Entrepreneurship Lecture Notes 2024-2025 PDF

**ENTREPRENEURSHIP** **2024-2025** **Most Essential Learning Competencies in** **Entrepreneurship** **FIRST QUARTER** 1. Discuss the relevance of the course to the senior high school students. 2. Explain the key concept of common competencies. 3. Explain the core competencies in entrep...

**ENTREPRENEURSHIP** **2024-2025** **Most Essential Learning Competencies in** **Entrepreneurship** **FIRST QUARTER** 1. Discuss the relevance of the course to the senior high school students. 2. Explain the key concept of common competencies. 3. Explain the core competencies in entrepreneurship. 4. Explore job opportunities for entrepreneurship as a career 5. Recognize a potential market. 6. Kinds of Environmental Scanning 7. Identify the market problem to be solved 8. Analyze the market need 9. Determine the possible product/s or service/s that will meet the need **TOPIC: Discuss the relevance of the course to the senior high school students.** **The 3 O's of DepEd K to12** - Trabaho - Kolehiyo - Negosyo **Usefulness of the Course to the Senior High Students.** 1. Develop skills in starting up a business. 2. Demonstrate skill in maintaining business in a long term basis. 3. Enhances knowledge of business operation and expansion. 4. Find next level of training or access other resources or service. 5. Demonstrates business management. 6. Use components of a business plan 7. Consider to become employer rather than employee 8. Changes attitude toward entrepreneurship as a means of making a living 9. Changes in personal and career attitude including: - Ability to manage one's own life - Problem solving - Teamwork - Creativity - Motivation - Self-concept and awareness **Importance of Entrepreneurship Education** 1. Entrepreneurship is very important to our economy as a key driver. - It focuses in wealth and a high majority of jobs are created by small businesses started by entrepreneurially minded individuals, many of whom go on to create innovative businesses. People exposed to entrepreneurship mostly express that they have more opportunity to exercise more creative freedoms, higher self-worth and an overall greater sense of control over their own individuals lives. 2. Entrepreneurship education is an individual lifelong learning process. - It started as early as elementary school and progressed through all level of education, including adult education. Teachers will help in building appropriate objectives, review learning activities and assess the target audience absorption through feedback. Students can now be progressively performing more challenging educational activities and develop the insight needed to discover and develop opportunities and take advantages of these. 3. Entrepreneurship will energize school management. - School in the area of entrepreneurship must be accessible, affordable and accountable in producing successful students. The teachers need to have critical skills of entrepreneurship to tackle and resolve issues of enrolment, retention and student success. It is a big challenge that school is facing of what entrepreneurs are doing to run the course with great success. 4. Entrepreneurship will transform learners to be innovators. - Learners must be equipped with the perseverance and determination of an entrepreneurial mindset at the outset of their careers. They must be more engaged and take ownership of their own success. Students should be involved in ways of entrepreneurial activities to discover that learning is more fun and more meaningful than the traditional ways of learning. **TOPIC: Explain the key concept of common competencies.** **ENTREPRENEURSHIP** - It is a science of converting processed ideas into a remarkable business venture. **ENTREPRENEURIAL COMPETENCIES** 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. **TOPIC: Explain the core competencies in entrepreneurship.** **ENTREPRENEURS** - are individuals who are alert to profitable opportunities for the exchange of goods or services. **ENTREPRENEURIAL SKILLS AND COMPETENCIES** 1. 2. 3. 4. **THE FACTORS THAT DEVELOP THE ENTREPRENEURIAL ACTIVITY** 1. 2. 3. 4. 5. **TOPIC: Explore job opportunities for entrepreneurship as a career** What is the relationship of entrepreneurship to job opportunities? As shown in the diagram, the first to benefit from entrepreneurship are the Filipino entrepreneurs or the people who are directly involved with the venture. These benefits will then be extended to the local community where the entrepreneur performs his business. The benefits the community received will transcend to the national economy which in turn will be given back to the Filipinos and the community, **THE STARTING POINT TO ENTREPRENEURIAL SUCCESS** 1. 2. 3. 4. 5. **MOST SUCCESSFUL ENTREPRENEURS POSSESS THE FOLLOWING** 1. 2. 3. 4. 5. **JOB OPPORTUNITIES** The industries in the economic zones and other urban centres could not accommodate the growing employable person that's why this opportunity is being given by the entrepreneurs. **-Employment is one great factor in economic development.** Identify what is being asked. The entrepreneurs provide the necessary work for people that propel the economic development of the nation. \- **Income opportunity in the countryside is still subsistence in nature.** Most people are still dependent on old farming and fishing system. Agriculture is an essential key to economic development must be pursued with vigour by the government. **TOPIC: Recognize a potential market.** **Factors to consider of a New Entrepreneur** 1. **Know your Product or Service** - You must believe on the product or service that you will offer to your customer. If it is a new idea or concept then you must be able to convince that you have a unique product that would satisfy customers' needs and wants. Customers want to try new products but it must be better than those existing in the market. 2. **Analyze the Market Potential** - The customer base will determine the success of your business venture. The wider the market potential, the more chances of growth and success. The entrepreneur must know his needs and wants and figure out how to satisfy these needs. Analyze customers' profile as to their buying habits, their income and social status. 3. **Determine the Marketing Strategy** - A unique product or service needs effective distribution strategy to get customer into the basket of demand potential. Continuous supply determines product growth. Customers must have access to the product when they need it. Outlets must be developed that would answer customers' demand. The customers must be able to make suggestions as to product and availability as they are the kings and queens of the entrepreneurship. 4. **Know your Competitors** - In launching a product with existing competitors, you must know their strengths and weaknesses. Develop new product and marketing strategy and turn their weaknesses as new opportunity for your product. Continuous innovation and research would mean better quality products or service. Make things better and serve your customers with loyalty and dedication and it will make a great difference. 5. **Do not set on your Laurels** - The landscape of business is continuously changing. Your initial success in your business activities needs more proactive analysis for expansion and growth and overcome possible competitions. Develop advertising and promotion strategy to penetrate the wider market. Develop budget for expansion and diversification either horizontally or vertically. Get new resources and develop new materials. Invest in research projects that will enhance the quality of your products. **TOPIC: Kinds of Environmental Scanning** **Environmental Scanning -- is the process of gathering information about events and their relationships within an organization\'s internal and external environments.** **Types of Environmental Scanning** 1. **PESTEL (Political, Economic, Social, Technological, Environmental and Legal)** - - - - - - 2. **Porter's Five Forces Analysis** - named after Michael E. Porter, identifies and analyzes five competitive forces that shape every industry, and helps determine an industry\'s weaknesses and strengths - - - - - 3. **SWOT Analysis** - SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT analysis is a technique for assessing these four aspects of your business. SWOT Analysis is a tool that can help you to analyze what your company does best now, and to devise a successful strategy for the future. - - **Internal factors that are favorable for achieving your organization's objective** - **These are the advantages of your product or service over similar offerings in the market.** - - Internal factors that are unfavorable for achieving your organization's objective - These are the perceived limitations of your products and services. These are your weak points. - - External factors that are favorable for achieving your organization's objective - Are the things that happen that outside of your business that can potentially be the advantage of your products or services. - - External factors that are unfavorable for achieving your organization's objective - Are harmful things that may potentially negatively affect your product or services. **TOPIC: Identify the market problem to be solved or the market needs to be met.** **Market 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 other regulations to acquire the product.** **Target Market is the market a company wants to sell its products and services to, and it includes a targeted set of customers for whom it directs its marketing efforts. Identifying the target market is an essential step in the development of a marketing plan. A target market can be separated from the market as a whole by geography, buying power, demographic and psychographics.** **Market problems are your target market\'s stated or silent problems. This could refer to existing inefficiencies, awkward workflows or non-optimal solutions. The key to finding a market problem is to listen for frustrations, or "if only" statements, that arise during interviews.** **Market problems: Example** **If you had a gardening tools business, you would interview gardeners to identify problems that occur on the job. One problem could be that paper yard bags do not stay open while people are weeding.** **While your interviewees might say, "I need a better paper bag," the bag not staying open is the market problem. You might choose to solve this problem in a number of ways (for example, using a different material, installing a paper bag ring); however, discovering the actual problem (that is, the paper bag won't stay open) is the most important aspect of this exercise.** **Market consists the following:** 1. 2. 3. **Tips in Identifying Market Problem** 1. 2. 3. **PROBLEM IDENTIFICATION RESEARCH** 1. 2. 3. 4. **3i (Idea, Innovation and Invention)** 1. 2. 3. **TOPIC: Analyze the market need** **Filipino Values and Culture that affects our Economic Development** 1. 2. 3. 4. 5. 6. 7. **Contributions of Entrepreneur in Socio Economic Development** 1. 2. 3. 4. 5. **Market Analysis** -- is a quantitative and qualitative assessment of a market ability to respond positively. **Market Segmentation** -- is the process of dividing a market of potential customers into groups, or segments, based on different characteristics **Main Characteristics of Market Segmentation** 1. **Demographic Segmentation** -- is market segmentation according to age, race, religion, gender, family size, ethnicity, income, and education. Demographics can be segmented into several markets to help an organization target its consumers more accurately 2. **Geographic Segmentation** -- is when a business divides its market on the basis of **geography** such as cities, regions, countries, and international regions. 3. **Psychographic Segmentation** -- involves dividing your market into segments based upon different personality traits, values, attitudes, interests, and lifestyles of consumers 4. **Behavioural Segmentation** -- is a marketing strategy based on actual consumer buying **behaviour**. It divides the market into groups of customers according to their knowledge of, attitude towards, use of or response to a product **Barriers to Entry** These are the hindrance or something materials that block or intend to block passage. It is a natural formations or structure that prevents or hinders movement or action or even separates the new businesses. Here are a few examples of barriers to entry: 1. Investment (project that require a huge investment) 2. Technology (application of the combination of scientific and engineering knowledge) 3. Brand (the huge marketing cost required to get a certain level of appreciation) 4. Regulation (licenses and permits in particular) 5. Access to resources (exclusivity with suppliers, accessibility of suppliers) 6. Access to distribution channels (exclusivity with distribution, availability of intermediaries) 7. Location (place, venue where the business is located) **TOPIC: Determine the possible product/s or service/s that will meet the need** **PRODUCT: ITS NATURE AND SUSTAINABILITY** **Product** - A good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want **Product Description Necessities** 1. 2. 3. 4. **LEVELS of PRODUCT** 1. 2. 3. **TYPES of PRODUCT** 1. a. b. 2. a. b. c. **TYPES of CONSUMER PRODUCT** Consumer Product - These are goods and services produced for the final consumer for personal, family or household use 1. 2. 3. 4. 5. **PRODUCT SATISFYING FEATURES** 1. 2. 3. 4.