ENTREPRENEURSHIP

Entrepreneurship Overview

  • WEEK: First Semester, Quarter 11, Week 11
  • SUBJECT: Entrepreneurship ("START UP!")
  • TEACHER: Cecile S. Mostierra

Learning Objectives (Page 3)

  • Discuss the relevance of entrepreneurship to the economy.
  • Explain the Personal Entrepreneurial Competencies (PECs) of entrepreneurs.
  • Explore entrepreneurship as a career and compare it with other job opportunities.

Expectations (Page 4)

  • For the Subject (“START UP!”)
    • Gain a foundational and practical grasp of entrepreneurship.
  • For the Teacher
    • Provide clear guidance, real-world examples, actionable feedback.
  • For the Class
    • Collaborative atmosphere, open discussion, active participation.

Defining & Exploring Entrepreneurship

Formal Definition (Page 5)

  • “A process of creating incremental wealth through the efforts of individuals who find new and useful ways to employ resources that lead to the creation of new products, services, or technologies.” – UP ISSI (2012)

Key Concept Map (Page 6)

  • Core keywords: individuals • process • entrepreneurship • wealth • new • creating
    → Entrepreneurship = individuals + process ⇒ creating new wealth.

Societal Benefits of Entrepreneurship (Page 7)

  1. Helps the economy grow (higher GDP, lower unemployment).
  2. Encourages technological growth (R&D, innovation spill-overs).
  3. Aids in human development (skill building, personal agency).
  4. Promotes inclusive growth (opportunities across socio-economic strata).
  5. Begets entrepreneurship (role-model effect, supplier/partner ecosystems).

Entrepreneurs vs. Employees (Page 8)

DimensionEntrepreneursEmployees
AuthorityAre the boss; decide hiring & partnerships"Work for the boss"; little say on team direction
Job creationCreate jobs"Take on jobs"
Wealth vs. SecurityValue wealth > job securityValue job security > wealth
Income sourceNot dependent on monthly paycheck; can "make money while asleep"Highly dependent on paycheck; earn only when working
Work hoursWilling to work long hoursTypically regular hours
Asset buildingBuild own assetsBuild someone else’s assets
Risk profileHigher tolerance; pay taxes on net incomeLow tolerance; taxes on total income
AdaptabilityAdapt quickly to changeOften resist change
Financial horizonCan attain wealth/financial security youngNeed strict saving plan, reach security near retirement
FreedomControl company directionLimited influence
ContributionBOTH remain productive members of society

Entrepreneurial Career: Rewards & Risks

(Page 9–11)
• Overall: “Most rewarding, fulfilling, challenging… yet risky, frustrating, demanding.”

Rewards

  1. Make money (un-capped earnings).
  2. Be your own boss (autonomy).
  3. Gain self-satisfaction (purpose, impact).

Risks

  1. Failure (financial & reputational).
  2. Long hours of hard work.
  3. Unwanted responsibilities (HR, legal, admin).

Personal Entrepreneurial Competencies (PECS) Toolkit

Activity Pack (Page 12)

  1. Worksheet I – PECS Self-Rating Questionnaire.
  2. Worksheet II – PECS Score Sheet.
  3. Worksheet III – PECS Adjusted Worksheet.
  4. Worksheet IV – PECS Profile Sheet.
Worksheet I Highlights (Sample Items, Page 14)
  • Total of 5555 statements scored for frequency/accuracy (e.g. initiative, persistence, planning).
  • Mix of positively & negatively worded items to reduce bias.
Worksheet II – Raw Scoring Template (Page 16)
  • Ten competency groups A → J; each aggregates six questionnaire items.
  • Formula example: Group A raw score =(1)+(12)+(23)+(34)+(45)+(6)= (1) + (12) + (23) + (34) + (45) + (6).
  • Add / subtract signs indicate reverse-scored items.
Worksheet III – Adjusted Scores (Page 18)
  • Correction factor based on total “K-group” reality check:
    • Total 24–2524–25 ⇒ subtract 77 from each group score.
    • 22–2322–23 ⇒ subtract 55.
    • 20–2120–21 ⇒ subtract 33.
    • 1919 or less ⇒ no adjustment.
  • Compute Adjusted Total Score for each competency (scale 0–200–20).
Worksheet IV – Profile Radar (Page 20)
  • Plot 1010 competencies on a 0–250–25 axis:
    A Opportunity Seeking
    B Persistence
    C Commitment to Work Contract
    D Demand for Quality & Efficiency
    E Risk-Taking
    F Goal Setting
    G Information Seeking
    H Systematic Planning & Monitoring
    I Persuasion & Networking
    J Self-Confidence
Reflection Prompt (Page 21)
  • “Reflect on highs to lows: How will knowing your PEC profile help you in the entrepreneurial journey ahead?”

PECS Theory Details (Pages 22-33)

Definition

  • “Key characteristics, skills, attributes that successful entrepreneurs possess & utilize to start, manage, grow their business.”

Three Clusters

1. Achievement Cluster
  • A. Opportunity Seeking
    • Acts on opportunities, “thinks outside the box,” sources raw materials, financing, technical help.
  • B. Persistence
    • “Refuses to give up,” sees failure as speed bumps. Filipino adage: Kung walang tiyaga, walang nilaga (No perseverance, no stew).
  • C. Commitment to Work Contract
    • Meets mutually agreed deadlines; values palabra de honor.
  • D. Risk-Taking
    • Takes moderate, calculated risks (not mere gambling or ultra-safe deposits).
  • E. Demand for Efficiency & Quality
    • Expects high efficiency/quality from self, workers, outputs; vital in competitive industries.
2. Planning Cluster
  • A. Goal Setting
    • Goals must be SMARTER (Specific, Measurable, Achievable, Relevant, Time-bound, Evaluated, Reviewed).
    • “Begin with the end in mind.”
  • B. Information Seeking
    • Taps multiple sources (newspapers, radio, TV, institutional desks).
    • Cultivates curiosity; masters the “art of asking questions.”
  • C. Systematic Planning & Monitoring
    • Motto: “Failing to plan is planning to