Entrepreneurship Quarter 2: Module 5
Entrepreneurship Quarter 2: Module 5
Entrepreneurship
Quarter 2: Module 5
i
Entrepreneurship
Grade 11/12: Quarter 2: Module 5
First Edition, 2020
Copyright © 2020
La Union Schools Division
Region I
All rights reserved. No part of this module may be reproduced in any form without
written permission from the copyright owners.
Management Team:
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Entrepreneurship
Quarter 2: Module 5
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Target
In the previous lesson, you have discussed the basic understanding on how
to validate the service description of the product, which is essential to ensure, that
suppliers are providing the highest quality product and services.
This module will help you understand more on how these three concepts are
interrelated to each other. After going through this module, you are expected to:
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Jumpstart
Activity 1
Direction: If you are an owner of a business, write five (5) possible criteria or factors
to consider in selecting your potential supplier of your product using the graphic
organizer. Briefly discuss each factors below. Use another sheet of paper for your
answer.
SUPPLIER’S
CRITERIA
Discussion:
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
Note: Refer to Scoring Rubric on page 15
Activity 2.
Direction: Read the statement carefully. Write X if the statement is true, and write
Y if the statement is false. Use another sheet for your answer.
___1. Conducting performance reviews on credit history shows the financial stability
of the supplier.
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___2. Dealing with distant suppliers might provide you a quick delivery time and
extra load costs.
___3. Developing partnership promotes stronger commitments and encourages a
greater interest in success for the material and finished goods.
___5. In value chain, it starts the process from the source flows outward
to the customer.
___6. The final stage in the supply chain is t he distribution of the product to
consumers/customer.
___7. Michelle Porter introduced the concept of value chain in his 1985 book
"Competitive Advantage: Creating and Sustaining Superior Performance."
___8. One of the characteristics need to consider when hiring a qualified candidate
is their commitment in developing and growing their own career as a professional.
___9. If you are hiring someone to do a job that is tiresome in nature, look for a
candidate who can cope with pressure, tight deadlines, and complex customer
demands.
___10. Visiting candidate’s social media page will help you acquire more insight into
their skills and experience than their resume.
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Discover
1. Price
2. Reliability
3. Stability
Look for qualified suppliers who have been in business for a long time. Stability
is important, when entering into a long-term contract with a supplier. Conduct
performance reviews on their credit history to see if they are financially stable. It
requires also in finding out what businesses use a specific supplier's services and
asking them for a reference.
4. Location
Consider about location when selecting suppliers. Dealing with distant suppliers
might provide you a longer delivery time and extra load costs. If you need it fast, a
local supplier might be a better option. Be sure to check on the freight policies of
distant suppliers. For instance, bulk orders might get a free shipping or you might
combine different orders to reduce costs.
5. Developing Partnerships
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quality. A supplier is with a stronger business partnership if it provides the
following:
Do in advance, what is required from the manufacturer and start to take the
leadership role in communication.
Following these factors will enable you to select suppliers who can support to
improve your productivity, ensure you to produce quality goods/services within
budget.
Value/Supply Chain
In business, there are forms to be done that anybody has to see its benefits. One
such form is implementing successful value chain. Value and supply chain often
used interchangeably. Yet, there is a difference between these two models. Supply
chain management and value chain management are connected both in the
processes involved in getting goods from the enterprise board, through
purchasing, manufacturing, and into the hands of consumers. However, each
discipline views the process from a unique standpoint, and with different
objectives.
Let us examine value chain management and supply chain management and their
differences to help us understand how they influence your business.
https://www.cmtc.com/hsfs/hubfs/Value_Chain_V._Supply_Chain_flows.jpg?width=500
&height=356&name=Value_Chain_V._Supply_Chain_flows.jpg
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Figure 1 shows that in supply chain, it starts from the source flows
outward to the customer. On the other hand, the value chain starts with the
customer and flows inward to supplier. In addition, Table 1 indicates also on the
differences of the two models:
https://keydifferences.com/difference-between-supply-chain-and-value-chain.html#ComparisonChart
Supply chain uses a process that control and plans the operation known as
Supply Chain Management. It manages the flow of raw material, within the business
and the flow of finished product to the end user along with full customer satisfaction.
There are five (5) main elements of supply chain management:
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4. Distributing the product to consumers/customer
5. Accepting and processing returns of defective products
When the process done effectively, the costs of materials and efficient
transport may reduce its costs for the consumer while increasing profits for the
manufacturer.
Value Chain
Michael Porter pioneered the concept of value chain in his 1985 book
"Competitive Advantage: Creating and Sustaining Superior Performance." He used
this concept to show businesses add value to their raw materialls to produce
products that finally sold to the market. There are five steps in the value chain
process, which allows a company to have a competitive strength over other
competitors. The five steps are:
4. Marketing and Sales: Involve activities that associated among the general
consumers or buyers to purchase a product.
5. Service: Activities that maintain and enhance the value of the product, such
as customer care and warranty package.
Supply chain is as significant as a value chain to the business world. The two
models are difficult to separate in that most of their functions connect. Both supply
and value chains need transportation and storage and end with the consumer
receiving their goods/service. Both have similar goal that is to satisfy the customers
with your products while operating efficiently and effectively, in order to give the
business a better bottom line but take somewhat different tracks to get there.
Without growing the number of people with whom you work, you cannot
normally grow your business. Your success will depend on your capability to organize
a team of highly qualified employees who are dedicated to the goals and objectives of
your business. Recruiting defines the processes of the companies use to find
qualified candidates to fill job openings.
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When recruiting, consider your actual needs of your business. An impressive
list of qualifications and broad work experience are necessary, but these are not the
only factor to consider when recruiting potential employees. Here are some ways to
improve your recruitment process:
Hiring candidate who is both qualified and experienced in your line of work is
very important. To be able for them to integrate more quickly and become familiar
with the job, concentrating on the practical experience of your potential employee is
the key.
If you are hiring someone to do a job that is tiresome in nature, you should
look for a candidate who have the necessary mental and psychological strength to
cope with pressure, tight deadlines, and complex customer demands.
Determine whether the candidate will be able to stay self-motivated, excited to be an
active participant in business efforts, and willing to put in the extra work to achieve
success in the business, even they are required to perform the task repeatedly.
5. Culture Fit
Another way to consider when hiring a candidate is their ability to fit in and
adjust to your business’s culture. It means they need to develop enough their social
skills, to maintain the positive atmosphere in the workplace. Since every job involves
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working with people, and communicating with clients, should hire a person with
strong social skills. Check their work history through interview questions and
conduct a reference check with their former colleagues and bosses to make sure they
may not cause future harm to your organization. This should help you a complete
picture of every candidate you interview.
Once you have decided to hire candidate, provide them an actual work pairing
them with a more experienced worker who can mentor and train during his or her
initial days in the workplace. In this process, you will recognize everything about
their intelligence, skills, ability to manage with stress, social skills, and weaknesses.
Visiting candidate’s social media page will help you acquire more insight into
their skills and experience than their resume.
Finding the qualified candidate is not that simple and time-consuming process
because of competition, varying labor force, demographics, and workers’ principles,
but it is well-worth something that will benefit the business in the future. To be
successful, you may need to be open-minded and creative.
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Explore
Here are some enrichment activities for you to work on to master and
strengthen the basic concepts you have learned from this lesson.
Activity 1:
Direction: Read each item carefully. Choose the letter of the correct answer in the
box and write it in a separate sheet.
___1. The ability of the supplier who have been in the business for a long period.
___3. An activity that maintain and enhance the value of the product, such as
customer care and warranty package.
___4. A factor of selecting potential supplier that focused on managing your finances.
___5. The ability of qualified candidate that fits in and adjusts to your business’s
culture.
___6. The series of activities that focuses on adding value to the product for its valued
customer.
___7. An activity concerned with the collection, storage, and distribution of finished
product or service to customers.
___8. The processes of the companies use to find qualified candidates to fill job
openings.
___9. Value-creating activities that convert inputs into finished products such as
assembly and manufacturing.
___10. A supplier’s relationship promotes stronger commitments and encourages a
greater interest in success for the material and finished goods.
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Activity 2.
Direction: Write the similarities and the differences of Supply Chain and Value
Chain in a separate sheet of paper.
1. Similarities:
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
2. Differences:
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
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Deepen
Hope that you have gained a lot of knowledge on the discussion. This time let us
test your understanding by doing the following activity! Good luck!
Activity 1. A.
A. Activity 1. (Note: Scoring answers in all activities that need explanation and
discussion, please refer to Scoring Rubric on page 15)
Guide Questions:
B. Direction. Create a report on the gathered details in A. List down the different
factors used or applied in the activity at the end of the report.
_____________________________________________________________________________
____________________________________________________________________________
Activity 2.
Direction. Think of a product. Discuss along by filling out the details in the table
below using the guided questions in each stage. Write your answer in another sheet
of paper. (20 points)
Product Name:
STAGE DETAILS
Supply
Manufacturing
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Distribution
Direction: Suppose you are the owner of a company who are about to recruit new
phase of employees. Complete the pre-hiring worksheet to gain clarity of your “Ideal
Employee’s” statistics, interest and behavior. Use another sheet of paper.
COMPANY NAME
Photo
DEMOGRAPHICS PROFILE CARRER ACCOMPLISHMENT
Name: Write any of your career
Age: accomplishment
Gender:
Address :
Career Stage: Leadership Trainings
Education Level:
Household income :
PSYCHOGRAPHIC PROFILE
Activities & Interests: Job Expertise/Skills
Personality characteristics:
Attitude:
Scoring Rubric
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Gauge
Direction: Read each item carefully. Choose the letter of the correct answer and
write it in a separate sheet.
2. Which of the following factor to consider as the most important choosing the right
suppliers?
A. Price
B. Location
C. Reliability
D. Partnership
3. Which of the following is the initial stage in a supply chain for a candy bar?
A. The supplier of sugar.
B. The seller of the candy bar.
C. The manufacturer of the candy bar,
D. Transportation between each stage of the candy bar
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C. The supply chain involves only one supplier.
D. All of the above.
7. Which of the following generates the best source of the recommendation for a
potential job candidate?
A. Internet
B. Employee referral
C. Company Web site
D. Recruiting organizations
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Jumpstart
Activity 2.
1. X
2. Y
3. X
4. Y
5. Y
6. Y
7. Y
8. X
9. X
10. X
Explore
Activity 1.
1. E
2. L
3. F
4. J
5. K
6. G
7. C
8. I
9. D
10. A
Gauge
1 B 6 A
2 D 7 B
3 A 8 D
4 C 9 C
5 C 10 B
Answer Key
References
Online Resources
Stevens, Courtenay. (2020, November 09). How to Choose the Right Supplier for Your
Business. https://www.business.org/finance/inventory-management/ how-to-
choose-the-right-supplier-for-your-business/
Heathfield , Susan M. ( 2019, August 29). 10 Tips for Successful Employee Recruitment.
https://www.thebalancecareers.com/top-tips-for-successful-employee-recruiting-
1918953
O’Byrne, Rob. (2017, Jan 18). The Supply Chain and the Value Chain: The Same but
Different? https://www.supplychainsecrets.com/the-supply-chain-and-the-value-
chain-the-same-but-different/
Surbhi S. (2015, October 1). Difference Between Supply Chain and Value Chain
https://keydifferences.com/difference-between-supply-chain-and-value-chain.html
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