Reviewer For Gee 2

REVIEWER FOR GEE 2- ENTREPRENEURIAL MIND (FINAL TERM)
• Entrepreneurship- It is a science of converting processed ideas into a remarkable business

venture.
Entrepreneurship in the Philippines
Factors in Determining Economic Growth
1. The Filipino Values and Culture
a. Love for imported products- The country’s colonization for centuries has
developed in the Filipinos a culture of dependence and love for foreign products.
We still feel that imported products are superior in quality and we look upon our
own products as inferior.
b. Our values of bahala na- Bahala na is the concept of belief in bathala, the god of
the lazy of bones and undetermined individuals. Faith in God could be the driving
force of any entrepreneur to make things happen as he believes that his power to
think and innovate comes from the true god that guides the destiny of man.
c. Our crab mentality- Crab mentality is the action of people to pull down
others who are about to get out of the verge of poverty and reach for their
success.
d. The mañana habit- An entrepreneur who always have unfinished work because of
his mamaya na or bukas na mentality.
e. The value of time- Entrepreneurs get the golden opportunity as they do not lose
time to make money and fortune.
f. Our values of hiya- Hiya could be a positive value in dealing with business
condition. It could be a propelling reason for us to create better service and proper
dealings in business transaction.
g. Fiesta and social occasions- Spending money in birthdays, baptism, and other
social occasion is no means for an alarm but if we need to make loans with high
interest rates, then that creates problem to our daily budget.
2. Job Opportunities/employment
a. Employment is one great factor in economic development- The entrepreneur
provides the necessary work for people to propel the economic development of
the nation.
b. Income opportunity in the countryside is still subsistence in nature- Most people
still believe that wealth and fortune can only be found in Manila that is why
people from rural area are looking for opportunities in the city.
3. Availability of Needed Capital
a. Republic Act 6977 (Magna Carta for Small Enterprises)- It provides the necessary
funds for the development of entrepreneurs in the countryside.
Entrepreneurial Characteristics and Competencies
Characteristics of an Entrepreneur
1. Leadership and management abilities- Managerial leadership is the ability to plan,

organize, direct, and control the organization towards the goals and objective of the
organization. The human skill deals with how the leader will relate himself with the
people around him and those that he will encounter in the course of his business.
2. Positive risk takers- An entrepreneur enjoys the challenges of putting his money and time
into a test. The entrepreneur makes things happen rather than wait for the things to
happen.
3. Self-confidence and positive outlook- The entrepreneur has strong belief in his capacity
to make a difference in the chosen field. The entrepreneur looks at the bright side of the
business.
4. Innovativeness and forward looking- An entrepreneur looks forward in creating new
things, something different from others. He introduces innovations that will satisfy
human needs and wants.
5. Natural intelligence and decision-making skills- The entrepreneur has to make decisions
as he cannot make things happen without making a wise choice of alternatives.
Managerial Skills that Make a Successful Entrepreneur
The entrepreneur has the following managerial skills:
1. The ability to plan and conceptualize- he must be able to visualize the direction of the
business towards successful takeoff.
2. The ability to organize the resources of the enterprise- A good business organization is
based on around people and resources. Waste of time and money has no place in a good
organization.
3. The ability to direct and motivate people in his organization- Entrepreneur needs to give
proper compensation and motivation to his workers for them to deliver the necessary
output.
4. The ability to control- Safeguards and control mechanism could be implemented with
carefully crafted policies and procedure since controlling the whole operation is a
difficult task for an entrepreneur.
5. The ability to manage time- An entrepreneur has a time schedule so that important
activities could be attended on time.
6. The ability to adapt to the changing environment of business- The new entrepreneur must
be able to adapt to the changes in the business landscape for him to go with the time of
progress and expansion.
The decision-making process:
1. Identify the problem

2. Gather the data
3. Analyze the data
4. Formulate alternative solutions
5. Select the best alternative
6. Implement the best alternative
Entrepreneurial Venture in the Philippines
• Vision Statement- It describes what a company desires to achieve in the future.

• Mission Statement- A precise statement that defines what a company does and what
purpose it serves.
• Target Market- A group of people with shared demographics who have been identified as
the most likely buyers of a company’s product or service.
• Sole Proprietorship- It is a simple, unincorporated business entity owned by one
individual.
• Partnership- An unincorporated business that two or more parties form and own together.
• Corporation- A legal entity created by individuals or shareholders with the purpose of
operating for profit.
• Cooperative- It is a member-owned organizations whose goals are to satisfy their
members’ social, economic, and cultural needs.

Reviewer For Gee 2

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Reviewer For Gee 2

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REVIEWER FOR GEE 2- ENTREPRENEURIAL MIND (FINAL TERM)

• Entrepreneurship- It is a science of converting processed ideas into a remarkable business

Factors in Determining Economic Growth

1. The Filipino Values and Culture

Entrepreneurial Characteristics and Competencies

1. Leadership and management abilities- Managerial leadership is the ability to plan,

Managerial Skills that Make a Successful Entrepreneur

The entrepreneur has the following managerial skills:

The decision-making process:

1. Identify the problem

Entrepreneurial Venture in the Philippines

• Vision Statement- It describes what a company desires to achieve in the future.

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