Angelika Mae C.

Manabat

BSBA-MM2A

PROGRESS CHECK IN ENTREPRENEURIAL MANAGEMENT

1. In your own view, explain the importance of small business and

entrepreneurship in our society today, given the current situation.

Answer:

Having small business and entrepreneurship in the society where we live was
relatively significant in society and as a whole country. It varies the development of
one’s economy based on the businesses, particularly the small business who tried to
provide a community preceding needs possible. All the circumstances faced by the
people have gradually met the needs with the entrepreneurs’ view to assessing the
societal problems and needs.

Amidst all these trying times, more specifically, the unexpected existence of the
deadly virus known as Covid-19 made huge changes in our lives. It affects the way we
live and worst, destroys all the plans and target goals of all people wherein the different
kinds of business got affected. They have lost income and all as they need to follow the
rules and protocols to lie down, but they did not lose the opportunity to start up; despite
the challenges, people have the resiliency to survive and adapt to the new normal. As
the entrepreneurs’ role is to provide the people’s needs, they come up with different
ideas on how they would provide the necessities for survival. For this reason, the online
platform was used by many businessmen and entrepreneurs just like the prominent
existence of online shops and services. With Shopee, Lazada, Zalora, Foodpanda, and
all to give a target market a chance to shop with their basic needs without going outside
because we prioritize our safety and health. And it’s true that if people are not allowed
to shop in a physical store and the store itself is not yet allowed to operate. So why not
grab any opportunity online to pursue the business's goals with the benefits of helping
other people to have something affordable and timely in need. Small businesses keep
up with trends to attract customers while contributing beneficial conditions to society. I
admired those people who were able to start a business considering all the risk factors,
but the important thing is they’ve trust themselves and their unique ideas to stand out
among their competitors. It does not just yield opportunities but also desirable jobs for
entrepreneurs and people. Innovation in products and others considering creative stuff
and crafts by Filipinos to support local productions contributes to economic growth.
These things are possible because entrepreneurs and small businesses contribute to
people's lives, economy, and nation-building. Thus, with all the losses and challenges,
business ventures continue to help society and the economy live with the silver lining to
survive and continuously arrive with success and development.

2. Suggest practical approaches for building a business with integrity.

Answer:

The secret to having a successful business is the integrity that builds trust within its
customers, employees, and investors. It should be one of their core values to create the
right image in the market. Integrity needs to uphold to avoid problems caused by initial
differences in beliefs and principles.

I suggest, to have integrity, transparency, fairness, and honesty must first be seen
in different aspects of the business, just like setting the clear vision of its goals
supported with its core values to identify your business's image that establishes
integrity. There are different ways on how to apply integrity. It can give an honest
advertisement to know precisely and arrive with expectations coming from the people.
Do not give false statements nor promises that you cannot provide justice. The goal
should not be exclusively about making a profit; where else having integrity is
fundamental. Therefore, never build a business to make a profit. Start a business to
make a difference. The owner's purpose is essential to integrate because it will reflect
on the business's outcome that you want to perceive by other people. A business's core
values must associate with supporting something like, for example, human rights,
whether for employees, customers, or other people, because it would serve as a basis
to implicate the priorities, to voice out the business's intention. Integrity plays a crucial
role in products, customers, and employee satisfaction that must grant to build trust.
With that, a company can indeed have the chance to make a competitive edge in the
industry. It should consider what legal and ethical factors or considerations to address
the appropriate sense of integrity. The company should be consistent in eyeing and
practicing integrity because if that happens, it is easier to avoid causing problems as
everyone knows what is right from wrong. It is easier to build relationships with people
knowing that they are aware of it from the beginning that this business prefers to have
integrity-like products and services.

To conclude, building integrity is part of building a business reputation. It should be

practice and apply to all plans, values, and vision of one’s business. The more you
become real, the more they gain trust and respect. Take that as motivation in building a
business to lead with success and prosperity. All the good deeds you’ve done will reflect
success, which is beneficial not just for owners but also for employees, and customers.

3. Explain broad-based strategy options and focus strategies.

Answer:

The strategy gives a lot of importance to businesses. It does change for its
development and overcoming circumstances. It serves as guidelines to achieve the
aspirations performance in the market, whether for the business's progress or facing
many competitors. The strategies must implement accurately, considering all the
possible factors, to always succeed in the given situation.

Broad-based strategy options having considering both low-cost strategy and

differentiation strategy. It is a combination of two methods that business owners will use
for holistically operating one's business. But owners and the in-charge person can also
decide and choose between low-cost (cost-based) and differentiation strategy. The
cost-based approach has something to do with holding down the products and services'
prices to compete with the competitors easily. The price range and choices must be a
little bit closer to competitors to deal with the customers as we all know that prices are
one variable that set as a basis for the customer to buy its merchandise. Affordable
prices are selected based on the company's desired ROI and expenses. Sometimes,
the break-even analysis was applied here wherein you did not incur losses, but you had
enough income to generate the business continuously. Unfortunately, it seems to be a
great challenge to enhance customer loyalty and develop long-term success with this
low-cost strategy. Another strategy is differentiation that emphasizes having a unique
product offering to establish brand awareness and image. It sustains its attractiveness
to keep up with the customers and make them loyal. Besides, customers have different
points of view to perceive one's attention of uniqueness. There are customers that you
can quickly get in the differentiation of the products and services.

An option of a focus strategy is to focus on one specific market niche. A firm is

planning to concentrate its resources launch into expanding in a narrowly defined
market segment. This kind of strategy protects the business from the competition to
firms with a wide range of target markets. Focus strategy targets a specific group of
potential customers to avoid having competition, especially in large firms. Despite all its
advantages, focus strategy also has its downside in which it was effortless to imitate as
every entrepreneur saw and discovered it more conveniently. For instance, it loses the
uniqueness of one business because new firms subsegment the industry. This strategy
aims to develop its competitive advantage by having low cost than the competitors in
serving a specific market segment or niche and offering something better to the
customers.

Considering all these strategies will help a business to establish itself in the long
run. The proper implementation and decision-making of every chosen method make it
more efficient and effective to deliver more than expected by the customers.