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ENTREPRENEURSHIP
Second Semester
Third Quarter
Module 1:
Overview of
Entrepreneurship

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Republic of the Philippines
Department of Education
REGION VII-CENTRAL VISAYAS
SCHOOLS DIVISION OF SIQUIJOR
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Writer: Juliet Anne Christina O. Doble

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Department of Education-Region VII,Central Visayas, Division of Siquijor

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ENTREPRENEURSHIP

Second Semester
Third Quarter
Module 1:
Overview of
Entrepreneurship

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INTRODUCTION
This module is written in support of the K to 12 Basic Education Program to
ensure attainment of standards expected of you as a learner.

This aims to equip you with essential knowledge on Entrepreneurship. This

includes the following activities/tasks:
• Expected Learning Outcome – This lays out the learning outcome that you
are expected to have accomplished at the end of the module.
• Pre-test – This determines your prior learning on the particular lesson you
are about to take.
• Discussion of the Lesson – This provides you with the important knowledge,
principles and attitude that will help you meet the expected learning
outcome.
• Learning Activities – These provide you with the application of the
knowledge and principles you have gained from the lesson and enable you
to further enhance your skills as you carry out prescribed tasks.
• Post-test – This evaluates your overall understanding about the module.

With the different activities provided in this module, may you find this
material engaging and challenging as it develops your critical thinking skills.

What I Need to know

This module was written for you to accomplish at home. It was carefully
designed so that you can work at your own pace and allow self-discovery of the
concept through activities that you will perform. Activities were also selected to
allow independent learning which also aims to develop your reading
comprehension skills through understanding written texts. It covers many
different learning situations where you can relate your personal experiences on
different practical scenarios about Entrepreneurship. After going through this
module, you are expected to:
1. Increase your knowledge about entrepreneurship.
2. Determine the relevance of Entrepreneurship to your everyday life and to the
society as a whole.
3. Gain insights about the competencies every Entrepreneur should develop.
4. Explore job opportunities for Entrepreneurship as a career.

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What I Know
Let us check your prior knowledge about the topic, and solicit the questions
that you want to know about it. To do this, fill in the Know and Want to know
components of the Know-Want to know- Learned (KWL) chart legibly. For the
Know component, you may write word/s or phrase. For the want to know
component, state your responses in interrogative or question form. You may list
as many responses as you want for each component. Write your responses in
your notebooks.

What’s In
The word “entrepreneur” is derived from the French verb enterprendre,
which means “to undertake”. This refers to those who “undertake” the risk of new
enterprises. An enterprise is created by an entrepreneur. The process of creation
is called “entrepreneurship”.

Directions: Read carefully the statements below and identify whether this refers
to Entrepreneurship or Entrepreneur. Write your answer in your
Entrepreneurship notebook.
___________1. A person who undertakes the risk of starting a new business
venture.
___________2. It is high-risk, but also can be high-reward as it serves to generate
economic wealth, growth, and innovation.
___________3. Creates a firm, which aggregates capital and labor in order to
produce goods or services for profit.
___________4. It is an important driver of economic growth and innovation.
___________5. Creates a business plan, hire labor, acquire resources and
financing, and provide leadership and management for the business.

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What’s New
Entrepreneurship is one of the resources economists categorize as integral
to production; the three resources are land/natural resources, labor and capital.

An entrepreneur combines these three to manufacture goods or provide

services. They typically create a business plan, hire labor, acquire resources and
financing, and provide leadership and management for the business.

Directions: To have a better understanding of this module, please read carefully

the definitions in column A and match it with the word/phrase in column B. Write
your answer in your notebooks.

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What is It

OVERVIEW OF ENTREPRENEURSHIP

Meaning of Entrepreneurship and Entrepreneur

Entrepreneurship is…
➢ The act of creating a business or businesses while building and scaling it
to generate a profit.
➢ An important driver of economic growth and innovation.
➢ What people do to take their career and dreams into their hands and lead
it in the direction of their own choice.
➢ About building a life on your own terms. No bosses. No restricting
schedules. And no one holds you back.

An entrepreneur is…
➢ A person who sets up a business with the aim to make a profit and creates
a new business, bearing most of the risks and enjoying most of the rewards.
➢ An innovator, a source of new ideas, goods, services, and business/or
procedures.
➢ Playing a key role in any economy, using the skills and initiative necessary
to anticipate needs and bring good new ideas to market.

Entrepreneurs are found everywhere around the globe and they are a distinct
group of business people who contribute to the development of the society. They
are the founder and creator of the enterprise who make use of the opportunities
that abound to start or grow business, knowing that there are risks involved in
such undertaking.

Note: Understanding what an entrepreneur is can help more people recognize the
value they contribute to the world. Entrepreneurs take the idea and execute it while
entrepreneurship is about execution of ideas.

Entrepreneurship in the Philippines

The notion of the entrepreneur as simply one who forms and manages
business is apparent in government programs that attempt to develop small-scale
industries.

In the Philippines, many entrepreneurial development-training programs

rest on such assumptions. But even without the presence of government support,

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the statistics for the past fifty years or so on the number of business
establishments formed every year would generally show an increasing trend. They
were mostly in food processing, property development, and trade (including
shopping malls).

In 2005, the top 50 Philippine corporations in terms of sales could be

broken down into 22 private domestic firms, 23 foreign firms, and 5 government-
owned and/or controlled corporations.

The 22 companies could be identified with 11 families and individuals,

mostly Filipinos of Chinese ethnic background. The 11 families and individuals
were the Zobel family (Ayala), the Lopez clan, Lucio Tan, Henry Sy, John
Gokongwei, Alfonso Yuchengco, Eduardo Cojuangco Jr., Jose Yao Campos
(Unilab Group of Companies), George Ty (Metrobank), Mariano Que (Mercury
Drug), and Tony Tan-Caktiong (Jollibee).

Importance of Entrepreneurship
1. Entrepreneurship generates new wealth in an economy,
2. Entrepreneurship decreases poverty,
3. It creates opportunities, ensures social justice, instills confidence and
stimulates the economy,
4. Entrepreneurship improves productivity,
5. Entrepreneurs create jobs,
6. Entrepreneurs innovate,
7. Entrepreneurs create innovation and social change, and lastly
8. Entrepreneurs give to society.

Relevance of Entrepreneurship to SHS Students

1. To prepare students for livelihood even before college;
2. Entrepreneurship education aids students from all socioeconomic
backgrounds to think outside the box and nurture unconventional talents
and skills;
3. Entrepreneurship develops their initiative and helps them to be more
creative and self-confident in whatever they undertake and to act in a
socially responsible way;
4. It exposes students to numerous opportunities to learn how to think
critically and analyze the pieces on the board;
5. Being aware of all the important factors and seeing how they affect each
other is the foundation of a smart decision-making process;
6. Students have to be exposed to real-world examples and learn from their
own experience;
7. Entrepreneurship education requires students to be innovative, creative
and collaborative with others; lastly
8. Entrepreneurship education provides budding entrepreneurs with the
skills and knowledge to come up with business ideas and develop their own
ventures.

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Are entrepreneurs born or made?

This question has long been debated with little agreement. However, as
cited by Longenecker, J.G., et.al. (2016), Stephen Spinelli and Robert Adams
described entrepreneurs as having and exhibiting “desirable and acquirable
attitudes and behaviors” such as commitment and determination, leadership,
opportunity obsession, risk-takers, motivation to excel, creativity, self-reliance,
and adaptability. According to (www.ideasforleaders.com), competencies such as
risk seeking, assertiveness and vision are considered typical of a successful
entrepreneur. But these are innate predispositions or aspects of temperament; by
using them as yardstick, it is wrongly concluded that only certain types of people
make good entrepreneurs or are capable of worthwhile innovations.

Is there such a thing as a ‘natural-born entrepreneur’?

Accordingly, there is not. Specific techniques and habits must be practiced

and developed by all would-be entrepreneurs. Aside from business competencies,
entrepreneurs need interpersonal and self-leadership skills too; however, these
are often overlooked. Entrepreneurial behavior‟ can be learned and developed.
The question is not who entrepreneurs are, but what they do. More important
than business skills can be other competencies that provide a foundation for
those business skills.

Furthermore, according to www.ideasforleaders.com, there are three levels

of competencies, which all entrepreneurs need:

1. Personal competencies – These are your abilities to ground yourself so that

you are secure and self-assured in whatever situation you may find yourself.
Ex. creativity, determination, integrity, self-criticism.

2. Interpersonal competencies – These are your ability to lead, influence,

communicate, supervise, negotiate, and control people at all levels. It is the ability
to get along with people and motivate people to perform jobs. Entrepreneurs must
effectively manage people (baseread.com).
Ex. communication, engagement, delegation

3. Business competencies – These are set of particular abilities and knowledge

that sets a company apart from its competitors (yourbusiness.azcentral.com). It
also refers to the key characteristics that successful entrepreneurs should have
in order to be successful.
Ex. business vision, financial management, networking

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Core vs. Common Competencies in Entrepreneurship

Competencies in entrepreneurship play a leading role in making

entrepreneurs successful. Entrepreneurial competencies facilitate opportunity
recognition, help adapt rapidly to changes, enhances business performance,
strengthen the firm’s competitive position and stir the achievement of
organizational success. It is the sum total of the personality, skills and knowledge
that the entrepreneur possesses, which are necessary to effectively perform their
functions and responsibilities.

Competence is an underlying personal characteristic which leads to

superior performance. It is a combination of knowledge, skills, attitudes, and
motives. Core competence is the foundation for sharpening a company's
competitive edge and it guides brand reputation, business growth, and marketing
strategy. Common competence is one that describes the knowledge, skills and
abilities found in most or all position.

Examples of Core and Common Competencies in Entrepreneurship

Job Opportunities for Entrepreneurship as a Career

If you’re an aspiring entrepreneur, there are different career paths you can
take to turn your dream into a reality. Which path you choose will depend on
your experience, skills, finances, and flexibility, as well as your goals for the
future (Doyle, A., 2020).

Career opportunities you might pursue according to Michalowicz (2011) as

cited by Edralin, D. M., 2016):

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Note: Most would-be entrepreneurs, however, remain self-employed, preferring to
be the boss.

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Reasons why many would like to become an entrepreneur:

1. Achievement, Challenge, & Learning

2. Independence & Autonomy – you can set your own goals, pick their own
partners, and face the consequences of your decisions.
3. Income Security and Financial Success
4. Recognition and Status
5. Family
6. Dissatisfaction with Current Work Arrangements
7. Community and Social Motivation.

What’s More
A. Picture Analysis
Directions: Analyze the picture below then answer the corresponding guide
question. Write your answer in your notebooks.

https://images.search.yahoo.com

Guide Question:

1. What appropriate product and/or business that can be conceptualized during

this COVID -19 pandemic? Write as many as you can in a bullet form.
______________________________________________________________________________
______________________________________________________________________________
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B. As would-be Entrepreneur, you are tasked to write down at least 3 career
opportunities which attract you most. Indicate what competencies you need to
enhance in order to become successful in these opportunities. Write your answers
in your notebook.

Career Opportunities Competencies

1. _____________________________________ - ________________________
2. _____________________________________ - ________________________
3. _____________________________________ - ________________________

What I have learned

I learned that:
Commonly, competencies such as risk seeking, assertiveness and vision
are considered typical of a successful entrepreneur.
Entrepreneurial behavior’ can be learned and developed.
Personal competencies – This are your abilities to ground yourself so that
you are secure and self-assured in whatever situation you may find
yourself.
Interpersonal competencies - It is the ability to lead, influence,
communicate, supervise, negotiate, and control people at all levels. It is the
ability to get along with people and motivate people to perform jobs.
Entrepreneurs must effectively manage people.
Business competencies - is a set of particular abilities and knowledge that
sets a company apart from its competitors. It also refers to the key
characteristics that successful entrepreneurs should have in order to be
successful.
Entrepreneurial competencies refer to the sum total of the personality,
skills and knowledge that the entrepreneur possesses, which are necessary
to effectively perform their functions and responsibilities.

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What I can do
A. Directions: In the table below, write down at least five (5) sentences why you
want to become an Entrepreneur someday.

The following motivates me to become an entrepreneur someday:

1.
2.
3.
4.
5.

B. Directions: Give what is asked in the items below. Write your answers in your
notebook.

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C. Directions: Read and analyze the facts about the competencies in
Entrepreneurship below. Determine whether the statement is TRUE OR FALSE.
Write TRUE if the statement is correct and write FALSE if otherwise. Write your
answers in your notebook.
_________1. Entrepreneurship can be learned by anyone, it’s not something that
can simply learn in a classroom.
_________2. Certain skills, such as communication, delegating and respecting
others can only be acquired through practice and developing „habits of
character‟.
_________3. Habits of character may not strictly be related to business but are to
do with the kind of person the entrepreneur is and what he/she does.
_________4. An entrepreneur has to have certain cultivated and inherent qualities
in order to make a success of his or her venture.
_________5. Hard work and determination to win have made many successful
business people to reach their aspired goals.
_________6. An Entrepreneur must hesitate for personal or other reasons.
_________7. Business involves many risks, which an entrepreneur must hesitate
to take.
_________8. New ideas help make a business venture successful.
_________9. Certain attributes are essential for an Entrepreneur to establish his
or her business on sound footing.
_________10. The only way to acquire the habits essential for entrepreneurs is by
acting in a way inconsistent with them.

D. Directions: Read and analyze the competencies below that every entrepreneur
should develop and identify whether this refers to Personal Competencies,
Interpersonal Competencies, or Business Competencies. Write your answers
in your notebook.
1. Emotional balance 6. Resource Management skill
2. Negotiation skills 7. Resiliency
3. Leadership skills 8. human relation
4. Persistence 9. Respect
5. Charisma 10. Tenacity

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Assessment
A. Directions: Read and analyze the statements below and then write the letter
of the best answer in your notebook.

1. Who acts as a coordinating agent in a capitalist economy?

A. Manager C. Entrepreneur
B. Finance Officer D. Broker

2. Which of the following is not a definition of Entrepreneurship?

A. It creates opportunities, ensures social justice, instills confidence and
stimulates the economy.
B. It is an important part of the economic growth strategies of many local
and national governments around the world.
C. Refers to a person who sets up a business with the aim to make a profit.
D. The act of creating a business or businesses while building and scaling
it to generate a profit.

3. Which of the following is a relevance of Entrepreneurship to SHS Students?

A. It generates new wealth in an economy.
B. It aids students from all socioeconomic backgrounds to think outside
the box.
C. It creates opportunities and ensures social justice.
D. It creates job.

4. Which statement is not correct about the status of entrepreneurship in the

Philippines?
A. The number of business establishments formed every year would
generally show an increasing trend.
B. N-entrepreneurs are people who can secure resources such as
technology and information to gain distinct, sustainable, competitive
advantages.
C. In 2005, the top 50 Philippine corporations in terms of sales could be
broken down into 25 private domestic firms, 20 foreign firms, and 5
government-owned and/or controlled corporations.
D. The 22 companies could be identified with 11 families and individuals,
mostly Filipinos of Chinese ethnic background.

5. Which of the following words is not associated with entrepreneur?

A. innovative C. collaborative
B. impulsive D. Creative

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6. Ronald is graduating SHS. After his graduation, he is planning to put up a
computer shop. What core competency he needs to develop?
A. Arts and design
B. Systems and application
C. repairs and maintenance
D. machine and equipment

7. Leticia is an employee of a fast-food chain. What common competency she

needs to develop?
A. Time management
B. Managing Conflict
C. Leadership
D. Critical thinking

8. Mang Tomas is the owner of the Tomas Welding Shop. What common
competency he needs to develop?
A. Change management
B. Human Relations
C. Time management
D. A, B, & C

9. If Promotions and Advertising are core competency in Entrepreneurship;

_______ is a common competency in Entrepreneurship.
A. managing sales
B. listening to the sentiments of workers
C. coordinating with partners
D. Conducting research

10. If good human relation is to Interpersonal Competency; Visioning is to

________.
A. Personal competency
B. Core Competency
C. Common Competency
D. Business Competency

B. Directions: Read and analyze the statements below and identify whether it
requires a common competency or core competency. Write A if it is a common
competency and B if it is a core competency. Write your answer in your notebooks.
_________1. Writing business correspondence.
_________2. Preparing income statement
_________3. Designing for packaging and labelling.
_________4. Relating with staff and co-workers.
_________5. Managing quality customer service.
_________6. Giving solution to a problem.
_________7. Coordinating with channel of distribution.
_________8. Negotiating with suppliers.
_________9. Adopting to work environment.
_________10. Able to operate computer system and applications.

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C. Directions: Search for the ten (10) competencies of an entrepreneur in the box
below. Clues are provided. Write your answers in your notebook.

Clues:
_______________1. Showing assurance and self-reliance
_______________2. Firmly resolved
_______________3. Capable of devising ways and means
_______________4. Showing initiative and willingness to undertake new projects
_______________5. Having the quality of something created rather than imitated
_______________6. Introduce something new or different
_______________7. As good as or better than others of a comparable nature
_______________8. The act or fact of doing something that involves danger
_______________9. Habitually engaged in earnest and energetic work
______________10. The cultivation of productive relationships for employment or
business

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References

Batalla, V. (2011). Entrepreneurship and Philippine Development. Retrieved

from: https//www.academia.edu/26552052/Entrepreneurship_and Philippine_
Development Hayes, A. (2020). Entrepreneur Retrieved from:
https://www.investopedia. com/terms/e/entrepreneur.asp Entrepreneurship:
Characteristics, Importance, Types, and Functions of Entrepreneurship,
https://www.yourarticlelibrary. com/ What Is the Importance of
Entrepreneurship?
https://www.reference.com/business-finance/importance-
entrepreneurshipa80aee8f21d6b6c1 Why We Need to Study and Learn
Entrepreneurship?
https://www.europeanentrepreneurship.com/need-study-learn-
entrepreneurshipeducation/
https://www.google.com/search?q=entrepreneurs&tbm=isch&chips=q:entrepre
neurs,g_1:business:zuOwzaXcXPM%3D&bih=489&biw=1024&hl=en&sa=X&ved
=2ahUKEwie_bL95NHuAhVECd4KHd0nAfwQ4lYoAHoECAEQGA#imgrc=tiPbeG
NxOI83pM
www.yourarticlelibrary.com
www.ideasforleaders.com
www.ideasforleaders.com
www.investopedia.com, www.reference.com,

www.europeanentrepreneurship.com

www.free-management-ebooks.com

www.mustangbols.com

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