GEntrep:
The Entrepreneurial Mind
Chapter 1:
The Practice of Entrepreneurship
Saint Mary’s University Prayer
God, our Father, We come before
Your presence to worship You
as we pray for the good of our
beloved Saint Mary’s University
and all her children.
Saint Mary’s University Prayer
Provide us with greater competence
to accomplish our tasks in the
tradition of excellence, so that we may
continue to grow as formed, informed
and transformed Christian disciples.
Saint Mary’s University Prayer
Empower us with the Holy Spirit, the spirit
of creativity, to innovate our ways towards
healthy learning environment, effective
integral human development, the care of
mother earth, and the promotion of life
for all.
Saint Mary’s University Prayer
Deepen our faith as we follow Your
Son, Jesus, while trusting in the
goodness of others, and in our
giftedness, so that we may spread the
Gospel with truth on our lips and
integrity in our lives.
Saint Mary’s University Prayer
Sustain us in our CICM charism with
passion for mission to go out to the
needy beyond ourselves and build
vibrant Christian communities and a
faith-filled community of nations
where love, justice and peace abound.
Saint Mary’s University Prayer
With Mary, our Mother and Patroness, we
sing to magnify Your glory, for we see the
wisdom in gaining nothing but only Your
favor, and we are filled with courage to do
everything to Your will.
Amen.
Saint Mary’s University Prayer
Mary, Seat of Wisdom, pray for us.
Chapter 1:
The Practice of Entrepreneurship
The Practice of Entrepreneurship
“…lots of bad reasons to
start a company. But
there’s only one good,
legitimate reason… it’s to
change the world.”
- Phil Libin, co-founder,
Evernote
The Practice of Entrepreneurship
The Practice of Entrepreneurship
ENTREPRENEURSHIP
LAUNCHING NEW BUSINESS
IMPORTANT LIFE SKILL
Entrepreneurship Views
Predictive approach Creation approach
• Linear (there are steps to do) • Mindset
• Predictable • Methods need practice
• Identify the goals first, then • Unpredictable and uncertain
search and allocate available • Define goals based on the
resources resources available at hand
• There is enough information • Information is gathered while
where to base decisions the business is already alive
The Start of Entrepreneurship in the Philippines
7.6% 18.1%
PH Economic Growth PH Poverty Incidence
(Q3 2022) (2021)
19.99 million Filipinos are
considered poor
The Start of Entrepreneurship in the Philippines
“The goals of the national economy are a more equitable
distribution of opportunities, income, and wealth; a
sustained increase in the amount of goods and services
produced by the nation for the benefit of the people; and an
expanding productivity as the key raising the quality of life
for all, especially the underprivileged.”
The Start of Entrepreneurship in the Philippines
“In the pursuit of these goals, all sectors of the economy
and all regions of the country shall be given optimum
opportunity to develop. Private enterprises, including
corporations, cooperatives, and similar collective
organizations, shall be encouraged to broaden the base of
their ownership.”
- Article XII Section 1, 1987 Philippine Constitution
The Start of Entrepreneurship in the Philippines
• Traditionally, the concept of entrepreneurship is just to
support the different factors of production.
• These days, entrepreneurship involves the capacity to see
an opportunity, come up with an idea and organize all
the resources and skills and form business ventures not
just locally but internationally.
The Start of Entrepreneurship in the Philippines
The Start of Entrepreneurship in the Philippines
The Skills Important in Entrepreneurship
1. The Skill of Play
2. The Skill of Experimentation
3. The Skill of Empathy
4. The Skill of Creativity
5. The Skill of Reflection
The Skills Important in Entrepreneurship
5. The Skill of Reflection
✓Narrative
✓Emotional
✓Perceptive
✓Analytical
✓Evaluative
✓Critical
The Skill of Play
“Play is the answer to how
anything new comes about.”
“The principal goal of education in the
schools should be creating men and
women who are capable of doing new
things, not simply repeating what other
generations have done – men who are
creative, inventive, and discovers.”
- Jean Piaget, Swiss psychologist
The Skill of Experimentation
Acting to learn means attempting to do something,
learning from such attempts and structuring said
learning when the next thing similar happens.
The Skill of Empathy
The Skill of Creativity
The Skill of Reflection
The discomfort handled, the feelings felt, and the
knowledge possessed gives new perspectives and
allow for more assessment of the results and forming
of conclusion, which can be done through reflection.
The Skill of Reflection
There are several ways to do reflection, namely:
1. Narrative – It is describing what happened in
terms of what took place, what was said, and
the people involved.
2. Emotional – This centers on the feelings and the
management of these feelings during a certain
situation.
The Skill of Reflection
There are several ways to do reflection, namely:
3. Perceptive – It focuses on one’s insights and
feedback from the experience.
4. Analytical – It is relating what has been learned
to anything heard about before.
The Skill of Reflection
There are several ways to do reflection, namely:
5. Evaluative – This concerns on what went well
and what went bad or whether the experience
was useful or not.
6. Critical – This considers what approach was
applied and what could still be done, the lessons
from the experience, queries in mind, and the
anticipation of the possible result.
Types of Entrepreneurships
1. Intrapreneurship
2. Entrepreneurs Inside
3. Buying a Franchise
4. Buying a Small Business
5. Social Entrepreneurship
6. Family Business
7. Serial Entrepreneurs
Types of Entrepreneurships
Type of
Characteristics
Entrepreneurship
Intrapreneurship Encouraging people
to discover high-risk,
high-reward
concepts with
support of a big
corporate Paul Buchheit, creator, GMail
organization
Types of Entrepreneurships
Type of
Characteristics
Entrepreneurship
Entrepreneurs Function inside any
Inside type of organizations
such as government
agencies, non-profit
organizations, religious
entities, self-
employed, and even
cooperatives
Types of Entrepreneurships
Type of
Characteristics
Entrepreneurship
Buying a Franchise Franchise is a type of
license bought by an
entrepreneur as the
franchisee from an
existing branded
business so that he may
do business under the
name of said brand.
Types of Entrepreneurships
Type of
Characteristics
Entrepreneurship
Buying a Small Entrepreneur buys out
Business the existing owner and
takes the management
and operations of the
small business.
Types of Entrepreneurships
Type of
Characteristics
Entrepreneurship
Social Pursues innovative
Entrepreneurship applications that have
the likelihood of
solving community-
based problems
Types of Entrepreneurships
Type of
Characteristics
Entrepreneurship
Family Business Owned and managed
by members of the
family that is usually
handed down from
generation to
generation
Types of Entrepreneurships
Type of
Characteristics
Entrepreneurship
Serial Entrepreneurs An entrepreneur who
constantly crops up
with fresh ideas and
starts new businesses
Entrepreneurship as a Method
5 Principles Behind Effectuation*
1. Bird in Hand
2. Affordable Loss
3. Crazy Quilt
4. Lemonade
5. Pilot in the Plane
*Effectuation is the idea in entrepreneurship that the future is unpredictable yet controllable.
Entrepreneurship as a Method
Principle Description
Bird in Hand Creating solutions
using the resources
available at the
disposal of
entrepreneurs
instead of having
goals in mind
Entrepreneurship as a Method
Principle Description
Affordable Loss Only investing much
that an
entrepreneur is
willing and can
afford to lose
Entrepreneurship as a Method
Principle Description
Crazy Quilt This is about
entering into new
partnerships that
can bring in new
opportunities and
reduces uncertainty
Entrepreneurship as a Method
Principle Description
Lemonade Entrepreneurs see
bad surprises and
unexpected turns as
not always negative
and even as sources
of opportunities
Entrepreneurship as a Method
Principle Description
Pilot in the Plane Entrepreneurs
believe that the
future is really
something that
needs to be
controlled and not
try to predict
Entrepreneurship as a Method
Components of the Entrepreneurship Method
1. Identify Desired Impact
2. Begins with Means at Hand
3. Describe the Idea Today
4. Estimate Affordable Loss
5. Reflect and Be Honest
Entrepreneurship as a Method
Components of the Entrepreneurship Method
6. Take Small Action
7. Network and Enjoin Others in the Journey
8. Build and Learn form What Has Been Learned
Entrepreneurship as a Method
1. Identify Desired Impact
✓An entrepreneur must combine his curiosity, drive, and
motivation to achieve something beyond the bounds of
himself.
✓In the long run, profit motive is not sustainable
because entrepreneurship calls for hard work and the
satisfaction and desire come from deep inside.
Entrepreneurship as a Method
2. Begins with Means at Hand
✓Current resources at hand are important component
that need to be ready for use to accomplish immediate
action.
✓“Who am I,” “what do I know,” and “whom do I know”
are the 3 essential questions that needs to be answered
Entrepreneurship as a Method
3. Describe the Idea Today
✓The desired impact and the means at hand should be
combined to fully describe the idea today. Only then
that an entrepreneur could start action with the
resources he has today.
Entrepreneurship as a Method
4. Estimate Affordable Loss
✓Entrepreneurs should think about the things they are
willing to lose. Once the entrepreneur can take control
of those things, he is also avoiding to make fear and
failure control him.
Entrepreneurship as a Method
5. Reflect and Be Honest
✓Once an entrepreneur no longer has the desired
impact or has exceeded his affordable loss, he may quit.
✓Otherwise, he must think of the next step to do to
sustain his venture.
Entrepreneurship as a Method
6. Take Small Action
✓First action is just a small step to get going.
✓Each step must not be extreme but still these can be
done.
✓Once every step is properly calculated and the
affordable loss is estimated, the entrepreneur can
control his risk.
Entrepreneurship as a Method
7. Network and Enjoin Others in Journey
✓Rather than competition, practice of entrepreneurship
is about collaboration and co-creation.
✓Sharing one’s ideas and joining others to be part of the
entrepreneurship bandwagon shall also increase the
entrepreneur’s resources, expand the possibilities
available as well as confirm his idea.
Entrepreneurship as a Method
8. Build and Learn from What Has Been Learned
✓Evaluating performance is improving one’s idea.
✓At this step, nothing is right/wrong, just making things
better.
✓It’s always best to celebrate when success comes.
However, when failures happen, embrace them
because of the learnings that come from them.
Managerial and Entrepreneurial Thinking
Managerial Thinking Entrepreneurial Thinking
• Uses information and data as • Ability to identify opportunities
basis for decision making in the marketplace and discover
• Primarily used by big and well- the most fitting ways and time to
established companies, where take advantage of them
goals are planned, problems are • Ability to discover and pursue
transparent, and information is the problem-solution fits
reliable and reachable.
Managerial and Entrepreneurial Thinking
Managerial Thinking Entrepreneurial Thinking
Manage and mitigate risk Evaluate and embrace risk
Safeguard inventions and Exchange ideas and share
insights learnings
Avoid failing Fail fast and try again
Work within the confines of the
Think in terms of possibilities
current environment
Create value and make a
Increase the bottom line
difference
Entrepreneurship Requires Deliberate Practice
Entrepreneurship method is both a mindset and a
practice. There is a certain type of practice that
makes a novice entrepreneur be an expert serial
entrepreneur. Same thing with other professions.
Practice is usually linked with repetition and, of
course, experience.
Entrepreneurship Requires Deliberate Practice
Repetition of a certain practice creates moderate
outcomes. Once a basic competence is achieved
after progressing from constant practice, a person
becomes expert of a particular field. Any basic
abilities that has been deliberately practiced turn out
to be spontaneous.
Entrepreneurship Requires Deliberate Practice
Said deliberate practice becomes discipline, because
it has been mastered. However, deliberate practice
needs to be done every day. Having a milestone
today should not keep anyone from becoming
comfortable.
Entrepreneurship Requires Deliberate Practice
PRACTICE COMPETENCE EXPERTISE MASTERY
DISCIPLINE
Everyday should be set to be tougher. This is a reality for
anyone who wanted to succeed but much more for
entrepreneurs.
ACTIVITY:
Discovering the Entrepreneur in Me
To work your way towards becoming an
entrepreneur, you need to know who you are as a
person which includes your strengths and
weaknesses.
ACTIVITY:
Discovering the Entrepreneur in Me
Assess yourself and sum up your resources as an
individual. This is the start of the process of getting
to know yourself more and becoming conscious of
the principle behind entrepreneurship and how to
apply them.
ACTIVITY:
Discovering the Entrepreneur in Me
Who am I as a person? What hard skills do I know?
What soft skills do I know? Who are the people in my
network?
