Lesson 1 Introduction To Entrepreneurship

LESSON 1:
INTRODUCTION TO
What I Need to know
 Businesses are the backbone of the economy. Entrepreneurs plays an

important role in developing the economy through providing the needed
products and services including the solution to the problem of
unemployment.
 Entrepreneurs are encouraged by the economy because they can provide
a lot of opportunities for the unemployed young people. It will increase in
per capita income, higher standard of living and increased individual
saving, revenue to the government in the form of income tax, value added
tax, export duties, import duties, and balanced regional development.
What I Need to Know?
After reading this module, the learners should be able to:
1.discuss the relevance of the course;

2.explain the key concepts of common competencies;
3.explain the core competencies in Entrepreneurship;
4.explore job opportunities for Entrepreneurship as a career.

What’s In?
Before we will proceed to our lesson, can you tell me what comes into your mind when you
hear the word ?
Write it one fourth sheet of paper and give it to your teacher. (All answers will be accepted)
Concept of Entrepreneurship
The word “entrepreneur” was derived from the French verb
enterprendre, which means “to undertake.” This is pinpointing to
those who “undertake” the risk of enterprise. The enterprise is created
by an entrepreneur and the process is called “Entrepreneurship.”

Entrepreneurs are innovators, willing to take risks and generate new
ideas to make it unique and profitable solutions to the present-day
problems.
Relevance of Entrepreneurship to an Organization
1. Development of Managerial capabilities - this means that one of the

benefits an entrepreneur gets is to develop his managerial skills.
2. Creation of Organizations - which means that because of
entrepreneurships many organizations will exist.
3. Improving standard of living - this means that entrepreneurship can
lift up the economic status of an individual.
4. Means of economic development - this means that not only the life
of the entrepreneur is improved but also the society where the
business is located.
Factors Affecting Entrepreneurship
1. Personality Factors which includes:

a. Initiative - which means doing things even before being told.
b. Proactive -which means he can classify opportunities and seize it.
c. Problem Solver - which means he can retain good relations with other people.
d. Perseverance - meaning he will pursue things to get done regardless of challenges.
e. Persuasion - means that he can entice people to buy even if they don’t.
f. A Planner - meaning he makes plan before doing things and do not fail to monitor it.
g. Risk-taker - which means that he is willing to gamble but he will calculate it first.
2. Environmental Factors which include political, climate, legal system, economic and
social conditions and market situations.
Common Competencies in Entrepreneurship
1. Decisive - an entrepreneur must be firm in making decisions.

2. Communicator - an entrepreneur must have a convincing power.
3. Leader - an entrepreneur must have the charisma to be obeyed by his employees.
4. Opportunity seeker - an entrepreneur must have the ability to be the first to see business chances.
5. Proactive - controlling a situation by making things to happen or by preparing for possible future
problems.
6. Risk Taker - they have the courage to pursue their business ideas.
7. Innovative - the entrepreneurs have big business ideas and they do not stop improving and
thinking of new worthwhile ideas for their business.
Core Competencies in Entrepreneurship
1. Economic and dynamic activity - Entrepreneurship is an economic activity because

it involves the creation and operation of an enterprise with a view to creating
value or wealth by ensuring optimum utilization of limited resources.
2. Innovative - Entrepreneurs constantly look for new ideas, thus he needs to be
creative.
3. Profit Potential - The entrepreneur can be compensated by his profit coming from
the operation.
4. Risk bearing – The entrepreneur needs to gamble but wise enough to offset the
risk.
Types of Entrepreneurs
1. Innovative entrepreneur - They are those who always make new things by thinking of new
ideas. They have the ability to think newer, better and more economical ideas.
2. Imitating entrepreneurs - They are those who don’t create new things but only follow the
ideas of other entrepreneurs.
3. Fabian entrepreneurs - They are skeptical about changes to be made in the organization.
They don’t initiate but follow only after they are satisfied.
4. Drone entrepreneur - They are those who lives on the labor of others. They are die-hard
conservatives even ready to suffer the loss of business.
5. Social entrepreneurs - They are those who initiate changes and drive social innovation and
transformation in the various fields such as education, health, human rights, environment and
enterprise development.
Career Opportunities of Entrepreneurship
1. Business Consultant - with the expertise of in the field of entrepreneurship, he

can be a very good source of advices to other entrepreneurs and would
be business man.
2. Teacher - a graduate of an entrepreneurship can use his knowledge in teaching.
3. Researcher - the entrepreneur can be employed as researcher by an enterprise.
4. Sales - the entrepreneurship graduate can apply as salesman.
5. Business Reporter - the entrepreneur being expert in the field, he can be
employed as business reporter.
Activity 1
Activity 2
Interpretation
Interpretation: If you have more YES than NO, you

have the qualities of an entrepreneur.
What I Have Learned?
_______________ are people who take the risk, they are innovators
and contributors to the development of the _______________.

Assignment
 Answer the True or false in what I know (1-15)
 Answer the Assessment in the LESSON 1: Introduction to Entrepreneurship (1-
15)
End of Lesson 1   

Lesson 1 Introduction To Entrepreneurship

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LESSON 1:

 Businesses are the backbone of the economy. Entrepreneurs plays an

After reading this module, the learners should be able to:

1.discuss the relevance of the course;

3.explain the core competencies in Entrepreneurship;

4.explore job opportunities for Entrepreneurship as a career.

hear the word ?

1. Development of Managerial capabilities - this means that one of the

1. Personality Factors which includes:

1. Decisive - an entrepreneur must be firm in making decisions.

1. Economic and dynamic activity - Entrepreneurship is an economic activity because

1. Business Consultant - with the expertise of in the field of entrepreneurship, he

Interpretation: If you have more YES than NO, you

and contributors to the development of the _______________.

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