Module A

• Entrepreneurship involves defining and redefining the concept, understanding what it means to become an entrepreneur, and identifying who entrepreneurs are
• Learning objectives of the module include defining and redefining entrepreneurship, comparing entrepreneurs to businessmen, recognizing different entrepreneurial personas, creating a personal definition of entrepreneurship, and understanding the importance of entrepreneurship
• Reflective learning activities encourage students to think and reflect on concepts related to entrepreneurship
• Traditional definitions of entrepreneurship trace back to the French word "entreprendre," meaning to undertake, and commonly involve organizing, managing, assuming risks, and making money through business activities
• Entrepreneurship has evolved over time, with redefined definitions emphasizing recognizing problems as opportunities, innovating, taking risks, and making an impact
• Entrepreneurs are described as breakthrough innovators who recognize opportunities, challenge the unknown, and create the future through innovative ideas and solutions
• Entrepreneurship involves innovating, taking risks, responding to change, and exploiting opportunities according to various scholars and entrepreneurs
• Entrepreneurs are distinguished from business owners by their focus on innovation, profitability, and growth, embodying an entrepreneurial mindset regardless of ownership
• Entrepreneurship is not limited to business owners and can be embodied by individuals in various personas such as classical entrepreneurs, corporate entrepreneurs, and social entrepreneurs
• Entrepreneurial Mindset:

  • Classical Entrepreneurs: embody the entrepreneurial mindset and spirit in their own enterprises
  • Corporate Entrepreneurs: employed individuals who apply the entrepreneurial mindset and spirit among firms they do not own
  • Social Entrepreneurs: use the entrepreneurial spirit to do good/welfare
• The importance of having an entrepreneurial mindset is relevant regardless of being in a business or not
• Entrepreneurs are Breakthrough Innovators who:

  • Recognize opportunities where others see chaos or confusion
  • Are aggressive catalysts for change within the marketplace
  • Challenge the unknown (risk-taking) and continuously create the future
• Importance of Entrepreneurship:

  • Entrepreneurs provide benefits not only to themselves and the community but also to the country
  • Entrepreneurs contribute to economic development, job opportunities, tax payments, cultural identity, social development, and improvement in the quality of life
• Entrepreneurship Contributions:

  • Economic development
  • Job opportunities
  • Tax payments
  • Cultural identity and Filipino pride
  • Social development
  • Improvement in the quality of life
• Entrepreneurship is essential not only in the country and immediate community but also among individuals
• Entrepreneurship is a process of gathering and using resources that must be allocated to opportunities rather than to problems. The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.


  PETER DRUCKER
• Entrepreneurship essentially consists in doing things that are not generally done in the ordinary course of business routine

  JOSEPH SCHUMPETER
• Entrepreneurship is doing things in a new and better way. Entrepreneurial role calls for decision making under uncertainty.


  DAVID McCLELLAND
• Entrepreneurship is the pursuit of opportunity beyond resources controlled


  HOWARD STEVENSON
• Businessmen or managers tend business by expecting stable sales, profit, and growth, while Entrepreneurs focus their efforts in innovation, profitability and growth.
• Being innovative makes a difference between businessmen and entrepreneurs. Hence, not all business owners are entrepreneur.
• entrepreneurship is not exclusive to business owners alone. Seeing entrepreneurship as a mindset, makes it universal regardless of what you own, and regardless of which industry you play.