COURSE LEARNING MATERIAL

in SOCSC 12

ENTREPRENEURIAL MIND

Philistia Mercuria P. Bagayas

Assistant Professor II
 MODULE 1
AN OVERVIEW ON THE STUDY OF THE
ENTREPRENEURIAL MIND
___________________________________________________________________
ENTREPRENURIAL MIND
Self-Learning Module – Unit I

Objectives:
This module material focuses on the study of unlimited opportunities that an
entrepreneurial mindset can provide in its economic and social context.

At the end of the unit, the students are expected to:

 Trace the origins of entrepreneurial ideas that focused on the economic, political,
social, and technological conditions of the time.

Subject Outline

Unit I. An Overview of the Study on the Entrepreneurial Mind

Lesson 1. The Evolution of the Entrepreneurial Mind

(The World’s Philosophers)
 COURSE INTRODUCTION SESSION

Lesson Objective:
At the end of this session, the students will be able to:

1. assess their own capabilities, competencies, strengths, and weakness;

2. Develop and improve their self-awareness as a person; and
3. Set meaningful and realistic goals for a future entrepreneurial career.

Warm Up Activity
UNLEASHING YOUR PERSONAL POTENTIALS

Commitments Realistic Goal-setting Planning Persistence

Networking Moderate Risk-taking Assertiveness Self-confidence

‘ALL ENDEAVORS START WITHIN ONE’S SELF.”

As you acknowledge your own attributes, strengths and weaknesses as a person, this will
assist you in unleashing your creative potentials to achieve greater things in life.

Identify ways to develop your potentials to become a successful entrepreneur

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2
3
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5
 Set relevant and attainable goals for yourself and for your targeted entrepreneurial venture.
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2
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5

Activity 1
List your objectives for enrolling in this particular subject
1.
2.
3.
4.
5.

Instructor will lead discussion and levelling of all objectives and expectations. Look into the
similarities and differences of your own objectives and those of the entire class.

My Personal Objectives The Class’ Objectives

Design a logo which you feel may describe the entire course.

Take note of the expected rules and procedures to be followed in class. Refer to Course Policies
provided in the syllabus which pertains to:

a. Course Assessment
b. Expectations from Student
c. Academic Dishonesty
Lesson 1 – The Evolution of the Entrepreneurial Mind

Lesson Objective:
At the end of the lesson, you are expected to discuss the philosophical foundations of the
study on the origin of the entrepreneurial mindset.

Content Input
The beginning of all endeavors start within a person’s innermost being. The thoughts and
intents of an individual has shaped history with a myriad of colorful events, challenges, and
changes over time.
What is an entrepreneurial mindset?
Entrepreneurial mindset is a way of thinking that enables you to overcome challenges, be
decisive, and accept responsibility for your outcomes. It is a constant need to improve your skills,
learn from your mistakes, and take continuous action on your ideas. (hackthe entrepreneur.com)

People of all ages and from all walks of life have experienced entrepreneurship as an
essential life skill. It is never too soon to start with the
young by adapting the proper mindset and the basic
principles of entrepreneurship can be a transformative
experience. By developing the entrepreneurial mindset
among the young, they will be enabled to think more
creatively in solving real-life problem situations. A
development of cooperative skills can have an effect on
their ability to improve their personal lives, their future
employability, and in their personal growth in relation
to financial and relationship issues.

It is important to develop the younger

generation in their awareness of their own enterprising
and entrepreneurial qualities. The necessity comes
with developing motivation and self-discipline in
different aspects of their lives to achieve desired
outcomes.
An entrepreneurial mindset includes these aspects of a person’s life:

 personality and social identity

 personal ambitions and goals
 personal confidence and resilience
 self-discipline and personal organization
 understanding of one’s motivation
 ability to go beyond perceived limitations and achieve results
 tolerance of uncertainty, ambiguity, risk, and failure
 personal values, ethical, social, and environmental awareness
Ways of developing an entrepreneurial mindset
1. Learners must be exposed to activities that aim to develop and emphasize awareness of
their individual interests and aspirations.
2. Learning activities should create opportunities to explore problems to enable young
people to develop generic skills in enterprise.
3. Group-based activities such as business simulation are valuable especially when team-
working skills are the desired outcomes.
4. Mentorship by local business owners can make a contribution to entrepreneurship
education. They can assist in bringing the concept of new venture creation and exposing
young people to business contacts and networks.
5. Peer support can be offered to others by some young people who are more experienced
in enterprise through varied activities.
6. Facilitators within an organization can model self-presentation and communication skills
regarding their entrepreneurial experiences.
Evolution of Entrepreneurial Philosophy
Author Definition Emphasis
Richard Cantillon (1755) An entrepreneur is described as
person who purchases raw Risk
materials at a known price and
sells it in an unknown amount

Jean Baptiste Say (1800s) Entrepreneur shifts economic Create Value

resources out of an area of lower
and into an area of higher
productivity and greater yield
The function of the
entrepreneur is to reform or
revolutionize the patterns of
productivity, by exploiting an
invention

Joseph Schumpeter (1942) Technological possibility for

producing a new commodity or Change agent or Innovator
producing an old one in a new
way, by opening up a new source
of supply of materials of a new
outlet for products, by
reorganizing an industry

McCleland (1961) An entrepreneur is an individual

with higher achievement and an High Achiever
energetic, moderate risk taker Risk

Shapero (1975) Entrepreneur takes initiative, Initiative taker

organize some social and Organizer
economic mechanisms and
accepts risks and failure

Kirzner (1978) Entrepreneur recognized and

acts upon a market opportunity. Arbitrageur
The entrepreneur is essentially Opportunity
an arbitrageur.

Howard Stephenson (1983) The pursuit of opportunity Resourcefulness and

without regard to resources uncertainty
currently controlled
opportunities
Peter Drucker (1985) Entrepreneur always pursuits for
change, responds to it and Opportunity
exploits it as an opportunity
Low and MacMillan (1988) Entrepreneurship is the creation Venture creation
of new organization
Gartner (1988) Entrepreneurship is a purposeful Business profit
activity to initiate, maintain and
aggrandize a profit-oriented
business
Hisrich and Peters (1989) Entrepreneurship is the process Innovation
of creating something different Value added
with the value by devoting the Risk
necessary time and effort; Profit
assuming the accompanying
financial, psychological, and
social risks, receiving the
resulting reward of monetary
and personal satisfaction
Lumpkin and Dess (1996) Entrepreneurship is the creation Venture creation
of new enterprise

Shane and Venkataraman (2000) Discovering, evaluation, and Entrepreneurship process

exploitation of an opportunity
Davidson (2004) The phenomenon of New Market entry
entrepreneurship really consist
of new entry.

Mohanty (2005) Entrepreneurship is defined as Initiative taker

the purposeful activity of an Profit maker
individual or a group of
associated individuals undertake
to initiate, maintain, or earn
profit by production and
distribution of economic goods
and services
Sarassarasvathy (2005) Entrepreneurial thinking differs Effectuation
from managerial thinking and
strategic thinking

Timmons and Spinelli (2008) Entrepreneurship is a way of Leader

thinking, reasoning, and acting Holistic
that is opportunity obsessed, Persistent
holistic in approach and Committed
leadership balanced
Entrepreneurship Thought

The following timeline shows some of the most influential entrepreneurship scholars and
the schools of thought (French, English, American, German, and Austrian) their perspectives
helped influence and from which their ideas evolved. Schools of thought are essentially groups of
people who might or might not have personally known each other, but who shared common
beliefs or philosophies.

Figure 1 – Historical and Evolutionary Entrepreneurship Thought (Illustration by Lee A. Swanson)

Reflection
The global pandemic has affected the kind of life that humanity is experiencing at
present. Indeed, we are all in this “new norm” way of things. Briefly state your perspective on the
manner that Filipinos need to respond to the entrepreneurial landscape. Post your write-up in
discussion forum 1 for this lesson.
References
Álvaro Cuervo1 , Domingo Ribeiro2 y Salvador Roig .Entrepreneurship: Concepts, Theory and
Perspective. Introduction.2 1 Universidad Complutense de Madrid 2 Universitat de València
Asor,Winefreda. Entrepreneurship in the Philippine Setting. Rex Book Store, Philippines. 2013
Khurana, Satish. Innovation and Entrepreneurship.Centrum Press. New Delhi,India. 2014
Singh, Commander RK. Management Study Compilation rajeshsingh_r_k@rediffmail.com

https//bebusinessed.com/history/history-of-entrepreneurship
https//www.cipe.org/resources/entrepreneurship-philipppins-opportunities-challenges-
inclusive-growth/#text=in the Philippines52Centrepreneurship
https://www.Researchgate.net/publication/334950215_Evolution_View_of_Entrepreneurial-
Mindset_Theory
https://www.gettingsmart.com?2018/03-entrepreneurial-moinset/