The

Entrepreneurial
Mind
 COURSE DESCRIPTION
This course enables the students to explain
the meaning and attributes of
entrepreneurship (e.g. innovativeness, risk-
taking and self-reliance). It discusses the social
role and impact of entrepreneurship of
economic development.
It also tackles personal
entrepreneurial competencies,
management styles, business
ethics, responsibilities, and duties
of entrepreneurs
 At the end of this
course, the students
should be able to:
1. Understand the nature of entrepreneurship
and its functions in the successful, commercial
application of idea, creativity and
innovation.
2. Demonstrate an entrepreneurial mindset,
entrepreneurial options and entrepreneurial
strategies.
3. Evaluate the entrepreneurial opportunities and
challenges through digitalization, e-commerce
and global changes.
 Grading System
Assessment Tasks- 25%
Activity - 20%
Assignment - 15%
Major Exam - 40%
 COURSE REQUIREMENTS
• Attend the scheduled
physical/online meetings;
• Take and pass all quizzes and
examinations with proper
permit for major examinations;
• Complete and submit in due
time assigned tasks, projects,
and researches;
 COURSE REQUIREMENTS
• Abide by the student’s
ethical role and character
values in and out of the class;
• Participate and join in all the
activities of the University; and
• Observe the Laguna
University Core Values at all
times.
 Introduction
This module explores
entrepreneurial behavior,
entrepreneurship development,
competencies, and business
ventures, focusing on
entrepreneurs and the small
business sector as essential
economic factors. Lessons aim to
improve students' entrepreneurial
skills.
 Learning Outcomes
• Outline the historical origin,
context, and evolvement of
entrepreneur.
• Emphasize the impact of
entrepreneurship and its
significance to entrepreneurial
behavior.
• Characterize who the
entrepreneur is and highlight
his significant contribution.
 Historical
Development of
Entrepreneurship
• Entrepreneurship, originating from
the French term "entreprendre," – to
undertake may have originated
during the European Middle Ages.

• Wealth creation through

entrepreneurship involves taking
on equity, dedicating time and
profession, or giving value to a
good or service.
It involves creating something
new while adjusting to finance,
society, and psychology risks to
gain money, fulfillment, and
independence.
Howard Stevenson
Howard Stevenson, known as
"the godfather of
entrepreneurship studies" at
Harvard Business School (HBS),
has defined it as the "pursuit of
opportunity beyond resources
controlled."
 Lesson 2.
Evolution of
Entrepreneurshi
p
Richard Cantillon
(1725)
An entrepreneur is a subject of
market relations, able to
predict, to take risks, to take
responsibility for decisions in
standard and risky situations.
Adam Smith (1776)
An entrepreneur is guided by his
own benefit. Pursuing his own
interest, he serves the public
interest best.
Jean-Baptiste Say (1830)
An entrepreneur promotes a
rational combination of factors
of production on the basis of
transfer of resources to the
sphere of higher productivity.
Josef Schumpeter (1912)
The main thing in
entrepreneurship is the
implementation of new
combinations, while the
independence and the
ownership are not the
fundamental characteristics of
entrepreneurship.
Peter Drucker (1964)
Entrepreneurship is a concrete
activity, practice, the content of
which is the innovation in all
spheres, including in
management. Profit is not the
main objective of
entrepreneurship.
Israel Kirtsner (1975)
The entrepreneurial element is
the vigilance of the individuals
to potentially profitable
opportunities. He considers
entrepreneurship as arbitration
or as an activity leading to
equilibrium.
 Definitions in
16th, 17th and
18th Century
Entrepreneurship began with
Marco Polo in the Middle East,
signing a 22.5 percent loan
agreement with capitalists.
Merchant adventurers actively
participated in trade, taking
risks and lent at a rate of 22.5
percent. Profits were shared
between capitalists and
adventurers, with the latter
receiving 75%.
In the 17th century,
entrepreneurship evolved due to
the relationship between risk
and entrepreneurship.
Entrepreneurs entered
contractual agreements, setting
agreed prices and being
responsible for company gains
and losses. The French trade
monopoly led to company
failure.
In the 18th century, capitalists
were differentiated from money-
seekers, with entrepreneurs
being resource consumers
rather than providers. This
distinction was influenced by
global industrialization, as seen
with Thomas Edison.
• In the 19th and 20th
centuries, entrepreneurs
often managed firms for
personal gain, consuming
materials, land, and
resources.
• In the mid-20th century,
they innovated production
patterns, as seen in Edward
Harriman and John Morgan.
21st century - In 1995,
Hisrich, Peter, and Shepherd
established an entrepreneur
as the manager, managing
the company, utilizing their
inventiveness, skills, and
design abilities to navigate
market risks.
 Lesson 3. The
Concept and
Contribution
Thought to
Entrepreneurshi
p
Key Concepts of Entrepreneurship
Innovative and imaginative approach
to the market and the manner in
which a new company is created. Such
a response can actually occur in any
realm of social activity, enterprise,
agriculture, education, social work,
etc. Main drivers of economic growth
and job creation.
• This offers many people job options
that suit their needs better than
wage jobs. In addition, self-
employment or start-up is the
reaction of large numbers of
people to job losses in the ongoing
global economic crisis.
• Entrepreneurship is the act of
becoming an entrepreneur- a
French word meaning one who
undertakes an undertaking.
Lesson 4. The
Entrepreneur
The Entrepreneur
• The entrepreneur is a 'heart of
entrepreneurship' profession. The
entrepreneur can be described as the agent
by whom the spirit of enterprise is
expressed.
• The role of entrepreneurship in economic
growth provides a company with a
competitive advantage, absorbs human
capital and contributes to socio - economic
development.
The Entrepreneur
• Entrepreneurs are the key
drivers that foster economic
and social development in
community.
• In simple terms, an
entrepreneur is "a person who
creates and manages a
business for profit and growth."
Significant Definition of Entrepreneur
• Entrepreneurs are often seen as state resources to
be promoted, encouraged and compensated to
the fullest possible extent.
• Entrepreneurs will make a difference in our way of
living and working.
• Entrepreneurs are people who turn dreams to
reality.
• The Oxford Dictionary defines an entrepreneur as
“A person who sets up a business or businesses,
taking on financial risks in the hope of profit”.
• International Encyclopedia defines an
entrepreneur as “An individual who bears the risk
of operating a business in the face of uncertainty
about the future conditions”.
• An entrepreneur is the one who always searches
for change, responds to it and exploits it as an
opportunity.
• Entrepreneur is a person who pays certain price
for a product to resell it at an uncertain price
thereby making decision about obtaining and
using resources while assuming the risk of
 Lesson 5. The
Importance of
Entrepreneurshi
p
Entrepreneurship is much more
than just formation of a
company. It's a continuous
process of vision, transition,
and development. This requires
a commitment of enthusiasm
and energy to the development
of new concepts and new
products.
• Helps in the creation of
capital by putting together
people's savings and
investments;
• Offers large-scale job
opportunities and raises
people's buying power;
• Helps to reduce the
accumulation of economic
right.
Entrepreneurial Significance
• Beginning a small business unit
to set up large business
concerns.
• The introduction of new
entrepreneurship frameworks
into the existing education
system not only paves the way
for economic growth, but also
offers more work opportunities
to young entrepreneurs.
Entrepreneurship capital
Described as "the regional
endowment of factors
conducive to the creation of
new enterprises" and has a
significant impact on the
economic stability of the
economy.
The following are
reasons why
entrepreneurship
capital is essential
to the economy
1. It Develop New Company
Path-breaking business transactions,
in the context of new products and
services, lead to new employment
that can have a descending or
virtuoso effect on the economy.
Stimulating related companies or
sectors that finance the new venture
will lead to more economic
development.
2. Add to National Income
Entrepreneurships create new
capital. In turn, the ripple
effect of increasing
employment and higher
earnings contributes to better
national incomes in the form
of higher taxation revenues
and higher government
spending.
3. Create Social Change
By their innovative introduction of
new products and services,
entrepreneurs break away from
tradition and implicitly encourage
democracy by growing reliance on
outdated systems and
technologies. Ultimately, this
results in a higher quality of living,
more values and more economic
prosperity.
4. Community Development
Entrepreneurs actively endorse
business projects by other like-
minded individuals. We also
participate in community-based
initiatives and provide financial
assistance to local charities. This
allows further advancement
beyond the reach of their own
undertakings.
5. The Role of States
Regulations play a crucial role in
identifying business opportunities,
but regulation involves a fine
balancing act on the part of the
regulatory authority. Unregulated
entrepreneurial activity could even
lead to unwanted social outcomes,
including unfair market practices,
widespread corruption, financial
crisis, and even criminal activity.
Thank
Fo r Yo u r
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Attention