Scribd
Upload
13 views

Tle 8 Reviewer For First Quarter Examination

Uploaded by

lucerinncore
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
13 views

Tle 8 Reviewer For First Quarter Examination

Uploaded by

lucerinncore
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

POINTERS FOR REVIEW IN TLE 8

FIRST QUARTER EXAMINATION A.Y. 2024-2025


Key Concepts in Entrepreneurship:
• Entrepreneur: A person who starts and runs their own business, taking risks for profit.
• Entrepreneurship: The process of creating and operating a business.
• Entrepreneur’s Role: Start and manage a business, taking financial risks to make profits.
• Product: The goods or services a business provides to customers.
• Business Growth: Expansion requires careful planning and marketing.
• First Step for Entrepreneurs: Securing funding before launching a business.
ENTREPRENEUR’S CYCLE
Entrepreneurial Traits:
• Persistence: Overcoming challenges and staying committed to business goals. ORIGINAL
• Initiative: Entrepreneurs take responsibility for success or failure.
• Flexibility: Adapting to changing circumstances.
• Willingness to Listen: Taking advice to improve the business.
• Problem-Solving: Coping with challenges effectively.
• Goal-Oriented: Setting clear, realistic targets and working toward them.
• Self-Confidence: Belief in the ability to achieve business goals.
• Reliability: Keeping promises and maintaining honesty.
• Time Management: Planning and organizing tasks effectively.
Business Cycle:
• Buying: Acquiring materials or resources.
• Producing: Creating or preparing the product or service.
• Selling: Offering goods or services to customers.
Entrepreneur’s Cycle:
STUDY THE DIFFERENCE
1. Money: Securing capital to start. BETWEEN THE TWO.
2. Buying: Acquiring resources.
3. Producing: Creating the product or service.
4. Selling: Offering to customers.
5. Allocating Income: Managing earnings for future growth.
6. Savings or Expenses.
The 6 Ps of Entrepreneurship:
1. Product: The goods or services offered.
2. Place: The location or market where the business operates.
3. People: The customers and team involved in the business.
4. Price: The amount charged for goods or services.
5. Production: The process of making or delivering products/services.
6. Promotion: Marketing to attract customers.
Financial Management:
• Gross Income: Total earnings before taxes or deductions.
• Start-up costs: the expenses needed to establish a new business before it begins to generate revenue.
• Net Income: Take-home pay after taxes and expenses.
• Budgeting: Essential for managing both personal and business finances.
Allocating Income for Personal Expenses, Business and Savings
• Budget: A plan that helps people track spending so they can get the things they need and want without running out of
money.
• Deductions: Money taken out of your income for taxes.
• Expenses: What you spend money on.
• Gross Income: The money you earn before taxes are taken out.
• Income: The money you have coming in.
• Net Income: Your “take home” pay or paycheck amount; the money you earn after taxes are taken out.
Doing the MATH in Business:
• Start-Up Costs= Direct + Indirect Costs = Capital
• Start-up Capital Costs + Total Production = Total Production
• Number of Product x Price of the Product= Expected Sales
Importance of Keeping Good Records in Running a Business.
• Good recordkeeping helps you to find and share the information you need.
• Good recordkeeping results in information that can be trusted.
• Good recordkeeping helps you to make sound decisions.
• Good recordkeeping protects you and your organisation from risk.
• Good recordkeeping helps you meet your responsibilities for open government.
• Good recordkeeping enables information to be reused.
• Good recordkeeping can bring you commercial advantage.
• Good recordkeeping can save you money.
• Good recordkeeping helps to build better business systems.
• Good recordkeeping supports long term accountability and sustainability.

You might also like