Saint Mary’s Academy of Capiz P. Burgos St., Roxas City Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) Integrated Basic Education (IBED) Primary Level II Junior High School Level III Learning Packages in Entrepreneurship Week 1-2 Unit Topic: The Entrepreneurial Mind Frame Topics: Lesson 1 – Learn What the Market Needs Lesson 2 – The Entrepreneurial Mind Frame Lesson 3 – Analysing the Market Preliminaries: In the name of the Father, the Son, and of the Holy Spirit. Amen. God our Father, hear my prayer and let the radiance of Your love scatter the gloom in my heart. The light of heaven's love has restored everyone to life; free me from the desires that belong to darkness. I ask this through my Lord Jesus Christ, Your Son, who lives and reigns with You and the Holy Spirit, one God, forever and ever. Amen. Mary, seat of wisdom... pray for us. Venerable Ignacia del Espiritu Santo... pray for us. In the name of the Father, the Son, and of the Holy Spirit. Amen. Entrepreneurs who plan to enter any business endeavour must have a business plan on hand to guide them throughout the process. In this learning package, we will explore how to start a right business designed to provide what the market need and how to make a proper business plan for it. This learning package aims to achieve the following competencies: 1. identify the market problem to be solved or the market need to be met; and. (CS_EP11/12ENTREP-0a-1); 2. propose solutions in terms of products and services that will meet the need using techniques on seeking, screening , and seizing opportunities (CS_EP11/12-ENTREP-0a-2); 3. analyse the market need (CS_EP11/12-ENTREP-0a-1); This module in Entrepreneurship will cover the principles of market research, analysis and the entrepreneurial mind frame. This module is good for two weeks. At the end of this package, you are expected to know: 1. the market research methodologies; 2. the techniques on seeking, screening, and seizing opportunities; 3. the steps in market analysis. You will also be able to: 1. discuss various research methodologies; 2. identify the market problem to be solved or the market need to be met; 3. propose solutions in terms of products and services that will meet the need using techniques on seeking, screening , and seizing opportunities; and 4. analyse the market need Lastly, at the end of this unit, you will gain the essential understanding that even with any professional track, anyone can have a develop an entrepreneurial mind set and offer solutions to the specific or various needs of the people. To arrive on this understanding you will consider the following questions. 1. How can I use my chosen professional tracks to provide what the people need? 2. How can I become part of the solution on some of the common problems we experience? 1 of 14 | Entrepreneurship Saint Mary’s Academy of Capiz P. Burgos St., Roxas City Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) Integrated Basic Education (IBED) Primary Level II Junior High School Level III To the parents, this is the first set of lessons for this quarter in this subject. Please continue to monitor your student in the accomplishment of this package. I thank you always for your constant support. God bless and thank you. Performance Task: At the end of the unit, you have to come up with this performance task. You and your partner(s) wanted to start a business based on your chosen professional tract or the skills that you are good at. Your business goal is to provide solutions based on your professional tract or skills. Before diving in into the business itself, you and your partner(s) decided to create a business plan to define the roadmap and other details of your planned business, Goal – Make a business plan that is geared towards Role – start up entrepreneur Audience – business partners Situation – You and your partner(s) wanted to start a business based on your chosen professional tract or the skills that you are good at.. Product/Performance and Purpose – Detailed business plan Standards and Criteria for Success – Your output will be scored according to the rubrics below: Category Organization of Information The business goals and viability 4 -Excellent Information is organized in a clear, logical way. It is easy to anticipate the type of material that might be on the next slide. The goals are achievable within the given parameters 3-Satisfactory Most information is organized in a clear, logical way. One slide or item of information seems out of place. 2-Below Satisfactory Some information is logically sequenced. An occasional slide or item of information seems out of place. 1-Poor There is no clear plan for the organization of information. The goals are achievable and viable but lack some details The goals are somewhat difficult to achieve within parameters given. The goals are difficult to achiieve Lesson 1: –Learning What the Market Needs Pre-Assessment: Please answer this in your Schoology. Activating Prior Knowledge: Please answer this also in your Schoology. Have you encountered some survey questions in the social media or other online apps? What do you think they are for? 2 of 14 | Entrepreneurship Saint Mary’s Academy of Capiz P. Burgos St., Roxas City Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) Integrated Basic Education (IBED) Primary Level II Junior High School Level III Activity 1: Start With Why Let's Watch: Watch the Following Videos Start With Why: https://www.youtube.com/watch?v=IPYeCltXpxw Start With Why and Find Your Why: https://www.youtube.com/watch?v=Qd_ZFf2XHGg .Exercise 1: What is the significance of finding ‘your why’ before starting a business? The significance of finding your why is very important because when you share your story or what’s your intention on your products to the customer they are most likely to buy your product. Activity 2: Market Research Methodologies Please read: 10 Essential Market Research Methods https://www.brandwatch.com/blog/marketresearch-methods/ Exercise 2: Let’s Check Your Understanding 1. Define market research. Market research is the first thing you do before making a business or a product. Because this looks at your business in a analytical point of view and you’ll know if your business will be successful or it will be a failure. 2. From the 10 market research methods, select the top three that you can use during this time of crisis. Explain why you think that particular method is applicable to you. a. The most applicable right now despite the pandemic is the SURVEY because you still get results without interacting in person. You can still give out surveys without face to face interaction. b. The 2nd applicable for me is the Public Domain Data. I choose this because we can use the internet to seek experts to support our research with some more data because public data exists c. The 3rd applicable method for me is the Social Media Listening this shows how good my product is hence; I'll know what to improve if it's bad remember it's better to take criticism as a way to make yourself or your product better. Activity 3: Group Discussion Exercise 3: Form a Group Do this via chat or video call. 1. Form a group of 2-3 members, preferably with similar chosen professional tracks or same skills/hobbies. 2. Name your group. 3. Select a leader for your group. 4. List down 2-3 business ideas or products that you think you can do and give your reason why you want to do that business. 3 of 14 | Entrepreneurship Saint Mary’s Academy of Capiz P. Burgos St., Roxas City Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) Integrated Basic Education (IBED) Primary Level II Junior High School Level III Group Name: Yasuidesu Automotive Services Leader: Eno Cahilog Member: FC Venzyl Dongon Rave Laurenz Altavas Eno Cahilog Business Ideas: Idea No 1: Auto Body Mechanics Why: I choose this for I like cars and I like to make them look good for the owner of the car to have a confidence in the looks of their car. I also have the addiction to cleaning that’s why I want this as a business. Not only I can make people happy but I can also satisfy my addiction to cleaning Idea No 2: Auto Mechanics Why: My goal is to have a shop that cares for the customer and not only the customer but also loves the car. I will also only charge cheap because I do this work not to earn but to help the people with the maintenance and their cars or whatever that needs fixing. Idea No 3: Auto Supply Why: The purpose on why we want to have an auto supply is for the convenience of the customer. If we build an auto supply in the same building as the other two the customer will have more leisure because they’ll have more time and won’t look for other supplies This is actually what we want. Formative Assessment. Please answer this in your Schoology. Identify the following. Please answer this in your Schoology too. 1. In this market research method, a group of people is brought to a room where the researcher can freely ask any questions. 2. Normally research questions are given to respondents personally, via phone, email, or using online form. 3. This is done by using a social listening tool, like Consumer Research, researchers are able to identify topics of their interest, then analyze relevant social posts. 4. This type of market research method is more personal, allowing for communication and clarification, making it good for open-ended questions. 5. It is a qualitative research method where the researcher observes their subjects in a natural or controlled environment. Closing Prayer In the name of the Father, and of the Son, and of the Holy Spirit, Amen. God of goodness and love, I am grateful for everything that has been. May all the learning that I have today be manifested in my desire to serve You and Your people. I ask this through the same Christ, our Lord with the intercession of the Blessed Virgin Mary and prayers of Venerable Ignacia del Espiritu Santo. Amen.. In the name of the Father, and of the Son, and of the Holy Spirit, Amen. Lesson 2- The Entrepreneurial Mind Frame 4 of 14 | Entrepreneurship Saint Mary’s Academy of Capiz P. Burgos St., Roxas City Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) Integrated Basic Education (IBED) Primary Level II Junior High School Level III Preliminaries Opening Prayer In the name of the Father, and of the Son, and of the Holy Spirit, Amen. God my savior I pray that with your help, I may learn to go beyond and understand your message of love, discover the richness your goodness through others. This I ask though your mighty name and the intercession of our Mother Mary and love of Venerable Ignacia Del Espiritu Santo. Amen In the name of the Father, and of the Son, and of the Holy Spirit, Amen. Please answer review and activating prior knowledge in your Schoology. 1. What is the purpose of market research? Activating Prior Knowledge 1. Do you think the founders of SM, National Bookstore and Mercury Drugs came from well-to-do families? Why do you think so? Lesson Proper: In this lesson we will explore the mind-set of a successful entrepreneur. Activity 1: Top 10 Successful Entrepreneurs in the Philippines Story Please Read: Top 10 Successful Entrepreneurs in the Philippines Story (https://tycoon.ph/top-10-successful-entrepreneurs-philippines-story/ ). Exercise 1 - Let's Check Your Understanding 1. What do you think these entrepreneurs have in common? Explain your answer. I think they all have perseverance in common because they will never stop until they’ve achieved their goal. 2. What would you do if your business or only source of income was destroyed like what happened to Henry Sy, Socorro Ramos, and Mariano Que? If my business is my only source of income and it was destroyed first I will ask God for guidance and help and I will find ways to make it successful again and again until I succeed even though if I fail I will never give up. 3. How would you overcome the challenge of large-sized powerful competitors as Corazon D. Ong and Cecilio Pedro faced? I would overcome the challenge of my competitors by making my products better and much more affordable than theirs. 4. If you saw a need or a concern, would you act on it out of passion as Corazon Ong and Engr. Gregorio Sanchez Jr. did? Or would you be compelled by greed? I would act on concern because I’m a kind of person that cares for the people and will not be blinded by greed. Activity 2: Opportunity Seeking Please read: Opportunity Seeking, screening and seizing https://entrepreneurship0.weebly.com/opportunity-seeking-screening--seizing.html Exercise 3: Let's Check Your Understanding 1. Name the three Environment of the Entrepreneurial Venture and describe each briefly 1.1. Physical Environment. This refers to the climate or weather condition in a particular region where the business will be established. Physical resources this refers to the raw materials 5 of 14 | Entrepreneurship Saint Mary’s Academy of Capiz P. Burgos St., Roxas City Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) Integrated Basic Education (IBED) Primary Level II Junior High School Level III of the product. Wildlife refers to the wild plants and animals in the vicinity of the establishment. 1.2. Societal Environment. This refers to the Social Forces and Cultural Forces/Socio-cultural environment, Economic forces, Ecological forces, and Technological Forces. 1.3. Industry Environment. This refers to the system or institution that handles the affairs of a particular country. Refer to individual persons or companies that provide the required materials, parts, or services to the business. Buyers of goods or services produced or rendered by the business. 2. Name the 5 Categories of Macro Environment and describe each briefly. 2.1. Socio-Cultural Environment includes the demographics and cultural dimensions that govern the relevant entrepreneurial endeavor. Taking this aspect into consideration helps the entrepreneur assess the trends and dynamics of the bigger consumer population, their beliefs, tastes, customs, and traditions. It looks at social structure and shifts in social status and behavior. 2.2. The political environment describes the country's or a business's governance system. It includes all business-related laws, rules, and regulations, as well as the permits, approvals, and licenses required to operate the business. It regulates, among other things, the use of natural resources, waste disposal, income taxation, importation of goods and services, and other issues. It entails the construction of critical infrastructure, logistical access, and interventions that affect business costs. These factors play a significant role in determining the attractiveness of any political domain in which an entrepreneur wishes to locate and conduct business. 2.3. The macroeconomic environment is primarily driven by supply and demand forces. These are the same forces that drive interest rates and foreign exchange rates, which fluctuate with market forces. The people's income levels and purchasing power, as well as the competitiveness (or lack thereof) of their industries and enterprises, are all sources of opportunities in any country. 2.4. The Ecological Environment, habitat of men, animals, plants, and minerals are all part of the ecological environment. This factor will become increasingly important for countries, industries, and businesses as the world becomes more aware of it. 6 of 14 | Entrepreneurship Saint Mary’s Academy of Capiz P. Burgos St., Roxas City Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) Integrated Basic Education (IBED) Primary Level II Junior High School Level III Activity 3: Opportunity Screening. Please read: The 12 Rs of Opportunity Screening (https://www.elcomblus.com/the-12-rs-of-opportunityscreening/ ) Exercise 3: Let’s expand your understanding 1. What is the purpose of opportunity screening? Explain your answer. The PURPOSE of opportunity screening is for entrepreneurs to evaluate new product ideas, marketing strategies, and marketing trends. Analyze the opportunity screening grid below. Explain how you can apply it to screen each opportunity. The over all graph is good except for the franchises you will have a 50/50 percent chance on having other franchises for the reach is low. There will also be a low high brands in your shop because the returns is just average. This also shows that your business will succeed by 55%. 7 of 14 | Entrepreneurship Saint Mary’s Academy of Capiz P. Burgos St., Roxas City Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) Integrated Basic Education (IBED) Primary Level II Junior High School Level III Activity 4: Opportunity Seizing Let’s Read: Seizing Opportunities as an Entrepreneurhttps://budgetvertalingonline.nl/business/seizing-opportunities-as-an-entrepreneur/ Exercise 4: Group Discussion Review the business ideas /products that you came up with the last time. 1. Rank the opportunity of each idea/product considering the economic situation and other factors such as the quarantine protocols in place. The rating should be 1-3 with 1 as the highest. 2. Let each member of the group rate each idea/product using the opportunity screening grid. Write the average score of each idea/product Group Name: _________________________ Idea/ Product No. 1: _______________________________________________ Rank (1-3): _____________________________________________________ Opportunity Screening Grid average score: ____________________________ Idea/ Product No. 2: _______________________________________________ Rank (1-3): _____________________________________________________ Opportunity Screening Grid average score: ____________________________ Idea/ Product No. 3: _______________________________________________ Rank (1-3): _____________________________________________________ Opportunity Screening Grid average score: ____________________________ Formative Assessment – Please answer this in your Schoology. Select the correct answer. 1. He started an ice cream parlor business, but after listening to his customers in the neighborhood, he included, sandwiches, fried chicken, and French fries in the menu. a. Henry Sy b. Tony Tan Caktiong c. John Gokongwei d. Cecilio Kwok Perdo 2. He put up and manufactured toothpaste that was priced 50% lower than his competitors. a. Henry Sy b. Tony Tan Caktiong c. John Gokongwei d. Cecilio Kwok Perdo 3. It can be in monetary form or intangible; meaning, they come in the form of high profile recognition or image projection. a. reach b. returns c. range d. revenues 8 of 14 | Entrepreneurship Saint Mary’s Academy of Capiz P. Burgos St., Roxas City Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) Integrated Basic Education (IBED) Primary Level II Junior High School Level III 4. In any entrepreneurial endeavour, it is important to determine the sales potential of the products or services you want to offer. a. reach b. returns c. range d. revenues 5. Opportunity desires a grateful spirit that is thankful for anything that life throws its way, no matter how dark or grim it might seem on the surface. a. curiosity b. confidence c. optimism d. gratitude Closing Payer In the name of the Father, and of the Son, and of the Holy Spirit, Amen. God of goodness and love, I am grateful for everything that has been. May all the learning that I have today be manifested in my desire to serve You and Your people. I ask this through the same Christ, our Lord with the intercession of the Blessed Virgin Mary and prayers of Venerable Ignacia del Espiritu Santo. Amen. In the name of the Father, and of the Son, and of the Holy Spirit, Amen. Preliminaries: Opening Prayer In the name of the Father, and of the Son, and of the Holy Spirit, Amen. God our Father, hear my prayer and let the radiance of Your love scatter the gloom in my heart. The light of heaven's love has restored everyone to life; free me from the desires that belong to darkness. I ask this through my Lord Jesus Christ, Your Son, who lives and reigns with You and the Holy Spirit, one God, forever and ever. Amen. Mary, seat of wisdom... pray for us. Venerable Ignacia del Espiritu Santo... pray for us. In the name of the Father, and of the Son, and of the Holy Spirit, Amen. Please answer review and activating prior knowledge in your Schoology. LET’S REVIEW 1. What is the purpose of opportunity screening? Activating Prior Knowledge 1. When you analyse the results of a science experiment, what do you usually do? Explain your answer.(Please answer in your schoology). 9 of 14 | Entrepreneurship Saint Mary’s Academy of Capiz P. Burgos St., Roxas City Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) Integrated Basic Education (IBED) Primary Level II Junior High School Level III Activity 1: What is Market Analysis? Let’s Read: Market Analysis – The Definition https://www.ionos.com/startupguide/grow-your-business/market-analysis-definition/ Exercise I: Let’s Check Your Understanding 1. Define Market Analysis: A large part of market research is market analysis, which is also an important part of a business plan. The founders of a company write down their business idea in this plan. 2. What is the purpose of market analysis? An industry analysis provides data on customers, competitors, and other market variables. You can also figure out how supply and demand for a particular product or service interact. 3. What are the main differences between market analysis and market research? Market research collects only the data points required to answer the research question, whereas market analysis inputs a large number of data points into a large storage framework. Market research results are only valid for a few years, whereas market analysis provides longer-term insights. Activity 2: Conducting Market Analysis Let's Read: Market Analysis in 4 Steps https://www.liveplan.com/blog/market-analysis-in-4-steps/ Exercise 3: Let’s Check Your Understanding. Explain the importance of the following: 1. industry overview Based on current economic trends, an industry overview can forecast future market activity. An industry overview is a document that provides basic information about a particular industry. When making decisions about investments, entering industries, and other activities, people use overviews in their research. 2. defining the target market A target market is a group of people who have been identified as being likely to buy a company's product. This group is typically distinguished from other consumers by factors such as demographics, behavioral patterns, and lifestyle characteristics. 3. knowing the competition Understand your competitors Knowing who your competitors are and what they have to offer can help you differentiate your products, services, and marketing. It will allow you to set competitive prices and respond to competitor marketing campaigns with your own initiatives. Activity 3: Group Discussion Select your best business idea/product based on the results of opportunity screening. Define the demographics of your target market. Business Idea/Product: ___________________________________________ Age (bracket): _________________________________ Income :___________________________________________________ Gender : ___________________________________________________ Location: __________________________________________________ Occupation: ________________________________________________ 10 of 14 | Entrepreneurship Saint Mary’s Academy of Capiz P. Burgos St., Roxas City Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) Integrated Basic Education (IBED) Primary Level II Junior High School Level III Education level : ____________________________________________ Marital or family status :______________________________________ Formative Assessment: - Please answer this in your Schoology. Select the correct answer. 1. It determines how many potential customers there are for your product or service. a. market size b. demographics c. location d. psychographics 2. It describes the specific country, region, state, city. a. market size b. demographics c. location d. psychographics 3. It’s here that you need to get inside the mindset of your customers, know their needs, and how they’ll react. a. market size b. demographics c. location d. psychographics 4. It explains how your customers shop for and purchase products like yours. a. psychographics b. behavior c. trends d. demographics 5. You define the changes in behavior of your target market here. a. psychographics b. behavior c. trends d. demographics Summary /Action: - Please answer this also in your Schoology. 1. What is the biggest realization that I have gained in studying Market Analysis? 2. How I do to apply these learnings? This time, let us now reflect on the things that we have learned. Answer the following in 2-3 sentences only. 11 of 14 | Entrepreneurship Saint Mary’s Academy of Capiz P. Burgos St., Roxas City Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) Integrated Basic Education (IBED) Primary Level II Junior High School Level III Broadening of the Concept: Connecting Exploring Is studying The What is the advantage of Entrepreneurial Mind having an Frame important? Why entrepreneurial mind or why not? frame? Studying the both of them is important because we are going to make a business soon and it will help us greatly. The advantage of having an entrepreneurial mind frame it will help you to think in difficult situation despite the pressure you’re having. It will also give you the perserverance Leading Do I have what it takes to be an entrepreneur? Why or why not? Essential Question How can I be a successful entrepreneur? Yes I have what it takes to be an entrepreneur for I have perseverance and I know how or when to take risks. I also have a mind that is very strong and will not falter from any pressure. I can be a successful entrepreneur by failing and learning from my mistakes. Integration: Ignacia Core Value: Excellence Related Value: Resourcefulness Social Orientation: Opportunities in times of Crisis Many successful entrepreneurs started their stories during in times of crisis. Instead of giving up during difficult times, they sought to do good and find solution(s) to the problem(s) at hand.They see opportunities behind any crisis. As the Bible says: “Let us not become weary in doing good, for at the proper time we will reap a harvest if we do not give up” Galatians 6:9. Think and Reflect: In times of crisis, do I just wait for solutions provided by the others or I seek to become part of the solution? Write your reflections below. We don’t need to worry for anything let us just put our trust and God and we will be successful. Don’t be jealous of your friends making a fortune because you will have a time for your success too for God will guide us. 12 of 14 | Entrepreneurship Saint Mary’s Academy of Capiz P. Burgos St., Roxas City Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) Integrated Basic Education (IBED) Primary Level II Junior High School Level III Closing Prayer Eternal Father, I praise and thank you for the knowledge, strength and wisdom you have given me that helped me sustain throughout the day. Thank you also for the learning I gained from this lesson. May you be forever glorified in my life. I ask this through the same Christ, our Lord with the intercession of the Blessed Virgin Mary and prayers of Venerable Ignacia del Espiritu Santo. Amen. Student’s Self-Monitoring Tool Directions: Read and understand each indicator. Put a check ( / ) under the column that corresponds to your answer. Expected Outcome Yes Not Much No I can discuss the various research methodologies. I can identify the market problem to be solved or the market need to be met. I can propose solutions in terms of products and services that will meet the need using techniques on seeking, screening , and seizing opportunities. I understand the importance of these lessons in my daily life. I know the values that these lessons are teaching me. I answered all my activities. I did my best in accomplishing the tasks in every lesson. I answered all my tasks without any help. I was helped by my parents/tutor in answering my activities. Parent’s Monitoring Tool Directions: Read and understand each indicator. Put a check ( / ) under the column that corresponds to your answer. Expected Outcome Yes Not Much No My student can discuss the various research methodologies. My student can identify the market problem to be solved or the market need to be met. My student can propose solutions in terms of products and services that will meet the need using techniques on seeking, screening , and seizing opportunities. I feel that my student understood the content of the lesson. I can see that my student is able to get the relevance of the lesson to his/her daily life. I can tell that my student caught the values that is 13 of 14 | Entrepreneurship Saint Mary’s Academy of Capiz P. Burgos St., Roxas City Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) Integrated Basic Education (IBED) Primary Level II Junior High School Level III being taught to her/him through the lesson. I observed that my student showed the following while doing the tasks: 1. diligence in doing and finishing the tasks; 2. carefulness in reading and in accomplishing the activities; 3. patience in trying to understand the content of the lesson; 4. focus in the accomplishment of her/his tasks; 5. responsibility in scheduling his/her learning time. List down more information you want to convey to your student’s teacher. Thank you very much. 14 of 14 | Entrepreneurship