APP 004 / ENTREPRENEURSHIP 12.

HIRING AND TALENT SOURCING – you’ll eventually need people to help

DAY 1 you achieve your goals. Ability to identify the right new hires.
ENTREPRENEURSHIP – capacity and willingness to develop, organize and manage a 13. FAILURE MANAGEMENT – failures can obliterate your motivation and
business. (starting new business). In economic, it is combined with land, labor, natural affect your mentality.
resources and capital. 14. SHARING AND COLLABORATION – the willingness, commitment and skill
to both regularity and effectively share your work information sharing, crowd
ENTREPRENEURSHIP SPIRIT – characterized by innovation and risk-taking and is an funding and open source.
essential part of a nation’s ability to succeed in an ever changing and increasingly 15. DESIGN THINKING – refers to a framework for assessing problems and
competitive global marketplace. creating solutions. It can lead to ingenious products and significant
improvements.
VITAL ROLES THAT ENTREPRENEURSHIP PLAYS IN ECONOMIC DEVELOPMENT:
1. Creating employment DAY 3
2. Uplifting the living standards PERSONALITY – refers to individual differences in characteristic patterns of thinking,
3. Providing goods and services feeling and behaving. The study of personality focuses on two broad areas: 1.
4. Increasing economic growth Understanding individual differences in particular personality characteristics, such
as sociability or irritability. 2. Understanding how the various parts of a person
DAY 2 come together as a whole.
CHARACTERISTICS OF AN ENTREPRENEUR:
1. Capacity and willingness to assume risk.
2. Willing to hard work and be always tenacious. ENTREPRENEUR PERSONALITIES
3. Vision and foresightedness. 1. THE IMPROVER – focused on using your company as a means to improve
4. Creative and imaginative thinking and innovative. the world. Ability to run their business with high integrity and ethics. Motto:
5. Willingness to adopt a change. Morally correct companies will be rewarded when working on a noble cause.
6. High degree of ambition. Personality Alert: Tendency to be perfectionist and over-critical of
7. Total commitment and determination. employees and customers.
8. Prompt and sound decision making. 2. THE IMPROVER – provide an extremely high level of assistance and advice
9. Ability to organization and administration. to customers. Advisors become customer focused. Motto: The customer is
10. A long-term vision of the future of your business. right and we must do everything to please them.
Personality Alert: Totally focused on the needs of the business and
SKILLS OF ENTREPRENEUR: customers that may ignore their own need and ultimately burn out.
1. COMMUNICATION – business can quickly go from good to bad when this 3. THE SUPERSTAR – centered around charisma and high energy of the
lacks purpose, clarity and impact. superstar cep. Will cause you to build around your own personal brand.
2. EMPATHY – ability to genuinely connect, understand and empathize with Personality Alert: Can be too competitive and workaholics, find it difficult to
your customers is to critical to establishing and growing your audience. take a vacation or step away for a break.
3. PERSONAL BRANDING – moving towards the gig economy, jump between 4. THE ARTIST – the reserved but a highly creative type, often found in
ideas, startups, and employee faster and more frequently. business demanding creativity such as web design and ad agencies. You’ll
4. STRATEGY FORMULATION – wanting to monopolize our ever-shortening tend to build your business around your unique talents and creativities.
attention spans, the knack for planning from simple daily checklists to long Personality Alert: overly sensitive to your customer’s response if the
term strategic decision making. feedback is constructive.
5. AUTHENTICITY – not a hard skill, more of a soft skill. Became a minimum 5. THE VISIONARY – based on the future vision, thoughts. A high degree of
requisite for providing value and achieving excellence. curiosity for understanding the world and will set up plans to avoid
6. FINANCIAL MANAGEMENT – knowing how to manage and grow your landmines.
finances is the key to successful business. Personality Alert: Can be too focused on the dream with little focus on
7. PERSUASIVE WRITING – improving visual content, highlight your thought reality. Action must proceed vision.
leadership, crafting compelling copy for sales pages and inspiring people to 6. THE ANALYST – focused on fixing problems in a systematic way. Basis for
take action. science, engineering or computer firms. Excel at problem solving.
8. SALES – the one skill that keeps the light on in your business. Personality Alert: be aware of analysis or paralysis. Work on trusting
9. RELATIONSHIP BUILDING - you need people to make progress, social others.
currency is the standard by which your value is assessed. 7. THE FIREBALL – business owned, full of life, energy and optimism.
10. STRESS MANAGEMENT – expect disappointment, struggles and stress. Company can get it done in a fun playful manner.
Winning is to manage stress and re-channel it to positivity. Personality Alert: May over commit your teams and act to impulsively.
11. TESTING AND EXPERIMENTATION – you won’t know if you never try. Balance your impulsiveness with business planning.
Conducting regular small experiments and insightful test can lead to huge 8. THE HERO – have an incredible will and ability to lead the world through
new breakthroughs. any challenge. The essence of entrepreneurship and can assemble great
companies.
 Personality Alert: Over promising and using force full tactics to get your DAY 6
way will not work long term. Should trust leadership skills to help other find 3 KINDS OF BUSINESS
their way. 1. SERVICE BUSINESS – provide intangible products (products with no
9. THE HEALER – provide nurturing and harmony in business. Have an physical form). Service type firms offer professional skills, expertise, advice
uncanny ability to survive and persist with an inner calm. and other similar products. Example: Salons, Repair shops, Schools, Banks.
Personality Alert: may avoid outside realities and use wishful thinking. Use 2. MERCHANDISING BUSINESS – buys products at wholesale price and sells
scenario planning to prepare for turmoil or uncertainty. the same at retail price. Known as “buy and sell” businesses. They make
profit by selling products higher than their purchase costs. It sells a product
DAY 4 without changing its form. Example: Grocery Stores, Convenience stores.
ETHICS – study of moral obligation involving the distinction between right and wrong. 3. MANUFACTURING BUISNESS – buys product with the intention of using
Study of ethics paved the way for the adaptation of general rules of conduct in the society. them as materials in making a new product. There is a transformation of the
products purchased. It combines raw materials, labor, and factor overhead.
Ethics and Social Responsibility for An Entrepreneur Social Responsibility - means Sold to customer.
elimination corrupt, irresponsible or unethical behavior which might harm to the community,
its people and the environment. FUNCTIONS OF BUSINESS
1. PUBLIC IMAGE. Earn goodwill and reputation. Also attracts the honest and IINTERNAL FUNCTIONS – Acquisition of Finance, Purchasing of Raw-Materials, Hiring of
competent employees to work with such employers. Labour, Overhead Expenses and Production of Goods.
2. EMPLOYEE SATISFACTION. Employees are the part of the society. If you EXTERNAL FUNCTIONS – Marketing Research, Advertisements, Sales Promotion,
satisfy your needs, then you are doing social work. Appointing od Sales Agents and Selling and Distribution.
3. ETHICAL LEADERSHIP. What entrepreneur does have a strong influence. SUPPORT FUNCTIONS – Accounting Operation, Public Relation Officers (PROs), Quality
4. A SOCIAL ENTREPRENEUR. An individual or organization who seeks our Control (QC), Business Process Outsourcing (BPO) and Human Resource (HR) Services
opportunities to improve society by using practical, innovative and
substantial approaches.
5. ENVIRONMENT MANAGEMENT. To protect and preserve the natural
resource.
6. CONSUMER AWARENESS. Consumers have become very conscious
about their rights. If you are giving high quality products at cheap rate, that is
kind of social responsibility.

DAY 5
THE ROLES OF BUSINESS IN ECONOMY
1. As consumers, they buy and services from other business.
2. As employers, businesses provide jobs and wages for millions of workers.
3. As producers, businesses provide a wide variety of goods and services.

5 ROLES OF BUSINESS IN OPPORTUNITIES

1. Employee Will Feel Good about Their Company – companies that focus on
giving back to the community can forge stronger emotional connections with their
employees and help them to feel good about where they work and for whom.
2. Employees Can Learn New Skills – a benefit that can directly improve
employee job performance as well.
3. Your Company Will Gain New Perspectives – giving and volunteering help a
company see the world through community’s perspectives, which strengthens the
understanding of how the company fits into that community.
4. Your Business Will Connect with the Community – companies that close their
doors to the public never become a true part of the community in which their
employees and customers make their lives.
5. Philanthropy Solidifies Company Values – the values inform the mission,
guide decisions and help employees and community members connect
emotionally with your company.