CHAPTER 1

• Prof. Angelita Ong Camilar-Serrano, PhD-BM, MBA, CMC
• Leonard A. Schlesinger, Charles F. Kiefer and Paul B. Brown: 'You may have wondered why so many things seem to be harder and take longer to accomplish than you would lie-and why both things seem to be increasing. We don't have the answer in every case, but there is an explanation that probably covers the majority of situations; the way we have been taught to solve problems was designed for a different world. To deal with uncertainly today, we need a different approach.'
• Entrepreneurial Mindset


  Entrepreneurship is a life skill that readies a person to manage the vague and undefined future particularly in the business environment. Entrepreneurship is composed of collective mindsets and skillsets that can empower an individual to create and act on opportunities of any kind for himself. Simply, there is no need to build a business in order to think and act like an entrepreneur.
• Entrepreneurship Views


  The older view (predictive approach) considers entrepreneurship as a linear process where there are steps to do and the results are usually predictable. The recent view (creation approach) sees entrepreneurship as a mindset and a method that needs practice and used only when the future is unpredictable and not certain.
• Traditional entrepreneurship (predictive approach)


  • Entrepreneurs identify the goals they wanted to attain and search for available resources. This approach works best during times of ambiguity and when there is enough information where to base decisions. Most well-known and established companies make use of predictive approach.
• Entrepreneurs using creation approach

  • Define their goals based from the resources available at hand. They do not delay the action they wanted to take despite scarcity of resources.
• Small businesses always begin with creation. Nevertheless as these ventures progress they need to gather information in the real business world in order to make predictions for analysis.
• In the initial phase of a business, creation is vital over prediction. It is difficult to predict when a business still does not know its market nor its customers.
• The end goal of both approaches (predictive and creation) is similar though the means toward action is different.
• Entrepreneurs should be encouraged to use both standpoints (predictive and creation). For new ventures it is still best to balancely combine the two approaches in order to get the best results.
• The Start of Entrepreneurship in the Philippines

  Entrepreneurship has become the solution to poverty through job formation, wealth creation and social empowerment. The Philippine government sees entrepreneurship as the sole means to address the poverty problem.
• The 1987 Philippine Constitution identifies entrepreneurship as an instrument of economic growth.
• The Philippine Development Plan (PDP) strengthens the thrust on entrepreneurship by way of trade and investment.
• Traditionally, the concept of entrepreneurship is just to support the different factors of production. These days, entrepreneurship involves the capacity to see an opportunity, come up with an idea and organize all the resources and skills and form business ventures not just locally but internationally.
• The Philippine Chamber of Commerce and Industry, the agency under the Office of the President is an advocate of entrepreneurship which formed the Philippine Center for Entrepreneurship (PCE).
• Entrepreneurship lessons are embedded into the school curriculum to cultivate a culture of enterprise and nurture tomorrow's competitive entrepreneurs.
• The country has now regarded entrepreneurship as a way of thinking and not just an economic term.
• The challenge for the Philippines is to provide good leadership that can help social reforms through entrepreneurship.
• The Skills Important in Entrepreneurship

  The five important skills are: the skill of play, the skill of experimentation, the skill of empathy, the skill of creativity, and the skill of reflection.
• The Skill of Play

  • Allows imagination to explore, exposes mind to opportunities and potentials, and is very innovative. Entrepreneurs may try more serious educational games such as simulations, role playing and reality games that may challenge their creativity.
• The Skill of Experimentation

  • Calls for entrepreneurs to act so as to learn. Action could be in the form of going out in the streets and gathering real time data instead of just using Google to find information.
• The Skill of Empathy

  • Being sympathetic with the feeling, situation, purposes, opinions and wants of other people. Empathy is putting ones' shoes in the shoes of others.
• The Skill of Creativity

  • Being open-minded and letting loose ones ability to create, discover opportunties and resolve problems. Creating opportunities depends on how much an entrepreneur desires to learn, how interested he is and how much effort he would invest to apply his idea/s.
• The Skill of Reflection

  • Organizing all the four skills mentioned. Taking time to reflect is the most vital skill of all skills. There are several ways to do reflection: narrative, emotional, perceptive, analytical, evaluative, and critical.
• When reflecting, an entrepreneur considers an experience that has transpired and attempts to understand or explain it. This often leads to insight and deep learning or ideas to examine new experiences.
• The Truths about Entrepreneurship

  1. Entrepreneurship is Not Solely for Startups 2) Entrepreneurs Do Not Have Exceptional Personality Qualities 3) Entrepreneurship can be Taught Yet Entails Practice 4) Entrepreneurs are Not So Much Risk-Takers 5) Entrepreneurs Work in Partnership More than They Compete
• A business does not remain to be a startup, because it can always develop and progress into something bigger.
• There is really no evidence to prove that entrepreneurs possess special personality qualities above others.
• Entrepreneurship requires a person to possess a set of skills that should be improved continuously through practice.
• Entrepreneurs are really risk-takers but they normally would make calculations first prior to taking the next step.
• The community is a vital partner of most entrepreneurs. Most entrepreneurs learn their lessons from the shared experiences others had faced.
• Entrepreneurs


  • Not so much risk-takers
  • Make calculations before taking steps
  • Measure losses they are willing to take
  • Learn from each step as a lesson
• Entrepreneurs work in partnership

  Community of entrepreneurs with similar mindset and willing to support each other is important<|>Partnership with target consumers, prospective investors, and family/friends is essential
• Successful entrepreneurs had acted, talked to people, related with customers, buzzed about their offerings, and formed solid networking
• Investors are interested in the entrepreneur's relationship with customers and ability to deal with difficult situations, solve problems, and take positive feedback
• Entrepreneurship as a life skill


  Methodological way of thinking, opportunity identification, problem-solving, adapting to new situations, and governing one's goals and ambitions
• Life skills of entrepreneurship

  • Resilience
  • Agility
  • Negotiating
  • Problem solving
  • Relationship building
  • Mindfulness
• Intrapreneurship


  Encouraging people to discover high-risk, high-reward concepts with the support of a big corporate organization
• Entrepreneurs inside


  Function inside any type of organizations and must be supported by management
• Buying a franchise


  Entrepreneur as franchisee buys the right to open a business using the brand's proven business model and system