Module 1.1 Relevance of The Course & Common Competencies in Entrepreneurship.pdf

Entrepreneurship Module 1: Introduction to Entrepreneurship Let’s Set Your Targets Learning Competency/Competencies 1. Discuss the relevance of the course. 2. Explain the key concepts of common competencies. Learning Objective/Objectives...

Entrepreneurship Module 1: Introduction to Entrepreneurship Let’s Set Your Targets Learning Competency/Competencies 1. Discuss the relevance of the course. 2. Explain the key concepts of common competencies. Learning Objective/Objectives 1. Explain the importance of entrepreneurship in education, society, and any field. 2. Appreciate Entrepreneurship as an alternate career path. Let’s Get Started The Philippines is a haven for the development of entrepreneurs. As a developing country, the resources for development are varied and numerous. We need only to focus on areas where business opportunities are open to small and medium enterprises. In the age of globalization, the small and medium enterprises should come in and explore the wide area of business opportunities. Small and medium enterprises are the key to economic development specially in this new normal setting as they employ more people and the use the resources of people's talent and ingenuity. Family enterprises often start with an idea and strive to give forms to that idea. Generation of ideas comes at the time of crisis, which is very present and visible today, as people begin to find new ways of making a living. 1 Page  Entrepreneurship Most economies of the world are in shambles right now. The economy of the United States and Europe even our own country is facing a new danger and face billions in public debt. Big banking institutions have high exposure in foreign debts from the many powerful economies of the world. In Asia, we are affected by the global economy. In this global situation, it is the entrepreneur who could change the global economic landscape. One thing that we can do is strengthen the domestic economy by developing new industries and generate local employment for our people. Let us open new avenue to explore the market that is untapped and undeveloped. So, deepen your understanding and immerse yourself in this lesson. Cloud Mapping When you hear the word entrepreneurship, what comes to your mind? “What do you think is the connection or relation of Entrepreneurship in your strand? Why Entrepreneurship is included in your curriculum?” 2 Page  Entrepreneurship Module 1.1: Relevance of the Course & Common Competencies in Entrepreneurship Let’s Begin Your Journey What is entrepreneurship? Entrepreneurship is a proactive process of developing a business venture to make a profit. It involves seeking opportunities in the market, establishing and operating the business out of the opportunity and assessing its risks and rewards through close monitoring of the operations. Relevance of the Course Greatly help young students to think like an entrepreneur. Enhance students desire to be an employer rather than employee. Benefits to Senior High School Students 1. Classify individual entrepreneurial interests. 2. Apply basic marketing acumen. 3. Determine legitimate sources of resources. 4. Analyze ownership structures. 5. Convert threats into opportunities. 3 6. Adaptation of concepts and strategies for idea generation. Page  Entrepreneurship 7. Evaluate feasibility of ideas. 8. Discovery of entrepreneurial innovators who also have the competence and edge to start their own businesses. 9. Consider ethical and legal business practices. 10. Write a micro business plan. Benefits to Senior High School Students 1. Develop skills in starting up a business. 2. Demonstrate skills in maintaining business in long term basis. 3. Enhance knowledge of business operations and expansion. 4. Finds next level of training or access other resources and services. 5. Demonstrate business management. 6. Uses components of a 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 attitudes. Importance of Entrepreneurship Education 1. Entrepreneurship is very important to our economy as key driver. 2. Entrepreneurship education is an individual lifelong learning process. 3. Entrepreneurship will energize school management. 4. Entrepreneurship will transform learners to be innovators. Four Reasons why it should begin now 1. Entrepreneurship education benefits every student by giving them an alternate career 4 Page path at any time in their lives.  Entrepreneurship 2. Entrepreneurship education provides an idea for teaching academic subjects making those studies as requisites in the real world. 3. The considerations in terms of value in entrepreneurial opportunities maintains the innovative and creative thinking skills. 4. Most of the students who transfer or migrate to other communities frequently want to come back to some points in their lives but cannot find a good job opportunity. Key Concepts and Common Competency Let's have short recap about the definition of Entrepreneurship Entrepreneurship A science of converting processed ideas into a remarkable business venture. A capacity for innovation, investment and expansion into new market, products and techniques. What is Competency? This can be considered capability, capacity and ability of the learner in handling situations in various areas in business operations such in marketing, management, production or technical and financial. Entrepreneurial Competencies Locus Control Entrepreneur must learn how to determine the state to which a person agreed that their actions can directly affect a situation or that they can control a result. 5 Page  Entrepreneurship Specific goal setting Entrepreneurs must be motivated to set goals, particularly business growth objectives, have been found to increase firm growth resulted in the firm performance and innovation. Self-efficacy Entrepreneurs must believe in their own ability or self-confidence. Layers of competency Entrepreneurs should know the group of attributes, some of which are applicable for all entrepreneurs, while others are occupation or industry specific. Need for achievement Entrepreneurs must have a high need for achievement take responsibility for outcomes. Ambition Entrepreneurs must be motivated, persistent and persevere even in the face of situational challenges. Willingness to learn Entrepreneurs should have a strong willingness to learn often pursue opportunities to acquire new skills and competencies. Strong initiative Entrepreneurs must have a high initiative are often driven to work hard. They frequently work independently to achieve task master, regardless of the extra effort necessary to do so. 6 Page  Entrepreneurship Adaptability and flexibility Entrepreneurs must learn how to be highly a flexible and adaptable often deal very well with a unique adaptability to choose actions even without all necessary information. Willingness to take risks Not only are successful learners willing to take consequences, they can also identify and calculate risks. They are skilled at developing new plans and scenario. Interpersonal skills Learners with interpersonal skills have skills of working well with people from different backgrounds. Industry Wide Competencies/Work Competencies Networking and collaboration Ability to build professional relationships, assist learners with leveraging contracts, initiating collaboration, and partnering with business contracts. Creative and 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 Successful entrepreneurs plan and prioritize work to ensure time is managed effectively. 7 Page  Entrepreneurship Checking, examining and recording Ability to locate confidential records, easily locate and complete appropriate forms and paperwork, detect errors, and make the necessary corrections is vital to successful entrepreneurship. Planning Entrepreneurs must be specific about the directions of their venture and the strategy they will adopt to achieve their short goals, both short and long objectives. Business principles Entrepreneurs must understand the basic principles of business. Computer competencies Entrepreneurs must be competent in the use of basic computer hardware. Let’s Value Your Learning How do entrepreneurs propel economic growth? What roles do entrepreneurs play in our economy? 8 Page  Entrepreneurship References 1. K to 12 BASIC EDUCATION CURRICULUM SENIOR HIGH SCHOOL – APPLIED TRACK SUBJECT: K to 12 Senior High School Applied Track Subject – Entrepreneurship December 2013 2. Pineda, A. (2019). Entrepreneurship Fundamentals. Mindshapers Co., Inc., Intramuros, Manila. 9 Page