Pointers to Review- First Quarter Legal Forms of Business Ownership

Entrepreneurship 9
1. SOLE PROPRIETORSHIP
2. PARTNERSHIP
Unit of Competency: Familiarize Basic Concepts in
3. CORPORATION
Entrepreneurship 4. COOPERATIVE

LO1: Explain the Concept of Entrepreneurship

Unit of Competency: Identify Business Opportunities
Words to Study
Entrepreneurship-is the practice of starting new business, LO1: Identify and Analyze the Existing Problems and
generally in response to identified opportunities.
Needs in the Community where there are Business
Entrepreneur- it refers to a person who organizes, manages, and
assumes the risks of a business or enterprise. Opportunities
Enterprise- it refers to a for-profit business started and run by an
entrepreneur.
Environmental Scanning- it is the initial step in identifying the
Importance of Entrepreneurship needs of the community.
1. Entrepreneurship creates employment
2. Entrepreneurship improves the quality of life
3. Entrepreneurship contributes to a more equitable distribution LO2: Select Appropriate Business Opportunities Based
of income and therefore eases social unrest. on the Needs of the Community
4. Entrepreneurship utilizes resources for national productivity
5. Entrepreneurship brings social benefits through government SWOT Analysis- is a planning tool used to understand the
STRENGTHS, WEAKNESSES, OPPORTUNITIES, and THREATS
involved in a project or in a business.
LO2: Identify Desirable Characteristics of a Successful
Entrepreneur Based on PECs
LO3: Prepare a Product Concept
Characteristics and Qualities of a Successful Entrepreneur
Words to Study
1. Integrity
Packaging
2. Self –discipline
Price
3. People skills
Proponent
4. Strong work ethics
5. Passion
6. Strong leadership qualities
7. Competitiveness
8. Well-organized
9. Sales ability

Unit of Competency: Acquire Fundamental Skills in

Managing a Business

LO1: Acquire Fundamental Skills in Managing a

Business

Management Functions of Entrepreneurs

PLANNING-

Classification of Plans:
1. Standing plans- These plans are used repeatedly and cover
policies, procedures, and rules.
2. Single-used or single-purpose plans- These plans are
essentially one-shot or non-repetitious.

Steps Involved in the Strategic Planning

1. Formulate organization objectives.
2. Analyze present resources.
3. Determine alternative courses of action.
4. Examine the alternatives.
5. Select the best course of action.
6. Develop support plans.
7. Implement the plan.

ORGANIZING-

Types of Organizational Chart

a. Line Organization
b. Line and Staff Organization
c. Functional Staff Organization

STAFFING-

DIRECTING-

CONTROLLING-

LO2: Differentiate the Legal Forms of Business

Ownership