Entrepreneurship Module 2 - New Template
Entrepreneurship Module 2 - New Template
SENIOR HIGH
SCHOOL
University of Bohol
Tagbilaran City
September 14 - 25,
SUBJECT Entrepreneurship DATES COVERED
2020
GRADE
LEVEL
11 QUARTER First
PRELIMINARY - MODULE 2
TOTAL 40
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2 Estose
Acierto, Marife Agustin (2017). Entrepreneurship. Unlimited Books Library Services & Publishing Inc.
STUDENT READINGS and CONCEPT
BUILDING
Batisan, Ronaldo “Ron” S. (2016). Entrepreneurship: Ideas Business Plan Implementation Process Cash Success. DIWA
Textbooks
READING LINK: Mckenzie, K. (2019, May 04). Seven Basic Elements to Know Before Starting Out on Your
Entrepreneurial Journey. Retrieved August 13, 2020, from https://bit.ly/2FaqQDN
Seven Basic Elements to Know Before Starting Out on Your Entrepreneurial Journey
By Charles Emerenwa
May 4, 2019
Most business owners will agree on one thing - being an entrepreneur is great. Despite the challenges and risks, when
done right, the journey of entrepreneurship can be hugely rewarding. There are endless reasons for this, and every entrepreneur
will have his or her own personal reasons that makes them choose this path. On the other hand, others may find the idea daunting
due to the uncertainty of a business venture.
Startup success can be engineered by following the right process, which means it
can be learned. Having said so, one can be taught on the art of entrepreneurship.
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To increase chances of success in the entrepreneurial field, it is important to have the necessary knowledge and the right people to
support you. If you are just starting out on your entrepreneurial journey, here are seven basic elements that you need to know
before you begin your very own exciting entrepreneurial journey.
1. Determine the Industry
One of the important decisions to make when forming a new business is being
aware of which industry to participate in. With so many industry choices, it can
be a challenge to understand which industry is the right choice for you. The only
way to know if what seemed like a great idea in your dorm room can become a
viable business is to do the research. Take the time to thoroughly study all the
elements that go into establishing your new business. Often time, picking the
wrong industry to start a business is a result of putting profit first. The purpose of
every business should not be only just about money. It should begin with value
creation, delivering value in an efficient way that it will generate profit after cost.
https://bit.ly/2Lfnxhu
Waiting too long to perfect your plans can set a business back. Having a plan is good but
waiting for a perfect plan before taking action is a waste of resources and time, it may
keep you from doing anything at all. Too much planning is a cathartic distraction. While
it is okay to have a plan, do not wait for the perfect plan.
https://bit.ly/2VrOkYt
Inability to manage financial expectations and premature financial decisions are often
the cause of a business downfall. No matter how good a venture is, bad financial
decisions can be extremely detrimental. Many start-up companies and small
businesses end up in failures largely because of poor financial decisions. One
important thing to note is the necessity of distinguishing funds for personal use and
company use. Confusing these two and not having a proper guideline for appropriate
fund allocation is a recipe for disaster.
https://libreshot.com/business-plan/
4. Leverage to Succeed
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partners. The people you choose to include and associate yourself with the business should be chosen carefully as it will be the
determinant for the success or downfall of the business venture. Hence, make sure you have a foolproof selection plan and criteria
for your leveraging choices.
https://bit.ly/2IgDUqQ
The concept ‘think outside the box' in this context means challenging the
norm and try to figure out an alternative demand or even better, create the
demand for the market. Businesses ought to create value and a way to do so
is to address the needs and wants of the market. Being able to think
creatively and freely to create a unique demand for a new product will give
an edge to a new venture. It is also called 'getting out of your comfort zone'.
Nobody ever died of discomfort, living in the name of comfort has killed
more ideas, more opportunities, more actions, and more growth.
https://bit.ly/2YQzrRH
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READING LINK: The Mind Tools Content Team By the Mind Tools Content Team, Team, T., Wrote, M., Wrote, S., &
Wrote, B. (n.d.). Entrepreneurial Skills: What You Need to Start a Great Business. Retrieved August 13, 2020, from
https://bit.ly/33W6cSu
Entrepreneurial Skills
Successful entrepreneurship takes hard work, dedication and a wide skill set.
If you want to start your own business, you need to learn the specific
skills that underpin these qualities. Entrepreneurial skills can also be a major asset
if you're in a job role where you're expected to deliver new business or build new
products.
©GettyImagesgoodboypicturecompany
Whether you've seen a gap in the market, or losing your job has forced you to reassess your career, this article explains the skills
you need to make it as an entrepreneur, and explores resources that you can use to develop the skills required for success.
What Is an Entrepreneur?
Being an entrepreneur usually means starting and building your own successful business, although people with entrepreneurial
skills can thrive within larger organizations, too. Entrepreneurs generally take a creative, innovative approach, and they may take
risks that others would avoid.
Regardless of how you define the term, becoming a successful entrepreneur isn't easy, so be prepared to do the "hard yards," even
after you've learned the skills we describe below.
Many researchers have studied the subject, but there are no definitive answers. What we do know is that successful entrepreneurs
tend to have certain traits and skills in common:
Personal characteristics.
Interpersonal skills.
The following sections examine each area in more detail, and look at some of the questions you will need to ask yourself if you
want to become a successful entrepreneur.
First, examine your personal characteristics, values, and beliefs. Do you have the mindset to
be a successful entrepreneur? Ask yourself these questions:
Optimism: Are you an optimistic thinker? Optimism is an asset, and it will help you through the tough times that many
entrepreneurs experience as they find a business model that works for them.
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Vision: Can you easily spot areas for improvement? Can you quickly grasp the "big picture," and explain it to others?
And can you create a compelling vision of the future, and then inspire other people to engage with that vision?
Initiative: Do you have initiative , and instinctively start problem-solving or business improvement projects?
Desire to lead: Do you enjoy being in charge and making decisions? Are you motivated to lead others?
Drive and persistence: Are you self-motivated and energetic? And are you prepared to work hard, for a very long time,
to realize your goals?
Risk tolerance: Are you able to take risks , and make decisions when facts are uncertain?
Resilience: Are you resilient , so that you can pick yourself up when things don't go as planned? And do you learn and
grow from your mistakes and failures? (If you avoid taking action because you're afraid of failing, our article
on Overcoming Fear of Failure can help you to face your fears and move forward.)
As an entrepreneur, you'll likely have to work closely with others – so it's essential that you are able to build good relationships
with your team, customers, suppliers, shareholders, investors, and other stakeholders.
Some people are more gifted in this area than others, but you can learn and improve these skills. The types of interpersonal skills
you'll need include:
Leadership and motivation: Can you lead and motivate others to follow you and deliver your vision? And are you able
to delegate work to other people? As an entrepreneur, you'll have to depend on others to get beyond the early stages of
your business – there's just too much to do by yourself!
Communication skills: Are you skilled in all types of communication ? You need to be able to communicate well to sell
your vision of the future to a wide variety of audiences, including investors, potential clients and team members.
Listening: Do you hear what others are telling you? Your ability to listen and absorb information and opinions can make
or break you as an entrepreneur. Make sure that you're skilled at active listening and empathic listening.
Personal relationships: Do you have good "people skills"? Are you self-aware, able to regulate your emotions, and
respond positively to feedback or criticism? Our article on Emotional Intelligence offers a range of strategies for
developing these crucial attributes.
Negotiation: Are you a good negotiator ? Not only do you need to negotiate favorable prices, but you will also need to
resolve differences between people in a positive, mutually beneficial way.
Ethics: Do you deal with people based on respect, integrity, fairness, and trust? Can you lead ethically ? You'll find it
difficult to build a happy, productive business if you deal with staff, customers or suppliers in a shabby way.
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As an entrepreneur, you need to come up with fresh ideas, and make good decisions about opportunities and potential projects.
Many people think that you're either born creative or you're not. But creativity is a skill that you can develop, and there are many
tools available to inspire you.
Creative thinking: Are you able to see situations from a variety of perspectives to generate original ideas? Tools like
the Reframing Matrix can help you do this.
Problem solving: You'll need sound strategies for solving business problems that will inevitably arise. Tools such as Cause &
Effect Analysis , the 5 Whys technique, and CATWOE are a good place to start. You'll find many more in our Problem-solving
section.)
Recognizing opportunities: Do you recognize opportunities when they present themselves? Can you spot a trend ?
And are you able to create a workable plan to take advantage of the opportunities you identify?
Entrepreneurs also need practical skills and knowledge to produce goods or services effectively, and to run a company.
Goal setting: Setting SMART goals that are Specific, Measurable, Achievable, Relevant, and Time-Bound will focus
your efforts and allow you to use your time and resources more effectively.
Planning and organizing: Do you have the talents, skills, and abilities necessary to achieve your goals? Can you
coordinate people to achieve these efficiently and effectively? Effective project management skills are important, as are
basic organization skills . And you'll need a coherent, well thought-out business plan , and the appropriate financial
forecasts .
Decision making: Your business decisions should be based on good information, evidence, and weighing up the potential
consequences. Core decision-making tools include Decision Tree Analysis , Grid Analysis , and Six Thinking Hats .
Entrepreneurs or Employment
Entrepreneurship or Employment are two different career paths that a person can choose depending on his or her personal
aspirations and work characteristics. It is really up to the person at the end of the day on what career trail he or she will follow,
considering all compelling career factors that are important to him or her. Table 1 shows a comprehensive list of the perks and
downsides of being an entrepreneur as compared to being employed.
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ACTIVITY #1. These fifteen (15) questions that a potential entrepreneur must ask himself of herself before setting up a new
business. A Yes or No answer only.
__yes_____1. Am I a planner, dreamer, or goal setter?
__yes____ 8. Am I ready to assess and measure everything before putting it out for the Public?
__no____ 12. Am I willing to take initiative when confronted with difficult situations?
__yes____ 15. Am I ready to learn and accept the mistakes that I might encounter along the way?
If you could answer yes to most of these questions, then you are probably ready to become an entrepreneur. There are no
correct answers for these questions regardless of your answer. These are some of the basic realities that you must face when
starting a business: demand for your product or service, cash flow, income potential, marketability, and flexibility. Be prepared to
navigate the road to entrepreneurship and hurdle the challenges and roadblocks along the way.
ACTIVITY #2. Identify which among the following descriptions refer to Entrepreneurs and which refer to Employees.
On the blanks, write EN for Entrepreneurs and EM for Employee.
_____EM_____1. Income is earned whether the business is successful or unsuccessful.
_____EM_____2. He or She is usually comfortable with routines and minimal risks.
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_____EN_____3. He or She is fully responsible for serving customers, making the business profitable/ sustainable, and
providing employee satisfaction.
_____EN_____4. He or She prepares policies, procedures, and memoranda for the business.
_____EM_____5. He or She is fully dependent on the employer’s performance. If the company does not perform well, he or she is
at risk of becoming jobless.
_____EN_____6. He or She is comfortable in doing multiple and challenging tasks and takes accountability with the risks and
profits of the business.
_____EM_____7. Income is generated on working hours only.
_____EN_____8. He or She has a flexible schedule and can take an unlimited number of vacation days.
_____EM_____9. He or She is taxed on the gross income. Expenses incurred related to the job such as food and transportation
expenses cannot be uses to claim for deductions from taxable income.
_____EN_____10. He or She has the power to disengage nonperforming employees, applying the due process policy of
disengaging personnel.
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ACTIVITY #3. Identify the Pros and Cons of being an Entrepreneur and Employee.
Important Entrepreneur Employee
Career Factors
1. Income
- Income usually fixed per month and
- Opportunity income unlimited, increases every year depending on the
depending on the success of the employer and the employee’s
Performance.
business
2. Hiring and - Fully responsible for serving - Has the goal of satisfying only the employer
Firing, customers, making the business or the direct supervisor
Organizational
Setup, and Major profitable/ sustainable, and providing
Key Result Areas employee satisfaction.
3. Daily Tasks - Performs all necessary variable tasks - Has routine tasks and works on
to establish and manage a startup regular or normal hours
business, which usually takes most of
the entrepreneur’s time; spend more
hours on work than a regular
employee and sometimes gets no
sleep
4. Leisure Time -Has a flexible schedule and can take - Has a limited number of vacation
and Vacations unlimited number of vacation days days imposed by the employer
(applicable only if the business has
stabilized already)
5. Taxation -Taxed on the net income; can claim - Taxed on the gross income cannot
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ASSESSING CONTENT
Test II – Enumeration
Enumerate at least 6 Personal Characteristics of an Entrepreneur
UNIVERSITY SENIOR HIGH SCHOOL: A vibrant University High School nurturing lives for a great future. Fulfilling pre-university experiences. SY 2020-2021
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1. optimism
2. vision
3. initiative
4.desire to lead
5.drive and persistence
6.Risk-tolerance
Enumerate at least 5 Interpersonal Skills of Entrepreneurship
7. Leadership and motivation
8.communication skills
9. listening
10. personal relationship
11.negotiation
The 3 Critical and Creative Thinking Skills for Entrepreneurship
12.creative thinking
13.problem solving
14.recognizing opportunities
Important Career Factors
15. income
16.hiring and firing, organizational, setup, and major key result areas
17. daily task
18.leisure time and vacation
19.taxation
20.comfort level at work
Test III – Identify the Pros and Cons of being an Entrepreneur and Employee
2. Hiring and
Firing,
Organizational
Setup, and Major
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3. Daily Tasks
4. Leisure Time
and Vacations
5. Taxation
6. Comfort Level
at Work
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ASSESSING PERFORMANCE
Mini Task 1
The students will interview online an Entrepreneurs, preferably established Entrepreneurs, as regards job
opportunities for Entrepreneurship as a career. The interview should be recorded, however, if the Entrepreneur being
interviewed does not wish to be videotaped, the student should have some form of documentation of said interview. After
which, they will give their insights on the entrepreneur’s success in line with the traits on the topics presented.
Name of Interviewee:
Business:
Location:
Founded on:
Guide Questions:
Insights:
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GENERALIZING CONCEPTS
POST-TESTING HOW MUCH DID I LEARN:
SELF LEARNING
ACHIEVED – NOT ACHIEVED
CHECK TEACHER’s REMARKS
TARGETS
CHECKLIST
MARK MARK X
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Define Entrepreneurship
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REFERENCE LIST
Bibliography
Acierto, Marife Agustin (2017). Entrepreneurship. Unlimited Books Library Services & Publishing Inc.
Batisan, Ronaldo “Ron” S. (2016). Entrepreneurship: Ideas Business Plan Implementation Process Cash Success. DIWA
Textbooks
Mckenzie, K. (2019, May 04). Seven Basic Elements to Know Before Starting Out on Your Entrepreneurial Journey. Retrieved
August 13, 2020, from https://bit.ly/2FaqQDN
The Mind Tools Content Team By the Mind Tools Content Team, Team, T., Wrote, M., Wrote, S., & Wrote, B. (n.d.).
Entrepreneurial Skills: What You Need to Start a Great Business. Retrieved August 13, 2020, from https://bit.ly/33W6cSu
UNIVERSITY SENIOR HIGH SCHOOL: A vibrant University High School nurturing lives for a great future. Fulfilling pre-university experiences. SY 2020-2021