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Republic of the Philippines

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

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LEARNING MODULE
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Date Developed: Document No. ZCSPC –

ENTREP 1 August 26 2020 LM2020
CODE Issued by: APPROVED:
Date Revised: ZCSPC-
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Entrepreneurial September 6, CET

Mind
2020
COURSE
Developed by:
MARITA C. ADJARANI

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

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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

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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.
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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
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context and disciplinary background.

Exercises and assessment of learning activities are provided to test your

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

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.

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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.

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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.

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• 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.
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• 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
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work.
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• 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
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System on pages 7 and 8 respectively.

• 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.

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• 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  Visit ZCSPC website
and Course Outline :www.zcspc.educ.ph
 Answer Guided Question

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1st Week 1. Orientation and
expectation setting for the  Group Chatting/Interactive
Course Discussion/ FB/Messenger

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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
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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  GRASPS Task
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entrepreneurs in the
economy
Lesson 2 Innovation and the Entrepreneur
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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
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4. Five types of innovators.

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  Concept memo
entrepreneur  Taking the get2test
4. Background and
characteristics of an
entrepreneur
5. Entrepreneurs vs.
managers in terms of
ethical conduct

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Lesson 4 Entrepreneurial Strategy
1. New entry and its  Video
importance to  Reading activity
th
5 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  Video
th
6 Week new ventures  Reading activity
2. Methods of generating  Answering guided questions
ideas  Journal entry
3. Definition of product  Quiz

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innovation  Product Proposal
4. Product planning and
development process

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Lesson 6 Identifying and Analyzing Opportunities
1. Challenges of new  Video
th
7 Week ventures  Reading activity
2. Role of culture in  Answering guided questions
assessing opportunities  Journal entry
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3. Factors causing success  Quiz
and failures in new  Zoom meeting with an
ventures entrepreneur
4. The opportunity analysis
plan
Lesson 7 Legal Issues
1. Legal issues encountered  Video
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in new ventures  Reading activity

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8 Week 2. Product safety and liability  Answering guided questions
 Journal entry
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 Quiz
Week 9 MIDTERM EXAMINATIONS
Week 10-13: Module
Planning in Entrepreneurship
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Lesson 8 Developing the Business Plan
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1. Definition of the Business  Video

Plan  Reading activity
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10 Week 2. Scope and value of the  Answering guided questions
business plan  Journal entry
3. Information needs and  Quiz
sources for the business  Personal Business Plan
plan
Lesson 9 Marketing your Business
1. Steps in market research  Video
th
11 Week for a new venture  Reading activity
2. Characteristics of a  Answering guided questions
marketing plan  Journal entry
3. Steps in the preparation of  Quiz
a marketing plan
Lesson 10 Designing Your Organizational Structure
1. Basic legal forms of  Video
business formation  Reading activity

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12th Week 2. Importance of  Answering guided questions
organizational plan in  Journal entry
business  Quiz
Lesson 11 Financing and Accounting
1. Role of budgets  Video
th
13 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

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3. Implication of growth in  Answering guided questions
business  Journal entry

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 Quiz
 Reflection Paper
 Spider Map Graphic organizer
Week 15: Module VII Social Entrepreneurship
Lesson 13 Ethical and Social Responsibilities of an Entrepreneur
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1. Ethics in the context of  Video
15th Week business  Reading activity
2. Ethical practices and code  Answering guided questions
of conduct  Journal entry
3. Economic trade-offs in  Quiz
relation to ethics
4. Issues on social
responsibility for
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entrepreneurs
Week 16 FINAL EXAMINATIONS
Week 17 Completion/Submission of Projects and other requirements
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EVALUATION

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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.
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

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A. Portfolio – 50%

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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.
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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
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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
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Entrepreneur”.

 Personal Business Plan (15%)

o This will be your major paper in this course. A template will be provided for you
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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=watch_perm
alink

 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.

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 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 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,

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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 30
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Long Quizzes and GRASPS Tasks

3. Learning Outcome Evaluation: Participation in Class Discussion 20 __
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through 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

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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

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Lesson 5 Generating Business Ideas
Lesson 6 Identifying and Analyzing Opportunities

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Lesson 7 Legal Issues

Module V Planning In Entrepreneurship

Lesson 8 Developing the Business Plan

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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

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Module VII Social Entrepreneurship

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Lesson 13 Ethical and Social Responsibilities of an Entrepreneur

Rubrics for Process/Performance/Product Based Assessment

Key Terms
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Answer Key

References

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

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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.

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A. ZCSPC Vision and Mission

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ACTIVITY “Entrepreneurs Act”
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DIRECTIONS: Read the ZCSPC Vision and Mission below.

VISION MISSION
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Provide effective and

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

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.

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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.
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ABSTRACTION “Entrepreneurs Learn”
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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
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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 technological studies
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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.

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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

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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.

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2. Digitally sign the syllabus (last page), and upload it to our google classroom 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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academic-medicine-its-not-either-or-its-
innovation-vs-entrepreneurship-in-
https://innovation.medicine.umich.edu/
Image Source:

MODULE 2: Entrepreneurship
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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

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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-
prod ction management
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In economics, production is a process where resources are combined to produce goods

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and services. The combined resources are the factors of production which are the building
blocks of the economy. These factors of 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
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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.

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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

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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.

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KEY TAKEAWAYS

 Here are the ten greatest entrepreneurs who built business empires, like John D.
Rockefeller of Standard Oil and steel-magnate Andrew Carnegie.
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 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.
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John D. Rockefeller
John D. Rockefeller was the richest man in history by most measures.
He made his fortune by squeezing out efficiencies
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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
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
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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),

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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.

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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

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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.
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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 system, and Walton was lowering his
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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
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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
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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.

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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

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a big part of what saw the company through hard times and funded
expansion in good times.

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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
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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.

The Bottom Line

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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
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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
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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.

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1.

My 3 Personal
Choices
2.

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3.
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ANALYSIS “Entrepreneurs Think”

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1. What significant contribution do you think the product or service of your chosen
entrepreneurs has made?
__________________________________________________________________________________
__________________________________________________________________________________
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____________________________________________________________________

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”

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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 resources which are: land, labor,
Image Source: and capital including all other assets in order to produce
https://www.trepgirls.com/what-does-
a good or a service that will be used for the greater good

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trep-mean/
of society. Moreover, to an economist, an entrepreneur is
also an innovator and one who introduces changes.

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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

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entrepreneur is a person who possesses the kind of behavior or mindset that includes the
following:
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a. initiative taking;

b. organizing and re-organizing of social and economic mechanisms that

bundle resources in innovative ways;
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c. acceptance of risk , uncertainty, and/or the potential for failure.

Entrepreneurship

Image Source;
https://www.mn.uio.no/ifi/english/research/groups/digent/c

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.

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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

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both, you may refer to the transcript of the video on the next page.

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

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

Video Transcript:
Why are entrepreneurs important for the Economy? For starters, entrepreneurs create new
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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.
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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
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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
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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.

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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, 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.

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

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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)

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To overcome boredom, one of the things that people do during the imposed quarantine
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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
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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 our google classroom.

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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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__________________________________________________________________________________
__________________________________________________________________________________

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__________________________________________________________________________________
__________________________________________________________________________________
____________________
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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
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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
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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;
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 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.

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empty piece of wood

pieces of

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CA
ANALYSIS “Entrepreneurs Think”

Processing Questions

DIRECTIONS: Write your answers on the space provided after each number.
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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?
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__________________________________________________________________________________
__________________________________________________________________________________
____________________________________________________________________
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2. What specific usage do the products contribute to the community?

__________________________________________________________________________________
__________________________________________________________________________________
__________

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

__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
____________________________________________

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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)

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Innovation Defined

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Medina defines innovation as “the
introduction of a new method, procedure,
custom, and device, among others.
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It could be any of the following: Image Source:
https://insidesmallbusiness.com.au/growth-
1. new product; development/process-innovation-the-key-to-
unharvested-profit

2. new process of production;

3. substitution of a cheaper material in an unaltered product;

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4. reorganization of production, internal function, or distribution arrangement

leading to increased efficiency, better support for a given product, or lower costs;
or
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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

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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;

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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.

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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
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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 innovation
is the process by which entrepreneurs convert
Image Source: opportunities into marketable ideas. Accordingly,
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https://oswaldolorenzo.com/en/general- it is the means by which they become catalysts of

en/entrepreneurship-innovation-and-technology-a-
id t d l t l 2/ change.
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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
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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”.

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The figure below shows a diagram of the Innovation Process.

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Five Types of Innovators
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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,
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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.
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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.

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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 husks Entrepreneur
turned into plant pots.
B. Innovation
______ 2. The gardener who came up with the
above idea. C. Conception

______ 3. The phase in the innovation process D. Marketing

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

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

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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 information he A. Coach
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learned when he attended the Filipino Chamber of
Commerce meeting. B. Idea Generator

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

of a new technology that is needed for the
launching of the company’s new product.
D. Champion
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______ 3. Andy is so concerned about results, so

he mobilized his people and used available E. Gatekeeper
resources to have the new idea about a product to
materialize.
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______ 4. Andy is looking into the possible

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

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5                    
     
6                        
     
  7 8                  
       
    9    
         
         
       
     
10                  

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Across Down
1. the discovery or devising of a new 2. the development and construction phase
product in the innovation process
5. the phase in the innovation process 3. this type of innovators collect and channel
when the new product is launched information about changes in the technical
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6. innovator, risk-taker environment
8. _______________innovation brings up new 4. the key function of the entrepreneurial
set of possibilities process
10. in the innovation process, it is 7. don't care about consequences or failure
generation of idea 9. the type of innovators who provide
technical training related to new
Crossword puzzle is made through: http://www.armoredpenguin.com/crossword/
development
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SP
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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

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_____________________________________________________________________________________

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)

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__________________________________________________________________________________
__________________________________

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3. To whom are you going to present your idea? (Audience)

__________________________________________________________________________________
__________________________________
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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)

__________________________________________________________________________________
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__________________________________

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

__________________________________________________________________________________
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__________________________________

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
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______________________________________________________________________________________

Figure 1.1

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

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Criteria Description Excellent Very Good Fair Poor

Good TOTAL
10 8 6 4 2
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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
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Pictures good mix of text and

graphics.

Attractiveness  The leaflet has

& Organization exceptionally
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.

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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
&

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KEY TERMS
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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,
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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.
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Innovation The process by which entrepreneurs converts opportunities into marketable

ideas.

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Answer Key
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Self-Check #1
1. T
2. F
3. T
4. F
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5. T
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Self-Check #2
1) 1. B
2. A
3. D
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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..

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Kuratko, D. F. & Hodgetts, R. M. (2007). Entrepreneurship theory, process,
practice (7th ed.) Canada: Thomson South-Western.

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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
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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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SP
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