REVIEWER IN ENTREPRENEURSHIP things and does not fail to

monitor it.
g. Risk-taker - which means that he is willing to
Introduction to Entrepreneurship gamble but he will calculate it
first.
RELEVANCE OF ENTREPRENEURSHIP 2. Environmental Factors which include
TO AN ORGANIZATION political, climate, legal system,
1. Development of Managerial Capabilities - economic and social conditions and market
this means that one of the benefits an situations.
entrepreneur gets is to develop his managerial
skills. Common Competencies in Entrepreneurship
2. Creation of Organizations - which means 1. Decisive - an entrepreneur must be firm in
that because of entrepreneurship making decisions.
many organizations will exist. 2. Communicator - an entrepreneur must have a
3. Improving Standard of Living - this means convincing power.
that entrepreneurship can lift up the economic 3. Leader - an entrepreneur must have the
status of an individual. charisma to be obeyed by his
4. Means of Economic Development - this employees.
means that not only the life of the entrepreneur 4. Opportunity seeker - an entrepreneur must
is improved but also the society where the have the ability to be the first to
business is located. see business chances.
5. Proactive – an entrepreneur can control a
Concept of Entrepreneurship situation by making things happen
The word “entrepreneur” was derived from the or by preparing for possible future problems.
French verb enterprendre, 6. Risk Taker – an entrepreneur has the courage
which means “to undertake.” This is to pursue business ideas.
pinpointing to those who “undertake” the risk of 7. Innovative - the entrepreneur has big
enterprise. The enterprise is created by an business ideas and he does not stop
entrepreneur and the process is called improving and thinking of new worthwhile ideas
“Entrepreneurship.” for his business.
Entrepreneurs are innovators. They are willing
to take the risks and generate Core Competencies in Entrepreneurship
unique ideas that can provide profitable 1. Economic and Dynamic Activity -
solutions to the needs of the market and the Entrepreneurship is an economic activity
society. because it involves the creation and operation of
an enterprise with a view to
Factors Affecting Entrepreneurship creating value or wealth by ensuring optimum
1. Personality Factors which include: utilization of limited resources.
a. Initiative - doing things even before being 2. Innovative – The entrepreneur constantly
told. looks for new ideas, thus he needs
b. Proactive - which means he can classify to be creative.
opportunities and seize it. 3. Profit Potential - The entrepreneur can be
c. Problem Solver - which means he can retain compensated by his profit coming
good relations with other from the operation.
people. 4. Risk bearing – The entrepreneur needs to
d. Perseverance - meaning he will pursue things gamble but wise enough to offset
to get done regardless of the risk.
challenges.
e. Persuasion - means that he can entice people Types of Entrepreneurs
to buy even if they don’t want to. 1. Innovative Entrepreneurs - They are those
f. A Planner - he makes plans before doing who always make new things by

1
thinking of new ideas. They have the ability to Contributions of Entrepreneurship to the
think newer, better and more Socio-Economic Development :
economical ideas. Creates employment
2. Imitating Entrepreneurs - They are those Develops new markets
who don’t create new things but only Introduces innovation
follow the ideas of other entrepreneurs. Generates new sources of materials
3. Fabian Entrepreneurs - They are skeptical Stimulates investment interest in the new
about changes to be made in the business ventures being created
organization. They don’t initiate but follow only Improves the quality of life
after they are satisfied.
Serves as role models
4. Drone Entrepreneurs - They are those who
Brings social benefits to the people
live on the labor of others. They
are die-hard conservatives even ready to suffer Utilizes and mobilizes indigenous resources
the loss of business. Provides more alternatives for consumers
5. Social Entrepreneurs - They are those who
initiate changes and drive social Entrepreneurs are found everywhere around
innovation and transformation in the various the globe and they are a distinct
fields such as education, health, group of business people who contribute to the
human rights, environment and enterprise development of the society. They are
development. the founder and creator of the enterprise who
make use of the opportunities that
Career Opportunities of Entrepreneurship abound to start or grow business, knowing that
1. Business Consultant - with the expertise of there are risks involved in such
in the field of entrepreneurship, undertaking (Edralin, D. M., 2016).
he can be a very good source of advices to other
entrepreneurs and would be Three levels of competencies, which all
business men. entrepreneurs need:
2. Teacher - a graduate of an entrepreneurship 1. Personal competencies – These are your
can use his knowledge in abilities to ground yourself so that
teaching. you are secure and self-assured in whatever
3. Researcher - the entrepreneur can be situation you may find yourself
employed as a researcher by an (www.free-management-ebooks.com).
enterprise. Ex. creativity, determination, integrity, self-
4. Sales - the entrepreneurship graduate can criticism.
apply as a salesman. 2. Interpersonal competencies – These are
5. Business Reporter - the entrepreneur being your ability to lead, influence,
expert in the field, can be communicate, supervise, negotiate, and control
employed as a business reporter. people at all levels. It is the
ability to get along with people and motivate
people to perform jobs.
The word “entrepreneur” is derived from the Entrepreneurs must effectively manage people
(baseread.com).
French verb enterprendre,
Ex. communication, engagement, delegation
which means „to undertake‟. This refers to those
3. Business competencies – These are set of
who “undertake” the risk of new particular abilities and knowledge
enterprises. An enterprise is created by an that sets a company apart from its competitors
entrepreneur. The process of creation is (yourbusiness.azcentral.com). It
called “entrepreneurship” also refers to the key characteristics that
(www.yourarticlelibrary.com). successful entrepreneurs should have
in order to be successful
(www.mustangbols.com).

2
Ex. business vision, financial management, shown some level of interest in buying a
networking particular product or
service. Potential market is also called Total
BRIEF INTRODUCTION addressable market
(TAM) (MBA Skool Team, 2018).
Core vs. Common Competencies in 2. A potential market is the part of the market
Entrepreneurship you can capture in the future. It
Competencies in entrepreneurship play a includes the demographic groups that are not
leading role in making currently your customers but could
entrepreneurs successful (baseread.com). become customers in the future (Lake, L, 2019).
Entrepreneurial competencies facilitate 3. Market potential is the total demand for a
opportunity recognition, help adapt product in a given business
rapidly to changes, enhances business environment (Bhasin, H., 2018).
performance, strengthen the firm‟s competitive The Importance of Potential Markets (Lake,
position and stir the achievement of L., 2019)
organizational success. It is the sum total of the Potential markets are an important part of a
personality, skills and knowledge that the business's future growth.
entrepreneur possesses, which are Ensure the future of your business by
necessary to effectively perform their functions identifying new customers.
and responsibilities (Edralin, D. M., Think proactively about ways for your
2016). business to grow and change.
Competence is an underlying personal Show the potential of your business to
characteristic which leads to superior investors or collaborators.
performance. It is a combination of knowledge, Increase your revenue.
skills, attitudes, and motives Create a plan B that will weather changes in
(baseread.com). the economy or market.
Core competence is the foundation for Available Market
sharpening a company's competitive Prospects who are willing and capable (have
edge and it guides brand reputation, business sufficient resources) buyers, and
growth, and marketing strategy have access to a particular market or service
(www.thebalancesmb.com). (www.businessdictionary.com).
Common competence is one that describes the
Defined as the number of people who are
knowledge, skills and abilities
both willing and capable of buying a
found in most or all position
particular product or service in a particular
(www.ifpm.nifc.gov).
market (MBA Skool Team, 2020).
MBA Skool Team, 2018
Marketing Mix - It is a set of controllable Target Market
tactical marketing tools that the firm blends to Refers to a group of potential customers to
produce the response it wants in the target whom a company wants to sell its
market. products and services. Target markets are
generally categorized by age,
Market Size - Refers to the number of location, income, and lifestyle. Defining a
individuals in a certain market segment who are specific target market allows a
potential buyers company to home in on specific market factors
to reach and connect with
customers through sales and marketing efforts.
The Potential Market (Kenton, W., 2019).
1. Potential market is the part of the total Penetrated Market
population that has A set of customers or clients who are already

3
using a particular product or market, where there is no
service. A penetrated market means that the direct physical contact between buyers and
potential users of a product or sellers (Kenton, W. & Boyle,
service are aware of it, and in many cases are M., 2020).
active consumers of it. o A market does not refer to a particular place
(www.businessdictionary.com). but it refers to a market for
The size of a potential market helps a company a commodity or commodities. It refers to an
understand the level of arrangement whereby buyers
investment it should make further in the market, and sellers come in close contact with each other
while taking into consideration other directly or indirectly to
factors. If the potential market is very small, it sell and buy goods (Shaikh, S., retrieved 2020).
means there is a very small fraction Learning Module for Entrepreneurship
of the total population showing any interest in 8
the product or category. This means o A market is any place where sellers of
that it is better that the company doesn’t invest particular goods or services can
further in the product or category meet with buyers of those goods and services. It
because people won’t buy it. If the size of the creates the potential for
potential market is large, it means a transaction to take place. The buyers must
that there is a huge fraction of the total have something they can
population which is showing interest in the offer in exchange for the product to create a
product, so further investment can be made on successful transaction
the product development or
modification, marketing, promotions etc. The
size of the potential market gives an Concepts about Product and Service
estimate of what all a company should do and A product can be defined as anything that we
how much it should invest (MBA Skool can offer to a
Team, 2018). market for attention, acquisition, use or
The Market Need consumption that
1. Need could satisfy a need or want. However, the
o A motivating force that compels action for its definition of product does not only involve
satisfaction. Needs range tangible goods such as a car, a fridge or a phone.
from basic survival needs (common to all human The definition is extended to include
beings) satisfied by intangible objects as well, because they can be
necessities, to cultural, intellectual, and social offered to a market. Therefore, the
needs (varying from place broad definition of product includes services,
to place and age group to age group) satisfied by events, persons, places, organisations
necessaries or even ideas (Claessens, M., 2015).
(www.businessdictionary.com). Services are special form of product which
o A driver of human action which marketers try consists of activities, benefits or
to identify, emphasize, and satisfactions offered for sale that are
satisfy, and around which promotional efforts intangible and do not result in the ownership
are organized of anything. A service can thus include banking,
(www.businessdictionary.com). airline travel, communication
2. Market services, hotel services and so on (Claessens,
o A Market is a place where two parties can M., 2015).
gather to facilitate the A product is a tangible item that is put on the
exchange of goods and services. The parties market for acquisition, attention,
involved are usually buyers or consumption, while a service is an intangible
and sellers. The market may be physical like a item, which arises from the output of
retail outlet, where people one or more individuals
meet face-to-face, or virtual like an online

4
(https://corporatefinanceinstitute.com).

SWOT analysis - Entrepreneurial tool use in

determining the profitability of the business
operation.
Crab Mentality - It refers to the action of
people to pull down others who are about to get
out of the verge of poverty and reach for their
success.
Mañana Habit – It is a culture that is brought
by the colonizers who were fond of SIESTA after
lunch time.
Bahala na – used to express an attitude of
optimistic acceptance or fatalistic resignation in
an uncertain or difficult situation.

Goal Setter - characteristic traits below are

guided by the SMART principle
Risk Taker - The term quit and surrender is not
included in the vocabulary of successful
entrepreneurs.
Cognitive skills - Generate new ideas and
express knowledge in both oral and written
forms.
Customer Relation - The entrepreneurial
competency that develops and builds trust and
long term relationships with customers.

Form of entrepreneurial venture

Sole Proprietorship - Form of entrepreneurial
venture that is owned by one person only.
Partnership - Form of entrepreneurial venture
that is owned by two or more persons.
Corporation – a legal entity that is separate and
distinct from its owners.

Republic Act 6977 - The Magna Carta for Small

Enterprises.
Republic Act 6810 – The Magna Carta for
countryside and Barangay Business Enterprises.
Republic Act 6978 – National policy to promote
the quality of living of every Filipino through
social service