Lesson 1

Overview of Entrepreneurship

ENTREPRENEUR

What is your concept of Entrepreneurship?

1. What is the relevance of Entrepreneurship to your everyday life?

1. A person who undertakes the risk of starting a new business venture.
2. It is high-risk, but also can be high-reward as it serves to generate economic wealth, growth, and innovation.
3. Creates a firm, which aggregates capital and labor in order to produce goods or services for profit.
4. It is an important driver of economic growth and innovation.
5. Creates a business plan, hire labor, acquire resources and financing, and provide leadership and management
for the business.

Entrepreneur - Is a person who sets up a business with the aim to make a profit.

Entrepreneurship - Refers to the act of creating a business or businesses while building and scaling it to generate a
profit.

Business Venture - It is a new business that is formed with a plan and expectation that financial gain will follow. It is
usually formed out of a need for a service or product that is lacking in the market.

Business Innovation - It involves developing new products or improving existing technologies, processes, designs and
marketing to solve problems, increase efficiency, reach new customers, and ultimately increase profits.

Business Opportunity - Involves sale or lease of any product, service, equipment, etc. that will enable the purchaser-
licensee to begin a business.

Livelihood - Refers to their "means of securing the basic necessities (food, water, shelter and clothing) of life".

Economy - The system of production, distribution and consumption. The overall measure of a currency system; as the
national economy.

Socioeconomic - Related to the differences between groups of people caused mainly by their financial situation.

Social Change - Refers to any significant alteration over time in /behavior patterns and cultural values and norms.

Relevance - It is simply the noun form of the adjective "relevant," which means "important to the matter at hand."

Entrepreneurship is...

The act of creating a business or businesses while building and scaling it to generate a profit.

* An important driver of economic growth and innovation.

What people do to take their career and dreams into their hands and lead it in the direction of their own choice.

* About building a life on your own terms. No bosses. No restricting schedules. And no one holds you back.

An entrepreneur is...

A person who sets up a business with the aim to make a profit and creates a new business, bearing most of the risks and
enjoying most of the rewards.

* An innovator, a source of new ideas, goods, services, and business/or procedures.

* Playing a key role in any economy, using the skills and initiative necessary to anticipate needs and bring good new
ideas to market.
LESSON 2
Relevance of Entrepreneurship to SHS Students

Analyze the picture below

What appropriate product and/or business that can be conceptualized during this COVID -19 pandemic?

1. Delivery Services like grab food

2. Online Selling of food products and hygiene products like soap, etc.
3. To make fashionable face masks
4. E-Loading services
5. Events hosting using app like zoom

Importance of Entrepreneurship to the economy:

A. Entrepreneurship generates new wealth in an economy.

B. Entrepreneurship decreases poverty.
C. It creates opportunities, ensures social justice, instills confidence and stimulates the economy.
D. Entrepreneurship improves productivity
E. Entrepreneurs create jobs.
F. Entrepreneurs innovate.
G. Entrepreneurs create innovation and social change.
H. Entrepreneurs give to society

Relevance of Entrepreneurship to SHS Students:

1. To prepare students for livelihood even before college.

2. Entrepreneurship education aids students from all socioeconomic backgrounds to think outside the box and
nurture unconventional talents and skills.
3. 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.
4. It exposes students to numerous opportunities to learn how to think critically and analyze the pieces on the
board.
5. Being aware of all the important factors and seeing how they affect each other is the foundation of a smart
decision-making process.
6. Students have to be exposed to real-world examples and learn from their own experience.
7. Entrepreneurship education requires students to be innovative, creative and collaborative with others.
8. Entrepreneurship education provides budding entrepreneurs with the skills and knowledge to come up with
business ideas and develop their own ventures.
Known families who owned big Corporations in the Philippines.

Zobel family (Ayala Mall) Eduardo Cojuangco Jr. (San Miguel Corporation)
Lopez clan(ABS-CBN) Jose Yao Campos (Unilab Group of Companies)
Lucio Tan (Philippine Airlines) George Ty (Metrobank)
Henry Sy (SM Department Store) Mariano Que (Mercury Drug)
John Gokongwei (Cebu Pacific) Tony Tan Caktiong (Jollibee)
LESSON 3
Competencies in Entrepreneurship and Job opportunities for Entrepreneurship as a career

Competencies in Entrepreneurship...

Job opportunities for Entrepreneurship as a career...

Competencies in Entrepreneurship

1. Analyzing
2. Decision making
3. Problem solving
4. Collaborating
5. Budgeting
1. Job opportunities for Entrepreneurship as a
2. career
3. 1.Store owner
4. 2.Sales
5. 3.Online seller
6. 4. Food processing

Common Elements of Entrepreneurship:

 Innovation
 Opportunity seeking and exploitation
 Resource mobilizing
 Encountering risks and uncertainties
 Economic and personal rewards
Roles of Entrepreneurship and Entrepreneurs in Economic Development and Society:

 Creates employment
 Develops new markets
 Introduces innovation
 Generates new sources of materials
 Stimulates investment interest in the new business ventures being created
 Improves the quality of life
 Serves as role models
 Brings social benefits to the people
 Utilizes and mobilizes indigenous resources
 Provides more alternatives for consumers
1. Job Opportunity - refers to a good chance of employment
2. Competency - this refers to a possession of sufficient skill
3. Enterprise - it is the undertaking of activities associated with the production, sale or distribution of products or
services.
4. Creative thinking - the process of thinking carefully about a subject or idea, without allowing feelings or opinions
to affect you
5. Managing Change - the planning and introducing of new processes, methods of working, etc. in a company or
organization

3 Level of competences:

1. Personal competencies - These are your abilities to ground yourself so that you are secure and self-assured in
whatever situation you may find yourself (www.free-management-ebooks.com). Ex. creativity, determination,
integrity, self-criticism.
2. Interpersonal competencies - These are your ability to lead, influence, communicate, supervise, negotiate, and
control people at all levels. It is the ability to get along with people and motivate people to perform jobs.
Entrepreneurs must effectively manage people (baseread.com). Ex. communication, engagement, delegation
3. Business competencies - These are set of particular abilities and knowledge that sets a company apart from its
competitors (yourbusiness.azcentral.com). It also refers to the key characteristics that successful entrepreneurs
should have in order to be successful (www.mustangbols.com). Ex. business vision, financial management.
Networking

Core vs. Common

Competencies in Entrepreneurship

Core competence is the foundation for sharpening a company's competitive edge and it guides brand reputation,
business growth, and marketing strategy.

Common competence - is one that describes the knowledge, skills and abilities found in most or all position.

Examples of Core and Common Competencies in Entrepreneurship

Core Competencies

1. Organizing and Planning thinking

2. Cash flow management
3. Personnel management
4. Operations and distribution
5. Customer Relations
6. Bookkeeping/Accounting
7. Promotions and Advertising
 8. Resources Management
9. Financial Management
10. Information Management

Common Competencies

1. Analytical and critical

2. Decision making
3. Leadership
4. Communication 5. Computer Literacy
5. Human Relations
6. Managing Change
7. Creative Thinking
8. Time Management
9. Conflict Management

Determine whether the statement is TRUE OR FALSE. Write TRUE if the statement is correct and write FALSE if
otherwise. Write your answer before the number.

1. Entrepreneurship can be learned by anyone, it's not something that can simply learn in a classroom.
2. Certain skills, such as communication, delegating and respecting others can only be acquired through practice
and developing,,habits of character".
3. Habits of character may not strictly be related to business but are to do with the kind of person the
entrepreneur is and what he/she does.
4. An entrepreneur has to have certain cultivated and inherent qualities in order to make a success of his or her
venture.
5. Hard work and determination to win have made many successful business people to reach their aspired goals.
6. An Entrepreneur must hesitate for personal or other reasons.
7. Business involves many risks, which an entrepreneur must hesitate totake.
8. New ideas help make a business venture successful.
9. Certain attributes are essential for an Entrepreneur to establish his or her business on sound footing.

Read and analyze the statements below and identify whether it requires a common competency or core competency.
Write A if it is a common competency and B if it is a core competency. Write your answer in the space provided.

1. Writing business correspondence.

2. Preparing income statement
3. Designing for packaging and labelling.
4. Relating with staff and co-workers.
5. Managing quality customer service.
6. Giving solution to a problem.
7. Coordinating with channel of distribution.
8. Negotiating with suppliers.
9. Adopting to work environment.
10. Able to operate computer system and applications.
LESSON 4
The Potential Market and the Market Need

Potential Market Market Need

1. Households 1. Facemasks
2. Workers 2. Vitamins
3. Students 3. Wi-Fi/Laptop

Potential market is the part of the total population that has shown some level of interest in buying a particular product
or service.
Market potential is the total demand for a product in a given business environment

The Importance of Potential Markets

• Potential markets are an important part of a business's future growth.

• Ensure the future of your business by identifying new customers.
• Think proactively about ways for your business to grow and change.
• Show the potential of your business to investors or collaborators.
• Increase your revenue.
• Create a plan B that will weather changes in the economy or market.

How to Identify Your Potential Markets

• Consider every target demographic that you currently sell to, as well as those you have not yet targeted. Identify
what they have in common with each other, new milestones that they will encounter in their lives that will
impact their buying patterns, and where they overlap or diverge from your current customers.

Ask yourself these questions that will help you identify both new ways to market your current products or services, as
well as new products and services that you can begin selling.

• What other products do my customers need now?

• What related products will they need in the future?
• Who else could make use of the products I am selling now?
• What demographic information does that new group have in common with my current customers?
• What demographic information does that new group have in common with 5 Learning Module for
Entrepreneurship each other?

For example, a business that makes face masks and PPEs could identify potential markets such as:

 Hospitals and other health related industries whose employees are prone to COVID -19 virus and other viruses.
 Business industries and other organizations who want to ensure the health condition of their employees.
 Employees and workers who need to report to work to earn income.
  Households who needs to go out for their necessities

Once you've identified and chosen a potential market to begin targeting, you will need new marketing strategies in place
to communicate with them. Use this profile to identify:

• The demographic information that people in a group have in common.

• The best forms of media to reach them.
• How they prefer to shop and make purchases.
• The concerns, struggles, or problems that you can help them overcome.
• What values matter to them, both in everyday life and when shopping.
• The language that resonates with them.

Target Market

- Refers to a group of potential customers to whom a company wants to sell its products and services. Target
markets are generally categorized by age, location, income, and lifestyle. Defining a specific target market allows
a company to home in on specific market factors to reach and connect with customers through sales and
marketing efforts.

Penetrated Market

- A set of customers or clients who are already using a particular product or service. A penetrated market means
that the potential users of a product or service are aware of it, and in many cases are active consumers of it.

The size of a potential market helps a company understand the level of investment it should make further in the market,
while taking into consideration other factors. If the potential market is very small, it means there is a very small fraction
of the total population showing any interest in the product or category. This means that it is better that the company
doesn't invest further in the product or category because people won't buy it. If the size of the potential market is large,
it means that there is a huge fraction of the total population which is showing interest in the product, so further
investment can be made on the product development or modification, marketing, promotions etc. The size of the
potential market gives an estimate of what all a company should do and how much it should invest

The Market Need

1. Need

➤ A motivating force that compels action for its satisfaction. Needs range from basic survival needs (common to all
human beings) satisfied by necessities, to cultural, intellectual, and social needs (varying from place to place and age
group to age group) satisfied by necessaries.

A driver of human action which marketers try to identify, emphasize, and satisfy, and around which promotional efforts
are organized

2. 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 (Kenton, W. &
Boyle, M., 2020).

A market does not refer to a particular place but it refers to a market for a commodity or commodities. It refers to an
arrangement whereby buyers and sellers come in close contact with each other directly or indirectly to sell and buy
goods
A market is any place where sellers of particular goods or services can meet with buyers of those goods and services. It
creates the potential for a transaction to take place. The buyers must have something they can offer in exchange for the
product to create a successful transaction

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.

Define the Market Need for Your New Business

Why is it important to clearly define market needs?

The market now demands that your business align to their needs. In order to properly align your marketing efforts and
your content, in particular to what buyers need, you have to have a clear understanding of the many intricacies, pains
and pressures within your market.

To achieve such alignment, the ability to define market patterns, needs, interests, preferences, etc. for a comprehensive
view of the buying process is critical

Below are ways to define your market

 Consider whether the business offers a new solution to an old problem or complements an emerging trend.
 Have a clear picture of your target market.
 Determine the benefits that your product or service offers.
 Examine industry data that can confirm whether there is a sustained, growing demand for your product or service.
 Identify the percentage of market share that it is realistic for you to capture. The more competition you have, the
lower the margins will be.
 Consider how realistic your pricing is. How can you present your product or service to potential customers so that it
appears to be a good value, while still affording you a healthy profit?

Identification. Read and analyze the statements below and identify whether this refers to potential market, available
market, target market, or penetrated market. Write your answer in the space provided.

1. Active consumers of a product.

2. People who are both willing and capable of buying a particular product
1. or service in a particular market.
2. It is the part of the total population that has shown some level of interest in buying a particular product or
service.
3. It includes specific customers to whom a company directs its marketing efforts.
4. Customers or clients who are already using a particular product or service.

As would-be Entrepreneur, you are tasked to identify your dreamed business, one that involves your interests. Indicate
who are your potential market, target market, available market and/or penetrated market. Write your answer in the
sheet of paper.