ENTREPRENEURSHIP

ENTREPRENEURSHIP
This module has been carefully structured by the course instructor to cater the
needs and demands of the Senior High School Curriculum: to address and
bring to life the shifts in teaching and learning as a way of adapting to a new
normal of academic instruction. To prepare students for college and the
workplace, where they will be expected to work on complex tasks with high
volume of informational text, the alternative instruction highlights the need for
students to learn and practice these skills through a remote scheme.
This module has been designed to make this learning process engaging with an
ideal format, compelling topics and challenging tasks. Indeed, quite a few
structures, approaches, and strategies may be new to both teachers and
students yet the flexibility of edifying knowledge is sustainable and prolific.
Further, the materials have been designed to perk up students’ skills and
knowledge in alignment with the respective competencies.
While the society all around is developing with technology and innovations, the
K-12 schools have been in a stagnant scenario. Education is the driving force
behind every country’s economy, directly or indirectly. Sure, many schools
have adapted to modernization, and have started making students work in
groups to solve problems, learn online and integrate science with arts. But it is
noticed even then, students that are graduating lack the advanced skills and
innovative thinking to work through the modern day challenges in the
workplace. Thus, entrepreneurship, the capacity to not only start companies,
but also to think creatively and ambitiously, is very important to be included in
school curriculum.

Entrepreneurship education aids students from all socioeconomic backgrounds

to think outside the box and nurture unconventional talents and skills. It creates
opportunities, ensures social justice, instills confidence and stimulates the
economy. Entrepreneurship education is a lifelong learning process, starting as
early as elementary school and progressing through all levels of education,
including adult education.

Introducing young kids to entrepreneurship develops their initiative and helps

them to be more creative and self-confident in whatever they undertake and
to act in a socially responsible way. There are many ways entrepreneurship
lessons can be integrated in the school curriculum.
 Sessions 1 and 2
Subject Area Entrepreneurship Teacher Jerome Salazar
Grade Level& Strand GRADE 12 Consultation
schedule
Activities no. 1 and 2 Week no. 1
Topic: Entrepreneurship – Definition, Nature and Introduction

LEARNING TARGET

At the end of the week, the students are able to;

1. Define entrepreneurship
2. Tell who can be an entrepreneur
3. Identify the essential aspects of an entrepreneur

REFERENCES

Stull, C., Myers, P.& Scott D.M. (2008). Tuned In: Uncover the Extraordinary Opportunities that
Lead to Business Breakthroughs. Hoboken, New Jersey: John Wiley and Sons.

LEARNING ACTIVITIES
I. Priming Activities

A. Brain Breaks

Head Rotation
Move your head in a circular motion 10 times clockwise and counterclockwise.

B. Activating Prior Knowledge

What is income generating activity? How is it related to economic

opportunity? What endeavor can you think of that is also financially
rewarding as landing a profession after finishing a degree? What do you
mean by financial freedom?

Linking Statement

This session will allow you to explore essential ideas on entrepreneurship – its definition, nature and
introduction.

II. Guided Instructions

A. Concept Digest

What is entrepreneurship?

Part 1: Key features of an entrepreneur

ENTREPRENEUR - one who undertakes an endeavor. This is the meaning of the French word
entrepreneur. It is really all about starting something and making it prosper while offering
people the services and products they need. When you decide to become an entrepreneur
your life changes or at least it should. In order to become a successful entrepreneur it is
important that you develop your entrepreneurial skills through education, networking and
research. Entrepreneurialism is a career long endeavor, but only for those who choose to
stick with it and develop their skills in their respective fields.

According to some theories, the entrepreneur is one who is willing to bear the risk of a new
venture if there is a significant chance for profit. Other economists emphasize the
entrepreneur’s role as an innovator who markets his innovation. Still others say that
entrepreneurs develop new goods or processes that the market demands and are not
currently being supplied.

WHO CAN BE AN ENTREPRENEUR? There is not one single quality or skill to define an
entrepreneur. Successful entrepreneurs come in various ages, gender, race and social
status. They also differ in education and experience. However, research indicates that most
successful entrepreneurs share certain personal attributes, including: creativity, dedication,
determination, flexibility, leadership, passion, self-confidence, and “smarts”.

o Creativity is the spark that drives the development of new products ideas or ways to do
business. It is the push for innovation and improvement.

o Dedication is what motivates the person to work hard to get the endeavor off the ground.
Planning and ideas must be joined by hard work to succeed. Dedication makes it happen.

o Determination is the extremely strong desire to achieve success. It includes persistence and
the ability to bounce back after rough times. It persuades the entrepreneur to make the 10th
phone call, after nine have yielded nothing. For the true entrepreneur, money is not the
motivation.

o Flexibility is the ability to move quickly in response to changing market needs. It is being
true to a dream while also being mindful of market realities.

A story is told about an entrepreneur who started a fancy shop selling only French pastries.
But customers wanted to buy muffins as well. Rather than risking the loss of these customers,
the entrepreneur modified his vision to accommodate these needs.

o Leadership is the ability to create rules and to set goals. It is the capacity to follow through
to see that rules are followed and goals are accomplished.

o Passion is what gets entrepreneurs started and keeps them there. It gives entrepreneurs the
ability to convince others to believe in their vision. It can’t substitute for planning, but it will
help them to stay focused and to get others to look at their plans.

o Self-confidence comes from thorough planning, which reduces uncertainty and the level
of risk. It also comes from expertise. Self-confidence gives the entrepreneur the ability to
listen without being easily swayed or intimidated.

o “Smarts” consists of common sense joined with knowledge or experience in a related

business or endeavor. The former gives a person good instincts, the latter, expertise. Many
people have smarts they don’t recognize. A person who successfully keeps a household on
a budget has organizational and financial skills. Employment, education, and life
experiences all contribute to smarts.

Every entrepreneur has these qualities in different degrees. However, many skills can be
learned. Or, someone can be hired who has strengths that the entrepreneur lacks. The most
important strategy is to be aware of strengths and to build on them.
Part 2: Risks and benefits WHAT LEADS A PERSON TO STRIKE OUT ON HIS OWN AND START A
BUSINESS? Sometimes a person is frustrated with his or her current job and doesn’t see any
better career prospects on the horizon. Sometimes a person realizes that his or her job is in
jeopardy. Some people are actually repulsed by the idea of working for someone else. They
object to a system where reward is often based on seniority rather than accomplishment, or
where they have to conform to a corporate culture. Other people decide to become
entrepreneurs because they are disillusioned by the bureaucracy or politics involved in
getting ahead in an established business or profession.

Those who are attracted to entrepreneurship by the advantages of starting “their own
thing”. These include:
o Entrepreneurs are their own bosses. They make the decisions. They choose whom to do
business with and what work they will do. They decide what hours to work, as well as what to
pay and whether to take vacations.
o Entrepreneurship offers a greater possibility of achieving significant financial rewards than
working for someone else.
o It provides the ability to be involved in the whole lifecycle of the business, from concept to
design and creation, from sales to business operations and customer response.
o It offers the prestige of being the person in charge. o It gives an individual the opportunity
to build equity, which can be kept, sold, or passed on to the next generation.
o Entrepreneurship creates an opportunity for a person to make a contribution. Most new
entrepreneurs help the local economy. A few—through their innovations—contribute to
society as a whole.
One example is entrepreneur Steve Jobs, who co-founded Apple in 1976, and the
subsequent revolution in desktop computers. However, it is important to note that to every
single advantage there is a matching disadvantage which should be carefully analyzed.
Here is an example of the most common pros and cons to entrepreneurship:
After comparing the advantages and disadvantages, you will have to decide if you can
realistically handle the responsibility of running your own business. Being an entrepreneur is a
huge responsibility with many risks attached. In business decisions should be carefully
considered. Risk assessment (giving thoughtful consideration to potential costs and benefits)
and the collection of relevant information are key to successful decision making. Nothing
splendid has ever been achieved except by those who dared believe that something inside
them was superior to circumstance.

Linking Statement

Now that you have acquired the essential ideas about the topic, let s check how well you have
processed the lesson.

B. Checking for Understanding

 What is entrepreneurship?
 What is the definition of an entrepreneur?”
 What leads a person into venturing a business?

III. Productive Collaboration

Refer to Worksheet

Analysis Questions
 How important is having the opportunity to engage in an income generating activity?

IV. Synthesis
 After completing the activities, I felt
______________________________________________________________
because __________________________________________________________________________________
 I would rate my work on the following activities (Excellent/Good/Fair/Poor) because
________________________
__________________________________________________________________________________________

VI – INDEPENDENT PRACTICE
Refer to worksheet
 Sessions 3 and 4

Subject Area ENTREPRENEURSHIP Teacher Jerome Salazar

Grade Level& Strand GRADE 12 Consultation
schedule
Activity no. 3 and 4 Week no. 1
Topic: The Market

LEARNING TARGET
At the end of the week, the students are able to;
1. Define what is a market
2. Identify the different types of market
3. Identify market problems

REFERENCES
Stull, C., Myers, P.& Scott D.M. (2008). Tuned In: Uncover the Extraordinary Opportunities that
Lead to Business Breakthroughs. Hoboken, New Jersey: John Wiley and Sons.

LEARNING ACTIVITIES
I. Priming Activities
A. Brain Breaks
Spin x3
Stand up, spin around 3 times, sit back down.
This is a super fast brain break. This gives the students a little bit of quick movement. I will sometimes use this as a super
quick way to get students focused during a lesson since it is so quick.
B. Activating Prior Knowledge

What do you call the place where you make transaction in

relation to the exchange of goods and services? Have you
tried going to that place? What have you observed? What
are the people doing in that place? Can you describe the
physical characteristics of the said place?

Linking Statement

This session will allow you to explore essential ideas on what market is all about and variations of problems.

II. Guided Instructions

A. Concept Digest

Market

What Is a Market?

A market is a place where two parties can gather to facilitate the exchange of goods and
services. The parties involved are usually buyers and sellers. The market may be physical like
a retail outlet, where people meet face-to-face, or virtual like an online market, where there
is no direct physical contact between buyers and sellers.

The term market also takes on other forms. For instance, it may refer to the place where
securities are traded—the securities market. Alternatively, the term may also be used to
describe a collection of people who wish to buy a specific product or service such as the
Brooklyn housing market or as broad as the global diamond market.

Understanding Markets

Technically speaking, a market is any place where two or more parties can meet to engage
in an economic transaction—even those that don't involve legal tender. A market
transaction may involve goods, services, information, currency, or any combination of these
that pass from one party to another.

Markets may be represented by physical locations where transactions are made. These
include retail stores and other similar businesses that sell individual items to wholesale markets
selling goods to other distributors. Or they may be virtual. Internet-based stores and auction
sites such as Amazon and eBay are examples of markets where transactions can take place
entirely online and the parties involved never connect physically.

Types of Markets

Markets vary widely for a number of reasons, including the kinds of products sold, location,
duration, size, and constituency of the customer base, size, legality, and many other factors.
Aside from the two most common markets—physical and virtual—there are other kinds of
markets where parties can gather to execute their transactions.

Black Market

A black market refers to an illegal market where transactions occur without the knowledge
of the government or other regulatory agencies. Many black markets exist in order to
circumvent existing tax laws. This is why many involve cash-only transactions or other forms of
currency, making them harder to track.

Many black markets exist in countries with planned or command economies—wherein the
government controls the production and distribution of goods and services—and in countries
that are developing. When there is a shortage of certain goods and services in the
economy, members of the black market step in and fill the void.

Black markets can also exist in developed economies as well. This is prevalent when prices
control the sale of certain products or services, especially when demand is high. Ticket
scalping is one example. When demand for concert tickets are high, scalpers will step in and
sell them at inflated prices on the black market.

Auction Market

An auction market brings many people together for the sale and purchase of specific lots of
goods. The buyers or bidders try to top each other for the purchase price. The items up for
sale end up going to the highest bidder.

The most common auction markets involve livestock and homes, or websites like eBay where
bidders may bid anonymously to win auctions.
Financial Market

The blanket term financial market refers to any place where securities, currencies, bonds,
and other securities are traded between two parties. These markets are the basis of capitalist
societies, and they provide capital formation and liquidity for businesses. They can be
physical or virtual.

The financial market includes the stock market or exchanges such as the New York Stock
Exchange, Nasdaq, the LSE, and the TMX Group. Other kinds of financial markets include the
bond market and the foreign exchange market, where people trade currencies.

How Markets Work

Markets are arenas in which buyers and sellers can gather and interact. In general, only two
parties are needed to make a trade, at minimum a third party is needed to introduce
competition and bring balance to the market. As such, a market in a state of perfect
competition, among other things, is necessarily characterized by a high number of active
buyers and sellers.

The market establishes the prices for goods and other services. These rates are determined
by supply and demand. Supply is created by the sellers, while demand is generated by
buyers. Markets try to find some balance in price when supply and demand are themselves
in balance. But that balance can in itself be disrupted by factors other than price including
incomes, expectations, technology, the cost of production, and the number of buyers and
sellers in the market.

Markets may emerge organically or as a means of enabling ownership rights over goods,
services, and information. When on a national or other more specific regional level, markets
may often be categorized as “developed” markets or “developing” markets, depending on
many factors, including income levels and the nation or region’s openness to foreign trade.

Special Considerations: Regulating Markets

Other than black markets, most markets are subject to rules and regulations set by a regional
or governing body that determines the market’s nature. This may be the case when the
regulation is as wide-reaching and as widely recognized as an international trade
agreement, or as local and temporary as a pop-up street market where vendors self-
regulate through market forces.
Identifying market problems:

Building products to meet customers’ needs

To deliver products that solve your target customers’ problems, you must first identify market
problems. These problems may be stated directly as customer needs or implied indirectly.

Your market consists of:

 Existing customers: People who have already purchased your product

 Prospects: People who have not yet purchased your product but are considering it
 Target market users: People in your target market who are not currently looking for a
solution

Traps to avoid when listening to your market

Ensure that you listen to all of the people that comprise your market to avoid falling into the
following traps. Each trap is not entirely bad, but can become problematic when it becomes
your only focus. The key is to balance your focus to ensure that you are really listening to your
entire market at the same time.

1. Focusing only on innovation and the competition

As an entrepreneur, it is easy to focus on building innovative solutions that do not connect

directly to market problems; just because you can innovate doesn’t always mean that you
should.

It’s also easy to pay too much attention to what competitors are doing and expend
resources on trying to beat them to market. In many cases, the customer does not care
about extra features.

Instead, ask the following questions to ensure that you are solving a problem for your target
market:

 What problem does this solution solve?

 Is this a problem experienced by my target market?
 What would my target market do if I didn’t solve this problem?
While it’s always a good idea to keep abreast of what your competitors are doing, ensure
that the market wants the problem solved.

2. Focusing only on customers

Henry Ford said, “If I had asked people what they wanted, they would have said faster
horses.” Customers understand problems, but they cannot help you to move your product
forward. They know what you provide, and tend to stay inside that mindset.

Customers are a source of input, but not the only source of input. This is why talking to
prospects and target market users (who have not purchased your products) is key to
rounding out the picture. They often see things beyond your current product.

3. Focusing only on revenue

By listening only to prospects, and delivering only what the next customer wants, you will
gain revenue but miss out on market opportunities. It is critical to find a balance between
prospects and customers to ensure that your future revenue is protected, while still keeping
existing customers happy.

Stated versus silent market needs

Stated needs are explicit statements from your market that declare, “I want a product to do
X.” While stated needs are important, they are not as powerful as silent needs, which are
problems with as yet undefined solutions.

When interviewing potential users, your goal is to understand your target market’s everyday
problems, whether or not you believe that you can initially solve those problems.

Example:
While doing market research, a major TV manufacturer uncovered the problem that people
regularly misplace their TV remote control. Customers did not identify this as a problem that
needed solving, but it was a common issue.

By listening to the customers’ silent need, the company was able to develop a feature that
resonated with its target market (a “remote-control finder” button on the TV itself).

Using this outside-in approach enables you to concentrate on and solve your target market’s
problems. It removes the guesswork from product development and reduces concerns
related what your competitors are developing. Listening to the market is the best research
you can do to ensure that you build the right solutions.
Linking Statement

Now that you have acquired the essential ideas about the topic, let us check how well you have
processed the lesson.

B. Checking for Understanding

 What is a market?
 What are the different types of market?
 What are the elements of a market?

III. Productive Collaboration

Refer to worksheet

Analysis Questions
 How do you identify market problems?

IV. Synthesis

 After completing the activities, I felt

______________________________________________________________
because
__________________________________________________________________________________
 I would rate my work on the following activities (Excellent/Good/Fair/Poor) because
________________________
____________________________________________________________________________________
______

V – INDEPENDENT PRACTICE
Refer to worksheet
 in ENTREPRENEURSHIP

for Week 1: Developing a Business Plan

JEROME L. SALAZAR, LPT

Course Instructor
 Gen. Vicente Alvarez St., Zamboanga City
Junior High School Unit
Local nos. (062) 991 – 4277, (062) 991 – 1676, Telefax: 992 – 3045

Activity-Based Self Regulated Learning Unit

Name of Student: _____________________________________ Date:___________________

Grade and Section:____________________________________ Score: __________________

A. Checking for Understanding

 What is entrepreneurship?

 What is the definition of an entrepreneur?

 What leads a person into venturing a business?

B. Checking for Understanding

 What is a market?

 What are the different types of market?

 What are the elements of a market?

Productive Collaboration

For a group work, deliberate among the members of your group on the essential ideas you
can input to the task presented below.

DEVELOPING A BUSINESS PLAN

Identify one possible problem that exists in the market place today connected to food-
related industry. Be able to imply if this is something considered as stated needs or silent
needs. Give your proposition as an opportunity to address the problem with the provision of
innovative solution.
Analysis Questions
 How do you identify market problems?

 How important is having the opportunity to engage in an income generating activity as a

student? Why?

INDEPENDENT PRACTICE

State your point on the following issues when operating a business to avoid gradual downfall of the enterprise.

1. Focusing only on innovation and the competition

2. Focusing only on customers

3. Focusing only on revenue