FINALS

Babson’s Global Mission

is to out the power of entrepreneurship, as the greatest force for social and economic value creation.

Babson Global

is a world leader in entrepreneurship education.

Entrepreneurship

comprises of various coordinating and interdependent parts (e.g. policy and finance). Within each part is another field of coordinating part required to run the entire entrepreneurship ecosystem.

Each entrepreneurship ecosystem is unique

It experiences constant change as transformation in human civilization occurs. For example, the Philippines entrepreneurial ecosystem evolves in agricultural production in 1950’s to 1980’s but the desire for massive industrialization creates major shift in the entrepreneurial ecosystem

The success of the ecosystem depends on the number of people in the system

The higher the number of entrepreneurs and thinking individuals participating in the market activity, the more effective the ecosystem

The ecosystem is correcting

Entrepreneurial programs are designed to be self- correcting in nature and able to adjust in its own way if any uncertainties arrived.

Intrapreneurship

term refers to the employee of a certain business or organization who usually ‘undertakes’ or ‘do’. It was coined by Gifford Pinchot III last 1978, as he wonders through innovative skills of some employees who work for the benefit of the organization. Accordingly, intrapreneurship is any activity or ‘undertaking’ by any person (who has the skills and knowledge similar to an entrepreneur) working for the benefit of other organization.

KODAK

a business organization involve in digital technology industry (an industry where innovation is abundant and cannot be avoided)

Steve Sasson

a Kodak employee, was granted a patent for the world’s first digital cameraO

KODAK: An Intrapreneurship Case

The case above describes the need of an intrapreneur in any of organization. This is due to an ongoing ‘market war’ happening between companies trying to outwit each other and aims to take large chunk of market share.

Being Proactive

This kind of competency requires ability to think what the future needs.

Thinking altruistically or pro-socially

Be happy of what you are doing.

Discovery

is where idea generation takes place, this time, the entrepreneur began to wonder the horizon and began to notice that something is not yet available that is needed by the people whether today or in the future. This activity requires a lot of effort in conducting market research, consumer behavior analysis and search for a possible information or recipe that can lead you to the next step.

Developing a business plan

is the most crucial part. This activity helps to ease that doubts since making business plans allows you to create concrete strategic and contingency plans, evaluate the current market conditions, developing financial forecasts, and listing all the resources needed.

Resourcing

involves gathering of all resources needed as contained in the business plan (although some alternatives will exist, just cautious not to be swayed by traps within your mind, be objective). Financial resources must be arranged properly in order for the entrepreneur to decide whether he or she will find investors for the project or do it by himself or herself.

Managing the company

It involves a lot of activities. Monitor all the actions and progress if it is in accordance with the plan established in the previous stages. During this stage, entrepreneurs tend to create management structure or hierarchy that is required to solve the operational problems when they arise.

Harvesting

involves reaping all awards and accomplishments from your long journey. Struggles have been paid off during this stage.

Flexibility

What’s unique for entrepreneurs is how they respond to changes. They do not stay within their limits and comfort zone, firm in their decisions/strategies. They do not stick-to-one as they’re willingly adjust in accordance to the changes created by ongoing transformation and modernization.

Vision

Entrepreneurs tend to perceive that opportunities are everywhere. They have the ability to forecast that a possibility of thing to happen in the future is imminent.

Risk-Taking

entrepreneurs calculate the risk before entering the battlefield. They will not join the fight if they believe that they are not fully equipped with enough skills, knowledge and information. Risk taking for entrepreneurs are another opportunity for them to test themselves if they can do it or not. If not, N.O. stands for next opportunity.

Self (Biggest Coach)

Focusing your mind to attain your objective is not the others’ responsibility but you.

Parents

They can provide realistic suggestions and guidance in your pursuit of success. Parents gives you moral advice. Also, for entrepreneurs, parents are their first customer. Their feedback is a crucial factor in influencing our attitude. However, depending much on then is also bad for you. Avoid getting caught by their too much intervention with your decisions (of course in a proper way).

Teachers or Mentors

Teachers and mentors enrich your ideas by giving examples, cases and even their personal experience and judgements on entrepreneurship. Similar to your parents, they act as the filter of your decisions and refine your ideas. Each step is clearly explained or provided to you for you to be able to understand the process.

Friends

They can be an effective way of moving on every problem as they are excellent tool for you to share those. They can also motivate and understand your situation.

Encyclopedias, Periodials, Magazines, and other Literary Materials

which contains the experiences of successful entrepreneurs. Information is vital in influencing every step of your journey. Continuous research is a tool.

Self-Profiling

By knowing yourself better, you can easily identify your strengths and weaknesses. By that you can easily change yourself in order to minimize your weaknesses and maximize your strengths. Recognizing the areas of improvements enable you to revise your attitude/character in accordance with your established objectives.

Consulting with Mentors

reflect on what are the requisites on becoming like them. You can also identify what are their attitudes or recipes of their success.

Positive Habits

Create a big realization that problem can be solve by facing them and eventually when you start your entrepreneurial journey, you can realize that problem is just a problem, it cannot bring you to the end of the world.

Reflect and Review

enables you to identify some areas that is need of improvement or changes. As human beings are too emotional sometimes, they can lose the success rope. Doing reviewing will help you to identify which part of the ropes need repair, innovation or extension.

Offline/External Social Networks

are effective way where you can easily receive decisions from the panels when you present your idea for funding. Word of mouth is still powerful to build connection as words define who you are and what you are trying to do. Finally, in this type of networking, you can build your confidence which is beneficial as you go further to your entrepreneurial journey.

Build new relationship by diversifying your networks

Do not limit your connections. Create a wide arena for your business. Practice yourself building relationship with unrelated people.

Give as much as you expect to get from every relationship

This way you can build positive image and branding to yourself.

Selectively spend quality time on key relationship

Spend your precious time your most important networks such as your customers, employees, and leaders who can make a difference in your organization

Keep your focus on the social and business landscape

Pay attention to things that may influence your journey to success.

Apply your key resources to key issues

Collaborating with them on solving shared social problems will turn them into engaged advocates of your business and make them your most powerful allies in building other relationships.

Prune, renew and reshape your networks frequently

Constantly change, revise or review your list. Regularly identify essential relationship that is vital to the future of your business and will also help in your pursuit of new networks. More relationship creates confusion which may lead to poor decision making.

Do it yourself person

Entrepreneurs believe that they are the powerhouse and the master of getting things done.

Micromanager

Avoid claiming all the credits. By doing this, you are not only building your company, you are also building collaboration and network

Perfectionist

Keep on searching for any available means of making your work seemingly perfect. Yes, nobody’s perfect and perfection is the enemy of progress for entrepreneurs. But, setting high standard for yourself makes you think that you want things done perfectly (which will never be)

The Visionary

You have incredibly high hopes for your big, beautiful vision, and you feel that your ultimate success is always right around the corner.

The Commander

A leader allows open space and encourage development for its members. Entrepreneurs like to be in charge always.

Risk Taking

s an act of doing something that involves danger or uncertainty before reaching the goals or objectives. ___ is inherent to entrepreneurship since you need to invest your essential resources to without knowing what will happen to that investment.

Risk Takers

those individuals who are loves or wills to take more risks while investing in order to earn higher returns. The excitement and pleasures derive from this attitude is very high but coupled with high risk of losing.

Risk Averse Attitude

refers to a person’s attitude to take ventures/opportunities which have lower risk because he/she is afraid of losing. Expectedly, the returns are lower and estimated already.

Risk Neutral Attitude

this attitude refers to neutrality of one person to take risk. As a result, neither he/she gains nor losses.

Economics

Using economic tools to determine price, product, place, promotion. The market forces such as demand and supply, the efficient and effective use of limited resources given that there are unlimited wants and desires of people.

Statistics/Mathematics

Utilized for collecting, analyzing business data and testing of its validity for sound decisions. This models/concepts include regression, forecasting analysis and among others. These tools are necessary for scientific based decisions

Management

The science and art of ____ allows entrepreneur to become a successful one. Using these tools in ____, entrepreneur critically plan, organize, direct, and control the limited resources to attain its objectives and goals.

Accounting

The science of recording of data and/or transactions plays an important role in entrepreneurship especially because this reflects entity’s financial position, net loss or net profit earned, whether business should expand or shut down.

Computer/Gadgets

In today’s era, the use of ____ essentially play a big role for everybody, regardless of background and/or profession. The knowledge on using modern computers make lives more convenient and efficient.

Jeffrey Preston Bezos

an American entrepreneur, media proprietor, investor, and computer engineer. He is the founder and executive chairman of Amazon, where he previously served as the president and CEO. Bezos believe in such philosophies like:

“I didn’t think I’d regret trying and failing. And I suspected I would be haunted by a decision not to try at all.”

Jeff Preston Bezos

“Failure is an option here. If things are not failing, you are not innovating enough”

Elon Musk

Elon Musk

a South African-born American entrepreneur who cofounded the electronic-payment firm PayPal and formed SpaceX, maker of launch vehicles and spacecraft. He was also one of the first significant investors in, as well as chief executive officer of, the electric car manufacturer Tesla.

“Money is just a consequence, I always say to my team, Don’t worry too much about profitability. If you do your job well, the profitability will come.”

Bernard Arnault

Bernard Arnault

France's richest person is the chairman of LVMH Moet Hennessy Louis Vuitton, the world's largest maker of luxury goods. He controls about half of LVMH, which had revenue of 44.6 billion euros ($51 billion) in 2020. It sells products including Louis Vuitton leather goods, TAG Heuer watches and Dom Perignon champagne.

If you are born poor, it is not your mistake. But if you die poor, its your mistake

Bill Gates

Bill Gates

As the founder of Microsoft, Gates amassed his wealth over the years and constantly hit the Forbes top Billionaires list. According to Gates, entrepreneurs and aspiring entrepreneurs should

We need a society that focuses more on continuous education through our lives

Mark Zuckerberg

Mark Zuckerberg

listed on the brains of as young as 11 years old. Perhaps, people who use his famous Facebook app knows him. The youngest entrepreneur who included in the top 10 world’s billionaires in 2019. Zuckerberg believes that success can be attain if you:

- Try to solve some problem

- Have passion in solving that problem

“There is no such thing as overnight success or easy money. If you fail, do not be discouraged; try again. When you do well, do not change your ways. Success is not just good luck: it is a combination of hard work, good credit standing, opportunity, readiness and timing. Success will not last if you do not take care of it.”

Henry Sy, Sr.

“Twenty-seven years ago, we didn’t have a firm vision that we would be number one, but we had a rough vision that we would go outside the Philippines. We also had a goal: to take care of our customers and employees and to enjoy what we’re doing. Once we did all these things, the profits would come.”

Tony Tan Caktiong

“You have to adjust to the flow of business. If you’re not open to change, your business can’t move on.”

Socorro Ramos

Henry Sy. Sr

Founder of SM

Tony Tan Caktiong

Founder of Jollibee

Socorro Ramos

Founder of National Bookstore

17th Century

a period of huge political and social upheaval (sudden violent/disruption). From an age characterized by the Crown's tight control of the state, the century witnessed years of war, terror and bloodshed that enveloped the kingdom.

hunter

pre history

10,000 bc

grower

500 a.d

warrior

1200 a.d

craftsman

1500 a.d

explorer

1550

merchant

1700

mechanizer

1780

industrialist

1901

oil driller

1930

corporate executive

1960

financier

2001

start up founder

The Hunter’s Age

During this period, the ability of people to create value depends on the nature’s ability to provide food and other natural resources.

Also, during this time, people realized that it is easier to take other peoples’ crops and other essential resources for survival. With that, war becomes popular and wealth bags a bad reputation.

The Warrior Age

Given the fact that stealing other peoples’ resources is common during this time, people seek for refuge and created a stable form of society and maintain a steady supply of warriors to maintain safety way of living.

People exploit this opportunity as Kings award warriors who bring victory with land and slaves.

Craftsman’s Age

As war become a common event in society, some people (peasants who are too smart but not aggressive to become warriors) realized that Kings and warriors will not plunder or kill them.

Thus, these people exploit this opportunity by offering their ability to create decorative crafts and make things beautiful and attractive.

Explorer’s Age

As cities continuously grows, resources become scarce and people tend to seek new land for them to plant crops and other resources for their survival.

This scenario prompted them to construct ships for exploring unknown lands.

When they return, they bring valuable raw materials such as silks and spices which brings wealth and money.

Merchant’s Age

As far away lands are discovered, people did not mind the risk of travelling and brings back valuable spices and other materials such as porcelain, gold and salt.

Mechanization Age

As craftsmen continue to seek new knowledge in perfecting their skills, they created machinery.

With machines, people tend to mass produce things and materials thus creating value faster than ever before.

Thus, owning a machine became the next big thing

Industrialist

As machines become more and more sophisticated, brought by electricity, production reach fastest rate.

Industrialist become big guys as they can possibly predict what’s next.

Oil Age

Since mass production becomes visible, cheap things such as cars provided new opportunity for people to exploit and create value from it.

The demand for oil becomes increase at unprecedented rate and people realized that by drilling oil you can be the new big guy of society (Getty and Rockefeller Family).

Corporate Age

During this time, people realized that they have the ability to serve multiple target market by building corporation that is capable to establish production and distribution office from different regions.

Consumers become more exposed to new and sophisticated products.

Financial Age

As corporation aspire for growth and expansion, capitalization is of another issue.

Financial institutions such as banks provides the much-needed capital for such activity.

Also, corporations with less business activity and with declining financial performance is another opportunity for financial institutions to purchase, restructure and revive its operations.

Information Age

As corporations grow and employ more and more people, information becomes vital and significant.

Holding essential information such as customer information is another way of winning the game and competition.

This scenario leads to the development of technology that can handle massive data and information.

Start Up Age

As some people realized that employment is not the key for their success, they tend to realize that entrepreneurship is a key to fulfill their dreams.

People decided to scan environment for any possible opportunities and created value and made money from it and technology contributes to lowering the cost of starting a business.

Becoming a successful start- up provides prestige and honor to them hence, encouraging them to do so. Today, start-up is the most common way of creating value and making money.

Documentary Video 1

For Survival: Scarcity or Ingenuity 

Documentart Video 2

Turning Wild Imagination into Reality

Desalination

the process of removing salt from seawater.

Drip or Tickle Irrigation

a system of crop irrigation involving the controlled delivery of water directly to individual plants through a network of tubes or pipes.

1957

Israel and the Philippines established full diplomatic relations

February 26th, 1958

PH and Israel signed their treaty of friendship this year

Documentary Video 3

From Failure to Success: Learn and Grow

Think Ahead

“We got successful today not because we did a great job today—we had a dream 15 years ago,” said Ma, whose company, Alibaba had the biggest IPO ever at nearly $25 billion.

Money isn’t happiness its reponsibility

When you have more than one billion dollars, or a hundred million dollars, that’s a responsibility you have—it’s the trust of people on you, because people believe you can spend money better than the others.