Introduction to Entrepreneurship and the Entrepreneurial Mind

These flashcards cover the definitions of entrepreneurship, classifications of MSMEs in the Philippines, characteristics of successful Philippine entrepreneurs, and the entrepreneurial process based on GE11 lecture notes.

Entrepreneurship (Hisrich, Peters & Shepherd, 2017)

The process of creating something new with value by devoting time and effort, assuming financial, psychic, and social risk, and receiving resulting rewards of monetary and personal satisfaction and independence.

Entrepreneurship (Morato, 2016)

The dynamic process of creating incremental wealth by individuals who assume the major risks in terms of equity, time, and career commitment, and who provide value for some product or service.

CHED CMO No. 17 s. 2017

A Philippine commission on higher education memorandum stating that entrepreneurship education enables learners to demonstrate understanding of business environment, enterprise formation, and value creation.

Three Dimensions of the Entrepreneurial Checklist

Value creation, Risk assumption, and Reward.

Entrepreneur

An individual who starts, owns, and manages a new independent venture and bears personal financial and social risk, such as Tony Tan Caktiong founding Jollibee Foods Corporation in $1978$.

Intrapreneur

An individual who innovates within an existing organization on behalf of an employer where the risk is organizational, such as product development teams at San Miguel Corporation.

Social Entrepreneur

An individual who applies entrepreneurial methods to create social value and address community problems, such as Gawad Kalinga founder Tony Meloto or the Hapinoy network.

MSME

Acronym for Micro, Small, and Medium Enterprises, which constitute $99.6\%$ of all registered businesses in the Philippines.

MSME Workforce Contribution

The MSME sector employs approximately $63\%$ of the total Philippine workforce.

MSME GDP Contribution

The MSME sector contributes between $35-40\%$ of the Philippine GDP, indicating significant growth potential.

Micro Enterprise

A business classified by having total assets up to $3M$ (excluding land) and $1-9$ employees, such as a sari-sari store.

Small Enterprise

A business classified by having total assets of $3M-15M$ and $10-99$ employees, such as a clothing brand.

Medium Enterprise

A business classified by having total assets of $15M-100M$ and $100-199$ employees, such as a mid-sized manufacturer or hotel.

Large Enterprise

An enterprise with total assets above $100M$ and $200+$ employees, such as SM Supermalls or Jollibee.

Go Negosyo Act (RA 10644)

A major Philippine legislative act prioritized to support and promote entrepreneurship.

Innovative Startup Act (RA 11337)

Philippine legislation designed to prioritize and develop the startup ecosystem.

Opportunity Seeker

An entrepreneur who sees unmet needs where others see problems, such as Tony Tan Caktiong noticing customers wanted hot food at an ice cream parlor.

Risk Taker

An entrepreneur who calculates and accepts risk rather than avoiding it, exemplified by Henry Sy rebuilding his shop after WWII.

Innovator

An individual who introduces new ideas or processes, such as Delia Domingo-Albert pioneering microfinance programs for rural Philippine women.

Leader

An entrepreneur who motivates and directs others toward a shared goal, such as Socorro Ramos building National Bookstore to over $200$ branches.

Persistent

The trait of continuing despite setbacks, exemplified by Manny Villar failing multiple times before becoming a real estate tycoon.

Goal-Oriented

The characteristic of setting clear targets and working systematically, as seen in Jollibee's deliberate early menu engineering strategy.

Socially Responsible

An entrepreneur who understands their impact on the community, such as the Gokongwei Group's GBF Foundation supporting low-income scholars.

The Entrepreneurial Process: Stage 1

Identifying and evaluating the opportunity.

The Entrepreneurial Process: Stage 2

Developing the business plan.

The Entrepreneurial Process: Stage 3

Determining and acquiring the required resources.

The Entrepreneurial Process: Stage 4

Managing the resulting enterprise.

Davao City 2026 National Tax Allocation

The city received $P10.1\text{ billion}$, ranking #1 in the Philippines.

Davao City Bank Deposits

Total deposits of $P345.9\text{ billion}$ as of Dec. $2025$, ranking #2 in the Philippines outside Metro Manila.