Entrepreneurial Mind: 15-17

It can be used in a positive way, it gives us inner strength to succeed in any undertaking and it will push us to give our best to ensure success.

Amor Propio (self-esteem or sense of pride)

It is backed by the belief what whatever happens, we will know what to do to help ourselves when the time comes. It also comes the strength to take calculated risks, to dare, to take up challenge and to assume responsibility for an act.

Bahala na

Another reason why we have confidence or lakas ng loob when going into a business despite risk of failure is our strong family ties. The Filipino family is a source of support to any aspiring entrepreneur. a source of support to any aspiring entrepreneur.

Close Family Ties

It influences the members' attitudes-the way they see things, persons, or events, that is whether they like or dislike, believe or disbelieve, regard highly or lowly these things, persons or events.

Community's set of values

A culture that promotes entrepreneurship is one that confers social ranks in terms of actual achievements rather than circumstances of birth, where a born poor will not be poor for the entire life, and the rich will not become richer if he will not work on it.

Conferment of social ranks

They are those ideals held by a community as standards for social or interpersonal behavior.

Cultural Values

Creative replication of an existing concept

Duplication

New use or different application to an already existing product, service, or process

Extension

It is the specific function of entrepreneurship.

Innovation

They are the one who introduce e something new to the market - a new product, new service, or a new business model.

Innovators

Totally new product, service, or process

Invention

Who adds that this must also lead to commercial success to be rightfully called an innovation.

Josiah Go

________________ and ________________________ should guide the entrepreneur because dishonest or exploitative ways of doing business will harm business in the long run. The customer trusts that the entrepreneur will give him his money's worth and the entrepreneur's trusts that the customer will pay him a fair price.

Katapatan (sincerity) and kalinisan ng loob (purity of intentions)

Many individuals who save carefully save enough eventually to set up their own business, and as entrepreneurs, they think twice before spending on things that do not pay back in terms of profit.

Katipiran (thrift or frugality)

This myth is based on the old concept that innovation should be left to the research and development (R & D) department under a planned format. In truth, innovation is unpredictable and may be introduced by anyone.

Myth No. 1: Innovation is Planned and Predictable

The Major Myths of Innovation

Myth No. 1: Innovation is Planned and Predictable Myth No. 2: Technical Specifications Should Be Thoroughly Prepared Myth No. 3: Creativity Relies on Dreams and Blue-Sky Ideas Myth No. 4: Big Projects Will Develop Better Innovations Than Smaller Ones Myth No. 5: Technology Is The Driving Force of Innovation and Success

This myth is about thorough preparation often takes too long. Quite often it is more important to use a try-test-revise approach

Myth No. 2: Technical Specifications Should Be Thoroughly Prepared

Accomplished innovators are very practical people and create from the opportunities left by reality - not daydreams.

Myth No. 3: Creativity Relies on Dreams and Blue-Sky Ideas

This myth has been proven false time and time again. Larger firms are now encouraging their people to work in smaller groups, where it often is easier to generate creative ideas.

Myth No. 4: Big Projects Will Develop Better Innovations Than Smaller Ones

Technology is certainly one source for innovation, but it is not the only one. Moreover, it is the customer or market that is the driving force behind any innovation.

Myth No. 5: Technology Is The Driving Force of Innovation and Success

Filipinos in the old times have been exploited, abused and discriminated by the Spaniards just like the OFW who face loneliness and living far from their loved ones. These people willingly bear their present difficulties for the promise of future rewards-a better life for their families tomorrow.

Pagkamatiisin (endurance)

It is another manifestation of our endurance. Many of the Filipinos are mapagtimpi, or mahaba ang pisi (patience), this capacity to bear emotional and physical stress will be useful to us in an entrepreneurial career, where we will be facing many problems and difficult situations.

Pagtitimpi (self-control)

It is all about how we treat and relate with other people-the role of the entrepreneur, his work is to provide things and services valuable to others, and because, by employing others, he raises their standards of living and improves their lives.

Pakikipagkapwa

Filipinos are always excited in prospecting new things, new places, new people and even new jobs, which is related to "Bahala Na" attitude.

Pakikipagsapalaran

Because Filipinos are great in _______________, sincere and well-intentioned in dealing to people, sure to be a good manager and employer.

Pakikisama

He said that "Innovation is the specific function of entrepreneurship...It is the means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth."

Peter F. Drucker

Who said that "Innovators are those who introduce something new to the market - a new product, new service, or a new business model."

Peter F. Drucker

A culture where entrepreneurship grows are those which recognize that vendors and traders are the future entrepreneurs, the potential producers of goods and services, the prospective generators of employment.

Regards for traders and entrepreneurs

It is a culture that desires to develop more entrepreneurs must reward people who try to earn money from small, humble ventures.

Regards for traders and entrepreneurs

Entrepreneurship involves some amount of risk-taking in the sense that one goes into business, without a 100% guarantee of success.

Risk taking or lakas ng loob

It is an essential quality of an entrepreneur.

Sipag (diligence)

It means being able to move or transfer from one social level to another. Common to us Filipinos are the rags to riches stories-started as small or poor and became to be rich.

Social mobility

Combination of existing concepts and factors into a new formulation or use

Synthesis

Conferment of social ranks is a culture that promotes entrepreneurship is one that confers social ranks in terms of actual achievements rather than circumstances of birth, where a born poor will not be poor for the entire life, and the rich will not become richer if he will not work on it.

TRUE

Important work ethic is the attitude towards money.

TRUE

It is a culture that desires to develop more entrepreneurs must reward people who try to earn money from small, humble ventures is the so called regard for traders and entrepreneurs.

TRUE

Quick-bucks are those that are not patient and want to earn fast, even for a single transaction.

TRUE

Views about competition is a culture that believes that good, honest competition is healthy rather than destructive, with these entrepreneurs are not afraid of competitors but instead are challenged by them to do better.

TRUE

In our culture, there are 2 kinds (Quick-Bucks & Future-oriented)-quick-bucks are those that are not patient and want to earn fast, even for a single transaction and don't think of a long term business; while the future oriented is the vice versa of quick-bucks, they are those more patient and willing to take time so that they will earn more out of doing the best quality for their products/services.

Time Orientation

This willingness to help may come from goodwill or some past _______________________, or you will in turn help them sometime in the future. In business, this may mean that we can count on this people, to buy from us, to sell us supplies in consignment or even provide us an advice.

Utang na loob

They are upheld because they are viewed to be conducive or necessary to the welfare of everyone in the group.

Values

This is a culture that believes that good, honest competition is healthy rather than destructive, with these entrepreneurs are not afraid of competitors but instead are challenged by them to do better.

Views about competition

A culture with a high work ethic is one which looks at work as a duty and values honest, productive labor while punishing laziness.

Work Ethic

In the culture I was brought up in, peddlers and vendors are: a. admired b. pitied c. looked down upon (or ridiculed)

a. admired

In the culture I was brought up in, people who are clever at making quick money in short-term business activities are: a. admired b. looked down upon (or ridiculed) c. envied

a. admired

In the culture I was brought up in, a person who was born poor and ended up being rich through hard work is considered: a. an inspiration and symbol of hope for other poor people b. lucky c. a "trying hard" upstart or social climber

a. an inspiration and symbol of hope for other poor people

To be fatalistic or to let fate or destiny decide the outcome of what we do. a. bahala na b. gaya-gaya c. ningas-kugon

a. bahala na

In the culture I was brought up in, people regard honest, productive labor as: a. a duty b. a necessity c. something to be avoided

a. duty

To lack in originality and creativity, that is, to imitate what others are doing. a. gaya-gaya b. alimango o crab mentality c. ningas-kugon

a. gaya-gaya

When an entrepreneur does not cheat to his customers, not say bad things to his competitors, nor maltreat his workers by underpaying or maltreating them, this is a sign that: a. pakikipagkapwa is at work. b. utang na loob is at work. c. the bayanihan spirit is at work.

a. pakikipagkapwa is at work.

Many Filipinos go abroad even under conditions of uncertainty. This is an evidence of our love for pakikipagsapalaran which is in turn to manifest the entrepreneurial quality of: a. risk taking b. resourcefulness c. self-esteem

a. risk taking

To be lazy, indulgent and prone to relax and take things easy. a. shades of Juan Tamad Image b. balat sibuyas c. sobrang makisama

a. shades of Juan Tamad Image

To go along with the wishes of the group, even if there is something to do personally. a. sobrang makisama b. balat sibuyas c. segurista, mahina ang loob

a. sobrang makisama

In the culture I was brought up in, people regard money as something to be: a. used wisely and productively b. spent in luxuries like cars, jewelry and expensive clothes c. given away to relatives and friend

a. used wisely and productively

To put one over each other (gustong laging sikat or bida) which in turn leads us to put down Fellow-Filipinos who we see are making it to the top. a. gaya-gaya b. alimango o crab mentality c. ningas-kugon

b. alimango o crab mentality

Filipinos are said to be sensitive to criticism that they get discouraged when people disapprove of what they do. This tendency is known as: a. ningas-kugon b. balat sibuyas c. amor propio

b. balat sibuyas

To be oversensitive to criticism so that we stop what we are doing when it does not meet the approval of others. a. shades of Juan Tamad Image b. balat sibuyas c. sobrang makisama

b. balat sibuyas

When Filipino says "bahala na", he is not really leaving things to chance because: a. he fervently prays to God for a successful outcome b. he does his best anyway even as he says "bahala na" c. he is sure that a relative or friend will help him even if he fails

b. he does his best anyway even as he says "bahala na"

Principles of Innovation

- Be action oriented. - Make the product, process, or service simple and understandable. - Make the product, process, or service customer-based. - Start small. - Aim high. - Try/test/revise. - Learn from failures - Follow a milestone schedule. - Reward heroic activity. - Work, work, work.

Cultural

-competition -time orientation -regard for traders and entrepreneurs -conferment of social ranks -work ethic

Sources of Innovation

-unexpected occurrences -incongruities -process needs -industry/market changes -demographic changes -knowledge-based concepts

The Filipino's gaya-gaya style or tendency to copy what other are doing is conductive to entrepreneurship because: a. it is healthy to have many competitors in the same line of business. b. the patents and copyright laws in the Philippines are not strict. c. it is the easiest way for new entrepreneur to train for business.

c. it is the easiest way for new entrepreneur to train for business.

To lack perseverance and persistence, that is, we tend to lose interest after an initial burst of enthusiasm. a. bahala na b. gaya-gaya c. ningas-kugon

c. ningas-kugon

To avoid taking risks. a. sobrang makisama b. balat sibuyas c. segurista, mahina ang loob

c. segurista, mahina ang loob

Our ability to learn and adapt to new ways of doing things may also be seen in our talent for imitation. For those starting up in a business, is one of the simplest and easiest ways to prepare and train for an entrepreneurial career.

gaya-gaya

Types of Innovation

invention, extension, duplication, synthesis