Module 7: Entrepreneurship

Module 7: Entrepreneurship

Develop and strengthen Personal Competencies and Skills (PeCS) needed in agriculture

Objectives

• Identify and assess one's PeCS: characteristics, attributes, lifestyle, skills, traits

• Identify successful entrepreneurs/ employees in the town

• Identify and assess a practitioner’s PeCS: characteristics, attributes, lifestyle, skills, traits

• Identify areas for improvement, development and growth

• 
  

Direction: Read and analyze each questions and select the best answer.

Multiple Choice

1. Which of the following is a common activity of an entrepreneur?

• Advocating against global warming

• Delivering goods and services to the market

• Preaching in different churches or group of churchgoers

• Volunteering in a community clean-up activity

Multiple Choice

The saying “Necessity is the mother of all inventions” means

• basic commodities are made for mothers

• basic commodities are made to satisfy our needs

• necessity is invented by mothers

• our mother tells us what we really need

Multiple Choice

These skills represent the personal touch of creativity and decisiveness of the entrepreneur

• Power Cluster

• Achievement Cluster

• Planning Cluster

• PeCS

Multiple Choice

People who always feel positive in every effort in order to achieve something are known to have _______.

• courage

• self-confidence

• optimism

• self-control

Multiple Choice

A set of skills that entrepreneurs must possess to take control of the challenges in business is known as _____.

• personal business capacities

• personal entrepreneurial competencies

• professional enterprise competencies

• personally preferred competencies

READ AND ANALYZE EACH QUESTION BELOW AND SELECT THE BEST ANSWER

Multiple Choice

What type of record is used for recording the date the land was prepared for farming, the number of plots or hectares used in planting, the plants planted on the farm and where they are planted?

• Records for Farm Use

• Production Records

• Record of Agricultural Inputs Cost

• Worker Record

Multiple Choice

Which of the following is a document that keeps account of various activities, events, materials etc. concerning the farm operations?

• Farm Record

• Production Records

• Cost Record

• Worker Record

Multiple Choice

Which of the following is a record used to keep track of all agricultural inputs such as fertilizers, seeds, and etc?

• Record of Agricultural Inputs

• Production Records

• Cost Record

• Workers Record

Multiple Choice

Which of the following statements is not true about production plan?

• a. Production plan includes all the details pertaining to the production of your crop.

• b. Production plan includes only data in planting crop.

• c. Production plan includes all types of crop and varieties you have as well as the resources used and needed.

• d. Production plan keep track your production activities and production yield.

Multiple Choice

Which of the following is not part of production activities?

• Fertilizer application

• Watering/irrigation

• Buying farm land

• Weeding

Personal Entrepreneurial Competencies (PECs)

Everybody loves to earn money and accumulate wealth. In the present times, we have many ways to achieve it. The most common way is to offer products and services to your friends and to other people in the community and even in the online arena that can cover a global market. All the business activities undertaken in selling products and services to people is known as entrepreneurship and the one who manages these business activities is an entrepreneur. Students are encouraged to develop skills required in entrepreneurial activities. Many wealthy people in the country started with small and community-based entrepreneurial activities.

WHAT STARTED BUSINESSES?

A famous adage that says, “Necessity is the mother of all inventions,” means that we develop technologies to produce something that will answer humanity’s diverse needs. In the 1970s, the most popular way of tilling the soil for crop production is through plow and harrow drawn by a carabao. This method is so tedious and also consumes much of the farmer’s time. Because there is a need for faster crop production processes, farm mechanization was started to be introduced. Many entrepreneurs engaged in farm machinery operation business like tractor services, to cultivate large tracks of lands, rice threshing machine for faster threshing and minimal post-harvest losses, and now the latest the combined harvester, which does harvesting and threshing rice at once.

WHAT MAKES UP A SUCCESSFUL ENTREPRENEUR?

Knowledge alone does not guarantee success in a business. Skills developed can greatly help in the production process but it is not an assurance to the sustainability of the business as well. It takes right attitude combined with adequate knowledge, competitive skills, and upheld passion to make significant revenues, profit, and sustainability of the chosen business

An accomplished entrepreneur has so much to share with business enthusiasts like us. Many were not born with a silver spoon meaning most of them came from poor families. They have passion to produce and sell to an identified market or even to serve target clients. These contributed to their success. Likewise, they accumulated wealth because they possess characteristics, lifestyles, and skills, suited to their chosen businesses.

Directions: Identify the following successful entrepreneurs.

Multiple Choice

Founder of Jolibee Food Corp.

• BILL GATES

• HENRY SY

• TONY TAN CAKTIONG

• PAUL ALLEN

Multiple Choice

• BILL GATES

• TONY TAN CAKTIONG

• PAUL ALLEN

• STEVE JOBS

Multiple Choice

• HENRY SY

• BILL GATES

• PAUL ALLEN

• STEVE JOBS

Multiple Choice

• HENRY SY

• MARK ZUCKERBERG

• PAUL ALLEN

• BILL GATES

Multiple Choice

• STEVE JOBS

• MICA TAN

• HENRY SY

• SOCORRO RAMOS

Multiple Choice

• STEVE JOBS

• MARK ZUCKERBERG

• BILL GATES

• HENRY SY

CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS

Below is a set of characteristics common to entrepreneurs who excel in their businesses:

Optimistic

• Be someone who always feel positive in every effort in order to achieve something. 

 Self-confident

Once the plan to do entrepreneurial activities is ready to be started, assure yourself to overcome risks and many other forms of business constraints. 

Self-control

 In any situation that needs to be handled, never react immediately. Instead respond to the situation in the most legal and beneficial ways. 

Courageous

     

Be a risk-taker with alternative courses of action on hand. Business risks are always there however, one’s readiness to face, reduce or eliminate them depends on how brave you can be. 

Committed

 

Sustain every effort you have started. Profit may dwindle in the most unacceptable way but never hesitate to invoke your right to persist and regain lost glory. 

  Creative

Do not stay inside the box which means go out and flaunt your potential to be effectively different. Use your imagination to create marketable ideas and push it. If you think of potentially good ones, be the first to act upon it. Chances are others’ have thought about it, too

Well-defined values

Be precise in your principles or standards. Goals coated with well-defined values provide guidance in what your business must achieve with reduced inconveniences

High energy level

     Competitive entrepreneurs are fueled to succeed. Your passion in the endeavor is an energy enhancer. Success in business comes from your being passionately energetic.

Leadership ability

 

 Guide, direct and influence people according to what benefits the business. The many ways in which you lead people can spell success or failure of your business.

Responsible

   As a business leader, you are accountable to everyone and everything for the business including your strategies. Value everything and everyone as you value yourself. 

Decision making skills

   

Your ability to choose good decision may be innate or experience-based. Learn the art and the systematic and methodical process of decision-making. Good decisions must be sensible and culture-sensitive 

Desire for immediate feedback

Pay close attention to what the market generally is saying to your products or services. The ultimate consumer of the product and services must be heard. These feedbacks become the bases of further product or services development. 

Strong desire to achieve

    

 Develop a competitive attitude. Right pricing and quality-based product development or service delivery will draw more business revenues. Work with the goals in mind and take the best way to achieve them. 

Ability to learn from past failures

     Bad experiences in business should never be taken as traumatic. Options that supposedly had prevented those to happen must be noted and archived. Benchmark on past experiences to know which decision to take.

LIFESTYLE OF SUCCESSFUL ENTREPRENEURS

 

 We often observe that entrepreneurs live a life different from that of an ordinary citizen. They adapt to new lifestyles gradually and professionalize every task embedded into it. They follow established standards and even customize some to fit to the tasks particular to a business type. To sustain business entrepreneurs, develop expertise in all tasks including constraints and problem solution. Decision making is excellent. 

Albarico, et.al, (2011) describes the characteristics of an entrepreneur as follows:

A sense of freedom and control

  

  It is one of the highest lifestyle considerations that entrepreneurs must adopt. Although inspired by their freedom to lead and control all elements of the business, they must exercise care in choosing the right course of actions and decisions to take. 

 Flexibility of time

     Choosing their own time for work is a privilege of entrepreneurs. This feature will allow them to choose their most productive time. 

Energy and stamina

    Entrepreneurs are the greatest asset of their businesses. A check and balance between the actual accomplishment of tasks and physical and mental work capacity must be established. Rest and relaxation can help maintain health. Proper stress management is also of primal importance.

 Family support

     A family does not only serve as inspiration but also as a group of people to oversee the welfare of entrepreneurs. Suggestions and recommendations of a family member must be carefully considered. 

Professional support

     Remember that seeking advice from specialist is helpful in decision making process. There are people more knowledgeable than us in a particular area of expertise.

Energy and stamina

     Entrepreneurs are the greatest asset of their businesses. A check and balance between the actual accomplishment of tasks and physical and mental work capacity must be established. Rest and relaxation can help maintain health. Proper stress management is also of primal importance.