LESSON 1 : INTRODUCTION

Entrepreneurship
-​ is the process of discovering new ways of combining resources.
-​ is the ability and readiness to develop, organize and run a business enterprise, along with
any of its uncertainties in order to make a profit.
Entrepreneur
-​ Someone who has the ability and desire to establish, administer and succeed in a startup
venture along with risk entitled to it, to make profits.
-​ Anyone who has the will and determination to start a new company and deals with all the
risks that go with it

Historical Development of Entrepreneurship

The word “entrepreneur” originates from a
13th - century French verb, entreprendre, meaning
“to do something” or “to undertake.”
16th century - the noun form, entrepreneur, was being used to refer to someone who undertakes
a business ventur
1730 - The first academic use of the word by an
economist by Richard Cantillon
-​ Identified the willingness to bear the personal financial risk of a business venture as the
defining characteristic of an entrepreneur
1800 - Jean-Baptiste Say and John Stuart Mill
-​ Further popularized the academic usage of the word “entrepreneur.”
-​ Say stressed the role of the entrepreneur in creating value by moving resources out of less
productive areas and into more productive ones.
-​ Mill used the term “entrepreneur” in his popular 1848 book, Principles of Political
Economy, to refer to a person who assumes both the risk and the management of a
business

20th century economists

Joseph Schumpeter - stressed the role of the entrepreneur as an innovator who implements
change in an economy by introducing new goods or new methods of production.
Israel Kirzner - entrepreneur is a person who discovers previously unnoticed profit
opportunities

1980s - 1990s
-​ Witnessed a dramatic increase in empirical research on entrepreneurship.
-​ studies explore the effect of demographic and socioeconomic factors on the likelihood of
a person choosing to become an entrepreneur. Others explore the impact of taxes on
entrepreneurial activity.
4 Types of Entrepreneurship
1.​ Small Business Entrepreneurship
-​ These businesses are a hairdresser, grocery store, travel agent, consultant, carpenter,
plumber, electrician, etc.
-​ These people run or own their own business and hire family members or local employee.
-​ They fund their business by taking small business loans or loans from friends and family
2.​ Scalable Startup Entrepreneurship
-​ This start-up entrepreneur starts a business knowing that their vision can change the
world.
-​ They attract investors who think and encourage people who think out of the box.
-​ The research focuses on a scalable business and experimental models, so they hire the
best and the brightest employees.
-​ They require more venture capital to fuel and back their project or business
3.​ Large Company Entrepreneurship
-​ These huge companies have defined life-cycle.
-​ Most of these companies grow and sustain by offering new and innovative products that
revolve around their main products.
-​ The change in technology, customer preferences, new competition, etc., build pressure for
large companies to create an innovative product and sell it to the new set of customers in
the new market
4.​ Social Entrepreneurship
-​ This type of entrepreneurship focuses on producing product and services that resolve
social needs and problems.
-​ Their only motto and goal is to work for society and not make any profits

Characteristics of Entrepreneur
●​ Innovation
●​ Ability to take risk
●​ Flexible
●​ Know your product
●​ Open-minded
●​ Visionary and Leadership quality

Entrepreneurial Traits
●​ Passion
●​ Risk taking ability
●​ Persisting nature
●​ Leading from the front
●​ Ethical in nature
Importance of Entrepreneurship
Impact on society and community development
Creation of employment - Innovation - Increase standard of living - supports research and
development

5 Skills every entrepreneur needs to succeed

-​ Finance skills, communications skills, leadership skills, time management, sales

Joseph Alois Schumpeter - Regarded as the father of entrepreneurship. He introduced the

concept of entrepreneurship

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LESSON 2
Entrepreneurship
-​ is the process of identifying, developing, and bringing a vision to life. This vision may be
an innovative idea, a new product or service, or a solution to a problem.
-​ It involves taking calculated risks to organize and manage a business venture for profit
and growth. It also plays a critical role in driving economic development and innovation.
Entrepreneur
-​ An entrepreneur is an individual who initiates, organizes, and operates a business, taking
on financial risks in the hope of profit. Entrepreneurs are often seen as innovators,
sources of new ideas, goods, services, and business procedures.

Entrepreneurial Skills
These are specific abilities and competencies that help entrepreneurs succeed:
●​ Problem-solving
●​ Decision-making
●​ Leadership
●​ Communication
●​ Financial literacy
●​ Time management
●​ Sales and marketing skills
●​ Negotiation
●​ Strategic thinking
Entrepreneurial Attributes
Attributes are enduring traits or tendencies that shape entrepreneurial behavior. These include:
●​ Proactiveness – taking initiative and anticipating future needs
●​ Resilience – the ability to recover from setbacks
 ●​ Innovativeness – being creative and open to change
●​ Risk tolerance – willingness to take calculated risk
Entrepreneurial Qualities
Qualities are innate or developed traits that support success, such as:
Confidence, Visionary thinking, Passion and drive, Self-motivation, and Commitment to goals

Entrepreneurial Characteristics
Characteristics are defining features that distinguish entrepreneurs, including:
●​ Independence – preference to work autonomously
●​ Resourcefulness – ability to make the most out of limited resources
●​ Adaptability – adjusting strategies based on changing environments
●​ Ethical standards – conducting business with integrity
Socio-Economic Benefits of Entrepreneurship
Entrepreneurship contributes positively to society and the economy in several ways:
●​ Job creation – entrepreneurs generate employment opportunities
●​ Economic growth – through increased productivity and innovation
●​ Poverty reduction – by providing income-generating activities
●​ Innovation and technology advancement – leading to improved products and services
●​ Community development – many entrepreneurs invest in their local communities
●​ Increased competition – which improves quality and lowers prices
●​ Improved standard of living – by offering new and better products and services

Here are key concepts related to the entrepreneurial mind—these ideas help shape the
mindset and behavior of successful entrepreneurs:
1. Growth Mindset
-​ Belief that abilities and intelligence can be developed through dedication and hard work.
-​ Entrepreneurs with a growth mindset are more resilient, open to feedback, and willing to
learn from failure.
2. Innovation
-​ The ability to think creatively and come up with new ideas, products, or processes.
-​ Innovation is at the heart of entrepreneurship and drives business differentiation and
value creation.
3. Opportunity Recognition
-​ The skill of identifying gaps in the market or unmet needs that can be turned into
business opportunities.
-​ Entrepreneurial thinkers are alert to changes in technology, consumer behavior, and
industry trends.
4. Risk-Taking
-​ Willingness to take calculated risks in pursuit of goals.
 -​ This doesn't mean being reckless—it involves assessing risks and managing uncertainty
effectively.
5. Resilience
-​ The capacity to bounce back from setbacks, failures, and challenges.
-​ A key trait of successful entrepreneurs, enabling them to persevere through tough times.
6. Visionary Thinking
-​ The ability to imagine future possibilities and chart a strategic path toward long-term
goals.
-​ Entrepreneurs are often future-oriented and driven by a clear vision.
7. Proactiveness
-​ Taking initiative and acting in anticipation of future problems, needs, or changes.
-​ Proactive entrepreneurs don't wait—they make things happen.
8. Self-Efficacy
-​ Belief in one's ability to succeed in specific situations or accomplish tasks.
-​ High self-efficacy empowers entrepreneurs to take on challenges and persist.
9. Passion and Drive
-​ Deep motivation and enthusiasm for one’s venture or idea.
-​ Passion sustains entrepreneurs through hard work and long hours.
10. Adaptability and Flexibility
-​ Ability to change strategies or approaches when faced with new information or changing
environments.
-​ Essential in today’s fast-changing markets and industries.
11. Problem-Solving Orientation
-​ Constantly looking for better ways to do things and solve real-world problems.
-​ Entrepreneurs use both analytical and creative approaches.
12. Value Creation
-​ Focus on delivering value to customers, stakeholders, and the community.
-​ A key driver of sustainable entrepreneurship.

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LESSON 3 : Career Paths

CAREER PATHS FOR ENTREPRENEURS

Here’s a list of career paths for entrepreneurs, showcasing the wide range of opportunities where
entrepreneurial skills can thrive:
1. Start-Up Founder / Business Owner
-​ Launch and manage your own business or start-up.
-​ Examples: Food business, online store, tech company, service agency, boutique, etc.
2. Franchise Owner
-​ Operate a business under an established brand using its systems and name.
 -​ Examples: Jollibee franchisee, 7-Eleven operator, The Generics Pharmacy, etc.
3. E-Commerce Entrepreneur
-​ Build and manage online businesses selling products or services.
-​ Examples: Shopee/Lazada seller, drop shipping store owner, Etsy shop, Amazon FBA
entrepreneur.
4. Social Entrepreneur
-​ Start a venture with a strong social mission, combining profit with social impact.
-​ Examples: Enterprises addressing poverty, education, or environmental sustainability.
5. Freelancer / Independent Consultant
-​ Offer professional services independently using your expertise.
-​ Examples: Graphic design, marketing consultancy, virtual assistance, content writing.
6. Tech Innovator / App Developer
-​ Create tech solutions, software, or mobile apps for users or businesses.
-​ Examples: Developers of local booking apps, fintech services, educational platforms.
7. Real Estate Investor / Broker
-​ Buy, sell, lease, or manage property for income and growth.
-​ Examples: Rental property owner, real estate broker, flipper.
8. Agripreneur (Agricultural Entrepreneur)
-​ Innovate in agriculture and agribusiness with sustainable practices.
-​ Examples: Organic farm owner, farm-to-table supplier, agricultural tech solution
provider.
9. Creative Entrepreneur
-​ Use creative skills to run a business in arts, media, or design.
-​ Examples: Fashion designer, content creator, photographer, YouTuber, vlogger.
10. Franchise Consultant / Business Coach
-​ Help aspiring entrepreneurs start or improve their ventures.
-​ Examples: Providing training, business planning, mentoring, and strategic advice.
11. Event Organizer / Planner
-​ Run a business that manages corporate or social events.
-​ Examples: Wedding planning, corporate event coordination, party styling.
12. Food and Beverage Entrepreneur
-​ Launch food concepts or dine-in, cloud kitchen, or mobile food businesses.
-​ Examples: Café owner, food truck operator, catering service provider
13. Green Entrepreneur
-​ Focus on environmentally sustainable and eco-friendly ventures.
-​ Examples: Zero-waste product shops, eco-tourism services, recycling businesses.
14. Health and Wellness Entrepreneur
-​ Build businesses around fitness, nutrition, and overall well-being.
-​ Examples: Gym owner, wellness coach, healthy food brand owner.
15. Education and Training Provider
 -​ Develop and run educational programs, tutorials, or training centers.
-​ Examples: Online course creator, tutorial center founder, skills training provider.
These careers allow entrepreneurs to turn their passion, innovation, and leadership into profitable
and meaningful ventures.

Successful entrepreneurs in the philippines

1.​ Tony Tan Caktiong
-​ founder : Jollibee Foods Corp, industry: food and beverage
-​ Notable Achievements: Started with a small ice cream parlor in 1975Grew Jollibee into
the largest fast-food chain in the Philippines, even surpassing McDonald's locally.
-​ Expanded globally with brands like Chowking, Red Ribbon, Mang Inasal, and overseas
acquisitions (e.g., Smashburger, Coffee Bean & Tea Leaf)
2.​ Socorro “Nanay Coring” Ramos
-​ co-founder : national bookstore, industry: retail (book and school supplies)
-​ Notable Achievements: Started the business during World War II by selling books and
supplies in a small stall
-​ Built National Book Store into the largest bookstore chain in the Philippines
-​ Known for her resilience and frugality, even in old age
3.​ Henry Sy Sr.
-​ founder : SM investments corp, industry: retail, real estate, banking
-​ Notable Achievements: Started with a small shoe store in Manila called ShoeMart
-​ Built the SM Malls, now the largest chain of shopping malls in the Philippines
-​ Became the richest man in the Philippines for several years until his passing.
4.​ Cecilio Pedro
-​ founder : Lamoiyan Corp (maker of Hapee Toothpaste), industry: consumer goods
-​ Notable Achievements: Successfully competed with multinational toothpaste brands
-​ Created a Filipino brand that is affordable and widely accepted
-​ Known for hiring and empowering hearing-impaired workers
5.​ Injap Sia (Edgar Sia II)
-​ founder : Mang Inasal; co founder : Double Dragon Property, industry: food, real estate
-​ Notable Achievements: Built Mang Inasal from one store in Iloilo to over 400 branches
in just 7 years
-​ Sold 70% of Mang Inasal to Jollibee for ₱3 billion
-​ Later ventured into real estate with Double Dragon, developing malls and condos

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LESSON 4: Business ownership and organization

1. Sole Proprietorship
-​ A business owned and operated by one individual.
Advantages:
●​ Easy and inexpensive to set up
●​ Full control and decision-making power
●​ All profits go to the owner
●​ Simple tax filing (personal income tax)
Disadvantages:
●​ Unlimited personal liability
●​ Harder to raise capital
●​ Limited lifespan (ends when the owner dies or quits)
2. Partnership
-​ A business owned by two or more individuals who share responsibilities and profits.
Advantages:
●​ Shared investment and expertise
●​ Easier access to capital
●​ Simple structure and less regulation
Disadvantages:
●​ Unlimited liability (for general partners)
●​ Possible conflicts between partners
●​ Shared profits
Types
●​ General Partnership – equal sharing of responsibility and liability
●​ Limited Partnership (LP) – some partners have limited liability and involvement
●​ Limited Liability Partnership (LLP) – all partners have limited liability
3. Corporation (Corporation or Inc.)
-​ Alegal entity separate from its owners, with rights and liabilities.
Advantages:
●​ Limited liability for shareholders
●​ Perpetual existence
●​ Easier to raise capital through stock
Disadvantages:
●​ Expensive and complex to form
●​ Subject to more regulations
●​ Double taxation (corporate and personal tax on dividends)
Types:
●​ Private Corporation – owned by a few individuals
●​ Public Corporation – sells shares to the public (stock market)
●​ Nonprofit Corporation – operates for charitable or public purposes
4. Cooperative (Co-op)
-​ A business owned and operated by a group of individuals for mutual benefit.
Advantages:
 ●​ Members have equal say in decisions
●​ Profits are shared among members
●​ Encourages community involvement
Disadvantages:
●​ Limited capital
●​ Slower decision-making
●​ Requires active member participation
5. Limited Liability Company (LLC)
-​ A hybrid structure combining features of a corporation and a partnership.
Advantages:
●​ Limited liability
●​ Flexibility in management and taxation
●​ No double taxation (profits taxed once as personal income)
Disadvantages:
●​ May have a limited lifespan in some jurisdictions
●​ More paperwork than a sole proprietorship or partnership
6. Franchise
-​ A business system where an individual (franchisee) operates a business using the
branding, model, and support of a larger company (franchisor).
Advantages:
●​ Established brand recognition
●​ Training and support from franchisor
●​ Lower risk of failure
Disadvantages:
●​ High initial fees and ongoing royalties
●​ Limited operational freedom
●​ Must follow franchisor rules strictly

Key Issues and Challenges

●​ Access to Capital
-​ Entrepreneur’s ability to obtain the financial resources needed to start, operate, or grow a
business.
-​ Capital can come from various sources such as personal savings, loans, investors, grants,
or crowdfunding.
-​ Having access to capital is crucial because it enables entrepreneurs to invest in
equipment, hire staff, develop products, and manage day-to-day operations.
-​ Limited access to capital can hinder business growth, innovation, and sustainability
●​ Regulatory and Economic Uncertainty
 -​ Small businesses are navigating uncertainties due to potential new regulations, inflation,
and changes in trade policies. These factors impact planning and operations, requiring
businesses to stay informed and adaptable.
●​ Digital Transformation Challenges
-​ While technology adoption offers benefits, many small businesses face hurdles in fully
integrating digital tools. Challenges include keeping up with rapidly evolving trends and
ensuring staff are adequately trained.
●​ Workforce Dynamics
-​ The shift towards remote and hybrid work models presents challenges in managing
productivity, team cohesion, and cybersecurity. Businesses must adapt to these changes to
maintain effective operations.

●​ AI Integration and Automation

-​ A significant number of small and midsize businesses are adopting artificial intelligence
(AI) to enhance operations. Approximately 38% utilize AI for marketing, recruitment,
and customer service, while nearly half have upgraded their cybersecurity systems to
protect digital operations.E-Commerce and
●​ Social Media Expansion
-​ E-commerce continues to grow, with global sales projected to reach $8.1 trillion by 2026.
Businesses are increasingly leveraging social media platforms not just for audience
building but also for direct sales, with 76% acknowledging its positive impact on
performance.
●​ Sustainability and Green Entrepreneurship
-​ There's a heightened focus on sustainability, with businesses adopting circular economy
principles and eco-friendly practices. Consumers are increasingly calling out
greenwashing, pushing companies to demonstrate genuine environmental responsibility.
●​ Rise of Women Entrepreneurs
-​ Women, particularly younger women and women of color are driving a significant rise in
entrepreneurship. In 2024, women-owned startups accounted for 49% of all new
businesses, up from 29% in 2019. This growth is fueled by shifts from necessity-based to
opportunity-based entrepreneurship
●​ Inclusive Entrepreneurship
-​ There's a growing emphasis on inclusive entrepreneurship, aiming to support
entrepreneurs from diverse backgrounds by creating a level playing field. This involves
overcoming barriers faced by different individuals and unleashing their creative potential
for a more sustainable future.

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LESSON 5 : STARTING A BUSINESS
1. Identify a Business Idea
 -​ Look for a product or service that solves a problem or meets a need.
-​ Consider your skills, passion, and experience.
-​ Conduct a simple SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).
Examples:
●​ Food and beverage (milk tea, café)
●​ E-commerce (online clothing shop)
●​ Services (laundry, tutorial, event planning)
2. Conduct Market Research
-​ Understand your target market: Who are your potential customers?
-​ Study your competition: Who are your competitors and what are their strengths?
-​ Use surveys, interviews, and online research to validate your idea.
3. Create a Business Plan
-​ This is your roadmap that outlines your goals and how to reach them.
-​ Include: Executive Summary, Business Description, Market Analysis, Marketing Plan,
-​ Financial Plan, etc.
4. Choose a Business Name and Structure
-​ Pick a catchy and relevant name that reflects your brand.
-​ Choose your legal structure: Sole Proprietorship, Partnership, Corporation, or
Cooperative
5. Register Your Business
-​ In the Philippines, follow these steps:
1. Register business name – DTI (sole proprietors), SEC (partnerships/corporations), or CDA
(cooperatives).
2. Get barangay clearance.
3. Secure mayor’s permit or business permit from the local government.
4. Register with BIR for tax purposes.

6. Set Up Finances
-​ Open a business bank account.
-​ Set up an accounting or bookkeeping system.
-​ Apply for funding or capital if needed (savings, loans, investors).
7. Develop Your Product or Service
-​ Source your suppliers and materials.
-​ Test and refine your offering based on feedback.
-​ Ensure quality and pricing align with your target market.
8. Build Your Brand and Marketing Strategy
-​ Design a logo, packaging, and social media presence.
-​ Use online platforms like Facebook, Instagram, or TikTok.
-​ Run promos, content marketing, and ads to gain visibility.
9. Launch Your Business
 -​ Start with a soft launch to test your operations.
-​ Gather customer feedback and make improvements.
-​ Offer grand opening deals or events to attract attention.
10. Monitor, Improve, and Grow Track your sales, expenses, and customer feedback.
-​ Adjust your business strategy as needed.
-​ Explore expansion, new products, or additional markets.