Joshua T. Subayno
BSIT-NDM 2A
CHAPTER 1
INTRODUCTION TO ENTREPRENEURSHIP
REQUIREMENTS:
Chapter report – Write a summary of the chapter based on how you understood
the lesson, you may write your learnings in paragraph and bullet form, and you
may also use the Filipino language. Your output in this activity must have a
minimum of 2 pages.
Before starting a business, there are several steps that should be taken, and it is
necessary to research the business idea before beginning to plan. Before looking
for investors or getting the licenses you'll need for your business to run, research
your idea to ensure you have a good and clear understanding of the business
you're about to enter. Market research will assist you in locating competitors and
potential customers by collecting data from publicly available sources. It will assist
you in understanding local economic conditions and forming networks through
industry associations and small organizations in order to develop business
strategies.
Pre-planning is a stage in the process of preparing to build a startup. This stage is
just as important as the second because it establishes a solid foundation, and the
majority of what happens in the second stage is entirely dependent on the preplanning. Most entrepreneurs begin with planning because it is simple, but in the
real world, this is incorrect and must be changed if they are to be successful
entrepreneurs. Because of its importance to the business, the preplanning stage
should not be overlooked. However, it is during pre-planning that the project is
defined:
1. Income Potential
2. Pursuing a Passion
2. New Lifestyle
3. Self-Expression
4. Legacy
According to a Business Review study, one out of every six projects will have a 70%
schedule overrun and a 200 percent cost overrun. It is due to the fact that as the
business/project grows in complexity, it introduces more variables that can cause
delays, unplanned changes, and ultimately impact deliverables. In the excitement
of getting the business up and running, delivering the goods, and celebrating
success, teams lose sight of how to properly plan and execute. Looking at how the
business flows, by thoroughly planning the business ahead of time, resourceconsuming roadblocks can be avoided, and unplanned schedule and cost overruns
can be minimized.
A business opportunity is the sale or lease of any product, service, equipment, or
other item that will allow the purchaser-licensee to start a business. The licensor or
seller of a business opportunity typically declares that it will secure or assist the
buyer in finding a suitable location, or that it will provide the product to the
purchaser-licensee. This is distinct from the sale of an independent business, in
which the seller is not required to maintain a continuing relationship. One of the
most important tasks of an entrepreneur is the identification and evaluation of
opportunities. Good opportunities meet critical market needs. Examining social,
technological, and economic trends can help identify emerging needs.
Entrepreneurs seek to establish new businesses and capitalize on good
opportunities when they match their capabilities and interests, exist in a favorable
context, have the potential for long-term growth, and make the acquisition of
necessary resources easier. Such opportunities have a reasonable chance of
success and force the entrepreneur to make a difficult choice between acting and
not acting. The selection of an opportunity and the decision to act is a critical point
in an entrepreneur's life. When the decision to act is made, the entrepreneur
creates a business summary for the venture, which is used to test the new venture
with potential investors, employees, and customers.
Individuals who introduced theories of economic development were generally
limited in their efforts to study this phenomenon by their specific training,
education, and experience, as well as the amount of information, observable data,
and proof available to them at the time their studies were conducted. Despite these
limitations, their theories are still useful in our efforts to comprehend economic
development. This section offers an overview of the various theories or schools of
thought that attempt to explain economic growth. These schools of thought are
presented regardless of whether they have been validated by experience or other
observable data. Students are now in a better position to analyze for themselves
how relevant the various economic and non-economic factors are to the economic
growth process, thanks to the preceding discussion on various theories of
economic growth. Remember that while these opinions, observations, claims,
assertions, or beliefs are only theories, they all provide valuable insights into the
phenomenon of economic development.
While most of the factors are, indeed, necessary for development to take place,
only one factor will be given emphasis in this subject, and that is Entrepreneurship.
It is because the entrepreneur is the one who brings all of the other factors together
to create productive enterprises, which lead to development. According to the
Philippine Constitution of 1987, entrepreneurship is an effective means of
improving one's standard of living. According to Article XII Section 1, private
enterprises "shall be encouraged to broaden the base of their ownership" in order
to prevent income inequality, support the production of goods and services, and
increase productivity. The Philippine Development Plan (PDP) includes a number
of strategies aimed at encouraging entrepreneurship and expanding the economy
in the Philippines. Furthermore, the plan aims to grow the Industries and Services
sector until it becomes globally competitive. It also aims to boost trade and create
more opportunities for entrepreneurship. The National Competition Policy seeks
to level the playing field in the Filipino market by putting small and large
corporations on an equal footing. This will provide consumers with more options
and allow smaller businesses to thrive. Other organizations, like Opportunity
International, are also working to decrease poverty by bringing financial services
and financial literacy training to the population. Professor Russ McBride at UC
Merced brought his philosophy of ‘Functional Entrepreneurship’ to the Philippines
in a series of lectures aimed at students. He even created a program where Filipino
students worked in teams to raise money for an organization that promotes social
good.
The Filipino government has made a concerted effort to promote entrepreneurship
in the country as a means to expand the economy and lift people out of poverty.
Through plans to expand the economy and increased protections for smaller
businesses, entrepreneurship in the Philippines gives people the opportunity to
access larger markets and establish connections outside of the informal economy.
With supportive policies in place, entrepreneurship could be a key vehicle to
alleviating poverty in many countries around the world.
1. Assignment – Interview
State the name of your Municipality and Province.
Bayombong,Nueva Vizcaya
b. Ask someone from your household or neighborhood to enumerate and
describe the economic developments that happened in your municipality or
province when more businesses started to be established. Do they believe
that these businesses contributed to the improvement of the economic life of
people in your community? Why?
Name:Jowenie Subayno
“I’ve been living in this province for almost 45 years and I can tell that there are
so many things that develop like for example back then we don’t have huge
buildings and now we have so many buildings and infrastructures that are finished
and some are ongoing. Businesses in our province are still that small not like other
provinces but I bet in the future we will have malls and many more, Some
establishment in our province is wisely planned and some are rushed that’s why
the outcome of the infrastructure are failed that’s why the live them abandoned
clearly in this time we need more improvement so the province wealth will not take
aside.and many Entrepreneurs want to establish business here but lack of land as
many said.”
2.
Quiz – Answer the following questions briefly and comprehensively.
a. Among the different theories that explains how economies grow, which do
you think would be applicable to your community? Explain your answer.
-
Economic growth is measured by an increase in GDP, which is defined as the total
value of all goods and services produced within a country in a given year. Economic
growth is influenced by a variety of factors. However, no single factor consistently
stimulates the perfect or ideal amount of growth required for an economy.
Unfortunately, recessions are unavoidable and can be triggered by exogenous
factors such as geopolitical and geo-financial events. Politicians, world leaders, and
economists have long debated the ideal rate of growth and how to achieve it. It is
critical to investigate how an economy grows, that is, who or what participants
propel an economy forward. Economic growth is defined as an increase in the
quantity and quality of economic goods and services produced by a society. I prefer
a slightly longer definition than most others. If you want a shorter definition, use
'products' instead of 'goods and services,' and use 'value' instead of mentioning both
the quantity and quality aspects separately. When a new product is introduced, the
most significant change in quantity is from zero to one. Many of history's most
significant changes were made possible by the development of new goods and
services; consider antibiotics, vaccines, computers, or the telephone.
b. Given the 5 benefits of entrepreneurship discussed in this chapter, choose
one (1) and explain which you think benefited you the most.
-
Entrepreneurship improves the quality of life- Entrepreneurship is a catch-all
term for starting a business While there are some complicating factors in the
relationship between entrepreneurship, economic growth, development, and
welfare, which are discussed further below, the increase in economic growth from
entrepreneurship is significant. It is not, however, a panacea, and as discussed
further below, broader economic conditions outside of entrepreneurship play an
important role in determining whether economic growth occurs. innovations that
will address intractable social problems such as climate change and structural
racism. Notably, however, the results can vary, sometimes not creating as much
social
justice
or
positive
development
outcomes
as
initially
promised.Entrepreneurial efforts have compelled new social, political, and
economic changes, holding out the prospect of new opportunities.
c. Do you think the Philippines is a conducive place to start and operate a
business? Justify your answer.
- Philippines is an open economy and distinguished by its well-developed
communication, transportation, business, and economic infrastructure, which
connects the three major islands. Liberalization of inter-island shipping and
domestic aviation, as well as increased accessibility by air, water, and cyberspace,
resulted in improved facilities and services. The container terminals are designed to
handle cargo traffic as efficiently as possible.Communication provides redundant
international connectivity 24 hours a day, seven days a week, using fiber optic cable
as the primary backbone network and satellite as a backup. Economic reforms
prioritize regional growth, transforming outlying areas into business hubs. The
groundbreaking BOT legislation allows private investors to build and operate
infrastructure for a set period of time before handing it over to the Philippine
government.
Joshua T. Subayno
BSIT-NDM 2A
Chapter 2
THE ENTREPRENEURIAL PERSONALITY
REQUIREMENTS:
3. Chapter report – Write a summary of the chapter based on how you understood
the lesson, you may write your learnings in paragraph and bullet form, and you
may also use the Filipino language. Your output in this activity must have a
minimum of 2 pages.
Entrepreneurs always have an impact on their immediate surroundings – look
for the whirling eddy of people flitting around them as they move from group
to group at a party. Entrepreneur personalities enjoy being the center of
attention, laughing and entertaining with a blunt and earthy sense of humour.
Entrepreneurs volunteer or volunteer a shy friend – if an audience member is
asked to come on stage.Theory, abstract concepts, and tedious discussions
about global issues and their implications do not hold the attention of
Entrepreneurs for long. Entrepreneurs keep their conversations lively and
intelligent, but they prefer to talk about what is – or, better yet, to just go out
and do it. Entrepreneurs fix things before they look. Rather than sitting idle,
preparing contingencies and escape clauses, they should fix their mistakes as
they go.
Entrepreneurs are the most likely personality type to live a life of risk. They are
the eye of the storm, living in the moment and diving into the activity.
Entrepreneur personality types appreciate drama, passion, and pleasure not
for emotional delights, but because it stimulates their rational intellect. In a
rapid-fire logical stimulus response procedure, they are pushed to make vital
decisions based on factual, immediate reality.
This makes school and other highly structured environments difficult for
entrepreneurs. It's not because they aren't brilliant or capable; they are, but the
regulated, lecturing method of formal education is so far removed from the
hands-on learning that Entrepreneurs enjoy. It takes a lot of maturity to consider
this procedure to be a necessary means to an end, one that leads to more
exciting prospects.It is also difficult for entrepreneurs to utilize their own moral
compass rather than someone else's. Rules were designed to be broken. This is
a sentiment shared by few high school teachers or corporate executives, and it
might earn Entrepreneur individuals a specific notoriety. Entrepreneurs, on the
other hand, are a force to be reckoned with if they minimize the trouble-making,
harness their energy, and focus through the dull things.
Despite obvious differences among entrepreneurs – ranging from those who
start new construction firms to those launching internet marketplaces – we tend
to think of them in strong terms. An entrepreneur is someone willing to take
risks. Entrepreneurs love to be their own boss. They have a confidence that
risks becoming cockiness. Entrepreneurs are idolised in many settings and
pursued by policymakers. A quick Google search results in a plethora of online
quizzes to see if you have the right mentality.
The goal of this interdisciplinary study is to analyze the entrepreneurial
personality in the context of resources, environment, and the startup process
based on a configurational approach.
Anyone can become an entrepreneur but not everyone is suited for successful
entrepreneurship. Most successful entrepreneurs share certain personality
traits that give them a comparative advantage over their competition. This essay
explores the personality traits required to be a successful entrepreneur.
Determination is one of the personality traits that an entrepreneur should
possess in order to increase their chances of being successful. Determination is
a very intense longing to achieve success. The trait requires a lot of persistence
and the ability to recover in case of a period of downturn.It is not easy to attain
success within a short time. Therefore, an entrepreneur should exercise a lot of
patience and should not easily give up when things go wrong.Dedication is
another important personality trait of a successful entrepreneur. Entrepreneurs
should dedicate themselves towards the accomplishment of their objectives
and visions. Having focus and being dedicated enables an entrepreneur to be
more successful in his or her business ventures.Starting a business requires
hard work and a lot of effort. Regardless of numerous difficulties, an
entrepreneur should be dedicated to all tasks by working towards a positive
outcome and to be willing to ask for assistance once in a while. Self confidence,
being another personality trait enables an entrepreneur to be assertive in
achieving their own interests in a way that is socially recognized. Self
confidence usually results from thorough planning which decreases uncertainty
rates and risk levels.Self confidence should be sufficient enough in order to
successfully achieve planned profits. When an entrepreneur is skilled and
knowledgeable, self confidence comes naturally. The confidence also gives
them the ability to listen to the opinions of other people without feeling
intimidated.Creativity and innovation are very important traits that an
entrepreneur should possess. Being innovative enables an entrepreneur to
develop fresh and improved products to be able to survive in the competitive
world of business.This trait also encourages the entrepreneur to constantly
learn, question and think outside the box in order to be in line with the ever
changing technology. With fresh and improved products and services, an
entrepreneur is more likely to be successful in the world of
business.Interpersonal reactivity is essential in entrepreneurial life because it
enables an entrepreneur to put himself or herself in the position of another
person.The entrepreneur who possesses this trait has the ability to approach
other business people and develop a relationship that is intended to be
beneficial.
4. Assignment –
a. Interview one (1) online seller and ask the following:
- What made them decide to start e-marketing (online selling)?
“Not only because its pandemic many work are been declined and I am one of
them online selling benefits my livelihood specially to my son,and online
selling can reach global audience that can increases sales requires depends
on what you selling”
- How long has she/he been doing e-marketing?
“3 years”
- What are the advantages of doing online selling? Disadvantages?
“There is many advantages of online selling but the one thing I like is Being
able to receive payment more quickly from online transactions.and the
disadvantages is there sre many scammers, seller nor buyers they should think
the efforts of every people dong a decent selling.”
- What advice can they give to people who also want to start an online
enterprise?
“At first things cannot go as it planned but if you really are into it, trust the
process. Just love the job.”
- How long do they see themselves doing online selling?
“Probably not to long I will find a more decent job because I also have a family
and If I have a new job, Online selling will just be my side job."
b. Name one (1) business establishment in your municipality or
province and describe the characteristics of their owners.
“The owner of the governors hotel. He is a very private and busy
person and always traveling to ever metropolitan and provinces
here in the Philippines”
1. Quiz – Answer the question briefly and comprehensively.
a. How enterprising Filipinos are? Explain your answer.
Entrepreneurship is regarded as a very good way to better one's economic
and social position in the Philippines. This social and cultural orientation is
one of the key motivators for entrepreneurship. The vast domestic market
with strong consumer spending, as well as good education and training,
encourages people to try their hand at entrepreneurship. There are also a
number of government programs that encourage entrepreneurship.On the
other side, there are various impediments to the country's entrepreneurship
development:A lack of financial backing and working capital, which
impedes corporate growth;Inadequate information dissemination inconsistency in the implementation of government policies and programs
that encourage entrepreneurship;Inadequate training for expanding and
sustaining firms. Entrepreneurship is promoted in the Philippines through
the efforts of many government agencies, including the Department of Trade
and Industry, the Department of Science and Technology, the Bangko
Sentral
ng
Pilipinas,
and
the
Commission
on
Higher
Education.Entrepreneurship is offered as a formal degree program at both
the bachelor and graduate levels (BS, MS, and PhD), with the goal of
providing budding entrepreneurs with official instruction. Banks and other
financial institutions are obligated to set aside a specified percentage of
their loan portfolio for the capital needs of small and medium-sized
firms.The Department of Trade and Industry, through the Bureau of Small
and Medium Enterprise Development, has initiatives to help SMEs enhance
their entrepreneurial skills.
Joshua T. Subayno
BSIT-NDM 2A
Chapter 3
STARTING AN ENTERPRISE
(The Pre-planning Stage)
REQUIREMENTS:
1. Chapter report – Write a summary of the chapter based on how you understood
the lesson, you may write your learnings in paragraph and bullet form, and you
may also use the Filipino language. Your output in this activity must have a
minimum of 2 pages.
Entrepreneurs launching new businesses is common due to our present economic
state. Our economic circumstance develops as our world is progressing alongside
technological advancements, global economic competitions, education, and the
thriving of industries. Provided by this present economic status quo, making
headway in business is facile. However, starting a business is not an easy task. You
have to undergo a lot of complex and mysterious processes in order to build a
strong foundation of your chosen business. Those who choose to swim the business
sea have to ask: Which is more vital in starting a business—money or an idea?
Every business starts with one aspect: an idea. Generating a business idea is
important in starting your endeavor. Developing this idea into a viable product or
service is an important part of building your business. You have to consider the
product or service: its features, benefits, and the size of its market opportunity.
There is no way to create wealth without also creating ideas. Producing a business
idea is the primary stage in embarking on a business journey. Being able to come
up with an excellent business idea is already making headway to the road of
business success. It takes a lot of ideas to get a few viable ones that could lead to
true innovations. Most entrepreneurs fail in their business because the ideation
process is not spent with the attention and concentration it needs. Money is crucial
in launching your business and you need to understand that money is essential to
implementing your business plans. Money is also the tool that allows range of
thought without fear. On a day-by-day basis, business owners need to make
decisions. And in almost every decision that an entrepreneur makes, money, or the
lack of it, plays a large role. If you are talking about business, you cannot deny the
fact that money will always be part of the topic. Money is also a key element in
starting your business. Money is the fuel of your business. If you have the funds,
your engendered business idea will be put into reality. But which element in
starting a business is more important: money or an idea? Money is the least of your
problems in starting a business. If you are able to get hold of a business idea that
will be a sure success, it will unquestionably generate money fast. In starting a
business, you can borrow money from money lending corporations, and if your
chosen business is assuring you great earnings, returning the borrowed money
will not be a hassle on your part.A successful business scheme will attract business
investors to invest in your business. And a promising business plan will draw
business financiers to fund your business. As for this reason, acquiring money to
start your business will not be an intricate phase. You can also create a business
out of your passion. If your chosen business field suits your skills and talents, there
is no need for business start-up money. Your determination and skills will serve as
your capital. If you have all the money but you do not have an exceptional business
idea, your money will be put to waste. But if you have the right idea, money will
flow naturally to you.
One of the joys of being a scholar in an applied field like psychology or education
is the ability to work on the ground with “real people.” In other words, as an
educational developmental psychologist, my work happens to easily skip out of
the Ivory Tower. Though I am trained as a developmental psychologist, my
research is situated firmly within education. Largely construed, I investigate the
sociocontextual factors that affect low-income students’ academic achievement.
More simply put, I work with teachers, admin, and families to improve academic
outcomes for marginalized students. For many years, this took the form of teacher
in-service workshops focused on parental involvement. Because schools serving
underrepresented demographics struggle with facilitating meaningful parental
participation in children’s schooling, I help them figure out how to access,
communicate with, and engage “hard-to-reach” parents.
As an off shoot of that work, I was often asked to hold workshops at small
conferences or to sometimes attend open houses and speak to parents. Once word
got out that a young Black woman was working with families in urban schools, I
received more requests to give keynote addresses, tutor, or come speak to first
generation hopefuls at area high schools. I ended up spending so much of my free
time doing such things, I had no choice but to cut way back. But, in cutting back I
realized how much I missed engaging with people in ways that affect immediate
change. There is something special about sitting in a family’s home, at their kitchen
table, speaking with the very people who constitute the “subject” of your research.
I enjoyed hearing their stories and brainstorming ways to help their children. I
liked being an advocate for families who may not have the time, energy, or
information to effectively advocate for themselves.While talking to a good friend
who has much more of an entrepreneurial mind than me, it dawned on me that I
could start an educational consulting business. Like a good researcher, I did some
investigation into what it meant to run a small business. I spoke with my father who
has successfully run his own small business for over a decade. I spoke to friends
with all kinds of businesses in varying stages of businessdom. While the initial
work seemed intense, the service itself was no more work than I’d been doing for
free. And as my father always says “don’t sell yourself short”…so I decided not to.
Before I got into the nitty gritty of starting my business, I paused to consider the
implications for my full-time career as a tenure track professor. Was this even
ethical? Was I violating some implicit agreement between myself and the
Academy? Did my knowledge and skills belong solely to the institution and its
concomitants? No, surely not. That’s absurd….right? The fact that I paused to think
about this quandary more than once speaks to the ways in which academics are
inculcated into academia in a sometimes unhealthy manner. I’m not sure what it is
about graduate school that makes one’s intellectual property feel like the property
of others. It might be the fact your advisor or committee has so much control over
what you actually produce, that it indeed feels as though your words aren’t your
own. Or maybe it’s the publish or perish mantra that really means “it is your duty
and obligation to publicly share your thoughts for the good of the public.” I find it
odd that in other professions, people are paid well for the knowledge and skills
they spend years acquiring and refining. But academics are expected to share their
assets solely for the glory and grandeur of it? Yes, tenure is a huge benefit that is
often directly correlated with the amount and quality of one’s scholarly
contributions; however, other professions have this too. They call it a “promotion”
or a “raise.”
2. Assignment and Quiz – Generate a Business Idea (letters a to d)
Please refer your answers to the lessons discussed in this chapter.
a. If you are going to start a business today, what do you think may be your
compelling reason for starting a business? (income?, passion?) Explain.
- Growing businesses face a range of challenges. As a business grows, different
problems and opportunities demand different solutions - what worked a
year ago might now be not the best approach. All too often, avoidable
mistakes turn what could have been a great business into an alsoran.Recognising and overcoming the common pitfalls associated with
growth is essential if your business is to continue to grow and thrive.
Crucially, you need to ensure that the steps you take today don't themselves
create additional problems for the future. Effective leadership will help you
make the most of the opportunities, creating sustainable growth for the
future.
b. Identify at least 3 business opportunities which may be established in
your barangay, or municipality or province using the suggested ways in
identifying business opportunities.
 Gas Station -Here in our barangay there is only one gas station and it is
located to the south of the barangay it is also good to establish gas
station to the north so that people there wont bother go miles away to
get their tank full.
 Water station- In our barangay there is no station of water drivers from
other barangay will come to pick our water jug and it took 30 minutes
to deliver it so It is good to establish water station here.
 Computer shop- There is only one active computer shop here so it is
good to establish com shop specially for students.
c. Screen your identified business opportunities using the 12 Rs in
screening opportunities. Follow the opportunity screening grid provided
below:
No. 1 Business Opportunity________________________
Criteria
Very High Average Low Very
High
Low
Rating
5
4
3
2
1
Relevance
Resonance
Reinforcement
Revenue
Etc
Etc
Etc
No. 2 Business Opportunity________________________
Criteria
Very High Average Low Very
High
Low
Rating
5
4
3
2
1
Relevance
Resonance
Reinforcement
Revenue
Etc
Etc
Etc
Weight
Score
Weight
Score
The weight would mean the level of importance of this criteria for you…you
may assign a number from 1 to 4, 1 as the least important criteria and 4 as the
highest level of criteria.
SAMPLE:
Using this screening process, the identified business opportunity with the
highest rating or score will be deemed as the business you will pursue
throughout the subject.
d. Determine the mode on how you would like to start your business.
Explain.
A business plan is a living documet that maps out the details of your business.
It covers what your business will sell, how it will be structured, what the market
looks like, how you plan to sell your product or service, what funding you'll need,
what your financial projections are, and which permits,n p leases, and other
documentation will be required.At its core, a business plan helps you prove to
yourself and others whether or not your business idea is worth pursuing. It's the
best way to take a step back, look at your idea holistically, and solve for issues
years down the road before you start getting into the weeds.This post covers tips
for writing a business plan, followed by an outline of what to include and business
plan examples. Let's start with some basic, overarching tips before we dive into the
details. Before you start whipping up a business plan, think carefully about what
makes your business unique first. If you're planning to start a new athletic clothing
business, for example, then you'll need to differentiate yourself from the numerous
other athletic clothing brands out there.What makes yours stand out from the
others? Are you planning to make clothing for specific sports or athletic activities,
like yoga or hiking or tennis? Do you use environmentally friendly material? Does
a certain percentage of your proceeds go to charity? Does your brand promote
positive body image?Understanding your brand's positioning in the market will
help you generate awareness and salesRemember: You're not just selling your
product or service — you're selling a combination of product, value, and brand
experience. Think through these big questions and outline them before you dive
into the nitty-gritty of your business plan research.Business plans are more short
and concise nowadays than they used to be. While it might be tempting to include
all the results of your market research, flesh out every single product you plan to
sell, and outline exactly what your website will look like, that's actually not helpful
in the format of a business plan.Know these details and keep them elsewhere, but
exclude everything but the meat and potatoes from the business plan itself. Your
business plan shouldn't just be a quick(ish) read — it should be easy to skim, too.