EPP 6 Module for August
Lesson 1: Identifying the Personal Competencies of an Entrepreneur
ENTREPRENEUR - An entrepreneur is an individual who creates a new business, bearing most of the risks
and enjoying most of the rewards.
ENTREPRENEURSHIP-Involves purchasing and selling of products based on the buyers needs and wants.
.SELLER- ‘vendor’ are the ones making and offering products and services to the potential buyers.
BUYER-A person who makes a purchase.
Important factors in putting up a Business
Buyer-Business can begin and end because of the buyers and customers.
Demand-If you have already decides who our target is, the next is to study their demands.
Startup cost and Capital-How much we need to start our business?
Utilities and workforce or the number of employees.
COMPETITION- Entering a business is a race. Who are they competing for?
EFFECTIVE PRODUCT SELLING
MARKETING-Marketing refers to activities a company undertakes to promote the buying or selling of a
product or service.
Where can our buyers purchase it?
1. Local Shops-One of the most common methods of reaching through our buyer is by directly selling it
to them through actual or physical shop.
2. Websites or smartphones-If we want to reach our buyers fast, a website or online platform is the
best choice. It is more convenient since our buyers can buy from us anytime.
3. Catalogues-A catalogue is a list of things such as the goods you can buy from a particular company.
3. Party Models-Seller usually invite people onto their home or vice versa. They also combine
socializing with product selling.
Selling to Buyers
Most common type of reaching through the buyers by directly selling the items to them.
Selling to Sellers or to Other Businesses
We can reach more buyers.
Online shop or actual shop
Entrepreneurial traits
1. An entrepreneur has a goal.
2. Focuses on strength rather than weaknesses
3. Makes progress no matter how little they are
4. she/he is a leader
5. Entrepreneur does not quit
Lesson 2: Buying and Selling Products based on Demands and Needs
Abraham Harold Maslow was an American psychologist who was best known for
creating Maslow's hierarchy of needs, a theory of psychological health predicated on
fulfilling innate human needs in priority, culminating in self-actualization.
Ways on how an entrepreneur can provide goods and services to the buyers
1. Retailing or Merchandising Business
Retailing in the Philippines has become prosperous.
Retail stores are found in cities and towns.
Types of Retail Stores
2. Specialty store
A specialty store is a shop/store that carries a deep assortment of brands, styles, or
models within a relatively narrow category of goods.
3. Department store
A department store is a retail establishment offering a wide range of consumer goods
in different areas of the store, each area specializing in a product category.
Location of Retailing Business
1. Traveling stores or store-on-wheels
These stores are in forms of pushcarts, cars, jeeps, or any type of vehicle.
Semipermanent stores
These stores are found in a place that is rented for the definite period of time.
Permanent store
These are store found in the building (commonly in malls) or house that are
permanently owned by other business people.
2. Service business-A service business provides products with no physical form.
Entrepreneurs are being paid for the services they give.
3. Manufacturing business-Buys and transforms raw materials to create new products,
it combines these materials with labor and other costs during the production process.
4. Hybrid business-A hybrid business is more than one type of business.
A restaurant offers products through a variety of food and beverages, and through
serving them
Opportunities to Reach more People.
1. KNOW THE INDUSTRY
Work on something we are familiar with have knowledgeable about.
2. Know your competition
Identify and study our competitors. Offer something different from them
3. Ask for feedback
We need to talk people about their suggestions and comments on our product or service.
4. Have a good product name
A catchy name makes a big difference.
