UNIVERSITY OF MINDANAO

DIGOS COLLEGE

DEPARTMENT OF BUSINESS ADMINISTRATION

Marketing Management Program

Self-Instructional Manual (SIM) for Self-Directed Learning (SDL)

Course/Subject: GE 11: ENTREP MIND

Course Instructor:
 RONALD GLUMIR U. BALOS, MBA

This SIM/ SDL Manual is a draft version only.

Not for reproduction and distribution outside its intended use.
This is intended for the use of the students who are officially enrolled in the course/subject
except revisions of the manual

Course Outline: GE 11 – Entrep Mind

Course Coordinator: Prof. Ronald Glumir U. Balos

Email: balosronaldglumir@gmail.com
Student Consultation: By appointment
Mobile: 0949-6455724
Phone: none
Effectivity Date: May 2020
Mode of Delivery: Blended (On-Line with face to
face or virtual sessions)
Time Frame: 54 Hours
Student Workload: Expected Self-Directed Learning
Requisites: None
Credit: 3 units
Requirements: A minimum of 80% attendance is
required at all
scheduled Virtual or face to face
sessions.

Course Outline Policy

Page 2 of 83
 Areas of Concern
Contact and Non-contact Hours
Assessment Task Submission
Turnitin Submission
(if necessary)
Details
This 3-unit course self-instructional
manual is designed for blended learning
mode of instructional delivery with
scheduled face to face or virtual
sessions. The expected number of
hours will be 54, including the face to
face or virtual sessions. The face to
face sessions shall include the
summative assessment tasks (exams)
since this course is essential in the
business administration course.
Submission of assessment tasks shall
be on the 3rd, 5th, 7th, and 9th weeks
of the term. The assessment paper shall
be attached with a cover page indicating
the title of the assessment task (if the
task is a performance), the name of the
course coordinator, date of submission,
and the name of the student. The
document should be emailed to the
course coordinator. It is also expected
that you already paid your tuition and
other fees before the submission of the
assessment task.
If the assessment task is done in real-
time through the Blackboard Learning
Management System, the schedule
shall be arranged ahead of time by the
course coordinator.
To ensure honesty and authenticity, all
assessment tasks are required to
submit through Turnitin with a maximum
similarity index of 30% allowed. This
means if your paper goes beyond 30%,
students will either opt to redo her/his
paper or explain in writing addressed to
the course coordinator the reasons for
the similarity. If the paper has reached a
more than 30% similarity index, the
student may be subject to disciplinary
action in accordance with the
University's OPM on Intellectual and
Academic Honesty.
Please note that academic dishonesty
Page 3 of 83

Penalties for Late
Assignments/Assessments
Return of Assignments/
Assessments
Assignment Resubmission
Re-marking of Assessment Papers
and Appeal
such as cheating and commissioning
other students or people to complete
the task for you have severe
punishments (reprimand, warning,
expulsion).
The score for an assessment item
submitted after the designated time on
the due date, without an approved
extension of time, will be reduced by 5%
of the possible maximum score for that
assessment item for each day or part-
day that the assessment item is late.
However, if the late submission of the
assessment paper has a valid reason, a
letter of explanation should be
submitted and approved by the course
coordinator. If necessary, you will also
be required to present/attach evidence.
Assessment tasks will be returned to
you two (2) weeks after the submission.
This will be returned by email or via
Blackboard portal.
For group assessment tasks, the
course coordinator will require some or
few of the students for online or virtual
sessions to ask clarificatory questions to
validate the originality of the
assessment task submitted and to
ensure that all the group members are
involved.
You should request in writing addressed
to the course coordinator his/her
intention to resubmit an assessment
task. The resubmission is premised on
the student's failure to comply with the
similarity index and other reasonable
grounds such as academic literacy
standards or other reasonable
circumstances, e.g., illness, accident
financial constraints.
You should request in writing addressed
to the program coordinator your
intention to appeal or contest the score
given to an assessment task. The letter
should explicitly explain the
reasons/points to contest the grade.
Page 4 of 83

Grading System
Preferred Referencing Style
Student Communication
Contact Details of the Dean
The program coordinator shall
communicate with the students on the
approval and disapproval of the request.
If disapproved by the course
coordinator, you can elevate your case
to the program head or the dean with
the original letter of request. The final
decision will come from the dean of the
college.
All culled from BlackBoard sessions and
traditional contact Course
discussions/exercises – 30% 1st
formative assessment – 10% 2nd
formative assessment – 10% 3rd
formative assessment – 10%
All culled from on-campus/onsite
sessions (TBA): Final exam – 40%
Submission of the final grades shall
follow the usual University system and
procedures.
Depends on the discipline, if uncertain
or inadequate, use the general practice
of the APA 6th Edition.
You are required to create an
umindanao email account, which
expected to access the BlackBoard
portal. Then, the course coordinator will
enroll the students to have access to
the materials and resources of the
course. All communication formats:
chat, submission of assessment tasks,
requests, etc. shall be through the portal
and other university recognized
platforms.
You can meet the course coordinator in
person through the scheduled face to
face sessions to raise your issues and
concerns.
For students who have not created
their student email, please contact the
course coordinator or program head.
Edward C. Pulvera, MSIS
Email: balosronaldglumir@gmail.com
Phone: 09496455724
Page 5 of 83
 Contact Details of the Program
Head
Students with Special Needs
Online Tutorial Registration
Help Desk Contact
Library Contact
Eva Marie C. Sam, MBA
Email: evamariesam@gmail.com
Phone: 09514063911
Students with special needs shall
communicate with the course
coordinator about the nature of his or
her special needs. Depending on the
nature of the need, the course
coordinator, with the approval of the
program coordinator, may provide
alternative assessment tasks or
extension of the deadline for submission
of assessment tasks. However,
alternative assessment tasks should still
help achieve the desired course
learning outcomes.
You are required to enroll in a specific
tutorial time for this course via the
www.cte.edu.ph portal. Please note that
there is a deadline for enrollment to the
tutorial.
?
?

Course Information – see/download course syllabus in the BlackBoard

LMS.

CC’s Voice: Hello, prospective entrepreneurs! Welcome to this course, GE 11:

Entrep Mind. By now, I am confident that you wanted to become an
entrepreneur and visualize yourself already being in the business
industry.

CO Before the real business industry that you will have, you have to deal
with one of the primary jobs of an entrepreneur: planning, designing,
assessing, evaluating, and continually improving strategies, which is the
ultimate course outcome (CO) of this subject.

Let us begin!

Page 6 of 83
Week 1-3: Unit Learning Outcomes (ULO): At the end of the unit, you are expected
to

a. Explain the concept of entrepreneurship;

b. Discuss entrepreneurship in some countries and the Philippines;
c. Trace the development of entrepreneurship;
d. Explain the entrepreneurial process;
e. Discuss the relevance of entrepreneurship in economic growth and society.

Big Picture in Focus: ULOa. Explain the Concept of Entrepreneurship.

Economic globalization - refers to the increasing interdependence of world

economies as a result of the growing scale of cross-border trade of commodities and
services, the flow of international capital, and the wide and rapid spread of
technologies.

SMEs – Small and medium enterprises (SMEs) are businesses that maintain
revenues, assets or several employees below a certain threshold.

The United Nations - commonly referred to by its initials: UN is an international

nonprofit organization formed in 1945 to increase political and economic cooperation
among its member countries.

Economy- the system of trade and industry by which the wealth of a country is made
and used

Chapter 1: The Nature and Relevance of Entrepreneurship.

I. (The Concept of Entrepreneurship)

Entrepreneurship is a catchword in this era of the globalized economy. It is a

foundation and catalyst for economic growth and innovations across the nations.
Entrepreneurial activities thrive in societies with supportive government policies and
give much importance to innovativeness and risk-taking to turn new ideas into
breakthrough solutions. Small and medium enterprises (SMEs) are a concrete
manifestation of entrepreneurship. According to a United Nations report, in developing
countries, SMEs account for more than 90% of all jobs, sales, and value-added. In
contrast, in developed countries, they account for only over 50% of these same
measures.

Page 7 of 83
 It is interesting to note that the meaning of entrepreneurship has had a lot of
variations over the years. These are the definitions that possibly given to and
entrepreneurship from the early on the present time.

CONTRIBUTOR DEFINITION

1. Knight (1921) Having profited from bearing uncertainty and risk

2. Schumpeter (1934) Carrying out of a new combination of firm organization

New products, new services, new sources of raw
materials, new methods of products, new markets.

3. Hoselitz (1952) Uncertainly bearing of coordination of productive

Resources introduction of innovation and provisions
Of capital

4. Cole ( 1959) Purposely activity to initiate and develop a profitable

oriented business.

5. McClelland (1961) Taking a moderate risk

6. Shapero (1975) A kind of behavior that includes, (1) initiative-taking

(2) the organizing or reorganizing of social economic
Mechanisms to turn resources and situations to
practica
Account and (3) the acceptance of risk failure.

Although each of these definitions views entrepreneurship form a slightly different

perspective, they all contain the following common elements.

1. Innovation
2. Opportunity seeking and exploitation
3. Resource mobilizing
4. Encountering risks and uncertainties
5. Economic and personal rewards

These are a lot of factors that influence the friendliness of a country to

entrepreneurs; among these are the employment regulation, bankruptcy laws,
and the tax policies of a nation. It is always inevitable that there are people who
will take up the challenge to become an entrepreneur despite the competitive
business environment. Culled from various sources, here are examples of
entrepreneurship in these ten countries.

Page 8 of 83
1. United States of America- noted to be one of the friendliest countries for
Entrepreneurs in the world, the USA is the home to thousands of successful
entrepreneurs, as shown by companies like Apple, Google, Starbucks,
Walmart, and Walt Disney.

2. China- this superpower nation in Asia is home to building entrepreneurs

who manufacture different products that range from toys, gadgets,
electronics, and cars. Most of the new businesses in this country are
homegrown because of a new breed of entrepreneurs who realize their
country's potentials. However, a lot of products in China have generic brand
names, though.

3. Singapore- this is a small country that controls a significant portion of the

economy in Asia. Many of their entrepreneurs innovate on existing services
for local and international use.

4. Canada- entrepreneurs in Canada, are exploring opportunities over the

internet. For example, people from a region called Sanikiluag are known for
their wood carving skills, and entrepreneurs are selling their products online.

5. India- entrepreneurship plays a dominant role in the country's economic

landscape, with the government providing a venue, called the Delhi Huts. To
start-up entrepreneurs who promote local handicrafts. The Cottage
Industries compound is another venue put up by the Indian government for
the development of local products manufactured and retailed by start-up
entrepreneurs India is one of the countries in the Asia-Pacific rim with a
strong base of entrepreneurs organization led by the youth and women.

6. Taiwan- entrepreneurship is encouraged here through the small and

medium enterprise incubation centers to nurture young firms, new products,
and technologies. These incubators provide space, facilities, and hands-on
management assistance and access to technologies and financing to
clients, helping them to survive and grow during the start-up period. These
are hundreds of incubators that have been sponsored by the Taiwan SME
Development Fund.

7. Hong Kong- with a knowledge-based economy, HK utilizes its human

resources to make it's economy the best possible through entrepreneurship.
These are many entrepreneurial endeavors that flourish from the real estate
enterprises to the retail and food businesses. Entrepreneurial activities
related to tourism and agricultural exports have likewise continually received
robust support both from the government and private sectors. Hong Kong is
known as a "shopping haven."

Page 9 of 83
8. Thailand- the extent of government support to entrepreneurs, is very
evident in, for example, in its international airport in Bangkok, where a
considerable section is subsidized by the Bureau of Small and Medium
Enterprises for the promotions of local products marketed by entrepreneurs.
Tourism for the international markets and agriculture exports are two
significant sources of income generated by Thai Entrepreneurs.

9. Malaysia- is becoming friendlier to entrepreneurs, and which is apparent in

the number of businesses, both international and local, which decided to
locate in Malaysia. Its current emphasis on tourism as a business venture
for entrepreneurs is gaining popularity.

10. South Korea- emerged from the Asian financial crisis better than any other
country in the region. The enterprising spirit is quite evident in such
companies as Samsung and Kia that have now become well-known even
outside the country.

A Short History on Entrepreneurship in the Philippines

The Philippines is an entrepreneurial country, where 99.7% of all firms

operating in the country are small and medium enterprises employing 69% of
the labor force; and 47% of the 803. Four hundred seventy-six registered
establishments are SMEs owned by women. SMEs and large enterprises are
predominantly found in and around Metro Manila, while micro-enterprises are
relatively less geographically concentrated.

The government, among its major strategies, is focused on promoting

entrepreneurship with the right environment. This pertains to its regulatory
frameworks, financial resources, and support programs for entrepreneurs, as
well as business practices and social attitudes towards entrepreneurship in
general.

Although legislation certainly helps, including entrepreneurs, are given

opportunities for training and promotion and a wide range of skills and varied
experiences, so that they can sustain their firm or establish their businesses.
Presently the programs and services provided for entrepreneurs are relatively
adequate. At the same time, universities/colleges, non-government
organization employers, and associations of entrepreneurs are providing to
support independently or in coordination with the government agencies.

Let’s Analyze

1. Explain the meaning of Entrepreneurship of Schumpeter.

Page 10 of 83
 2. What are the differences between the meaning of entrepreneurship as
defined by Schumpeter, Hoselitz andKnght?

3. What are the five common elements in the various definitions of

entrepreneurship?

4. Discuss why the USA, India, and South Korea are friendly to entrepreneurs.

5. What are the factors that stimulate entrepreneurship in the Philippines?

Let’s Perform

1. Move around your community. Record five micro small and medium
enterprises that established at least five years. Find out the effects of their
presence in your community.

2. Look for a lady entrepreneur in your community. Ask her about the reasons
for her emerging in entrepreneurship.

3. Report in class what you have gathered.

Something to Remember

*Entrepreneurship is a catalyst for change

*Entrepreneurship flourishes in nurturing environment

Page 11 of 83
 Big Picture in Focus: Develop of Entrepreneurship

II. Evolution of Field of Entrepreneurship

The evolution of the field of entrepreneurship has formulated by scholars

based on theories
rooted in economics, psychology, sociology anthropology, and management. The
table below provides an overview of the rich historical knowledge of entrepreneurship
using these theories. The overview consists of six historical periods where the
entrepreneurship contributors or scholars are cited based on their work. The classic
contributors considered are Cantillion, Say, Marshall, Schumpeter, Knight, and
Kirzner. The modern contributors are Drucker, Hisrich, Timons, and Shane.

Period and its Theory Concept

*The Earliest Period – Based on the ideas that an entrepreneur is a person who sells
goods on behalf of the good's owner, entrepreneurship had
exhibited by Marco Polo (1254-1324), the merchant from
Venice who traveled to many places in Asia to trade. He
would enter into a formal agreement with a capitalist to sell
his goods. He bore all the risks of possible damage or loss of
the goods. After everything had sold, profits were divided
between the capital and the trade as agreed.

*The Middle Ages – The term entrepreneur was used to describe both an actor and a
person who was in changed of and managed large production
projects. This person merely managed the projects using the
resources provided by the government. In this case, he did not
assume any risks. The entrepreneur in this age was the
person who was in charge of great architectural works such as
public building and cathedrals.

The 17th Century – Entrepreneurship has become associated with risk. The
entrepreneur was someone who would enter into a formal
agreement with the government to provide products or
services. It was common practice to agree on the price as
part of the terms in the contract. In effect, the entrepreneur
either reaps profits or bear losses. A prominent theory
during this period was Richard Cantillion (1680 - 1734), an

Page 12 of 83
 economist who viewed the entrepreneur as a risk-taker and
a bearer of uncertainly.

*The 18th Century – Entrepreneurs distinguished from the capitalist who simply
provides money for the creation of products to be sold.
Jean-Baptiste Say (1767-1832), a French economist and
businessman, described the entrepreneur as a person who
plays a central coordinating role in producing and selling
goods. He was someone who coordinates, leads, and
manages all the activities of the firms.

*The 19th and 20th Centuries – There was very little distinction between an
entrepreneur and a manager. However, towards the
middle of the 20th Century, Joseph Schum-Peter (1883-
1950), an Austrian-Hungarian-American economist and
political scientist refuted the idea of entrepreneurship as a
manager of the firm and espoused the concept of the
entrepreneur as an innovator who seeks opportunities and
leads the existing means of production into new channels.

*The 21st Century – Hailed as the DotCorn era, entrepreneurs in the 21 st century are
considered the heroes of free enterprise. Creativity and
innovation have made many of these entrepreneurs able to
exploit high growth potentials. Today many people regard
entrepreneurship as pioneering on the frontiers of
business. Much of the significant changes revolutionizing
the world of business was due to the Internet, which
provided countries opportunities for entrepreneurs.

The Evolution of Entrepreneurship in the Philippines

Entrepreneurship has existed in the Philippines since the interaction of

the early Filipinos with foreign traders, especially the neighboring countries like
Malaysia, Indonesia, and China. They started business transactions through the barter
system wherein goods and services were the means of exchanges. Then countries
moved towards a money economy when people used different forms of money to pay
for the products that they bought. However, when Spain, Japan, and America
colonized the Philippines for hundreds of years, they changed the structure of the
society, the economy, education, and the political system. We become a
predominantly family-centered, Catholic, capitalistic, and democratic country. After
independence, the Philippine Government realized the importance of
entrepreneurship to individuals, society, and the state and how it contributes to the
nation's economic development.

Page 13 of 83
 Small and Medium enterprises became the embodiment of entrepreneurship in
the nation. The SME development regulatory framework and the policies started in
1935 when the 1935 Philippine Constitution first recorded the national commitment to
economic success through industrial and technological growth.

There is no doubt that the government, through the Department of Trade and
Industry and its affiliate agencies and bureaus, recognizes that the promotion of
entrepreneurship demands a holistic, integrated, and strategic set of interventions to
hasten the economic development of the Philippines amid this globally competitive
environment. Implementation of these plans, significant enabling laws, policies, and
programs was instituted by the government with the support if International
development organizations, non- government organizations, and the private sector.

Let’s Analyze

1. Explain the perspective of entrepreneurship from the point of view of

the classic contributors

2. Discuss perspective of entrepreneurship from the point of view of the

modern contributors

3. Explain how the Philippine government supports the development of

entrepreneurship?

Let’s Perform

1. Visit the Department of Trade and Industry website and find out what
are the programs being offered for the SMEs in the country.
2. Based on the newspaper or internet data, look for activities or
programs in support of SMEs in your place or hometown province or
local community had been initiated by the non-government
organization and the universities/colleges.

Something to Ponder

*Women entrepreneurship is empowering

*Entrepreneurship will always be dynamic but people-oriented

Page 14 of 83
III. Relevance of Entrepreneurship and Entrepreneurs in Economic
Development and Society

Entrepreneurship has an enormous impact on the economy and society.

Globally, the level of entrepreneurial activity has contributed significantly to the
national level of economic growth of many countries. It was Joseph Schumpeter, an
Austrian economist, who first articulated the importance of entrepreneurship to the
economy and in the society in 1934. The increase in entrepreneurial activities has also
initiated changes in the structure of business and society. Specifically,
entrepreneurship has these contributions to the economy and society:

1. Creation of employment. When entrepreneurs put up their business, they

employ people who possess different competencies and personal values to
help them operate the enterprise.

2. Develop new markets. Entrepreneurs are opportunity-speakers, creative, and

resourceful. They seek for new buyers or customers of their products are sold
and look for other people who will be interested.

3. Introduce innovation. Entrepreneurs innovate. Innovations can be something

ordinary or technological or breakthrough. This innovation is done for the
product, service, or technology towards commercialization and generates
economic wealth. Due to innovation, other businesses fold, while others will
open or flourish. Some even restructure like merging or buying out firms to
respond to the changes that are required in order to become sustainable in the
business.

Page 15 of 83
4. Generate new sources of materials. Entrepreneurs are always in constant
search for better and cheaper sources of materials they need. Finding new
material providers help in the economic growth of the place. These could be
sourced from because of the value creation.

5. Stimulate investment interest in the new business ventures being created.

When entrepreneurs engage in a new business, it stirs curiosity for other
people to invest in the business because of the benefits it offers. This new
investment contributes to economic growth.

6. Improve the quality of life. The new products and services developed by the
entrepreneur contribute to the increase in the personal benefit and convenience
of people in society. The use of automatic gadgets in cooking or washing
clothes, mobile phones, internet services, agricultural machines, and many
other innovations leads to a better quality of life.

7. Serve as role models. Entrepreneurs are people to be emulated by younger

generations in the community and society at large. The attitude, behavior, and
personality traits, like proactiveness, opportunity recognition, risk-taking,
alertness, and creativity, are some of the characteristics that will also make
them successful entrepreneurs in the future.

8. Bring social benefits to the people. Entrepreneurs pay taxes for every product
or service sold in the market. They also pay for the permits and licenses to
operate their businesses. The income derived from all these taxes by the
government are then used for the people, especially the poor to have more
access to social services such as education and health, as well as
improvement in infrastructure facilities, such as roads and bridges for faster and
safer transportation of people from the various destination.

9. Utilizes and mobilizes indigenous resources. Small and medium enterprises will
always look for cheaper and local materials to supply their needs. They also
make use of idle or unused resources to meet their needs. This saves much in
terms of foreign currency as local enterprises patronize their own resources,
and they do not become dependents on imported materials.

10. It provides more alternatives for consumers. The stiff competition in the market
for quality and cheaper products and services requires the entrepreneurs to
come up with more products and services consumers can choose from.
Entrepreneurs also become more concerned about the welfare of their
consumers, and ethical in producing and selling their products or services, in
order that consumers will prefer them over the other enterprises selling the
same.

Page 16 of 83
Let’s Analyze

1. Explain the contribution of entrepreneurship in economic

development

2. Discuss the relevance of entrepreneurship in the community and

society

Let’s Perform

1. Surf the internet. Research your favorite country, aside Philippines,

enable to know entrepreneur that has contributed in the growth of
their nation.

2. Interview any local government official in your community. Ask for the
specific economic and social contributions that business operat
es in your community.

Something to Ponder

 Entrepreneurship leads to innovation.

 Entrepreneurship contributes to the economic development of a
country.

Page 17 of 83
 Chapter 2. ENTREPRENEURS AND ENTREPRENEURIAL
COMPETENCIES

Objectives: at the end of the chapter, the students will be able to;
1. Compare the personal characteristics of the entrepreneur in the
past and today;
2. Discuss how an entrepreneur think;
3. Analyze the different entrepreneurial competencies and;
4. Explain the entrepreneurial decision-making process as a core
competency.

Business Environment – Business Environment is the sum of all internal and external
factors such as customer's needs, expectations, and employees, supply and demand,
management, clients, owners, suppliers and activities by government, innovation in
technology, market trends, social trends economic changes, etc.

Global Entrepreneurship Monitor- is an annual assessment of the national level

of entrepreneurial activity in multiple, diverse countries. Based in London, England,
GEM is now the largest ongoing study of entrepreneurial dynamics in the world.

Globalization - or globalization is the process of interaction and integration among

people, companies, and governments worldwide. As a complex and multifaceted
phenomenon, globalization is considered by some as a form of capitalist expansion,
which entails the integration of local and national economies into a global, unregulated
market economy.

Regression – is a statistical method used in finance, investing, and other disciplines

that attempt to determine the strength and character of the relationship between one
dependent variable (usually denoted by Y) and a series of other variables (known as
independent variables).

Market demands - describes the demand for a certain product and the willingness to
purchase it. This is determined by how consumers are willing to spend a certain
number of prices on a particular good or service.

Introduction

Page 18 of 83
 "What is emerging today is a class of professions entrepreneurs who rely more
on their brains than their guts and who have been trained to use both methods and
technology to analyze the business environment."

Entrepreneurs are found everywhere around the globe. They are a

distinct group of businesspeople who contribute to the development of society. The
word "entrepreneur" is derived from the French word “entreprendre," meaning "to
undertake." The entrepreneur is the founder and creator of the enterprise who makes
use of the opportunities that abound to start or grow a business, knowing that there
are risks involved in such an undertaking. Over the years, the number of people,
especially women, choosing to become entrepreneurs has risen dramatically. This is
despite the fact that they face situations that tend to overload their information-
processing capacity and are characterized by high levels of uncertainly, novelty,
emotion, and time pressure amidst a dynamic and complex environment. Why do
entrepreneurs think differently from other people?

LESSON 1: CONCEPT OF ENTREPRENEURS TODAY

There is no universal definition of an entrepreneur. Being an

entrepreneur means different things to different people. From an economist's point of
view, it is someone who brings resources, labor, materials, and other assets into a
combination that makes their value greater than before; also, one who "introduces
changes, innovation, and a new order." To a psychologist, a person who is "typically
driven by certain forces such as the need to obtain or attain something, to experiment,
to accomplish, or perhaps to escape the authority of others, is an entrepreneur. But
from a management perspective, the entrepreneur is someone who identifies
opportunities, plans, mobilizes resources, manages, and assumes the risks of a
business to have a positive impact on society.”

The 21st century is considered as the entrepreneurial era. This number

of entrepreneurs increases every year, such that in 2006, about half a billion people
worldwide were either actively engaged in starting a new venture, or were owner-
managers of a new enterprise. The Global Entrepreneurship Monitor (GEM) reported
that also in 2006, approximately 19 million Filipinos, or 39% of the population are
engaged in various types of business activity. GEM further recorded that the
Philippine had the highest established business rate globally, with one out of the five
Filipinos or 19.72% owning and managing an established business

Globalization is coupled with changes in the social, economic, political, and

technological environment. These factors altered the specific dimensions of being an

Page 19 of 83
entrepreneur. What is emerging as the characteristics of entrepreneurs today is
shown below:

ENTREPRENEUR IN THE PAST TODAY

DIMENSION

Educational Less Educated Highly Educated

Attainment

Age Older Younger

Gender Dominated by males Mixed of females/males

Previous Experience Less business and More businesses

Employment experiences

Knowledge of Business Knows the trade at large Knows the core business.

Utilization of information Relies on manual systems Proficient in the use of

Technology information technology

Innovation Orientation Automation for efficiency Values innovation for new

Venture creation and discovery

Goal Economic and Financial Social, ecological and economic

Gain gains

Principle of Governance Compliance and centralized Ethical, transparent, and

Group Accountability

Use of work Structure Highly structured to meet More flexible to better balance
work demands

Leadership Style Directing Empowering

Drive Orientation To get ahead To make a difference

The perspective of self-

Confidence “I can do it: "We can do it."

A review of the literature showed that the personal characteristics often

attributed to entrepreneurs are confidence, flexibility, need to achieve, responsibility,

Page 20 of 83
commitment, creativity, persevering, goal-oriented, realistic, sincere, hardworking,
visionary, disciplined, feedback-seeking, moderate risk-taker, and many more. These
data likewise revealed some common profile dimensions which are also applicable
even among Filipino entrepreneurs today. The following is a compilation based on
various sources

*Calculated risk-taking is doing everything possible to get the odds in their

favor, and they often avoid taking unnecessary risk. Examples of this include
convincing others like investors to put up the money, creditors giving discounted
interest rates, and suppliers offering special terms of payment for the raw materials.
These could all help to lessen the risks entrepreneurs have to face in managing the
business.

*Commitment is the unwavering dedication to work for the common good of the
society through one's business. Examples of this include a willingness to use one's
own savings, sacrificing family time, and working long hours, and traveling to different
places to acquire needed resources.

*Feedback-seeking is the taking of steps to know how well they are doing and
how they might improve their performance. One example is by constantly asking for
comments, reactions, and suggestions from their employees and customers, then
using this feedback to improve their product or services.

*Perseverance is the determination to succeed by overcoming obstacles and

setbacks. Often, entrepreneurs will not easily give up when problems come their way.
They will try to see opportunities even in times of crisis and look for options for the
business to succeed. Examples of this include borrowing money from other resources
to augment capita; looking for and training employees when there is an exodus of
people to work abroad; and asking for the help of the government to give more
support to small businesses.

*Drive to achieve is the internal desire to pursue and attain challenging goals.
Entrepreneurs examine the situation, plan how to achieve their goal given the
conditions, and then push ahead. Examples of this include assessing their business
performance regularly, based on set standards, analyzing how one's competitors are
doing in the market, and planning strategically to sustain the business.

*Self-confidence is the belief that together with the other people, things can be
done in the business. Entrepreneurs seldom waver in their conviction. An example of
this is having a positive belief and allowing those around them to help during a crisis
on a non-profitable period for the business.

*Opportunity orientation is the constant awareness of opportunities that exist in

everyday life. Entrepreneurs begin with the opportunities they see and utilize these
Page 21 of 83
opportunities. Examples of this include studying the change in consumer preferences
to improve an existing product/service or introduce a new one; importing more of the
needed raw materials when the government provides more tax incentives to import
raw materials; and availing of additional capital when interest rates for loans from
banks are low, and there are no other sources accessible.

*Innovativeness is the ability to come up with something different or unique

every time. This can be in terms of a new product, service, process, market, or
technology. This trait is often related to creativity or "thinking-out-of-the-box" in any
given situation to look for opportunities for business. Examples include the
development of new models of iPod/mobile phones, home delivery of products from
supermarkets/drugstores, online buying of many products (books, clothes, jewelry,
food) introduction of online services (class enrollment, payment of bills,
deposit/withdrawal of accounts); and ethnic cuisines prepared in attractive ways by
restaurants.

*Responsibility is their willingness to put themselves in situations where they are

personally responsible for the success or failure of the business operation. This is the
essence of being accountable for whatever is done by subordinates. Examples of this
include taking on the blame for mistakes of the employees; admitting to customers
that there is an error that was done and that this will corrected; and standing up for
what is right for ethical issues that will put the company in a dilemma.

*Tolerance for failure is using it as a learning experience. Serious setbacks and

disappointments become an integral part of the learning process. Entrepreneurs are
realistic enough to expect such difficulties, so they do not become disappointed,
discouraged, or depressed by setback or failure. Examples of this include confronting
the source of their problems like employees or suppliers, not repeating the same
mistake in the production of a product, and admitting to the customer that there is a
need to improve their services so that the same or similar complaints are avoided in
the future.

Let’s Analyze

1. Compare the entrepreneurs in the past and today. How different are
they from each other based on the entrepreneur’s dimensions?
2. Discuss some common personal characteristics of entrepreneurs
today, which of these do you consider more observable among
Filipino entrepreneurs.
3. Explain how an economist, psychologist, and management people
view entrepreneurs.

Something to Ponder

Page 22 of 83
 *If at first, you don't succeed, try again. If you fall off the horse, you have to get
back on.
* Role models, backgrounds experiences, and views of one’s self increase the
likelihood of people forming their own business themselves.

II. How Entrepreneurs Think

Entrepreneurs think differently than non- entrepreneurs. They are more

intuitive than non-entrepreneurs. As such, entrepreneurs collect, process, and
evaluate information in a more intuitive manner than managers. As cited in Armstrong
and Hird, being intuitive also means they tend to be relatively non-conformist,
preferring an open-ended approach to problem-solving and preferring less structured,
more ambiguous, and random methods of exploration. As observed by Timmons, this
style of working is particularly suited to the needs of entrepreneurs who have to sense
opportunities where others see chaos and confusion. They have more intense
counterfactual thoughts related to business when faced with unexpected challenges in
unconventional times in order to adapt. As noted by Hisrich, Peters, and Shepherd,
this entrepreneurial mindset involves "the ability to rapidly serve, act, and mobilize,
even under uncertain conditions." Given the nature of the entrepreneur's decision-
making environment, they would oftentimes think this way.

1. Actuate Self-Assessment and Choose Course of Action

2. Generate Multiple Decision Models
3. Learn from Failure

Failure always results in negative emotions, like anger, guilt, anxiety, and
hopelessness. These negative reactions can hinder the entrepreneur's ability to
learn from failure and the motivations to try again. According to Baron,
entrepreneurs' greater tendency to experience regret over missed opportunities
constitutes one reason why they are likely than others to search for, identify,
and act upon perceived opportunities. Entrepreneurs need to recover from the
loss experience and look at the brighter side. They should never give up. Self-
determination, as well as proactive thinking, can help the entrepreneurs go
through the process of recovery. Managing the sources of stress and getting
social support will eventually be helpful.

Let’s Analyze

1. Explain the meaning of entrepreneurial mindset?

2. Discuss how entrepreneurs actuate self-assessment and choose a
course of action
3. Explain how entrepreneurs generate multiple decision models.
Page 23 of 83
 4. Discuss factors that will help entrepreneurs learn from failure.

Something to Ponder

*Challenges are stepping stones to success

*In the world of dreams, everything is possible

III. Entrepreneurial Decision Making a Core Competency

Entrepreneurs think and process information differently. Research has shown

that entrepreneurs are able to make sense of complex and ambiguous situations more
quickly and take more conventional approaches in making decisions. It also means
the critical and creative skills of the entrepreneurs are utilized in decision making.
However, it was also observed that entrepreneurs also experience stronger levels of
emotions and mood than do other people in relation to their work, which influences
their judgments. But then entrepreneurs will always make decisions from the
identification stage to the organization, and implementation/execution stages of their
business venture. The success or failure of their business depends on their ability to
make the right judgment of every step of the way. These are some of the important
factors that determine the entrepreneurial decision-making process.

1. Rational/Scientific method in decision-making- this involves the use of the

standards six-step process to arrive at a decision, as shown in the figure
below. In many instances, this scientific method requires the use of
quantitative management techniques, such as forecasting using time-series
of growth rate analysis, sensitivity analysis of financial data, regression, and
correlation for market demands.

*Identify the problem

*Gather data

*Analyze data

*Formulate Alternative Solutions

*Select the best alternative

*Implement the decision

2. Use of intuition in decision making- this pertains to the use of "gut feel" to
arrive at a decision. There are those who believe that entrepreneurs have a
"sixth sense" that enables them to make a quick decision even in the

Page 24 of 83
 absence of complete information or without a deliberate search for data. But
sometimes, this tendency of the entrepreneurs to make fast decisions result
from missed opportunities, disappointments, or business failure.

3. Affect infusion- this suggests that entrepreneurs' current moods influence

judgments or decisions by influencing the ease with which information
consistent with positive (e.g., happy) or negative (e.g., angry) moods can be
brought to mind. Another aspect of this is that entrepreneurs' examination of
their current feelings, whether favorable or unfavorable, about a person or
event, can influence their judgments or decisions.

4. Attributions style- this refers to the entrepreneur's self-serving bias. This

bias is actually related to (1) a strong tendency on the part of the most
entrepreneurs to attribute to positive outcomes to internal causes (e.g., their
own skill, talent, good judgment, or hard work), and (2) a corresponding
tendency of the entrepreneurs to attribute negative outcomes to external
causes (e.g., high-inflation rate, obsolete machine, unavailability of raw
materials or unreliable suppliers). It means that they will always network
with industry associations related to their business, reliable circle of friends
in the business, government agencies, and suppliers.

5. Counterfactual thinking- this is understood as an afterthought in decision-

making in which the procedures followed to perform the task are discussed,
and various alternatives that could have been followed are considered.
Entrepreneurs are less likely to engage in counterfactual thinking, especially
in situations where they have experienced negative outcomes such as
missed opportunities, a big volume of rejects from buyers, a high resignation
rate of workers, family conflict, and bankruptcy.

6. Over-confidence- this refers to the tendency of the entrepreneurs to think

that they know more than what they really know when they make the
decision. This is the entrepreneurs’ failure to know the limits of their own
knowledge. Over-confidence occurs when entrepreneurs' assessments are
overly optimistic. This happens because of their tendency to see the past
event as more predictable than they actually were, so they usually say. "I
knew it." Over-confidence also occurs because of their tendency to gather
evidence for and assign more weight to information that validates one’s
belief and to stop seeking or to ignore contradictory information.

7. Knowing style- this is the combination of analytical and conceptual thinking,

where the entrepreneurs look for the facts and data before they make
decisions. They want to know exactly how things are, and they tend to retain
many facts and details. They are task-oriented and accurate, and they thrive
on complex problems if they find a clear and rational solution. When they
use this style, decisions-making tends to be slower, cautious, and
centralized, especially when they are small and medium-sized family firms.
Page 25 of 83
8. Creative style- this is characterized by "holistic and conceptual thinking."
Entrepreneurs who use this style tend to be creative and enjoy
experimentation before making decisions. They think "out of the box." They
tend to see opportunities and challenges. They do not like rules and
procedures and take pleasure in uncertainty and freedom. They are
ambitions and achievement-oriented. Successful entrepreneurs show more
originality than others and are able to produce solutions that run against
established knowledge. Creative thinking also facilitates the recognition of
business opportunities.

Let’s Analyze

1. Explain the rational/scientific method in entrepreneurial decision-making

2. Discuss the use of intuition in entrepreneurial decision-making?

3. Explain affect infusion in entrepreneur decision-making

4. Differentiate attribution style from the knowledge and creative style in

decision making.

Let’s Perform

1. Together with your classmate or groupmates, interview an entrepreneur

whose business is located near your place like in the city/municipality.
Explain to the entrepreneur the various factors that have influenced other
entrepreneurs decision-making process. Then ask the entrepreneur which
of these he/she also commonly use/s in arriving at his/her decisions.
2. Based on your data in #1, together with your new groupmates, write a song
and sing it in the class.

Something to Ponder

*One can achieve more in a given period of the time than one is really capable
of

*Don’t underestimate the speed at which others will imitate your products and
service

Page 26 of 83
 Chapter 3: Career Opportunities

Objectives: at the end of chapter 3, the student will be able to;

1. Differentiate the various career opportunities open to the students
who will take the academic track;
2. Identify the essential skills required to attain a successful
entrepreneur.

Science and technology – Science encompasses the systematic study of the

structure and behavior of the physical and natural world through observation and
experiment, and technology is the application of scientific knowledge for practical
purposes.

Career Opportunities – An opportunity is a situation in which it is possible for

everyone to do something that they want to do.

Skills – and ability to do an activity or job well, especially because you

have practiced it.

Industry evolution – Slow process of change from one low form industry to a better
higher one that brings into being a superior industry.

"Entrepreneurship is the best means for youth to adapt to a changing

and highly competitive job market in both rural and urban areas around the world."

One commonly cited definition of entrepreneurship comes from Harvard

Business School professor Howard Stevenson, who says that "entrepreneurship is the
pursuit the opportunity without regard to a resource currently controlled. According to
Dave Valliere, professor of entrepreneurship at Ryerson University, it means that you
see an opportunity that is "so compelling," you have no other choice but to pursue it
even if you don't have the necessary resources. You simply assume that you'll find a
way to get it done. Our words today is changing rapidly like advancements in
information technology, forging alliances in international politics, globalizing economy,
and breakthrough in science and technology. Bearing these in mind, one of the best

Page 27 of 83
things about pursuing a career as an entrepreneur is the wide-open possibilities.
These possibilities in entrepreneurship are limitless.

I. Entrepreneurship Career Opportunities for the Academic Track

The rewards can be great and abundant. Even the risks are certainly high too.
But, if anyone has the opportunity, conceptual, and organizing entrepreneurial
competencies but not yet ready to start one's own business, there are other ways to
use entrepreneurial skills. These may very well be the career options for you, as
enumerated by Michalowicz:

 Business Consultant
There are many start-ups and struggling businesses that need
people who can go to a client site, identify problems, and fix them.

 Sales
Someone who works in sales or runs the department needs to know
how businesses run. The need to know how to represent a company,
manage accounts, and follow up on leads.

 Research and development

Work in R and D, there is a need to understand business concepts,
systems procedures, and practices.

 Not-for-profit fundraiser
Being able to raise funds requires understanding the importance of
business and networking relationships.

 Teacher
Teach students how to increase their entrepreneurial intention
through acquiring the attitude towards entrepreneurship, as well as
the benefits of math to business, history to innovation, and literature
to persuasive advertising.

 Talent recruiter
Companies who use recruiters rely upon someone being not just
people savvy, but having an in-depth business sense as well.

 Business reporter

Page 28 of 83
 If one can write articles, or pick up a quick class to learn it, one is in a
prime position to take the lead on covering a local business beat.

There are other career opportunities that are open to people who have
entrepreneurship background and competencies. As published in the books,
entrepreneurial careers go beyond specific job titles, career paths, and industries.
While it can mean starting a new business, entrepreneurial careers can be found in
just about every field, industry, and organization. Entrepreneurs create products,
services, companies, and even industries. Some works for themselves or family
business. Others work within traditional companies. Those with entrepreneurial
aspirations typically pursue one of the following career paths.

 New Venture Creations: Launching a company, buying a business

or franchise, starting a new venture in a family enterprise, or
commercializing a technology.
 A career in Existing Entrepreneurial Ventures: These are those
who work in a start-up, and small business, such as corporate
entrepreneur, strategies entrepreneurial unit, or other areas, such as
education, research, public policy, and accelerators.

Moreover, the students who pursue graduate studies in

entrepreneurship can go to work in a variety of roles other than finding
opportunities and founding companies. According to the ESADE
Business School in Barcelona, Spain, existing companies need
intrapreneurs to drive innovation in product and process development.
Research centers, business incubators, and local business development
agencies also require people with a deep understanding of connecting
innovation and results. Other graduates go on to work in areas including:

 Innovation direction
 Innovation architecture
 R&D
 Business development
 Innovation management consulting
 Policy advice
 Financial Analysis
 Management in innovation centers, technology centers, creativity
centers clean-teach and sustainable energy
 Marketing & sales

Page 29 of 83
II. Essential Skills Required to Succeed as an Entrepreneur

Many entrepreneurs believe that the most important factor that will determine
their level of success with a startup relates to their overall experience and skills in the
niche area. However, the most successful entrepreneurs have developed a certain set
of skills that have helped them reach their goals. While you definitely need nerve and
patience to launch and run a new business, you also need to focus on nurturing these
seven critical skills that are integral to your future success in very important ways.

Page 30 of 83
 Ambition - It is easy to give up when the going gets tough, but the most
successful entrepreneurs persist because of their ambitious nature. They want
to succeed, and they thrive on reaching small milestones that are stepping
stones to their major goal. When you are highly ambitious, you may have an
internal drive to work hard, and you may be committed to doing what it takes to
make your business a success. Generally, you will not look for shortcuts and
are willing to put in the time necessary to get the job done right.

 Willingness to Learn - Some people think that learning stops when you
graduate college or earn a special certification, but this is not the case.
Education is a life-long process. You must stay updated with changes in
technology, the evolution of your industry, sales processes, and more. Always
seek new knowledge. More than that, look for the most successful people in
your industry and do not be afraid to ask for their opinions or advice.

 Ability to Listen - You simply cannot manage a great team or run to provide
great customer service if you are not an effective communicator.
Communication is a two-way street. In order to communicate outwardly in an
effective manner, you must pay attention to others' motivations, hot buttons,
interests, and more. You also must be aware of non-verbal cues, such as body
language. Avoid coming off as being self-promotional or vain, and strive to
show that you are helpful and interested in others. This can foster collaboration,
get others excited about your goals, and more rather than turn them off
because you seem overly interested in your own self-interests.

Page 31 of 83
  Creativity- If you always do the same thing, you will very likely not enjoy new
and better results. You must try new things to find what works best. You also
need to enrich your life with new experiences regularly. This may be something
as simple as talking to new people or taking a personal interest class. Each
experience that you have can lead to new opportunities that you previously did
not have available to you.

 Assertiveness and Confidence - While listening is important for effective

communication, you also must know when you need to take control of the
conversation and assert your opinions and beliefs. You should listen to others
who are making reasonable claims and requests, but you also need to know
when to say no. Be consistent yet open-minded to earn respect and trust from
those around you. You need to know what you stand for, and you need to stand
up for those beliefs.

 Perseverance - Many of the most successful business owners have suffered

devastating defeats and failures. Rather than look at these events as an end to
a situation, they have looked at these events as important learning moments.
They maintained their optimism and perseverance, but they also made
calculated changes to future efforts. Remember that you only fail when you
stop trying. Persistence is the key to success.

 Courage and Risk-Taking - In order to harness the power of creativity, you must
have the courage to act on your great ideas and plans. While you need to
research your ideas thoroughly, you must also have the courage to take an
unknown step and try things that are unfamiliar to you. In the words of John
Burroughs, “Leap, and the net will appear.”

Finding a successful path in life is rarely a straight and narrow process. Many
entrepreneurs must take numerous steps to develop the right combination of skills,
traits, and knowledge to be successful with their efforts. If you focus your attention on
nurturing these traits in your own life, you may be able to enjoy better overall success
with future entrepreneurial efforts.

Are entrepreneurs born or made? Commonly, characteristics such as risk-seeking,

assertiveness, and vision are considered typical of a successful entrepreneur. But these are innate
predispositions or aspects of temperament; by using them as a yardstick, it is wrongly concluded
that only certain types of people make good entrepreneurs or are capable of worthwhile
innovations. Instead, this idea proposes that 'entrepreneurial behavior’ can be learned and
developed.

Page 32 of 83
 The research behind this idea is based on empirical studies of hundreds of entrepreneurs,
which revealed that entrepreneurial behavior is the result of a combination of:

 Need for strong motivation to achieve something better; and

 The capabilities to achieve it.

Furthermore, there are three levels of competencies, which all entrepreneurs need:

1. Personal competencies: Refer to creativity, determination, integrity, tenacity, emotional

balance, and self-criticism.
2. Interpersonal competencies: communication, engagement/charisma, delegation,
respect.
3. Business competencies: Refers to business vision, resource management, networking,
negotiating skills.

Previous research has also highlighted other competencies that make up the 'ingredients'
of a successful entrepreneur, including initiative, ambition, and even luck.

Though the key takes away from this idea is that entrepreneurship can be learned by
anyone, it's not something that can simply learn in a classroom. Even once key business
knowledge has been acquired, the entrepreneur still has to learn how to use it in practice -
something that can only be done through practice. In this respect, 'learning by doing' is
useful. Other tips include the following:

 Have a clear understanding of industry evolution, knowledge of the effects of globalization,

techniques for developing markets, etc. Some training in an academic environment (e.g.,
business schools) may help with this, particularly where case methods/working groups are
used to teach.
 Practice developing your interpersonal competencies. Certain skills, such as
communication, delegating, and respecting others, can only be acquired through practice
and developing 'habits of character.'
 Habits of character may not strictly be related to business but are to do with the kind of
person the entrepreneur is and what he/she does. These are indispensable, alongside
'technical habits' and 'skills.'

Page 33 of 83
 The only way to acquire the habits essential for entrepreneurs is by acting in a way
consistent with them. Only then do these habits become the ‘driving force’ of successful
entrepreneurial ventures.

Let’s Analyze
1. Explain and differentiate the career and characteristics traits of being an
entrepreneur.

2. Differentiate the opportunities of becoming an entrepreneur.

3. Identify the career options and skills of being an entrepreneur.

Let’s Perform

1. Together with your group mates, research a case study that is related to
entrepreneurial skills and make a reflection about it and present it to the class.
2. Based on the case study you have chosen, do you agree with the outcome? If
not, explain it to the group, if Yes, explain it also to the class. Defend your
answer.

Something to Ponder

*, take a different path.“Creativity is the root of entrepreneurship.”

*Stick with challenges.“It’s not that I’m so smart, it’s just that I stay with
problems longer.” -- Albert Einstein.

Every successful entrepreneur has learned to develop their

perseverance and tenacity muscles. The life of an entrepreneur is never
smooth sailing, and it takes guts to keep going when people doubt your
abilities

Page 34 of 83
 Chapter 4: Marketing Plan
Chapter 4: Marketing

Objectives: at the end of chapter 4, the students will be able to;

1. Discuss the 7Ps in marketing
2. Explain the importance and process of market research;
3. Describe a brand name; and
4. Determine the concept of marketing research and marketing plan.

Marketing Strategy Business Plan - “LivePlan is incredibly simple and easy to use.
The financial sales forecasting tool is very intuitive and makes writing a business plan
more fun” today's market makes it extremely difficult for small business owners to
attract and retain those skills.

Target Market- A target market is a group of customers within a business's

serviceable available market at which a business aims its marketing efforts and
resources. A target market is a subset of the total market for a product or service.

Competitor analysis - In marketing and strategic management is an assessment of

the strengths and weaknesses of current and potential competitors.
This analysis provides both an offensive and defensive strategic context to identify
opportunities and threats.

Company overview - Also known as company information or a company summary) is

an essential part of a business plan. It's an overview of the most important points
about your company—your history, management team, location, mission statement,
and legal structure.

Product/Service Plan - This is the part of your business plan where you will describe
the specific products or services you're going to offer. You'll fully explain the concept
for your business, along with all aspects of purchasing, manufacturing, packaging, and
distribution.

Marketing Plan - A marketing plan may be part of an overall business plan. Solid
marketing strategy is the foundation of a well-written marketing plan so that goals may
be achieved. While a marketing plan contains a list of actions, without a sound
strategic foundation, it is of little use to a business.

Page 35 of 83
I. The 7Ps of Marketing

"Everything matters with marketing, and that broad, integrated perspective is

often necessary."

Estimate potential market demand. Estimation is an educated guess. The best

way to be very certain and confident about estimates for potential market demand is to
look for facts about the industry where the entrepreneur intends to enter. Census data
is a good source of estimates to be able to project sales.

The traditional marketing mix elements comprised of the 4Ps of product, price,
place, and promotion have enjoyed tremendous popularity over the years in an era
where most businesses sold products. In 1981, Booms and Bitner extended the
marketing mix by three new Ps that directly relate to the service provision industry.
These new elements are people, physical evidence, and process. The marketing mix
decisions are made for influencing the trade channels as well as the ultimate
customers' solution, cost, convenience, and awareness of what is being offered in the
market. These 7Ps or elements of the marketing –mix can be defined based on the
publication as cited in 7Ps in Marketing and other sources about the topic.

1. Product. In the manufacturing industry, the production and consumption of

the product are not simultaneous, and it is tangible, not always diverse nor
usually perishable. In the service industry, the production and consumption
of the product are simultaneous, and the product is intangible, diverse, and
perishable. The nature of this "product" allows for on the spot customization.
This also means that the point at which this activity is occurring becomes
very important.

2. Pricing. With a product, producing the materials that go with it can be

measured, and its actual tangible cost production is also measurable.
Therefore, it is not that difficult to put a price tag on it. However, since a
service cannot be measured by what materials go into its creation nor is the
actual tangible cost of production measurable, it can be challenging to put a
price tag on it. There are some tangibles, of course, such as labor costs and
overheads. But additionally, the ambiance, the experience, and the brand
name also factor in to the final price offering.

3. Place. The product is not necessarily produced and consumed in the same
place. The place of production or the plant site can be different from the
place of distribution or selling. As mentioned, the service is produced and

Page 36 of 83
 consumed in the same place. It cannot be owned and taken away from the
location. This is why the place at which this transaction occurs is of vital
importance. The location of the service provision is carefully analyzed to
allow ease of access and the desire to make an effort to reach it. Fast food
restaurants and sales service centers may be located in busy main streets
to allow walk-in customers, while a fine dining restaurant may be located in
a quiet street to maintain exclusivity and privacy.

4. Promotion. It fulfills the same role as it does in any other marketing context.
Service may be more easily replicated than a physical product. To prevent a
service from becoming interchangeable with its competitors, it becomes vital
to create a desirable brand image and name in the market. Differentiation
becomes a key goal in order to attract both new and repeat customers.

5. People. In the production of a product, the people needed to do the tasks

are not directly dealing with the customers so that customer service training
is not a priority, but production-related training is. People element is vitally
important in the service marketing mix. "When a service is being delivered,
the person delivering it is not unique from the service itself. When dining at
a restaurant, if a rude waiter is encountered, the entire experience will be
labeled as bad service. This is why many businesses invest in defining the
right kind of a person to fill their service role and then making efforts to find
or train people to fit this definition.

6. Process. Production of a product can be standardized, customize, and

personalized, or both. The process of production can involve
steps/procedures that require precision and standard measures of inputs to
produce the desired quality and quantity of the product. However, since
service provision needs to strike a balance between customization and
standardization, the processes involved in the activity require special
mention and attention. A process needs to be clearly defined for the service
delivery to every customer, at any time of day, on any day. Within this
process, there should be defined areas where a customer preference can
be accommodated to provide a unique experience.

7. Physical Evidence. With a product, the location of the manufacturing site

or plant site is dependent on the availability and accessibility of materials,
manpower, machinery, nature of the product, and the target market. With
service, the location of the service delivery also takes place o significant.
The level of comfort and attractiveness of a service location may make a lot
of difference to the user experience. A calm and soothing environment with
thoughtful comfort measures may provide a sense of security to a new
customer, which will make them return.

Page 37 of 83
Lesson 2: Need and Importance of Marketing Research
The most important task of a marketer is to get the right product at the
right place with the right price to the right person. Besides, it was also
necessary to go back and find whether the consumer is getting optimum
satisfaction so that the consumer remains loyal. These aspects made it
imperative for marketers to conduct marketing research.
The following points explain the need for and importance of marketing research:
1. Identifying problem and opportunities in the market:

It helps in identifying new market opportunities for existing and new products. It
provides information on market share, nature of competition, customer satisfaction
levels, sales performances, and distribution channel. This helps the firms is solving
problems.

2. Formulating market strategies:

Today, markets are no more local. They have become global. Manufacturers find it
difficult to contact customers and control distribution channels. Competition is equally
severe. The consumer needs are difficult to predict. Market segmentation is a compli-
cated task in such wide markets. The marketing intelligence provided through
marketing research not only helps in framing but also implementing the market
strategies.

3. Determining consumer needs and wants:

Marketing has become customer-centric. However, large-scale production needs

intermediaries for mass distribution. Due to the prevalence of multi-channels of
distribution, there is an information gap. Marketing research helps in collecting
information on consumers from structured distribution research and helps in making
marketing customer-oriented.

4. For effective communication mix:

In an era of micro- rather than mass-marketing, communication plays a vital role.

Marketing research uses promotional researchresearch to study media mix, adver-
tising effectiveness, and integrated communication tools. Research on such aspects
will help in promoting a company's product in the market effectively.

Page 38 of 83
5. Improving selling activities:

Marketing research is used to analyze and evaluate the performances of a company

within a market. It also studies the effectiveness of a sales force. It helps in identifying
sales territories. Such information helps the companies in identifying areas of
shortcoming in sales. It also examines alternative methods for the distribution of
goods.

6. For sales forecasting:

The most challenging task for any production manager is to keep optimum levels of
inventory. However, production is undertaken in anticipation of demand. Therefore, a
scientific forecast of sales is required. Marketing research helps in sales forecasting
by using market share method, salesforce estimate method, and jury method. This
can also help in fixing sales quotas and marketing plans.

7. To revitalize brands:

Marketing research is used to study and find out the existing brand position. It finds
out the recall value of brands. It explores the possibilities of brand extension or
prospects of changing existing brand names. The main purpose of marketing is to
create brand loyalty. Marketing research helps in developing techniques to popularize
and retain brand loyalty.

8. To facilitate the smooth introduction of new products:

Marketing research helps in testing the new products in one or two markets on a small
scale. This helps in finding out consumer responses to new products and develop a
suitable marketing mix. It reveals the problems of the customers regarding new
products. Thus, it controls the risk involved in introducing a new product.

9. Determine export potentials:

The development of transport and communication has helped in globalization and

digitalization of world trade. This has helped in boosting the growth of international
markets. Marketing research helps in conducting a market survey for export. It collects
information on the marketing environment prevailing in a country. By collecting data
on consumers from different countries, it indicates export potentials.

10. Managerial decision-making:

Marketing research plays a vital role in the decision-making processes by supplying

relevant, up-to-date, and accurate data to the decision-makers. Managers need up-to-

Page 39 of 83
date information to access customer needs and want, market situation, technological
change, and extent of competition.

Described a Brand Name

A lot of people – even those in branding – struggle with answering the question: So
what’s a brand, anyway?

The term “brand” first emerged more than half a century ago as a way for cattle
ranchers to identify their animals. In the late 1880s, packaged goods like Coca-Cola
started taking off. Brands were used to differentiate them from the generic
competition.
But as branding progressed, marketers realized there was more to the brand of Coca-
Cola than just a non-generic name.
David Ogilvy, the "Father of Advertising," defined a brand as "the intangible sum of a
product's attributes."
The Dictionary of Brand defines a brand as "a person's perception of a product,
service, experience, or organization."
Marty Neumeier, author, and speaker on all things brand defines brand by first laying
out what a brand is not: “A brand is not a logo. A brand is not an identity. A brand is
not a product.” Neumeier goes on to say that “a brand is a person’s gut feeling about a
product, service, or organization.”
As branding has evolved, brands have become more subjective – more about
perception and accumulated meaning.

Let’s Analyze

1. Explain the four traditional elements of 4Ps of the marketing one

2. Discuss the three new elements of the 4Ps of the marketing mix
3. Describe what the marketing-mix decision are made to influence

Let’s Perform

1. Together with your classmates/groupmates, look for entrepreneurs in

your area who offer these products/services. Ask them how they apply
the 7Ps of marketing by using the following guide questions.

*How do you develop your product/service?

*How do you price fairly
*How do you provide the right place for the customer to access and
experience your product/service

Page 40 of 83
 *How do you promote your product /service to create an impact,
differentiate from competitors, and further brand image?
*What is the process you use to deliver your products/service to the
customer?
*Who are the people who represent your company, and what are the
skills that they need?
*How do you provide physical evidence of the superior nature of your
product/service?

2. Based on the answer of your chosen entrepreneurs, fill-up the form on

the next activity and then compare your data with the other groups in
class. What did you learn about the use of the 7Ps in marketing?

Something to Ponder

*Companies are constantly trying to differentiate themselves from their

competitors to build a loyal customer base.

*Build an effective network of relationships with the key stakeholders,

and profits will follow.

Page 41 of 83
II. Market Research

"Research has formalized curiosity. It is poking and prying with a purpose."

Market research is the process of gathering information that will make the
company more aware of how the people the company hopes to make the company
more aware of how the people the company hopes to sell to will react to the
company's current or potential products or service. It is simply an information-
gathering exercise to determine the viability or acceptability of a product or service an
entrepreneur intends to offer in the market. It is undertaken so that an entrepreneur
can have the information needed to make informed business decisions about start-up,
innovation, growth, and the 7Ps. Rather than making decisions based on the
entrepreneurs' own gut feeling, market research must lead to a more informative and
better decision making about the business.

Market research is important for every business and should not be just a one-off
activity. Successful businesses conduct research on a continual basis to keep up with
market trends and to maintain a competitive edge. Regardless of whether an
entrepreneur is starting or expanding its business, market research is necessary for
understanding its target market and increasing sales. Today, business owners
conduct market research for a lot of reasons, such as the following.

1. Identify potential customers

Who is going to use your product/service? How old are they? Are they male
or female? Are they married, single, or divorced? Do they have children?
Where do they live? What is their level of education?

@ Identify potential customers

@ Understand existing customers
@ Set realistic targets
@ Develop effective strategies
@ Examine and solve business expansion
@ Prepare for business expansion
@ Identify business opportunities

2. Understand existing customers

Page 42 of 83
 Why do customers choose your product over competitors? Why do they
value? Is it service, product equality, or the prestige associated with
consuming your product/service? Who influences their buying decision?
What magazines do they read? What websites do they visit? What do they
enjoy doing?

3. Set realistic targets

From the information collected, you will be able to set realistic targets for
areas such as growth, sales, and the introduction of new products/services.

4. Develop effective strategies

From your research, you will be able to make informed marketing decisions
about how to price your product/service, how to distribute your
product/service, which media channels to use (e.g., newspaper, radio, or
direct marketing) or whether to develop a new product/service. It will also
help you make informed decisions about starting, building, consolidating,
diversifying, or reducing business activity.

5. Examine and solve business problems

If you have identified a business problem, research will help you work out
what is happening. For example, if your sales have fallen, you might
discover that brand awareness has also fallen or that a new competitor has
entered the market or a substitute product has become available.

6. Prepare for business expansion.

Good research will help you identify areas for expansion and test the
market's readiness for a new product/service. For example, you want to
open a new retail store. Therefore, you need to find the right location that
suits to your distribution channel (e.g., from home parties to retail) and need
to determine how that will affect your customer base.

7. Identify business opportunities

Your research could identify new business opportunities. You may find an
un serviced or under-serviced market. You could identify changing market
trends such as population shifts, increasing levels of education, or leisure
time, which bring new opportunities.

According to the Guide to Market Research and Analysis (2015), to conduct

market research, it is important to set clear goals for the market research
activity and define what is needed to be known and why. Then, it is vital to
develop a strategy and select the data-gathering technique that will use. This
can be done either through primary or secondary research.

Page 43 of 83
A. Primary Research is information gathered directly from the respondents
who answered a set of questions. This information is usually collected
through surveys, observation, focused group discussions, or
experimentation.

Surveys are the most common way to gather primary research with the
use of questionnaires or interview schedules. These can be done via
direct mail, over the phone, internet (e.g., Google Survey) or email, face
to face, or web (e.g., Skype or Viber). When designing or constructing
your own research questionnaire, remember the following guidelines:

*Keep it as short and simple as possible

*Make sure it is visually appareling and easy to read
*Cluster or block related questions
*Move from general questions to more specific questions
*Move from easy to answer questions to more difficult to answer
questions
*Make sure questions are brief and easy to understood
*Avoid leading questions, questions with ambiguous words, questions
that are too difficult to answer (due to recall problems, etc.).
*Make sure any response scales used are logical with categories that
are mutually exclusive.
*Always pre-test the questionnaire to establish its reliability and validity,
as well as identify potential problems like the length of answering and
the use of the language for understanding.

Focus group discussions are now gaining wider usage in market

research due to substantial information gathered given a time limit. It can
be moderated group interviews and brainstorming sessions that provide
information on the user's needs and behaviors. As explained in the
Guide to Market Research and Analysis for focus group discussions, can
be useful for the following types of discussions:

@ Exploratory – obtain information on general attitudes, understand the

circumstances under which customers might require your product or
service, understand their desired outcomes.
@ Featured prioritization – if trade-offs have to be made among
various customer needs, focus groups can be helpful in prioritizing them.
@ Comparative analysis – Understand where else customers go to get
similar information, services, or products and what attracts them to those
sources.
@ Trend explanation – if you notice a trend in the way that customers
use your website, then focus groups can be used to better understand
why this is happening.

Page 44 of 83
On the other hand, the Canada Business Network, they also discussed the following
considerations in the rise of Focus Group Discussions in the market research;

@ Limit the length of the session to between 90 to 120 minutes

@ Generally, conduct focus groups with 8 to 10 participants per group
@ Use a knowledgeable moderator/facilitator who can manage group dynamics
@ Use a semi-structured or open-format discussion
@ Strive for uniformity in the group discussion

Personal interviews are a traditional method of data collection, which is normally done
on a face to face manner with the respondents. They can either be semi-structured
discussions with individual or open-ended questions where the interview can probe
further to understand underlying perceptions and behaviors of customers or other
types of respondents. As discussed in the Guide to Market Research and Analysis,
personal interviews are a more expensive alternative to FGDs and generally used in
the following situations:

 The topic is too personal or sensitive to be influenced by others in the

group.
 It is as important to learn as much about what people don't know
about a subject, as what they do know. In a group setting,
knowledgeable participation may inhibit less knowledgeable ones
from participating
 Logistic problems may make groups impractical. For example, if
participants are geographically dispersed, travel time and cost may
be prohibitive.
 The interview respondents are executives from competing firms who
would be reluctant to open up in a group situation.
 The interview respondents are busy, and it is difficult to schedule
group sessions, or it is important to visit interview respondents
individually at their convenience.

Furthermore, the Canada Business Network also described the following

consideration in the use of personal interviews in the market research:

 It can be helpful to use a list of mostly open-ended questions to be

asked in person or by telephone.
 An in-depth interview gives participants the opportunity to express
their views.
 The interview typically lasts from 15 to 40 minutes, but they can last
longer, depending on the participant's interest in the topic.

Page 45 of 83
  This technique allows the interviewer to get detailed descriptions of
individual experiences.

B. The secondary research gathers data from existing available resources like
company records, databases, research reports published in the media, internet
search engines, libraries, and books that answer the questions at hand. It is
normally less time consuming than primary research and can be less expensive as
well. Existing company records such as sales invoices, receipts, and formal
complaints are important secondary resources that businesses can utilize. Often
times, these records shed light on the same issues businesses seek to address
through primary research. Another key secondary resource is statistical data from
official statistics providers (like NEDA, DTI, PSA) and other organizations. These
statistics, in turn, can feed into analytical papers and market profiles that can help
to put the numbers in context.

Let’s Analyze

1. Explain the meaning of market research and make at least three reasons for
business owners to conduct market research.

2. Differentiate primary research from secondary research. Give three specific

examples of each.

3. Describe four guidelines in designing a questionnaire for market research

4. Discuss three consideration in the conduct of FGDs

Let’s Perform

1. You are to open a lemon juice and shake business in your neighborhood.
Conduct simple market research to know if this is acceptable.
2. You just started an "internet shop," near your school, conduct market
research to get feedback about your business

Something to Ponder

 Research is what I am doing when I don't know what I'm doing.

 A market researcher should share and distributes knowledge and
expertise in a credible and convincing way.

Page 46 of 83
III. Branding

"When people use your brand name as a verb, that is remarkable."

According to Canon Perrault and McCarthy, branding means "the use of a

name, term, symbol or design or a combination of these, to identify a product. It
encompasses the use of brand names, trademarks, and practically all other means of
product identification. A brand combines dimensions that differentiate the offering in
some way from other offerings designed to meet a similar need. These variations may
be functional, rational, or tangible- related to the brand's product performance. They
may also be more symbolic, emotional, or intangible-related to what the brand
represents. The brand name has a narrowing meaning. A brand name is a word,
letter, or a group of words or letters. Well organized brands make shopping easier.
Many customers are willing to buy new things. But they like to buy a sure thing the
next time. Brand names connect a product with the benefits a customer can expect.
The connection may be learned from the past consumer experience, from the
company's promotion, or other advertising strategies. Trademark is a legal term. A
trademark includes only those words, symbols, or marks that are legally registered for
use by a single company. A service mark is the same as a trademark except that it
refers to a service offering. Below are examples of recognized local trademarks/logos.

Therefore, branding is providing products and services with the power of the
brand. Branding is all about making differences. Brand a product, it is essential to
teach consumers "WHO," the products are- by giving it a name and using other brand
elements to help identify it-as well as "WHAT" the product does and "WHY"
consumers should care. Branding involves developing mental structures and assisting
consumers in organizing their knowledge about products and services in a way that
simplifies their decision making and, in the process, offers value to the customers.

Here are the characteristics of a good brand name when an entrepreneur

would like to develop a brand name:

CHARACTERISTICS OF A GOOD BRAND NAME

Page 47 of 83
Short and simple
Easy to spell and read
Easy to recognize and remember
Easy to pronounce
Can be pronounced in only one way
Can be pronounced in all language
Suggestive products benefits
Adaptable to packaging/labeling needs
No undesirable imagery
Always timely
Adaptable to any advertising medium
Legally available for use

Developing a Marketing Plan

In developing a Marketing plan, a few things must remember. First and

foremost, you should ensure that all information indicated on the plan is concise and
error-free. When using information about competitors must have evidence to support
the ideas. These are the following areas:

A. Executive Summary
The executive summary is placed at the front of the business plan, but it should be
the last part written. The summary describes the proposed business or changes to
the existing business and the sector of which the business is (or will be) part. The
summary should include adequate background information to support these
recommendations.

B. Industry Description
B.1 Broader industry in which the firm will compete (Industry size, growth rate,
trends, and competitors)
B.2 Different segments of the industry
B.3 Niche in which the firm plans to participate

C. Target Customers

Page 48 of 83
C.1 Demographic Variables
C.2 Psychological Variables (Values, attitudes & fears)

D. Competitors Analysis
D.1 Who are your competitors? (Competitors refer to that business org selling
exactly the same product that you are selling or selling anything that competes with
you in the budget of your target market. It could also be brand competitors, product
competitors, generic competitors, or total budget competitors.)
D.2 What products or services do they sell?
D.3 What is each competitor's market share?
D.4 What are their past strategies?
D.5 What are their current strategies?
D.6 What are each competitor's strengths and weaknesses?
D.7 What potential threats do your competitors pose?
D.8 What potential opportunities do they make available for you
D.9 What are the product or service attributes that are or are not provided by
competitors

E. Company Description
E.1 When and where was this business started?

E.2 What is the history of the company?

E.3 What are the firm’s objectives?
E.4 What changes in structure and/or ownership?
E.5 In what stage of development is the firm?
E.6 What has been achieved to date?
E.7 What is the firm’s distinctive competence?
E.8 What are the nature and activity of the business?
E.9 What is its primary product or service?
E.10 What customers will be served?
E.11 What is the firm’s form of organization?
E.12 What are the projected economic states of the industry?

F. Product/Service Plan
F.1 What makes your product/service unique?

F.2 What is/are the method/methods in which the items are sold?

Page 49 of 83
F.3 What are your product’s benefits to the customer?
F.4 Why customers will purchase it from your business?
F.5 What are vendor details, noting any exclusive dealerships
F.6 What is the pricing policy or strategy used?

G. Market Situation Analysis

G.1 Economic Environment:
 What are the factors that affect your consumers’ purchasing power and
spending patterns?
 What is the economic environment that you are operating in? Is it growth,
recovery, or recession?
 Will it be easy to find staff?
 What is the current interest rate? Is it increasing or decreasing?
 What is consumer confidence like?

G.2 Social environment

 What are the social and demographic trends?

 Is the population aging?
 Is the family structures changing?
 Are there changes in the level of education?

G.3 Technical environment

 What are the trends in your industry in terms of technology? In other

industries?
 How would the above trend affect your business?

G.4 Industry environment

 What are the trends in your industry?
 Are there new entrants in the market?
 Has a substitute product been introduced?
 Are there changes in industry practices or new benchmarks to use?

G.5 Competitive environment

 What are your competitors doing?

 How many competitors do you have?
 What is your advantage over your competitors?
 Is the market large enough to support you and your competitors?

Page 50 of 83
G.6 Political environment

 Is there a stable political system?

 Are there any licenses and regulations that you should be aware of?
 Do you need to win support to be able to operate?
G.7 SWOT ANALYSIS
 Strengths
 Weaknesses
 Opportunities
 Threats

H. Market Segmentation
You can profile your target market/segments using four categories:

H.1 Geographic Segmentation:

 Location
 Population Size
 Climate
H.2 Demographic Segmentation
 Age
 Gender
 Family Life Cycle
 Income
H.3 Psychographic Segmentation
 Social Class
 Lifestyle
 Motivation
 Personality
H.4 Behavioral Segmentation:
 Product Benefits
 Frequency of Purchase
 Brand loyalty

I. Objectives & Goals “Where the Business Needs To Be”

I.1 Mission Statement (This is a statement of your businesses purpose, what you
want to achieve. Your mission statement should be market-oriented)
I.2 Objectives (Your mission is then broken down into achievable objectives.
Achieving each objective should take you a step closer to achieving your mission)

Page 51 of 83
  Volume
 Sales
 Market Share
 Gross Margins
 Net Profit
 Return On Investment
I.3 Goals (Convert objectives to goals by assigning magnitudes and dates. Your
goals outline how you are going to achieve your objectives. They should be easy to
measure and evaluate. It should be SMART goals)
I.4 Pricing strategy
(When developing your pricing strategy consider the following:
your customers' sensitivity to changes in price, what revenue you need to
break even, and what the price says about your product, e.g., value, quality,
and prestige).

Product strategy
 what level of quality and consistency does the product have;
 how many features does it have and can they be removed or added;
 does the design and/or service deliver what the customer values?

I.5 Place strategy

 what distribution channels and methods you will use
 if you will have a retail outlet and where it will be located;
 indicate the geographic area your product/service will be available
I.6 Promotion strategy (Your promotional strategy will ensure that consumers find
out about your product or service)
 advertising;
 selling;
 sales promotion
 public relations
I.7 What potential threats do your competitors pose?
I.8 What potential opportunities do they make available for you
I.9 What are the products or services attributes that are or are not provided by
competitors?

Let’s Analyze

1. Explain the meaning of branding

2. Differentiate the brand name from a trademark. Give three specific
examples.
3. Describe the importance of branding for entrepreneurs who will start their
business

Page 52 of 83
 4. Discuss the characteristics of a good brand name when an entrepreneur
would like to develop a brand name.

Let’s Perform

1. You are to market “cupcakes”, in a particular place, develop a brand name

and a trademark/logo for it.
2. You are to make a "wellness center that offers spa and massage" in a
particular place, develop a brand name and trademark/logo for it.

Something to Ponder

 Slogans also are an efficient means to build brand equity, functioning

as "hooks" or "handles" to help consumers grasp what the brand is
and what makes it's special.
 Brand names connect a product with the benefits a customer can
expect.

Chapter 5: Management Plan

Objectives: at the end of chapter 5, the students will be able to;

1. Discuss the importance of the management plan;
2. Develop a management plan; and
3. Evaluate and adjust a management plan;

Management Plan - A management plan describes how an organization

or business is run. Writing a management plan allows you to formalize
your management structure and operations. It also ensures that everyone is on the
same page and that your goals will be accomplished.

Business organization - is an entity aimed at carrying on commercial enterprise by

providing goods or services to meet the needs of the customers.

Business organization goals - are strategic objectives that a company's

management establishes to outline expected outcomes and guide employees'
efforts.

Evaluation plan - is a written document that describes how you will monitor and
evaluate your program, as well as how you intend to use evaluation results for
program improvement and decision making.

The Management Plan

Page 53 of 83
 A management plan is a design on how to run your organization, both
short term, and long term plans. It includes the methods of different processes such
as dealing with employees and customers, handling money management, addressing
the workforce in the organization do their jobs, and overall intellectual and
philosophical framework in which these methods have done.

The management plan for the business organization varies on a number of

factors:

 What are the organizational business goals? Every business

organization is trying to accomplish their goals - each one of them has
different management needs, -say, a local convenience store that plans
to serve the local community for years. Issues that are both important
and ongoing for the store (salaries, benefits, premiums, and insurances,
for instance) may simply not exist for the other business organization.

 What does the business organization need to get done day by day
for its operations? The task was given to people as a workforce keeps
the business organization on track and maintains its standing in the
community where the business located is. -Organizations should focus
on whose people responsible for the specific task, how many people will
take the task, and what strategies and mechanisms to happen in your
business organizations.

 How does the management plan fit with its vision, mission, and
goals? It's very vital to business organizations to meet their vision,
mission, and goals by their processes in accordance with their
management plan. The internal workings of the business organization
and the way its view by its customers and the community should be the
same. If a business organization claims to be a democratic way of
running their organization but keeps its workforce totally powerless, it is
not only violating its own norms and principles but also compromising its
own business reputation.

Developing a Management Plan

The management philosophy of your business organization defines how

you view management and how you want your organization to function. What will work
best for, and best reflect the character of your organization? It is important in the
business organization to be open to anyone; the people working in the organization-
should feel valued. The business organization needs to think carefully about what kind
of model will get, what the business organization wants, and not get what the
organization doesn't want.

In developing a Management Plan, there are basic steps to follow:

Page 54 of 83
 A. Ownership Structure
A.1 Describe the legal structure of your business (sole proprietorship, partnership or
corporation)
A.2 If it is a partnership or corporation, identify who holds what percentage of
ownership in the company.

B. Internal Management Structure

B.1 Describe the main functional areas relevant to your business
B.2 Identify who’s going to have responsibility for the different functional areas
B.3 Explain how each person’s skills will contribute to your business success
B.4 Explain how your management team will be compensated
B.5 What salary and benefits will management team members have?
B.6 Describe any profit-sharing plan that may apply

C. External Management Resources

C.1 Professional Services
(List and describe all those external professional advisors that your business will
use, such as accountants, bankers, lawyers, IT consultants, business consultants,
and business coaches. Describe who is on your list of Professional Providers, listing
their names, titles, experience, and expertise, and explaining how each member will
contribute to helping you run a profitable business.)
C.2 Advisory Board

(An Advisory Board is like a management think tank; the members of your Advisory
Board will provide you with additional advice to run your business profitably and
well. If you choose your board members carefully, they can also provide the
expertise that your internal management team lacks. Describe who is on your
Advisory Board, listing their names, titles, experience, and expertise, and explaining
how each member will contribute to helping you run a profitable business.)

D. Human Resources Needs

D.1 Will best for your business to have employees, or should you operate with
contract workers or freelancers? Do you need full-time or part-time staff?
D.2 Describe the specific skills that the people working for you will have to have.
D.3 Calculate your labor costs.
(You can calculate the number of employees you will need by figuring out how many
customers each employee can serve 150 customers each employee can serve. For
example, If it takes one employee to serve 150 customers, and forecast 1500

Page 55 of 83
 customers in your first year, your business will need ten employees.)
D.4 Determine how much salary each employee will receive, and total the cost of
salary for all your employees. (Calculate overall total cost, including medical and
dental company sponsorship.)
D.5 Describe the staff recruitment process (explain whether or not sufficient local
labor is available, and how you’re going to recruit staff if you need to go further
afield.)
D.6 Staff Training (Include as many specifics as possible. What specific training will
your staff undergo? What ongoing training opportunities will you provide your
employees?

Evaluate and Adjust a Management Plan

There is no successful plan without the chance to evaluate and improve

on it during the process. This is really happening in a management plan, which may
be the root cause of the business organization's success or failure. If the management
plan works well, it's likely that the workforce will be reasonably enjoying and happy
with the work environment. If the plan doesn't work well, it signifies a need for a
deviation, and this will be the time to evaluate and adjust the management plan.

There are ways of identifying if the management plan is working and can
be used as part of an evaluation plan.

 Informal assessment – plans might include staff discontent, apparent

inefficiency, significant participant or community dissatisfaction, widespread
stress. These can be signs that all is not right in the business organization.
 Formal assessment – It refers to a regular evaluation for employees,
organizations, and surveys from customers.

Let’s Analyze

2. Explain the importance of the management plan

3. Name a business in the Philippines that has a good practice of

management plan. Give three specific examples. Why?

Let’s Perform

1. If you hired an authoritarian employee and did not follow the

management plan, what will you do?
2. How do you keep your business organization on track?
3. If there is a deviation in the management plan that works well, do you
still keep the plan intact, or you go with the deviation for good?

Something to Ponder

Page 56 of 83
  If there is no plan, everyday tasks may fall through the cracks,
emergencies may arise with which no one knows how to cope, and
responsibilities may not be clear- the work of the organization may
not be done well or at all.
 A good management plan helps you accomplish your goals without
chaos atmosphere.

Chapter 6: Production Plan

Objectives: at the end of chapter 6, the students will be able to;

1. Discuss the importance of the production plan;
2. Develop a production plan; and
3. Expand Geographical area through intermediaries

Product Plan - This is the part of your business plan where you will describe the
specific products or services you're going to offer. You'll fully explain the concept for
your business, along with all aspects of purchasing, manufacturing, packaging, and
distribution.

Benchmark - a point of reference from which measurements may be made

Operational plan - is a highly detailed plan that provides a clear picture of how a
team, section or department will contribute to the achievement of the organization's
goals. The operational plan maps out the day-to-day tasks required to run a business
and cover.

The production plan and its importance

A production plan is a process to be followed and monitor the final

output of a product, and how that output affects other business plans such as

Page 57 of 83
 management, financial plans, etc., A production plan is used to expand the
efficiency of company resources and to establish benchmarks for future
production. It is sometimes referred to as an operational plan to locate on how
products reached the specifically targeted buyers.

Developing a Production Plan

The production plan or operational plan has a vital role in allocating the
products in particular customers. It may include cost/budgeting in logistics, scheduling,
equipment, and personnel who in charge of the operation.

A. Product Overview
A.1 Explain the business's daily operation, location, equipment, people, processes,
and the surrounding environment.

B. Production Process Flow

B.1 Describe how and where your products or services are produced. Use arrows
to connect the processes. Include production techniques, quality control, customer
service, and inventory control and product development.

C. Location
C.1 What qualities do you need in a location? Describe your location (amount of
space, type of building, zoning, power, and utilities. Is it important that your location
be convenient to transportation or to suppliers? Do you need easy walk-in access?
What are your requirements for parking and proximity to freeway, airports, railroads,
and shipping centers? Include a drawing or a layout of your proposed facility
(Appendices)
What will be your business hours?

D. Legal Environment
D.1 Describe the following: licensing and bonding requirements, permits, health,
workplace or environmental regulations, special regulations covering your industry
or profession, zoning or building code requirements, insurance coverage,

Page 58 of 83
trademarks, copyrights, or patents.

E. Personnel
E.1 Discuss the number of employees, type of labor (skilled, unskilled, professional),
where and how will you find the right employees? Quality of staff, pay structure,
training requirements, schedules.

F. Inventory
F.1 What kind of inventory will you keep: raw materials, supplies, finished goods?
The average value in stock? Rate of turnover?
Lead time for ordering?

G. Suppliers
G.1 Identify key suppliers – Names & addresses, type and amount of inventory
furnished, credit and delivery policies, history, and reliability.

Expanding geographical area through intermediaries

Many business producers do not sell products or services directly to

customers. Instead, they use marketing intermediaries alone to execute an
assortment of necessary functions to reach the products to the final users. These
intermediaries, such as middlemen including, wholesalers, retailers, agents, and
brokers, and distributors, typically enter into longer-term commitments with the
businesses and make up what is known as the marketing channel or the channel of
distribution. These intermediaries could expand geographical target consumers
without spending a large number of logistic expenses in operations.

Let’s Analyze

1. Explain the importance of the production plan.

2. Why do some businesses decide to rely on building a channel through

intermediaries instead of creating an operational distribution?

3. How the middlemen/intermediaries do affects the image of the producers

in terms of pricing?

4. Explain how the distribution channel works.

Let’s Perform

1. Draw your own distribution channel using any products?

2. Develop a production plan using any products?
Page 59 of 83
 Something to Ponder

 Production planning is not just about producing goods. It includes keeping

the products safe until receiving by end-users.
 Choosing a production location must not be in remote areas to be easily
accessed by the community.

Chapter 7: Financial Plan

Objectives: at the end of chapter 7, the students will be able to;

1. Define the financial plan and its importance;
2. Develop a financial plan; and
3. Learn basic accounting worksheet
4. Financial Plan

Financial plan - is a comprehensive picture of your current finances, your financial

goals, and any strategies you've set to achieve those goals. Good financial planning
should include details about your cash flow, savings, debt, investments, insurance,
and any other elements of your financial life.

Expenditure - represents a payment with either cash or credit to purchase goods or

services. Expenditure is recorded at a single point in time (the time of purchase),
compared to an expense that is allocated or accrued over a period of time. This guide
will review the different types of expenditures used in accounting and finance.

Start-up costs - are the expenses incurred during the process of creating a new
business. All businesses are different, so they require different types of start-up costs.

Financial Assumptions - This refers to

the act of taking on the liabilities of another property.

Page 60 of 83
Financial Plan
A financial plan usually refers to a roadmap of the previous, present, and
future expenditure of the business organization. In businesses, financial planning
usually is done with professionals, and in small businesses, it is done with their own.

Financial planning is an ongoing process that will help reduce the risk of losing
the current financial standing of the business organization. It is one of the most
important planning in the business organization, since it allows the organization to
make the most of the assets, and helps ensure that the business organization meets
its goals. The importance of a financial plan can be summarized as follows;

 To determine the size of the investment

 To identify and propose the relevant sources of finance
 To ensure the start-up cost is sufficient
 To analyze the viability of the project.

Developing a Financial Plan

In developing a financial plan, a business organization should have
knowledge about future expenditures, current finances, and setting financial goals.
Good financial planning should include savings, debt, investments, insurance, and any
other elements.

A. Financial Plan Overview

A.1 Write a short paragraph about your business’ financial plan.

B. Start-up Cost and Capitalization

B.1 Start-up Cost:
Capital Expenditures (enumerate) xxxxxx
Start-up Expenses and Prepayments (enumerate) xxxxxx
Contingencies (balancing figure) xxxxxx
TOTAL START-UP COSTS XXXXX
======
Capitalization:
Details here XXXXX
======
(Totals should be equal)

Page 61 of 83
Financial Plan EXAMPLE

Page 62 of 83
 C. Important Financial Assumptions
C.1 Important Financial Assumptions

Financial Plan EXAMPLE

Page 63 of 83
Financial Plan EXAMPLE

Page 64 of 83
Financial Plan EXAMPLE

Page 65 of 83
Let’s Analyze
1. Explain the importance of a financial plan.
2. Why do small businesses don't practice financial plans?

Let’s Perform

 Make your own simple financial plan for a month.

 Together with your seatmate, Discuss on how to make your own
financial plan better for the future months.

Something to Ponder

 Financial plans are an important part of a business plan. It incorporates all

financial data derived from the operating budgets.
 In the financial plan, several financial projection tools are prepared to
provide the entrepreneur with a clear picture of future spending.

Page 66 of 83
Chapter 8: Business plan

Page 67 of 83
Objectives: at the end of chapter 8, the students will be able to;
1. Briefly understand the business plan; and
2. Develop a business plan.

Executive Summary - Most of these businesses were created by entrepreneurs who

envisioned an opportunity to develop a new product or service, and pursued that
vision in search of independence and financial reward. While these visionaries started
with solid ideas to form the foundation of their new ventures, most do not have many
of the skills necessary to transform their ideas into reality. Additionally, the scarcity of
talent in today's market makes.
Venture - a new activity, usually in business, that involves risk or uncertainty

Prospective Investor - an investor who is considering whether to invest in a

company.

Business plan

It shows in some studies that a business plan defined as a written

document that shows the current standing and the presupposed future of a business
organization (Honig, 2004). It describes all relevant external and internal elements
involved at the beginning of new ventures. The importance of a business plan can be
summarized as follows;
 To give a direction to forecast the possible opportunities.
 To objectively evaluate the needs of the business
 To attract investors to join your business
 To seek loan opportunity to financial institutions
 To identify the Strength and weaknesses of the business
 To identify the challenges in entering the particular industry; and
 To identify the resource needed for the business
Developing a Business Plan

The presentation of the plan should be standard as possible to

present your business in a positive way. When dealing with finance or prospected
Investor, the plan will be check and reviewed for accuracy and suggestions for
changes. Your business plan shows that the approval to recommend the loan to
the appropriate committee or reject the proposal will be largely based. Investors
will make their decision based on the plan and the integrity of the owner. For this
reason, it is necessary to use a standard format. Because of this, these portions
need to be the strongest and important parts of the plan and based on sound, in-
depth research, and analysis.
A. Executive Summary
The executive summary is placed at the front of the business plan, but it should be

Page 68 of 83
the last part written. The summary describes the proposed business or changes to
the existing business and the sector of which the business is (or will be) part. The
summary should include adequate background information to support these
recommendations.

B. Industry Description
B.1 Broader industry in which the firm will compete (Industry size, growth rate,
trends, and competitors)
B.2 Different segments of the industry
B.3 Niche in which the firm plans to participate

C. Target Customers
C.1 Demographic Variables
C.2 Psychological Variables (Values, attitudes & fears)

D. Competitors Analysis
D.1 Who are your competitors? (Competitors refer to that business org selling
exactly the same product that you are selling or selling anything that competes with
you in the budget of your target market. It could also be brand competitors, product
competitors, generic competitors, or total budget competitors.)
D.2 What products or services do they sell?
D.3 What is each competitor's market share?
D.4 What are their past strategies?
D.5 What are their current strategies?
D.6 What are each competitor's strengths and weaknesses?
D.7 What potential threats do your competitors pose?
D.8 What potential opportunities do they make available for you
D.9 What are the product or service attributes that are or are not provided by
competitors

E. Company Description

Page 69 of 83
E.1 When and where was this business started?
E.2 What is the history of the company?
E.3 What are the firm’s objectives?
E.4 What changes in structure and/or ownership?
E.5 In what stage of development is the firm?
E.6 What has been achieved to date?
E.7 What is the firm’s distinctive competence?
E.8 What are the nature and activity of the business?
E.9 What is its primary product or service?
E.10 What customers will be served?
E.11 What is the firm’s form of organization?
E.12 What are the projected economic states of the industry?

F. Product/Service Plan
F.1 What makes your product/service unique?

F.2 What is/are the method/methods in which the items are sold?
F.3 What are your product’s benefits to the customer?
F.4 Why customers will purchase it from your business?
F.5 What are vendor details, noting any exclusive dealerships
F.6 What is the pricing policy or strategy used?

G. Marketing Plan-Market Situation Analysis

G.1 Economic Environment:
 What are the factors that affect your consumers’ purchasing power and
spending patterns?
 What is the economic environment that you are operating in? Is it growth,
recovery, or recession?
 Will it be easy to find staff?
 What is the current interest rate? Is it increasing or decreasing?
 What is consumer confidence like?

G.2 Social environment

 What are the social and demographic trends?
 Is the population aging?
 Do family structures change?
 Are there changes in the level of education?
G.3 Technical environment
 What are the trends in your industry in terms of technology? In other
industries?
 How would the above trend affect your business?

Page 70 of 83
G.4 Industry environment
 What are the trends in your industry?
 Are there new entrants in the market?
 Has a substitute product been introduced?
 Are there changes in industry practices or new benchmarks to use
G.5 Competitive environment
 What are your competitors doing?
 How many competitors do you have?
 What is your advantage over your competitors?
 Is the market large enough to support you and your competitors?
G.6 Political environment
 Is there a stable political system?
 Are there any licenses and regulations that you should be aware of?
 Do you need to win support to be able to operate?
G.7 SWOT ANALYSIS
 Strengths
 Weaknesses
 Opportunities
 Threats

H. Marketing Plan – Market Segmentation

You can profile your target market/segments using four categories:

H.1 Geographic Segmentation:

 Location
 Population Size
 Climate
H.2 Demographic Segmentation
 Age
 Gender
 Family Life Cycle
 Income

H.3 Psychographic Segmentation

 Social Class
 Lifestyle
 Motivation

Page 71 of 83
  Personality
H.4 Behavioral Segmentation:
 Product Benefits
 Frequency of Purchase
 Brand loyalty

I. Marketing Plan - Objectives & Goals “Where the Business Needs To Be”
I.1 Mission Statement (This is a statement of your businesses purpose, what you
want to achieve. Your mission statement should be market-oriented)
I.2 Objectives (Your mission is then broken down into achievable objectives.
Achieving each objective should take you a step closer to achieving your mission)

 Volume
 Sales
 Market Share
 Gross Margins
 Net Profit
 Return On Investment
I.3 Goals (Convert objectives to goals by assigning magnitudes and dates. Your
goals outline how you are going to achieve your objectives. They should be easy to
measure and evaluate. It should be SMART goals)
I.4 Pricing strategy
(When developing your pricing strategy consider the following:
your customers' sensitivity to changes in price, what revenue you need to
break even, and what the price says about your product, e.g., value, quality,
and prestige).

Product strategy

 what level of quality and consistency does the product have;

 how many features does it have and can they be removed or added;
 does the design and/or service deliver what the customer values?
I.5 Place strategy
 what distribution channels and methods you will use
 if you will have a retail outlet and where it will be located;
 indicate the geographic area your product/service will be available
I.6 Promotion strategy (Your promotional strategy will ensure that consumers find
out about your product or service)
 advertising;
 selling;
 sales promotion

Page 72 of 83
  public relations
I.7 What potential threats do your competitors pose?
I.8 What potential opportunities do they make available for you
I.9 What is the product or service attributes that are or are not provided by
competitors

J. Management Plan - Ownership Structure

J.1 Describe the legal structure of your business (sole proprietorship, partnership
or corporation)
J.2 If, it is a partnership or corporation, identify who holds what percentage of
ownership in the company

K. Management Plan - Internal Management Structure

K.1 Describe the main functional areas relevant to your business
K.2 Identify who’s going to have responsibility for the different functional areas
K.3 Explain how each person’s skills will contribute to your business success
K.4 Explain how your management team will be compensated
K.5 What salary and benefits will management team members have?
K.6 Describe any profit-sharing plan that may apply

L. Management Plan - External Management Resources

L.1 Professional Services
(List and describe all those external professional advisors that your business will
use, such as accountants, bankers, lawyers, IT consultants, business consultants,
and/or business coaches. Describe who is on your list of Professional Providers,
listing their names, titles, experience, and expertise, and explaining how each
member will contribute to helping you run a profitable business.)
L.2 Advisory Board

(An Advisory Board is like a management think tank; the members of your Advisory
Board will provide you with additional advice to run your business profitably and
well. If you choose your board members carefully, they can also provide the
expertise that your internal management team lacks. Describe who is on your
Advisory Board, listing their names, titles, experience, and expertise, and explaining
how each member will contribute to helping you run a profitable business.)

Page 73 of 83
 M. Management Plan - Human Resources Needs
M.1 Will best for your business to have employees, or should you operate with
contract workers or freelancers? Do you need full-time or part-time staff?
M.2 Describe the specific skills that the people working for you will have to have.
M.3 Calculate your labor costs.
(You can calculate the number of employees you will need by figuring out how many
customers each employee can serve 150 customers each employee can serve. For
example, If it takes one employee to serve 150 customers, and you forecast 1500
customers in your first year, your business will need ten employees.)
M.4 Determine how much salary each employee will receive, and total the cost of
salary for all your employees. (Calculate overall total cost, including medical and
dental company sponsorship.)
M.5 Describe the staff recruitment process (explain whether or not sufficient local
labor is available, and how you’re going to recruit staff if you need to go further
afield.)
M.6 Staff Training (Include as many specifics as possible. What specific training will
your staff undergo? What ongoing training opportunities will you provide your
employees?

N. Production Plan - Product Overview

N.1 Explain the daily operation of the business, its location, equipment, people,
processes, and the surrounding environment.

O. Production Plan - Production Process Flow

O.1 Describe how and where your products or services are produced. Use
arrows to connect the processes. Include production techniques, quality control,
customer service, and inventory control and product development.

P. Production Plan - Location

P.1 What qualities do you need in a location? Describe your location (amount of
space, type of building, zoning, power, and utilities. Is it important that your location
be convenient to transportation or to suppliers? Do you need easy walk-in access?
What are your requirements for parking and proximity to freeway, airports, railroads,
and shipping centers? Include a drawing or a layout of your proposed facility
(Appendices)
What will be your business hours?

Q. Production Plan -Legal Environment

Q.1 Describe the following: licensing and bonding requirements, permits, health,

Page 74 of 83
workplace or environmental regulations, special regulations covering your industry
or profession, zoning or building code requirements, insurance coverage,
trademarks, copyrights, or patents.

R. Production Plan -Personnel

R.1 Discuss the number of employees, type of labor (skilled, unskilled,
professional), where and how will you find the right employees? Quality of staff, pay
structure, training requirements, schedules.

S. Production Plan- Inventory

S.1 What kind of inventory will you keep: raw materials, supplies, finished goods?
The average value in stock? Rate of turnover?
Lead time for ordering?

T. Production Plan -Suppliers

T.1 Identify key suppliers – Names & addresses, type and amount of inventory
furnished, credit and delivery policies, history, and reliability.

U. Financial Plan -Financial Plan Overview

A.1 Write a short paragraph about your business’ financial plan.

V. Financial Plan -Start-up Cost and Capitalization

Page 75 of 83
 B.1 Start-up Cost:
Capital Expenditures (enumerate) xxxxxx
Start-up Expenses and Prepayments (enumerate) xxxxxx
Contingencies (balancing figure) xxxxxx
TOTAL START-UP COSTS XXXXX
======
Capitalization:
Details here XXXXX
======
(Totals should be equal)

W. Financial Plan -Important Financial Assumptions

C.1 Important Financial Assumptions

X. Financial Plan -Projected Three-year Financial Statements

Income Statement

Balance Sheet

Statement of Cash Flows

Let’s Analyze
1. Explain the importance of a business plan in any organization.
2. What are the signs that your business plan isn’t working?
Let’s Perform
 Together with your group, make a business plan.
Something to Ponder
 A business plan in your business organization is living documents in most
cases, and you will make projections on how you plan to grow and run the
organization in the future.
You don't have to reinvent the wheel. There are templates, software, courses, and
other resources online and offline. People have done it before, and you can learn from
them. Just make sure to include operations, management, marketing, and financials.

Chapter 9: Business Plan Presentation

Page 76 of 83
 Objectives: at the end of chapter 8, the students will be able to;
1. Discuss the proper way of presenting a business plan; and
2. Strategies in presenting a business plan

Vis-à-vis - It refers to when you are considering a relationship or comparison between

two things or quantities.

Business Forecast – It considers the act of forecasting business activity for an

opportunity possibility. Typically, it is a projection based upon specific assumptions in
the current situation.

Error-free - Containing no mistakes or faultless.

Presenting the business plan

Regardless of your audience, there are things to keep in mind when

preparing to present your business plan. First and foremost, you should ensure that all
information you put on the plan is credible and error-free. When using statistics,
figures always cite the source of the data to support your ideas. Finally, be sure to
review your plan before each presentation to ensure you're providing the most
accurate, up-to-date information on your business and its progress. Business plans
should be living documents that are frequently revisited vis-a-vis and changed to
reflect where a business is still on the track where it was forecasted.

Strategies in presenting a business plan

It doesn't matter how compelling your business plan is if the Investor

starts with a negative impression, it won't work. As always, when preparing your plan,
keep your audience in mind. Business like is almost always best as a fallback decision
on how to make a good first impression. Also, ask in advance if the recipient wants a
hard copy or an e-copy of your plan. In the digital age, we want to give people what
they want. These strategies might help in seeking financial support for your business
plans.

 Obtain leads and referrals. Find names, addresses, and phone

numbers of the type of investors you wish to target. These are the only
way to look for your lead.

 Research your target. Learn as much as possible about how much

money people have to invest in your business and other requirements—

Page 77 of 83
 search venture capital directories, Who’s Who, websites, news articles,
and other sources.

 Make your pitch. Email or mail an introductory letter to your target,

letting them know you have an interesting plan you'd like to send to
possible investors. Sending unsolicited, unanticipated business plans
with a mere cover letter won't typically get your plan read. So, make sure
it is attractive to read.

 Try to meet people in person. Despite the fact that we're living in a
text, email, or digital word in general, you should still try meeting your
prospect leads face to face, especially if you're seeking any type of
funding.

 Defuse objections. Although you may think you’ve answered

everything in your plan, you haven’t. Prepare a list of possible
objections, comments, and suggestions. Your team should list the
possible question of the leads.

 Get a commitment. You won’t get an investment unless you ask for it.
When all objections have been answered, be ready to offer one last
concession and go for the close.

Let’s Analyze

1. Explain why we need to defuse objections to prospect investors?

2. Debate on this! Making pitch is better done online or in-person?

Let’s Perform

 Present your Business plan in an oral defense.

Something to Ponder

 After closing the deal, your business organization should not stop the
connection with your Investor to maintain the business relationship.
 To attract more investors, an organization must work on the plans better.

Page 78 of 83
COURSES SCHEDULE
Activity Deadline Where to submit
Chapter 1
Let’s Analyze Activity 1 June 8, 2020 Schoology
Lets perform activity 1 June 8, 2020 CF’S Email
Let’s Analyze Activity 2 June 8, 2020 CF’S Email
Let’s Perform Activity 2 June 8, 2020 CF’S Email
Lets Analyze Activity 3 June 8, 2020 CF’S Email
Let’s Perform Activity 3 June 8, 2020 CF’S Email
Chapter 2
Let’s Analyze Activity 1 June 9, 2020 CF’S Email
Lets perform activity 1 June 9, 2020 CF’S Email
Let’s Analyze Activity 2 June 9, 2020 CF’S Email
Let’s Perform Activity 2 June 9, 2020 CF’S Email
Lets Analyze Activity 3 June 9, 2020 CF’S Email
Let’s Perform Activity 3 June 9, 2020 CF’S Email
Chapter 3
Let’s Analyze Activity 1 June 10, 2020 CF’S Email
Lets perform activity 1 June 10, 2020 CF’S Email
Let’s Analyze Activity 2 June 10, 2020 CF’S Email
Let’s Perform Activity 2 June 10, 2020 CF’S Email
Lets Analyze Activity 3 June 10, 2020 CF’S Email
Let’s Perform Activity 3 June 10, 2020 CF’S Email
Prelim Exam June 11, 2020 Schoology
Chapter 4
Let’s Analyze Activity 1 June 22, 2020 CF’S Email
Lets perform activity 1 June 22, 2020 CF’S Email
Let’s Analyze Activity 2 June 22, 2020 CF’S Email
Let’s Perform Activity 2 June 22, 2020 CF’S Email
Lets Analyze Activity 3 June 22, 2020 CF’S Email
Let’s Perform Activity 3 June 22, 2020 CF’S Email
Chapter 5

Page 79 of 83
Let’s Analyze Activity June 23, 2020 CF’S Email
Lets perform activity June 23, 2020 CF’S Email
Chapter 6
Let’s Analyze Activity June 24, 2020 Schoology
Lets perform activity June 24, 2020 CF’S Email
Midterm Exam June 25, 2020 Schoology
Chapter 7
Let’s Analyze Activity July 2, 2020 CF’S Email
Lets perform activity July 2, 2020 CF’S Email
Chapter 8
Let’s Analyze Activity July 2, 2020 CF’S Email
Lets perform activity July 3, 2020 CF’S Email
Chapter 9
Let’s Analyze Activity July 3, 2020 Schoology
Lets perform activity July 3, 2020 CF’S Email
Final Exam July 9-10, 2020 Schoology

Page 80 of 83
 References

Aaker, D. A., & Adler, D. A. (2001). Developing business strategies. New York, NY:
John Wiley & Sons.
Bollinger, A. S., & Smith, R. D. (2001). Managing organizational knowledge as a
strategic asset. Journal of knowledge management.
Cassar, G. (2004). The financing of business start-ups. Journal of business
venturing, 19(2), 261-283.
Dechant, K., & Altman, B. (1994). Environmental leadership: from compliance to
competitive advantage. Academy of Management Perspectives, 8(3), 7-20.
Finch, B. (2013). How to write a business plan (Vol. 35). Kogan Page Publishers.
Gibb, A., & Hannon, P. (2006). Towards the entrepreneurial university. International
Journal of Entrepreneurship Education, 4(1), 73-110.
Huston, S. J. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2),
296-316.
Kappel, T. A. (2001). Perspectives on roadmaps: how organizations talk about the
future. Journal of Product Innovation Management: AN INTERNATIONAL
PUBLICATION OF THE PRODUCT DEVELOPMENT & MANAGEMENT
ASSOCIATION, 18(1), 39-50.
Jayne, M. E., & Dipboye, R. L. (2004). Leveraging diversity to improve business
performance: Research findings and recommendations for
organizations. Human Resource Management: Published in Cooperation with
the School of Business Administration, The University of Michigan and in
alliance with the Society of Human Resources Management, 43(4), 409-424.
Lavinghouze, S. R., & Snyder, K. (2013). Developing your evaluation plans: a critical
component of public health program infrastructure. American journal of health
education, 44(4), 237-243.
Martin, M. (2015). Accountant vs. bookkeeper: What do they do for a business?
Retrieved from http://www.businessnewsdaily.com/15-accountant-bookkepeer-
differences.html
Michalowicz, M. (2011, May 26). 8 Jobs you can get an entrepreneur
degree.Retrieved from
https://www.amerixanexpress.com/us/small-business//openfurom/article/8-jobs-
you-can-getwith-an-entreprenuership-degree/

Page 81 of 83
Mun, J. (2002). Real options analysis: Tools and techniques for valuing strategic
investments and decisions (Vol. 137). John Wiley & Sons.
Negus, K. (2002). The work of cultural intermediaries and the enduring distance
between production and consumption. Cultural studies, 16(4), 501-515.
Noe, R (2002). Employee training and development (2nd ed.) New York:McGraw Hill
Perkins, D. H., & Rawski, T. G. (2008). Forecasting China’s economic growth to
2025. China’s great economic transformation, 829-86.

Pine, B. J., Peppers, D., & Rogers, M. (2009). Do you want to keep your customers
forever?. Harvard Business Press.
Rao, M. T. (2006, January). Formal and informal IS control mechanisms in
multinational corporations: a test of resource dependence theory.
In Proceedings of the 39th Annual Hawaii International Conference on System
Sciences (HICSS'06) (Vol. 8, pp. 187-187). IEEE.
Stern, L. (1993). Bookkeeping on your home-based PC. United States:
Wincrest/McGraw-Hill
Teaching Kids business (2007). Marketing introduction. Retrieved October 15, 2012
from http://www.teachingkidsbusiness.com/business-basics-marketing.htm
The importance of market research (n.d). In ANZ Bizhub. Retrieved October 27, 2012,
from http://bizhub.anz.co.nz/resources/the-importance-of-market-research.aspx
Tracy, J and Tracy T. (n.d) Cash flows for dummies. Retrieved October 29, 2015. Fro,
http://www/dummies.com/how-to/content/cash-flow-for-dummies-cheat-sheet.html

Umble, E. J., Haft, R. R., & Umble, M. M. (2003). Enterprise resource planning:
Implementation procedures and critical success factors. European journal of
operational research, 146(2), 241-257.
Zeithaml, V. A., Parasuraman, A., Berry, L. L., & Berry, L. L. (1990). Delivering quality
service: Balancing customer perceptions and expectations. Simon and
Schuster.

Page 82 of 83
Page 83 of 83