goals, and financial needs. 24 Job Opportunities for Entrepreneurship as a Career Teacher Business Reporter New Venture Creator These educators train their ▪ Writes articles in a prime ▪ Launches a company, start a students to solve business position to take the lead on new venture in a family problems, plan for future growth, covering a local business beat enterprise or commercializing and strategize how to run a ▪ They write breaking news and a technology. business efficiently and business stories in unique and ▪ They are entrepreneurial effectively. interesting ways to increase people whose primary role is readership. in creating new business via creating new start-ups or scaling growing companies, having significant and direct stake in the actual business success. 25 Activity: Success in the PH 26 27 Please answer the following questions: 1. What is/are the video/s all about? 2. What are the traits/characteristics of the business owner/s? 3. Why do you think the business mentioned on the video became successful? 4. Why do you think it is important to study Entrepreneurship? 28 “Do not go with the flow. Be the flow.” -Elif Shafak 29 References: Aduana, N. (2017). Entrepreneurship in Philippine Setting for Senior High School. C & E Publishing, Inc. Areola, E. M., & Siggaoat, J. P. (2017). Entrepreneurship. Pasay City, Philippines: JFS Publishing Services. Batomalaque, N. C. (2020). https://fnhs.edu.ph. Retrieved from Fatima National High School: https://fnhs.edu.ph/wp- content/uploads/2021/08/Entrep-Module-2-SLM.pdf career. (n.d.). In collinsdictionary.com dictionary. Retrieved from https://www.collinsdictionary.com/dictionary/english/career GARCIA, P. (2019, July 24). DepEd to adopt entrepreneurship program in K to 12 curriculum. Retrieved from Manila Bulletin: https://mb.com.ph/2019/07/24/deped-to-adopt-entrepreneurship-program-in-k-to-12-curriculum/ job opportunity. (n.d.). In collinsdictionary.com dictionary. Retrieved from https://www.collinsdictionary.com/dictionary/english/job- opportunity 30