Senior High School Entrepreneurship Quarter 1 - Module 1: Introduction to Entrepreneurship&) What I Need to Know This module was designed and written to help you understand the key concepts, underlying principles, and core competencies in Entrepreneurship. At the end of this module, you are expected to: a. identify the relevance of learning Entrepreneurship; b. define personal entrepreneurial competencies and skills; and c. explore jab opportunities for Entrepreneurship as a career. 4) What I Know ‘A. Read and answer each question by writing the letter that corresponds to your answer in your notebook. 1. Which among the following benefit from entrepreneurship? a. Filipino entrepreneurs ©. Philippine economy b, local community d, all of the above 2. Which of the following does not define entrepreneurship? a. art . wealth creating b. science di. risk taking 3. Which of the following first benefit from entrepreneurship? a. Filipino entrepreneurs ©. Philippine economy b. local community d.all of the above 4. Which of the following is not true about the benefit of entrepreneurship to the local community? a. It provides employment. b. It creates new demand in the market. cc, It promotes peaceful community. d. Ithastens economic failure. 5. Which is the end result of paying taxes? a. It burdens small scale entrepreneurs. b. Itpromotes competition among business ventures. c. It causes the increase on prices of raw materials. d. Itreturns to the citizens through different public servi 4. How does an entrepreneur create value for his/her products or services? a. by increasing the price of the product or service. b. by giving products and service for free to those who are in need. c. by satisfying the needs and wants of the customers. d. by focusing on product packaging. . Which of the following will be an entrepreneur's reaction to risk? a. Avoid the risk. b, Face the risk. c. Pause and wait for the problem to solve itself before continuing operations. d. Invest on other products or services. . Which of the following shows intrapreneurship? a. production or modification of new products ar services b. managing one's own business c. creating product value d. leaving the management of the business to other people for the benefit of the owner 9. Which is NOT an advantage of learning intrapreneurship? a. It cultivates creativity. b. It increases the risk in starting a business. ¢, It boosts young entrepreneurs in starting their own business venture. d, It helps acquire core business concepts. B. Match the following entrepreneurial skills /competencies in column A with its definition in column B. Write the letter that corresponds to your answer in your notebook. A 10. hardworking 11. creative 12. disciplined 13. committed 14. planning 15, decision making a. solid dedication bb, strategic thinking c..wise judgement d. always looking for something new ©. Working diligently £. beliefin oneself g urge to fightIntroduction to 1 Entrepreneurship 4s a senior high school student, each one of you has a specific road to take characterized by the strand you selected based on your individual inclinations. However, any skill can be enhanced if you have the will to acquire new learnings This “new normal” brings out the worst and best in us and we cannot predict what the future holds. Thus, being ereative and inno tive is significant to get along with the 21* century and studying Entrepreneurship is an excellent foundation in developing these skills. &) What’s In Share your experience by writing a short essay on any business venture had before. Use the following guide questions. 1, What particular product/service did you offer? 2. What was your reason in choosing the business venture you were into? 3. What were the challenges or problems you encountered during the business implementation? 4. What are the key learnings you had from your business experience? Given the opportunity, are you going to engage into another business venture?4 What’s New I believe you heard at least a version of the race story of "The Turtle and the Rabbit" Now you will read a new version of the story. Focus on cach twist in the story and answer the questions that follow. Long long time ago, a rabbit and a turtle argued 1 on who is faster between them. Nobody wanted to be the inferior one so they agreed to have a race to settle the issue. They agreed on a route and started running. ‘The rabbit ran fast and had a huge advantage. After few moments, he paused and checked where his ‘opponent was. He was far from the turtle that he can't even see him from his position. He decided to rest under a tree but unfortunately fell asleep. The turtle kept on walking, and passed by the rabbit. He reached the finish line even before rabbit woke up. The turtle won the race. ‘The rabbit was so disappointed with himself. He now realized that with the ability he possessed, there is no chance that the turtle will beat him. So he challenged the turtle again to for a second round. As the go signal was given, the rabbit ran with all his might without stopping. This time, he won the race The turtle did some thinking about what . happened. He knew that there is a zero chance for him : to beat the rabbit with the route that they formatted for the race. He challenged the rabbit for a third round but he would be the one to decide on the route that they would take, Without hesitation, the rabbit agreed. The rabbit ran confidently, until he reached a river. He can’t swim and the finish line is at the other side of the river. While he was thinking of what to do, the turtle came. The turtle swam to the opposite bank, coritinued walking until he reached the finish line. The turtle again won the third race.After three rounds of challenging cach other, the two became friends and they both realized that the outcome of the race could have been much better if they will run together. So, they decided to have a final race together. The rabbit carried the turtle on his back on the first lap, then, the turtle carried the rabbit on his back as they pass through the river. On the final phase, the rabbit again carried the turtle towards the finish line. They were very happy when they reached it and felt more Victorious that they had in the previous races they ran individually. That was how the story ended. pa Oese Answer the following: 1. What is the ending of the first chapter of the story? Is it the same as what you've heard before? 2. What happened in each succeeding chapter of the story? 3. Do you think the turtle was wise enough on his decision on the third round? 4. Which part of the story had an impact on you? 5. What is the moral of the story? What have you realized after reading the story?cy) What is It In the story, it is worthwhile to take it from the turtle's technique. Each one ofus has a competency that we can use as our advantage. A thorough discussion of what these competencies are will be discussed in this module. But first, let us define an entrepreneur. ‘The term entrepreneur was derived from “entreprendre”, a French word which means “to undertake” (Aduana, 2016). Entrepreneurs are innovative opportunity seekers. They create value by introducing new products or services or finding better ways of making them. They are not the same with ordinary businessmen whose major goal is to gain profit by producing, buying, and selling of products. On the other hand, the term entrepreneurship is an art of observing correct practices in managing and operating a self-owned wealth creating business enterprise by providing goods and services that are valuable to the customers (Aduana, 2016). Why do we need to study Entrepreneurship? It is a common thinking among Filipinos to study hard, finish a degree and get a good-paying job. Whether it is after SHS or after college, there is no harm in aiming to get a diploma, but the ‘opportunities offered by learning Entrepreneurship cannot be undermined. Five Salient Features of Entrepreneurship (Aducnc, 2016) 1, Art of Correct Practices ‘eal * Entrepreneurship is an art and not a science thus, there is a constant change; it continuously grows, develops, improves and expands. As an art, it is closely related to creativity that contributes to the enhancement of the enterprise. Entrepreneurship education teaches how failure makes people more creative and innovative.The current situation we are in gave birth to many opportunities. Food businesses that used to be for dine-in purposes only evolved into food service deliveries and DIY (Do IT Yourself) food kits to name a few. 2. Wealth creating venture é How are you going to define wealth? Although profit is a good indication of wealth, improving the life of an entrepreneur in terms of economic, financial, social, moral and psychological aspects are also priceless outcomes of entrepreneurship. ‘Conscious Canvas PH creates lovely and well-crafted tote bags that are ideal for everyday use made by persons with disabilities (PWDs). What is commendable with this business venture is that 10% of its profits goes to para-athletes. More than the profit it brings about, loyalty of its workers andl admiration from other people in the community is the real return of investment of this venture. Providing values to customers Products and services are considered valuable when they satisfy the needs and wants of the customers, It also gives the buyers reason to purchase your product over and aver again and even refer it to others. Adding armrests on the chairs of the wooden dining sets will result to ‘additional materials and time spent on making a product thus increasing the cost of procuction. If a customer does not find this necessary, this product modification wilt not bring any benefit to the entrepreneur. 10. Opening and managing self-owned business Businesses which are managed by other people for the benefit of the owner falls under intrapreneurship. Entrepreneurship is different from intrapreneurship. The concept of entrepreneurial endeavor may range from a small sari-sari store up to multimillion companies as long as the business is managed by the owner himself. A cakeshop manager who works for the store owner and receives a monthly salary cannot be considered an entrepreneur despite that she is handling a business. All profits go to the owner (who just weit for the remittance of the sales) himself and the manager is merely an employee. 5. Risk taking venture | ie "y Risk is a part of any entrepreneurial endeavor. A good entrepreneur does not avoid risks, rather face them by analyzing the risks and good decision-making skills for the survival of the venture. The pandemic caused many business establishments to cease operations and this had a huge impact on the sales of business ventures. Some entrepreneurs resort to online selling of their products as ta not (fully stop their ventures and have an alternative way of gaining profit during this situation, ulEntrepreneurship affects the lives of the Filipinos, the local community, and the Philippine economy in one way or another. The diagram below shows the flow of entrepreneurial benefits. ou _ ah, _ & As shown in the diagram, the first to benefit from entrepreneurship are the Filipino entrepreneurs or the people who are directly involved with the venture. These benefits will then be extended to the local community where the entrepreneur performs his business. The benefits the community received will transcend to the national economy which in turn will be given back to the Filipinos and the community. Aecording to Aduana (2016), entrepreneurship makes the following contributions to the lives of the Filipinos, the local community and the Philippine economy: To the Filipinos: N 1. It gives guidelines in the entrepreneur's wealth creating undertakings. 2. It aids in improving financial and social life. 3. It helps expand their creativity. 4, It brings about happiness, productiveness and success in entrepreneur's life. 12To the Locat Community: 1. It offers opportunity for employment in the community. 2. It-produces new demand in the market. 3. It contributes to increase in tax collection. 4. Itaccelerates the movement of different factors of production. 5. It gives birth to new business opportunities. 6. It promotes a harmonious and loving communi 7. It boosts constructive competition. To the Philippine Economy 1. It promotes competitiveness, thus challenging entrepreneurs to continue improving their products and services. 2. It aids in identifying an entreprencurial niche in the international market. 3. Ithelps speed up economic recovery process of the country during financial turmoil or breakdown. 4, It facilitates ease of money flow in the local market. 435, It supports the Philippine government in its yearning to have advantageous economic ratings in the international market. Read and analyze the given example. Mr. Juan Dela Cruz, a resident of Bagae, Bataan saw opportunity to selt cashew products due to the great amount of cashew produced in their municipality. He started to sell homemade products online and when the business grew, he decicled to put up a physical store for his products. He applied for a barangay business certificate and Mayor's Permit and. registered his business name to DIT. He also processed, paid, and complied with all the documentary requirements and fees in opening a business with BIR. ‘Since the business grew, he bought equipment and materials to make the production more efficient from a local supplier. He alsa hired two workers from their barangay to have his store fixed to be ready for operations. He also closed a deal with local cashew farmers in their municipality for the raw materials for his products. He also hired employees for his busine ss: two for the production of the products and one saleslady who will take care of the sales in his store, At the end of the year, he hael earned a good profit enough for him to purchase a house and lot, but he did not forget to pay the annual income tax to BIR. * Mr. Dela Cruz, as the entrepreneur was enriched with properties (house and lot) because of his business venture. + The local cashew farmers alongside the employees had a living for supplying raw materials and working with Mr. Dela Cruz respectively. The local equipment supplier and the workers hired for fixing the store also had income. * The local government collected local taxes from Mr. Delacruz while the national government, through BIR, collected an annual income tax. The taxes accumulated by both local and national government will be utilized for public services such as healtheare, education, security, road constructions and the like Now, back to the story you've read, let us discuss significant factors for the success of an entrepreneur. Personal Entrepreneurial Competencies refer to the important characteristics that should be possessed by an individual in order to perform entrepreneurial functions effectively. 4So, what are these Personal Entrepreneurial Competencies or PEC’s? Let us explore together and have a peek on success stories of some known entrepreneurs. 1, Hardworking. Being a hardworker means habitually working diligently for long period of hours. We have this saying in Filipino, “ginagawang gabi ang umaga, at umaga ang gabi" Let us take Henry Sy as an example. He came from a poor family in ‘China who came to the Philippines to try their luck here. They buitt a Store but was burnt down during WWIL He saw an opportunity to earn from selling used combat shoes and goods from American soldiers. He even worked for 12 hours a day at the age of 12 just to eam for their family, But all hardwork paid off as we've seen on the success of SM ‘Malls today making their family the wealthiest in the country, 2. Selfconfident It is also important that as an entrepreneur, one must believe oneself more than anybody else. A farmer's son, Diosdade Banatao, grew up in a rural area in Cagayan Valley. In their place, students usually stop studying after 6 grade but his father pushed him to continue despite the fact that he needed to be wey from his family. He graduated at Stanford University where at first he felt inferior with his classmates, thus making him study twice as hard as the others. He saw an opportunity to develop microchips andl started to build a company but failed. “No one tolel me I could do it; I have to telt myself that I could", he said. So, he tried again and this time, he succeeded. He invented the first 16-bit chip, the ones that we can find in most computers today. At present, more compact and higher capacity processing chips are available but if not for his invention, the world we know today might be quite different. 453. Disciplined. lw eg, ‘The urge to fight temptation is very important. They said it is easy to spend money you did not worked hard for. Sometimes, when we start to carn, we are tempted to buy things that are not really needed. A good entrepreneur does not ask himself the question, “What will 1 buy with my money?” but ask, “Where will I invest my money to earn more money?” instead. Founder of Mang Inasal (Mr. Barbeque in Mlonggo), Edgar Sia started at @ parking lot in Iloilo City. His food business was a blast and caught the attention of Tony Tan Caktiong of Jollibee Food Corporation. Caktiong bought a portion of Mang Inasal for a total of five billion pesos. Sia, instead of living a one-day billionaire life, decided to invest his money to banking and healthcare thus, making him the yaungest Filipino billionaire at the age of 34. 4. Committed. Ce ‘© "commitment is characterized by solid dedication. Socorro Ramos, the founder of National Bookstore literally showed commitment by overcoming her relationship challenges to start with. Business wise, her solid dedication can be seen on how she stood still despite the challenges their bookstore faced, from typhoon to fire. Otherwise, we witl not be seeing this book and school supplies store today. 165. Ability to accept change. ‘This is synonymous to being openminded or readiness to try different things or to hear and consider fresh ideas, We often hear this among networking businesses: “Openminded kaba?*. As said many times, “Change is the only constant in this world” so they say that “forever does not exist". In business world, capitalizing on positive changes will help a business survive and even prosper. Let us leam from the founder of our all-time kids-at-heart favorite, “Kung saan, beeda and saya”, Jollibee! Tony Tan Caktiong, started an ice cream store in. 1975. His store was not generating enough income. So, he talked to the people and decided to add some ta his menu offering based ‘on their suggestions. And those are the burgers and fries (too many to mention}, that we love today. 6. Creative. This is what will make you stand out and go over your competitors. As an entrepreneur, we must look beyond and check what is new, to stay in the business to have an edge over the other competitors. Toothpaste used to be on aluminum tubes. Cecilio Kwok Pedro was the former head of Aluminum Container Inc., which manufactured aluminum toothpaste containers for Procter ane Gamble, Uniliver (used to be Philippine Refining Company, and Colgate-Palmolive. Eventually, due to environmental issues, his clients decided to shift to plastic-laminated containers causing his company to fail and close in 1986. He built Lamoiyan Corporation and produced simitar product with half-price than that of his competitors. To target the young market, he featured Sesame Street’s characters on the packaging of his children’s toothpaste alongside with Filipino-touched Hapee and Kutitap. 77. Has Initiative. ‘This is to put oneself in a position where one is personally is responsible for the failure or success of the business. Seeing what is needed, Corazon B. Ong who is a dietician by profession, Started preparing “healthier” options for those who cannot avoid having canned or frozen goods far food. CDO corned beef, CDO Ulam Burger and others are some of the many offerings of the CDO Foodsphere. Wondering why it is named CDO? Of course, from its founder’s name! Now what will you name your product? 8. Profitoriented. Agood entrepreneur must make sure that the business will generate income. We do not put up a business just to get tired the whole day without getting anything in return. Somehow different fram other success stories, John Gokongwet is a “rich- to-rags-to-riches* He was bom from a rich famity but when his father died, so did their business. He worked for his family by peddiing products in the streets. Eventually, he learned trading by boat from Lucena to Manila by truck. After some time, he realized that importing brought about high risk and low profitability. Thus, he borrowed Php 500,000 from China Bank in 1957 and began a corn milling industry named Universal Com Products, the one known today as Universal Robina Corporation. He even extended his company into diversified businesses as to expand his net inctucling Robina Land Corporation and Cebu Pacific. 18Aside from these competencies, there are also significant skills that an entrepreneur must possess. They are as follows: Important Skills of an Entrepreneur Planning. This is strategic thinking and setting of goals to achieve objectives by carefully maximizing all the available resources, Gregorio Sanchez who was a provincial boar member in Cebu observedl that the pigs sald in the market are malnourished. He wanted to improve the quality of the livestock, so he decided to identify the cause by conducting experiments using only pans and pots he has at home. After several faitures, he finally found out that bad bacteria caused the problem. This led to the devetopment of LactoPAFI probiotic bacteria that soon was known not only in their province but also nationwide and even worldwide. 2. Decision Making. Ss One decision may make or break a business, thus making this a crucial one. It is the ability to think quickly and make a wise judgment towards the pre-determined set objectives. Manuel “Manny” Villar for instance uill not have the Vista Malls and Camella Homes we have today if he did not make wise juelgments on his endeavors as a businessman. He applied for bank loans and made the right decisions on where and when to invest, making him one of the wealthiest Filipinos today. 193. People Skills. ell iT] Doing business is not a one-man team endeavor. From. people working for you and with you, to those you make deal with and even your competitors. In relation to the story we've read, it is good to be individually brilliant but still, there are things that others can do better than you. Many successful entrepreneurs know how to show their gratefulness for the blessings they have received by being blessings to others. Diosdado Banatao and PhilDev offer scholarships to poor yet deserving students so that. they do not have to stop studying; Tony Tan Caktiong and Busog Lusog Talino which focused on meeting the nutritional needs of public-school students; and many others. Cecilio Kwok Pectra is not different to these entrepreneurs, because he decicled to choose hearing impaired to work for his company. This gave the deaf- mutes an opportunity to eam, and in return Cecilio gained their utmost respect and gratitude. This inspired his workers to do their best and at the same time, inspired not onty fellow Fitipinos but other nationalities as wetl. Now, can you see yourself as one of these entrepreneurs? What will be the possible ways on how you can start your road to millions? According to London School of Economics (cited by Edralin, 2016) those with entrepreneurial aspirations typically pursue one of these career paths: 1. New Venture Creation ‘You can be your own boss! Starting as a small business owner, partnering with an existing business or focusing on a technology or research for commercialization. 202. Careers in Existing Entrepreneurial Ventures = Still trying to have a deeper understanding of the ways of business while being employed? Having knowledge about entrepreneurship plus being a digital native gives you an edge to attract institutions to share your up-to-date knowledge on market trends for innovative strategies of companies. Working with start-ups, business incubator or accelerators, and corporate entrepreneur in a company are good opportunities for expanding your horizon. After undergoing this course and you feel like not starting your own business yet, all your learnings and skills acquired will not go to waste. These job opportunities need people like you and may be good leadership training grounds if ever you decide to go on your own. (American Express) 1. Mid-level management Be in-charge of the execution of business ideas in big companies. 2. Business consultant Identify and fix problems for both aspiring and young entrepreneurs 3. Sales Representing a firm, handling accounts, and visiting clients in the field are some of the tasks for this job. 4. Research and development Solving problems by working in a R&D firm should be armed with an understanding of the what's and how's of the business 5. Not-for-profit fundraiser Raising funds for various groups or organizations for different causes is comparable to accomplishing a business task and creating a good communication network. 216. Teacher ‘One may impart knowledge to the young generation by integrating the importance of entrepreneurship while teaching other subjects. For example, learning the importance of Math in business, reviewing history as basis of innovation and enhancing language skills to improve marketing strategies. 7. Recruiter Work at Human Resources (HR) department as someone who has knowledge in management, leadership, and other significant characteristics in selecting people who will be joining a company. 8. Business reporter ‘Haying an understanding about the field will give one an advantage in writing articles or being ina broadcast team to make a business section or program more knowledgeable and interesting. What’s More Solve the crossword puzzle below by supplying the correct PEC’s. ‘eros: 1 strategie Bink and seting of goals 3 Ange to ightterptaton | 5 eat dedication 10 abity te acoapt charge — Bown: 2 trake Sound hidgment 4 working eigen fortong pens of hours 1 gence come 7 erecking whats new 8 cod working ealtonship wih ofers 1 bokerin onesatt 20What I Have Learned cn Answer the following questions to encapsulate what we have learned in this module. Write your answers in your notebook. 1, Explain the importance of entrepreneurial activities to social development and economic progress 2. What are the entreprencurial activities that you know and capable of doing which are related to the strand you are enrolled in? 3. Given the opportunity to own a business that is related to your strand, would you be confident in managing it? Explain your answer. 4. What do you think are the most important competencies you must possess in order to be successful in running your chosen business? 5, Name successful entrepreneurs from your area whose business is related to your current strand. Be able to identify their PEC’s that made them successful. 4) What I Can Do Using the PEC’s checklist below, evaluate yourself by putting a check mark in cither strength ar development areas column. Interpret the results by counting the total number of checkmarks in each of the columns. After accomplishing the checklist, reflect on the results and write down your insights and experiences why you came up with that personal assessment. Personal Entrepreneurial Fersonal Assessment in terms of Competencies and Skills of an Entrepreneur Hardworking Self confidence Strengths | Development Areas Discipline Committed Ability to accept change Creative Profit oriented Panning People skills Decision makingCN) Assessment ‘A. Fill in the blank with word /s that will make each concept true. 1, ‘The Filipino people, , and the Philippine economy benefit from entrepreneurship. 2. The term entrepreneur originated from the French word “entreprende” which ‘means . 3. Entrepreneurs create by introducing new products or services or finding better ways of maling them. 4. Products and services are considered valuable when they satisfy the ofthe customers. 5. Entrepreneurship is a/n and not a science thus there is a constant change. 6, Entreprencurship education teaches how failure makes people more and innovative. 7. Although profit is a good indication of improving the life of an entrepreneur is also a priceless outcome of entrepreneurship. 8. Businesses which are managed by other people for the benefit of the owner falls under 9. is a part of any entrepreneurial endeavor. 10. The taxes accumulated by both local and national government will be utilized for B. Identify the PEC’s shown in each situation 11. Henry Sy, Sr. came to the Philippines at the young age of 12 and worked in his father’s small sari-sari store more than 12 hours every day to help him. There, he devised ways to increase his income by developing small portions of products - much like the sachets we see today in the supermarkets. 12.In 2013, Netflix progressed exceptionally well under the leadership of CEO Reed Hastings, who co-founded the company as a mail order movie rental business in 1998. Over the years, Netflix has, of course, evolved into an in- demand internet streaming company. 2413, Founders of Procter and Gamble, William Procter and James Gamble used to compete with raw materials: animal oil and fat. Procter is a candle maker while his brother-in-law, Gamble was a soap maker. They were advised by their father-in-law to merge their businesses. They followed his advice and that was how one of the largest and most successful company was born 14.Two years after Tony Caktiong started his ice cream parlor franchise, he decided to serve hamburgers, fried chicken, and spaghetti as people began to tell him that they don't want to eat ice cream all the time. 15, Starbucks is a master of employing value-based pricing to maximize profits, and they use research and customer snalysis to formulate targeted price increases that capture the greatest amount consumers are willing to pay without driving them off. Additional Activities A. Read and answer each item. Match the entrepreneurial competencies in column A with their definition in column B. Write only the letter that corresponds to your answer on your notebook. A B 1. creative a. make a wise decision toward the set objectives 2. profit-oriented b, strategic thinking and setting of goals 3. discipline ¢. trust in one's ability 4. decision making d. adaptable to change 5. people skills © innovative to have edge over other competitors 6. planner £. solid dedication 7. self-confidence g. skillful in record keeping 8. hard working h, Always stick to the plan 9. ability to accept change i. working diligently 10. committed j. effective and efficient communication in relation to people k. always looking for income 25B. Choose a local entrepreneur you know (Can be someone from the community or someone you have known through social media) and supply the needed information in the table below. On the other hand, fill the second row with your own PEC’s. PEC’s Characteristics | Attributes | Lifestyles _| Skills Traits Successful entrepreneur in the place My PEC's Rubrics for Assessing Open-ended Questions Excellent: Spts Average: pts. | Mende HGRrovement The answer ts clear and | The answer is ‘Answer is not well i focused. Relevant understandable, even | defined and/or there cain details were given. though statement is | are too many still basic or general. _| irrelevant details, The structure of ‘The organizational | Sentences contained information is structure is strong | in the paragraphs Organization | compelling and moves | enough and there is | make sense, but the the reader through the | not too much sequence of text. confusion paragraphs does not. The form and The answer is ‘The answer is only presentation of the understandable in this | seldom answer enhances the | format. understandable, and ability for the reader to paper is messil Presentation | inderstand and written connect with the message. It is pleasing to the eve. 26