ENTREPRENEURSHIP

Antique National School – Senior High

Lourene J. Guanzon, T-II

SKILLS AND CORE COMPETENCIES IN ENTREPRENEURSHIP

Nature and Concept

 The character traits common among successful entrepreneurs are the distinguishing attributes that
differentiate the entrepreneur from the owners of ordinary small business. They compose the image of a
successful entrepreneur in the business community. Successful entrepreneurs have already provided and
laid out the clear blueprints for you to follow. It should be your prime goals to internalize those
entrepreneurial characteristics.

 However, possessing these character traits is not enough to finish the entrepreneurial journey. It is only
an initial step. Remember that the field of entrepreneurship is a practice or not a theory. In other words,
you have to practice entrepreneurship correctly. To do so, you need the required skills to help you deliver
and carry out with great ease the principles of entrepreneurship.

ENTREPRENEURIAL SKILLS

 Without the required skills, a person can hardly succeed in a particular business endeavor, perform the
assigned specialized tasks, or even truly become a successful entrepreneur. Hence skills lay a significant
role in the practice of entrepreneurship.

Entrepreneurial skills refer to the set of cognitive, technical and interpersonal skills required in the practice of
entrepreneurship.

COGNITIVE SKILLS

Cognitive skills refer to the mental ability of the entrepreneur to learn new things, generate new ideas and
express knowledge in both oral and written forms.

The cognitive skills of an entrepreneur include the following:

1. Ability to understand written materials

2. Ability to learn and apply new information
3. Ability solve problems systematically
4. Ability to crate new ideas
5. Ability to innovate new products and procedures or methods.

Problem-solving Skill

Problems are common in the life of an entrepreneur as he/she manages the day to day operations of the
business venture. These problems can be big or small, ordinary or unusual and repetitive and non-repetitive.

Whatever the nature, type, or size of the business problem, the entrepreneur must face it, solve it, and make
a decision. In making a business decision, the entrepreneur adopts the scientific approach instead of making
an intuitive decision.

The scientific approach in solving business problems involves.

1. Defining the real problem

 The real problem must be correctly identified

2. Gathering information about the problem

 The information must be timely, relevant and reliable

3. Formulating alternative solutions

 The entrepreneur must keep in mind that a problem always has alternative viable solutions.

4. Evaluating alternative solutions

 The evaluation of each alternative solution must have criteria that need to follow. There are no fixed rules
in the formulation of decisions. It depends on the situation

5. Selecting an implementing the optimal solutions; and

 In the decision-making process, there is no such thing as the “best solution” but only one that is ideal or
which, when implemented, will not create another problem.

6. Evaluating the decision.

 The foremost objective in evaluation the decisions is to determine whether it is still possible to make
further improvements.
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Antique National School – Senior High
Lourene J. Guanzon, T-II

TECHNICAL SKILLS

The technical skills focus mainly on the mechanical or practical aspect of a person rather than his/her
abstract or theoretical thinking. The technical skills are the external replica of a person’ cognitive skills.

The technical skills of an entrepreneur include proficiency and ability, among others in the flowing areas:

1. Information technology
2. Feasibility study and business plan preparations
3. Technical writing skills
4. Marketing
5. Management and finance.

INTERPERSONAL SKILLS

Interpersonal skills are basically about the relationship and interaction of the entrepreneur with the
workers, suppliers, creditors, prospective, customer, and other members of the business community.

The interpersonal skills of an entrepreneur may include, among others, the following:
1. Skills in verbal communication
2. Skills in non-verbal communication
3. Skills in listening
4. Skills in leading
5. Skills in negotiating.

To become a successful entrepreneur, it is vital for you to acquire, develop, and enhance your entrepreneurial
skills involving the cognitive, technical, and interpersonal skills.

The Marketing Mix

7P’s

Product refers to the tangible good or intangible service offered by the business to the target
customers.

Place refers to the place where the target consumers are.

Price there are no rigid rules as to how prices ae set, there are some variables that highly
influence the setting of prices of goods or services, these include the following:

1. Availability of the competing products

2. Cost of making the product
3. Type of product
4. Present of substitute products
5. Stages of the product in the market
6. Demographic profile of the target consumers

Promotion refers to the mode of conveying the presence and attributes of the product to the
target consumers.

People refers to the individuals employees or workers wo are directly involved in the
production, marketing and sale of the product or service.

Packaging refers to the process of putting the product in a package or container.

Positioning refers to the place occupied by the product in the minds of consumers.
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
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Antique National School – Senior High
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Antique National School – Senior High
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Antique National School – Senior High
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Antique National School – Senior High
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Antique National School – Senior High
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Antique National School – Senior High
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Antique National School – Senior High
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Antique National School – Senior High
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Antique National School – Senior High
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II
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Antique National School – Senior High
Lourene J. Guanzon, T-II

Value is basically the opposite of waste. Products and services are considered VALUABLE when they provide
ADDITIONAL BENEFITS to the BUYERS AND USERS. In entrepreneurship, value is always measured from the
perspective of the Consumers. The goods and services become valuable when the consumers get additional
benefits from using the products or availing of the services.

Entrepreneurship ENTAILS OPENING AND MANAGING THE SELF-OWNED ENTERPRISE

This feature highlights two important elements: the concept of opening a self –owned enterprise and the concept
of managing it. The OWNER OF A BUSINESS must also be THE MANAGER OF THE DAILY OPERATIONS of the
ENTREPRENEURSHIP
Antique National School – Senior High
Lourene J. Guanzon, T-II

entrepreneurial venture. A business, whether big o small, that is managed by a person other than its owner is not
within the concept of entrepreneurship. In such a case, the owner cannot be considered as an
Entrepreneur but as an ordinary business person. Similarly, the person handling the activities of the venture s
not an entrepreneur but a manager.

Entrepreneurship is a RISK-TAKING ADVENTURE

All business, whether big or small are operating within the concept of RISK-TAKING because of UNCERTAINTY.
Nobody knows what will happen tomorrow. Business risk cannot be eliminated. There are inherent in the
venture. Entrepreneurs, however, FACE the BUSINESS RISKS instead of avoiding them. They find ways to
minimize the effects of the business risks.