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Republic of the Philippines

ZAMBOANGA CITY STATE POLYTECHNIC COLLEGE
Region IX, Zamboanga Peninsula
R.T. Lim Blvd., Zamboanga City

LEARNING MODULE

Date Developed: Document No. ZCSPC – LM2020

ENTREP 1 August 26 2020 Issued by: APPROVED:
CODE ZCSPC-CET
Date Revised:
Entrepreneurial September 6, 2020
Mind
Developed by:
COURSE
MARITA C. ADJARANI

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VISION MISSION INSTITUTIONAL CORE VALUES

ZCSPC as the leading Provide effective and OUTCOMES Love of God;
provider of globally efficient services through Globally competitive graduates Social Responsibility;
competitive human advance technological who can perform advanced Commitment/
resources. studies and researches for technological competencies in Dedication to the
the empowerment of the Service; and
their field of specialization.
nation’s human resources. Accountability

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INTRODUCTION
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Welcome to Zamboanga City State Polytechnic College, the premier higher

education institution in Zamboanga Peninsula, one of the Centers of
Development in Teacher Education Institutions in the country and an ISO
accredited institution as recognized by the Commission on Higher Education.
It is our pride and honor, that you choose ZCSPC as your school of choice.

With the current situation under a NEW NORMAL condition due to COVID19
Pandemic, our school is now trying to find ways and means to provide
accessible and quality tertiary education. It is for this reason that the
administration has decided to offer flexible learning education including the
Flipped Learning modality through the school’s portal as the Learning
Management System. In as much as we limit that actual and physical face-
to-face mode of delivery, each college has decided to come up with printed
module to cater those students who cannot avail online learning modalities.

This module has been prepared to guide you in your learning journey with
the use of the Guided and Self-directed learning activities prescribed to
finish your course. Each module includes reading materials that have been
chosen to help you understand the ideas and concepts introduced by the
module.

For this semester, your course which is Entrepreneurial Mind (Entrep 1),
under the BS Industrial Technology program, focuses on the basic knowledge
of entrepreneurship that will guide and enable you to become successful
entrepreneurs. You will be introduced to the concepts of entrepreneurial
mind that will develop your enterprising skills – such as: identifying and
assessing opportunities, solving problems creatively, communicating
effectively, and impacting your community in conjunction to your context
and disciplinary background.

Exercises and assessment of learning activities are provided to test your

comprehension and apply the concepts that you have learned from this
module. After accomplishing all modules, you are expected to do the
following:

1. Identify key characteristics of the entrepreneurial mind which include

skills, values, behaviors, and enterprising contexts.

2. Analyze the entrepreneurial process in pursuing a new venture.

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3. Apply fundamental concepts and analytical tools in assessing opportunity

in real world business situations which is a critical step in moving your
idea from concept to launch and implementation.

4. Develop and communicate a new business initiative in a manner that is

effective, compelling, and efficient.

5. Recognize the importance of ethics in business.

HOW TO USE THIS MODULE

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This is a self-study module particularly designed to help you study with little or
no intervention from your teacher. Please follow very carefully the instructions
on how to use this module so you can fully benefit from it.

• The lessons on this module are logically organized. Every lesson is

connected to the next and necessary for a better understanding of the
next topic. Hence, please do not skip a page. Read every page of this
module and do every task that is asked of you.

• Read the Table of Contents so that you will have a good grasp of the
entire course. Having an overview of what you are about to study will
help you see the interrelationships of the concepts or knowledge that you
are about to learn.

• Every lesson or unit begins with the learning objectives. The objectives
are the target skills or knowledge that you must be able to gain or
perform after studying the entire lesson/unit.

• Do the motivation activity given at the beginning of each lesson; activity

based learnings and exercises; and the post-test/summative test given at
the end of the lesson or unit. Do this only when you have thoroughly
read the entire lesson or unit. When answering every activity, test or
exercise, please answer them honestly without looking at the answer
key. The answer key is given to you for you to check your own progress
and monitor your own understanding of the lesson. The knowledge you
will gain depends on how much effort and honesty you put into your
work.

• Please pay attention to the Study Schedule on pages 4-6. This will guide
you and make sure that you do not lag behind. Lagging behind results to
cramming and eventually affects your understanding of the lesson.

• Know what it takes to pass the course. Please refer to the Evaluation and
Grading System on pages 7 and 8 respectively.

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• If you encounter difficult words which are not found in the Glossary page
of this module, take some time to locate the meaning of these words in a
dictionary. You will fully understand your lesson if you exert extra effort
in understanding it. There is no room for laziness and complacency.
College students are expected to be independent learners.

• If there is anything in the lesson which you need clarifications, do not

hesitate to contact your instructor or professor at the appropriate time.

• You will be evaluated by your instructor or professor to check how much

knowledge and skills you have gained. The result of this evaluation will
form a big chunk of your grade. Hence, please do well and do not waste
time.

• Lastly, you are the learner; hence, you do the module on your own. Your
family members and friends at home will support you but the activities
must be done by you. As ZCSPians you must always be guided by our
core values, Love of God; Social Responsibility;
Commitment/Dedication to the Service; and Accountability.

COURSE AND STUDY SCHEDULE

Week Topic Activities

Week 1 : Module 1 Vision and Mission/Syllabus and  Visit ZCSPC website
Course Outline :www.zcspc.educ.ph
1st Week 1. Orientation and expectation  Answer Guided Question
setting for the Course  Group Chatting/Interactive
Discussion/ FB/Messenger Modality
 Sign the Pledge Paper of
Commitment and Loyalty to School’s
policy & values and to the course
(digitally signed)
Week 2-3: Module II Entrepreneurship and Innovation
Lesson 1 Basic Entrepreneurial Concepts
1. Definition of  Video
entrepreneurship and  Concept mapping
2nd Week entrepreneur  Reading activity
2. Role of entrepreneurs in  Journal entry
economic development  Answering guided questions
3. Importance of entrepreneurs  GRASPS Task
in the economy
Lesson 2 Innovation and the Entrepreneur
1. Concept of innovation  Video
2. Relationship of  Reading activity
3rd Week entrepreneurship and  Answering guided questions
innovation  Solving crossword puzzle
3. The innovation process.  GRASPS Task
4. Five types of innovators.

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Week 4-5: Module III The Individual as an Entrepreneur

Lesson 3 Characteristics of Entrepreneurs
1. Personality of an  Video
4th Week entrepreneur  Reading activity
2. Factors that determine the  Answering guided questions
success or failure of an  Journal entry
entrepreneur  Quiz
3. Mindset of an entrepreneur  Concept memo
4. Background and  Taking the get2test
characteristics of an
entrepreneur
5. Entrepreneurs vs. managers
in terms of ethical conduct
Lesson 4 Entrepreneurial Strategy
1. New entry and its  Video
importance to  Reading activity
5th Week entrepreneurship  Answering guided questions
2. Risks involve in decision  Journal entry
making for a new venture  Quiz
3. Strategies used to reduce
risks
Week 6-8: Module IV Business Idea, Opportunity Identification, and Legal Issues
Lesson 5 Generating Business Ideas
1. Sources of new ideas for new  Video
6th Week ventures  Reading activity
2. Methods of generating ideas  Answering guided questions
3. Definition of product  Journal entry
innovation  Quiz
4. Product planning and  Product Proposal
development process
Lesson 6 Identifying and Analyzing Opportunities
1. Challenges of new ventures  Video
th
7 Week 2. Role of culture in assessing  Reading activity
opportunities  Answering guided questions
3. Factors causing success and  Journal entry
failures in new ventures  Quiz
4. The opportunity analysis  Zoom meeting with an entrepreneur
plan
Lesson 7 Legal Issues
1. Legal issues encountered in  Video
new ventures  Reading activity
8th Week 2. Product safety and liability  Answering guided questions
 Journal entry
 Quiz
Week 9 MIDTERM EXAMINATIONS
Week 10-13: Module V Planning in Entrepreneurship
Lesson 8 Developing the Business Plan
1. Definition of the Business  Video
Plan  Reading activity
th
10 Week 2. Scope and value of the  Answering guided questions
business plan  Journal entry
3. Information needs and  Quiz
sources for the business plan

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 Personal Business Plan

Lesson 9 Marketing your Business
1. Steps in market research for  Video
11th Week a new venture  Reading activity
2. Characteristics of a  Answering guided questions
marketing plan  Journal entry
3. Steps in the preparation of a  Quiz
marketing plan
Lesson 10 Designing Your Organizational Structure
1. Basic legal forms of business  Video
12th Week formation  Reading activity
2. Importance of organizational  Answering guided questions
plan in business  Journal entry
 Quiz
Lesson 11 Financing and Accounting
1. Role of budgets  Video
13th Week 2. The Break-even analysis  Reading activity
3. The financial plan  Answering guided questions
 Journal entry
 Quiz
 Webinar on simple accounting and
bookkeeping
Week 14: Module VI Building and Growing your Business
Lesson 12 Strategies for Growth
1. Different growth strategies  Video
14th Week 2. Risk management  Reading activity
3. Implication of growth in  Answering guided questions
business  Journal entry
 Quiz
 Reflection Paper
 Spider Map Graphic organizer
Week 15: Module VII Social Entrepreneurship
Lesson 13 Ethical and Social Responsibilities of an Entrepreneur
1. Ethics in the context of  Video
15th Week business  Reading activity
2. Ethical practices and code of  Answering guided questions
conduct  Journal entry
3. Economic trade-offs in  Quiz
relation to ethics
4. Issues on social responsibility
for entrepreneurs
Week 16 FINAL EXAMINATIONS
Week 17 Completion/Submission of Projects and other requirements

EVALUATION

To pass the course, you must:

1. Read all course readings and answer the guided questions, self-
assessment activities, and Activity Based Learning Worksheets.
2. Answer the print-based discussion activities.

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3. Submit all major requirements such as: Concept Memo, Product

Proposal, Reflection Papers, and Personal Business Plan. These
requirements will form part of your Portfolio.
4. Do all short quizzes after every lesson. The short quizzes, although not
graded, will also form part of your portfolio.
5. Do the long quizzes and/or GRASPS tasks at the end of every module,
and the Midterm and Final exams.
6. Participate in the discussion through FB Messenger, school portal, phone
call, etc.
Evaluative Assessment Activities

A. Portfolio – 50%
Your Portfolio shall comprise of the following:

 Reflection Papers and Concept Memo(10%)

o The reflection papers will be based from assigned readings of articles
about real-life experiences of different entrepreneurs.
o The Concept Memo will be based on your Get2Test Results
(http://get2test.net)

 Product Proposal (15%)

o This task will be the outcome of your innovative idea. Your proposed
product shall be in accordance to your respective field of
specialization as BS Industrial Technology students (BSIT-FT, BSIT-
ADT, & BSIT-GTT), and BS CompTech students.
o A resource speaker, a certified entrepreneur, will be invited to
scaffold or support this task. A ZOOM meeting will be scheduled for
“Insights from an Entrepreneur”.

 Personal Business Plan (15%)

o This will be your major paper in this course. A template will be
provided for you to follow.
For some practical tips, you are required to watch the webinar on
Basic Accounting and Financial Management for Small Businesses.
This is the link for the webinar:
https://www.facebook.com/watch/live?=3001757496559669&ref=wa
tch_permalink

 Notes and other Formative Assessments (10%)

o These are the compilation of all your learning tasks’
accomplishments of the course. These include your answers to the
activities and processing questions embedded in the lesson.

B. Summative Assessments – 30%

 Major Examinations (Mid-Term and Finals) - 15%
You are required to take the two major examinations (Midterm and
Finals) which are embedded in your module.

 Long Quizzes and/or GRASPS Tasks – 15%

These are embedded in your module and must be answered guided by
the given evaluation tool. You may use the Group Chat or you may

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message me privately, during the designated class schedule if you need

help or assistance for purposes of further validation and verification.

C. Learning Outcome Validation – 20%

 This is through the School Portal - zcspc my e-class Forum; FB
Messenger; phone call; etc.

Question(s) for discussion will be posted in any of the mentioned

platform above. Students’ participation in the discussion shall be one
of the bases for the Class Participation grade. Another is an oral
interview using the cellular phone, messenger, etc.)

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GRADING SYSTEM
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NO. CRITERIA PERCENTAGE (%)

1 Portfolio: Major Requirements and Notes and Other Formative 50
Assessments
2 Summative Assessment: Major Exams (Midterm & Finals) and Long 30
Quizzes and GRASPS Tasks
3. Learning Outcome Evaluation: Participation in Class Discussion through 20 __
Group Chat (FB Messenger & zcspcmyeclass forum – “Point of View”,
during online meetings, phone call, etc.
TOTAL 100

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TABLE OF CONTENTS
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Introduction

Course and Study Schedule

Module I ZCSPC Vision and Mission/Syllabus and Course

Outline

Module II Entrepreneurship and Innovation

Lesson 1 Basic Entrepreneurial Concept

Lesson 2 Innovation and the Entrepreneur

Module III The Individual as an Entrepreneur

Lesson 3 Characteristics of Entrepreneurs

Lesson 4 Entrepreneurial Strategy

Module IV Business Idea, Opportunity Identification, and Legal

Issues
Lesson 5 Generating Business Ideas
Lesson 6 Identifying and Analyzing Opportunities
Lesson 7 Legal Issues

Module V Planning In Entrepreneurship

Lesson 8 Developing the Business Plan

Lesson 9 Marketing Your Business
Lesson 10 Designing Your Organizational Structure
Lesson 11 Financing and Accounting

Module VI Building and Growing Your Business

Lesson 12 Strategies for Growth

Module VII Social Entrepreneurship

Lesson 13 Ethical and Social Responsibilities of an Entrepreneur

Rubrics for Process/Performance/Product Based Assessment

Key Terms

Answer Key

References

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MODULE 1: ZCSPC Vision and Mission/

Syllabus and Course Outline
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Concept Notes

Every established institution is guided by its Vision and Mission. The Vision
and Mission speaks of the institution’s identity - of what it is. Hence, as you
choose ZCSPC as your home in your pursuit of higher learning, you also choose
to affiliate and identify yourself with it; consequently, you are to live up to the
values that ZCSPC upholds. In addition, you will be oriented with the
institution’s policies; specifically, in this course, such as: classroom policies,
course overview, course requirements, and the grading system. As a result, at
the end of this module, you must be able to:

1. Articulate the ZCSPC Vision and Mission.

2. Relate the Vision and Mission to your program of choice.
3. Explain the importance of classroom policies, course overview, course
requirement, and the grading system.

A. ZCSPC Vision and Mission

ACTIVITY “Entrepreneurs Act”

DIRECTIONS: Read the ZCSPC Vision and Mission below.

VISION MISSION

Provide effective and

ZCSPC as the leading
efficient services through
provider of globally –
advance technological
competitive human
studies and researches for
resources
the empowerment of the
nation’s human resources.

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ANALYSIS “Entrepreneurs Think”

DIRECTIONS: Answer the processing questions:

1. Based on ZCSPC’s Vision and Mission statement, what do you think

ZCSPC wants you to become?
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2. Does it match with what you want ZCSPC to transform you?

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3. In 2-3 complete sentences, explain your answer for question No. 2.

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DIRECTIONS: Based on your reading of the Vision and Mission, answer the given
questions. Number your answers according to the number of the questions given. Write
your answer inside the box. Each item is equivalent to 5 points.

1. Based on ZCSPC’s Vision and Mission statement, what do you think ZCSPC wants
you to become?
2. Does it match with what you want ZCSPC to transform you?
3. In 2-3 complete sentences, explain your answer for question No. 2.

ABSTRACTION “Entrepreneurs Learn”

The changing times and the current realities and challenges compel an
institution to innovate to attain excellence and to stay relevant in the delivery
of educational services. For ZCSPC to attain what it envisions “to become”, that
is, to become the leading provider of globally competitive human resources, it
has to cope with the demands of time. One evidence of this is the institution’s
move to address the delivery of educational services with the so called “new
normal” caused by the Covid19 pandemic through the design of its own
Learning Management System. This is a proof that ZCSPC is also true to its
mission, that is, to provide effective and efficient services through advance

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technological studies and researches for the empowerment of the nation’s

human resources.

Key concepts:
The following are the key concepts found in the ZCSPC Vision and Mission:
1. Leading provider – this phrase tells us that ZCSPC envisions itself to be
the leader among the providers of globally competitive human resources.

2. Globally competitive – is to have the competence in terms of skills,

that sets you ahead of the others not only in your own community but in
an international context.

3. Technological studies and researches – this has to do with

technological innovations aimed to address or to provide solutions for
specific technical problems.

APPLICATION “Entrepreneurs Perform”

DIRECTIONS: Write a 1 paragraph composition, with a minimum of 5 and a

maximum of 10 complete sentences, about what you envision yourself 4 – 5
years from now in line with the Vision and Mission of ZCSPC. Create a title for
your composition.

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B. Syllabus and Course Outline

The Syllabus is your road-map and your contract in this course. It is your
road-map because it contains information about the course overview, course
topics and course schedule, requirements, and grading system. It will also
guide you on what is expected from you and the policies that you need to
follow and abide. On the other hand, it is your contract because it will serve as
an agreement between you and your teacher. Hence, after going through your
syllabus you have to sign the student's acknowledgement portion as a sign of
your pledge of commitment and loyalty to ZCSPC's policies and values and to
the course.

DIRECTIONS:
1. Read the Course Syllabus. You may access it from your e-class portal;
download it from your email, or from the Group Chat in messenger.

2. Digitally sign the syllabus (last page), and email it to

[email protected] or submit the printed copy of the syllabus’
last page with your signature.

3. After reading and going through your syllabus, in 5-10 complete

sentences, explain the importance of the Syllabus in the learning
process.
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medicine-its-not-either-or-its-and-and-and/
ovation-vs-entrepreneurship-in-academic-
https://innovation.medicine.umich.edu/inn
Image Source:
MODULE 2: Entrepreneurship
and Innovation

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Concept Notes

Entrepreneurship is a force in the economic world that should never be under-

estimated. More than ever, this force saw its relevance to the challenges that
our current time is facing. The so-called “entrepreneurial revolution” that made
its way in the late 1990s is now pervading the economy in the midst of this
pandemic that hit the world during the end-part of 2019 up to the present. It
is during this time that application of creativity, risk-taking, innovation and
passion in the aspect of business is witnessed in the name of survival, yet
paving the way to a potential economic development.

It is therefore expected that at the end of this module, you must be able to:

1. Explain basic entrepreneurial concept.

2. Explain the role of creativity in entrepreneurship.

3. Discuss innovation as a function of entrepreneurship.

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LESSON 1
TOPIC: Basic Entrepreneurial Concept
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Image Source: https://www.mewaredu.com/programme-detail/emba/operation-and-production-

management
In economics, production is a process where resources are combined to
produce goods and services. The combined resources are the factors of
production which are the building blocks of the economy. These factors of

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production are categorized into four, namely: land, labor, capital, and
entrepreneurship. Among the four factors of production, entrepreneurship is
the factor that combines the other three factors – land, labor, and capital to
produce and develop goods and services that are brought and made available
to the market.
At the end of this lesson, you are expected to:
 Differentiate entrepreneur from entrepreneurship;
 Evaluate the role of entrepreneurs in economic development; and
 Cite the importance of entrepreneurs in the economy

ACTIVITY: “Entrepreneurs Act”

Charles Swab, Bill Gates, Walt Disney, and Andrew Carnegie are just a few
names listed in The 10 Greatest Entrepreneurs.

Below is an article on The 10 Greatest Entrepreneurs who are examples of

starting small but are able to turn their ventures into a business empire.

As you go through all the names in the list, you must be asking yourself what
does it takes to become an entrepreneur like them, and, further wonder,
whether every person possesses that ability to become one. Going over the
list, it is also worth noticing their significant contribution to society.

The 10 Greatest Entrepreneurs

By ANDREW BEATTIE
Updated Jan 2, 2020

Who Are the 10 Greatest Entrepreneurs?

There is a tough truth that any small business owner has to face. Even in the best of
times, the vast majority of small businesses fail. In this article, we'll look at
ten entrepreneurs who not only succeeded but built vast business empires.

KEY TAKEAWAYS

 Here are the ten greatest entrepreneurs who built business empires, like
John D. Rockefeller of Standard Oil and steel-magnate Andrew Carnegie.
 Thomas Edison founded General Electric (GE), while Henry Ford
revolutionized manufacturing bringing cars to the masses.
 Sam Walton started Walmart and modernized distribution, while Walt Disney
created the largest media company on earth.
 Bill Gates of Microsoft and Steve Jobs of Apple also made the list, among
others.

John D. Rockefeller
John D. Rockefeller was the richest man in history by most
measures. He made his fortune by squeezing out efficiencies
through horizontal and vertical integrations that made Standard
Oil synonymous with monopoly–but also dropped the price of fuel
drastically for the everyday consumer. The government broke up

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Standard Oil for good in 1911. Rockefeller's hand can still be seen in the
companies like Exxon (XOM) and Conoco that profited from the R&D and
infrastructure they received as their piece of the breakup. Rockefeller retired at
the turn of the century and devoted the rest of his life to philanthropy. More than
80 years after his death, Rockefeller remains one of the great figures of Wall Street.

Andrew Carnegie
Andrew Carnegie loved efficiency. From his start in steel,
Carnegie's mills were always on the leading edge of technology.
Carnegie combined his superior processes with an excellent
sense of timing, snapping up steel assets in every market
downturn. Like Rockefeller, Carnegie spent his golden years
giving away the fortune he spent most of his life building (though
not as well-remembered as some of his contemporaries, Andrew
Carnegie's legacy is strong and moralistic).

Thomas Edison
There is no doubt that Edison was brilliant, but it's his business sense, not his talent
as an inventor, that clearly shows his intelligence. Edison took innovation and
made it the process now known as research and development. He sold his
services to many other companies before striking out on his own
to create most of the electrical power infrastructure of the
United States. While Edison is a founder of General Electric (GE),
many companies today owe their existence to him–Edison
Electric, Con Edison, and so on. Although Edison had far more
patents than he did corporate ties, it is the companies that will
carry his legacy into the future.

Henry Ford
Henry Ford did not invent the automobile. He was one of a group working on
motorcars and, arguably, not even the best of them. However,
these competitors were selling their cars for a price that made the
car a luxury of the rich. Ford put America–not just the rich–on
wheels, and unleashed the power of mass production. His Ford
Model T was the first car to cater to most Americans. Ford's
progressive labor policies and his constant drive to make each
car better, faster, and cheaper made certain that his workers and
everyday Americans would think Ford (F) when they shopped for a car.

Charles Merrill
Charles E. Merrill brought high finance to the middle class.
After the 1929 crash, the general public had sworn off stocks
and anything more financial than a savings account. Merrill
changed that by using a supermarket approach by sacrificing
high commissions to serve more people, making up his money
on the larger volume. Merrill worked hard to "bring Wall
Street to Main Street," educating his clients through free
classes, publishing rules of conduct for his firm, and always looking out for the
interests of his customers first.

Sam Walton
Sam Walton picked a market no one wanted and then instituted
a distribution system no one had tried in retail. By building
warehouses between several of his Wal-Mart (WMT) stores,
Walton was able to save on shipping and deliver goods to busy
stores much faster. Add a state-of-the-art inventory control

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system, and Walton was lowering his cost margins well below his direct
competitors. Rather than booking all of the savings as profits, Walton passed them
on to the consumer. By offering consistently low prices, Walton attracted more
and more business to where he chose to set up shop. Eventually, Walton took Wal-
Mart to the big city to match margins with the big boys–and the beast of
Bentonville has never looked back.

Charles Schwab
Charles Schwab, usually known as "Chuck," took Merrill's love of the little guy and
belief in volume over price into the internet age. When May Day opened the
doors for negotiated fees–all broker trades had previously been
the same price–Schwab was among the first to offer a discount
brokerage for the individual investor.2 To do this, he trimmed the
research staff, analysts, and advisors, and excepted investors to
empower themselves when making an order. From a bare-bones
base, Schwab then added services that mattered to his customers, like 24-hour
service and more branch locations. Merrill brought the individual investors back to
the market, but Chuck Schwab made it cheap enough for them to stay.

Walt Disney
The 1920s found Walt Disney on the verge of creating a cultural
juggernaut. A gifted animator for an advertising company,
Disney began creating his own animated shorts in a studio
garage. Disney created a character inspired by the mice that
roamed his office, Mickey Mouse, and made him the hero of
"Steamboat Willie" in 1928. The commercial success of Mickey
Mouse allowed Disney to create a cartoon factory with teams of
animators, musicians, and artists. Disney turned that mouse into
several amusement parks, feature-length animations, and
a merchandising bonanza. After his death, the growth has continued making
Disney (DIS), and his mouse, the founders of the largest media company on earth.

Bill Gates
When people describe Bill Gates, they usually come up with
"rich", "competitive" and "smart." Of the three traits, it's Gates'
competitive nature that has carved out his fortune. Not only did
he fight and win the operating system (OS) and internet browser
wars, but Gates stored up the profits that came with the
victories–and Microsoft's dominance–to fund future fights and
ventures. The Xbox is just one of the many sideline businesses that
the massive war chest has funded. The fact is that Microsoft's
cash and Gates' reluctance to pay it out is a big part of what
saw the company through hard times and funded expansion in good times.

Steve Jobs
Steve Jobs co-founded Apple (AAPL), one of the only tech
companies to offer a significant challenge to Microsoft's
dominance. In contrast to Gates' methodical expansion, Jobs'
influence on Apple was one of creative bursts. Apple was a
computer company when Jobs returned to it. Now, the iPod,
the iPhone, and the iPad are the engines of growth that have
pushed Apple past the once unassailable Microsoft. In 2010,
Apple surpassed Microsoft's market cap for the first time. As of
2019, there are more than 500 million Apple customers worldwide.

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The Bottom Line

These ten entrepreneurs succeeded by giving the customer something better,

faster, and cheaper than their nearest competitors. No doubt, some like
Rockefeller will always be on these lists, but there is plenty of room for the right
person to find their place among the entrepreneur's pantheon.

Source: https://www.investopedia.com/articles/financial-theory/10/the-10-
greatest-entrepreneurs.asp

DIRECTIONS: From the list:

1. Choose your 3 personal choices from among the 20 that are listed.
2. On the Concept Map below, write the 3 entrepreneurs on the rectangular
box.
3. On the dialog box, write the product or service the entrepreneur has
made available in the market.

1.

My 3 Personal
Choices
2.

3.

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_____________________________________________________________________________________

ANALYSIS “Entrepreneurs Think”

1. What significant contribution do you think the product or service of your

chosen entrepreneurs has made?
__________________________________________________________
__________________________________________________________
__________________________________________________________
__________________________________________________________

2. Cite at least 2 reasons that the product or service has been useful in the
current situation, brought about by the COVID19 pandemic, which
people are facing.
__________________________________________________________
__________________________________________________________
__________________________________________________________
__________________________________________________________
__________________________________________________________
__________________________________________________________
__________________________________________________________

ABSTRACTION “Entrepreneurs Learn”

ENTREPRENEUR AND ENTREPRENEURSHIP DEFINED

Entrepreneur

An entrepreneur is basically a person who may be

examined from three points of views. This is
according to Hisrich, Peters, and Shepherd (2010).

From the point of view of an economist, an

entrepreneur is the person who brings into
combination the other three factors of production or
Image Source: resources which are: land, labor, and capital
https://www.trepgirls.com/what-does-trep-
mean/ including all other assets in order to produce a good
or a service that will be used for the greater good of society. Moreover, to an
economist, an entrepreneur is also an innovator and one who introduces
changes.

On the other hand, from the point of view of a psychologist, an

entrepreneur is a person who is typically driven by certain forces. Such are the
driving force of personal goals of the need to obtain or attain something, to
experiment, to accomplish, or even the need to escape the authority of others.

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_____________________________________________________________________________________

However, from the point of view of one businessman, an entrepreneur is a

person who appears as a threat and an aggressive competitor. The same
entrepreneur may be looked upon though as an ally, a source of supply and in
other positive ways by another businessman.

Although an entrepreneur means differently to different people, it is agreed

that an entrepreneur is a person who possesses the kind of behavior or
mindset that includes the following:

a. initiative taking;
b. organizing and re-organizing of social and economic
mechanisms that bundle resources in innovative ways;
c. acceptance of risk , uncertainty, and/or the potential for failure.

Entrepreneurship

Image Source;
https://www.mn.uio.no/ifi/english/research/groups/digent/cluste
rs/entrepreneurship/index.html

Entrepreneurship as defined by Medina (2014) is the economic activity. It

is the economic activity of a person who starts, manages, and assumes the risk
of a business enterprise.

In another definition, entrepreneurship is similarly but broadly defined as

“the process of creating something new with value by devoting the necessary
time and effort; assuming the accompanying financial psychic, and social risks
and uncertainties; and receiving the resulting rewards of monetary and
personal satisfaction.” (Hisrich, et.al. 2010) This definition gives us a threefold
view of entrepreneurship. First, it is the creation of something that is new and
of value both to the entrepreneur and to the people for which the product or
service is created. Second, entrepreneurship requires devotion. It requires
necessary time and effort. Lastly, it involves rewards, of which the most
important reward is independence followed by personal satisfaction as well as
monetary reward.

Role of Entrepreneurs in Economic Development

To introduce you to the topic, you may access the school’s zcspcmyeclass or
you may watch the video from youtube using the link below. However, if you
are not able to access both, you may refer to the transcript of the video on the
next page.

https://www.youtube.com/watch?v=KEuTpRkZqiY&feature=youtu.be

(QR Code - Why Entrepreneurs Are Important for the Economy)

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_____________________________________________________________________________________
Video Transcript:
Why are entrepreneurs important for the Economy? For starters, entrepreneurs create new
business; they invent goods and services resulting in employment which then results in more and
more development. For example a few IT companies found in the Indian IT industry in the 1990s
businesses and associated industries then flourished. Entrepreneurs also add to national income.
Existing businesses may remain confined to their markets and hit a glass ceiling when it comes to
go deeper, but new products or technologies create new markets and new wealth and increase
employment and higher earnings contribute to a nation's taxes and spending. Further,
entrepreneurs create social change. They break tradition with unique inventions that reduce
dependence on obsolete systems. Smartphones and their apps, for example, have revolutionized
work and play across the globe. Finally, entrepreneurs can invest in community projects and help
charities and other good causes; further developing ventures beyond their own. Bill Gates, for
example, used his money to boost education and public health.

According to Medina (2014, p.2), as long as all the requirements in a capitalist

economy are in place, the entrepreneur can assume his assigned role in the
development of the economy. A review of the contributions of entrepreneurs
will reveal that no business, big or small, started without the hand of the
entrepreneur. Even if many of these businesses failed to survive, still a sizable
number developed and proceeded to make the capitalist economy a viable
concern. This is made possible because the surviving enterprises are
responsible for providing the following:

1. products and services for customers and producers;

2. employment;
3. taxes;
4. demand for suppliers’ products and services; and
5. training facilities for future entrepreneurs.

Self-Check #1:
DIRECTIONS: Read each statement below. Circle T if the statement is TRUE and F if the
statement is FALSE. (2 points per item)

T–F 1.) If Angel, an entrepreneur, puts together her available resources to

establish a small business, then she is considered an entrepreneur.

T–F 2.) If entrepreneurs are responsible in providing products and services for
customers and producers, then entrepreneurs are not important in
economic development.

T–F 3.) If entrepreneurship requires devotion, then it demands time and effort
from the entrepreneur.

T–F 4.) If entrepreneurship is a process and an activity, and the entrepreneur

is the person behind, then they are one and the same.

T–F 5.) If entrepreneurship is creating something new that is of value, then

entrepreneurship is an important economic activity.

Answer Key on Page 33

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APPLICATION “Entrepreneurs Perform”

Guided Practice (“We do” – shared practice with peers)

To overcome boredom, one of the things that people do during the imposed
quarantine period is movie marathon. One popular internet site where people
go is Netflix. The site offers a variety of movie genre. What is amazing, movies
that did not do well in cinemas years back, ranked Top 1 in the list on Netflix.
One classic example is the movie “Through Night and Day” starred by
Alessandra de Rossi and Paulo Contis. In 2018, when the movie opened in
cinemas, it was pulled out three days after it was shown because nobody was
watching (Panaligan, 2020). In other words, the movie was a flop! Amazingly
though, through NETFLIX, it ranked number #1, and it became a trending
movie in the entire Philippines.

Looking at the movie, there were no changes made about the movie, nor was
it updated neither was it promoted again to the public. In fact, it was not even
re-launched. However, the producers or those who are handling the movie
changed the approach used in marketing the movie; not to mention the
patience in waiting for the right timing.

DIRECTIONS: Reflect on the above situation by answering the guided

questions below. Write your answers on your Reflective Journal. Label it as
“Journal Entry #1” Send your output through email
@[email protected].

1. What specifically was the mechanism used that led to the success of the
movie after experiencing failure?
__________________________________________________________
__________________________________________________________
__________________________________________________________
2. What entrepreneurial mindset or behavior can be seen from the
situation?
__________________________________________________________
__________________________________________________________
__________________________________________________________
3. Is there a similar experience in your life or what you observe around you
that is similar to the above scenario? In 3 – 4 complete sentences,
elaborate on your answer.
__________________________________________________________
__________________________________________________________
__________________________________________________________
__________________________________________________________
__________________________________________________________
__________________________________________________________

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_____________________________________________________________________________________

LESSON 2
TOPIC: Innovation and the Entrepreneur
_______________________________________________________________

In Lesson 1 you were acquainted with the attributes of an

entrepreneur and you were given an idea what is
entrepreneurship. From the discussion, you have learned that an
entrepreneur is not only a risk taker, but he is also an innovator.
The capitalist economy, which is an economy where private
individuals or businesses own capital goods, is an environment
where the freedom of competition is afforded to the entrepreneur; he freely
innovates to be more competitive and stays in the market.
At the end of this lesson, you are expected to:
 Elaborate on the concept of innovation;
 Describe the innovation process;
 Explain the relationship of entrepreneurship and innovation; and
 Identify the 5 types of innovators.

ACTIVITY: ”Entrepreneurs Act”

“A Piece of Something is Worth a Thousand Innovation”

Below are three images of things that are considered as trash. Use your
creativity and innovate to turn the trash into something new that is of value.
Show your output on the box below the picture.

empty bottle piece of wood

pieces of cloth

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ANALYSIS “Entrepreneurs Think”

Processing Questions

DIRECTIONS: Write your answers on the space provided after each number.

1. In 2-3 complete sentences, assess the value of the new product that was
created from the things that were already considered as trash?
__________________________________________________________
__________________________________________________________
__________________________________________________________
__________________________________________________________

2. What specific usage do the products contribute to the community?

__________________________________________________________
__________________________________________________________
__________________________________________________________

3. Cite 2 reasons for your answer in item #2.

__________________________________________________________
__________________________________________________________
__________________________________________________________
__________________________________________________________
__________________________________________________________

ABSTRACTION “Entrepreneurs Learn”

To introduce you to the topic, you may access the school’s zcspcmyeclass or
you may watch the video from youtube using the link below.

https://www.youtube.com/watch?v=OivT5z7oBa8

(QR Code – Innovation and Entrepreneurship)

Innovation Defined

Medina defines innovation as “the

introduction of a new method,
procedure, custom, and device,
among others.
Image Source:
https://insidesmallbusiness.com.au/growth-
development/process-innovation-the-key-to-unharvested-
profit
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_____________________________________________________________________________________

It could be any of the following:

1. new product;
2. new process of production;
3. substitution of a cheaper material in an unaltered product;
4. reorganization of production, internal function, or distribution
arrangement leading to increased efficiency, better support for a given
product, or lower costs; or
5. improvement in instruments or methods of doing innovation.
Innovation may also be viewed as the last stage in an important
process consisting of the following:
a. invention – which refers to the discovery or devising of new
products and processes;
b. development – which refers to the process by which the ideas and
principles generated the stage of invention are embodied in
concrete products and techniques; and
c. innovation – which refers to the actual introduction of a new
product or process.

Innovation, if it must be made successful, must provide value to the

buyers over and above those offered by competitors. To achieve this
innovation must reduce costs or improve the quality of products or
services offered for sale.

Examples of successful innovations are the following:

1. cordless microphone;
2. microwave oven;
3. cellular phone;
4. kung fu fight scenes developed by Bruce Lee in the movies;
5. karaoke music appliance;
6. use of laser in the treatment of eye conditions; and
7. use of computers by engineers and architects in the design of
buildings.” (Medina, 2014, pp. 4-5)

Considering the current situation brought about by the COVID19 pandemic,

innovations like face shields, face masks, alcohol and sanitizer dispensers, are
just a few to mention which relates to the definition of what is innovation.

Innovation and the Entrepreneur

Innovation is closely related to

entrepreneurship. In the entrepreneurial
process, it is in fact, a key function. As
stated by Peter Drucker (cited in Kuratko &
Hodgetts, 2007), innovation is the means
by which the entrepreneur either creates
new wealth-producing resources or endows
existing resources with enhanced potential
for creating wealth. He further states that
Image Source: https://oswaldolorenzo.com/en/general-
en/entrepreneurship-innovation-and-technology-a-guide-
innovation is the process by which
to-core-models-tools-2/

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_____________________________________________________________________________________

entrepreneurs convert opportunities into marketable ideas. Accordingly, it is

the means by which they become catalysts of change.

The Innovation Process

According to Kuratko and Hodgetts (2007, p.155), there are three things that
must be remembered in the innovation process:

1. Most innovations are the result of a conscious and purposeful search for
new opportunities. It is both conceptual and perceptual. On the one
hand, it is conceptual because it brings up new set of possibilities; on the
other hand, it is perceptual because the entrepreneur needs to go out
and discover the needs of his customers and product users.

2. Most successful innovations are simple and focused. The product is clear,
specific, and carefully designed. As a result, new customers and new
markets are created. An example to this is the camera on cell phones.
These cameras are easy and convenient to use, yet they are highly
sophisticated and quite appealing to people who are into photography.

3. Innovation involves more work than genius. Thomas Edison had put it
accurately: “1% inspiration and 99% perspiration”.

The figure below shows a diagram of the Innovation Process.

Five Types of Innovators

There are 5 Types of Innovators as described by Frohman and Pascarella

(1990, as cited in Kuratko & Hodges, 2007, p.159):

1. Gatekeepers – these people collect and channel information about

changes in the technical environment. They stay current with events and
ideas through personal contacts, professional meetings, and the news
media. When gatekeepers find relevant information, they send it to the
appropriate person or unit for follow-up.

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_____________________________________________________________________________________

2. Idea Generators – this role involves analysis of information about new

technologies, products, or procedures in order to yield new idea for the
company. The fresh idea may be an innovative solution to an existing
problem in product or business development or the identification of a
new marketplace opportunity.

3. Champions – champions advocate and push for the new idea. This role
involves obtaining and applying the resources and staff to demonstrate
the idea’s feasibility. Champions are concerned about results, not risk,
and do not spend time studying the consequences of failure. Their
mission is to remove obstacles.

4. Project Managers – someone has to draw up schedules and budgets;

arrange periodic information sessions and status reports; coordinate
labor, equipment, and other resources; and monitor progress against the
plan. Project managers integrate and administer the tasks, people, and
physical resources necessary to move an idea into practice.

5. Coaches – this function addresses the technical and interpersonal

aspects of the work in the innovation process. Coaches provide technical
training related to new developments, and help people work together to
return an idea into a tangible result.

Self-Check #2:
1) DIRECTIONS: Match the activity in column A in connection to the
concept in column B. Write the letter on the blank before the number in
Column A. Take note of the underlined phrases.(1 point for each item)
Column A Column B
A. Innovator/
______ 1. A gardener selling coconut Entrepreneur
husks turned into plant pots.
B. Innovation
______ 2. The gardener who came up
with the above idea. C. Conception

______ 3. The phase in the innovation D. Marketing

process when the gardener made the
coconut husks turned into plant pots
available in the market.

2) DIRECTIONS: Match the situation in column A in relation to the type of

innovator in column B. Write the letter on the blank before the number
in Column A. (1 point for each item)
Column A Column B

______ 1. Andy emailed the President of

his company regarding an important A. Coach
information he learned when he attended
the Filipino Chamber of Commerce meeting. B. Idea Generator

______ 2. Andy trained his employees on C. Project manager

the use of a new technology that is needed

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_____________________________________________________________________________________

for the launching of the company’s new D. Champion

product.
E. Gatekeeper
______ 3. Andy is so concerned about
results, so he mobilized his people and used
available resources to have the new idea
about a product to materialize.

______ 4. Andy is looking into the

possible purchase of a new machinery to
address the production of a new product.

Answer Key on Page 33

APPLICATION “Entrepreneurs Perform”

Do this with a partner.

Let’s see what you learned! In pairs, solve the Puzzle…

FIGURE ME OUT

1 2
3 4
5

7 8

10

Across Down
1. the discovery or devising of a new product 2. the development and construction phase in the
5. the phase in the innovation process when the innovation process
new product is launched 3. this type of innovators collect and channel
6. innovator, risk-taker information about changes in the technical
environment
8. _______________innovation brings up new
4. the key function of the entrepreneurial process

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_____________________________________________________________________________________

set of possibilities 7. don't care about consequences or failure

10. in the innovation process, it is generation of 9. the type of innovators who provide technical
idea training related to new development

Crossword puzzle is made through: http://www.armoredpenguin.com/crossword/

Do this independently.

DIRECTIONS: Read the situation below.

It is observed that during this pandemic, lots of businesses were greatly affected
because they have to stop operating. The construction industry is just one of those
that suffered. This resulted to income loss due to decrease in sales and as a result
loss of jobs among construction workers. The Contractors Guild and the Association
of Architects and Draftsmen in Zamboanga City, will be conducting a virtual
meeting to seek ideas on how to keep the construction industry relevant during this
pandemic. As a graduate of Architectural Drafting, and a young entrepreneur,
you were chosen by your fellow draftsmen to represent your group. Your task is to
come up with an idea for an alternative business that will still make use of your
drafting skills. The idea will be presented to the contractors, architects and your
fellow draftsmen during the virtual meeting. In your presentation, you need to cite
the important contribution the alternative business can provide to society. Your
presentation shall be in the form of a leaflet. Your work in this activity will be
assessed based on the facts about the kind of behavior and mindset an
entrepreneur possesses. Your output will serve as your summative assessment for
this lesson. An analytic rubric will be used to grade your work.

Directions: Before you do the leaflet, you need to answer the following
questions:
1. What is the purpose of the virtual meeting? (Goal)
__________________________________________________________
__________________________________________________________
2. What is your assignment during the virtual meeting? (Role)
__________________________________________________________
__________________________________________________________
3. To whom are you going to present your idea? (Audience)
__________________________________________________________
__________________________________________________________

4. What specific situation is being addressed? (Situation)

__________________________________________________________
__________________________________________________________

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_____________________________________________________________________________________

5. What is it that you need to accomplish in this activity? (Product)

__________________________________________________________
__________________________________________________________
6. How is your output assessed or graded? (Standards)
__________________________________________________________
__________________________________________________________

Other Instructions:
 You may use publisher, canva.com, or others apps in making the
leaflet.
 Upload your personalized leaflet in the answer box of your quiz in
the portal.
 For the rubrics in assessing this task, refer to Figure 1.1 Rubrics
for Process/Performance Based Assessment

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_____________________________________________________________________________________

RUBRICS FOR PROCESS/PERFORMANCE

BASED ASSESSMENT
______________________________________________________________________________________

Figure 1.1

Your Performance Task will be assessed using this rubric: 50 points

Criteria Description Excellent Very Good Fair Poor
Good TOTAL
10 8 6 4 2
Statement of  The statement of the
the Alternative alternative business
Business Idea idea is clearly stated
.

 Graphics go well with

Graphics and the text and there is a
Pictures good mix of text and
graphics.

Attractiveness  The leaflet has

& exceptionally
Organization attractive formatting
and well-organized
information.

Content -  All facts in the leaflet

Accuracy are accurate.

Timeliness  The leaflet is

submitted on or
before the indicated
due date.

References  Careful and accurate

records are kept to
document the source
of the facts and
graphics in the
leaflet.

Total Points 60

Adapted from:
http://rubistar.4teachers.org/index.php?screen=ShowRubric&module=Rubistar&rubric_id=1417742&

31 | P a g e
_____________________________________________________________________________________

KEY TERMS
_____________________________________________________________________________________

Capitalist Economy An economy where private individuals or businesses own

capital goods.

Entrepreneur An innovator or developer who recognizes and seizes

opportunities; converts these opportunities into workable/marketable ideas;
adds value through time, effort, money, or skills; assumes the risks of the
competitive marketplace to implement these ideas; and realizes the rewards
from these efforts.

Entrepreneurship The process of organizing, managing, and assuming the

risks of a business.

Innovation The process by which entrepreneurs converts opportunities into

marketable ideas.

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_____________________________________________________________________________________

Answer Key
_____________________________________________________________________________________

Self-Check #1
1. T
2. F
3. T
4. F
5. T

Self-Check #2
1) 1. B
2. A
3. D

2) 1. E
2. A
3. D
4. B

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_____________________________________________________________________________________

REFERENCES
_______________________________________________________________________________

AlGhamdi, A. (2016, October 1). Why Entrepreneurs Are Important for the
Economy [Video]. Investopedia. You Tube.
https://www.youtube.com/watch?v=KEuTpRkZqiY&feature=youtu.be

Beattie, A. (2020, Jan 2). The 10 greatest entrepreneurs. Retrieved from

https://www.investopedia.com/articles/financial-theory/10/the-10-
greatest-entrepreneurs.asp

Hisrich, R. D., Peters, M. P., & Shepherd, D.A. (2010). Entrepreneurship.

New York, U.S.A.: The McGraw-Hill Companies, Inc..

Kuratko, D. F. & Hodgetts, R. M. (2007). Entrepreneurship theory, process,

practice (7th ed.) Canada: Thomson South-Western.

Medina, R. G. (2014). Entrepreneurship and small business management (3rd

ed.). Quezon City: Rex Book Store, Inc..

Nascimento, B. (2015, April 22). Innovation and Entrepreneurship [Video]. You

Tube. https://www.youtube.com/watch?v=OivT5z7oBa8

Panaligan, J. (2020). At last, Pinoys moved by movie ‘Through Night and Day’.
Manila Bulletin. Retrieved from https://mb.com.ph/2020/07/14/at-last-
pinoys-moved-by-movie-through-night-and-day/

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