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ENTREPRENEURSHIP
Leonida Polangcos
Myra Lydia Profeta
MOTIVATION
Give at least ten (10) names of Filipino entrepreneurs who become successful
in their respective fields. What do you think are the keys to their success?
Share your answer to the class.
1. ____________________________ 6. _________________________
2. ____________________________ 7. _________________________
3. ____________________________ 8. _________________________
4. ____________________________ 9. _________________________
5. ____________________________ 10. ________________________
DISCUSSIONS
What is Entrepreneurship?
Entrepreneurship is the process of creating something different with
value by devoting the necessary time and effort, assuming the accompanying
financial, psychic, and social risks, and receiving the resulting rewards of
monetary and personal satisfaction. Entrepreneurship also includes the ability
to build an entrepreneurial or venture team to complement your own skills and
talent. To be an entrepreneur you should be able to identify, start, and
maintain viable and profitable business. It is the knack for sensing an
opportunity where others see chaos, contradiction, and compulsion. It
possesses the know-how to find, marshal, and control resources (often owned
by others) which shows that entrepreneurship is somehow a way of life.
OBJECTIVES
Distinguish entrepreneurship from entrepreneurs.
Analyze some Filipino values favourable to entrepreneurship.
Explain ways on how to go into business.
Apply small scale entrepreneurial skills
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Who is an Entrepreneur?
An entrepreneur is an individual who engages in business; an
innovator of business enterprise who recognizes opportunities to introduce a
new product, a new process or an improved organization, and who raises the
necessary money, assembles the factors for production, and organizes an
operation to exploit the opportunity. An entrepreneur may also refer to a
person who believes and practices the tenets of entrepreneurship and does
actions by himself. An entrepreneur is also someone who starts and runs his
own business rather than remain an employee of someone else's company.
According to Mr. Joey Concepcion, CEO of RFM Corporation, an entrepreneur
always wants to look into new ideas and creates new businesses.
Traits of an Entrepreneur
To be an entrepreneur, you should acquire traits such as:
1. Self-awareness. As an entrepreneur, you should always be aware of
what you want, what is good for you and what business you like to
start based on your expertise.
2. Self-motivation. This is the characteristic that gets you going and
keeps you moving when you are in business for yourself.
3. Courage. Willingness to take risks is a valuable trait when striving for
success. It is also the willingness to take a chance and hope for a
positive response to the request.
4. Confidence. Positive thinking is a major step in the direction of
success. By behaving as if you already are a success at what you do,
it follows that you will be, and your customers will believe it, too.
5. Patience. To own your business, there will be times when you feel
like the roof is craving in, especially when your suppliers seem to be
taking your own sweet time in fulfilling an important order or when a
customers demands seem to be unrealistic.
6. Decisiveness. When a decision has to be made immediately or on the
spur of the moment, you should go with your intuition and trust that you
are doing the right thing.
7. Experience. One reason why some business falls within a few years
of start-up is the owners lack of business experiences. Experience is
directly related to the business you are planning to start. It is key
component for growth.
8. Knowledge. Experience in your field is invaluable, but it is not
enough. You have a better chance of succeeding by knowing.
9. Perseverance. You must be willing to persevere during the rough
times, to hang in there during the slow periods, and to maintain your
belief in your product or service even when it seems like no one else in
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the world knows you exist.
10. Drive. You must believe in your goal and be determined to succeed.
The successful business person does not view obstacles or stumbling
blocks as problems, but rather as challenges. You need to be totally
committed and willing to work long hours, especially in the beginning.
If you do not have the time or commitment to dedicate your dreams,
then you are better off working for someone else.
Roles of an Entrepreneur
Here are some roles that an entrepreneur like you should perform:
1. Entrepreneurs search for opportunities in the environment. As an
entrepreneur, you should search the market for ideas on what to
produce or sell. You should look at trends, situations, and the needs
and wants of people and use them as an opportunity to create a
business.
2. Entrepreneurs are risk-takers. As an entrepreneur, you should do
your best to make your dreams visible, no matter what happens in the
future. You will do whatever it takes to survive and succeed.
3. Entrepreneurs produce their own capital. As an entrepreneur, you
gamble your own money and property for the sake of your business. If
you lack in funds, you dont easily quit. You look for ways and means
to raise the capital you need.
4. Entrepreneurs innovate. As an entrepreneur, you should be
innovative. You should enhance your products every now and then.
You should also be creative and resourceful for the development of
your own product.
5. Entrepreneurs organize the business. As an entrepreneur, you
should know when, where, how or why you are putting up a business.
Most of the ideas should come easily from the needs and wants of the
customers, and you make those ideas visible in the market with
patience, hard work, and determination.
6. Entrepreneurs are decision-makers. Being a risk-taker, you should
make careful and good decisions towards your businesses. As an
entrepreneur, you should create many alternatives and choose the
best to solve the problems that arise in your business.
7. Entrepreneurs plan ahead. As an entrepreneur, you are considered
to be a super hero. You make impossible things happen. You can plan
ahead and anticipate events in the future, trying to visualize what can
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possibly happen.
8. Entrepreneurs market products for profit. As an entrepreneur, you
should engage in business for profit. You need to see to it that every
product you sell has a return of capital and a profit. You should
establish relationship with your friends and customers but with
business interest.
Filipino Values Favorable to Entrepreneurship
The value of pakikipagkapwa promotes the ideals of
entrepreneurship. It is shown by treating others as fellow human beings. This
value is very connected with our concept of pagkatao or character. It
encompasses our concern of hiya (loss of face), pakikisama
(togetherness), pakikibagay (adjusting to people).
Pakikipagkapwa favors entrepreneurship because it is against any
form of exploitation against another. The role of entrepreneurship is a
practical translation of ones pakikipagkapwatao, his work is to provide
things and services of value to others; he raises their standards of living and
improves their lives. The entrepreneur that has pakikipagkapwa does not
cheat his customers by overpricing or maligning them; nor cheat the
government by avoiding or evading taxes.
Another Filipino value is lakas ng loob (risk-taking). Individuals
without guts or who shrink before challenges cannot become
entrepreneurs. Entrepreneurships involve some amount of risk-taking
because much of the entrepreneurs decisions and actions are made during
conditions of uncertainty. (Fajardo, 2010).
Forms of Business Organizations
The first thing you need to do when starting a business is to know the kind
of business that you want to organize. Below are the four major forms of
business that you can organize, along with their advantages and
disadvantages.
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Forms of Business Advantage Disadvantage
1. Sole Proprietorship
A kind of business
organization that it is owned
and managed by one
person
Easy to organize
Low start-up capital
Owner takes all profits
Authority in all decision-
making
Easy to discontinue
Good tax privileges
Unlimited personal
liability
Limited skills and
capabilities
Limited access to
capital
Lack of continuity for
the business
2. Partnership
An association of two or
more business partners
who co-own a business for
the purpose of making a
profit
Easy to establish
Complementary skills
or partners
Division of profits
Large pool of capital
Ability to attract limited
partners
Little government
regulations
Flexibility
Unlimited liability of
at least one partner
Difficulty in disposing
of partnership
interest without
dissolving the
partnership
Lack of continuity
Potential for
personality and
authority conflict
3. Corporation
An artificial being, invisible,
intangible, and existing only
in contemplation of law
Limited liability of the
stockholders
Ability to attract capital
Transferable
ownership
Larger pool of skills,
expertise, and
knowledge
Process of set-up is
complicated
Tendency to
institutionalize a
bureaucracy
Individual
stockholders have
limited influence to
management
4. Cooperative
A duly registered
association of persons, with
a common bond of interest,
who have voluntarily joined
together to achieve lawful
common social or economic
end, making equitable
contributions to the capital
required and accepting a
fair share of the risk and
benefits of the undertaking
in accordance with
universally accepted
cooperative principles
Least likely to be
dissolved
Limited liability
Beneficial to more
people
Tendency for
professional managers
to be employed by
members
Shared control of the
business
Consensual
decision- making
Source: Bureau of Micro, Small and Medium Enterprise Development (DTI)
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How to Go Into Business
For most of their lives, many people have been working for someone else.
They sometimes start from lower position until they rise to higher or even top
level position. Some become employees all their lives contented with low-
paying jobs. But some people would choose to take the challenge of putting
up their own business to earn more rather than work for others.
Having your own business is not an easy task. There are things to
consider before you start your own business. It includes the motivation and
determining factors that may affect your business - planning, choosing
location, registering your business, and training and hiring personnel.
Requirements of Organizing a Business
After doing your business plan, you cannot just start your business
anywhere. The government requires certain permits and requirements before
your business can fully operate.
Here are the requirements on how to organize your business:
1. Registration of the business name with the Department of Trade and
Industry in the case of a single or sole proprietorship
2. Registration of the articles of incorporation and by-laws with the
Securities and Exchange Commission in the case of partnerships or
corporations
3. Application of necessary permit at the level specific location (e.g. village,
subdivision, or barangay)
4. Filling/Application of municipal or city permits where the base of
operation of the business (e.g. Mayors permit, sanitary permit, building
permit as necessary, etc.
5. Compliance with certain specific permits or clearance is for some
specific agencies of the government before local government units or the
national government agencies can allow the full swing operationalization
of the business (e.g. environmental clearance certificates, etc.)
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6. Registration with the Bureau of Internal Revenue (BIR) for the Tax
Identification Number (TIN) and other requirements under internal
revenue laws and rules
7. Printing of receipts/invoices of the company (after having applied for a
permit to print receipts with the BIR)
8. Registration of the business organization with the Social Security
System (SSS), Philippine Health Care Corporation, Home Mutual
Development Fund, Inc. (PAG-IBIG Fund), and other government
agencies.
Social Responsibility of Business
Social Responsibility is defined as the obligations of businessmen to
pursue their policies to make those decisions, or to follow those lines of
actions which are desirable in terms of the objectives and values of society.
General Social Responsibility of an Entrepreneur
1. An entrepreneur must sell quality at fair price.
2. An entrepreneur must also be fair with supplies by paying them on time as
agreed upon.
3. An entrepreneur must give reasonable profits to stock holders for their
investment.
4. An entrepreneur must pay the correct amount of taxes to the government.
5. An entrepreneur must promote the welfare of his employees.
6. An entrepreneur must observe business ethics with his fellow
businessmen.
7. An entrepreneur must be responsible to his community in terms of job
creation and environmental conservation
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ACTIVITY 1.
Finding out Your Entrepreneurial Skills
Find out how good you are as an entrepreneur by answering each question.
1. Do you like engaging in hard work?
(a) yes (b) somewhat (c) no
2. Do you regard yourself as people oriented?
(a) yes (b) somewhat (c) no
3. Do you always set goals?
(a) yes (b) somewhat (c) no
4. How many times do you make new initiatives?
(a) always (b) often (c) once in a while
5. How many times have you seen your judgment turn out to be good?
(a) always (b) often (c) once in a while
6. Do you like to innovate or create new things or ideas?
(a) yes (b)somewhat (c)no
7. Do you consider yourself as a self-confident person?
(a) yes (b) somewhat (c) no
8. How flexible and adaptable are you?
(a) very (b) fairly (c) not really
9. How honest are you?
(a) 100% (b) 90% (c) 80%
10. How deep is your desire to win?
(a) 100% (b) 95% (c) 90%
11. How profit - oriented are you?
(a) 100% (b) 90% (c) 80%
12. How good is your problem-solving skills?
(a) 100% (b) 90% (c) 80%
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13. Are you a risk-taker?
(a) yes (b) somewhat (c) not really
Tally your answers. Count how many a, b, or c you chose and analyze
your answer accordingly:
If you answered mostly A's: You have excellent entrepreneurial skill
with the best chances of succeeding as fast as possible.
If you answered mostly B's: You have very good entrepreneurial skills
that can be further refined as you set up your own business.
If you answered mostly C's: You have good entrepreneurial skills, but
you may need to bolster your skills in areas where you might be weak.
Source: You Can Be Rich by: David King
ACTIVITY 2.
Making of Dishwashing Liquid
Learning how to make a dishwashing liquid may be a possible source
of income for you. Heres how to do it.
The materials needed are the following:
pail
deeper
recycled mineral bottles
plastic funnel
Ingredients Quantity
Water 3-4 liters (may vary)
Stabilizer 50 ml
Degreaser 50 ml
Anti Bac 50 ml
Essence 25 ml
Bubble Agent 50 ml
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Salt 500 g
Powder Dishwashing
Detergent
1000 g
Labor Packaging
Procedure:
1. Using the pail, dissolve the powder dishwashing detergent on water
and gently stir continuously in one direction.
2. While stirring, mix the remaining ingredients one at a time.
3. Set aside to clear.
4. When clear, transfer the finish product to the bottles using the deeper
and funnel.
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TEST Entrepreneurship
Name ________________________________ Major ___________________
Date ____________ Section _____________________ Score ___________
Matching Type. Match Column A with Column B. Write your answers on the
space provided.
COLUMN A COLUMN B
1 Social responsibility A
The process of creating something
different or new and assuming the
risks and rewards.
2 Self-awareness B
Cooperative that promotes thrift and
savings among its members
3 Entrepreneurship C
Observes ethics with his/her fellow
businessmen
4 Entrepreneur D
People who start and run their own
business rather than remain an
employee of someone else's
company.
5 Partnership E
Business with total assets of Php
150,000 and below
6
Consumers
cooperative
F
Any business activity or enterprise
engaged in industry, agri-business and
or services
7 Credit cooperative G The willingness to take risks
8 Innovation H To know who you are
9 Medium Business I
Business with total assets of Php 15
million to 60 million
10 Sole Proprietorship J Business own by two or more people
11 Business K
Occupation, work, or trade in which a
person is engaged with
12
Small and Medium
Enterprises
L Business owned by one person
13 Micro Business M Introduce new creation
14 Corporation N
Business owned by 5 or more
business men
15 Courage O
Cooperative for the primary purpose of
procuring commodities in bulk and
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retails
Enumeration: Supply the correct answers to the following:
A. (4) Forms of Business Organizations
B. (6) Roles of an entrepreneur
C. (5) General Social Responsibility of an entrepreneur
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BIBLIOGRAPHY
Bureau of Small and Medium Enterprise Development, DTI Do You Want to
Go Into Business? Makati 2006
Fajardo, Feliciano Entrepreneurship, National Bookstore Valenzuela
Philippines, 1994
King, David, You Can be Rich, Worldlink Books. 2002
Glossary of Business and Concepts for Micro, Small and Medium Enterprise,
Bureau of Small and Medium Enterprise Development, Makati
Philippines, 2006
Go, Josiah, Fundamentals of Marketing in the Philippine Setting, Design Plus
2001
Small Enterprises Research and Development Foundation and Up Institute for
Small Scale Industries, Introduction to Entrepreneurship Small
Enterprise Research and Development Foundation Inc. 1997
Concepcion, Joey, Go Negosyo ABS-CBN Publishing, 2006

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