Republic of the Philippines

Bacoor City Campus

Bacoor City, Cavite

Management Department
Bachelor of Science in Hotel Management
BSHM 90: Entrepreneurship in Tourism and Hospitality
Second Semester, AY 2020 – 2021

Prepared by:

JOHN DARREN H. LUBATON

Instructor

Reviewed by

JANICE A. NEALEGA, MBA MENVYLUZ S. MACALALAD, MBA,LPT

Chairperson ​Campus Administrator
Module 1: Introduction to Entrepreneurship.

Section 1.1 What Is Entrepreneurship?

OBJECTIVES

● Define what it means to be an entrepreneur

● Compare the pros and cons of being an entrepreneur
● Identify successful entrepreneurs and their achievements

Entrepreneurship is on the rise. Today, there are more than 400 million entrepreneurs around
the world -- that means one in every 18 people owns a business, according to statistics
compiled by dealsunny.com.
That number is only growing. Many people are leaving their nine-to-five jobs to pursue their own
entrepreneurial journeys.

What is an Entrepreneur?

Someone who creates and runs a business is called an ​entrepreneur.

● When an entrepreneur starts a new business, risk is involved. Risk is the chance of
losing something.
● Because employees work for someone else and entrepreneurs work for themselves,
entrepreneurs risk more than employees.
● Small firms employ about half of the U.S. private workforce, and they create around 64
percent of all new jobs.
● One way you can gain a sense of what business is like is by investigating an internship,
or apprenticeship.

Why is an Entrepreneur?

The biggest reward of becoming an entrepreneur is the personal satisfaction that comes from
having the freedom to make your own business decisions and then act on them.

● Making Your Own Rules. ​When you own a business, you get to be your own boss.
● Doing Work You Enjoy. ​Since the majority of most​ ​peoples’ lives is spent working, why
not spend that time doing something you enjoy?
● Creating Greater Wealth. ​There’s no limit to what an entrepreneur can make.
● Helping Your Community. ​Being an entrepreneur lets you make your community and
world a better place.
Risk of being an Entrepreneur

● Potential Business Failure. ​Being fully responsible means the success or failure of
your​ ​business rests on you.
● Unexpected Obstacles. ​Problems can happen that you don’t expect.
● Financial Insecurity​. Many new businesses don’t make much money in the beginning,
so you may not always be able to pay yourself.
● Long Hours and Hard Work. ​It’s not unusual for entrepreneurs to work a lot of extra
hours to make their businesses successful. This is especially true during the initial
start-up process.

Entrepreneurship in History

Here are some well-known entrepreneurs who changed the world.

International:
1. Colonel Sanders
The great Colonel Sanders, iconic founder of the fast-food chain Kentucky Fried Chicken (KFC),
began pursuing his fried chicken dream only after reaching age 65. On top of that, Sanders was
rejected 1,009 times before his recipe was accepted by a restaurant willing to franchise. Talk
about persistence!
2. Bill gates
The Microsoft giant has experienced more than the average individual’s share of success. But
the personal computing juggernaut ​has also been arrested. Sure enough, in 1977, young Gates
was arrested for driving without a license and ignoring a red light. Not to fear, though; Gates’ life
has been a lawful one since!
3. Steve Jobs
Before Apple, Steve Jobs was working with Steve Wozniak on a game called Breakout for Atari.
Jobs was given $5,000 by Atari to develop the game, and ​he actually lied to Wozniak about the
total funding. Jobs claimed the company only provided $700, with Wozniak pocketing $350.
What did Steve Jobs need the extra cash for? Perhaps he wanted the majority of the funding to
use as he saw fit on the project. In any case, Jobs was willing to truly push the boundaries of
everyday life to achieve his vision of success.
4. Larry Elison
In addition to being a college dropout like Bill Gates and Steve Jobs, Larry Ellison has been
heavily involved in the advancement of technology since 1977. If you were to ask a few dozen
people on the street who conceived the tablet idea, most folks might think it was Apple.
Surprisingly enough, ​Ellison’s company Oracle was the first to bring a tablet product to market.
The Network Computer, a small device capable of basic computing tasks (such as email and
Internet browsing), failed to impact consumers due to the lower cost and higher convenience of
personal computers.
Local:
1. Socorro Ramos – National Book Store

Socorro Ramos entered the publishing and retail industry by working as a salesgirl at a
bookstore. ​At the age of ​19, she opened National Book Store in Escolta with her husband with
a ​capital of P200, ​selling books and school supplies to students. At that time, Manila was under
the control of the Japanese, who imposed censorship on books and periodicals. To augment
their earnings, she and her husband resorted to selling other items like candles and soaps.

After the post-war boom proved profitable for the company, ushering in bigger revenues, the
Ramoses opened a nine-story building along Avenida. At 95, she still believes in the
time-honored tradition of ​“hands-on approach” in business. She even designed the
company’s logo herself.

2. Tony Tan Caktiong – Jollibee

Tony Tan Caktiong used to operate ​an ice cream parlor​, before converting it into a fast food
restaurant called Jollibee. With a starting ​capital of P350,000, the young Caktiong opened two
branches in Cubao and Quiapo, together with friends who supported his idea.

Caktiong decided to serve hamburgers, fried chicken, and spaghetti to customers when they
started looking beyond the usual ice cream. Eventually, the business grew, and he had to hire
more employees. By knowing the Filipino market, Jollibee managed to excel as a fast food
powerhouse.

3. Edgar Sia – Mang Inasal

Hailing from Iloilo City, Edgar Sia ​dropped out of college to pursue his own laundry and
photo-developing business at the ​age of 19​. In 2003, 26-year old Sia decided to open the
barbecue fast food restaurant Mang Inasal—Ilonggo for “Mr. Barbecue.” The first branch was
built at a mall parking lot in his home city.

The restaurant took off. When Tony Caktiong heard about Sia’s burgeoning business, he
decided to buy Mang Inasal for a total of P5 billion. Sia eventually put the sales of Mang Inasal
to other investments like banking and healthcare. At 42, he’s considered the country’s youngest
billionaire.

4. Cresida Tueres – Greenwich Pizza

In 1971, Cresida Tueres started Greenwich as a ​small over-the-counter pizza store in
Greenhills. Tueres had a knack for cooking. Her friends loved the food she served so much that
they decided to buy their own Greenwich franchise.

Impressed with Tueres’s business acumen and the growth of Greenwich, Jollibee Foods
Corporation obtained a deal in 1994 to acquire 80% of Greenwich’s shareholding. Since then,
the pizza parlor branched out to include other dishes in its menu. In 1997, Greenwich had a
record sale of P1 billion.

5. Milagros, Clarita, and Doris Leelin – Goldilocks

With only ​two cake displays and ten employees, Milagros, Clarita, and Doris Leelin started
Goldilocks at a ​70-sq-m building space in Makati. Sisters Milagros and Clarita loved baking
and decided to pursue their ​passion ​into business. With the help of their sister-in-law Doris, the
Leelins opened their first branch.

In 1991, Goldilocks launched its franchising program. As of ​2015, the bakeshop chain had
almost ​400 stores across the country​, with other branches in the U ​ SA, Canada, and
Southeast Asia. From a modest capital of P66,000, Goldilocks is now a multi-million food
enterprise with more than 4,000 employees.

6. Joe Magsaysay – Potato Corner

The young ​Magsaysay left school to bust tables, wash plates, and work on the cash
register at a fast food chain.​ In a few years, he became a manager, handling five stores.

With his ​background and skills in store management, Magsaysay’s friends asked him to
handle Potato Corner, of which he was a co-founder. They pooled their money together and
started the food cart business in 1992, offering franchises left and right. Today, Potato Corner
has more than 550 stalls in the Philippines and around the world.

7. Asiang Reyes – The Aristocrat

In the 1930s, Asiang Reyes started The Aristocrat as a ​mobile canteen in Luneta​, serving
sandwiches filled with adobo and other Filipino viands. Hotdog trucks were in vogue at that time.
Reyes created her own version of merienda for park-goers.

Reyes was supposed to name the canteen “Andy” after her eldest son, but changed it to
Aristocrat instead. The canteen prospered, and Reyes and her husband decided to turn it into a
full-time restaurant.

8. Araceli and Jun Manas – Hen Lin

Using the recipes they learned from a Chinese chef and a capital of P30,000, Araceli and Jun
Manas started Hen Lin in 1983. Jun worked for an insurance firm while his wife Araceli worked
in a bank. The couple had to learn the intricacies of the business themselves. At night, ​they
practiced making siomai or dumplings.

The Manas couple opened the first Hen Lin store in SM Makati, which was well received for its
delicious dim sum offerings. For 30 years, Hen Lin has been popular in many malls, offering
various products such as hopia, noodles, congee, rice toppings, and breakfast food.
Whether you’re a small or medium-sized entrepreneur whose goal is to amplify your business,
BDO SME Loan can be your reliable financing partner. Avail of financing options with your
specific business need in mind – purchase new equipment, add inventory or expand your office
space and more.

Section 1.2 Characteristics of an Entrepreneur

● Describe who becomes an entrepreneur
● List the key characteristics of an entrepreneur
● Explore ways to build your business potential
● Explain the value of learning about entrepreneurship

Who are the Entrepreneur’s?

Skills

A skill is an ability that’s learned through training and practice.

● Business Skill
● Communication Skill
● Computer Skill
● Decision-Making and Problem-Solving Skills
● Mathematical Skill
● Organizational Skill
● People Skills

Increasing your Potential

Increase your business and entrepreneurial potential by focusing on six specific areas

● Business Knowledge​. Reading magazine and newspaper articles, searching the

Internet,​ ​and talking to business owners.
● Financial Skills. ​Strengthen your math skills.
● Career Exploration. ​Evaluate your strengths and weaknesses, explore careers that
interest​ ​you.
● Community Awareness. ​Look for volunteering opportunities and find out if any
companies in your area provide internship programs.
● Education. ​Obtaining a good education benefits you personally and opens doors to
more​ ​career opportunities.
● Relationships. ​Spend time with people who believe in you and inspire you.

Why study Entrepreneurship?

Characteristic of Successful Entrepreneurs

Self-assessment: ​evaluating your strengths and weaknesses is an important part of becoming

an entrepreneur.

● An aptitude is a natural ability to do a particular type of work or activity well.

● An attitude is a way of viewing or thinking about something that affects how you feel
about it.
● Entrepreneurs tend to be people with positive attitudes.

Characteristic of Successful Entrepreneurs

Personal Characteristics
∙ Courage ∙ Enthusiasm

∙ Creativity ∙ Flexibility

∙ Curiosity ∙ Honesty

∙ Determination ∙ Patience

∙ Discipline ∙ Responsibility
Empathy