GEE ENTREP

UNIT 1: Why Teach Financial Literacy?

 WHAT IS FINANCIAL LITERACY?
Financial literacy refers to the ability to understand and apply different financial skills
effectively, including personal financial management, budgeting, and saving. Financial literacy
makes individuals become self-sufficient, so that financial stability can be accomplished.

 UNDERSTANDING FINANCIAL LITERACY

Financial literacy also requires the experience of financial principles and concepts, such as
financial planning, compound interest, debt management, efficient investment strategies, and
money-time value. Financial illiteracy can lead to poor financial choices which can have
negative effects on an individual's financial well-being.

The key steps to improve financial literacy include: - Learning the skills to create a budget -
Ability to track expenses - Learning the strategies to pay off debt - Planning for retirement
effectively

Such measures can also include financial specialist counselling. Educating about finances
involves understanding how money works, developing and achieving financial goals, and
handling internal and external financial challenges.

 BENEFITS OF FINANCIAL LITERACY

Financial literacy focuses on the ability to manage personal finance effectively, which requires
experience of making appropriate personal finance choices, such as savings, insurance, real
estate, college payments, budgeting, retirement and tax planning.

Those who understand finances should be able to answer questions concerning transactions, such
as whether an item is required, whether it is accessible, and whether it is an asset or a liability.

This field illustrates a person's habits and perceptions towards money related to his or her daily
life. The financial literacy demonstrates how an adult makes financial decisions. This expertise
will help an individual build a financial road map to define their income, their expenses, and
their liabilities. This subject also affects small business owners, who contribute significantly to
economic growth and stability.

 The pillars of financially literacy include:

1. Budgeting– Creating a budget and living within your means is one of the most basic
aspects of staying on top of your finances. Budgeting is planning out how one’s monthly
resources gets allocated. Effective budgeting promotes accountability and increases one’s
awareness of spending patterns, thus minimizing excessive or unnecessary spending.
2. Saving– Saving is one of the most important aspects of maintaining a healthy financial
situation. Most of the lofty goals Americans have in life involve big financial purchases.
Buying a house, having a family, and traveling are just a few examples of common goals
in life, but accomplishing these things is much more difficult without saving.
3. Investing– Successful investing requires learning how to make your resources work for
you to achieve your financial goals. To invest effectively, you must understand the ways
to invest (e.g., stocks, bonds commodities), the inherent risk/reward and the importance
of diversification.
4. Understanding Credit /Managing Debt– Your credit score is your financial shadow. It
follows you around throughout life like a six week old puppy and can haunt or help you
 depending on your history. Effectively managing debt is as crucial to establishing a good
credit score as is understanding the difference between good and bad debt.
5. Paying bills– Although seemingly rudimentary, it’s important to have a routine
established to pay your bills and pay them on time.

TASK 1: ESSAY WRITING

Why is financial literacy important for college students?

UNIT 2: Introduction to Entrepreneurial Mind
 CONCEPT OF ENTREPRENEURSHIP

Entrepreneurship is the ability and readiness to develop, organize and run a

business enterprise, along with any of its uncertainties in order to make a profit.
The most prominent example of entrepreneurship is the starting of new businesses.

 WHAT IS ENTREPRENEURSHIP

In economics, entrepreneurship connected with land, labour, natural resources and

capital can generate a profit. The entrepreneurial vision is defined by discovery and
risk-taking and is an indispensable part of a nation’s capacity to succeed in an
ever-changing and more competitive global marketplace.

 MEANING OF ENTREPRENEUR

The entrepreneur is defined as someone who has the ability and desire to establish,
administer and succeed in a startup venture along with risk entitled to it, to make
profits. The best example of entrepreneurship is the starting of a new business
venture. The entrepreneurs are often known as a source of new ideas or innovators,
and bring new ideas in the market by replacing old with a new invention.

It can be classified into small or home business to multinational companies. In

economics, the profits that an entrepreneur makes is with a combination of land,
natural resources, labour and capital.

In a nutshell, anyone who has the will and determination to start a new company
and deals with all the risks that go with it can become an Entrepreneur.
Also Refer:  Top 8 Difference Between Businessman and Entrepreneur

 WHAT ARE THE 4 TYPES OF ENTREPRENEURSHIP?

It is classified into the following types:
Small Business Entrepreneurship-
These businesses are a hairdresser, grocery store, travel agent, consultant, carpenter, plumber,
electrician, etc. These people run or own their own business and hire family members or local
employee. For them, the profit would be able to feed their family and not making 100 million
business or taking over an industry. They fund their business by taking small business loans or
loans from friends and family.
Scalable Startup Entrepreneurship-
This start-up entrepreneur starts a business knowing that their vision can change the world. They
attract investors who think and encourage people who think out of the box. The research focuses
on a scalable business and experimental models, so, they hire the best and the brightest
employees. They require more venture capital to fuel and back their project or business.
Large Company Entrepreneurship-
These huge companies have defined life-cycle. Most of these companies grow and sustain by
offering new and innovative products that revolve around their main products. The change in
technology, customer preferences, new competition, etc., build pressure for large companies to
create an innovative product and sell it to the new set of customers in the new market. To cope
with the rapid technological changes, the existing organisations either buy innovation enterprises
or attempt to construct the product internally.
Social Entrepreneurship-
This type of entrepreneurship focuses on producing product and services that resolve social
needs and problems. Their only motto and goal is to work for society and not make any profits.

 CHARACTERISTICS OF ENTREPRENEURSHIP:
Not all entrepreneurs are successful; there are definite characteristics that make entrepreneurship
successful. A few of them are mentioned below:

 Ability to take a risk- Starting any new venture involves a considerable amount of

failure risk. Therefore, an entrepreneur needs to be courageous and able to evaluate and
take risks, which is an essential part of being an entrepreneur.
 Innovation- It should be highly innovative to generate new ideas, start a company and
earn profits out of it. Change can be the launching of a new product that is new to the
market or a process that does the same thing but in a more efficient and economical way.
 Visionary and Leadership quality- To be successful, the entrepreneur should have a
clear vision of his new venture. However, to turn the idea into reality, a lot of resources
and employees are required. Here, leadership quality is paramount because leaders impart
and guide their employees towards the right path of success.
 Open-Minded- In a business, every circumstance can be an opportunity and used for the
benefit of a company. For example, Paytm recognised the gravity of demonetization and
acknowledged the need for online transactions would be more, so it utilised the situation
and expanded massively during this time.
 Flexible- An entrepreneur should be flexible and open to change according to the
situation. To be on the top, a businessperson should be equipped to embrace change in a
product and service, as and when needed.
 Know your Product-A company owner should know the product offerings and also be
aware of the latest trend in the market. It is essential to know if the available product or
service meets the demands of the current market, or whether it is time to tweak it a little.
Being able to be accountable and then alter as needed is a vital part of entrepreneurship.

IMPORTANCE OF ENTREPRENEURSHIP:

 Creation of Employment- Entrepreneurship generates employment. It provides an entry-

level job, required for gaining experience and training for unskilled workers.
 Innovation- It is the hub of innovation that provides new product ventures, market,
technology and quality of goods, etc., and increase the standard of living of people.
 Impact on Society and Community Development- A society becomes greater if the
employment base is large and diversified. It brings about changes in society and promotes
facilities like higher expenditure on education, better sanitation, fewer slums, a higher
level of homeownership. Therefore, entrepreneurship assists the organisation towards a
more stable and high quality of community life.
 Increase Standard of Living- Entrepreneurship helps to improve the standard of living
of a person by increasing the income. The standard of living means, increase in the
consumption of various goods and services by a household for a particular period.
 Supports research and development- New products and services need to be researched
and tested before launching in the market. Therefore, an entrepreneur also dispenses
finance for research and development with research institutions and universities. This
promotes research, general construction, and development in the economy.
 WHAT IS AN ENTREPRENEURIAL MINDSET?
Entrepreneurial mindset: a way of thinking that enables you to overcome challenges, be
decisive, and accept responsibility for your outcomes. It is a constant need to improve
your skills, learn from your mistakes, and take continuous action on your ideas. Anyone
willing to do the work can develop an entrepreneurial mindset.
  HERE ARE THE TOP BENEFITS OF HAVING AN
ENTREPRENEURIAL MINDSET:

Gives You A Go-Getter Attitude

Having an entrepreneurial mindset helps you to quickly identify problems and provide a
timely solution. You’re not one to sit around and wait, you have a strong intuition and if
want something you’ll go get it.

It Helps You Fully Understand The Importance of Planning

Having this mindset means you know the importance of keeping moving forward even
when difficult. Being able to plan ahead and foresee potential problems will help you to
stay organised and less stressed – a top life skill whatever path you choose to take after
university!

Not Afraid To Experiment

An entrepreneurial mindset means you’re not afraid to experiment and take risks. You’re
not afraid to try new things and see potential where others may not.

A Creative Mindset

Successful entrepreneurs are known for thinking outside of the box. They’re able to come
up with creative ideas that set them apart from the competition in the market. By running
your own business in University you’ll learn the importance of being creative to help
your business succeed.

You Know the Importance of Value Creation

As an entrepreneur, you know the importance of creating value for customers to help sell
products or services. This sales skill will set you up well for any path in business.

TASK 2: ESSAY WRITING

Why is financial literacy important for college students?

UNIT 3: Success Stories of Filipino Entrepreneur
 FROM BROKE TO BILLIONAIRE: 10 SUCCESS STORIES OF
SELF-MADE FILIPINO ENTREPRENEURS

The following are a few stories that demonstrate steadiness and hard work to
prepare for satisfying dreams. Be stunned. Be roused by this poverty to newfound
wealth accounts of independent Filipino business visionaries.

1. Mariano Que, - Mercury Drug

2. Alfredo M. Yao,- Zest-O
3. Socorro Ramos, -National Bookstore
4. Corazon D. Ong, -CDO Foodsphere
5. Rey E. Calooy, -RNC Marketing Philippines
6. Diosdado Banatao,- Chips and Technologies Co.
7. Julie Gandiongco, -Julie’s Bakeshop
8. Tony Tan Caktiong,- Jollibee
9. Libereto “Levy” P. -Laus, LausGroup of Companies
10.Edgar “Injap” Sia, - Mang Inasal

TASK 3: ESSAY WRITING

https://www.ecomparemo.com/info/broke-to-billionaire-filipino-
entrepreneurs
UNIT 4: Business Opportunities
 BUSINESS OPPORTUNITIES

 40 Best Business Opportunities That Can Turn Into Full-Time Careers

https://commercialcapitaltraining.com/business-resources/business-ideas/40-
best-business-opportunities/


UNIT 5: Impact of Business and Entrepreneurship in the Society

 IMPACT OF BUSINESS AND ENTREPRENEURSHIP IN THE

SOCIETY in terms of :

Economic
Socio

https://www.opengrowth.com/article/know-the-impact-of-entrepreneurship-
on-economy-and-society

https://dcid.sanford.duke.edu/importance-of-entrepreneurship/
UNIT 6: Business Plan
References:

https://cleartax.in/g/terms/financial-literacy#:~:text=Financial%20literacy
%20refers%20to%20the,management%2C%20budgeting%2C%20and%20saving.

https://byjus.com/commerce/what-is-entrepreneurship/

https://www.speedstartup.org/blog-post/the-benefits-of-having-an-entrepreneurial-
mindset/

https://www.ecomparemo.com/info/broke-to-billionaire-filipino-entrepreneurs

https://www.thebalancesmb.com/top-ten-business-opportunities-2951185

https://commercialcapitaltraining.com/business-resources/business-ideas/40-best-
business-opportunities/