UNIT 1 6.

Learners change in personal and career

attitudes such as communication, problem-
Lesson 1: Entrepreneurship: Overview and solving skills, collaboration, motivation,
creativity, and teamwork.
Concepts The following are the importance of
entrepreneurship education:
Entrepreneur
1. Entrepreneurship serves as a key economic
• is a person who creates unique ideas that will
driver. It focuses on wealth creation, and
be useful for a starting business.
2. through small businesses started by
• It will enhance a student’s interest to be an
entrepreneurial-minded individuals, it will also
employer rather than an employee.
create jobs for the people.
Entrepreneurship 3. Entrepreneurial education is an individual
• as the science of converting processed ideas lifelong process. It helps increase the level of
into a remarkable business venture. knowledge and competence and improve the
• It refers to the setting up of a business or quality of life.
businesses while taking into consideration its 4. Entrepreneurship education benefits every
financial risks, geared towards the attainment student by giving an alternative career path at
of profits. any time of his or her life.
Businessman
• starts the business with an existing idea or
Entrepreneurial Competencies
concept
Specific Goal Setting
Competencies • Entrepreneurs should set goals that are specific,
• are considered as the capability, capacity, and measurable, attainable, realistic, and time-
ability of a person to handle situations in bound because it will increase the chances of
various areas in business operations such as in achieving that goal.
marketing, management, production, and Self-Efficacy
finance. • Entrepreneurs must believe in their ability.
The following will be the benefits to senior high • Entrepreneurs with high self-efficacy will turn
school students for studying entrepreneurship: negative feedback into positive and use this as a
basis for improvement.
1. It will increase an individual’s entrepreneurial Need for Achievement
interest. • Entrepreneurs must have a high desire to
2. It will help to discover innovators who also have accomplish goals.
the competence and edge of becoming • This includes repeated efforts to achieve success.
entrepreneurs. Ambition
3. It will help the learners analyze creative and • Entrepreneurs must have motivation and
attainable ideas. persistence to pursue their goals.
4. The learners will be able to write a business Willingness to Learn
plan. • Entrepreneurs should have a strong willingness
Usefulness of the Course to the Students to acquire new knowledge and skills.
1. It develops skills that will be needed for starting Adaptability and Flexibility
up a business. • Entrepreneurs must learn how to be adaptable
2. It enhances knowledge on how to operate and flexible in every situation.
business. • They can manage change well and generate
3. It demonstrates how to manage a business. new
4. Learners may consider becoming an employer • actions even with undesirable events.
rather than an employee. Willingness to Take Risks
5. Learners change their attitude towards the • Entrepreneurs must be willing to accept the
course as a means of living. • consequences of every decision.
• They must know how to calculate and identify Lesson 2: Core Competencies in
risk. They are skilled in developing new plans.
Entrepreneurship
Interpersonal Skills
• Entrepreneurs should have strong skills in
working with people. Core competencies
• They should have an understanding of the • are the features or characteristics that allow a
behavior of others. business to stand out from its competitors.
• These competencies cover the business’s
manpower capabilities, acquired assets,
10 Competencies for Entrepreneurial Success
capital, and registered patents.
Integrity
• An entrepreneur should have a positive sense of • They are very similar to the strengths of a
values and personal beliefs, particularly when business.
encountering difficult or challenging situations. • The concept of core competencies was
Conceptual Thinking developed by C.K Prahalad and Gary Hamel.
• An entrepreneur is open to new approaches and three general conditions that a business
analyzes ideas that may enhance work and will activity must meet:
lead to significant improvements.
1. The activity must provide superior value or
Risk-taking benefits to the consumer.
• An entrepreneur anticipates future conflicts but 2. It should be difficult for a competitor to replicate.
• knows how to solve problems that may arise in 3. It should be rare.
business organizations.
Collaboration
• Entrepreneurs should know how to work with Core Competencies of Entrepreneur
people or groups to attain common goals and to Entrepreneur as a missionary
promote teamwork. • The entrepreneur considers the business as a
Strategic Thinking mission.
• Entrepreneurs understand and use strategies as • For these people, there is a passion rather than
a way to accomplish goals in relevance to aims drive.
and objectives. Entrepreneurs are goal-driven
Commercial Aptitude • Goal-oriented entrepreneurs achieve the
• An entrepreneur should be updated with the maximum results of their efforts because they
developments in the locality and with work towards clear and measurable targets.
knowledge to identify opportunities that can be • Working towards clearly defined goals is
attained by the business. important.
Decisiveness • They think of what they want and how to get it.
• An entrepreneur should know how to make Entrepreneur as a marketing man
choices and resolve issues quickly. • Marketing is an important process for
entrepreneurs.
Optimism
• The process of acquiring and retaining
• An entrepreneur should always think positively
customers is the focus of marketing.
even when faced with unexpected problems.
• Entrepreneurs must design the product, set its
Customer Relations Service
price, distribute the product to the market and
• An entrepreneur should know how to build trust
promote the product.
and long-term relationships with customers.
• Entrepreneurs must differentiate their
People-centered company’s
• An entrepreneur should know how to motivate
• product or service so its uniqueness and value
• people and see and value the best in others. are clear to the customer.
Entrepreneurs start small to big
• Most successful entrepreneurs start small and
think big.
• Many entrepreneurs start a small scale business
but with their managerial talents and
 persistence, they will be able to make the Lesson 3: Relevance and Opportunities in
company grows.
Entrepreneurship

Factors that Develop Entrepreneurial Activity

Entrepreneur’s initiative
Job Opportunities
• With the interest in the opportunity at hand, the
Advertising, Marketing, and Public
entrepreneur takes the initiative of venturing Relations
into the business. • Working in advertising, marketing, and public
• It is the ability of entrepreneurs to convert ideas relations will help you gain ideas on how to
into actions. reach a target customer when you already have
your own product or services.
• It also includes the ability to plan and manage
projects with creativity, innovation, and risk- • These jobs build communication between
taking in order to achieve goals. consumers and the sellers of the product by
creating promotions, advertisements, and
Organization of capital resources
building a brand
• Human resources and financials are important in
• image.
starting up a business.
• With the entrepreneur’s savings and other
Business Development
resources, he will start the operation of his • Business development officers are employed by
business. • companies to develop and execute strategies to
• He may ask his trusted family members or • increase sales and profits.
friends that could help him start his dream • You will be able to identify opportunities for the
business. business.
Development of administrative Design
machinery • If you have an interest in fashion, home or
• The management will develop a structure based product
on the need for operations. • design, these skills will help you create your own
• Duties and responsibilities are assigned to • product design, especially on the packaging and
individuals with skills that will fit to their labels of your product.
position and qualifications. E-commerce and Social Media
• It is based on their capacity to do the job and • Most businesses today use the Internet to sell
not on personal connections with the and
entrepreneur. • promote their products.
Development of entrepreneurial • If you are knowledgeable in online selling and
autonomy search engine optimization (SEO), it will be a
• The entrepreneur develops autonomy as he leads great help for your starting business.
all the activities in the business organization. Management
• He knows the best direction because he also • There are management positions in every
knows how to calculate the risk involved. industry.
Development of SWOT analysis • You may start out as a management trainee or
• In SWOT analysis, strengths and weaknesses are in a
internal elements in the business while • management training program.
opportunities and threats are external elements. • Working towards a career in management will
• Strengths are the things that the company does give you the leadership, people, and
well. communication experience that you need to be
• Weaknesses are the things that the company successful.
lacks. Software, Web or App Developer
• Opportunities are factors/events in the • Every business needs technology.
environment of the business which are favorable • Your work as a software, web or app developer
for its growth and success. will enhance your skill set that will be vital when
• Threats are the elements that could endanger you start to grow your own business.
the profitability of the business. • Incorporating technology in business is a great
advantage.
Sales Manager/ Account Executive financial activities and business transactions
• Sales management positions provide experiences involving funds.
and opportunities that will allow you to • Develop a control procedure that you are still in
generate income for the business, meet and • command of approving all transactions involving
achieve sales goals. money.
Business Consultant 5. Seek the advice of professionals.
• Business consultants service different companies • Seek the advice of legal consultants on matters
all at the same time. • with legal implications.
• They help companies find solutions to the • Have your income tax prepared by certified
different business challenges and obstacles accountants that know how to deal with
being met. government regulating agencies in terms of tax
Product Manager payments.
• Product managers work on the enhancement of
a product through research, development, Profile of a Successful Entrepreneur
engineering, manufacturing, and distribution. Most successful entrepreneurs are described to
possess the following profile:
The Starting Point to Entrepreneurial 1. Strong desire for independence
Success • An entrepreneur seeks independence and strives
Here are five steps every entrepreneur must take to to develop his own business.
be successful. • He assumes responsibility, thinks differently and
1. Start to be on your own. tries to satisfy his own curiosity.
• You may start as an employee, get new ideas 2. Strong drive to succeed
and develop your own skills from experience and • An entrepreneur should be excited by the
education. prospect of work.
• An individual can never attain entrepreneurial • They should have a passion for what they are
success unless he will try to start up his own doing.
business. 3. Strong determination in decision
• Learn to save your money making
2. Explore the business environment. • Entrepreneurs have the ability to make the right
• The business environment includes internal and decisions based on logic, practicality, and gut
external factors that may influence the business. feel.
Internal factors are coming inside the 4. Develops a feedback mechanism for
organization while external factors are those results
from outside. • Entrepreneurs use feedback to guide, make
• Apply your knowledge in SWOT analysis in order observations, corrections and take actions for
to assess the business environment. progress.
3. Be in control. • They usually have a feedback loop to constantly
• Be in control of the whole organization. think about what they have done and how they
• Train people who you can work with dedication could do it better.
and good values. 5. Result-driven individual
• Motivate your people because they are the • Entrepreneurs focus on the end result of every
assets that can help you drive towards success. task assigned.
• Be involved in every decision-making process • He will fully grasp the goal to be achieved.
and take responsibility.
4. Have a good accountant or trusted
financial adviser.
• As an entrepreneur, you will be busy managing
the whole enterprise.
• You may get a trusted accountant or financial
adviser which will help you out in all the
 UNIT 2 • Without a well-developed business plan, there's
Lesson 1: Definition, Purpose, and Market no chance of obtaining debt funding from
established financial institutions like banks or
Need Identification equity funding from investors.
4. To make business planning more
The Business Plan effective
• Entrepreneurs who plan to enter any business must • A business plan is important if you are thinking
prepare and have a business plan to guide them of beginning a business, however, it is also a
throughout the process of establishing a business. vital tool for established businesses.
• A business plan is a written description of the • Viable businesses are dynamic; they alter and
business that you will establish in the future. grow.
• Your company's original business plan has to be
• The business plan can be written according to its
revised as you set new goals.
purpose.
• Reviewing the business plan may assist you to
• A business plan can be written before or during the
see what goals were accomplished, what
first few years of the enterprise. changes ought to be created, or what new
• This is to guide the entrepreneur on which directions your company's growth should take.
strategies would be most beneficial for the 5. To attract investors
enterprise to take. • Whether you wish to offer your business to
• And there are business plans that are focused on venture capitalists or attract investors, you need
bringing the enterprise to a higher level of growth, to have a solid business plan.
a period where the enterprise has already reached • A presentation could pique their interest,
its peak and would want to enter into another however, they will need a well-written
endeavor by recreating and re-establishing the document that they'll study before they commit
product or the business itself. an investment.
• The business plan is the blueprint of your proposed
business. Three Factors of a Good Business Plan
1. It’s realistic
• With a practical business plan, you'll be able to
Why prepare a business plan?
spot potential weaknesses and opportunities
1. To test the feasibility of your
and make informed selections before you
business idea commit yourself financially or legally to your
• It is a time-saver and money-saver if you already
business idea.
understand that your business is going to be
• Your investors need to understand potential
indefensible.
risks, thus it pays to be direct and honest from
• Working along with your business plan will
the beginning.
check if your business is feasible or not, and an
• Avoid setting unachievable goals – instead,
efficient way to rigorously choose the most
make a realistic one.
effective product or service for your market.
2. It’s specific
2. To give your new business the best
• Every business plan ought to embody tasks,
chance of success
deadlines, forecasts, budgets, and an idea to
• Writing a business plan can make sure that you
measure goal performance.
pay attention to the broad operational and
• This strategic agenda is going to be the
monetary objectives of your new business and
roadmap for your company’s future.
also the tiny details, like budgeting and market
• It projects your company’s monetary come back
designing.
and anticipates future resource requirements –
• The method can ultimately work a smoother
details that are particularly useful once you
startup amount and fewer unforeseen issues as
attempt to secure funding.
your business get up and running.
3. It’s followed through
3. To secure funding
• The best-arranged plans amount to nothing if
• Most new businesses want a startup and working
they're not followed.
capital to induce off the ground.
 • However, this doesn't mean that your business • It's quite common for the group to be watched
plan ought to be inflexible. by some range of unseen observers who take
• Coming up with isn't regarding setting a notes on the proceedings.
technique in place once that has to be followed Observation
to the letter for the remainder of the year — • Observation can either be passive, where one
planning means that anticipating what’s to come merely watches a customer work in their natural
and plotting the most effective course of action surroundings.
in response, reviewing the plan often, and editing • But, observation can also be active, in which one
it as necessary to learn the business the works side-by-side with the customer and gains
foremost. an understanding of their issues from their
perspective.
Identifying Customer Needs
• Identifying customer needs is the method of 2. Interpreting Data
determining what a client needs from aproduct. • After the interview, it's necessary to translate the
• Customer needs are non-technical, and they reflect obscure statements of the customers into a helpful
the customers’ perception of the merchandise, not list of needs.
the particular style or specifications, though • As this is often a comparatively subjective method,
oftentimes they're closely connected. “multiple analysts may translate identical interview
The goals of identifying customer needs are: notes into totally different needs” (Ulrich &
1. to keep the product-focused only to the needs of Eppinger, 2012, p.81).
the customer; • For that reason, it's useful to have multiple
2. to identify not just the specific needs of the client, individuals work on the interpretations.
but also the latent needs. 3. Organizing the Data
• After interpreting the information gathered,
There is a four-step method in identifying organize them.
• Cluster similar needs together, order them, etc.
customer needs:
• Decide what's really necessary to the customer and
1. Gather Raw Data
outline the “critical needs”.
• Intuitively, the primary step is to collect
• In the 1980s, professor Noriaki Kano developed a
information from the customers.
categorization system known as the Kano
• Without their input, it’s impossible to spot their
technique that helps to arrange needs.
needs.
• The essence of the Kano technique are the qualities
• “Gathering needs information is extremely totally
that product features will have.
different from a sales call: the goal is to elicit an
Kano technique qualities
honest expression of needs, not to persuade a
Attractive Quality
customer of what he or she needs” (Ulrich &
• When the product qualities are met, they
Eppinger 2012 p.79).
provide satisfaction, however, once they aren't
Ways of gathering data met they do not cause discontentment.
Interviews Example:
• Interviews are one-on-one conferences with For instance, a backpack features a separate
potential customers. compartment for a laptop computer, while other
• Oftentimes they happen within the customer’s backpacks don’t. It is nice to have that feature, but
own surroundings, as they're more comfortable its absence does not lead to discontentment on the
there and there's an opportunity to check a product.
problem in action.
Focus Groups
• Focus groups are like enlarged interviews. One-Dimensional Quality
• They involve about eight to twelve customers. • When the qualities are met they supply
• The group is being led by an interviewer. satisfaction, and when they aren't met they
produce discontentment.
 Example Business Plan Introduction
For instance, once the shoulder straps on a • The business plan introduction serves as the
backpack are cushioned, they provide comfort, "bird's-eye view of your plan.
however, once not cushioned they're painful. • It is written as an overview while not going into
details.
• That's what the remainder of the plan ought to do.
Must-Be Quality • The introduction sets the tone of your business
• These product qualities are assumed to be met,
plan.
and they cause discontentment when they aren't
• The business plan introduction is composed of two
met.
Example (2) to three (3) pages that covers the description of
For instance. backpacks are expected to be able to the business, the goals, and why the business is a
hold books. good venture to start.
There are two (2) main components of a business
plan introduction:
Indifferent Quality 1. the business concept and model
• These qualities are neither sensible nor 2. the business goals.
dangerous, and they don't increase nor decrease business concept
customer satisfaction once met or not met. • should have the essence of the business in a short
Example: but powerful manner.
For instance, backpacks have a lock to secure the • It emphasizes the value of the product to be
bag. With or without it, it will not affect the offered to the target customers who would most
satisfaction of the customer. likely buy it.
business model
• is a formula on how the business plans to make
Reverse Quality
money out of business.
• These qualities cause either satisfaction or
• There are four areas of moneymaking which the
discontentment once met, however, it's
customer dependent. business model should address:
Example: 1. Raising revenue- What are the critical
For instance, backpacks with plenty of factors that cause the revenues to
compartments and pouches. Some customers like materialize?
the wealth of storage choices these spaces offer, 2. The cost of the enterprise products and
and different customers actively dislike how other costs of doing business- How will
excessive or unmanageable those same areas are. these costs be managed to ensure
comfortable profits?
3. Major investments of the enterprise-
enterprise a competitive advantage? Why
4. Reflect the Process will these investments give the
• The final step in the customer needs Identification 4. Financing the investment- How will the
method is to reflect on what has been done. enterprise fund its growth?
• Think about the statements that are gathered and The Business Goals
study the interpretations. • The business goals show the long-term and future
• Try to assess how the method was executed. prospects of the enterprise.
• It is composed of the vision, mission, objectives,
Lesson 2: The Business Plan Contents key results area, and performance indicators.
(I):introduction, Executive Summary, and • As an entrepreneur, it is suggested that one should
think of goals and objectives this way.
Proponents
▪ Goals tell you wherever you want to go;
objectives tell you precisely the way to get
there.
 ▪ Goals will increase your effectiveness; ▪ Financial analysis - Summarize the financial
objectives back your goals, and cause you to statement together with projections for a
be more economical. minimum of three years.
▪ Goals are usually represented in words; ▪ Financial analysis - Summarize the financial
objectives usually go together with numbers statement together with projections for a
and specific dates. minimum of three years.
▪ Owners/Staff - You need to describe the
The Executive Summary owners and also the key employees and the
• summarizes the necessary details of the business experience they convey to the venture.
plan for its readers. ▪ Implementation plan- As an entrepreneur,
• It is timesaving for readers, for they are able to get you need to define the schedule for taking
the gist of the business plan. your business from the planning stage to its
• The content of the executive summary should be formal opening.
clear and brief but also stimulates the reader to For established businesses
read the rest of the business plan. • the executive summary usually includes data
regarding achievements, growth plans, etc.
The Contents of the Executive Summary • A typical executive summary outline for an
For a Startup business established business includes:
• generally, one of the main goals of the business ▪ Mission Statement - It describes what your
plan is to persuade banks, investors, or venture company does and indicates the company's
capitalists to take a position in your business by core values and business philosophy.
providing startup capital in the type of debt or ▪ Company Information - It contains a brief
equity funding. history of the company. It describes and
• To try to do so, you may offer a solid case for your introduces the products and/or services, the
business plan that makes your executive summary place and the year it was formed, the
provide all the additional important details. owner/s and its key employees, substantial
• A typical executive summary for a startup business data such as the number of employees, and
includes the subsequent sections: business locations.
▪ The business opportunity - It describes the ▪ Business Highlights - It presents a quick
needs of the target market. glance of the evolution of the business - how
▪ Taking advantage of the opportunity - You it has grown, including profitability, increases
need to explain how your business will serve in market share, and the number of
the market. customers served.
▪ The target market - You need to describe ▪ Financial Summary - It contains a brief
your market based on the analysis that you financial summary if the purpose of the
will conduct. business plan is for expansion and network
▪ Business model - You need to describe and growth.
think of products or services and justify in ▪ Future goals - It describes the goals and
what way it will make it appealing to your future plans for the business. If the intention
target market. of the business plan is to seek financing, it
▪ Marketing and sales strategy - You need to explains how these additional funds will be
have a brief outline of your marketing used to expand the business and/ or increase
strategy for your products or services that profits.
you will offer. On Writing an Executive Summary
▪ The competitio- Describe your competition There are five major tips on writing an effective
and your strategy for getting market share. executive summary:
You will also identify your competitive 1. Focus on providing a summary.
advantage.
• The business plan itself can offer the details of the if there's enough funds that they can use to
business, and the readers of your plan don't wish acquire it.
to have their time wasted. Government and Top Management
• So just input the important details in the executive • These leaders will lead their members.
summary. • However, having leaders doesn't mean that other
2. Keep your language sturdy and members can't participate.
positive. • Because as a team within the business, the
• Don't weaken your executive summary with non- suggestions and approval of every individual are
sturdy language. extremely necessary.
• Rather than writing, 'The Anime Store could be the • In this part, they will be able to formulate different
best anime store in the country," write "The Anime ideas and thoughts which will improve the
Store is the best anime store in the country." business.
3. Keep it short Operations and Support Team
• No over two pages long. • These are members that will create the main
• Resist the temptation to pad your business plan's product.
executive summary with details (or pleas). • Others will work for the implementation of the
• The duty of the executive summary is to present the business
facts and stimulate your reader to read the • and might operate the institution.
remainder of the business plan, not to tell • There are also members who can work as the
everything. advertisers of the business.
4. Polish your executive summary. • Others can be the ones who will become sellers,
• Read it aloud. cashiers, and other support staff of the business.
• Does it flow smoothly, or it sounds choppy? Check
for clarity.
• Once it sounds smart to you, have another person
who is not aware yet of your business scan it, and
create suggestions for improvement.
5. Put yourself in your readers' place.
• Browse your executive summary once more.
• Does it generate interest or excitement for you as a
reader? If not, why?

The Business Proponents

• This section of your business plan contains
information about the business proponents or the
stakeholders of your business.
• There are four (4) types of stakeholders:
four (4) types of stakeholders
Resource Mobilizers
• They are the investors who are willing to take a
position within the business.
• They are the ones who will share in the capital of
the business.
Technology Providers and Applicator
• They are the ones who can think about the
technologies that the business needs.
• They are also the ones who can analyze if the
budget is enough to make use of technologies and