RI ModuleFormat
RI ModuleFormat
RI ModuleFormat
Polangui, Albay
Teacher Education Department
AY: 2022 - 2023
PERSONAL
ENTREPRENEURIAL SKILL
Submitted by:
Rey C. Intia
( BTLED )
Submitted to:
Mr. Francisco Registrado
Professor
INTRODUCTION:
Personal entrepreneurial skills are the skills that an individual needs to possess in order to
become a successful entrepreneur. These skills include leadership, creativity, problem-solving,
communication, networking, self-motivation, resilience, organization, and financial
management. It is important to know the personal entrepreneurial skills because it helps
entrepreneurs to identify and develop the skills they need to start and grow a successful business.
Having a clear understanding of the skills necessary to start and maintain a business can help
entrepreneurs make better decisions, plan for the future, and better manage their resources. In
addition, understanding personal entrepreneurial skills can help entrepreneurs identify potential
opportunities, better manage their business, and create a competitive advantage. Lastly, having a
clear understanding of personal entrepreneurial skills can help entrepreneurs identify, develop,
and improve their existing business. The personal entrepreneurial skill can be used and important
at any stage of the entrepreneurial journey. Whether you are just starting out and in the early
stages of business development, or you are a seasoned entrepreneur and looking to grow your
existing business, developing your personal entrepreneurial skill can help you succeed. This skill
set can help you come up with new ideas, create effective strategies and plans, develop effective
marketing and sales tactics, and manage the resources of your business. It can also help you build
relationships with partners, customers, and other stakeholders, and become a more effective
leader. Personal entrepreneurial skills can be used in many different areas, including starting and
running a business, creating and managing an online presence, marketing products and services,
managing finances, and developing creative ideas. These skills are important because they help
entrepreneurs establish and maintain a successful business. They also provide the tools needed to
identify and capitalize on opportunities, make decisions, and take risks in order to achieve
success. The people involved in using personal entrepreneurial skills are entrepreneurs,
inventors, innovators, small business owners, freelancers, and anyone else who is looking to start
a business, create something new, or make an impact in their industry. Personal entrepreneurial
skills can help the learner develop an entrepreneurial mindset, which is essential for success.
These skills will enable the learner to think more creatively, come up with innovative solutions
to problems, and develop the resilience and ambition needed to pursue entrepreneurial goals.
They will also help the learner to better manage their own time, resources, and finances, as well
as develop the communication and networking skills needed to build relationships with potential
partners and customers.
Learning Objectives:
1. Develop an understanding of the personal entrepreneurial skills required to successfully
launch and manage a business.
2. Explore the different approaches to business ownership, such as sole proprietorships,
partnerships, and corporations.
3. Identify the necessary steps to develop a business plan, including market research, competitive
analysis, and financial projections.
4. Evaluate techniques to attract customers and build a customer base.
5. Analyze the importance of understanding legal and regulatory requirements related to business
operations.
6. Create strategies to effectively manage and grow a business.
7. Develop the ability to assess and identify opportunities for growth and expansion.
DEFINITION OF TERMS
Personal Entrepreneurial Skill - is a set of skills and behaviour needed to create, develop,
manage, and grow a business venture. It also includes the ability to handle the risks that come
with running a business.
Entrepreneur - a person who organizes and operates a business or businesses, taking on greater
than normal financial risks in order to do so.
Entrepreneurship - the activity of setting up a business or businesses, taking on financial risks
in the hope of profit.
Strategic Thinking - Strategic thinking skills are any skills that enable you to use critical
thinking to solve complex problems and plan for the future.
Networking - is possibly one of the most important skills for entrepreneurs and is one which you
have the opportunity to practice on programs.
Leadership - is a mindset that focuses organizations on turning problems into opportunities that
create economic and social value.
Financial Management - means planning, organizing, directing and controlling the financial
activities such as procurement and utilization of funds of the enterprise. It means applying
general management principles to financial resources of the enterprise.
Risk Taking - is the process of identifying, evaluating, mitigating, and trying out potential
opportunities and strategies that may help you build or grow your business but could also lead to
personal or professional loss.
Problem Solving - is the process of using innovation and creative solutions to close that gap by
resolving societal, business, or technological problems. Sometimes, personal problems can lead
to entrepreneurial opportunities if validated in the market.
Time Management - is the creation of tools and processes that allow individuals and
organizations to accomplish more in a set time period.
Communication - Communication is a way to make interaction between people.
PRE-TEST
Directions: Choose and encircle the correct answer.
1. Which of the following is a key personal entrepreneurial skill?
a. Ability to market a product
b. Ability to delegate tasks
c. Ability to write a business plan
d. Ability to identify customer needs
LESSON OUTCOME 1:
PERSONAL ENTREPRENEURIAL SKILLS
Employees must possess certain competencies in order to perform their tasks effectively. A
competent worker is more effective and improves the working environment. As a result,
competency evaluation is quickly replacing traditional approaches for identifying skill gaps in
the workforce and developing strategies for bridging them. Modern employers want a wide range
of skills from their employees, and entrepreneurship skill is one of the most important ones.
The term "entrepreneurship" is not new. It describes the procedure for establishing and
effectively running a business idea, as well as for producing financial value and fostering
corporate expansion. A company's owner(s) should ideally be an entrepreneur, and anyone who
works for them should be an employee.
Entrepreneurial skills is a set of skills and behaviour needed to create, develop, manage, and
grow a business venture. It also includes the ability to handle the risks that come with running a
business. Without a doubt, business owners and startup founders must possess most of the
entrepreneur competencies to succeed.
STRATEGIC THINKING
Strategic thinking skills are any skills that enable you to use critical thinking to solve complex
problems and plan for the future. These skills are essential to accomplish business objectives,
overcome obstacles, and address challenges—particularly if they're projected to take weeks,
months, or even years to achieve.
The ability to think strategically and plan for the future is essential for entrepreneurs. This
involves being able to evaluate the current business environment and identify potential
opportunities and risks.
EXAMPLE:
Strategic thinking in agri-fishery begins with understanding the current and future needs of the
industry.
NETWORKING
Firstly, we will underline the importance of networking in entrepreneurship. Undoubtedly,
networking is one of the most valuable skills that you could learn in order to make your company
a success story. It takes a lot of time and effort to create a successful company, so it is reasonable
to have a network of business partners and associates to draw energy from and keep you
motivated. Besides, you are more likely to step forward and achieve success by connecting
yourself with others who share a common enthusiasm and way of achieving goals. In addition,
business networking is a very valuable way to extend your skills, learn from others’ success, get
new customers, and tell others about your business.
Hence, the 5 biggest benefits of business networking:
1. Opportunities
2. Advice
3. New business
4. Growing your personal profile
5. Friendship
EXAMPLE:
For example, farmers may join local farming networks to connect with other farmers, exchange
ideas, and learn from each other’s experiences.
LEADERSHIP
For Professor Jay Rao, entrepreneurial leadership goes hand in hand with a relentless optimism
about the world. “Entrepreneurial leaders are not just risk managers; they are ambidextrous and
are experts at navigating uncertainty,” he says. “They have a positive outlook about the future, as
they are always trying to improve things.”
Babson professor and researcher Nan Langowitz says the key is an openness to learning, and
being able to mobilize others in your organization to do the same. “The best leaders are
learners,” she says. “The more you can develop a learning mentality, the better you’ll be at
staying open to hearing new ideas, considering contrary points of view, and arriving at improved
decisions.”
Like entrepreneurs, entrepreneurial leaders are made, not born. It’s a muscle that can be
developed with time and practice. According to D.R. Widder MBA’99, Babson’s vice president
of innovation, budding entrepreneurial leaders share a handful of common characteristics:
“Entrepreneurial leaders are able to lead from any position. They know leadership doesn’t
always come from the top, and it comes from action, not hierarchy,” says Widder. “These people
are high performance, collaborative problem solvers and are broadly needed in all industries.”
EXAMPLE:
For example, a leader could help to create a sustainable fishing system by advocating for better
regulations and enforcement of existing laws.
FINANCIAL MANAGEMENT
At its core, financial management is the practice of making a business plan and then ensuring all
departments stay on track. Solid financial management enables the CFO or VP of finance to
provide data that supports creation of a long-range vision, informs decisions on where to invest,
and yields insights on how to fund those investments, liquidity, profitability, cash runway and
more. A financial management system combines several financial functions, such as accounting,
fixed-asset management, revenue recognition and payment processing. By integrating these key
components, a financial management system ensures real-time visibility into the financial state
of a company while facilitating day-to-day operations, like period-end close processes.
Building on those pillars, financial managers help their companies in a variety of ways, including
but not limited to:
Maximizing profits
Provide insights on, for example, rising costs of raw materials that might trigger an increase in
the cost of goods sold.
Ensuring compliance
Keep up with state, federal and industry-specific regulations.
Developing financial scenarios
These are based on the business’ current state and forecasts that assume a wide range of
outcomes based on possible market conditions.
Manage relationships
Dealing effectively with investors and the boards of directors.Ultimately, it’s about applying
effective management principles to the company’s financial structure.
EXAMPLE:
Budget and Investment Planning
RISK TAKING
While the word “risk” might make you think of chaos and unpredictability, in the context of
entrepreneurship, risk-taking is a calculated and measured byproduct of starting a business.
Preventable risks stem from within an organization (whether a team of one or 1k), are entirely
controllable, and should be avoided at all costs. Examples of preventable risks include lying to
potential investors, ignoring environmental regulations, or engaging in illegal business activity.
Strategy risks are beneficial and necessary in entrepreneurship. These risks arise from strategic
opportunities that show potential for return on investment. Some examples include launching a
new product line, expanding into another country, or bringing on a new investor.
The final category is external risks. As the name suggests, these risks come from beyond your
business operations and are outside of your control. For example, you’ll likely have little to no
influence over current economic conditions or states of emergency, but they may impact the
success of your ventures.
While those who naturally run headfirst toward the unknown are more likely to explore
entrepreneurship, anyone can get comfortable with taking bold yet well-reasoned risks. There are
some clear benefits to taking intentional risks when starting or scaling a business, including:
Successful businesses need to continuously evolve and experiment. When it comes down to it,
entrepreneurs might as well call themselves Professional Risk-Takers.
EXAMPLE:
Investing in new technology, land and water resources.
PROBLEM SOLVING
Entrepreneurial problem solving is the process of using innovation and creative solutions to
close that gap by resolving societal, business, or technological problems. Sometimes, personal
problems can lead to entrepreneurial opportunities if validated in the market. The entrepreneur
visualizes the prospect of filling the gap with an innovative solution that might entail the revision
of a product or the creation of an entirely new product. In any case, the entrepreneur approaches
the problem-solving process in various ways. This chapter is more about problem solving as it
pertains to the entrepreneur’s thought process and approach rather than on problem solving in the
sense of opportunity recognition and filling those gaps with new products.
Decision making is different from problem solving. A decision is needed to continue or smooth a
process affecting the operation of a firm. It can be intuitive or might require research and a long
period of consideration. Problem solving, however, is more direct. It entails the solution of some
problem where a gap exists between a current state and a desired state. Entrepreneurs are
problem solvers who offer solutions using creativity or innovative ventures that exploit
opportunities. This chapter focuses on different approaches to problem solving and need
recognition that help potential entrepreneurs come up with ideas and refine those ideas.
The first and more conservative approach an entrepreneur may use to solve problems is the
adaptive model. The adaptive model seeks solutions for problems in ways that are tested and
known to be effective. An adaptive model accepts the problem definition and is concerned with
resolving problems rather than finding them. This approach seeks greater efficiency while
aiming at continuity and stability.
The second and more creative approach is the innovative model of entrepreneurial problem
solving, which uses techniques that are unknown to the market and that bring advantage to an
organization. An innovative problem-solving style challenges the problem definition, discovers
problems and avenues for their solutions, and questions existing assumptions—in a nutshell, it
does things differently. It uses outside-the-box thinking and searches for novel solutions.
EXAMPLE:
Improving water management techniques to increase crop yields
TIME MANAGEMENT
Time management is the creation of tools and processes that allow individuals and organizations
to accomplish more in a set time period. While time management is critical to success for all
individuals, it is critically important to entrepreneurs. This is because entrepreneurs are typically
faced with tons of challenges each day and quickly compile massive “To Do” lists. This article
presents tips to help entrepreneurs to better manage their time to be more effective.
The first step in time management for entrepreneurs is to identify key uses of their time. For
instance, what percent of your time is spent answering phone calls (both personal and
professional), having company meetings, traveling to meetings, finding information, managing
your team, etc.?
After identifying the key uses of time, entrepreneurs must determine whether these uses
maximize the value of their time. For example, questions must be answered such as whether
more value is added to the organization if the entrepreneur spent less time traveling and more
time managing the team.
In addition to figuring out the best uses of their time, entrepreneurs must follow several tried and
true time management tips including the following:
1. Not ensuring that everything is perfect. Great organizations perform the critical tasks
expertly. However, it is impossible to be great at every imaginable aspect of a business.
Entrepreneurs must focus their time on the critical activities.
2. Saying “no”. While it’s always nice to be the hero and adhere to everyone’s wants and
desires, doing so takes up an unreasonable amount of time. Entrepreneurs must be willing to say
no to actions/plans that do not add as much value to the organization as other actions/plans.
3. Prioritizing. Since there are only a limited number of hours in the day, not only must
entrepreneurs say “no” to certain activities, but they must be vigilant in prioritizing those
activities that add the most value and which best allow the organization to execute on its business
plan.
A critical component to a successful time management plan is a solid business plan. The business
plan lays out the critical elements that the business must accomplish and what the action plan is
to get there. The time management plan should be overlaid on this. That is, it should force the
entrepreneur to plan and prioritize their time to best meet the goals set forth in the business plan.
EXAMPLE:
This includes planning activities and tasks, setting deadlines, and allocating resources so that
goals can be achieved.
COMMUNICATION
Communication is a way to make interaction between people. Entrepreneurs always try to
improve their communication skills because it will assist them in sharing their ideas and
presenting them clearly and to constantly work in a better way with their staff, team members,
clients and colleagues. They understand the role of communication in entrepreneurship and they
furnish themselves with some best tips to make their regular interactions effective.
Having good communication skills will also help an entrepreneur at the time of project
explanation, elevator pitches, presentation, training as well as many other areas where a person
has face-a-face talk with people. An effective communicable person can build his career easily.
The basic steps of communication are −
Presentation is a way to represent your idea through pictures, but it needs excellent
communication skills too. Effective presentation can help your business in growth. Once you
explain everything digitally in a conference hall, everyone likes your product.
A few steps which you should follow for convincing your target audiences are as follows −
Step 1 − Before proceeding to the presentation, you should clear your objective in
advance. During a presentation, you can try to focus to a specific topic, so the
users are impressed with it and understand your key motive and take a decision.
Step 2 − Practice your point of view in advance, so that you can be prepared for
the target audience at the time of the presentation. It is a big challenge to impress
everyone, but when you know the people, then you can give presentation as per
their guidelines.
Step 3 − Self-confidence is the key to getting success; it means you must know
your positive points and limitations so that while presenting, you should use your
qualities and try to hide your weaknesses, so they don’t affect your presentation.
EXAMPLE:
SOCIAL MEDIA AND ONLINE FORUMS
Summary:
Personal entrepreneurial skills are the skills that enable individuals to be successful in the world
of business. They are the skills that enable entrepreneurs to identify opportunities, plan and
implement strategies, manage resources, and build networks. Personal entrepreneurial skills
include creativity, problem-solving, communication, leadership, risk-taking, and financial
literacy. These skills are essential for entrepreneurs to be successful in their ventures. They are
also key for developing an entrepreneurial mindset, which is necessary for any successful
business. Strategic thinking skills are any skills that enable you to use critical thinking to solve
complex problems and plan for the future. Networking is possibly one of the most important
skills for entrepreneurs and is one which you have the opportunity to practice on programs.
Networking has a 5 biggest benefits this are Opportunities, Advice, New business, Growing your
personal profile and Friendship. Leadership is a mindset that focuses organizations on turning
problems into opportunities that create economic and social value. Financial Management
means planning, organizing, directing and controlling the financial activities such as
procurement and utilization of funds of the enterprise. It means applying general management
principles to financial resources of the enterprise. Risk Taking is the process of identifying,
evaluating, mitigating, and trying out potential opportunities and strategies that may help you
build or grow your business but could also lead to personal or professional loss. Problem Solving
is the process of using innovation and creative solutions to close that gap by resolving societal,
business, or technological problems. Sometimes, personal problems can lead to entrepreneurial
opportunities if validated in the market. Time Management is the creation of tools and processes
that allow individuals and organizations to accomplish more in a set time period. Communication
is a way to make interaction between people. The basic steps of communication are the forming
of communicative intent to make a healthy relationship, message composition to make a healthy
dialogue between two participants, message encoding to hide your personal or confidential
thoughts in a message, transmit encoded messages in a sequence of signals using specific
channels, checking reception of signals to ensure the that they are active in communication,
reconstruction of the original message and acknowledge on a particular chat and Interpretation of
previous messages and making a sensible reconstruction.
TEST YOUR KNOWLEDGE!
POST TEST
Directions: Choose and encircle the correct answer.
1. When starting a business, what is the most important skill to have?
A. Time management
B. Problem solving
C. Persistence
D. Leadership
6. What is the most important factor in determining the success of an entrepreneurial venture?
A. Good luck
B. Money
C. Hard work
D. Timing
PRE-TEST
1. D
2. B
3. D
4. D
5. D
6. D
7. D
8. D
9. D
10. D
POST TEST
1. C
2. D
3. B
4. D
5. C
6. C
7. B
8. D
9. B
10. D
REFERENCE:
https://www.indeed.com/career-advice/career-development/entrepreneurial-skills
https://possibleworks.com/blog/entrepreneurship-competency/#:~:text=What%20is
%20entrepreneurial%20competency%3F,come%20with%20running%20a%20business.
https://www.google.com/search?
q=what+is+strategic+thinking+in+entrepreneurship&sxsrf=AJOqlzWIaKqMhicQnJzvamWE2R
yoR1braQ:1679114015836&source=lnms&tbm=isch&sa=X&ved=2ahUKEwj22s2T0-
T9AhXtS2wGHZ4ACYoQ_AUoAXoECAEQAw&biw=1280&bih=601&dpr=1.5#imgrc=eNNn
nREZOgU1UM
https://lsbc.lu/networking-in-entrepreneurship-why-it-is-important/
https://www.google.com/search?
q=NETWORKING&bih=601&biw=1280&hl=en&sxsrf=AJOqlzUdr1IpoBCAj5P60ak7hUXwfS
H8cw:1679114470062&source=lnms&tbm=isch&sa=X&ved=2ahUKEwjJvpns1OT9AhVLSW
wGHWXHDlMQ_AUoAXoECAMQAw#imgrc=7tYSz018DYK95M
https://entrepreneurship.babson.edu/entrepreneurial-leadership/
https://www.google.com/search?q=LEADERSHIP&hl=en&sxsrf=AJOqlzVtSgvs0zCJI2R_RAz-
3HzwthcOQA:1679114690236&source=lnms&tbm=isch&sa=X&ved=2ahUKEwj_65fV1eT9Ah
WucGwGHd7qAGUQ_AUoA3oECAMQBQ&biw=1280&bih=601&dpr=1.5#imgrc=Lqjmd1wJ
anz_qM
https://www.netsuite.com/portal/resource/articles/financial-management/financial-
management.shtml#:~:text=In%20business%2C%20financial%20management%20is,on%2Dthe
%2Dground%20execution.
https://www.google.com/search?
q=financial+management&sxsrf=AJOqlzXlETtRGH_K41w_L4rHpXE05OFOaw:16791151025
10&source=lnms&tbm=isch&sa=X&ved=2ahUKEwjLieOZ1-
T9AhXOT2wGHcFjDkQQ_AUoAnoECAMQBA#imgrc=ky69k9VocdeLAM
https://blog.hubspot.com/the-hustle/risk-in-entrepreneurship#:~:text=Risk%2Dtaking%20in
%20entrepreneurship%20is,to%20personal%20or%20professional%20loss.
https://www.google.com/search?q=risk+taking+&tbm=isch&ved=2ahUKEwiA2dCa1-
T9AhXFEogKHQDRDY4Q2-
cCegQIABAA&oq=risk+taking+&gs_lcp=CgNpbWcQAzIFCAAQgAQyBQgAEIAEMgUIAB
CABDIFCAAQgAQyBQgAEIAEMgUIABCABDIFCAAQgAQyBggAEAgQHjIGCAAQCBAe
MgcIABCABBAYOgcIIxDqAhAnUN0FWPFKYIVNaAFwAHgAgAHXCogByBOSAQUxLjct
MpgBAKABAaoBC2d3cy13aXotaW1nsAEKwAEB&sclient=img&ei=YEMVZICpEsWloASA
orfwCA#imgrc=nInxJbTmTXaVPM
https://openstax.org/books/entrepreneurship/pages/6-1-problem-solving-to-find-entrepreneurial-
solutions#:~:text=Entrepreneurial%20problem%20solving%20is%20the,if%20validated%20in
%20the%20market.
https://www.google.com/search?q=problem+solving&tbm=isch&ved=2ahUKEwiU-
9GM2OT9AhUMfN4KHe0oANYQ2-
cCegQIABAA&oq=problem+solving&gs_lcp=CgNpbWcQAzIICAAQgAQQsQMyCAgAEIAE
ELEDMgUIABCABDIFCAAQgAQyBQgAEIAEMgUIABCABDIFCAAQgAQyBQgAEIAEM
gUIABCABDIFCAAQgARQAFgAYABoAHAAeACAAZ4JiAGZGZIBBzUtMi4xLjGYAQCq
AQtnd3Mtd2l6LWltZw&sclient=img&ei=T0QVZNSXGIz4-Qbt0YCwDQ#imgrc=-
O_AnJim5epEPM
https://www.growthink.com/businessplan/help-center/time-management-
entrepreneurs#:~:text=Time%20management%20is%20the%20creation,is%20critically
%20important%20to%20entrepreneurs.
https://www.google.com/search?q=time+management&tbm=isch&ved=2ahUKEwjU3_m42-
T9AhWMH3AKHZd-BLoQ2-
cCegQIABAA&oq=time+mana&gs_lcp=CgNpbWcQARgAMgcIABCxAxBDMgcIABCxAxB
DMgQIABBDMgUIABCABDIECAAQQzIECAAQQzIFCAAQgAQyBQgAEIAEMgUIABCA
BDIFCAAQgAQ6BwgjEOoCECc6CAgAEIAEELEDOggIABCxAxCDAVCsEVimKWCzMmg
BcAB4AYAB7gmIAZ0okgELMy0xLjEuMC40LjGYAQCgAQGqAQtnd3Mtd2l6LWltZ7ABCs
ABAQ&sclient=img&ei=0UcVZJSzJoy_wAOX_ZHQCw#imgrc=KydN9Eox0DT91M
https://www.tutorialspoint.com/entrepreneurship_skills/
entrepreneurship_skills_effective_communication.htm#:~:text=Communication%20is%20a
%20way%20to,team%20members%2C%20clients%20and%20colleagues.
https://www.google.com/search?
q=communication&tbm=isch&ved=2ahUKEwjNv8Xu4eT9AhU_ulYBHZ4vCGsQ2-
cCegQIABAA&oq=commu&gs_lcp=CgNpbWcQARgAMgcIABCxAxBDMgcIABCxAxBDMg
QIABBDMgcIABCxAxBDMgQIABBDMgUIABCABDIECAAQQzIECAAQQzIHCAAQsQM
QQzIECAAQQzoHCCMQ6gIQJzoECCMQJzoICAAQgAQQsQNQixVYiyNg4ytoAXAAeAG
AAY4ciAGDKJIBDTAuMi4wLjIuMS45LTGYAQCgAQGqAQtnd3Mtd2l6LWltZ7ABCsABA
Q&sclient=img&ei=jE4VZM3JJr_02roPnt-g2AY#imgrc=xyDl2usuVx2fyM