Entrepreneurship

Quarter 2– Module 2:
Starting and Operating a Simple
Business
Entrepreneurship – Grade 11/ 12
Alternative Delivery Mode
Quarter 2 – Module 2: Starting and Operating a Simple Business
First Edition, 2020

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 Entrepreneurship
Quarter 2– Module 2:
Starting and Operating a Simple
Business
Introductory Message
For the facilitator:

Welcome to the Entrepreneurship – Grade 11/12 Alternative Delivery Mode

(ADM) Module on Starting and Operating A Simple Business!

This module was collaboratively designed, developed and reviewed by

educators both from public and private institutions to assist you, the teacher or
facilitator in helping the learners meet the standards set by the K to 12 Curriculum
while overcoming their personal, social, and economic constraints in schooling.

This learning resource hopes to engage the learners into guided and
independent learning activities at their own pace and time. Furthermore, this also
aims to help learners acquire the needed 21st century skills while taking into
consideration their needs and circumstances.

In addition to the material in the main text, you will also see this box in the
body of the module:

Notes to the Teacher

This contains helpful tips or strategies that
will help you in guiding the learners.

As a facilitator, you are expected to orient the learners on how to use this
module. You also need to keep track of the learners' progress while allowing them to
manage their own learning. Furthermore, you are expected to encourage and assist
the learners as they do the tasks included in the module.
For the learner:

Welcome to the Entrepreneurship – Grade 11/12 Alternative Delivery Mode

(ADM) Module on Starting and Operating A Simple Business!

Operating a business is not an easy task. It needs dedication and

determination to pursue business venture. In this module, you will learn some of
the basic steps and requirements in operating a business and how to identify where
there is a profit or loss.

This module was designed to provide you with fun and meaningful
opportunities for guided and independent learning at your own pace and time. You
will be enabled to process the contents of the learning resource while being an active
learner.

This module has the following parts and corresponding icons:

What I Need to Know This will give you an idea of the skills or
competencies you are expected to learn in the
module.

What I Know This part includes an activity that aims to

check what you already know about the
lesson to take. If you get all the answers
correct (100%), you may decide to skip this
module.

What’s In This is a brief drill or review to help you link

the current lesson with the previous one.

What’s New In this portion, the new lesson will be

introduced to you in various ways such as a
story, a song, a poem, a problem opener, an
activity or a situation.

What is It This section provides a brief discussion of the

lesson. This aims to help you discover and
understand new concepts and skills.

What’s More This comprises activities for independent

practice to solidify your understanding and
skills of the topic. You may check the
answers to the exercises using the Answer
Key at the end of the module.

What I Have Learned This includes questions or blank

sentence/paragraph to be filled in to process
what you learned from the lesson.
 What I Can Do This section provides an activity which will
help you transfer your new knowledge or skill
into real life situations or concerns.

Assessment This is a task which aims to evaluate your

level of mastery in achieving the learning
competency.

Additional Activities In this portion, another activity will be given

to you to enrich your knowledge or skill of the
lesson learned. This also tends retention of
learned concepts.

Answer Key This contains answers to all activities in the

module.

At the end of this module you will also find:

This is a list of all sources used in developing

References
this module.

The following are some reminders in using this module:

1. Use the module with care. Do not put unnecessary mark/s on any part of the
module. Use a separate sheet of paper in answering the exercises.
2. Don’t forget to answer What I Know before moving on to the other activities
included in the module.
3. Read the instruction carefully before doing each task.
4. Observe honesty and integrity in doing the tasks and checking your answers.
5. Finish the task at hand before proceeding to the next.
6. Return this module to your teacher/facilitator once you are through with it.

If you encounter any difficulty in answering the tasks in this module, do not
hesitate to consult your teacher or facilitator. Always bear in mind that you are not
alone.

We hope that through this material, you will experience meaningful learning and
gain deep understanding of the relevant competencies. You can do it!
 What I Need to Know

This module is designed and written to help you acknowledge the

significance of writing and implementing a business plan for the success of a
business or enterprise.

At the end of the lesson you should be able to:

1. Manifest understanding of starting and operating a simple business

(CS_EP11/12B-ENTREP-Iva-i-1)
a. implement the business plan;
b. identify the reasons for keeping business records;
c. recognize key bookkeeping tasks;
d. identify where there is a profit or loss for a business; and
e. generate an overall report on the activity.
 What I Know

Implementing a business plan is not easy to do. There are some stages
to go through before you can start a business. Do you have any idea about
it? Let’s see what you already know about this lesson. Write your answers in
your notebook.

Multiple Choice. Write the letter of the correct answer in your notebook.
1. This should be clear and well explained to all the members of the
company because it will serve as the building block for the whole
implementation period.
A. Objective C. Tasks
B. Progress D. Time Allocation
2. According to this Republic Act, BMBEs can now register their
businesses, free of charge, at the Department of Trade and Industry (DTI)
through Negosyo Centers.
A. Republic Act 9177 C. Republic Act 9179
B. Republic Act 9178 D. Republic Act 9180
3. This type of record keeping system is used to make it easier to gather
information, generate reports, and update tax and legal reporting
requirements.
A. Analog C. Electronic
B. Automatic D. Manual
4. It is the activity of keeping records of the financial affairs of a business.
A. Bookkeeping C. Encoding
B. Editing D. Posting
5. All of the following tasks should be done weekly, except one.
A. Monitor Incoming and Outgoing Payments
B. Record and Reconcile Transaction
C. File and Upload Receipts
D. Pay Vendors
 Lesson
Implement the Business
3 Plan
Business plan of whether newbie or already well-established business
is just a piece of paper if not implemented. A good implementation of business
plan is the key to a successful business.

What’s In

Let us see if you still remember our last lesson. Write your answers in
your notebook.
A. Identification.
______1. This refers to human workforce involved in the making of products.
______2. This refers to the equipment used in the manufacturing of goods or
delivery of services.
______3. This includes the flow of all information, products, materials, and
funds between different stages of creating and selling a product to the end.
______4. This simply refers to the raw materials needed in manufacturing of
goods.
______5. This refers to the process where the business acquires raw materials,
add value to them through manufacturing and other procedures to produce a
finished product and then sell it to consumers.
______6. It identifies and explains the goods and/ or services to sell, target
market and projected expenses.
______7. This is the manner or the system of transforming raw materials into
finished product.
B. Essay. (3 pts)
What is the importance of forecasting revenue and cost in the business?
 Notes to the Teacher
This module is for students to learn the basic steps and
requirements on hot to operate a business and how to identify if
there is a profit and loss.

What’s New

What is the implication of the illustration below based on your own viewpoint?
Write your answer in your notebook.

Success has no shortcut. You need to work harder and has a

systematic plan in order for you to become successful.

What is It

Implementation of business plan means that you put into action all the
details and information such as: objectives are clarified; tasks are assigned
with deadlines; and program is followed to accomplish objectives and goals.
 Guidelines for successful business plan implementation (De
Guzman, 2018)

1. Objectives
The objectives should be clear and well explained to all the members of
the company because it will serve as the building block for the whole
implementation period. It should be tough but reachable.
For example, let’s assume the start-up is a
bake shop:
1.1 Secure shop space to be opened for business
in two months.
1.2 Sold 10,000 different types of bread in three
months.
1.3 Sold 100,000 different types of bread within
the first year.

2. Tasks
This part determines what must be accomplished to achieve the
objectives. If possible, you may assign a task manager for each step, so that
the roles are well-defined and there is accountability. List all the tasks and
assignments with clear and specific descriptions and explanation of how the
tasks will be carried out. Give emphasis to the expected results for these
tasks.
For example, continuing with the above
example:
2.1 Secure the shop space – real estate agent
2.2 Obtain licenses and permits – you
2.3 Set up baking tools and equipment –
purchasing officer
2.4 Begin to advertise the product – marketing
manager

3. Time allocation
Time frame for each task is very
important for the completion of the business
plan. The time allocation should be
aggressive but reasonable to ensure not only
the completion but most especially the
competent work. You can use the Gantt
chart - a tool that shows how long or short
it will take to complete each task and in what
order the tasks should be done. You can use
Gantt chat online or you can have it yourself
4. Progress
As an owner, you are in charge of monitoring all the tasks progress and
the completion percentage of each objective. When problems occur like
delays, try to find out the root of the problem. Did the person
responsible for that task neglect his/her duties? Did
somebody interrupt the task to delay it? You need
to adjust the Gantt chart accurately to account
for the delay and make a note for the previous
deadline and the reason it was missed.
The more systematic the start of the
implementation of the business plan is the
more possible it will survive in the early
period.

Operating a Business
Aspiring entrepreneurs should seek professional advice from
experienced small enterprise advisors or consultants about the best type of
enterprise to establish before starting a business.
The form of the business that will establish is based on the needs of the
owner and also by the type of the product that are to be made. It is usually
easier and cheaper to register either as a personal business with a single
owner. In your past discussion/module, other forms of business based on
ownership were discussed and you can choose from those depending on the
business you are going to establish.

Business Registration Requirements

Before you operate a business, you are required to register it to different
agencies to make your business legal. The registrations may vary in both the
number of steps and the degrees of complexity and government in the
registration process. The entrepreneur needs guidance from a consultant and
an accountant who are experienced in these processes.
According to R.A. 9178 or Brgy. Micro Business Enterprise (BMBEs) act
of 2002, BMBEs can now register their businesses, free of charge, at the
Department of Trade and Industry (DTI) through Negosyo Centers.
BMBE is meant to any business entity or enterprises engaged in the
production, processing or manufacturing of products or commodities,
including agro-processing, trading, and services whose total assets, excluding
land, shall not be more than P3 million.
 The following are the basic requirements to operate a business in the
Philippines:
1. Business Entity Registration
a. For sole/single proprietorship form of business, you need to register the
name of your business to the Department of Trade and Industry (DTI).
b. For partnership and corporation, you need to register the business in
Security and Exchange Commission (SEC).
c. For cooperative, you need to register your business in Cooperative
Development Authority (CDA).
2. You need to apply Mayor’s business permit in order for you to get a license
to operate in the city or municipality and also for the payment of your local
business tax.
3. You need to register your business to Bureau of Internal Revenue for the
taxpayers identification number (TIN), for the authorization of printing of
official receipts, invoice and book of journal.
4. There are other requirements like Social Security System (SSS),
PhilHealth, and Pag-IBIG Fund for registering and securing yourself or
company and for your employees; to remit their contribution together with
your employer’s share.
5. There are also some other special requirements like Bangko Sentral ng
Pilipinas (BSP) for financing institution, Bureau of Food and Drugs (BFAD)
for manufacturing and selling products related to food and drugs and for the
schools and universities, they need to register their business to Department
of Education (DepEd) and Commission on Higher Education (CHED).

Keeping Business Records

Records are very essential to business. These will serve as source
documents and references, both physical and electronic, it includes
transaction dates and amounts, legal agreements, private customers, and
other business details.
Practice of good record keeping can protect the business, measure the
performance, and maximize the profit.
Developing a system to log, store, and dispose records can benefit the
business a systematic recorded allowing you to: (De Guzman, 2018)
• plan and work more efficiently;
• meet legal and tax requirements;
• measure profit and performance;
• generate meaningful reports;
• protect your rights; and
• manage potential risks.
 Today’s businesses used electronic record keeping system to make it
easier to gather information, generate reports, and update tax and legal
reporting requirements.

Key Bookkeeping Tasks

Bookkeeping is the process of keeping financial records of a business.
It is a very challenging task and at the same time overwhelming. It is
understandable that there are many things to be done when running a
business. However, bookkeeping is crucial to the success of the business, so
it needs to get done promptly and correctly. Bookkeeper is the one who does
bookkeeping.
Classifying many bookkeeping tasks whether it is daily, weekly,
monthly, quarterly and yearly checklists and being consistent about
completing each task make bookkeeping simple and rewarding.

Daily Task
1. Review Available Cash
The bookkeeper must check every day
how much cash is available. Unexpected expenses
may occur on a daily basis and may affect the
available cash.
2. Monitor Incoming and Outgoing Payments
Expenses must be acknowledged at the
beginning of the day so that you will prepare for the
incoming and outgoing payments for that day.
Provide an accurate presentation of the cash
position on the next day.

Weekly Tasks
1. Record and Reconcile Transaction
Recording and reconciling transactions are
foundation to proper bookkeeping on a weekly basis.
Every transaction must be recorded and reconciled.
You can do this manually by writing it down; or
through accounting software like Quickbooks Online.
If online, make sure you categorize it correctly and
reconcile it promptly.
2. File and Upload Receipts
Keep copies of all the invoices, receipts, and payments. Keep all
these files in paper form, but it will be better if you also have soft copies for
back up purposes. For example, when reconciling the payment transactions,
upload the receipts and attach them to the correct transaction.
 3. Enter Unpaid Bills from Vendors
It is very important to always track each vendor’s information,
like billing dates, amount due, and payment due dates. If vendors offer
discounts for early payments, check your cash if available and take advantage
of that. Accounting software can automate this process to help keep better
track of all bills and also to save time and money by taking advantage of this
software.
4. Pay Vendors
Tracking payment due dates will be very simple if the bills are
entered into the accounting software. Make sure that the funds are already
set aside for the bills and process payments before the due date.
5. Prepare and Send Invoices
Always remember that the sooner invoices are mailed or
reminded, the sooner it will get paid. Keep sending invoices and try to send
them on the exact day the client expected to receive them.
6. Review Projected Cash Flow
It is very important to always monitor your cash flow, in and out
of the practice. Forecast how much cash you will need in the incoming
weeks/months to pay your bills, employees, and suppliers.

INCOME STATEMENT

Income Statement is also known as the profit or loss statement. It is a

financial statement that shows you how profitable your business within a
given period. Data on sales revenue and expenses from both the accounting
journals and the general ledger are used to prepare the income statement.
The income statement also shows the revenue and the expenses for the time
period. The bottom line of the income statement is net income/profit or net
loss.

Two Forms of Income Statement

1. Income statement for Service Company.

ABC Company
Income Statement
For the Year Ended December 31, 20x2
Revenue xxx
Less Expenses:
Salaries Expense xxx
Transportation Expense xxx
Utilities Expense xxx
Rent Expense xxx
Total Expense xxx
Net Income xxx
Revenue – is the total income given by specific source like consultation
revenue and service revenue.
Expenses – the cost or the money spent for something.
Examples:
Salaries Expense
Transportation Expense
Utilities Expense
Rent Expense
Advertising expense
*To get the total Revenue, just add all the revenues.
*To get the Total expense, just add all the expenses.
*To get the Net Income, deduct the total expenses from total revenue. Double
rule the final answer.

Let’s have an activity!

Prepare for the income statement of JKL Company for the year ended
August 31, 2020.
Revenue P50,000
Rent Expense P3,000
Transportation Expense P1,300
Utilities Expense P5,500
Salaries Expense P8,000

JKL Company
Income Statement
For the year ended August 31, 2020

Revenue P50,000
Less: Expenses
Salaries Expense P8,000
Utilities Expense 5,500
Rent Expense 3,000
Utilities Expense 1,300
Total Expense 17,800
Net Income P32,200

Note:
*In writing the expenses, start from the highest amount down to the lowest
amount.
*Do not forget to write the peso sign. In the case of expenses, only the first
amount has peso sign.
*Do not forget the double rule (double lines) in the net income.
*Please be mindful of the format given.
2. Income Statement for Merchandising Company

ABC Company
Income Statement
For the Year Ended December 31, 20x2

Revenues xxx
Less: Cost of Goods Sold
Materials xxx
Labor xxx xxx
Gross Profit xxx
Less: Expenses
Utilities Expenses xxx
Miscellaneous Expense xxx
Permit and Licenses xxx xxx
Income before Interest and Taxes xxx
Less: Tax xxx
Net Income xxx

Note: It is already discussed to you on Quarter 1, Module 2.

Let us review.
Cost of goods sold from start-up summary table, all the materials cost
needed in production of goods like fabric and labor.
Gross profit is equal to Revenues less Cost of Goods Sold
Expenses include all the expenses that are not included in Cost of goods
sold like utilities, miscellaneous expense and permit and licenses.
Income before Interest and Taxes = Gross profit - expenses
Tax = 32% (tax rate) of Income before Interest and Taxes
E.g. 89280 x .32 = 28,570
Net Income = Income before Interest and Tax less Tax

Let’s have an activity!

Prepare for the income statement of OLV Company for the year ended
August 31, 2020.
Revenue P380,000
Materials P80,000
Labor P36,000
Rent Expense P3,000
Utilities Expense P5,500
Miscellaneous Expense P7,000
 OLV Company
Income Statement
For the year ended August 31, 2020

Revenues P380,000
Less: Cost of Goods Sold
Materials P80,000
Labor 36,000 116,000
Gross Profit P264,000
Less: Expenses
Miscellaneous Expense P7,000
Utilities Expense 5,500
Rent Expense 3,300 15,500
Income before Interest and Taxes P248,500
Less: Tax 79,520
Net Income P168,980

Note:
*In writing the expenses, start from the highest amount down to the lowest
amount.
*Do not forget to write the peso sign. In the case of expenses and cost of
goods sold, only the first amount has peso sign.
*Do not forget the double rule (double lines) in the net income.
*Please be mindful of the format given.

What’s More

A. Prepare for the Income Statement (Service) of Cruz Law Firm for the year
ended December 31, 2020.

Revenue P520,000
Utilities Expense 8,500
Rent Expense 10,500
Salaries Expense 125,000
Advertising Expense 5,000
B. Prepare for the Income Statement (Merchandising) of Lopez Bakeshop for
the year ended December 31, 2020.

Revenue P450,000
Materials 80,000
Labor 28,000
Utilities Expense 12,000
Advertising Expense 3,000
Depreciation Expense 2,500
Rent Expense 8,000

What I Have Learned

Answer the following questions in your notebook.

1. What are the guidelines for successful business plan implementation?
2. What are the basic requirements to operate a business in the Philippines?
3. Why do we need to keep business records?
4. What are the daily and weekly tasks of the bookkeeper?
5. How will you know if your business is making profit or not?

What I Can Do

At this time, you are now to implement your business plan and put up
your simple business at home. Prepare for the income statement of your
business at the end of the selling period (5 days). The rubrics below will be
used to measure this activity.

Excellent: 15pts Average: 10pts.

Income 100% original work and 50% original work and
Statement accurate accurate
If the business earned If the business did not earn
Net Income
income. income.
 Assessment

A. True or False. Write TRUE if the statement is correct and FALSE if

otherwise. Write your answers in your notebook.

1. The objective will serve as the building block for the whole implementation
period.
2. The more systematic the start of the implementation of the business plan
is the more possible it will survive in the early period.
3. Aspiring entrepreneurs should seek amateur advice from experienced
small enterprise advisors or consultants about the best type of enterprise to
establish before starting a business.
4. You are required to register your business before you operate it.
5. For partnership and corporation, you need to register the business in
Department of Trade and Industry.
6. Practice of good record keeping can protect the business, measure the
performance, and maximize the profit.
7. Bookkeeping is the activity of keeping records of the financial affairs of a
business.
8. Recording and reconciling transactions are foundations to proper
bookkeeping on a weekly basis.
9. The bookkeeper must check every month how much cash is available.
10. Income statement is a financial statement that shows you how profitable
your business has become within a given period.

B. Prepare for the income statement.

Prepare for the income statement of ABCD Merchandising for the year ended
May 31, 2020.

Revenue P1,580,000
Materials 220,000
Labor 130,000
Rent Expense 90,000
Utilities Expense 85,000
Miscellaneous Expense 130,000
 Additional Activities

Make a Position Paper.

Follow the format below:
I. Introduction
II. Content
III. Recommendation

COVID 19 really affects the business all over the world. It paralyzes
many business operations and transactions and some of the businesses are
totally closed.
If you will be given a chance to become an economic adviser of your
respective municipality, what would be your stand on this issue? What would
be your best advice to the Mayor’s office?

Needs
Excellent: 5pts Average: 3pts. Improvement:
2pts.
Format must be Format is incorrect Format is incorrect
correct from the from the given from the given
Content
given format and has format and has a format and has
and Format
a substantial substantial content. unsubstantial
content. information.
Overall aspects of the Overall aspects of The statement is
statement are clean the statement are unclean and not
Presentation
and readable. unclean and readable
readable.
What’s More? What’s More?
A. A.
Cruz Law Firm Lopez Bakeshop
Income Statement Income Statement
For the year ended December 31, 2020 For the year ended December 31, 2020
Revenue P520,00 Revenues P450,000
Expenses Less: Cost of Goods Sold
Salaries Expense P125,000 Materials P80,000
Rent Expense 10,500 Labor 28,000 108,000
Utilities Expense 8,500 Gross Profit P342,000
Advertising Expense 5,000 Less: Expenses
Total Expense P149,00 Utilities Expense P130,000
Net Income P371,000 Rent Expense 8,000
A. Assessment: Advertising Expense 5,500 25,500
A. 1. TRUE 6. TRUE Income before Interest and P316,500
2. TRUE 7. TRUE Taxes
Less: Tax 101,280
3. FALSE 8. TRUE
Net Income P215,220
4. TRUE 9. FALSE
5. FALSE 10. TRUE
B.
ABCD MERCHANDISING
INCOME STATEMENT
For the year end May 31, 2020 What I Have What I Have Learned:
Learned:
4. Daily tasks
Revenues P1,580,000
Less: Cost of Goods 1. Objectives, Tasks, a. Review available
Sold Time Allocation, Cash
Materials P220,000 Progress b. Monitor Incoming
Labor 130,000 350,000 2. a. business entity and Outgoing
Gross Profit P1,230,000 registration Payments
Less: Expenses b. Mayor’s permit Weekly Tasks
Miscellaneous Expense P130,000 c. Registered to BIR q. Record and receive
Rent Expense 90,000 d. Registered to SSS, transaction
Utilities Expense 85,000 305,000 Pag-ibig and b. File and upload
Income before Interest P925,000 PhilHealth receipts
and Taxes
3. We need to keep c. Enter unpaid bills
Less: Tax 296,000
Net Income P629,000 out business records from vendors
What’s In: because it will serve d. Pay Vendors
1. Manpower as a source e. Prepare and send
2. Machine documents and invoice
3. Supply Chain
4. Materials Additional Activities: What I Know?
What New: 5. Value Chain A. 1. A
6. Business Model AnsAnswers may 2. B
Answer may vary 7. Method vary 3. C
8-10 4. A
Forecasting is important 5. A
because more investors will
What I Can Do:
be interested in financing
your business venture if Answers may
you could provide them of vary
thoughtfully done forecast.
Answer Key
References

De Guzman, Angeles A. Entrepreneurship (For Senior High School Applied Subject,

ABM Strand). Copyrighted, 776 Aurora Blvd., cor. Boston Street, Cubao,
Quezon City, Metro Manila.

Edralin, Divina M. Entrepreneurship. Copyrighted, 1253 G Araneta Avenue, Quezon

City: Vibal Group Inc., 2016.

Morató Jr., Eduardo A. Entrepreneurship. Copyrighted, 856 Nicanor Reyes Sr., St.,
Sampaloc Manila; Rez Book Store, Inc., 2016.

https://www.google.com/search?q=failure+and+success+images&sxsrf=ALeKk01z8
pmFfi7Cs3WLTobJWwdxnKbGhw:1602470303051&tbm=isch&source=iu&ic
tx=1&fir=_KHQx8hG3Hs5WM%252CmqiYaN-
laBu0fM%252C_&vet=1&usg=AI4_-
kQM1xKix4reS5nrwi5UyKC2HAHOLQ&sa=X&ved=2ahUKEwiAsLSJg67sAhW
pyYsBHb6YD1MQ9QF6BAgOEFg&biw=1366&bih=657#imgrc=_KHQx8hG3H
s5WM
For inquiries or feedback, please write or call:

Department of Education – Region III,

Schools Division of Bataan - Curriculum Implementation Division
Learning Resources Management and Development Section (LRMDS)

Provincial Capitol Compound, Balanga City, Bataan

Telefax: (047) 237-2102

Email Address: bataan@deped.gov.ph