10

Senior High S

TLE – Electrical

Installation and

Maintenance (EIM)
Quarter 1 – Module 0
Personal Entrepreneurial
Competencies (PECs)
& Environment Market (EM)
Technology and Livelihood Education – Grade 10
Industrial Arts: EIM - Personal Entrepreneurial Competencies & Environment
Market
First Edition, 2020

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Development Team of the Module

Compiler/Writer: Junrey T. Rosales

Editors: Johnny P. Mayor and Violly Chyril S. Bugtong
Reviewer: Dr. Marlene G. Padigos
Illustrator/Layout Artist:
Robert Parra Cañete
Management Team: Rhea Mar A. Angtud, Schools Division
Superintendent
Danilo G. Gudelosao, Asst
. Sch. Div. Superintendent
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-LRMS
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-EPP/TLE/TVL

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mail Address: [email protected]

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 What I Need to Know

In this module, you will learn more about entrepreneurship and the
entrepreneurial competencies related to Electrical Installation and Maintenance.
You will have a firsthand experience in educational activities leading to
assessment of your personal entrepreneurial competencies (PECs) and
assessment of entrepreneurial competencies of a successful electrician or
electrical engineer within your town/municipality.

You are required to go through a series of learning activities in order to complete

each of the learning outcomes of the module.

At the end of this module, you should be able to:

1. identify areas for improvement, development and growth of your PECs;

2. align your PECs according to your business or career choice;
3. create a plan of action that ensures success in your business or career
choice; and
4. demonstrate understanding of one’s PECs in Electronic Product
Assembly and Servicing.

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What I Know

Use a separate sheet in answering the test. Be sure to write the following:

Name: ________________________________ Grade and Section: ______________________

Subject: ______________________________ Lesson Title: ____________________________
Test I. Multiple choice
1. These are people with skills and capabilities to see and evaluate business
opportunities.
A. Entrepreneurs C. Excellent planner
B. Entrepreneurship D. Entrepreneurial competencies

2. The important characteristics that an individual should possess in order to

perform entrepreneurial functions effectively.

A. Entrepreneurs C. Excellent planner

B. Entrepreneurship D. Entrepreneurial competencies

3. The process of designing, launching and running a new business, which is

often initially a small business, or as the "capacity and willingness to
develop, organize and manage a business venture along with any of its
risks to make a profit."

A. Entrepreneurs C. Excellent planner B. Entrepreneurship D.

Entrepreneurial competencies

4. The ability to assess and initiate things independently.

A. Initiative C. Committed B. Confident D. Disciplined

5. It is another word for a for-profit business or company, but it is most often

associated with entrepreneurial ventures
A. Entrepreneurs C. Enterprise
B. Entrepreneurship D. Entrepreneurial competencies

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Test II. Matching Type

Directions: Match the entrepreneurial competencies in column A with their

meaning in column B. Write the letter of your choice on the answer sheet.

A B

____1. Confident A. trust in one’s ability

____2. Disciplined B. solid dedication
____3. Committed C. make a wise decision towards the set

objectives
____4. Sound decision maker D. adaptable to change
____5. Possess people skill E. innovative to have edge over other

competitors
____6. Excellent Planner F. strategic thinking and setting of goals
____7. Creative G. skillful in record keeping
____8. Hardworking H. always stick to the plan
____9. Ability to accept change I. working diligently
____10.Profit-oriented J. effective and efficient communication
and relation to people

K. always looking for income

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Lesso Personal
n 1 Entrepreneurial
Competencies

What’s In

In this module, you will learn more about entrepreneurship and the
entrepreneurial competencies related to Electronic Product Assembly and
Servicing. You will have a first-hand experience in educational activities leading
to assessment of your personal entrepreneurial competencies (PECs) and
assessment of entrepreneurial competencies of a successful technician or
electronics communication engineer within your town/municipality. You will also
have some activities that will align your competencies with the competencies of
many successful practitioners today. Moreover, this module will stimulate your
mind to think about entrepreneurship and its role in the business community in
particular and the economic, and social development in general.

What is it

In this module, you will learn some of the most important characteristics,
attributes, lifestyle, skills, and traits of a successful entrepreneur in order to be
successful in a chosen career.

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Now, to start with this module, let us first understand two terms such as
entrepreneurs and entrepreneurship. Entrepreneurs are people with skills and
capabilities to see and evaluate business opportunities. They are individuals that
can strategically identify products or services needed by the community.
Consequently, they deliver these products and services at the right time and at
the right place. Entrepreneurs are agents of economic change. They organize,
manage, and assume risks of a business. Some of the good qualities of an
entrepreneur are opportunity seekers, risk takers, goal setters, excellent
planners, confident problem solvers, hardworking, persistent, and committed
workers. Entrepreneurship, on the other hand, is not just a simple business
activity. It is a strategic process of innovation and creation of new ventures.
Basically, entrepreneurship is both an art and science of converting business
ideas into marketable products or services to improve the quality of living.

Below are few important characteristics / traits / attributes of a good

entrepreneur:

Hardworking This means habitually working diligently for a long period of

time. Hardworking people keep on improving their
performance to produce good products and results or
provide good services.
Confident Entrepreneurs have confidence in one’s ability and own
judgment. They exhibit self-confidence in order to cope with
all the risks of operating their own business.
Disciplined Successful entrepreneurs always stick to the plan and fight
the temptation to do what is unimportant.
Committed A good entrepreneur accepts full responsibility of everything
in his/her business. He/she gives full commitment and solid
dedication to make the business successful.
Ability to Change occurs frequently. When one owns a business,
Accept he/she should cope-up and thrive on changes. He/she must
Change capitalize on positive changes to make his/her business
grow.
Creative An entrepreneur should be creative and innovative to stay
in the business and have an edge over the other
competitors.
Initiative An entrepreneur takes the initiative. You must put yourself
in a position where you are responsible for the failure or
success of your business. The ability to assess and initiate
things independently
Profit-Oriented An entrepreneur enters the world of business to generate
profit or additional income. This shall become the bread and
butter for you and for your family as well. Therefore, you
must see to it that the business can generate income.

Here are the important skills of a successful entrepreneur:

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 • Excellent Planner: Planning is strategic thinking and setting of goals to
achieve objectives by carefully maximizing all the available resources. A
good entrepreneur develops and applies step-by-step plans to realize the
goals. A good entrepreneur knows that planning is an effective skill only
when combined with action.
• Possesses People Skills: It is an important skill in order to be successful
in any kind of business. People skill refers to the effective and efficient
communication and relation to people working in and out of your business.
In the day-to-day business transactions, you need to deal with people. A
welldeveloped people skill can spell out the difference between success
and failure of the business.
• Sound Decision Maker: Successful entrepreneurs have the ability to
think quickly by making wise decision towards pre-determined set
objectives.

What’s More

Activity number 1: Guide Questions. Here are guide questions which

encapsulate the entire module. Write your answers in your assignment notebook,
then share these to the class.

A. Explain why entrepreneurship is an activity which is important in social

development and progress of the economy.
__________________________________________________________________________________
__________________________________________________________________________________

B. What entrepreneurial activities do you know? Are you capable of doing

entrepreneurial activities related to Electrical Installation and Maintenance?
Explain your answer.
__________________________________________________________________________________
__________________________________________________________________________________
C. Given the opportunity to own a business that relates with Electrical Installation
and Maintenance, do you think you can manage well? Explain your answer.
__________________________________________________________________________________
__________________________________________________________________________________
D. What do you think are the most important competencies you must possess in
order to be successful in running your chosen business?
__________________________________________________________________________________
__________________________________________________________________________________

E. Name successful entrepreneurs in your locality whose business is related to

Electrical Installation and Maintenance. What PECs do they have that made them
successful? Share your answers in the class.
__________________________________________________________________________________
__________________________________________________________________________________

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 Activity number 2

Instructions: Asses yourself by identifying your strengths and areas that need
improvement from the given personal entrepreneurial competencies below.

Personal Entrepreneurial
Competencies of an Entrepreneur

Hardworking Confident Disciplined

Ability to accept changes Creative Profit-oriented Excellent

Planner Possess People Skill Committed Sound Decision
Maker

STRENGHTS DEVELOPMENT AREAS

What I Have Learned

1. The difference between entrepreneur and entrepreneurship, wherein

Entrepreneurs are people with skills and capabilities to see and evaluate
business opportunities. They are individuals that can strategically identify
products or services needed by the community. Entrepreneurship, on the
other hand, is not just a simple business activity. It is a strategic process
of innovation and creation of new ventures. Basically, entrepreneurship is
both an art and science of converting business ideas into marketable
products or services to improve the quality of living.

2. The characteristics / traits / attributes of a good entrepreneur:

Hardworking Confident, Disciplined, Committed, Ability to accept
changes, Creative and has the sense of Initiative.

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 3. The skills of a successful entrepreneur: Profit-oriented, Excellent Planner,
Possess People Skill and Sound Decision Maker.

4. Some of the good qualities of an entrepreneur are opportunity seekers,

risk takers, goal setters, excellent planners, confident problem solvers,
hardworking, persistent, and committed workers.

What I Can Do

Conduct an interview of one or two successful electrician or entrepreneur in your

community whose type of business is related with Electrical Installation and
Maintenance. Focus your interview on the PECs and other business-related
attributes that helped them become successful. Analyze the results of the
interview and reflect on the similarities and/or differences.

Sample Interview Guide

Name of Proprietor/Practitioner: _____________________________ Age: _______________

Number of Years in Business: _________ Business Name: __________________________
Business Address: _______________________________________________________________

1. What were your preparations before you engaged in this type of business
or job?
___________________________________________________________________________
___________________________________________________________________________
2. What are your special skills and characteristics which are important in your
present business?
___________________________________________________________________________
___________________________________________________________________________

3. How did you solve business-related problems during the early years of your
business operations?
__________________________________________________________________________
__________________________________________________________________________

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 4. Did you follow the tips from a successful businessman or
practitioner before engaging in your business?

___________________________________________________________________________
___________________________________________________________________________
5. What are your best business practices that you can share with many
aspiring students like me?
___________________________________________________________________________
___________________________________________________________________________
6. What are the salient characteristics, attributes, lifestyles, skills, and traits
that have made you successful in this business?
___________________________________________________________________________
___________________________________________________________________________

Assessment

Use a separate sheet in answering the test. Be sure to write the following:

Name: ________________________________ Grade and Section: ______________________

Subject: ______________________________ Lesson Title: ____________________________

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Test I. Multiple choice.
Directions: Choose the letter of the best answer. Write your answer in a
separate of paper.

1. The important characteristics that an individual should possess in order to

perform entrepreneurial functions effectively.
B. Entrepreneurs C. Enterprise
C. Entrepreneurship D. Entrepreneurial competencies
2. These are people with skills and capabilities to see and evaluate business
opportunities.
A. Entrepreneurs C. Enterprise
B. Entrepreneurship D. Entrepreneurial competencies
3. The process of designing, launching and running a new business, which is
often initially a small business, or as the "capacity and willingness to
develop, organize and manage a business venture along with any of its
risks to make a
profit."
A. Entrepreneurs C. Enterprise
B. Entrepreneurship D. Entrepreneurial competencies
4. It is another word for a for-profit business or company, but it is most often
associated with entrepreneurial ventures
A. Entrepreneurs C. Enterprise
B. Entrepreneurship D. Entrepreneurial competencies
5. The ability to assess and initiate things independently.
A. Sense of Initiative C. Committed B. Confident D. Disciplined Test II.
Matching Type

Directions: Match the entrepreneurial competencies in column A with their

meaning
in column B. Write the letter of your answer in your TLE notebook.
A B

____1. Committed A. trust in one’s ability

____2. Sound decision maker B. solid dedication

C. make a wise decision towards the set
____3. Confident
objectives
____4. Excellent Planner D. adaptable to change
E. innovative to have edge over other
____5. Possess people skill
competitors
____6. Disciplined F. strategic thinking and setting of goals

____7. Ability to accept change G. always stick to the plan

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____8. Profit-oriented H. working diligently

____9. Creative I. effective and efficient communication

____10.Hardworking and relation to people

J. always looking for income

Lesso
n

2 Environment and Market

What I Need to Know

People who aspire to start a business need to explore the economic, cultural, and
social conditions prevailing in an area. Needs and wants of the people in a certain
area that are not met may be considered as business opportunities. Identifying
the needs of the community, its resources, available raw materials, skills, and
appropriate technology can help a new entrepreneur in seizing business
opportunities.

Opportunities relate to the market, to the development of new technologies, and

external factors such as government policies, climate, and trends. Threats relate
to what the competition is doing as well as legal and other constraints.

To begin with, let us find out the competencies you need to master after finishing
this module.

At the end of this module, you are expected to:

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 1. identify what is of “value” to the customer;
2. identify the prospect customers;
3. explain what makes a product unique and competitive;
4. apply creative and innovative techniques to develop marketable product;
and
5. employ a unique selling proposition (USP) to the product and/or service.

What I Know

Multiple choice. Choose the letter of the best answer. Write your answer on a
separate sheet of paper.

1. This is the introduction of a new idea to make the product and services more
attractive and saleable to the target customers.
A. new idea C. product development
B. creativity D. innovation

2. A management tool used to assess the environment and to gather important

information that can be used for strategic planning.
A. environmental scanning C. WOTS Analysis
B. SWOT Analysis D. survey analysis

3. A marketing practice of creating names, symbols, or designs that identify and

differentiate a product from the others.
A. product naming C. branding
B. unique selling proposition D. tagline

4. This is a meaningful and striking statement that captures the essence of the
brand.
A. product naming C. branding
B. unique selling proposition D. tagline
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5. In this stage, the needs of the target market are identified, reviewed, and
evaluated.
A. concept development
B. project development
C. economic analysis
D. refine specification

6. This is generated by examining the goods and services sold within the
community.
A. business creation C. business concept
B. business pricing D. business idea

7. The process of making a new product to be sold to the customers.

A. product analysis C. product development
B. product conceptualization D. product implementation

8. These are luxuries, advantages, and desires that every individual considers
beyond necessary.
A. wants B. desires C. requirements D. needs

9. This is the factor or consideration presented by a seller that explains why one
product or service is different from or better than that of the competitors.
A. unique selling plan C. unique pricing policy
B. unique selling proposition D. finding value-added

10. These are the things that people cannot live without.
A. wants B. desires C. requirements D.
needs

What Is It

Learning Goals and Target

After understanding the objectives of this module and having gone through the
preassessment and guide questions, you are now asked to set your own personal
goals.

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 Goals and Learning Ultimate
Target Activities Goals

These goals will motivate you to achieve the goals of this module that will
eventually make you more aware about Environment and Market.

Strategic process to reach the objectives of the module

Reading Resources and Instructional Activities. After setting your own
personal goals and targets in achieving the objectives of this module, you will
have the opportunity to read and learn more about environment and market. You
will also be given a chance to do practical exercises and activities to deepen your
understanding of the topic.

Product Development. When we talk of product development, we are referring

to the process of making a new product to be sold by a business or enterprise to
its customers. Product development may involve modification of an existing
product or its presentation, or formulation of an entirely new product that
satisfies a newly defined customer’s needs, wants and/or a marketplace. The
term development in this module refers collectively to the entire process of
identifying a market opportunity; creating a product to appeal to the identified
market; and testing, modifying, and refining the product until it becomes ready
for production. There are basic yet vital questions that you can ask yourself about
product development. When you are able to find acceptable answers to these,
you are now ready to develop a product and/or render service:

1. For whom are the product/services aimed at?

2. What benefit will the customers expect from the products or
services?
3. How will the product/service differ from the existing brand, or
from its competitors?

Likewise, needs and wants of the people within an area should also be taken into
big consideration because everyone has his/her own needs and wants. However,
everyone has different concepts about needs and wants. To illustrate, needs in
business are important things that every individual cannot live without in a
society. These include:

1. basic commodities for consumption

2. clothing and other personal belongings
3. shelter, sanitation, and health; and
4. education.

Basic needs are essential to every individual so he/she can live with dignity and
pride in a community of people. These needs can obviously help you generate
business ideas and subsequently to product development.

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Wants are desires, luxuries and extravagance that signify a wealthy and
expensive way of living. Wants or desires are considered above all the basic
necessities of life. Some examples are the eagerness or the passion of every
individual: fashion accessories, expensive shoes and clothes. Traveling around,
eating in an expensive restaurant, watching movies, concerts; having luxurious
cars, wearing expensive jewelries and perfume, living in impressive homes, and
others are also examples of people’s wants and desire. People’s needs and wants
are the basic indicators of the kind of business that you may engage into
because they can serve as the measure of your possible success.

Concepts of Developing a Product

Concept development is a critical phase in the development of a product. In this

stage, the needs of the target market are identified; competitive products are
reviewed before the product specifications are defined. The product concept is
selected along with an economic analysis to come up with an outline of how a
product is being developed. Figure 3 shows the stages of concept development of
a product.

The process of product development follows these stages:

Identify customer needs. Using survey forms, interviews, researches, focus

group discussions, and observations, an entrepreneur can easily identify
customers’ needs and wants. In this stage, the information that can be possibly
gathered here are product specifications (performance, taste, size, color, shape,
life span of the product, etc.). This stage is considered important because this
would determine the products to be produced or provided.

Establish target specifications. Based on customers’ needs and reviews of

competitive products, you can now establish target specifications of the
prospective new product and/or services. Target specifications are essentially a
wish-list.

Analyze competitive products. It is imperative to analyze existing competitive

products to provide important information in establishing products/services
specifications. Other products may exhibit successful design attributes that
should be emulated or improved on in the new product/service.

Generate product concepts. After having gone through with the previous
processes, you may now develop a number of product concepts to illustrate what
types of products/services are both technically feasible fitting to the requirements
of the target specifications.

Select a product concept. Through the process of evaluation between

attributes, final concept is selected; After the final selection, additional market
research can be applied to gather feedback from the representative customers.

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Refine product specifications. During this stage, the product/ service
specifications are refined on the basis of input from the foregoing activities. Final
specifications are the result of extensive study. Expected service life, and
projected selling price and among others are being considered in this stage.

Perform economic analysis. Throughout the process of product development,

it is very important to review and estimate the economic implications regarding
development expenses, manufacturing costs, and selling price of the
product/service to be offered/provided.

Plan the remaining development project. During this final stage of concept
development, you must prepare a detailed development plan that includes list of
activities, necessary resources and expenses, and development schedule with
milestones for tracking progress.

Finding Value. People buy products for many reasons. There must be something
in your products/services that have satisfied or impressed the consumers. In
short, when you meet their expectations, they will continue patronizing your
products/ services. The value that you incorporate to your product is called value
proposition. Value proposition is “a believable collection of the most persuasive
reasons why people should notice you and take the action you’re asking for.”
Value is created by fulfilling deep desires and solving deep problems. This is the
reason why people spend for your products/services.

Innovation. The introduction of something new in your products/services. This

may be a new idea, a new method, or a new device. If you want to increase your
sales and profit, you must innovate. Some of the possible innovations for your
products include changing of packaging, improving of taste, color, size, shape
and adjusting the prices. Some of the possible innovations in providing services
are application of new improved methods, additional featured services, and
freebies.

Unique Selling Proposition (USP). A factor or consideration presented by a

seller to explain why one product or service is different from or better than the
other competitors. Before selling your product or service to your target
customers, you have to sell yourself to it. This is especially important when your
product or service is similar to those around you. USP would require careful
analysis of other businesses’ ads and marketing messages. If you analyze what
they say or what they sell, not just their product or service characteristics, you
can learn a great deal about how companies distinguish themselves from
competitors.

Ways to discover your USP to increase your sales and profits.

• Use empathy: Put yourself in the shoes of your customers. Always
focus on the needs of the target customers and forget falling in love with your
own products/services. Always remember, you are making and providing these
products/ services for the target customers to eventually increase sales and earn
profit. Essential questions such as what could make them come back again and
ignore competitions, should be asked to oneself. Most possible answers may be
focused on quality, availability, convenience, cleanliness, reliability, and
friendliness of the products/services.
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• Identify Customer’s Desires. It is important that you understand what
drives and motivates your customers to buy your products/services. Make some
efforts to find out, analyze and utilize the information what motivates the
customers in their decisions to purchase the product or service.

• Discover customer’s genuine reasons for buying the product.

Information is very important in decision making. A competitive entrepreneur
always improves his/her products or services to provide satisfaction and of course
retention of customers. As your business grows, you should always consider the
process of asking your customers important information and questions that you
can use to improve your product/ service. In order to firm up your understanding
of the topic previously presented, you will be tasked to form a group and conduct
an interview with a successful entrepreneur or practitioner. You have to
document this interview and present this to the whole class using a power point
presentation for reflection and appreciation.

Generating Ideas for Business

The process of developing and generating business idea is not a simple

undertaking. Some people just come up to a number of business ideas but are not
really feasible. There are two problems that arise first is the excessive generation
of ideas that can forever remain as dreaming stage and the second is when they
do not have ideas and do not want to become entrepreneurs. The most optimal
way is to have a systematic approach in generating and selecting a business idea
convertible into real business. Here are some basic yet very important
considerations that may be used to generate possible ideas for business: 4

1. Examine existing goods and services. Are you satisfied with the
product/s? What do other people who use the products say about it/them? How
can it/they be improved? There are many ways of improving a product from the
way it is made to the way it is packed and sold. You can also improve the
materials used in crafting the product. In addition, you can introduce new ways of
using the product, making it more useful and adaptable to the customers’ many
needs. You may introduce a new product to replace the old ones.

2. Examine the present and future needs. Look and listen to what the
customers, institutions, and communities are missing in terms of goods and
services. Sometimes, these needs are already very obvious. Other needs are not
that obvious because they can only be felt in the future, in the event of certain
developments in the community. For example, a province will have its
electrification facility in the next six months. Only by that time will the
entrepreneur think of electrically-powered or generated business such as photo
copier, computer service, digital printing, etc.

3. Examine how the needs are being satisfied. Needs for the products
and services are referred to as market demand. To satisfy these needs is to
supply the products and services that meet the demands of the market. The term
market refers to whoever will use or buy the products/services. These may be
people or institutions such as other businesses, establishments, organizations, or

17
government agencies. In short, there is a very good business opportunity when
there is absolutely no supply to a pressing market demand.

4. Examine the available resources around you. Observe what materials

or skills are available in abundance in your area. A business can be started out of
available raw materials by selling them in raw form and by processing and
manufacturing them into finished products. For example, in a copra-producing
town, there are many coconut husks and shells available as “waste” products.
These can be collected and made into coco rags or doormat and charcoal bricks
and sold profitably outside the community.

5. Read magazines, news articles, and other publications on new

products and techniques or advances in technology. You can pick up new
business ideas from magazines such as Newsweek, Reader’s Digest, Business
Magazines, “Go Negosyo”, Know About Business (KAB) materials, and Small
Industry Journal. The Internet also serves as a library where you may browse and
surf on possible businesses. It will also guide you on how to put the right product
in the right place, at the right price, at the right time. Lastly, listing of possible
business to set up in an area may also be available from banks or local non-
government organizations.

Key Concepts in Selecting a Business Idea

Once you have embarked on identifying business opportunities, you will

eventually see that there are many possibilities that are available for you. It is
very unlikely that you will have enough resources to pursue all of them at once.
You have to select the most promising one among hundreds of ideas. It will be
good to do this in stages. In the first stage, you screen your ideas to narrow them
down to about few choices. In the next stage, trim down the choices to two
options. In the final stage, choose between the two and decide which business
idea is worth pursuing. In screening your ideas, examine each one in terms of
these guide questions:

1. How much capital is needed to put up the business?

2. How big is the demand for the product? Do many people need this product
and continue to need it for a long time?
3. How is the demand met? Who are processing the products to meet the needs
(competition or demand)? How much of the need is now being met (supply)?
4. Do you have the background and experiences needed to run this particular
business?
5. Will the business be legal and does not go against any existing or foreseeable
government regulation?
6. Is the business in line with your interest and expertise? Your answers to these
questions will be helpful in screening which ones among your many ideas are
worth examining and worth pursuing further.

Branding
Branding is a marketing practice of creating name, symbol or design that identify
and differentiate them from other products/ services. It is also a promise to your

18
customers. It tells them what they can expect from your products/services. Your
brand is derived from who you are, who you want to be and what people perceive
you to be. Branding is one of the most important aspects in any business. An
effective brand strategy gives you a major edge in increasingly competitive
markets.

The features of a good product brand are as follows:

- delivers the message clearly;
- confirms your credibility;
- connects your target prospects emotionally; and
- motivates the buyer;

Here are some simple tips to publicize your brand:

• Develop a tagline. Write a meaningful, unforgettable, and easy statement

that captures the essence of your brand.
• Get a great logo. Create a logo suitable to your business and is consistent
with your tagline. Place it in any strategic location visible to the possible
consumers. • Write down your brand messaging. Select key messages
you want to communicate about your brand with the consumers. • Be true
to your brand. Deliver your brand promise.
• Be consistent. Be reliable and consistent every time. In generating business
ideas, you should first identify the type of business suited to your business
idea.

Bear in mind these simple rules for successful SWOT Analysis:

• Be realistic about the strengths and weaknesses of your business when

conducting SWOT Analysis.
• SWOT Analysis should distinguish between where your business is today, and
where it would be in the future.
• SWOT Analysis should always be specific and present realistic and explicit
strengths and weaknesses.
• Always apply SWOT Analysis in relation to your competition (i.e. better than or
worse than your competition).
• Keep your SWOT Analysis short and simple. Avoid complexity and over
analysis.
• Be subjective to your SWOT. Present only real results, not the fabricated
information that will eventually put harm on your business.

What’s More

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Activity number 1
Product Conceptualization

Using the space and figures below, develop your own concept for your product or
service. Utilize bullets in every stage of product conceptualization in listing
important key ideas.
_____________________________________________________

1. Identify
Customers Need
-
3. Prepare - 2. Target Specification
Development Plan -
- -
- -
-

4. Refine product 7. Analyze a

Specification Competitive Product
- -
- -
-

5. Select Product 6. Generate Product

Concept Concept
- -
- -

Activity number 2
SWOT Analysis
In generating business ideas, environmental scanning is very important. Utilize
the SWOT Analysis table and to list down all your observations. Consider the
strategies below to select the best business ideas.

Strength (S) Weaknesses (W)

- -
- -
- - - -
Opportunities (O) Threats (T)
- -
- -
- -
- - - -

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 What I Can Do

Interview

Select a successful entrepreneur or practitioner. Conduct an interview using these

set of questions. Document the interview and present it to the class.

1. How did you identify your customers?

__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
2. What were your considerations in selecting your customers?
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
3. Explain how your product or service became unique to other products.
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
4. Did you consult somebody before you engaged in this business? Cite sample
insights that you gained from the consultation.
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________

5. What were your preparations before you started the actual business?
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
6. What are the creative and innovative techniques you adopted to your product
or service? What was the effect of the innovative techniques to the sales and
profits of your business?
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
7. What strategy did you consider having a unique selling proposition to your
products/services?
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________

21
 Assessment

Multiple choice. Choose the letter of the best answer. Write your answer on a
separate sheet of paper.

1. This is generated by examining the goods and services sold within the
community.
A. business creation C. business concept
B. business pricing D. business idea

2. The process of making a new product to be sold to the customers.

A. product analysis C. product development
B. product conceptualization D. product implementation

3. These are luxuries, advantages, and desires that every individual considers
beyond necessary.
A. wants B. desires C. requirements D. needs

4. This is the factor or consideration presented by a seller that explains why one
product or service is different from or better than that of the competitors.
A. unique selling plan C. unique pricing policy
B. unique selling proposition D. finding value-added

5. At this stage, the needs for the target market are identified, reviewed, and
evaluated.
A. concept development C. economic analysis
B. project development D. refine specification

6. This is the introduction of a new idea to make the product and services more
attractive and saleable to the target customers.
A. new idea C. product development
B. creativity D. innovation

7. A management tool used to assess the environment and to gather important

information that can be used for strategic planning.
A. environmental scanning C. WOTS Analysis
B. SWOT Analysis D. survey analysis

8. A marketing practice of creating names, symbols, or designs that identify and

differentiate a product from the others.
A. product naming C. branding
22
 B. unique selling proposition D. tagline

9. This is a meaningful and striking statement that captures the essence of the
brand.
A. product naming C. branding
B. unique selling proposition D. tagline

10. These are the things that people cannot live without.
A. wants B. desires C. requirements D. needs

Answer Key

23
Lesson 1

.H 10 .K 10
.E 9 .D 9
.J 8 .I 8
.D 7 .E 7
.G 6 .F 6
.I 5 .J 5
.F 4 .C 4
.A 3 .B 3
.C 2 .H 2
.B 1 .A 1
II. II.
.C 5 .C 5
.C 4 .A 4
.B 3 .B 3
.A 2 .D 2
.D 1 .A 1
I. I.
Assessment What I Know

Lesson2

Assessment What I Know

References
Department of Education Learner’s Material, First Edition 2014

Online source:

https://www.hiscox.com/blog/10-important-personal-characteristicsentrepreneurs

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