Professional Documents
Culture Documents
MODULE
Module No. 1 : Week 1: 1st Quarter
INTRODUCTION
LEARNING COMPETENCIES:
OBJECTIVE/S:
To define entrepreneurship
To understand entrepreneurship as a 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.
1
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?
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.
2
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.
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
3
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
4
Let’ s Try these 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
5
LET’S CREATE
6
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