Entrepreneurship Grade

12 Module 1: Quarter 1 -
Week 1
Entrepreneurship has an enormous impact on the
economy and in the society. Globally, the level of
entrepreneurial activity has contributed
significantly to the national level of economic
growth of many countries. It was Joseph
Schumpeter, an Australian economist, who first
articulated the importance of entrepreneurship to
the economy and the society in 1934.
The lesson deals with the definition of
entrepreneurs and entrepreneurship and discusses
the relevance of entrepreneurship in the economic
development and society. After going through this
module, you are expected to:
1. Define entrepreneurs and entrepreneurship;
and 2. Discuss the relevance of this course
(CS_EP11/12ENTREP-0a-1)
Entrepreneurship is the activity of setting up a
business or businesses, taking on financial risks in
the hope of profit. It is what people do to take
their career and dreams into their hands and lead
it in the direction of their own choice. While
entrepreneur is a person who sets up a business
with the aim to make a profit and create a
fulltime, sustainable business with employees.
 Below are few important
characteristics of a good
entrepreneur:

Hardworking: one of the important

characteristics of a good entrepreneur is
hardworking. This means habitually working
diligently for a long period of time. Hardworking
people keep on improving their performance to
produce good products and/or provide good
services.
Self-confident: Entrepreneurs have confidence
in one ability and own judgement. They exhibit
self-confidence in order to cope with all the risk
of operating their own business.
Disciplined: Successful entrepreneurs always
stick to the plan and fight the temptation to do
what is an important.
Committed: A good entrepreneur accepts full
responsibility of everything of his or her business. He/she
gives full commitment and solid dedication to make the
business successful.
Able to accept change: Nothing is permanent but
change. Change occurs frequently. When you own a
business, you should face your challenges and cope with
changes. Capitalize on positive changes to make your
business grow.
Creative: An entrepreneur should be creative and
innovative to stay in the business and in order to
have an edge over the other competitors.
Has the initiative: An entrepreneur takes the
initiative. You must put yourself in a position
where you are responsible for the failure or
success of your business.
Profit- oriented: An entrepreneur enters
into the world of business to generate profit
or additional income. This shall become the
bread and butter for you and for your family
as well. Therefore, you must see to it that the
business can generate income.
 Activity 2: Complete me and
Describe me!

Direction: Complete the acronym

ENTREPRENEURSHIP using an
adjective. Write your answer in a 1/4
sheet of paper.
Entrepreneurship is a mantra in the age of
globalized economy. It is the groundwork and spur
of economic growth and revolution across
nations. Entrepreneurial activities prosper in
societies with the support of the government and
which give much importance to innovativeness
and turn new ideas into a breakthrough solution.
Entrepreneurship, as defined by Cole (1959), a
purposeful activity to initiate and develop a profit-
oriented business. According to Kurato (2009),
entrepreneurship is a dynamic process of vision, change,
and creation that requires an application of energy and
passion towards the creation and implementation of new
ideas and creative solutions. To the present, the
meaning of entrepreneurship involves an entrepreneur
who takes action to make a change in the world.
It is remarkable to note that over the years, the
meaning of entrepreneurship has had a lot of
variations and dissimilarities. Although each
definitions views entrepreneurship from insignificant
different point of view, they all contain the following
common elements: Innovation, opportunity seeking
and exploitation, resource mobilizing, encountering
risk and uncertainties, and economic and personal
rewards.
Entrepreneurship plays a vital and influential role in economic
growth and standard living of the country. As business owner,
you may think that you are simply thinking of building your
own business, to provide for yourself and family. But actually
you are doing a whole lot more for your community, locality,
province, and country as a whole. Here is the list of relevance
of entrepreneurship and entrepreneur in economic
development of a country.
1. Creates employment. When
entrepreneurs put up their businesses, they
employ people who possess different
competencies and personal values to help
them operate the enterprise.
2. Develops new market. Entrepreneurs are
opportunity-seekers, creative, and resourceful.
They seek for new buyers or customers of their
own products or services. They go beyond the
existing place where their products are sold and
look for other people who will be interested.
3. Introduces innovation. Entrepreneurs innovate.
Innovation can be something ordinary or technological
or break through. This innovation is done for the
product, services or technology towards
commercialization and generates economic wealth. Due
to innovation, other business fold, while others will
open of flourish. Some even restructure like merging or
buyingout firms, to respond to the changes that are
required in order to become sustainable in the business.
4. Generates new materials. Entrepreneurs are
always in constant search for better and cheaper
sources of materials they need. Finding new material
providers help in the economic growth of the place.
These could be sourced from because of the value
creation.
5. Stimulates investment interest in the new
business ventures being created. When
entrepreneurs engage in a new business, it stirs
curiosity for other to invest in the business
because of the benefits it offers. This new
investment contributes to economic growth.
6. Improves the quality of life. The new products and
services developed by the entrepreneur contribute to the
increase of personal benefit and convenience of people
in society. The use of automatic gadgets in cooking or
washing clothes, mobile phones, internet services,
agricultural machines, and may other innovation leads to
a better quality of life.
7. Serves as role model. Entrepreneurs are people to be
emulated by younger generations in the community and
society at large. The attitude, behavior and personality
traits, like proactiveness, opportunity recognition,
risktaking, alertness, and creativity, are some of the
characteristics of that will also make them successful
entrepreneurs in the future.
8. Bring social benefit to the people. Entrepreneurs
pay taxes for every product or services sold in the
market. They also pay for the permits and licenses to
operate their businesses. The income derived from all
these taxes by the government are then used for the
people, especially the poor to have more access to
social service such as education and health, as well as
improvement in infrastructure facilities, such as roads
and bridges for faster and safer transportation of
people from various destination.
9. Utilizes and mobilizes indigenous resources.
Small and medium enterprise will always look for
cheaper and local materials to supply their needs. They
make use of idle or unused resources to meet their
needs. This saves much in terms of foreign currency as
local enterprises patronize their own resources and they
do not become dependent on imported materials.
10.Provides more alternatives for consumers. The
stiff competition in the market for quality and cheaper
products and services requires the entrepreneur to
come up with more products and services consumers
can choose from. Entrepreneurs also become more
concerned about the welfare of their consumer, and
ethical in producing and selling their products and
services, in order that the consumers will prefer them
over the other enterprises selling the same.