GEED 019 Entrepreneurial Mindset Business Plan PDF

**GEED 019 ENTREPRENUERIAL MINDSET** **BUSINESS PLAN --** roadmap of your business Outline of Business Plan 1. Cover Sheet: Name of Business, name of principals, address and phone number, www/Instagram/e-mail 2. Business Goals -- 3. Strategies - promotion 4. Table Contents Section One...

**GEED 019 ENTREPRENUERIAL MINDSET** **BUSINESS PLAN --** roadmap of your business Outline of Business Plan 1. Cover Sheet: Name of Business, name of principals, address and phone number, www/Instagram/e-mail 2. Business Goals -- 3. Strategies - promotion 4. Table Contents Section One A. Description of Business B. Product/Service Section Two: Financial Data A. Sources and Applications of Funding B. Capital Equipment List C. Balance Sheet D. Break-Even Analysis E. Income Project (Profit and Loss Statements) 1-3 years Detail by month for 1^st^ year F. Cash Flow Projections Detail by month for 1^st^ year Section Three Personal Resume, personal balance sheets, credit reports, letter of references, job description, letter of intents, copies leases, contracts, legal documents (business registration), anything relevant to the business. Steps in Business Planning 1. Evaluate your personal resources and interest and resources of the community; 2. Analyze Market; 3. Choosing the proper business location; 4. Prepare the financial plan; 5. Prepare the production; 6. Prepare an organizational; 7. Prepare a management plan. September 30, 2024 Principles of Planning 1. Planning must be realistic; 2. Planning must be based in felt need; 3. Planning must be flexible; 4. Planning must start with simple projects. Criteria of Effective Planning 1. The plan should state clearly its objective; 2. The plan should provide measure for a satisfactory objectives in terms of quantity, quality, time and cost; 3. The plan should state the policies which should guide people in attaining the objectives; 4. The plan should indicate what department or units will be involved in accomplishing the objectives. 5. The plan should indicate that time which should be allowed for each activity; 6. The plan should specify the required resources and their corresponding costs; 7. The plan should designate officer who will be held accountable in the accomplishment of is objectives. 1. SWOT 2. Objectives 3. Strategies 4. Time Frame 1. It can eliminate business risk; 2. Planning can minimize cost of production; 3. Planning can detect the weaknesses of business operations; **Oct. 3, 2024** The Philippine Economy The National Economy is composed of: 1. Business 2. Household 3. Government We have market economy, which means economic freedom, e.g. free competition, free choice of investment and prices are determined between supply and demand. The role of the government is to extend financial and technical assistance and to formulate policies that are conducive to economic growth. In economic development, the bottom line is the quality of people in a given economy. - Knowledge - Skills - Values These are determinants of growth. About 250,00 to 300,000 years ago, there were already inhabitants in the Philippines. They came from other countries through land bridges. Over the years many groups settled in the Philippines. They lived by hunting, fishing and good gathering. Later on, more civilized migrants introduced primitive agriculture and handicrafts. Later the barter system was practiced throughout the century. People were no longer nomadic, they established a permanent settlements. As early as 10^th^ Century, there was already early trade with the Arabs, 300 years later, the Chinese dominated the trade from Batanes to Sulu. Foreign trades created new communities in bay area and in places near the major rivers. Foreign trade expanded also domestic trade. Local traders went as far as Malacca, China and Borneo to conduct their business. History said that if we trade with the Chinese, we paid taxes to Ming Emperor to be able to enter Chinese ports. Colonial Rules 1. Spain -- 3 centuries - Encomienda - Galleon Trade - Tobacco Monopoly - Christianity 2. USA 3. Japan - Respect for human rights - Promotion of social justice - Wiping out poverty - Attainment of economic growth - Market economy \*\*\*\*\* ROLE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT Entrepreneurs -- is a person who enters into small or medium business with end goal of profit. Risk taker, challenge driven and creative. Entrepreneurship -- is a mission, has the capacity for innovation, investment and expansion in new market, products and techniques. Development is process while growth is a product. Development and Growth Theories 1. Laissez Faire Theory -- economic freedom. Gov't should not interfere with economic activities. Education, justice and public works. 2. Keynesian Theory -- gov't plays a very important role in the econ dev. 3. Ricardian Theory -- key factor is land. (agriculture) 4. Harrod Domar Theory -- key factor is the use of machines. 5. Kaldor Theory -- key factor is technology. 6. Innovation Theory - Joseph Schumpeter - old system was replaced by the new system. 7. Non-Economic Theories - political stability, efficient public administration, open society and positive cultural values. Contributions of Entrepreneurs 1. Develop new market -- economic -- effective demand. 2. Discover new sources of materials - supplies 3. Mobilize Capital Resources -- money, angel investors, car, land, building 4. Introduce new technologies, new industries and new products. 5. Create Employment Government Assistance Program 1. Peace and Order 2. Political Stability 3. Price Stability 4. Taxes 5. Infrastructure 6. Education and Training 7. Public Administration 8. Production technology 9. Marketing Assistance 10. Financial Assistance Small and Medium Entreprises -- any business activity engaged in agribusiness, services, cooperative, partnership or corporation whose total assets inclusive of loan, land, plant and equipment, machineries falling under the ffg categories: Micro: less than -- P50,000.00 Cottage: P50,001 -- 500,000 Small: P500,001- P5,000,000 Medium: P5,000,00 -- P20,000,000 R.A. 6977 Section 13 -- provides that all lending institution whether private or public to set aside a portion of their total loan for consolidation purposes. Empowering Entrepreneurs and Opportunities Competencies of an Entrepreneurs 1. Control -- 2. Specific Goal Setting 3. Self-efficacy 4. Competency 5. Need of achievement 6. Ambition 7. Willingness to learn 8. Strong Initiative 9. Adaptability and Flexibility 10. Willing to take risk 11. Interpersonal skills Characters of Entrepreneurs 1. Risk Taker -- 2. Self-confident 3. Hardworking 4. Innovative 5. Leadership 6. Positive thinker 7. Decision Maker 8. Implementing the solution/decision Determinants of a Successful Entrepreneurs 1. Ability to conceptualize and plan 2. Ability to manage others 3. Ability to manage time and to learn 4. Ability to adapt to change Factors that Develop Entrepreneurial Activity 1. Organization of Capital Resources 2. Uses money to grow and earn 3. Takes the initiative to open the business operation 4. Uses machinery in the business Dec. 2, 2021 Entrepreneurial Opportunity - Is a favourable sets of conditions that will enable the small enterprise to create products or services by combining the resources that will not only profit but for the common good of the society and the environment. - Searching for new things - New products and services - New ways or organizing things or product launching - New raw materials - Search for new market - New production process 2 types of Stimulation 1. External - demands for your products 2. Internal -- see a problem in your business 1. Must durable 2. Attractive 3. Timely 4. Anchored to create value to its customer Three ways to identify opportunity 1. Observing trends - Economic factor - Social Factor - Political Factor - Technological Advances 2. Solving a Problem 3. Finding gaps in the marketplace -- ability to recognize the need of the customer 1. Environmental Trends 2. Personal Characteristics 3. Potential Sources of Opportunity 4. Demographic 5. New knowledge Dec. 7, 2021 Goal Settings Goals - something that you want to achieve Desired results Concrete form of an ambition - An observable and measurable end result having one or more objectives to be achieved within a more or less fixed timeframe. SMART RULE S -- SPECIFIC M -- MEASURABLE A -- ACHIEVABLE R- REALISTICS T -- TIMEBOUND Management by Objectives (Peter Drucker) - It is systematic and organized approach that allows mgmt. to focus on achievable goals and to attain the best possible results from available resources. - Aims to increase organization performance by aligning goals and subordinates objectives throughout the organization. Impt. Of Goal setting 1. Provide on track or focus 2. You are accountable for your action 3. Inspire/motivate 4. Esprit de corps/promote team spirit 5. Belongingness or increase morale 6. Measure of success **How to set goals in 7 steps** 1. Think about the results you want to see. Before making a goal, take a closer look at what you\'re trying to achieve and ask yourself the following questions: \... 2. Create SMART goals 3. Write your goals down 4. Create an action plan 5. Create a timeline 6. Take action 7. Re-evaluate and assess your progress **Learning strategies** are the approaches and techniques that individuals use to acquire, process, retain and recall information. There are 4 predominant learning styles: Visual, Auditory, Read/Write, and Kinesthetic. While most of us may have some general idea about how we learn best, often it comes as a surprise when we discover what our predominant learning style is. Visual Learning - Students prefer to use images, graphics, colors and maps to communicate ideas and thoughts. Visual learners must see information in order to learn it. Auditory learning is a style of learning in which an individual learns more efficiently by listening. Auditory learners remember information better when it\'s delivered through sound or speech rather than written form. Read and Rewrite - They prefer to learn information by reading notes, handouts and textbooks. These learners make use of dictionaries and other reference materials. They also benefit by rewriting notes and rereading notes silently again and again. Kinesthetics Learning  requires the learner to manipulate or touch materials to learn. These are students that need manipulatives to learn. They are active and benefit from a hands-on approach. Kinesthetic learning engages students in physical activity to enhance their learning.