The document discusses key concepts and competencies related to entrepreneurship. It defines entrepreneurship as starting a business while considering financial risks in order to make a profit. Common entrepreneurial competencies discussed include specific goal setting, self-efficacy, willingness to learn, adaptability, risk-taking, and interpersonal skills. Ten specific competencies for entrepreneurial success are also outlined, such as integrity, conceptual thinking, strategic thinking, decisiveness, customer relations, and optimism. The document emphasizes that competencies are critical skills needed to handle business operations and be a successful entrepreneur.

1. LESSON 1
ENTREPRENEURSHIP: OVERVIEW AND CONCEPTS
Unit 1: Understanding the Concept of Entrepreneurship
Arowwai Industries

2. Situational Analysis
SCENARIO A:
You're a college student with a
passion for making handmade crafts
like jewelry, candles, or artwork.
You're thinking about selling these
crafts online to earn some extra
income. However, you have limited
money saved up, and you're not sure
if people will want to buy your
creations. Now, are you going to use
your savings to start this craft
business or just save this amount and

3. Situational Analysis
SCENARIO B:
You saw your classmate who was inside the
faculty room alone using your teacher’s
computer. Your teacher never allows anyone
to be in the faculty room unattended. Your
classmate looked up, saw you and knew you
saw him. A few days later, it was found out
that confidential files have been lost and
everyone is being questioned. Should you
reveal what you saw? Which is a better,
being honest or being loyal to a friend?

4. SCENARIO B:
You're a college student who loves to
bake and has recently started a small
home-based bakery business. You've
been selling your delicious cakes,
cookies, and pastries to friends,
family, and at local events. However,
you've heard about a new city
ordinance that requires all food
businesses to have a commercial
kitchen, which you can't afford at the
moment.
How would you navigate this
challenge? What creative solutions
could you come up with to continue

5. Arowwai Industries
Learning Objectives
Explain the key concepts of common
competencies in entrepreneurship.

6. ENGAG EXPLOR
EXPLAIN EXTEND
EVALUAT
What is
Entrepreneurship?
Do you want to be an
entrepreneur?
6

7. ENTREPRENEUR
is a person who
creates unique ideas
that will be useful for
starting a business.

8. ENTREPRENEURSHIP
 the science of converting
processed ideas into a
remarkable business venture
 It refers to the setting up of a business
or businesses while taking into
consideration its financial risks, geared
towards the attainment of PROFITS.

9. 02 03
 It develops skills that will
be needed in starting up a
business.
 It enhances knowledge on
how to operate business.
 It demonstrates how to
manage a business.
 Learners consider becoming an employer
rather than an employee.
 Learners change their attitude towards the
course as a means of living.
 Learners change in personal and career
attitudes such as communication,
problem-solving, collaboration,
motivation, creativity, and teamwork.
Why study Entrepreneurship?

10. ENGAG EXPLOR
EXPLAIN EXTEND
EVALUAT
Competencies are
considered as the capability,
capacity and ability of the
learner in handling
situations in various areas in
business operations such as
in marketing, management,
production, and finance.
Entrepreneurship Common Competencies
10

11. What are the common
entrepreneurial
competencies?

12. Specific Goal Setting Self-Efficacy Need for Achievement Ambition
Common Competencies
set goals that are specific,
measurable, attainable, realistic,
and time-bound because it will
increase the chances of achieving
that goal
must believe in their ability.
Entrepreneurs with high self-
efficacy will turn negative
feedback into positive and use
this as a basis for
improvement.
must have a high desire to
accomplish goals. This
includes repeated efforts to
achieve success.
must have motivation and
persistence to pursue their
goals.

13. Willingness to Learn Adaptability and Flexibility Willingness to Take Risks Interpersonal Skills
Common Competencies
Entrepreneurs should have a strong
willingness to acquire new
knowledge and skills.
must learn how to be
adaptable and flexible in every
situation. They can manage
change well and generate new
actions even with undesirable
events.
must be willing to accept the
consequences of every
decision. They must know
how to calculate and identify
risk. They are skilled in
developing new plans.
should have strong skills in
working with people. They
should have an understanding
of the behavior of other

14. Integrity
Competencies For Entrepreneurial Success
Competency
An entrepreneur knows
what is good and right.
Do what is best for
everyone and do not act
without thinking.
Example

15. Conceptual
Thinking
Competencies For Entrepreneurial Success
Competency
Review outcome projects in
order to understand where
problems occurred. Check
the impact of the proposed
solution to both customers
and employees.
Example

16. Strategic
Thinking
Competencies For Entrepreneurial Success
Competency
An entrepreneur
finds ways to do
things faster or at
less costs.
Example

17. Decisiveness
Competencies For Entrepreneurial Success
Competency
An entrepreneur switches
to an alternative strategy
to reach a goal. It
generates new ideas and
innovative solutions.
Example

18. Customer
Relations
Service
Competencies For Entrepreneurial Success
Competency
A good entrepreneur
knows what his or her
customer needs in
order to satisfy them
and have a long term
relationship.
Example

19. Risk-taking
Competencies For Entrepreneurial Success
Competency
An entrepreneur
anticipates future
conflicts but knows
how to solve
problems that may
arise in business
organizations.
Example

20. Collaboration
Competencies For Entrepreneurial Success
Competency
Entrepreneurs should
know how to work
with people or groups
to attain common
goals and to promote
teamwork.
Example

21. Commercial
Aptitude
Competencies For Entrepreneurial Success
Competency
An entrepreneur should
be updated with the
developments in the
locality and with
knowledge to identify
opportunities that can
be attained by the
business.
Example

22. Optimism
Competencies For Entrepreneurial Success
Competency
An entrepreneur
should always think
positively even
when faced with
unexpected
problems.
Example

23. People-centered
Competencies For Entrepreneurial Success
Competency
An entrepreneur
should know how to
motivate people
and see and value
the best in others.
Example

24. Tip
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The common competencies are the skills you need in
starting a business. On the other hand, the 10 competencies
discussed are the skills that you need to be a successful
entrepreneur.

25. Bibliography
Amit_selp. “Entrepreneurial Competencies.” Docuri. Accessed March 3,
2020. https://docuri.com/download/entrepreneurial-
competencies_59ae47b2f581710a6200ff25_pdf#modals.
Dollingner, Marc. Entrepreneurship: Strategies and Resources 3rd Edition.
New Jersey: Prentice Hall, 2003.
Kotler, Philip & Gordon McDougall. Marketing Essentials. Prentice-Hall
Canada Inc., 1985.
Peters, Michael & Robert Hisrich. Entrepreneurship 4th Edition. McGraw-Hill
Book Co., 1999.
Seth, Shobhit. “ 5 Characteristics of Successful Entrepreneurs.”
Investopedia. Accessed March 3, 2020.
https://www.investopedia.com/articles/personal-finance/101014/10-
characteristics-successful-entrepreneurs.asp.
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26. THANK YOU