Professional Documents
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Checked - Entrep Learning Packets - Ms - Curioso
Checked - Entrep Learning Packets - Ms - Curioso
LEARNING PACKET
12-ENTREPRENEURSHIP
INTRODUCTION:
“The Philippines is a haven for the development of entrepreneurs.”
IMPORTANCE OF ENTREPRENEURSHIP TO EDUCATION
Entrepreneurship is very important to our economy as key driver.
Entrepreneurship education is an individual lifelong learning process
Entrepreneurship will transform learners to be innovative.
Entrepreneurship
Exercise 1
Instruction: Watch the given video and answer the following questions:
Video Title: Pineapple Ice Cream
Video link: https://www.youtube.com/watch?v=ckAn1TfESbg
Guide Questions:
1. What is the story all about?
2. How did the girl learn to do business?
3. What important skills did she learn in order to understand and do her business better?
Entrepreneurship
Activity 1- Essay (Self-assessment)
Instruction: Write a three-paragraph essay that answers the question “What makes you different?”
Introduction -5pts
Body Paragraph-5pts
Conclusion-5pts
Organization/Structure-5pts
Style: Sentence flow, tone and choice of words-5pts
Mechanics-5pts
Total= 30pts
Entrepreneurship
Exercise 2
LEARNING PACKET
12-ENTREPRENEURSHIP
Introductory Question:
What are you good at based on what other people say? Is it true?
Popular Career Titles in 21st Century Enterprise
Chief Executive Officer (CEO)
Chief Executive
Chief Operating Officer (COO)
Advertising Sales Agent
Project Manager
Operations Manager
Search Marketing Strategist
Marketing Manager
Advertising Manager
Product Manager
Sales Manager
Consultant
Digital Marketing Specialist
Entrepreneurship
Activity 2
1. Pick three activities or subjects you enjoy and write them in the first row of the table below.
2. Think about the skills you are learning in each activity or subject, eg, researching. Write
these skills in the cell underneath the activity or subject.
3. Use Jobs by Interest to choose up to three areas that you are interested in. Write each interest
area in the cell underneath the activity/subject and skills that you think fit best with it.
4. Paste your table on coloured paper or card and cut into separate cells.
5. Use a hole punch and string to display your creation on a coat hanger.
Possible job interest area(s) Possible job interest area(s) Possible job interest area(
Entrepreneurship
Activity 3
Instruction: Make a five-paragraph essay that answers the question “How do I see myself ten years from
now?”
Introduction -5pts
Body Paragraph-5pts
Conclusion-5pts
Organization/Structure-5pts
Style: Sentence flow, tone and choice of words-5pts
Mechanics-5pts
Total= 30pts
Entrepreneurship
Activity 4-Self-Assessment
Situation:
Look around you. Notice the things that are happening to the world right now. Feel it.
Process it. This pandemic is trying to change us, to change you. What will you say about that?
What changes you? Is this pandemic really changing you or does it just bring out the real
you?
Instruction:
Introduction -5pts
Body Paragraph-5pts
Conclusion-5pts
Organization/Structure-5pts
Style: Sentence flow, tone and choice of words-5pts
Mechanics-5pts
Total= 30pts
LEARNING PACKET
12-ENTREPRENEURSHIP
Introduction:
“In the modern world of business, it is useless to be a creative, original thinker unless you can
also sell what you create”
-David Ogilby
“The entrepreneur’s desire to establish his business is a visible idea yet it must come into a test
whether it is a viable business option. It needs a careful analysis of opportunity evaluation. The
entrepreneur who fails to evaluate his noble idea because of his eagerness to plunge into the
business world often discovers later that he has more problems to solve and at times abandons
the idea after spending his time and money.”
The following steps will help the prospective entrepreneur evaluate the idea before going
into business:
Conceiving a new product is a process of innovation and when this comes into reality, the
product must be different from an existing product.
New product needs customer evaluation and this process needs exposure to the target
market as to its economic value. This new product must satisfy customer’s needs and
wants. It needs market exposure and public acceptance before it could take off the guard.
The entrepreneur must find a new approach to win customer on his side if the product or
service is similar to what is existing in the community. The new venture must be able to
present a new alternative or different approach for him to take off.
He must know the strengths and weakness of his competitor and thereby devise a new
system of promotion and advertising such as product discounts, cash discounts, raffles,
and other package of prizes. Emphasis should also focus on good customer service.
The entrepreneurs should look deeper into the following areas based on Viability:
Management must be able to set the direction of the enterprise with a clear MISSION
AND VISION as the guiding tool for its plans and programs. Plans and programs are
tentative activities that will make a definite step towards the accomplishments of target
objectives. Objectives set into motion the goals of the enterprise to profitability.
The technical and manpower complements are important factors in the success of the
business.
Manpower complement may need some training and indoctrination of the company’s
operation.
The management must introduce new technology to make easier for the working team.
CURIOSO, ANGELINE I.(12-ENTREP) LEARNING PACKET 10
The entrepreneurs should look deeper into the following areas based on Profitability:
Venturing into business needed financial resources. Money is needed to finance the
activities of business. Whatever capital is available determines the kind of business
operation.
Then internal source of capital will come from the savings and assets of the starting
entrepreneur. Liquid assets in cash or in banks are the usual starting point. Real properties
and personal properties may be put in as guarantee for loans that may be used for
operating expenses.
Banks are external sources of funds. They are willing to help businessmen with clear
vision and good business acumen is backed up by good feasibility studies. Bank loans
must have reasonable interest rate to be paid at reasonable period until the company
would be able to operate on its own funds. Real properties are usually accepted by banks
as loan guarantee.
Other sources of funds are partnership and stock options. While funds could sources from
other people, the entrepreneur must look into the controlling management of the business.
Careful choice of partners or investors must be looked into as he may lose control of his
projected venture with the interference of the other partners in the business. Some
partnership disbands after the few years causing business collapse.
The entrepreneurs should look deeper into the following areas based on Customers’
Requirements:
The marketing program needs demand analysis for the last 5 years as to the major of the
product. A new product would need customer view point before it is launched into the
market. Product samples may be necessary at the initial stage so that customers’ taste and
preferences could be considered before mass production.
The demographic profile of the target customer must be taken into account as the success
of the product depends on the target customer. The target market must be specified
accordingly and their needs and wants must be satisfied.
Customers would like to have a lot of choices; yet when they like the product we turn
them into regular customers. Product competitiveness is determined the true picture of
the market demand and the product competitor.
The growth in market demand needs channels of distribution. The channels of distribution
should be measured in terms of the capability of the distributors to handle the product.
The entrepreneurs should look deeper into the following areas based on Productivity:
Product specifications must be maintained according to product standards that are
acceptable to customers. Product quality is now the name of the game in business.
The management must look into cheap available raw materials in the production of goods.
Good quality materials should not be sacrificed in terms of price as poor quality will
affect the production of quality products. Quality and price must be looked into carefully
by the management.
Production schedule must be made together with product specifications. Work schedules
must be followed to save energy and time.
Entrepreneurship
Activity 6
Instruction: Conduct a research about “How to determine market viability for a product or
service” and make a narrative essay about it.
Introduction -5pts
Body Paragraph-5pts
Conclusion-5pts
Organization/Structure-5pts
Style: Sentence flow, tone and choice of words-5pts
Mechanics-5pts
Total= 30pts
LEARNING PACKET
12-ENTREPRENEURSHIP
INTRODUCTION:
To run a successful business, it is essential that you know who your customers are, what they
need, and how to reach them. Market research can help you get accurate and specific information
about your customers and competitors, which is a critical part of starting or expanding your
business. Consumer demands impact and direct all aspects of your company’s activities and can
determine the success or failure of your business.
POTENTIAL MARKET
- Market potential is the total demand for a product in a given business environment
(Bhasin, H., 2018).
The Importance of Potential Markets (Lake, L., 2019)
- Potential markets are an important part of a business's future growth.
- Ensure the future of your business by identifying new customers.
- Think proactively about ways for your business to grow and change.
- Show the potential of your business to investors or collaborators.
- Increase your revenue.
- Create a Plan B that will weather changes in the economy or market.
Total Population
Potential Market
Available Market vail a
AVAILABLE MARKET
Prospects who are willing and capable (have sufficient resources) buyers and have access to a
particular market or service (www.businessdictionary.com).
Defined as the number of people who are both willing and capable of buying a particular product
or service in a particular market (MBA Skool Team, 2020).
WEAKNESS
- Characteristics that place the firm at a disadvantage relative to others.
- Detract the organization from its ability to attain the core goal and influence its growth.
- Weaknesses are the factors which do not meet the standards we feel they should meet.
- However, weaknesses are controllable. They must be minimized and eliminated.
- Examples - Limited financial resources, Weak spending on R
& D, Very narrow product line, Limited distribution, Higher costs, Out-of- date
products / technology, Weak market image, Poor
marketing skills, Limited management skills, Under- trained employees.
Important: Be honest and realistic when answering the questions. After all, it’s a self-
assessment which only you will see. Use it as a stepping stone for future improvements.
OPPORTUNITY
- Chances to make greater profits in the environment - External attractive factors that
represent the reason for an organization to exist & develop.
- Arise when an organization can take benefit of conditions in its environment to plan
and execute strategies that enable it to become more profitable.
- Organization should be careful and recognize the opportunities and grasp them whenever
they arise.
- Examples - Rapid market growth, Rival firms are complacent, changing customer
needs/tastes, New uses for product discovered, Economic boom, Government
deregulation, Sales decline for a substitute product.
THREAT
- External elements in the environment that could cause trouble for the business - External
factors, beyond an organization’s control.
- Arise when conditions in external environment jeopardize the reliability and profitability
of the organization’s business.
- Compound the vulnerability when they relate to the weaknesses.
- Threats are uncontrollable. When a threat comes, the stability and survival can be at stake.
- Examples - Entry of foreign competitors, Introduction of new substitute products,
Product life cycle in decline, changing customer needs/tastes, Rival firms adopt new
strategies, Increased government regulation, Economic downturn.
In connection with ourselves:
Know your “ THREAT”
Reflective Questions:
- “What obstacles do you currently face?”
- “Could any of your weaknesses lead to threats?”
- “Is one of your peers doing a better job than you in a similar role? Are both of you
fighting for the same rank/position?”
- “Is virtual class a major threat to you as a student? Why/why not?”
- “What are the obstacles that prevent you from achieving your targets?”
Important: When it comes to eliminating threats one of the easiest to fix is negative
personality traits. Get professional help if necessary. For example, if time management is an
issue you can hire a productivity coach.
Entrepreneurship
Activity 7
A. Instruction: List down the resources and cultures of the family in the appropriate column.
Describe your family structure in terms of leadership, communication, and order.
My Family Micro Environment
Family Resources Family Culture Family Structure
B. This time consider the only the strengths of the three forces in the family.
Instruction: Assess the strengths of your family in terms of resources, culture, and structure.
Will they provide the family with the advantages or capability to open a small business in the
local community?
Opportunities
and Threats 2. 2.
Opportunities in the local community How will you use the How will you overcome the
family strengths to take family weaknesses by taking
1. advantage of the advantage of the opportunities
opportunities in the local in the local community?
community?
2.
Threats in the local community How will you use the How will you minimize the
family strengths to avoid family weaknesses to avoid or
1. or minimize the threats in lessen the threats in the total
the local community? community?
2.
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Entrepreneurship
Reflective Questions:
- Why does “Identifying Customer Needs” matter?
- How does one meet the needs of customers?
Key points:
• To ensure customer satisfaction, entrepreneurs must correctly identify customers’ needs.
• To identify needs, entrepreneurs must both listen and ask the right questions.
• After identifying needs, always check for additional or related needs.
• As an entrepreneur, use your knowledge and experience to identify and present the right
products, services, and solutions to meet your customers’ needs.
Entrepreneurship
Activity 8
Individual
Instructions:
- Students will be given 30 minutes to think of a product that they will make and to gather
all the materials they need in doing such.
- After 30 minutes, another 1 hour will be given to them to make their product.
- Once they are finished with their product making, they are given another 10 minutes
for their presentation.
- They will be graded using the following criteria:
Creativity -10pts
Product Name-10pts
Product Presentation-10pts
Use of Materials-10pts
Time management-10pts
Total= 50pts
LEARNING PACKET
Entrepreneurship
7P’s of MARKETING
PACKAGING POSITIONING
PLACE PROMOTION
He proposed the four Ps classification in 1960, which has since been used by marketers
throughout the world.
4P’s of Mark e tin g
PRODUCT
A product or service is said to be a good that fulfils customer’s needs.
PRICE
It is the amount of money that a consumer pays or is willing to pay for the product or service
offered.
Questions to answer:
• What is the value of the product or service to the buyer?
• Are there established price points for products or services in this area?
• Is the customer price sensitive?
• Will a small decrease in price gain you extra market share? Or will a small increase be
indiscernible, and so gain you extra profit margin?
• What discounts should be offered to trade customers?
PLACE
Place is concerned with various methods of transporting and storing goods, and then making
them available for the customer. Getting the right product to the right place at the right time
involves the distribution system.
PROMOTION
Promotion is the process of communicating with customers. It provides information to the
customer that will assist them in making a decision to purchase a product or service.
Questions to answer:
• Where and when can you get across your marketing messages to your target market?
• Will you reach your audience by advertising in the press, or on TV, or radio, or on
billboards? By using direct marketing techniques. Through PR? On the Internet?
• When is the best time to promote? Is there seasonality in the market? Are there any wider
environmental issues that suggest or dictate the timing of your market launch, or the
timing of subsequent promotions?
• How do your competitors do their promotions?
3P’s of Mark e
tin g
PEOPLE
Knowing the customer is the linchpin of a successful marketing strategy – without accurate
customer profiling, none of the other 7 Ps of marketing mix can be correctly channelled, and the
product may well fail to sell.
POSITIONING
One of the most important of the 7 Ps of marketing mix, positioning refers to a product’s status
in relation to the wider market, particularly how it lines up against competitors.
PACKAGING
This refers not just to the way in which a product is wrapped, but also to its overall presentation,
and the way in which its physical arrangement is designed to attract the customer.
LEARNING PACKET
Entrepreneurship
Machine
- Are the basic tools to produce goods or generate services?
- Selection of an appropriate machine not only enhances efficiency but also saves times
and increase revenue.
Materials
- Is a basic ingredient in management be it a service industry or a product industry?
- Most of the industries locate themselves nearby to the availability of materials.
Money
- Capital, profits, funds and budget.
Minute/Time/Management
- Optimum time with highest quality.
- A set of principles, practices, skills, tools and systems that work together to have more
value out of time with the ai of improving the quality of work
Entrepreneurship
Activity 8
ACTIVITY/TASK
Justin:
I think that we all agree that it’s time that we broaden our promotional mix beyond just various
forms of advertising. There are many other promotional alternatives for us. Today I’ll like to hear
your views on which approach we should take.
Jake:
I’m a big fan of direct mail because it’s so visual and it’s physical. If we used an attractive
postcard mailing that promoted the latest special deals, then that’s something that could be put on
the notice board at home. That way all the family will see it over a period of a few weeks, which
is important as holidays are a family decision usually made over a period of time.
Jane:
I like the general idea of direct mail, but I think there’s value in knowing more about our
customers. That’s why I would recommend regular telesales. We could call customers and find
out when and where they are planning to take their next. We could then contact them when they
are ready to book with special deals on their preferred destinations. That way we are providing a
value-added service, rather than just sending out generic letters.
John:
Well you could use both approaches – telesales first to find out more about their future needs,
followed by a tailored direct mail offer at the appropriate time.
I suppose we could do everything, but we do have a limited budget and telesales is quite
expensive. That’s why I favor an internet-based approach. We could use our website to promote
special deals, have more images, set up a chat room or a message board and then encourage our
customers to visit the site through regular emails or an e-newsletter.
Jennifer:
All these ideas are fine, but they only target our existing customers – not new customers. So, let’s
use late night infomercials? We could get the material from hotels – so the production cost of the
ads will be minimal. I’m sure that many people watching TV late at night in winter will be
attracted by images of beautiful beaches. All we would need to do is to promote a toll-free
phone number and have staff answering the phone to close the deal.
Joe:
Sure, that’s an option, but to be successful you need to trigger their need recognition. Let’s go
after people who are already in the information search stage and are looking on the internet for
holidays. That means investing in internet ads, sponsored links on Google, being on holiday
comparison sites, and so on.
1. Outline the various direct marketing activities that are outlined in the above discussion.
2. In addition to the promotion techniques discussed above, are there any other suitable tools that
you can add?
3. If you were part of the management team, what would be your recommendation? Why?
4. What sort of results would you expect from these additional promotional efforts?
Entrepreneurship
Activity 9
ACTIVITY/TASK
1. “I’m so disappointed with the restaurant last night. We went there for the first time a few weeks
ago and it was fantastic, but last night the food was overcooked and the service was very slow.”
2. “The plane back home was only half full – that’s a lot of lost income – they should work harder to
fill those seats”
3. “I offer a one-hour free consultation first – for us both to see if I’m the right lawyer for you.”
4. “I want my hair cut long on one side, short on the other, and I want it to be colored purple.”
5. “Our (bank) customers, who have less than $50 in their accounts, really aren’t worth having!”
6. “It’s so hard to choose an accountant, it is so difficult to know what you’re really going to get”
7. “I’m never going back to that shop – all the staff are either rude or lazy.”
QUESTIONS
1. Connect each of the above statements with a service characteristic (using the following list).
2. Why is it important that service marketers to understand these characteristics? How does it
affect their marketing activities?
3. How does the extended marketing mix (the 7Ps) relate to the above list of characteristics?
4. Which do you think is harder to market; goods or services? Why?
Entrepreneurship
Activity 10
Below is an excerpt from a manager’s meeting at a large department store chain. They are
discussing the merits of introducing a system of greater staff empowerment. Unfortunately,
there are good arguments both for and against and the team cannot decide what to do – can
you help them?
ACTIVITY/TASK
Kristi:
Personally, I think greater empowerment for our sales staff is a fantastic idea. If our staff were
able to do special deals and resolve customer complaints on the spot, then we would have such a
competitive advantage in the marketplace.
Katelyn:
It would give us an opportunity to be more clearly differentiated in the marketplace, and that
should help us attract more new customers.
Jasmine:
Well actually, it would probably have the greatest impact in enhancing the loyally of our existing
customers.
Bianca:
Initially, but then over time our satisfied existing customers will spread positive word-of-mouth
that will attract new first-time customers.
Brandon:
Mitchell:
That’s right. I would be concerned with the lack of control. Some staff might end up doing
special deals all the time – and we will end up being known as a discount store.
William:
Not to mention that this could eventually lead to almost every sale being a negotiation, where
customers haggle over the price. That’s a very inefficient practice for a large retailer.
Kristi:
I think that we’re getting off the point. We can put policies in place to control and direct staff –
so
it’s clear when they can provide special deals.
Katelyn:
But that’s not really true staff empowerment is it? That’s just a store policy. Clearly the solution
here is greater staff training and education. Give them the empowerment, but also give them the
skills to use it effectively.
Brandon:
That will work for some staff only. We have some good people, who would be great at it, but
then we have some less skilled staff (particularly in our casual pool) that will never really get
their new role. And besides, the cost of training all our staff in these practices would be
enormous.
Jasmine:
Well maybe we only empower selected staff, not everyone.
Mitchell:
But then you create customer service inconsistencies. One day a customer gets a great deal and
the
next day they don’t – all because they are dealing with a different sales assistant.
Bianca:
Well maybe it’s time that we looked at our overall recruitment approach. Is it really beneficial to
hire young casuals without experience? I know it’s a cheaper option, but it limits our ability to
provide great service through empowerment.
QUESTIONS
Entrepreneurship
Activity 11
Do customers become more valuable over time? In this exercise, you consider whether a
customer is likely to increase his/her relationship with a firm over time, by evaluating
likelihood of them progressing through a relationship life-cycle path.
ACTIVITY/TASK
Let’s consider the possible relationship life-cycle path of an average customer of a phone
company, which also markets a range of home Internet and entertainment products. Your task
here is to evaluate whether this progression is likely or rare for most customers.
INITIAL PURCHASE
INCREASED PURCHASES
REDUCED COSTS
- After a few months, the customer knows service and never phones the call center
- They now get statements/bills online (no direct mail costs)
- And they now also pay bills automatically from their bank account
REFERRALS
- Over time customer starts acting as an opinion leader and refers 2-3 people per year to the
firm
- Two years later, customer stays with the firm, despite a 5% price increase, as they are
happy with the service and relationship
QUESTIONS
1. How likely do you think it is the average customer to progress through the various stages as
outlined above? (Assess each step on a scale of most customers, some customers, or only a few
customers.)
2. Given your answer to Q1, do you think that the customer lifetime value calculation should
include an allowance for an increase in customer profit per year?
3. Given the possible progression outline, how important do you think it is the firms to market/cross
sell products to their existing customers or will these changes simply happen automatically?
4. Which of the above options and progressions do you think would be most profitable for the firm?
LEARNING PACKET
INTRODUCTION
LEARNING PACKET
INTRODUCTION
EXECUTIVE SUMMARY
ENVIRONMENTAL ANALYSIS
BUSINESS DESCRIPTION
ORGANIZATIONAL PLAN
PRODUCTION PLAN
OPERATION PLAN
MARKETING PLAN
FINACIAL PLAN
APPENDIX
INTRODUCTION
The introduction presents the general perspective of the business. It may consist of one to two
pages. It includes, among others, the following sections:
1. Proposed name of the Business
2. Address of the Business
3. Name of the owner or owners
4. Description of the Business
5. Location of the Business
6. Funding requirement and source
At least three suggested trade names must be submitted to the Department of Trade and Industry
for approval and registration.
Nowadays, it is also necessary for the business to have an email address to facilitate
electronic communication between the business and the customers, suppliers, creditors,
and other significant parties
For business venture that will operate as a corporate entity, the names, nationalities, and
addresses of the incorporators must be given, Incorporators are persons who originally
formed the corporation.
What is the difference between the sections Address of the Business and Location of
the Business?
Entrepreneurship
Activity 12
BUSINESS INTRODUCTION
PLAN
Student is completely Student seems pretty The student is Student does not seem
prepared and has prepared but might somewhat prepared, to have prepared to
PREPAREDNESS obviously rehearsed, have needed a couple but it is clear that present at all.
is well organized. more rehearsals. rehearsal was lacking.
Speaks clearly and Speaks clearly and Speaks clearly and Often mumbles or
distinctly all (100- distinctly all (100- distinctly most ( 94- cannot be understood
SPEAKS CLEARLY 95%) the time, and 95%) the time, but 85%) of the time. OR mispronounces
mispronounces no mispronounces one Mispronounces no more than one word.
words. word. more than one word.
Stands up straight, Stands up straight and Sometimes stands up Slouches and/or does
looks relaxed and establishes eye straight and not look at people
confident. Establishes contact with everyone establishes eye during the
POSTURE & EYE
eye contact with in the room during the contact. presentation.
CONTACT
everyone in the room presentation.
during the
presentation.
Facial expressions and Facial expressions and Facial expressions and Very little use of
body language body language body language are facial expressions or
generate a strong sometimes generate a used to try to generate body language. Did
ENTHUSIASM
interest and strong interest and enthusiasm, but seem not generate much
enthusiasm about the enthusiasm about the somewhat faked. interest in topic being
topic in others. topic in others. presented.
Business attire, very Casual business attire. Casual business attire, General attire not
professional look. but wore sneakers or appropriate for
ATTIRE seemed somewhat audience (jeans, t-
wrinkled. shirt, shorts).