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• Entrepreneur means "to undertake" and is the individual who creates an enterprise or business, a process known as "Entrepreneurship"
• Entrepreneurs are innovators, willing to take risks and generate new ideas
• Predictive Approach in entrepreneurship is a linear process that is predictable, while the Creation Approach is used when the future is unpredictable and requires practice
• The Barter System is a trading system where people exchange goods; early 10th century Filipinos traded silk clothing for gold and pearls with the Arabs, using Piloncitos or small pieces of gold and gold barter rings
• Article XII Section 1 aims to improve the quality of Filipino lives
• Skills important for entrepreneurs include the ability to play, experiment, empathize, be creative, reflect, adapt, take risks, and lead effectively
• Types of Entrepreneurships include Small Business, Intrapreneurship, Large Company, Innovative, Entrepreneurs inside, Buying a franchise, Social Entrepreneurship, Family Business, and Serial Entrepreneurs
• The entrepreneurial method consists of five effectual principles: Bird in Hand, Affordable Loss, Crazy Quilt, Pilot in The Plane, and Effectuation
• Effectuation is the idea in entrepreneurship that the future is unpredictable yet controllable
• Components of the Entrepreneurship Method involve identifying desired impact, beginning with means at hand, describing the idea today, estimating affordable loss, reflecting and being honest, taking small action, networking, enjoining others in the journey, and building and learning from what has been learned
• Managerial thinking aims to avoid and reduce the unexpected, while entrepreneurial thinking seeks to leverage it; entrepreneurs are change agents, while managers are maintainers
• Managers manage people within a company, while entrepreneurs create business ventures
• Deliberate practice in entrepreneurship involves carefully perfecting certain abilities to improve skills
• Skills needed in business:

  • Play skill: making imagination into reality
  • Experimentation skill: taking actions to create a unique product
  • Empathy skill: putting oneself in others' shoes
  • Creativity skill: ability to generate new and innovative ideas
  • Reflection skill: vital for entrepreneurs to examine their thoughts
  • Adaptability skill: adjusting to changing market conditions
  • Risk-taking skill: having the courage to pursue business ideas
  • Leadership skills: being inspiring, motivating, and a good communicator
• Components of the Entrepreneurship Method:

  • Identify Desired Impact: must combine curiosity
  • Begins with Means at Hand: essential questions are "Who am I", "what do I know", and "whom do I know"
  • Describe the Idea Today: desired impact and means at hand should be combined to fully describe the idea today
  • Estimate Affordable Loss: instead of estimating risk, entrepreneurs think about what they are willing to lose
  • Reflect and Be Honest: an entrepreneur may have thought of giving up the business
  • Take Small Action: the first action is just a small step to get going
  • Network and Enjoin Others in the Journey: about collaboration and co-creation
  • Build and Learn from What Has Been Learned: should evaluate performance, as evaluating performance improves one's idea
• The entrepreneurial method consists of five effectual principles:

  • Bird in Hand: creating solutions using available resources
  • Affordable Loss: defining the entrepreneur's affordable loss
  • Crazy Quilt: entering into new partnerships for new opportunities
  • Pilot in The Plane: maintaining control and avoiding attempts to predict