Unit 1: Understanding the Concept of Entrepreneurship
Lesson 1
Entrepreneurship: Overview and
Concepts
Entrepreneurship
Senior High School Applied - Academic
Can you name
some of the
successful
entrepreneurs
in the country?
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Who are the
entrepreneurs around
you?
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All of us can also be
engaged in business
activities and may
become an Entrepreneur.
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Learning
Objective Explain the key concepts of
common competencies in
At the end of the
lesson, you should
entrepreneurship.
be able to do the
following:
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Entrepreneur
An entrepreneur is a
person who creates
unique ideas that will be
useful for starting a
business.
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Entrepreneurship
the science of converting
processed ideas into a
remarkable business
venture
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Why study
Entrepreneurship?
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The following will be the benefits to senior high school
students for studying entrepreneurship:
1. It will increase an individual’s entrepreneurial
interest.
2. It will help to discover innovators who also have the
competence and edge of becoming entrepreneurs.
3. It will help the learners analyze creative and
attainable ideas.
4. The learners will be able to write a business plan.
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Usefulness of the Course to the Students
5. Learners change their attitude towards the
course as a means of living.
6. Learners change in personal and career
attitudes such as communication,
problem-solving, collaboration, motivation,
creativity, and teamwork.
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Importance of Entrepreneurship Education
1. Entrepreneurship serves as a key economic driver. It focuses
on wealth creation, and through small businesses started by
entrepreneurial-minded individuals, it will also create jobs
for the people.
2. Entrepreneurial education is an individual lifelong process. It
helps increase the level of knowledge and competence and
improve the quality of life.
3. Entrepreneurship education benefits every student by giving
an alternative career path at any time of his or her life.
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Common Entrepreneurial Competencie
Competencies are considered as the capability,
capacity, and ability of a person to handle
situations in various areas in business operations
such as in marketing, management, production,
and finance
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What are the common
entrepreneurial
competencies?
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Entrepreneurship Common Competencies
1. Specific Goal Setting - Entrepreneurs should set goals that are
specific, measurable, attainable, realistic, and time-bound
because it will increase the chances of achieving that goal.
2. Self-Efficacy - Entrepreneurs must believe in their ability.
Entrepreneurs with high self-efficacy will turn negative feedback
into positive and use this as a basis for improvement.
3. Need for Achievement – Entrepreneurs must have a high desire to
accomplish goals. This includes repeated efforts to achieve
success
4. Ambition - Entrepreneurs must have motivation and persistence to
pursue their goals.
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Entrepreneurship Common Competencies
5. Willingness to Learn - Entrepreneurs should have a strong willingness to
acquire new knowledge and skills.
6. Adaptability and Flexibility - Entrepreneurs must learn how to be adaptable
and flexible in every situation. They can manage change well and generate
new actions even with undesirable events
7. Willingness to Take Risk - Entrepreneurs must be willing to accept the
consequences of every decision. They must know how to calculate and
identify risk. They are skilled in developing new plans.
8. Interpersonal Skills - Entrepreneurs should have strong skills in working
with people. They should have an understanding of the behavior of others
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Competencies For Entrepreneurial Success
Competency Example
Integrity An entrepreneur
positive sense knows what is good
and right. Do what is
of values and
best for everyone and
personal beliefs do not act without
thinking.
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Competencies For Entrepreneurial Success
Competency Example
Conceptual Review outcome projects
Thinking in order to understand
where problems occurred.
open to new
Check the impact of the
approaches proposed solution to both
and analyzes ideas customers and employees.
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Competencies For Entrepreneurial Success
Competency Example
Strategic Thinking An entrepreneur finds
understand and use ways to do things
strategies as a way to faster or at less costs.
accomplish goals
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Competencies For Entrepreneurial Success
Competency Example
Decisiveness An entrepreneur
make switches to an
choices and resolve alternative strategy to
reach a goal. It
issues quickly.
generates new ideas
and innovative
solutions.
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Competencies For Entrepreneurial Success
Competency Example
Customer A good entrepreneur
Relations Service knows what his or her
build trust and customer needs in
order to satisfy them
long-term
and have a long term
relationships with
relationship.
customers.
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Competencies For Entrepreneurial Success
Other Competencies
Risk-taking - An entrepreneur anticipates future conflicts but knows how to
solve problems that may arise in business organizations
Collaboration - Entrepreneurs should know how to work with people or
groups to attain common goals and to promote teamwork.
Commercial Aptitude - An entrepreneur should be updated with the
developments in the locality and with knowledge to identify opportunities that
can be attained by the business
Optimism – An entrepreneur should always think positively even when faced
with unexpected problems
People-centered – An entrepreneur should know how to motivate people and
see and value the best in others.
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Tip
The common competencies are
the skills you need in starting a
business. On the other hand, the
10 competencies discussed are
the skills that you need to be a
successful entrepreneur.
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Wrap Up
A businessman starts the business with an
existing idea or concept. An entrepreneur is a
person who creates unique ideas and has
common entrepreneurial competencies that will
help him/her on starting a business.
Entrepreneurship is the science of converting
processed ideas into a remarkable business
venture.
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Wrap Up
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Bibliography
Amit_selp. “Entrepreneurial Competencies.” Docuri. Accessed March 3,
2020.
https://docuri.com/download/entrepreneurial-competencies_59ae47b
2f581710a6200ff25_pdf#modals.
Dollingner, Marc. Entrepreneurship: Strategies and Resources 3rd Edition.
New Jersey: Prentice Hall, 2003.
Kotler, Philip & Gordon McDougall. Marketing Essentials. Prentice-Hall
Canada Inc., 1985.
Peters, Michael & Robert Hisrich. Entrepreneurship 4th Edition. McGraw-Hill
Book Co., 1999.
Seth, Shobhit. “ 5 Characteristics of Successful Entrepreneurs.”
Investopedia. Accessed March 3, 2020.
https://www.investopedia.com/articles/personal-finance/101014/10-c
haracteristics-successful-entrepreneurs.asp.
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