ENT 022 Lesson 3: Importance of Entrepreneurship to the Filipino People

1. It provides guidelines in their wealth-creating ventures.

2. It helps improve their financial and social life.

4. It helps make their lives happy, fruitful and successful.

Importance to the Filipino People

1. It provides employment in the community

2. It creates new demand in the market.

3. It makes substantial contributions to the raising and collection of taxes

4. It facilitates the movement of the factors of production

Importance to the Local Community

1. It encourages competitiveness and thereby challenges entrepreneurs to keep improving their products and services.

2. It helps find an entrepreneurial niche in the world market.

3. It helps hasten the economic recovery process of the Philippines during the financial turmoil or crackdown.

4. It facilitates the smooth flow of money in the local market.

5. It assists the national government in its desire to have favorable economic ratings in the world market.

Importance to the Philippine Economy

Entrepreneurial Skills

These refer to the set of cognitive, technical, and interpersonal skills required in the practice of entrepreneurship.

Cognitive Skills

Refers to the mental ability of the entrepreneur to learn new things, generate ideas, and express knowledge in both oral and written forms. The human brain is responsible for the development of cognitive skills, which are essential in making systematic and effective plans and monitoring them.

Ability to understand written materials.

Ability to learn and apply new information.

Ability to solve problems systematically.

Ability to create new ideas.

Ability to innovate new products and procedures or methods.

Cognitive Skills

Problem-Solving Skills

Whatever the nature, type, or size of business problem, the entrepreneur must face it, solve it, and make a decision. In making a business decision, the entrepreneur adopts the scientific approach instead of making an intuitive decision.

Technical Skills

are not only significant in entrepreneurship but also in other fields. For entrepreneurs, these skills relate to their knowledge and proficiency in a specialized field like computer technology, accounting, marketing, operations, research, engineering, medical fields, or other related technical fields.

Without the _________________, an idea will remain to be an idea and business opportunity will remain to be a business opportunity.

Interpersonal Skills

Are basically about the relationship and interaction of the entrepreneur with the workers, suppliers, creditors, prospective customers, and other members of the business community.

Verbal communication

Non-verbal communication

Listening skills

Leading skills

Negotiating skills

Interpersonal Skills Examples

Entrepreneurial Concepts and Principles

Entrepreneurial Character Traits

Entrepreneurial Skills

Entrepreneurial Competency

Entrepreneurial Skills

Cognitive Skills

Problem-Solving Skills

Technical Skills

Interpersonal Skills

Skills and Core Competencies in Entrepreneurship