MODULE ON APPLIED ENTRPRENEURSHIP FOR SENIOR HIGH 1

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Lesson 1 - Introduction

Content Standard

The learner should be able to demonstrate understanding of key

concepts, underlying principles and core competencies in
entrepreneurship

Performance Standard

The learner can independently create a quality and marketable

product or service as prescribed in the TESDA learning regulation

Learning Outcomes/Competencies

The learner can,

1. Discuss the relevance of the course;

2. Explain key concepts and common competencies;
3. Identify core competencies in Entrepreneurship; and
4. Explore possible job opportunities with Entrepreneurship as a
career

Relevance of the course

The course provides the basics of entrepreneurship, the required

competencies of would-be entrepreneurs and key concepts that are
relevant towards the development of entrepreneurial minds. This
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course would also assist exploration of possible career opportunities
that would expand business initiatives that are economically feasible.

Key Concepts

In the discipline of economics, an entrepreneur is a resource that

is getting scarce. The world’s population is expanding at a pace so fast
that consumption of resources is more that the rate in which these can
be replaced or replenished. As an economic resource, an entrepreneur
is someone who can put land, labor and capital into good use. So what
does an entrepreneur do?

 An entrepreneur is an innovator who never runs out of ideas.

The entrepreneur’s mind is like a giant wheel that turns without
stopping.
 An entrepreneur is a creative artist who is constantly ready to
transform trash into art
 An entrepreneur is an opportunity seeker and would tirelessly
pursue incredible, out of this world ideas.
 An entrepreneur is a dreamer and would turn vision into reality
 An entrepreneur does not grow old. Remember that age is just a
physical manifestation of maturity but the mind is always as
young as a child’s, forever yearning for new things to learn and
explore
 An entrepreneur is an adventurer who would sail through rough
seas and sweep the tumultuous skies, steadfast and without
fear.
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 An entrepreneur has bruises and scars all over, and considers
those as priceless possessions because every wound carries
lessons learned and wisdom gained

An entrepreneur is a compassionate human, ready to share and give

advice to others who would like to tread the same path. The
entrepreneur unselfishly gives pointers on how to be successful, how
to handle difficulties and how to rise up in the face of adversaries. The
entrepreneur tirelessly gives advice on others who fall and fail, and
would always encourage these people to never give up.

How does one become an entrepreneur?

1. Open the eyes and scan the surroundings. Look at them as

canvasses that are bare, woods that are shapeless and mounds of clay
that are waiting to be turned into beautiful works of art.

2. Treat problems as opportunities. Remember there are no problems

that cannot be solved. When bad things happen, that means several
opportunities were created.

3. Even a barren land can be turned into a green pasture. Only a wise
entrepreneur can make that happen.

4. Don’t be afraid to experiment and fail. There is always a second

time.

5. It is alright to feel pain, get angry, become frustrated or even give

up for a short while. After all an entrepreneur is only human. What is
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more important is the ability to move on, with the same or even
greater enthusiasm to start anew.

Can anyone be an entrepreneur? The good news is YES. Every person

born is gifted with this ability and is just waiting to be tapped. Keep in
mind that no one has sole mastery or has the secret key to
entrepreneurial abilities. Everybody can be a master entrepreneur in
his or her own right. The world is a huge stage where everyone can fit
in and do magic. After all, God gifted the earth with many bounties
that men ought to transform and use those, for the good of all
creatures. It’s about time that everyone use these gifts because the
world has already so much problems than it can bear and time is
running out.

The Entrepreneurial Mindset

Kuratko (2012) discussed several related characteristics associated

with entrepreneurs that were gathered largely from various literatures
and these are the following:

 Commitment, determination and perseverance. A total

commitment and dedication towards achieving success as an
entrepreneur can overcome any obstacles and setbacks. More
often, entrepreneurs with high-potential business ventures that
require venture capitalization financing are willing to give up
personal assets. For example, an entrepreneur may exhibit
willingness to mortgage their personal properties, cut on pay and
even family time, and would reduce living standards.
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 Drive to Achieve. An entrepreneur is someone who is internally
driven by an intense desire to compete against self-imposed
standards as it pursues highly challenging tasks. They are self-
starters, they often examine situations and are determined on
how to increase the possibilities of winning, then proceed with it.
 Opportunity Orientation. This characteristic refers to the
constant awareness of opportunities that exist everyday.
Successful entrepreneurs start with opportunity(ies)
identification and allow their understanding of it (those) guide
other relevant issues. They set high but achievable goals and
helps them in where to focus their energies and know when to
say “no”; allowing them to set priorities and define how well they
are performing based on measures set.
 Initiative and Responsibility. The entrepreneur has been
historically viewed as an independent and highly self-reliant
innovator. They are willing to put themselves in situations where
they are highly accountable and personally responsible for the
success or failure of the operation. They also seek for situations
where their personal impact on issues and problems can be
measured.
 Persistent problem solving. Entrepreneurs are very seldom
intimidated by difficult situations, and they use their self-
confidence and overall optimism to view that impossible tasks
just takes a little longer to become possible. Although
entrepreneurs are also realistic in recognizing what they can and
cannot do, and acknowledge. They also recognize when they
need help and where they can get them in order to solve
extremely difficult tasks.
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 Seeking Feedback. Effective entrepreneurs often are described
as quick learners. Unlike many people, however, they also have
a strong desire to know how well they are doing and how they
might improve their performance. In attempting to make these
determinations, they actively seek out and use feedback.
Feedback is also central to their learning from mistakes and
setbacks.
 Internal Locus of Control. Successful entrepreneurs believe in
themselves. They do not believe that the success or failure of
their venture will be governed by fate, luck, or similar forces.
They believe that their accomplishments and setbacks are within
their own control and influence, and that they can affect the
outcome of their actions. This attribute is consistent with a high-
achievement motivational drive, the desire to take personal
responsibility, and self-confidence.
 Tolerance for Ambiguity. Start-up entrepreneurs face uncertainty
compounded by constant changes that introduce ambiguity and
stress into every aspect of the enterprise. Setbacks and
surprises are inevitable; lack of organization, structure and order
is a way of life. A tolerance for ambiguity exists when the
entrepreneur can deal with the various setbacks and changes
that constantly confront him or her. Successful entrepreneurs
thrive on the fluidity and excitement of such an ambiguous
existence. Job security and retirement generally are of no
concern to them.
 Calculated Risk Taking. Successful entrepreneurs are not
gamblers- they are calculated risk takers. When they decide
to participate in a venture, they do so in a very calculated,
carefully though-out manner. They do everything possible to get
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the odds in their favor, and they often avoid taking unnecessary
risks. These strategies include getting others to share inherent
financial and business risk with them- for example, by
persuading partners and investors to put up money, creditors to
offer special terms, and suppliers to advance merchandise.
 Integrity and Reliability. Integrity and reliability are the glue and
fiber that bind successful personal and business relationships
and make them endure. Investors, partners, customers, and
creditors alike value these attributes highly. Integrity and
reliability help build and sustain trust and confidence. Small-
business entrepreneurs, in particular, find these two
characteristics crucial to success.
 Tolerance for Failure. Entrepreneurs use failure as a learning
experience; hence; they have a tolerance for failure. The
iterative, trial-and-error nature of becoming a successful
entrepreneur makes serious setbacks and disappointments an
integral part of the learning process. The most effective
entrepreneurs are realistic enough to expect such difficulties.
Furthermore, they do not become disappointed, discouraged, or
depressed by setback or failure. In adverse and difficult times,
they look for opportunity. Many of them believe that they learn
more from their early failures than from their early successes.
 High Energy Level. The extraordinary workloads and stressful
demands placed on entrepreneurs put a premium on their
energy. Many entrepreneurs fine-tune their energy levels by
carefully monitoring what they eat and drink, establishing
exercise routines, and knowing when to get away for relaxation.
 Creativity and Innovativeness. Creativity was once regarded as
an exclusively inherited trait. Judging by the level of creativity
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and innovation in the United States compared with that of
equally sophisticated but less creative and innovative cultures, it
appears unlikely that this trait is solely genetic. An expanding
school of thought believes that creativity can be learned (chapter
5 provides a comprehensive examination of this critical
characteristics). New ventures often possess a collective
creativity that emerges form the joint efforts of the founders and
personnel and produces unique goods and services.
 Vision. Entrepreneurs know where they want to go. They have a
vision or concept of what their firms can be. For example, Steve
Jobs of Apple Computer fame wanted his firm to provide
microcomputers that could be used by everyone, from
schoolchildren to businesspeople. The computer would be more
than a machine. It would be an integral part of the person’s life
in terms of learning and communicating. This vision helped make
Apple a major competitor in the microcomputer industry. Not all
entrepreneurs have predetermined visions for their firms,
however. In many cases, this vision develops over time as the
individual begins to realize what the firm is and what it can
become.
 Self-Confidence and Optimism. Although entrepreneurs often
face major obstacles, their belief in their ability seldom wavers.
During down times, they maintain confidence and make it known
to others. This aids in helping them maintain optimism and
creates self-confidence necessary for a group.
 Independence. The desire for independence is a driving force
behind entrepreneurs. They refuse rigid, bureaucratic systems
with a sincere commitment to make things different. This is not
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to say that entrepreneurs must make all decisions however they
want the authority to make the important ones.
 Team Building. The entrepreneur desires to build a strong
entrepreneurial team. Most successful entrepreneurs have highly
qualified and high performing teams that are strongly motivated
to handle the venture’s growth and development. In fact, though
the entrepreneur may have the clearest vision of where the firm
should be headed, the team mates are often more qualified to
handle day-to-day implementation challenges.

Job opportunities for entrepreneurs

According to Michalowicz, there are entrepreneurship graduates who

would not want to start their own ventures yet. There are many other
options and very few limitations. Rather than simply focusing on the
“entrepreneurial” aspect of your degree, consider all that you learned
to get that degree. Most likely there were courses that covered
creativity, innovation, ethics, marketing, finance, and a wide variety of
other topics. Focus on those skills and concepts and see where you can
use them.
 Mid-level management – in big companies, the c-level
employees work on developing ideas and the laborers does the
actual work. Mid-level management converts ideas to actual
implementation.
 Business consultant – these are professionals who go to clients,
help them identify problems and fix them. Entrepreneurs are
trained to help identify factors that others may not easily pick up
and knows how to solve or fix them
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 Sales - someone who works in sales or runs the department

needs to know how businesses run. They need to know how to
represent a company, manage accounts, and follow up on leads. 

 Research and development - to work in R&D, you need to

understand business concepts, procedures, and practices. With
all of the training and education someone has received learning
about entrepreneurship, they are well prepared for this type of
position.

 Not-for-profit fundraiser - Being able to raise funds requires

understanding the importance of business and networking
relationships.

 Teacher – As a teacher it is suggested to teach a core

competency (e.g., math, history, literature, etc.), but teach
students the entrepreneurial side. Teach them the benefits of
math to business, history to innovation, and literature to
persuasive advertising.

 Recruiter - Having had courses that cover operations

management, leadership, and a variety of others, you most
likely have a keen sense of what type of person is needed to
fulfill a position. Companies who use recruiters rely upon
someone being not just people savvy, but having an in-depth
business sense as well.

 Business reporter - If you can write articles, or pick up a quick

class to learn it, you are in a prime position to take the lead on
covering a local business beat. You will understand the field and
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concepts and can use your knowledge to make the business

section that much more interesting and telling.

Lesson 1 Review Session

Name:_____________________ Date:________ Score:______

Study Questions. Answer briefly on the space provided for

1. How do the following traits relate to entrepreneurs?

 Desire to achieve - ___________________________________
___________________________________________________
___________________________________________________
___________________________________________________

 Opportunity orientation - _______________________________

___________________________________________________
___________________________________________________
___________________________________________________

 Persistent problem solving - ____________________________

___________________________________________________
___________________________________________________
___________________________________________________

2. Is it true that most successful entrepreneurs have failed at some

point in their business careers? Explain.

___________________________________________________
___________________________________________________
___________________________________________________
_________________________________________________

3. In what way is “vision” important to entrepreneurs? Self-

confidence? Independence?
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___________________________________________________
___________________________________________________
___________________________________________________
___________________________________________________
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Experiential Exercise

Name:___________________ Date:________ Score:______

Are You a High Achiever?

One of the most important characteristics of a successful
entrepreneur is the desire to be a high achiever. The following ten
questions are designed to help identify your achievement drive. Write
the letter preceding your answer in the blank to the left of each
question. Scoring information is provided at the end of the exercise.

1. _____ An instructor in one of your classes asked you to vote on

three grading options: (a) study the course material, taje the exams
and receive the grade you earn; (b) roll a die and get an A if your roll
an odd number and a D if you roll an even number; (c) show up for all
class lectures, turn in a short term paper and get a C. Which of these
options would you choose?

2._____ How would you describe yourself as a risk taker? (a) high, (b)
moderate, (c) low

3._____ You have just been asked by your boss to take on a new
project in addition to the many tasks you are already doing. What
would you tell your boss? (a) Since I am already snowed under, I can’t
handle anymore. (b) Sure, I’m happy to help out; give it to me. (c) Let
me look over my current work load and get back to you tomorrow
about whether I can take on any more work.

4._____ Which one of these people would you most like to be? (a)
Steve Jobs, founder of Apple Computers, (b) Lee Iacocca of Chrysler
fame, (c) Jack Welch, former CEO of General Electric.

5._____ Which one of these games would you most like to play? (a)
Monopoly, (b) Bingo, (c) Roulette.
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6._____ You have decided to become more physically active. Which
one of these approaches has the greatest attraction for you? (a) join a
neighborhood team, (b) work out on your own, (c) join a local health
club.

7._____ With which one of these group would you most enjoy playing
poker? (a) friends, (b) high stake players, (c) individuals who can
challenge you

8._____Which one of these persons would you most like to be? (a) a
detective solving a crime, (b) a politician giving a victory speech, (c)
a millionaire sailing on his/her yacht?

9._____Which of these activities would you prefer to do in an evening

off? (a) visit a friend, (b) work on a hobby, (c) watch television

10.____ Which one of these occupations has the greatest career appeal
for you? (a) computer salesperson, (b) a corporate accountant, (c) a
criminal lawyer.

Scoring: Transfer each of your answers to the following scoring key by

circling the appropriate number ( for example, if your answer to
question 1 is c, you will circle the number 2 in row 1). Then total all
three columns to arrive at your final score

a b c

1. 10 0 2
2. 2 10 2
3. 6 2 10
4. 7 10 5
5. 10 0 0
6. 2 10 6
7. 4 2 10
8. 10 7 4
9. 4 10 4
10. 10 5 10

High achievers: 76~100

Moderate achievers: 50~75
Low achievers: less than 50
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Interpretation:

1. High achievers take personal responsibility for their actions. They do

not like to rely on luck. The third option (c) assumes that the class
time saved by not having to study for exams will be used to study for
other classes; otherwise, the answer would be a zero.
2. High achievers are moderate risk takers in important situations
3. High achievers like to study a situation before committing
themselves to a course of action
4. Jobs in a high-achieving individual but is more interested in design
and engineering than in goal accomplishment. Iacocca is an extremely
high –achieving salesperson/executive; Jack Welch is more driven by
the need for power than the need to achieve.
5. Monopoly allows the high achiever to use his or her skills; bingo and
roulette depend on luck.
6. The high achiever would work out on his or her own. The second
best choice is to join a health club, which allows less individual
freedom but provides the chance to get feedback and guidance from
individuals who understand how to work out effectively.
7. High achievers like challenges but not high risks. If you are a very
good poker player and you chose (b) you can raise your score on this
question from 2 to 10.
8. Because high achievers like to accomplish goals, the detective would
have the greatest appeal for them. The politician is more interested in
power, and the millionaire is simply enjoying him- or herself.
9. High achievers like to do constructive things that help them improve
themselves, so working on a hobby would be their first choice.
10. The computer salesperson and the criminal lawyer have a much
higher need to achieve than does the corporate accountant.

Sources:
Kuratku, D. (2012). Entrepreneurship: an introduction. Cengage
Learning.

Michalowicz, M. 8 jobs you can get with an entrepreneurship degree.

Open Forum. Retrieved from
https://www.americanexpress.com/us/small-
business/openforum/articles/8-jobs-you-can-get-with-an-
entrepreneurship-degree/
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Lesson 2 – The Business Plan

Content Standard

The learner should be able to demonstrate understanding of

what a business plan is, underlying princeples, its importance in
entrepreneurship and the fundamentals of preparing a comprehensive
business plan.

Performance Standard

The learner can independently prepares an acceptable business

plan

Learning Outcomes/Competencies

The learner can,

1. Recognize a potential market;

2. Recognize and understand the market;
3. Recognize the importance of marketing mix in the development
of a marketing strategy
4. Demonstrate the 4Ms (Manpower, Method, Machine, Materials)
of operations in relation to the business opportunity
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How to recognize a potential market

The identification of opportunities is core to the domain of
entrepreneurship and is fundamental in the recognition of a potential
market. It revolves around the questions of why, when and how
opportunities for goods creation and services in the future turn out in
an economy. The first step to any entrepreneur is the identification of
a good idea, though the search for these is not always easy. Potential
entrepreneurs should always be alert in identifying opportunities in the
external and internal environment that will allow him to create an idea.

What are the sources of opportunities?

 Trends – these are indicators in the shift of paradigm (or

thinking) of a certain population. Trend observation can give an
entrepreneur the ability to recognize an opportunity that is
workable and has potential. Trend can be observed in a society,
technology, economy and even the government. Examples are:
o Trends in the society: aging demographics, health and
fitness, lifestyles of young professionals, interests of
adolescents (social media, sports, entertainment, food,
accessories, fashion)
o Trends in technology: mobile technology, e-commerce
o Economic trends: higher disposable income, dual wage
earners, more employed workforce, more student
populations, rise in foreign exchange needs
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o Government trends: petroleum prices, regulations, election
season, threats of terrorism
 Unexpected occurrences - these could either be success or
failures that were not anticipated like the 911 terrorist attack,
Yolanda typhoon, earthquakes and fires. The need for more
secure structures rose and heightened awareness on security of
life and properties.
 Incongruities – these occur when a gap of difference exists
between reality and what is expected. For example, the increase
of foreign overseas Filipino workers created for a need to have
money transferred and withdrawn any time of the day.
Therefore, aside from banks, other businesses related to money
remittances were formed like Cebuana, Palawan, LBC, Western
Union and similar ones addressed the need to have more money
remittance centers that are conveniently located.
 Process needs – these occur when an answer to a particular
need is required. For example, creation of new medical devices,
health foods, sports drinks, caffeine free drinks, sugar free
drinks and time saving devices. Another more recent example is
when the “tanim-bala” problem occurred in NAIA, the need to
have luggages securely packed made some individuals offer
plastic wrapping services in the airport.
 Demographic changes –these occur when changes in age,
population, education, occupation, geographic locations and
other factors happen. Demographic shifts are one the most
important indicators and pose a lot of new opportunities for
business idea creation. Examples include day care centers for
young working couples, retirement homes for elder people,
amusement and leisure activities for retirees
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 Perceptual changes – these occur when people’s view on facts
and concepts changes. For example, people may have more
desire to have less time spent at work and more time for family
and leisure activities, growing concern for health and fitness,
travel and tourism opportunities and desire for pursuing higher
education.
 Knowledge based concepts – these are the basis for creating
something brand new such as innovations on having robots to
clean homes, mobile phones that have Internet access, wider
access to international music, movie and videos, ability to
communicate anywhere in the world, multi-media, gaming and
new technologies that were non-existent before.

According to Incremental Innovation, other sources of innovative ideas

include:
 Customers - Since customers are the ones to provide the final
evaluation of products and services and well as drive sales, it is
no wonder that they are the most fruitful source for ideas. In
order to fully utilize the power of customers, innovation leaders
should put into place methods for garnering and gathering
customer ideas. The internet is an excellent place to begin,
especially for companies in the technology industries. There are
countless outlets online for customers to provide reviews on
products. Companies in the retail and services industries may
also want to invest in an online portal attached to their website
which allows customers to submit, reviews, complaints and
ideas.
 Competitors - Competing organizations and firm leaders are two
other underutilized sources for innovation. Attending industry
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conferences, exhibitions and tradeshows is a good way to keep
aware of what the competition is developing or researching.
Businesses can often use these ideas and append or modify
them to create new products themselves.
 Internal Departments - Internal employees in addition to sales
and marketing together make up one of the largest sources for
ideas. By virtue of experience and exposure within an industry
and its related products, employees are often the most well-
informed idea source and can provide detailed, structured
proposals for new products and services.
 Industry and Market Structure Change - Your industry and the
market are in continual flux. Regulations change and some
product lines expand while others shrink. Firms should
continually be on the watch for this. One example is
deregulation. When a previously regulated industry becomes
open there is historical precedence for companies that enter
early to be very successful. Other things to watch out for are the
convergence of multiple technologies and structural problems
that occur from time to time
 Changes in Perception, Meaning, and Mood - Over time
populations and people change. The way they view life changes,
where they take their meaning from, and how they feel about
things also is modified over time and smart companies must pay
attention to this in order to capitalize (and avoid becoming
forgotten, a relic of ages past).Here are two examples. First is a
principle called “downaging” which refers to people who look at
50 as being 40. Industries have responded to this, most notably
in the cosmetic and personal care industry which provides plenty
of solutions to help these people look younger. Full industries are
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creeping up that make people feel younger. Religion is another
example. Across the world we’ve seen Islam and atheism rise.
Companies should adapt as overall meaning changes in culture.
 New Knowledge- As the speed of technological revolution
increases there will be an ever increasing number of
opportunities that open up. The internet has been the most
notable one in the last couple decades but there have been a
plethora of other industries and opportunities pop up as a result
of this technological revolution. New knowledge is about more
than just technology though, it’s about finding better ways of
doing things and improving processes.
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Lesson 2 Creative Exercises

Activity 1: Form yourselves in groups of three and write down 5

opportunities do you see in each of the objects listed below:

a. An egoistic student:
I. ___________________________
II. ___________________________
III. _________________________
IV.___________________________
V. ___________________________

b. A large pebble:
I. ___________________________
II. ___________________________
III. _________________________
IV.___________________________
V. ___________________________
c. A fallen tree branch:
I. ___________________________
II. ___________________________
III. _________________________
IV.___________________________
V. ___________________________
d. A chair:
I. ___________________________
II. ___________________________
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III. _________________________
IV.___________________________
V. ___________________________
e. An old cap:
I. ___________________________
II. ___________________________
III. _________________________
IV.___________________________
V. ___________________________
f. A yardstick:
I. ___________________________
II. ___________________________
III. _________________________
IV.___________________________
V. ___________________________
g. An old coat hanger:
I. ___________________________
II. ___________________________
III. _________________________
IV.___________________________
V. ___________________________
h. An empty tissue paper roll:
I. ___________________________
II. ___________________________
III. _________________________
IV.___________________________
V. ___________________________
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Activity 2: Now the three of you will be asked to go out and

individually, look around the school campus and identify at least three
needs you feel has not been met yet. The following areas are:

A. School Library
a. _________________________________________
b. _________________________________________
c. _________________________________________
B. School Canteen
a. _________________________________________
b. _________________________________________
c. _________________________________________
C. Gymnasium
a. _________________________________________
b. _________________________________________
c. _________________________________________
D. School Lobby
a. _________________________________________
b. _________________________________________
c. _________________________________________
E. Parking Area
a. _________________________________________
b. _________________________________________
c. _________________________________________
F. School Clinic
a. _________________________________________
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b. _________________________________________
c. _________________________________________

Activity 3: Now go to your respective homes and dormitories and look

around the community where you residence is situated. Observe and
identify what are the community needs that can be business
potentials:

Sources:
Kuratku, D. (2012). Entrepreneurship: an introduction. Cengage
Learning.

The Incremental Innovation. Sources of innovative ideas. Retrieved

from http://www.incrementalinnovation.com/innovation-
execution/sources-innovative-ideas