ENTREPRENEURIAL MINDSET
(Week 2 Discussion)
Introduction to Entrepreneurship
According to Mantra (2019), entrepreneurship comes from a French word `Entrependre’ and the
German word `Uternehmen’ both meaning individuals who are `undertakers’ - those who took the
risk of a new enterprise.
The word “entrepreneur” is composed of three (3) parts, entre means to enter, pre means before;
and neur means nerve center.
Mindset- belief that qualities like intelligence and talent are fixed or changeable traits
Entrepreneurial mindset is a way of thinking that enables the individual to overcome challenges, be
decisive, and accept responsibility for their outcomes.
Entrepreneurship in the Philippines
In an article by Evangelista (2013), he wrote that in the Philippines, entrepreneurship is viewed as
important to empowering the poor, enhancing production, and as a motivation to innovation. The 1987
Philippine Constitution recognizes entrepreneurship as an engine of economic growth. Article XII Section
1 highlights the role of private enterprises in supporting equitable distribution of income and wealth,
sustaining production of goods and services and expanding productivity, therefore raising the quality of
life.
The Philippine Development Plan (PDP) further reinforces the thrust on entrepreneurship through
trade and investment to achieve the government’s goal of economic development and job creation.
In the Philippines, the Philippine Chamber of Commerce and Industry is an advocate of
entrepreneurship which formed the Philippine Center for Entrepreneurship (PCE). The PCE has created so
far the “Go Negosyo Communities” which aims to continuously create start-up ventures in different places.
Filipino Entrepreneurs
1. Socorro Ramos (National Book Store)- Socorro Ramos entered the publishing and retail industry by
working as a salesgirl at a bookstore. At the age of 19, she opened National Book Store in Escolta with her
husband with a capital of P200, selling books and school supplies to students. At that time, Manila was
under the control of the Japanese, who imposed censorship on books and periodicals. To augment their
earnings, she and her husband resorted to selling other items like candles and soaps. After the post-war
boom proved profitable for the company, ushering in bigger revenues, the Ramoses opened a nine-story
building along Avenida. At 95, she still believes in the time-honored tradition of “hands-on approach” in
business. She even designed the company’s logo herself.
2. Tony Tan Caktiong (Jollibee)- Tony Tan Caktiong used to operate an ice cream parlor, before
converting it into a fast food restaurant called Jollibee. With a starting capital of P350,000, the young
Caktiong opened two branches in Cubao and Quiapo, together with friends who supported his idea.
Caktiong decided to serve hamburgers, fried chicken, and spaghetti to customers when they started looking
beyond the usual ice cream. Eventually, the business grew, and he had to hire more employees. By knowing
the Filipino market, Jollibee managed to excel as a fast-food powerhouse.
3. Edgar Sia (Mang Inasal) Hailing from Iloilo City, Edgar Sia dropped out of college to pursue his
own laundry and photo-developing business at the age of 19. In 2003, 26-year old Sia decided to open the
barbecue fast food restaurant Mang Inasal—Ilonggo for “Mr. Barbecue.” The first branch was built at a
mall parking lot in his home city. The restaurant took off. When Tony Caktiong heard about Sia’s
burgeoning business, he decided to buy Mang Inasal for a total of P5 billion. Sia eventually put the sales of
Mang Inasal to other investments like banking and healthcare. At 42, he’s considered the country’s
youngest billionaire.
4. Joe Magsaysay (Potato Corner) The young Magsaysay left school to bust tables, wash plates, and
work on the cash register at a fast food chain. In a few years, he became a manager, handling five stores.
With his background and skills in store management, Magsaysay’s friends asked him to handle Potato
Corner, of which he was a co-founder. They pooled their money together and started the food cart business
in 1992, offering franchises left and right. Today, Potato Corner has more than 550 stalls in the Philippines
and around the world.
Skills Important in Entrepreneurship
Skill of Play
Skill of Experimentation
Skill of Empathy
Skill of Creativity
Skill of Reflection
1. Narrative
2. Emotional
3. Perceptive
4. Analytical
5. Evaluative
6. Critical
The skills you've listed are indeed important in the context of entrepreneurship. Here, I'll provide
a brief explanation of each skill and its significance in the entrepreneurial journey:
1. Skill of Play: This refers to the ability to approach challenges and problems with a sense of
curiosity and playfulness. Entrepreneurs who possess this skill are more likely to take
risks, explore new ideas, and embrace uncertainty. It allows for a more innovative
and open-minded approach to problem-solving.
2. Skill of Experimentation: Successful entrepreneurs are often those who are willing to
experiment with different approaches, products, and strategies. This skill involves testing
hypotheses, adapting to feedback, and iterating on ideas. Experimentation is
essential for refining business models and finding what truly works.
3. Skill of Empathy: Understanding and connecting with customers, employees, and
stakeholders on an emotional level is crucial for entrepreneurs. Empathy helps in
identifying needs, pain points, and desires, which in turn can lead to the creation of
products or services that genuinely address those needs.
4. Skill of Creativity: Entrepreneurship frequently involves finding unique solutions to
complex problems. Creative thinking allows entrepreneurs to come up with
innovative ideas, think outside the box, and differentiate their products or services
from competitors.
5. Skill of Reflection: Taking time to reflect on successes, failures, and experiences is
important for growth. Entrepreneurs who engage in self-reflection can learn from their
mistakes, make informed decisions, and continuously improve their strategies.
As for the six skills you've listed under "Narrative," "Emotional," "Perceptive," "Analytical,"
"Evaluative," and "Critical," it seems like you're referring to different aspects of thinking and
communication. Here's a breakdown:
1. Narrative: The ability to craft a compelling and coherent story around your business,
product, or brand. A strong narrative can engage stakeholders and customers, making
them more invested in your entrepreneurial journey.
2. Emotional: This involves understanding and managing emotions, both your own and
those of others. Emotional intelligence is vital for building relationships, negotiating
effectively, and creating a positive work environment.
3. Perceptive: Being perceptive means having a keen awareness of your surroundings,
market trends, and customer behaviors. This skill helps entrepreneurs anticipate changes
and adapt their strategies accordingly.
4. Analytical: Analytical skills involve gathering and interpreting data to make informed
decisions. Entrepreneurs need to analyze market data, financial information, and
performance metrics to guide their strategies.
5. Evaluative: Evaluation is about assessing options, ideas, and situations to determine their
value and feasibility. Entrepreneurs constantly make choices, and the ability to evaluate
alternatives is crucial for making the right decisions.
6. Critical: Critical thinking involves objectively assessing information, questioning
assumptions, and making reasoned judgments. Entrepreneurs often face complex
challenges, and critical thinking helps in solving problems and avoiding biases.
All these skills collectively contribute to an entrepreneur's ability to navigate the challenges and
uncertainties of business, innovate, and create a successful venture. Developing and honing these
skills can greatly enhance an entrepreneur's chances of building a sustainable and thriving
business.
ENTREPRENEURIAL MINDSET
(Week 3 Discussion)
Types of Entrepreneurship
• Intrapreneurship: Intrapreneurship refers to entrepreneurial activities carried out within an existing
organization. Intrapreneurs are employees who exhibit an entrepreneurial mindset and drive, often leading
to the development of new products, services, or initiatives that benefit the company.
• Entrepreneurs Inside: This term is similar to intrapreneurship and typically refers to employees who
identify opportunities within their current organization and take on an entrepreneurial role to develop and
implement new ideas.
• Buying a Franchise: Franchise entrepreneurship involves purchasing the rights to operate a business
under an established brand. Franchisees follow a proven business model, receive support from the
franchisor, and pay fees or royalties in exchange for using the brand and business system.
• Buying a Small Business: Acquiring an existing small business involves taking over operations,
including its assets, customer base, and processes. This can be a way to become an entrepreneur without
starting from scratch.
• Social Entrepreneurship: Social entrepreneurs focus on creating innovative solutions to address
social, environmental, or community challenges. Their primary goal is to generate positive social impact
while also sustaining the business financially.
• Family Business: Family entrepreneurship involves running a business that is owned, managed, and
operated by family members. These businesses can span generations and carry unique dynamics related to
family relationships and succession planning.
• Serial Entrepreneurs: Serial entrepreneurs are individuals who start and manage multiple businesses
over their career. They often possess experience, skills, and a drive to continuously create and launch new
ventures.
Each type of entrepreneurship comes with its own set of challenges, opportunities, and
considerations. The choice of which type to pursue depends on an individual's goals, resources, strengths,
and preferences.
Characteristics of Mindset
Having an entrepreneurial mindset involves a specific set of characteristics and attitudes that are conducive
to identifying and pursuing opportunities, creating value, and navigating the challenges of
entrepreneurship. Here are some key characteristics of an entrepreneurial mindset:
• Creativity and Innovation: Entrepreneurs are known for their ability to generate new ideas and
innovate. They are open to unconventional approaches and are willing to challenge the status quo to find
unique solutions to problems.
• Risk-Taking: Entrepreneurs are comfortable with taking calculated risks. They understand that
uncertainty is inherent in business and are willing to step out of their comfort zones to seize opportunities.
• Initiative and Proactivity: Individuals with an entrepreneurial mindset are proactive in seeking out
opportunities rather than waiting for them to come. They are self-starters who take the initiative to make
things happen.
• Adaptability and Flexibility: An entrepreneurial mindset requires being adaptable to changing
circumstances and being flexible in adjusting strategies and plans as needed.
• Persistence and Resilience: Entrepreneurship often involves facing failures and setbacks. Those
with an entrepreneurial mindset have the determination to keep pushing forward and learning from their
experiences.
• Customer-Centric Thinking: Entrepreneurs focus on understanding customer needs and preferences.
They aim to create products or services that address real problems and provide value to customers.
• Networking and Relationship Building: Entrepreneurs understand the importance of building strong
relationships. They actively seek out connections, mentors, partners, and collaborators to support their
ventures.
• Resourcefulness: Entrepreneurs are resourceful and adept at making the most of the resources
available to them. They find creative ways to achieve their goals even when resources are limited.
• Continuous Learning: Entrepreneurs are lifelong learners who are eager to acquire new skills,
knowledge, and insights. They are open to feedback and constantly seek ways to improve.
Essentials of Mindset
1. Passion first - Real entrepreneurs look for what really are important to them, what they truly wanted to, and then
bring together their business around those things. Most of the times a company has so many problems. The best way
to be involved and continue doing business during difficult times is to have a sense of meaning and purpose. This is
the intention for starting businesses according to the entrepreneur's passion.
2. Everything is possible - This mindset is about believing that entrepreneurs are capable of accomplishing
unexpected results. They trust that an idea could be possible to turn into reality. Usually entrepreneurs examine first
their goals and set things bigger. Nothing could serve as hindrance for an entrepreneur to realize his potentials.
3. 100% accountable - In life it is easier to blame others especially when things became out of hand. Entrepreneurs
always believe that they have the power to choose their responses to any circumstance because they have this 100%
Accountable mindset. For entrepreneurs though they cannot turn back the hands of time, they need to build a new
start and form a different conclusion.
4. We are connected - Entrepreneurs believe they can achieve their dreams not by being alone though they love to be
independent. They wanted to lead by other people to do their tasks and fulfill their dreams without seeking in return.
This mindset is activated by synergies in every relationship. Entrepreneurs take honor in competition because they
believe that working with, for and through others pushes their potentials
5. Live life to give - Most people now especially businesspeople wanted to offer their time and resources for a
valuable cause. As people in business profit more, they tend to give more. This is known today as corporate social
responsibility. Embracing this mindset means incorporating the daily works with the philosophy they believe in.
Entrepreneurs believe that life is a cycle, hence those people with so much need to give to people with less. Giving
back assures entrepreneurs of giving forward.
6. Attitude of gratefulness - Most people also focus much of their thoughts on what they do not possess. Seldom do
people give their attention to their accomplishments and their present experiences except for entrepreneurs. This
mindset the recognition of all positives in every experience and be thankful for these. Even during problematic
situations which entrepreneurs recognized as opportunities to learn and grow, they are still gratefulness about these
situations.
7. The time is now - This mindset for entrepreneurs refers to recognizing that all their exist in the moment.
Entrepreneurs believe that they cannot change history and the future is uncertain. The important thing is to act now.
