Name: Archiebal C.

Bicaldo Subject: Entrepreneurial Mind

Professor: Ms. Charmagne Ilaban

Course/Yr/Section: BSAMT 3-3
MODULE 2: The Entrepreneurial Mindset

THE NATURE OF ENTREPRENEURSHIP

Entrepreneurship is crucial for business growth and regional/national

prosperity. It begins simply, with entrepreneurial actions arising from the
intersection of a promising opportunity and a driven individual. An
entrepreneurial mindset involves specific perspectives and values that guide
how entrepreneurs perceive, ideate, and think, enabling them to achieve
success. Entrepreneurial opportunities arise when new goods, services, raw
materials, or organizational methods can be introduced and sold profitably.

Entrepreneurial opportunities, as illustrated in "Entrepreneurship 10e," can arise in several ways. One example is
adapting an existing technology for a new market. Other opportunities include developing a new technology for an
existing market, or even creating both a new product/service and an entirely new market. The key element is novelty.
However, these possibilities only become real opportunities when identified, evaluated, and acted upon by
enterprising individuals or groups. This entrepreneurial action, which involves bringing new products or processes to
market, can occur within new or existing organizations. Because these opportunities often exist in uncertain
environments, successful entrepreneurs must be able to assess the level of uncertainty and their own willingness to
accept it.

Being an entrepreneur means acting on a perceived opportunity, evaluating its potential, and deciding whether it's
worth pursuing. This involves entrepreneurial thinking, a mental process where individuals determine if a perceived
opportunity is not just a general possibility, but a viable opportunity for them specifically.

HOW ENTREPRENEURS THINK

Entrepreneurs often operate in uncertain, high-stakes environments with intense time pressure and significant
emotional investment, leading them to think differently than non-entrepreneurs. Given this unique decision-making
environment, they sometimes employ the following strategies:

1. Thinking Structurally: Forming opportunity beliefs often involves creative mental leaps, starting with
existing knowledge. For example, knowledge of existing markets combined with new technology can lead to
products/services that satisfy those markets. This connection between a product/service, business model, or
technology and a target market is facilitated by recognizing similarities between the source (existing
knowledge) and the destination (new opportunity). These similarities can be:
o Superficial: When the basic elements of the technology resemble the basic elements of the market.
o Structural: When the underlying mechanisms of the technology resemble the underlying mechanisms
of the market.
2. Bricolage: Some entrepreneurs "make do" by combining available resources to solve new problems and
exploit opportunities. This involves experimenting, reframing, repackaging, or tinkering with existing
resources to create something new, leading to a new entrepreneurial opportunity. (See the reference provided
for examples.)
3. Effectuation: While traditional business thinking often emphasizes rational, outcome-focused planning
(causation), entrepreneurs sometimes use an alternative approach called effectuation. Instead of starting with a
desired outcome and determining the means to achieve it, they begin with the resources at hand and imagine
possible outcomes. This is similar to a chef who, instead of being given a menu (causation), must create a
meal using only the ingredients and utensils available (effectuation).
 4. Cognitive Adaptability: This refers to how dynamic, flexible, and self-regulating entrepreneurs are in
generating multiple decision frameworks. They focus on sensing and processing changes and uncertainty by
using their prior entrepreneurial knowledge to understand and act on their environment.

BACKGROUND AND CHARACTERISTICS

Many people mistakenly believe entrepreneurs are uneducated dropouts. To accurately assess entrepreneurial
backgrounds and characteristics, we should consider three factors:

• Education: Research shows that entrepreneurs are generally not less educated than the general population.
General education is valuable as it facilitates knowledge integration and accumulation, expands opportunity
sets, and helps entrepreneurs adapt to new situations and solve problems.
• Age: It's important to distinguish between entrepreneurial age and chronological age. Chronologically, most
entrepreneurs begin their careers between 22 and 45 years old. Experience is a strong predictor of success.
Milestone ages (25, 30, 35, 40, and 45) often see increased entrepreneurial activity.
• Work History: Work history influences the decision to start a venture and impacts its growth and success.
Experience in financing, product/service development, manufacturing, and distribution channel development
is particularly valuable.

Establishing Corporate Entrepreneurship in the Organization

Organizations seeking to become more entrepreneurial need a structured process. While this can be done internally,
external facilitators are often more effective, especially in traditionally structured organizations with a history of
limited change and few new product introductions. To establish corporate entrepreneurship, organizations should:

• Have committed top management.

• Identify ideas and areas of interest for top management.
• Utilize cutting-edge technology.
• Train their employees.
• Develop closer customer relationships.
• Be productive with limited resources.
• Establish a strong support network.
• Implement an appropriate performance reward system.
• Eliminate unsuccessful entrepreneurial units.

Generation of a New Entry Opportunity

This involves:

• Offering a new product to an established or new market.

• Offering an established product to a new market.
• Creating a new organization.

THE ENTREPRENEURIAL PERSPECTIVE

An entrepreneurial strategy is a set of decisions, actions, and reactions that initially create and then leverage
a new venture over time, maximizing the advantages of its novelty while minimizing the associated costs.
 GENERATION OF A NEW ENTRY OPPORTUNITY

Resources as a Source of Competitive Advantage

When a firm engages in a new entry, it is hoped that this new entry will provide the firm with a sustainable
competitive advantage. Understanding where a sustainable competitive advantage comes from will provide some
insight into how entrepreneurs can generate new entries that are likely to provide the basis for high firm performance
over an extended period of time.

Resources are the basic building blocks to a firm’s functioning and performance. A firm’s resources are simply the
inputs into the production process, such as machinery, financial capital, and skilled employees.

Market Knowledge refers to the entrepreneur’s possession of information, technology, know-how, and skills that
provide insight into a market and its customers. Being knowledgeable about the market and customers enables the
entrepreneur to gain a deeper understanding of the problems that customers have with the market’s existing products.
If the entrepreneur possesses market knowledge, they are able to provide a solution to customers’ dissatisfaction.

Technological Knowledge is the entrepreneur’s possession of information, technology, know-how, and skills that
provide insight into ways to create new knowledge. This technological knowledge might lead to a technology that is
the basis for a new entry, even though its market applicability is unclear.

Assessing the Attractiveness of a New Entry Opportunity

The entrepreneur needs to determine whether it is in fact valuable, rare, and inimitable by assessing whether the
new product and/or the new market are sufficiently attractive to be worth exploiting and developing. This depends on
the level of information on a new entry and the entrepreneur’s willingness to make a decision without perfect
information.

INFORMATION ON A NEW ENTRY

Prior Knowledge and Information Search

Existing market and technological knowledge used to develop a potential new venture is also valuable for assessing
the attractiveness of that opportunity. More prior knowledge reduces the entrepreneur's initial uncertainty, meaning
less additional information is needed to confidently decide whether to pursue the venture.

Window of Opportunity refers to a timeframe during which the environment is favorable for entrepreneurs to
exploit a new venture with an existing product. However, this window can close, making the environment
unfavorable. For example, a window of opportunity might close if a competitor enters the market and creates
significant barriers to entry and imitation.

Comfort with Making a Decision under Uncertainty

The balance between gathering more information and the risk of a closing window of opportunity creates a dilemma
for entrepreneurs. This dilemma forces them to choose which type of error they are more willing to accept.

Error of Commission: A negative outcome resulting from acting on a perceived opportunity. The entrepreneur
incurs costs due to pursuing the opportunity.

Error of Omission: A negative outcome resulting from not acting. The entrepreneur must accept the lost potential of
a missed opportunity.
Decision to Exploit or Not to Exploit the New Entry

The decision to pursue (exploit) or not pursue a new venture depends on the entrepreneur's perceived sufficiency of
information and whether the window of opportunity remains open.

Assessment of a New Entry’s Attractiveness involves evaluating whether the entrepreneur believes they can
successfully execute the proposed new venture.

ENTRY STRATEGY FOR NEW ENTRY EXPLOITATION

Determining whether a company is the first to introduce a new product and/or create a new market has some validity.
Being first can offer several advantages that improve performance, including:

• Cost Advantage: First movers can benefit from the "experience curve." As production volume increases, per-
unit costs decrease due to economies of scale (spreading fixed costs) and the learning curve (improvements
through trial and error).
• Reduced Competitive Rivalry: While first movers might initially have few customers, a correctly assessed
opportunity will lead to rapid market growth. Even with later competition, the market growth will likely offset
lost market share. During the growth stage, companies prioritize meeting demand over aggressive market
share tactics like price cuts.
• Securing Important Channels: First movers can establish strong relationships with key suppliers and
distributors, potentially creating barriers for later entrants who may be forced to use less desirable options.
• Better Customer Positioning: First movers can (1) select and secure the most attractive market segments, (2)
position themselves centrally in the market for better responsiveness to change, and even (3) establish their
product as the industry standard.
• Expertise through Participation: First movers can (1) learn from early product iterations and improve
design, manufacturing, and marketing, (2) monitor market changes that might be missed by non-participants,
and (3) build networks that provide early opportunity information. These learning opportunities, gained
through "learning-by-doing," may not be available to those relying on observation ("vicarious learning").
 SOURCES OF NEW IDEAS

Entrepreneurs often find valuable ideas from sources like consumers, existing products and
services, distribution channels, government resources, and research and development.

Consumers

Aspiring and current entrepreneurs should always closely observe potential customers. This can involve informally
tracking potential ideas and needs or formally soliciting consumer opinions. Critically, the idea or need must have a
sufficiently large market to sustain a new venture.

Existing Products and Services

Potential entrepreneurs should also develop a system for monitoring and evaluating competing products/services.
This analysis often reveals opportunities for improvement, leading to new products/services with greater market
appeal, sales, and profit potential. For example, Walmart founder Sam Walton regularly visited competitors, focusing
on their strengths rather than weaknesses, to adapt successful ideas for Walmart. Similarly, Jameson Inns required
each hotel manager to submit weekly reports on competitor pricing and offerings in their respective market areas.

Distribution Channels

Members of distribution channels are valuable sources of new ideas due to their market familiarity. They often have
suggestions for entirely new products and can assist in marketing the entrepreneur's new developments. For instance,
an entrepreneur learned from a department store salesclerk that their hosiery wasn't selling well due to its color. By
acting on this feedback, the company became a leading supplier of non-branded hosiery in the region.

Federal Government

The federal government offers two avenues for new product ideas. First, the Patent Office's records contain numerous
possibilities. While the patents themselves may not be directly viable, they can inspire other, more practical product
ideas. Several government agencies and publications can be used to track patent applications.

Research and Development

The most significant source of new ideas is often the entrepreneur's own research and development efforts, whether
formal within a current job or informal, such as in a home workshop.
 METHODS OF GENERATING IDEAS

Even with numerous idea sources, finding the right concept for a new venture can be challenging, especially since the
idea is the foundation of the business. Entrepreneurs can use several techniques to generate and test ideas,
including focus groups, brainstorming, brainwriting, and problem inventory analysis.

1. Focus Group: This involves gathering information from a group of individuals in a structured format.
Beyond generating new ideas, focus groups are excellent for initial screening of concepts. Using various
analysis methods, the results can be quantified, making focus groups a valuable tool for new product idea
generation.
2. Brainstorming: This method encourages creativity by bringing people together in an organized group setting.
While many ideas generated may not be viable, good ideas sometimes emerge, especially when the
brainstorming focuses on a specific product or market area.
3. Brainwriting: This is a written form of brainstorming, originally called Method 635. Unlike traditional
brainstorming, it provides participants more time to think before sharing ideas. Participants silently write
down three ideas on forms or cards that are then circulated among the group (typically six members). Each
member adds three new ideas to each form, and the process continues until all forms have been seen by
everyone. A leader manages the time intervals, which can be adjusted as needed. Participants can also be
geographically dispersed, with forms shared electronically.
4. Problem Inventory Analysis: This method uses individuals, similar to focus groups, to generate new product
ideas. However, instead of brainstorming new ideas, participants are given a list of problems within a general
product category.
Activity: Create a Reflection Paper about the Three Chosen topics from the module content or
click the video link about The Entrepreneurial Mindset concerned.

Three Chosen Topics from the module:

The Entrepreneurial Perspective: Generation of a New Entry Opportunity
Sources of New Ideas
Methods of Generating New Ideas

As a student navigating the exciting world of entrepreneurship, I'm beginning to appreciate the
structured approaches to what I initially perceived as spontaneous inspiration. It's fascinating to learn
that generating new venture ideas isn't solely about waiting for “that" moment, but rather a deliberate
process involving various techniques. The idea that focus groups can serve as both a source of ideas and
a screening mechanism is incredibly practical. Gathering insights directly from the target audience
seems like an indispensable step in developing a product or service that truly meets their needs.
Brainstorming, while often used casually, takes on a new dimension when employed strategically. The
emphasis on focused brainstorming, targeting specific product areas or market segments, makes it a
much more powerful tool. I'm particularly intrigued by brainwriting, which offers a more contemplative
and less pressured alternative to traditional brainstorming. The idea of individuals silently generating
and sharing ideas in a written format seems like it could unlock creativity in a different way. Finally, the
problem inventory analysis method strikes me as a very logical approach. By systematically identifying
and analyzing consumer pain points, entrepreneurs can uncover unmet needs and generate ideas for
innovative solutions. What's becoming clear is that entrepreneurial thinking is about combining
creativity with practicality. It's not just about dreaming up something new, but also about understanding
your audience, leveraging different idea-generation techniques, and systematically working towards a
viable solution. I'm eager to apply these methods in my own entrepreneurial endeavors, turning
theoretical knowledge into real-world practice.

Reflection for Video No. 2: Have an Entrepreneurial Mindset

https://www.youtube.com/watch?v=M8GjmmQdl8Y
I had a chance to watch the Dan Lok video, "Entrepreneur Mindset: Why You Can't Build Wealth
Without Smart Investments,", it really got me thinking. First off, I have to admit, I've always been a little
intimidated by the idea of investing. It just seems so complicated and risky, and honestly, I never really
felt like I had enough money to even get started. But Dan's approach was surprisingly down-to-earth. He
didn't start off talking about complex financial instruments or anything like that. Instead, he focused on
the fundamental mindset shift that needs to happen before you can even think about building wealth.
What struck me most was his emphasis on the idea that you can't just save your way to riches. I
mean, I've always been a pretty careful person, trying to cut corners and pinch pennies wherever I can.
But Dan's point about inflation eroding the value of your savings over time really hit home. It made me
realize that I need to be more proactive with my money, and that just letting it sit in a bank account isn't
going to cut it if I want to achieve my financial goals. He talked about how important it is to become a
"producer" rather than just a "consumer," and that really resonated with me. I've always had that
entrepreneurial itch, that desire to create something of my own, but I never really knew where to start.
Dan's explanation of the different asset classes and the importance of understanding where your
money is going was incredibly valuable. It's not just about throwing money at any random investment
opportunity; it's about educating yourself and making informed decisions based on your own risk
tolerance and financial goals. I appreciated his frankness about the fact that building wealth takes time
and effort. It's not a get-rich-quick scheme, and there will be setbacks along the way. But if you have the
right mindset, the willingness to learn, and the discipline to stick to your plan, it is possible to achieve
financial freedom.
One thing that I'm going to take away from this video is the importance of continuous learning.
Dan mentioned how he's constantly reading and seeking out mentors who can help him grow and
improve. That's something I need to prioritize more in my own life. I need to be more intentional about
seeking out knowledge and surrounding myself with people who inspire me and challenge me to think
bigger. Overall, this video was a real eye-opener. It simplified the concept of investing and made it feel
less intimidating. More importantly, it gave me a framework for thinking about wealth creation in a
more strategic and proactive way. I'm definitely going to do some more research on the topics Dan
touched on, and I'm excited to start taking control of my financial future. It's not going to be easy, but
I'm motivated and ready to put in the work.
 MODULE 3: Ethical, Social and Sustainable Entrepreneurship

INTRODUCTION

An entrepreneur organizes, manages, and takes on the risks of a business venture. They envision a business,
take decisive action to launch it, and coordinate the various production factors to get it started. Crucially,
entrepreneurs should be mindful of and practice business ethics and social responsibility to maintain ecological
balance within society. "Business ethics" is the study of moral and social responsibility as it relates to business
practices and decision-making. While "business" traditionally referred to profit-making commercial activities, this
view has evolved. Although profit maximization was once the primary business objective, current perspectives
recognize that businesses have additional goals, including adhering to ethical principles.

Entrepreneurs organize, manage, and assume the risks of new businesses, envisioning ventures, taking decisive action
to launch them, and coordinating the necessary resources. Importantly, they should be aware of and practice business
ethics and social responsibility to protect the environment. "Business ethics" examines moral and social responsibility
in business practices and decisions. The traditional view of "business" as solely profit-driven has changed. While
profit was once the main goal, businesses are now understood to have other objectives, including ethical conduct.

• Social entrepreneurs, however, are driven by a desire to create positive social impact, not just to make a
profit.
• They might focus on environmentally friendly products, serving underserved communities, or philanthropic
activities.
• Social entrepreneurship is becoming increasingly common, alongside socially responsible investing (SRI) and
ESG (Environmental, Social, and Governance) investing.

Understanding Social Entrepreneurs

While most entrepreneurs are motivated by profit, this doesn't preclude them from having a positive societal impact.
 Adam Smith

Adam Smith, in "The Wealth of Nations" (1776), argued that our dinner doesn't come from
the kindness of the butcher, brewer, or baker, but from their self-interest. He believed that
individuals pursuing their own interests are often led to make choices that also benefit
others. For example, a baker, seeking to support his family, produces bread, which in turn
feeds and nourishes many people.

Examples of Social Entrepreneurship

Social entrepreneurs often work in areas like microfinance, education, banking services for underserved populations,
and support for children orphaned by epidemics. Their work focuses on addressing unmet needs in communities that
lack access to services, products, or basic necessities more readily available in developed areas. They may also tackle
imbalances in resource availability, the underlying causes of social problems, or the stigma associated with residents
of these communities. While their primary goal is broad social improvement, not profit, social entrepreneurs still need
financial acumen to succeed.

HOW SOCIAL ENTREPRENEURS TAKE ACTION

Providing essential services like freshwater (e.g., through new wells) to communities lacking stable utilities
exemplifies social entrepreneurship. In today's world, this can also involve leveraging technology, such as bringing
high-speed internet to remote areas to improve students' access to information. Social entrepreneurship offers a way
to align personal purpose with helping others and making a difference while also earning a living. Another expression
of social entrepreneurship is developing mobile apps that address community needs, such as enabling citizens to
report infrastructure problems (e.g., burst pipes, downed power lines) or even report misconduct by officials, giving
communities a voice through technology.
 ETHICS AND ENTREPRENEURSHIP

ETHICS involves acceptable behavior, addressing questions of right and wrong, fairness and unfairness,
professionalism and unprofessionalism, legality and illegality. The criteria for judging acceptable behavior are
derived from social values, professional codes of conduct, religion, natural justice, laws, regulations, corporate codes
of conduct, and social good.

Ethics, therefore, has these elements:

• It is defined individually.
• Ethical behavior can vary between individuals.
• Ethics are relative, not absolute.
• Ethics guide behavior by which managers and organizations are judged, impacting the image stakeholders
have of the entrepreneur or organization.
• Unethical behavior negatively affects the entrepreneurial venture and the affected parties.

There are four levels or areas where ethics are most significant:

• Individual context.
• Organization-employee relations (hiring, termination, wages, working conditions, confidentiality, respect for
beliefs).
• Employee-employer relations (conflict of interest, secrecy, honesty, integrity, diligence, theft, embezzlement,
property abuse).
• Organization-society relations (individuals, organizations, communities, environment).
• Inter-organizational relations (industrial espionage, price undercutting, negative promotions).

Entrepreneurs can promote ethics by:

• Establishing a culture defining acceptable and unacceptable behavior.

• Including ethics in training programs.
• Guiding employees on handling ethical dilemmas.
• Forming an ethics committee reporting to the CEO and board.
• Preparing guidelines for stakeholder interactions.
• Developing a code of ethics and conduct.

Codes of Ethics

A code of ethics is a document outlining the ethical standards, norms, beliefs, and values to which an entrepreneur
commits. It:

• Demonstrates the entrepreneur's commitment to high ethical standards.

• Sets the boundaries for acceptable behavior.
• Provides a mechanism for employees to report unethical behavior to management.
 • Guides employees in navigating ethical dilemmas.

Unethical Practices

These are behaviors that violate an organization's or industry's norms, values, beliefs, standards, and expectations.
Examples include:

• Corruption (misuse of office for personal gain)

• Bribery (of government officials or colleagues, including offers of gifts or favors)
• Stock hoarding
• Smuggling
• Nepotism
• Pollution
• Tribalism

While some argue that bribery is necessary to facilitate business ("greasing palms"), entrepreneurs should avoid these
practices for long-term sustainability.

ENTREPRENEURIAL ETHICS

Successful entrepreneurs use sound business ethics to achieve

organizational success. The core of entrepreneurial ethics is
developing entrepreneurs who generate wealth for society.
These ethics are sound business principles that entrepreneurs
use to succeed and positively impact society. They foster
positive attitudes toward creating successful entrepreneurs,
who then build entrepreneurial institutions that contribute to
societal growth and advancement.

Integrity is a key aspect of entrepreneurial ethics. As

Emmanuel Ikazoboh stated, "Integrity matters a great deal. It
is very important, even when many scorn you, later they
would come back to give you respect.”

Following entrepreneurial ethics enables entrepreneurs and their teams to work with passion, determination, and
perseverance toward a shared goal. Sound ethics also equip businesses to handle challenges effectively.
Entrepreneurial spirit is a solution to unemployment, particularly in developing countries. It leads to the gradual
development of various economic sectors, including agriculture, commerce, and technology. Trust is essential for
business relationships; it builds credibility and allows business empires to flourish.

Entrepreneurial spirit means maintaining a positive outlook on the organization's vision and mission. It requires self-
discipline, which is essential for growing businesses from humble beginnings to large conglomerates.

Entrepreneurship for Sustainable Development

This is a multifaceted concept linking social, environmental, and

economic dimensions. It encompasses entrepreneurial processes,
market transformations, and large-scale societal developments
where entrepreneurial approaches are used to address social and
environmental problems and contribute positively to sustainable
development.
Sustainable Development:

This is an approach to development that uses resources in a way that allows them to replenish or continue to exist for
future generations. Using recycled or renewable materials in construction exemplifies sustainable development. It's
the idea that current human societies must live and meet their needs without jeopardizing future generations' ability to
meet theirs.

The Importance of Sustainability:

Sustainability supports the mission of improving environmental health and quality of life for our communities. It's
important for several reasons, including maintaining environmental quality (clean air, natural resources, and a non-
toxic environment).

Principles of Sustainable Development:

These principles include:

• Ecosystem conservation.
• Sustainable society development.
• Biodiversity conservation.
• Population growth control.
• Human resource development.
• Public participation promotion.

The Benefits of Sustainable Living:

Sustainable living offers several benefits, including:

• Reduced wasteful spending.

• Reduced landfill waste.
• Positive impact on carbon footprint.
• Promoted energy efficiency.
• Support for fair trade workers.

The Role of Sustainable Development:

Sustainable development meets present needs without compromising future generations' ability to meet their own. Its
goal is to balance environmental, economic, and socio-political sustainability.

Examples of Sustainable Development:

• Wind energy
• Solar energy
• Crop rotation
• Water-efficient fixtures
• Green spaces

The 17 Sustainable Development Goals (SDGs) to Transform Our World:

GOAL 1: No Poverty GOAL 2: Zero Hunger GOAL 3: Good Health and Well-being GOAL 4: Quality Education
GOAL 5: Gender Equality GOAL 6: Clean Water and Sanitation GOAL 7: Affordable and Clean Energy GOAL 8:
Decent Work and Economic Growth GOAL 9: Industry, Innovation and Infrastructure GOAL 10: Reduced Inequality
GOAL 11: Sustainable Cities and Communities GOAL 12: Responsible Consumption and Production GOAL 13:
Climate Action GOAL 14: Life Below Water GOAL 15: Life on Land GOAL 16: Peace and Justice Strong
Institutions GOAL 17: Partnerships to achieve the Goal

How Can You Support Sustainable Development? Five Ways to Help Reach the Sustainable Development
Goals in Your Personal Life:

1. Educate yourself and your co-workers.

2. Start fundraising campaigns at work.
3. Promote volunteering and capacity building.
4. Do more good by doing less harm.
5. Use your connections to empower changemakers.

A market-based approach can identify opportunities to improve environmental quality and leverage them for profit in
the private sector.

WHAT IS ECOPRENEURS?

An ecopreneur is an entrepreneur who operates an environmentally sustainable business. Ecopreneurs are driven to
address broad environmental issues, commonly including ocean pollution, food waste, single-use plastics,
deforestation, ecosystem destruction, and endangered species. They typically prioritize cradle-to-cradle product
design and triple bottom line accounting, placing the planet before profit.

Ecopreneurship principles guide sustainable business models and influence green thought leaders and environmental
entrepreneurs. For a thriving future, we must adopt more sustainable business practices that allow everyone in society
to flourish. The Natural Step Framework outlines these key principles for a sustainable society:

1. We should not systematically subject nature's functions and diversity to increasing concentrations of
substances extracted from the Earth's crust.
2. We should not systematically subject nature's functions and diversity to increasing concentrations of
substances produced by society.
3. We should not systematically impoverish nature's functions and diversity through physical displacement,
over-harvesting, or other forms of ecosystem manipulation.
4. We should not subject people to conditions that systematically undermine their capacity to meet their needs.

Becoming an ecopreneur starts with examining your own business and the businesses/brands you support, evaluating
their carbon footprint and eco-efficiency efforts. Ecopreneurs are pioneering a new way of doing business, one that
works in harmony with the environment, creating sustainable development models and inspiring others to follow suit.

Ecopreneurs also use the Triple Bottom Line method in their accounting, considering social, environmental
(ecological), and financial objectives. This means evaluating the impact of production on people, planet, and profit.
This approach, also known as the "three pillars of sustainability," aims to improve the global economy alongside eco-
capitalism (or green capitalism). Eco-capitalism recognizes nature as "natural capital," upon which everything
depends. Therefore, all policies governing people and businesses should consider environmental impact and
sustainability.

As Todd Wilkinson stated, "If we consume resources according to our standard of living, we're going to need another
planet.” Ecopreneurs manage their businesses with the environment in mind while also generating profit. We don't
have to abandon our dreams of success; we must redefine what success means. Join the movement toward a
sustainable future—become an ecopreneur.
Thinking Like an Entrepreneur in a Time of Crisis

The coronavirus pandemic has created widespread uncertainty, disrupting everything from school and sports to
graduations and internships. Our daily lives look drastically different, and planning is difficult due to the
unpredictable future.

This current reality mirrors the experience of entrepreneurs starting a business. "The extreme uncertainty faced by
most start-up companies is closely related to the situation we are currently in," says Serguei Netessine. "The outcome
of innovation is very hard to predict... Start-up founders get repeatedly 'punched in the face' by market realities,
customer responses, competitors, and so on.”

Many are currently reeling from these "punches," being knocked off course. An entrepreneurial mindset, however,
can help us adapt. "Start-up founders try to stay agile and react to information as it comes," adds Netessine. "In these
times of extreme uncertainty...we need to be ready to change direction depending on how the situation evolves.”

‘A Lens of Hope and Change’

Flexibility is essential in uncertain times, as is creativity, according to Tyler Wry. "An entrepreneurial mindset is
about embracing a pain point as an opportunity to create novel and productive solutions. This may or may not result
in a business idea, but the important thing is that entrepreneurs don’t just sit back and accept the status quo," notes
Wry. "Entrepreneurs tackle adversity through creative thinking and experimentation...they actively look for solutions
and approach problems through a lens of hope and change.”
Assessment for this Module:
1. What characteristics you must have to be a Social Entrepreneur someday?
As a student aspiring to be a social entrepreneur, I believe I must cultivate several key
characteristics. First and foremost, a deep sense of empathy and passion for addressing social issues is
essential. I need to be genuinely concerned about the well-being of others and driven to make a positive
impact. Furthermore, strong leadership and communication skills are crucial for mobilizing resources
and inspiring others to join the cause. Resilience and perseverance are also vital, as tackling social
problems often involves overcoming significant challenges and setbacks. Finally, a creative and
innovative mindset is necessary for developing effective and sustainable solutions.
2. Give at least 3 famous Social Entrepreneur in the Philippines.
Three famous social entrepreneurs in the Philippines that come to mind are: 1) Illac Diaz, known
for his Liter of Light project, which provides sustainable lighting solutions to underprivileged
communities; 2) Tony Meloto, the founder of Gawad Kalinga, a community development organization
that aims to eradicate poverty; and 3) Maria Ressa, a journalist and CEO of Rappler, who advocates for
press freedom and combats misinformation.
3. Discuss one important Mindset of a Social Entrepreneur.
One important mindset of a social entrepreneur is a systems-thinking approach. This involves
understanding the interconnectedness of various social, economic, and environmental factors that
contribute to the problem being addressed. Instead of focusing on isolated solutions, a social
entrepreneur with a systems-thinking mindset seeks to create systemic change by addressing the root
causes of the issue. This often requires collaboration with multiple stakeholders and a long-term
perspective.
4. How important Ethical behaviours in any organizations?
Ethical behavior is absolutely crucial in any organization, especially in social enterprises. It builds
trust among stakeholders, including employees, customers, beneficiaries, and investors. Ethical conduct
ensures accountability and transparency in operations, fostering a positive and sustainable organizational
culture. In social enterprises, where the primary goal is to serve a social mission, ethical behavior is even
more critical as it reinforces the organization's commitment to its values and purpose.

5. Describe any incident of Unethical Practices, what is your recommendation to stop these illegal
activities?
Unfortunately, unethical practices like bribery and corruption are still prevalent in many
organizations. One example is the misuse of funds intended for social programs, where resources are
diverted for personal gain. To combat these illegal activities, I recommend strengthening regulatory
frameworks and enforcement mechanisms. Promoting transparency and accountability through open
data initiatives and whistleblower protection programs is also essential. Furthermore, fostering a culture
of ethics within organizations through training and leadership commitment is crucial for long-term
prevention.
6. Give any Sustainable Development projects by our government or any private organizations.
One sustainable development project by the Philippine government is the "Build, Build, Build"
program, which aims to improve infrastructure while considering environmental and social safeguards.
A private organization example is the Ayala Foundation's programs focused on education, community
development, and environmental sustainability.
7. How important to you the concepts of Sustainable Development?
 The concepts of sustainable development are extremely important to me because they address the
urgent need to balance economic progress with environmental protection and social equity. Sustainable
development recognizes that the well-being of present and future generations depends on responsible
resource management and inclusive growth. It provides a framework for addressing interconnected
challenges like climate change, poverty, and inequality, which are crucial for creating a just and
sustainable world.
8. If you were given the chance to be an Ecopreneur what specific project would you like to engage
with?
If I were given the chance to be an ecopreneur, I would like to engage with a project focused on
developing and promoting sustainable agricultural practices. This could involve working with local
farmers to adopt organic farming methods, reduce food waste, and create more resilient food systems. I
believe that sustainable agriculture is crucial for addressing food security, climate change, and
biodiversity loss, and I'm passionate about contributing to this area.