ENTREPRENEURSHIP 1

MODULE
Module No. 1 : Week 1: 1st Quarter

TOPIC: ENTREPRENEURSHIP WORLD

INTRODUCTION

Do you often heared the word entrepreneurship? Are you wondering

what is it all about? Are you curious how it works? This module will help you
to open your mind to the exciting world of entrepreneurship.

LEARNING COMPETENCIES:

 Discuss the relevance of entrepreneurship

OBJECTIVE/S

 To define entrepreneurship
 To understand entrepreneurship as a business
 To appreciate the process of business.
LET’S RECALL
Think and name at least four (4) of your favorite items that is
always with you or inside your bag. Write your answer on the boxes
below.

I am sure items you

write inside the
. boxes are very
much important to
your day to day
living.

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 LET’S UNDERSTAND

Are you a type of person who always coming up with new ideas?
or thinking how to innovate or reinvent something? Are you wondering
how this ideas can put into reality? Now its time for you to know that
your weirdest idea as your friends or relatives told you can be a key
for a great opportunity because of entrepreneurship.

What is Entrepreneurship?
Entrepreneurship is the activity of setting up a business or
businesses, taking on financial risk in the hope of profit.
(https://www.lexico.com/definition/entrepreneurship) The person who creates the
business or businesses and embraces every challenge for its development and
operation is known as an entrepreneur.
(https://businessjargons.com/entrepreneurship.html) It is clearly states that
entrepreneruship is about business. Now let’s learn why entrepreneruship
describes by many as a business.
Entrepreneruship as a Business
According to Professor Feliciano R. Fajardo (1997). Business means
various concepts to different individuals. To some, it means selling of goods
and services. To others, it refers to the production of goods and services.
Professor Lawrence Gitman of Wright State University defines business as a
social process which involves the assembly and utilization of resources to
produce goods and services in order to satisfy the needs of society. To
ellaborate what Professor Lawrence Gitman and Professor Feliciano R. Fajardo
says every society comprises of different individuals with different needs and
wants. Business serves as the vehicle to provide the goods or services that
will satisfy needs and wants or full fill people satisfaction. Now let’s define
what is goods and services.
Goods and Services Defined

As the business continue to full fill societies satisfaction. Some

business focus on goods or services alone the others offer both. Goods are
things we can touch examples bread, soap, shampoo, pencil and bag while
Services are things that we cannot touch but still we consume examples
haricut, manicure, pedicure, massage and transporation. Both can be use for
personal or industrial purposes.
As an entrepreneur your mission is to fulfill societies satisfaction.
But how can you able to do that? First you have to determine their needs
and wants.What is needs and wants? What is their connection to societies
satisfaction? Are they different from each other?

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 Let’s find out
Need Vs Want
Socities consumption of goods and services depends widely on how
individual or families determine their needs and wants. Needs are those
things we need inorder for us to live or survive or things we cannot live without
while Wants is anything that indicates luxury or anything not necessary for
survival in other words things we can live without . Some prioritize needs more
than wants or viceversa it depends on the level of satisfaction or full fillment
of individual. Now that you know the difference between the two. Try to
determine your own personal needs and wants? What do you think is your
priority?

Remember
Key Points to Remember

In business as an entrepreneur it is important that you know how to identify

the societies needs and wants. Because from their you can draw out your ideas and
determine what kind of business, goods or serives that you can offer to fulfill their
satisfaction and by knowing that it will benefit you as well as an entrepreneur for
your business development and innovation.

Business Process Relevance Explained

Do you believe that as soon as you wake up in the morning and do your daily
rountine involves business? Imagine the life without the existence of goods like
toothpaste, soap, shampoo, toothbrush, coffee and services like pandesal or
newspaper delivery. People lives will be more stressful, complicated and can cause
a lot of dissatisfaction. But with the help of Entrepreneurs who tirelesly keep on
searching the society needs and wants.They make use their talent and skills together
with their business resources to produce or create goods and services just to provide
and make things available for the people.Business also innovate or reinvent exisitng
goods and services so, that people can adopt to changes and improve their way of
living. Business offers everything whether for survival or leisures it plays a major role
in the lives of the people.

Conclusion

1. Entrepreneurship is about business.

2. Business is not only about selling, production of goods and services but
also fulfilling societies satisfaction.
3. Business can offer both good and service.
4. Needs and wants are different form each other.
5. Business originates from your idea.
6. Business idea can draw out form people needs and wants.
7. Business is part of our daily routine.
8. Business plays an important role to the improvement of way of living of
the people.
9. Business helps people to adopt changes

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 Let’s Try this Activities

LET’S APPLY

After describing needs and wants, let us now find out your own
needs and wants. Write your answer on the chart below.
NEEDS WANTS

LET’S ANALYZE

Using your own entrepreneurial thinking skills. Write down the

things you can do in every situation provided.
Situation Things you can do
1. People cannot go out to
purchase goods due to
COVID 19
2. Lack of Water in your
Village or Barangay
3. Classmates who wants to
learn Adobe Photoshop.
4. You have a great skills in
cooking.
5. Your father taught you
how to repair electronic
gadgets.
6. You have great talent in
dancing.

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 Creativity 40%
LET’S CREATE
and
Originality
After learning entrepreneurship as a business. Content and 30%
Let us now know your business idea. Draw or Significance
illustrate on the box below the goods or services that Appearance 20%
you want to provide or to offer. This will serve as your (appeal,
entry for the business exhibit. materials)
Rubrics: Your output will be graded by the following Timeliness 10%
criteria Total: 100%

LET’S EVALUATE

Instructions: MULTIPLE CHOICE: Choose the letter of the best answer. Write
the letter of your answer on a separate sheet of paper.
1. Which of the following terms best defines the word “wants”.
a. Basics c. Necessity
b. Luxury d. Supply
2. Select the things that is not part of the basic necessities.
a. Food c. Shelter
b. Vacation d. Medicine
3. Select among the following as the best example of goods.
a. Haircut c. Massage
b. Nail polish d. Computer repair
4. Which of the following terms best describes entrepreneur
a. Owner c. Employee
b. Applicant d. Assistant
5. Select among the following as the best example of services.
a. Massage c. Laptop
b. Ball pen d. Ring
6. Which of the following terms best defines entrepreneurship.
a. Production c. Selling
b. Transactions d. Business
7. Which of the following terms describes “new ideas”.
a. Perspective c. Strategies
b. Innovation d. Promotion
8. There are several qualities of an entrepreneur should possess, except
one.
a. Opportunity seeker c. Risk Taker
b. Demanding d. Persistent
9. Which of the following is the mission of entrepreneurs.
a. to sell goods and services c. to fulfill society’s satisfaction
b. to produce goods and services d. to gain profit
10. Select among the following best describe as the vehicle to provide goods and
services.
a. Business c. Production
b. Selling d. Wants

Hope you learned something new today see you on the next module.

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