Entrepreneurship

ENTREPRENEURSHIP
FIRST SEMESTER / FIRST QUARTER
LESSON 1
ENTREPRENEURSHIP
JOSEPH SCHUMPETER
● Father of Entrepreneurship and Innovation

Research
● An Austrian distinguished economist
● He introduced the notion that
ENTREPRENEURS DISCOVER OPPORTUNITIES
THAT OTHERS DO NOT SEE.
● “Profit is the payment you get when you take
advantage of change.”
ENTREPRENEURSHIP
● A “process of creating incremental wealth

through the efforts of individuals who find
new and useful ways to employ resources
that lead to the creation of new products,
services or technologies.
ENTREPRENEURSHIP’S BENEFIT TO THE SOCIETY
● helps the economy grow

● encourages technical growth
● aids in human development
● promotes inclusive growth
● entrepreneurship begets entrepreneurship
ENTREPRENEUR
● French words: “entre” - to enter; “prende” -

to take
● “Someone who starts a new business,
recognizes opportunities, organizes resources
to take advantage of the opportunity,
creates something new that will provide
value to customers, and willingly accepts the
financial risk associated with the business
venture
CHESKA DAWN O. QUINTO

LUJILLE EZEKIEL A. PAULINO
STEM 12 - A
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ENTREPRENEURSHIP
LESSON 2
CAREER OPPORTUNITIES
Very few people think about entrepreneurship or  Members of the military - 80%
starting a business as a career.
But the jobs people respect aren't necessarily the
Most students, once they finish school, apply for work ones they want to perform. In particular, people say
in a big prestigious companies, believing that it is the they would like to do these jobs:
only career option for them.
 Scientist - 71% of people report they would
In reality, being an ENTREPRENEUR is a noble like to be a member of this profession
profession.  Entrepreneur - 70%
 Farmer -70%
 Teacher - 69%
FACTORS MOST IMPORTANT TO RESPECTING A  Doctor - 66%
PROFESSION  Software developer - 66%
 Nurse - 63%
 Caring for others - 87% of people who view
this factor as important Being an entrepreneur is more than just a job; it is also
 Trustworthiness - 86% a career.
 Being essential to society - 85%
JOB VS CAREER
 High level of intellect required - 80% of
people view this factor as important
 High level of education - 72%
JOB
 High level of physical ability required - 69%
A job is work you perform to earn money to support
your basic needs. It can be a full-time or part-time
NOBLE (MARANGAL)
job and may be short-term. You might need to learn
PROFESSION (PROPESYON) certain skills connected with that role, but not all jobs
require a specialized degree or advanced training.
WHAT PROFESSIONS ARE MOST RESPECTED AND
DESIRED? CAREER
The way people perceive work impacts on the A career is a long-term professional journey you may
professions they respect, and certain jobs seem to determine based on your passions. It is the path you
garner more value. The professions people respect embark upon to fulfill your professional goals and
most are these: ambitions. You may require a certain level of
education or training to achieve these goals. You
 Scientists, farmers and doctors - 83% of
also gain benefits beyond money, such as personal
people respect these professions
pride, work satisfaction and self-worth.
 Firefighters and teachers - 82%
 Nurses - 81%

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ENTREPRENEURSHIP
Entrepreneurship as a CAREER involves ENGAGING IN But not all BUSINESS ACTIVITIES may be considered
BUSINESS ENTREPRENEURIAL.
ACTIVITIES.
ENTREPRENEURSHIP necessarily involves
INNOVATION: the systematic development of
something NEW and USEFUL

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LESSON 3
BUSINESS PLAN
BUSINESS PLAN PARTS OF BUSINESS PLAN
It is the blueprint of individuals, organizations or

groups who would like to engage in business.
A. EXECUTIVE SUMMARY
Entrepreneur can refer to this document as frequent
as he can to ensure that the ACTIVITIES ARE ALIGNED  Contains brief description of each part of
TO THE BUSINESS’ PURPOSE. the business plan
 Whole picture of the proposed business
 Should catch the interest of potential
investors
PURPOSE OF BUSINESS PLAN
 Each part of business plan should be
 Presents a general picture of the enterprise presented here in one to two paragraphs
 Provides guidance for investment decisions  Should be written last, but must be placed
and capital expenditures. at the beginning of the business plan.
 Serves as guide in the implementation of the  First paragraph must include business name,
plan for business including the marketing, location, product/service and purpose of
production, organizational, and financial your plan
aspects of the enterprise.  Other paragraph should highlight important
 Serves as a selling tool for encouraging points (projected sales and profit, unit sales,
investment and financing. profitability, keys to success), bar charts
(sales, gross margin and profits for the next 3
years)
QUESTIONS TO BE ANSWERED WHEN MAKING A  Cite and explain numbers
BUSINESS PLAN
B. INTRODUCTION
 Idea/business concept
 Purpose/objective of the business
 Problems being addressed
 Value proposition
 Potential benefits of investors
 Available opportunity
 Type of industry
 Market being targeted
 Unique proposition

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 Competitive advantage
2. Conduct a situational analysis of the market:
 Key people
 Financial requirement  Background information on the relationship
between product/service and the market it
wishes to serve through an INTERVIEW.
C. PRODUCT OR SERVICE PRODUCTION
 Characteristics and details of the proposed

business 3. Collect secondary data if necessary.
 Name of the product/service
 Description of product/service  Published materials
 properties
 features
 characteristics F. MARKETING PLAN
 sources of raw materials/ingredients
 potential market/customers It describes the business activities involved in
accomplishing specific marketing objectives within
D. INDUSTRY ANALYSIS a set time frame (should be guided by MARKETING
MIX)
Industry – group of firms producing similar
products/services  How will you advertise the product/service
 How will you attract customers
 3 to 5 years of current data, trends and latest
 How will your product/service reach the
updates of the industry where the proposed
customers
business idea belongs
 How will you maintain their loyalty
E. MARKET ANALYSIS
G. PRODUCTION OR OPERATIONAL PLAN
It involves the search for, and analysis of, data that
can be used to identify, isolate, describe and It lays down the specifics of operating or running
quantify a given market or group of customers. the business (guided by 4 M’s of
Production/Operation)
 Manpower (original M)
STEPS OF THE MARKET ANALYSIS  Method (original M)
1. Define the objectives of the study:  Machine (original M)
 Materials (original M)
 Target market  *Money (new M, included in the Learner’s
Manual)
 Market size
 Nature of operation and industry orientation

H. ORGANIZATIONAL PLAN
 Projected sales
 Human resources complement of the
 Price of product/service
business
 How product/service reach customers  Legal form that the business will take:

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 Sole Proprietorship
 Partnership
 Corporation
 Cooperative
I. FINANCIAL PLAN
 Financial/funding requirement of the

business
 Capital structure
 Financial projections
J. APPENDICES
 Photos
 Contracts
 Forms
 Certificates
 Permits
 Other papers related to the business

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LESSON 4
ANALYZE THE MARKET NEED
MARKET appeal to businesses (e.g. commercials targeting

the direct user of the product/service)
Refers to the group of consumers or organizations
that is interested in the product, has the resources to
purchase the product, and is permitted by law and
MARKET SEGMENTATIONS
other regulations to acquire the product.
Dividing the market into smaller, homogeneous
groups
TARGET MARKET
 Geographic (based on location)
 is the market a company wants to sell its  Demographic (sex, age, income,
products and services to. occupation, education, household size,
stage in the family life cycle
 can be separated from the market as a
 Gender (male, female, LGBTIQA+)
whole by geography, buying power,
 Age Children (1 year through 12 years),
demographics, and psychographics.
Adolescents/Teenagers (13 years through 17
years), Adults (18 years or older)
 Income and Expenditure Patterns (income
MARKET STRUCTURE classes)
The organizational and other characteristics of a
market.
 Perfect completion
 Oligopoly Market
 Monopolistic Competition
 Monopoly Market
PARTICIPANTS IN A MARKET SYSTEM
 Producers
 Buyers
 Consumers
CONSUMER MARKETING
Defined as creating and selling products goods and

services to individual buyers as opposed to trying to

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SELECTING THE TARGET MARKET MARKET RESEARCH TECHNIQUES
Before a marketing mix strategy (7Ps of Marketing) 1. Interview - reliable, will get immediate response
can be implemented, the marketer must identify,
 Face to face - will get complete attention
evaluate, and select a target market.
and eliminate distractions
STRATEGIES FOR REACHING TARGET MARKETS
 Telephone - distance and distractions may
• Undifferentiated/Mass Marketing – one hinder, visual materials can’t be shown
product, promotes it to all customers with a
2. Focus Group Discussion (FGD) – gathering of
single marketing mix (e.g. Jollibee
people (7-10) with similar interest, background and
Chickenjoy)
experiences to discuss a specific topic to gather
• Differentiated Marketing – numerous information
products, different marketing mix (e.g. Bear
3. Survey – can be done through internet or online
Brand)
• Concentrated Marketing (niche marketing) –

firm commits all its marketing resources to Questions in interview, FGD and survey should
serve a single market segment (e.g. include ideas about the marketing mix:
Pampers)
 Product
• Micromarketing – targeting potential
customer at a very basic level (ZIP code,  Place
specific occupation, lifestyle, individual
 Price
household) (e.g. Share a Coke)
 Promotion
 Packaging/Physical Evidence
 Positioning/Process
 People
“Business continuity is the desire of every

entrepreneur”.
MARKET RESEARCH
Intelligent study of the market prior and even during

the business activity.

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ENTREPRENEURSHIP
LESSON 5
COMPETITION
COMPETITION
It is the rivalry between companies selling similar

products and services with the goal of achieving
revenue, profit and market share growth.
MARKET COMPETITION
Market competition motivates companies to

increase sales volume by utilizing the components of
marketing mix.
FREE MARKET ECONOMY
Free market economy is where anyone can set up a

business as long as it is legal, moral, observes public
order and safety.
ENVIRONMENTAL MANAGEMENT
“The Philippines is a free market.”
Involves marketers’ efforts forward achieving
organizational objectives by predicting and
Any business is vulnerable to competition. This influencing the competitive, political-legal,
economic challenge cannot be avoided. economic, technological and social-cultural
environments.
ENVIRONMENTAL STUDY
THREE TYPES OF COMPETITORS
Environmental study can be done to triumph above
the economic challenges. 1. Direct
2. Indirect
Environmental study can determine the possible 3. Replacement
strategies to prepare and minimize the impact of the
threat of competition. DIRECT COMPETITORS
Are businesses offering similar (or identical) products

or services in the same market. Example: Coke
ENVIRONMENTAL SCANNING versus Pepsi (both are sodas selling to the same
market)
The process of collecting information about the
external marketing environment to identify and
interpret potential trends.

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INDIRECT COMPETITORS 3. Bargaining Power of Customers - customers

drive down prices, handful buyers dictate the
Are businesses in the same category that sell
prices.
different products or services to solve the same
4. Rivalry among Existing Competitors -
problem. Example: Chowking versus Jollibee (both
something unique to offers, has tremendous
are fast food restaurants, but they sell different menu
strength.
items, and their target market may be different)
5. Threat of Substitutes - an industry where
REPLACEMENT COMPETITORS substitution is easy and inexpensive,
competitive power is weak
Are businesses that offer an alternative to the
product or service that you offer. Example: coffee
shop versus restaurant (they belong to different
categories)
Porter’s Five Forces Analysis
A model that identifies and analyzes five

competitive forces that shape every industry and
helps determine an industry’s weaknesses and
strengths.
1. Bargaining Power of Suppliers - the fewer the

number of suppliers present, the more
suppliers can dictate prices.
2. Threat of New Entry - if barriers are low, new
competitors are bound to enter the market.

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ENTREPRENEURSHIP
LESSON 6
DETERMINE THE POSSIBLE PRODUCT/S OR SERVICE/S THAT WILL MEET THE NEED
LOOK INSIDE YOU: FUTURE ENTREPRENEURS
1. Look within you – your hobbies, talents, skills

and interests
2. Look at other people’s innate abilities and

knowledge – observe your community, the
skills available in the locality
3. Look at the market
 Demand-supply gap analysis – if there is

a limited supply against growing
demand, then there is a room for
entrepreneurs to enter the market
 Import-export movement – look at

import-export trends
 Forward-backward industry linkages –

backward (directed towards suppliers);
forward (directed toward consumers)
 The bigger market – looking at macro

perspective or larger environment
(STEEPLE)
4. Look for problems – it is a blessing in disguise

for entrepreneurs
5. Look for help
 DTI (Department of Trade and Industry) –

Negosyo Centers
 NGOs (Non-Government Organizations)
 TESDA (Technical Education Skills

Development Authority)
 DOST (Department of Science and

Technology)
6. Look for tried-and-tested ideas - franchising

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LESSON 7
SCREENING BUSINESS OPPORTUNITIES
Screening  A unique selling point (USP), also called a

unique selling proposition, is a marketing
 Screening is done so you can focus on the
statement that differentiates a product or
business idea that will present the best
brand from its competitors
opportunity by:
 why customers should buy from you instead
 Screening yourself
of someone else
 Screening your customers
 a clear differentiator that distinguishes and
 Screening the specific products or services positions your entire business in the market
you plan to offer
Unique Selling Proposition (USP)
Personal-level Screening
1. Your personal preference: your knowledge,

experience, talents and skills, and personal
interest
2. Customer requirements (must be aligned

with what the customer wants)
Examples:
3. Viability – product or service should be
realistic, feasible/doable considering the
resources available and based on time
frame provided, practical given the current
personal and professional situation
4. Profitability – opportunity of gainful money-

making
5. Innovation or differentiation – product or

service must be unique and convenient to
customers
Unique Selling Proposition (USP)
 Walking the extra mile, by giving your

customer CONVENIENCE

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Value Proposition (VP)
 It is a simple statement that summarizes why

a customer would choose your product or
service.
 It communicates the clearest benefit that

customers receive.
 It is an end benefit a customer receives after

purchasing your product, service or solution."
Value Proposition (VP)
USP vs VP
 The Unique Selling Proposition, is why

customers should buy from you instead of
someone else. It is a part of VALUE
PROPOSITION.
 The Value Proposition is what you are offering

to customers for what they are paying.

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LESSON 8
SELECTING THE BEST PRODUCT OR SERVICE
SWOTT ANALYSIS STRENGTH
A popular tool for business analysis is the SWOTT  advantages of your

ANALYSIS which stands for: products/services/company over similar
offerings
S – Strengths
WEAKNESS
W – Weaknesses
 perceived limitations of your
O – Opportunities
products/services/company, it is your weak
T – Threats points
T – Trends OPPORTUNITIES
 things that happen outside which can

potentially be to the advantage of your
products/services/company
THREATS
 harmful things that may potentially

negatively affect your
TRENDS
 market inclinations towards your

OTHER SPECIALIZED ASSESSMENT TOOLS
MARKET ASSESSMENT
 gauges the relationship of the market

demand vs. supply
 it looks at your target market: its size,

segments, and your share
 it looks at your competitors

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TECHNICAL/OPERATIONS/PRODUCTION ASSESSMENT
 technical competence in creation of

product/services
 specialized knowledge and skills, PPE, raw

materials, technologies, processes, etc.
ORGANIZATIONAL ASSESSMENT
 involves human resources, the ability to

manage people, employment policies,
procedures, recruitment, training, salaries,
benefits, productivity, motivation of workers,
etc.
FINANCIAL ASSESSMENT
 current financial situation, capital structure,

budget, investments, financial statements,
financial ratios (liquidity, activity, debt and
profitability)

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LESSON 9
7 P’S OF THE MARKETING MIX
Price
Marketing Mix • Price should be appropriate to the realities of

the current market.
• It refers to the set of actions, or tactics that a
company uses to promote its brand or • Sometimes you need to lower your prices.
product in the market.
• At other times, it may be appropriate to raise
• They are a combination of factors that can your prices.
be controlled by a company to influence
• Sometimes you need to change your terms
consumers to purchase its products.
and conditions of sale.
The 4P’s that typically make up the marketing mix
• Sometimes you can combine products and
are:
services together with special offers and
special promotions.
• Sometimes you can include free additional

items that cost you very little to produce but
make your prices appear far more attractive
to your customers.
Pricing Method
Product
• Is your current product or service appropriate Cost-based pricing

and suitable for the market and the
pricing based on how much went into the cost of
customers of today?
producing the product
• Are these the right products or services for our
2 Types of Cost-based pricing:
customers today?
a. Cost-plus pricing
• Is your product or service superior in some
significant way to anything else available? b. Break-even pricing
• If not, could you develop an area of Cost-plus pricing
superiority?
 all costs are added up and then divided by
• Should you be offering this product or service the number of units produced, then a mark-
at all in the current marketplace? up (desired return on the sale) is added to
arrive at the selling price

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Formula: • Shops should have nice appearance.
Selling price = Cost of production and distribution per • Online presence is also essential.
unit + Mark-up
• Location should be at the place where your
Break-even pricing target market is.
 minimum price is determined at the level

where total sales equal total cost.
• Consider the operational needs.
Formula:
• Consider the rent costs.
Selling price = (Total fixed costs/No. of units sold) +
• Consider the fees/taxes.
Variable cost per unit
• Consider the security.
Break-even volume = Fixed costs/(Price-Variable
Cost) • Consider the competition.
Competitor-based pricing • Consider the growth potential.
 businesses set prices based on their • Consider the accessibility.
competitors' prices
Price skimming
Promotion
 Companies use price skimming when they
are introducing innovative new products that • Promotion is how a business markets its
have no competition. They charge a high products or services.
price at first, then lower it over time.
Promotion strategy includes developing:
Penetration pricing
 branding
 a pricing strategy that is used to quickly gain
 slogan
market share by setting an initially low price
to entice customers to purchase  logo
Value-based pricing Types of Promotion:
 a strategy of setting prices primarily based on
• Discounted products
a consumer's perceived value of a product
or service. • Free delivery
Place • Acknowledge return
• The location where the product is available, • Flash sales

or the service is delivered plays a role in the
• Buy more, save more
promotion, price, and product.
• Giveaways/freebies
• Home service is more costly than others.

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People Positioning
• People, in the marketing mix, refers to

anyone directly or indirectly involved in the
business side of the enterprise.
• That means anyone involved in selling a

product or service, designing it, marketing,
managing teams, representing customers,
recruiting and training.
• Even CHATBOTS can be considered as

PEOPLE in the marketing mix.
• The most important resource of any

organization is its PEOPLE.
• In service business, the customer rating

centers on the person delivering it.
• A company full of happy, courteous, and

loyal people is an indication that they are
satisfied with the way they are treated, and
therefore a plus factor for the company’s
reputation.
Packaging
• Packaging refers to the way your product or

service appears from the outside.
• It also refers to how your people dress and

groom.
• It refers to your offices.
• It refers to your waiting rooms.
• It refers to your brochures, correspondence

and every single visual element about your
company.

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Positioning
• Positioning refers to the place that a brand

occupies in the minds of the customers and
how it is distinguished from the products of
the competitors.
• How do people think and talk about your

company?
• What specific words people use when they

describe you and your offerings?
Marketing Mix of a Service Business

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LESSON 10
DEVELOP A BRAND NAME
BRAND NAME Example:
• It refers to the name, design, color, symbol, Bearbrand Fortified, Bearbrand Sterilized, Bearbrand
quality, features or a combination of these Adult plus
elements that make the product separate
and distinct from similar products of the
competitors.
Product extension approach
New product carries the brand name in a new

Four Branding Strategy category
Example:
Umbrella brand approach Samsung Television, Samsung Refrigerator, Samsung

washing machine
All products of the business carry the same brand
name.
Example: Characteristics of Good Brand Name
1. It should be unique / distinctive (example -

Honda Civic, Honda Accord, Honda BR-V
Kodak)
2. It should be easy to pronounce, identified

House brand approach and memorized. (example - Tide)
Every product of the same business has a separate 3. It should give an idea about product’s
brand name that distinguishes it from the rest of the qualities and benefits (example Safeguard).
company’s products.
4. It should be easily convertible into foreign
Example: languages.
Procter & Gamble Co. – Tide, Ariel, Pampers, Downy 5. It should be capable of legal protection and
registration.
6. It should suggest product/service category

Line extension approach (example – Inquirer).
The existing product has been modified or 7. It should not portray bad/wrong meanings in
altered resulting in a new products. other categories. (For instance NOVA is a
poor name for a car to be sold in Spanish
country, because in Spanish it means
“doesn’t go”).

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How to Choose a Good Brand Name
Step 1 – Choose the type of name
After founder
 Many companies are named after the

founder.
Descriptive
 Descriptive names work by telling you exactly

what the company does.
Fabricated
 Invented brand names
Metaphor
 It is a reflecting imagery and meaning back

to the brand.
Acronym
 It is a shorthand version of descriptive name.
Real word
 It is sometimes taken out from the dictionary

and suggest attributes and benefits.
1. Evocative – should elicit a positive emotional

response and invite potential customer
2. Catchy
3. Simple to spell and pronounce
4. Recognizable
Step 2- What do you want your name to say?
Step 3 - Check if the name is available.

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ENTREPRENEURSHIP

FIRST SEMESTER / FIRST QUARTER

● Father of Entrepreneurship and Innovation

● A “process of creating incremental wealth

ENTREPRENEURSHIP’S BENEFIT TO THE SOCIETY

● helps the economy grow

● French words: “entre” - to enter; “prende” -

CHESKA DAWN O. QUINTO

CHESKA DAWN O. QUINTO

CHESKA DAWN O. QUINTO

BUSINESS PLAN PARTS OF BUSINESS PLAN

It is the blueprint of individuals, organizations or

CHESKA DAWN O. QUINTO

 Characteristics and details of the proposed

 Nature of operation and industry orientation

CHESKA DAWN O. QUINTO

 Financial/funding requirement of the

CHESKA DAWN O. QUINTO

ANALYZE THE MARKET NEED

MARKET appeal to businesses (e.g. commercials targeting

PARTICIPANTS IN A MARKET SYSTEM

Defined as creating and selling products goods and

CHESKA DAWN O. QUINTO

SELECTING THE TARGET MARKET MARKET RESEARCH TECHNIQUES

• Concentrated Marketing (niche marketing) –

“Business continuity is the desire of every

Intelligent study of the market prior and even during

CHESKA DAWN O. QUINTO

It is the rivalry between companies selling similar

Market competition motivates companies to

FREE MARKET ECONOMY

Free market economy is where anyone can set up a

Are businesses offering similar (or identical) products

CHESKA DAWN O. QUINTO

INDIRECT COMPETITORS 3. Bargaining Power of Customers - customers

Porter’s Five Forces Analysis

A model that identifies and analyzes five

1. Bargaining Power of Suppliers - the fewer the

CHESKA DAWN O. QUINTO

LOOK INSIDE YOU: FUTURE ENTREPRENEURS

1. Look within you – your hobbies, talents, skills

2. Look at other people’s innate abilities and

3. Look at the market

 Demand-supply gap analysis – if there is

 Import-export movement – look at

 Forward-backward industry linkages –

 The bigger market – looking at macro

4. Look for problems – it is a blessing in disguise

5. Look for help

 DTI (Department of Trade and Industry) –

 NGOs (Non-Government Organizations)

 TESDA (Technical Education Skills

 DOST (Department of Science and

6. Look for tried-and-tested ideas - franchising

CHESKA DAWN O. QUINTO

SCREENING BUSINESS OPPORTUNITIES

Screening  A unique selling point (USP), also called a

1. Your personal preference: your knowledge,

2. Customer requirements (must be aligned

4. Profitability – opportunity of gainful money-

5. Innovation or differentiation – product or

Unique Selling Proposition (USP)

 Walking the extra mile, by giving your

CHESKA DAWN O. QUINTO