GEE 102 Lesson 1 - Importance of Entrepreneurship

NAME: _________________________________ COURSE & YEAR: __________
GEE 102 The Entrepreneurial Mind

CHAPTER I INTRODUCTION OF ENTREPRENEURSHIP
LESSON 1: Importance of Entrepreneurship
At the end of this lesson, you should be able to:

a. Identify the basic concepts and characteristics of entrepreneurship,
b. Enumerate the contributions of entrepreneurship in the Philippine economy, and
c. Explore job opportunities for entrepreneurship.
Directions: Answer the following questions briefly. Write your answers on the spaces provided.
1. What is an entrepreneur?
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2. What is the entrepreneurial behavior?

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3. What skills does an entrepreneur must possess?

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OVERVIEW
Why do we need to study entrepreneurship?

By studying entrepreneurship, one can learn the underlying principles of starting a business,
avoid common pitfalls, pitch ideas more effectively, validate your product, develop a solid business
model, and set yourself up for success in a field where failure is common.
Entrepreneurship teaches us to…
 creates opportunity
 ensures social justice
 instills confidence
 stimulates the economy
 take risks
 fail and to persevere
 become creative, inventive and innovative.
LET’S ELABORATE
Entrepreneurship is a key driver of our economy.
 The 1987 Philippine Constitution recognizes entrepreneurship as an engine of economic growth.

 Article XII, Section 1 highlights the role of private enterprises in supporting equitable distribution
of income and wealth, sustaining production of goods and services and expanding productivity,
therefore raising the quality of life.
Entrepreneurship is more than just an economic term — it is a way of thinking.
 People exposed to entrepreneurship frequently express that they have more opportunity to
exercise creative freedoms, higher self-esteem, and an overall greater sense of control over
their own lives.
 Entrepreneurship is a way of inspiring creative individuals to pursue opportunities despite its
risks.
What Makes Someone an Entrepreneur?
 Creativity is the spark that drives the development of new products or services or ways to do
business. It is the push for innovation and improvement.
 Dedication is what motivates the entrepreneur to work hard. Planning of an ideas must be
joined by hard work to succeed.
 Determination is the extremely strong desire to achieve success. It includes persistence and
the ability to bounce back after rough times.
 Flexibility is the ability to move quickly in response to changing market needs. It is being true to
a dream while also being mindful of market realities.
 Leadership is the ability to create rules and to set goals.
 Passion is what gets entrepreneurs started and keeps them there.
 Self-confidence comes from thorough planning, which reduces uncertainty and the level of
risk.
 “Smarts” consists of common sense joined with knowledge or experience in a related business
or endeavor.
Why should becoming an entrepreneur be any different?
 Required Education
 Educational requirements for entrepreneurs are nonspecific.
 All entrepreneurs need capital, so the ability to write an effective business plan is vital.
 Required Skills
 Tolerance for risk taking and a willingness to leave the security of a conventional and
tedious job.
 The ability to multitask is a key.
 Career Outlook
 Earnings for entrepreneurs vary drastically, and income is often unstable, especially in the
early days of a new business.
Career Opportunities in Entrepreneurship
Business consultant
Business consultants provide advice about business issues, such as the development and
implementation of business plans, how to streamline operations or how to expand into a new
market.
Management analysts
The person who evaluates a business' systems, procedures and operations, they may also
review a business' financial matters, such as the ratio of income to expenditures.
Sales
Someone who works in sales or runs the department needs to know how businesses run.
They need to know how to represent a company, manage accounts, and follow upon leads.
Research and development

To work in R&D, you need to understand business concepts, procedures, and practices.
With all of the training and education someone has received learning about entrepreneurship, they
are well prepared for this type of position.
Not-for-profit fundraiser
Being able to raise funds requires understanding the importance of business and networking
relationships. It is a great place for someone with this type of degree because you will have
experience in studying advanced concepts that can be used to your advantage on the job.
Intrapreneur
An intrapreneur is an inside entrepreneur, or an entrepreneur within a large firm, who uses
entrepreneurial skills without incurring the risks associated with those activities.
Creating the Environment for Entrepreneurial Success
Addressing widespread poverty is the single most important policy challenge facing the
Philippines. Not only is poverty high when benchmarked against countries in Asia, but also the rate of
poverty reduction has been slow. While the Philippine economy has grown at an average of 6 percent
for the last five consecutive quarters (since 2012), poverty incidence remains above 20 percent of the
population. The critical challenge is to spread the payback of this huge economic turnaround among
the people, especially the poorest of the poor. They should feel the benefits of the growing Philippine
economy.
Entrepreneurship can provide the solution by creating wealth, jobs, and social empowerment. If
we are to address the issue of poverty with some degree of success, history tells us we have no choice
but to actively encourage entrepreneurial ventures.
Entrepreneurship in the Philippines
In the Philippines, entrepreneurship is viewed as important to empowering the poor, enhancing

production, and as an impetus to innovation. The 1987 Philippine Constitution recognizes
entrepreneurship as an engine of economic growth. Article XII Section 1 highlights the role of private
enterprises in supporting equitable distribution of income and wealth, sustaining production of goods
and services and expanding productivity, therefore raising the quality of life.
The Philippine Development Plan (PDP) further reinforces the thrust on entrepreneurship
through trade and investment to achieve the government’s goal of economic development and job
creation. Based on the plan, measures for macro-economic stability, employment, trade and
investment, agribusiness, power-sector reforms, infrastructure, competition, science and technology,
and anti-corruption are being pursued to strengthen Philippines’s competitiveness and contribute to job
creation.
LET’S CONNECT
ACTIVITY 1 True or False

Directions: Write TRUE if the statement is correct and write FALSE if the statement is incorrect on
the space provided after the question.
_____ 1. Entrepreneurship promotes self-help and unemployment.

_____ 2. Entrepreneurs are positive thinkers.
_____ 3. A primary reason some businesses fall within a few years of start-up is due to lack of
business experience.
_____ 4. Entrepreneurs are known for being risk averse.
_____ 5. Business minded people look at things and images and what else they could be.
_____ 6. Sales rise rapidly as product becomes popular.
_____ 7. Creativity, innovation and entrepreneur are separable.
_____ 8. An entrepreneur is an inventor and developer of ideas.
_____ 9. Entrepreneurs are self-confident people.
_____ 10. A neglected and dissatisfied customer will never return.
ACTIVITY 2 Essay
Directions: Write a short essay based on what is being asked. Each task is 10 points.
1. What qualities of a person with an entrepreneurial mind do you possess? How will you apply
these qualities when you start your own business?
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2. What do you think will happen to our economy if our government will not interfere with the
economic activities?
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NAME: _______________________ COURSE & YEAR:

GEE 102 The Entrepreneurial Mind

At the end of this lesson, you should be able to:

2. What is the entrepreneurial behavior?

3. What skills does an entrepreneur must possess?

Why do we need to study entrepreneurship?

Entrepreneurship teaches us to…

Entrepreneurship is a key driver of our economy.

 The 1987 Philippine Constitution recognizes entrepreneurship as an engine of economic growth.

Entrepreneurship is more than just an economic term — it is a way of thinking.

What Makes Someone an Entrepreneur?

Why should becoming an entrepreneur be any different?

Research and development

Creating the Environment for Entrepreneurial Success

In the Philippines, entrepreneurship is viewed as important to empowering the poor, enhancing

ACTIVITY 1 True or False

_____ 1. Entrepreneurship promotes self-help and unemployment.

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