Business Enterprise Simulation Quarter 3 – Module 1 – Lesson 1

TOPIC: Identifying Potential Business Opportunities

What I Know

1. B
2. D
3. C
4. D
5. B
6. C
7. C
8. D
9. B
10. B
11. B
12. D
13. A
14. C
15. D

What's In

1. BUSINESS
2. MARKET
3. SERVICE
4. PRODUCT
5. ENTREPRENEUR
6. PROFIT
7. INDUSTRY

What's New - Identify the Mystery Words

1. NEEDS
2. WANTS
3. BUSINESS IDEA
4. MARKET SCANNING
5. INNOVATION
6. INVENTION
 7. MARKET DEMAND

What's More

Independent Activity 1.1: Is it a Need or a Want?

1. Needs
2. Wants
3. Wants
4. Wants
5. Wants
6. Needs
7. Needs
8. Needs

Independent Activity 1.2: Household Needs and Wants

FAMILY MEMBER

Grandmother

Cousin 1

Cousin 2

Mother

Brother

AGE

64

14

47

16

NEEDS

nutritious food, shelter, medicines, water, air

clothes, food, shelter, air, water

nutritious food, water, shelter, clothes

water, shoes for work, shelter, food, warm clothes

bed, shoes, water, nutritious food, shelter

WANTS

new eyeglasses, pedal, jewelry, mansion

K-pop album, K-pop lightstick, travel, new phone, attend a concert

Minecraft toy, naruto toys, bike, phone case

cellphone, aircon, shower, eat all you can restaurant, books

bike, phone tempered, phone case, Jansport bag, computer

Independent Activity 1.3: How to Identify a Good Business Idea

How much capital is needed to put up the business? When starting a business, we should have
enough capital that will help us start the business we want. And if I were to start my own little
business, I would need P10,000-P20,000.

How big is the demand for the product/service? In my opinion, it would depend on our target
customer. For example, if your customers are students and the product you sell is school
supplies, demand for your product will be seasonal due to school days; however, students do not
require as many school supplies during the summer, so some people may not purchase as much
as they did during the school year. Is it something you'll need for a long time? Yes, I believe you
can, as long as you know how to manage and improve your product or business.

How is the demand met? Demand is met by possessing an adequate product supply for the
customer. Demand is fulfilled when the demand for a product equals or exceeds the number of
school supplies supplied. It is known as the equilibrium point.

Do you have the background and experience needed to run this particular business? Yes,
because I'm very interested in business. I'm always thinking about how I can start my own
business, which is why I started as an online seller till now in order to gain some experience and
learn how to sell and set a price. And when I do make it to SHS, I'll take the ABM strand
because it has a lot of business-related information. It includes a step-by-step guide on running
your own business as well as the benefits and drawbacks of engaging in the business field.
Having a wide background and experience, on the other hand, is beneficial when running a
particular business. As a result, it is advantageous when a businessperson enters the market with
the necessary knowledge and competence to ensure its continued operation and profitability.

Will the business be legal, not going against any existing or foreseeable government
regulation? If some documentation establishes that the business is legitimate, it will be legal.
This strategy will also enable you to keep your business running in that area, and customers will
trust your product/service.

Is the business in line with your interest and expertise? Yes, since I will never do business
that is not with my interest and expertise. Because the business that I desire is one that I'm
competent at, I'd like to concentrate on enhancing the product and obtaining good results.
Furthermore, it is necessary since you will enjoy it and never regret starting your own business
because it is my/your decision.

Independent Activity 1.4:

1. C
2. B
3. D
4. E
5. A

Independent Activity 1.5: Which PESTLE Factor is it?

1. Economic factor
2. Social factor
3. Political factor
4. Technological factor
5. Legal factor
6. Environmental factor
7. Economic factor
8. Legal factor
9. Environmental factor
10. Technological factor

Independent Activity 1.6: True or False

1. False
2. True
3. False
4. True
5. True

What I Have Learned - How do we find potential business opportunities?

1. needs, wants
2. ideas
3. Examine the existing goods and services; Examine the present and future needs; Examine
how the needs are being satisfied; Examine the available resources around you; and
Examine magazines, news articles, and other publications on new products and
techniques or advances in technology.
 4. know which one to choose.
5. political, economic, social, technological, legal, and environmental.

What I Can Do - Finding the Best Business Idea

BUSINESS IDEA

1. Examine the opportunities within my community.

2. Look for ideas that get other people involved.
3. Draw upon my own personal experiences.
4. Examine others by asking what they needs and wants.
5. Watch some influencer marketing on social media.

RANKING

1. 2nd
2. 4th
3. 1st
4. 3rd
5. 5th

Assessment

1. B
2. D
3. C
4. D
5. B
6. C
7. C
8. D
9. B
10. B
11. B
12. D
13. A
14. C
15. D

Additional Activities - Defining PESTLE

POLITICAL FACTORS
Definition- involves the actions and legislation made by governments.

Examples- political stability, trade policy, and corruption

ECONOMIC FACTORS

Definition- these factors are the fundamental facts about the market and economy that specialists
consider when determining the value of an investment or a business.

Examples- exchange rate, demand/supply, and tax rate.

SOCIAL FACTORS

Definition- is a problem that affects a large number of people in a certain society. It is a

collection of current-day societal issues that many individuals are working to resolve. It is
frequently the result of circumstances beyond an individual's control.

Examples- wealth, family size, and education level.

TECHNOLOGICAL FACTORS

Definition- refer to the impact of new methods and equipment on enterprises.

Examples- production techniques, logistics, and e-commerce technologies.

LEGAL FACTORS

Definition- refers to any legal elements that define what a firm can and cannot do.

Examples- civil rights laws (discrimination), intellectual property laws, and employment laws.

ENVIRONMENTAL FACTORS

Definition- make up the physical, social, and psychological environment in which individuals
live and conduct their lives.

Examples- food, temperature, and population density.