Entrepreneurship Lesson 3: Relevance and Opportunities PDF

Unit 1: Understanding the Concept of Entrepreneurship Lesson 3: Relevance and Opportunities in Entrepreneurship Contents Engage 1 Introduction 1 Objective 1 Explore...

Unit 1: Understanding the Concept of Entrepreneurship Lesson 3: Relevance and Opportunities in Entrepreneurship Contents Engage 1 Introduction 1 Objective 1 Explore 2 Explain and Elaborate 3 Job Opportunities 3 The Starting Point to Entrepreneurial Success 5 Profile of a Successful Entrepreneur 7 Extend 8 Activity 8 Evaluate 9 Wrap Up 11 Bibliography 12 Unit 1.3: Relevance and Opportunities in Entrepreneurship Engage Introduction Fig 1. There is a wide range of opportunities waiting for being an entrepreneur. Are you an aspiring entrepreneur? There are different career paths you may consider to make your dream into reality. Working at a startup is one of the best ways to learn what is involved in being an entrepreneur. Immerse yourself in this lesson as you may learn different careers in entrepreneurship. Objective In this lesson, you should be able to explore the job opportunities for entrepreneurship as a career. DepEd Competencies Discuss the relevance of the course. (additional lesson for review/enrichment) Explore job opportunities for entrepreneurship as a career. (additional lesson for review/enrichment) 1 Unit 1.3: Relevance and Opportunities in Entrepreneurship Explore 15 minutes Guide Questions Answer the following questions. 1. What are you good at based on what people say? 2. What are your interests or hobbies? 3. What are the possible job opportunities you would like to pursue in relation to your interests or hobbies? 2 Unit 1.3: Relevance and Opportunities in Entrepreneurship Explain and Elaborate Job Opportunities Employment opportunities remain elusive to Filipinos. Most still receive minimum wages that barely support the needs of their family. Entrepreneurship can help the economy by providing jobs and employment opportunities to Filipinos. However, in order to achieve this mission, entrepreneurs go through a lot of challenges. It takes time and effort to learn different areas in the business. There are different career paths that will gain knowledge and experience for you as a young entrepreneur. Are you interested in pursuing a career in entrepreneurship? Table 1. Job opportunities in entrepreneurship Job Opportunities Description Advertising, Marketing, and Working in advertising, marketing, and public relations Public Relations will help you gain ideas on how to reach a target customer when you already have your own product or services. These jobs build communication between consumers and the sellers of the product by creating promotions, advertisements, and building a brand image. Business Development Business development officers are employed by companies to develop and execute strategies to increase sales and profits. You will be able to identify opportunities for the business. 3 Unit 1.3: Relevance and Opportunities in Entrepreneurship Job Opportunities Description Design If you have an interest in fashion, home or product design, these skills will help you create your own product design, especially on the packaging and labels of your product. E-commerce and Social Media Most businesses today use the Internet to sell and promote their products. If you are knowledgeable in online selling and search engine optimization (SEO), it will be a great help for your starting business. Management There are management positions in every industry. You may start out as a management trainee or in a management training program. Working towards a career in management will give you the leadership, people, and communication experience that you need to be successful. Software, Web or App Every business needs technology. Your work as a Developer software, web or app developer will enhance your skill set that will be vital when you start to grow your own business. Incorporating technology in business is a great advantage. Sales Manager/ Account Sales management positions provide experiences and Executive opportunities that will allow you to generate income for the business, meet and achieve sales goals. Business Consultant Business consultants service different companies all at the same time. They help companies find solutions to the different business challenges and obstacles being met. 4 Unit 1.3: Relevance and Opportunities in Entrepreneurship Job Opportunities Description Product Manager Product managers work on the enhancement of a product through research, development, engineering, manufacturing, and distribution. Tip The job that best fits you will help you gain experience in the career, field, or industry where you want to launch your own business. The Starting Point to Entrepreneurial Success Here are five steps every entrepreneur must take to be successful. 1. Start to be on your own. You may start as an employee, get new ideas and develop your own skills from experience and education. An individual can never attain entrepreneurial success unless he will try to start up his own business. Learn to save your money and put it in an investment. Make this money as capital to operate your own. 2. Explore the business environment. The business environment includes internal and external factors that may influence the business. Internal factors are coming inside the organization while external factors are those from outside. Apply your knowledge in SWOT analysis in order to assess the business environment. 3. Be in control. Be in control of the whole organization. Train people who you can work with dedication and good values. Motivate your people because they are the assets that can help you drive towards success. Be involved in every decision-making process and take responsibility. 4. Have a good accountant or trusted financial adviser. As an entrepreneur, you will be busy managing the whole enterprise. You may get a trusted accountant or financial adviser which will help you out in all the financial activities and business transactions involving funds. Develop a control procedure that you are still in command of approving all transactions involving money. 5 Unit 1.3: Relevance and Opportunities in Entrepreneurship 5. Seek the advice of professionals. Seek the advice of legal consultants on matters with legal implications. Have your income tax prepared by certified accountants that know how to deal with government regulating agencies in terms of tax payments. Example Starting Point to Entrepreneurial Success An employee receives a huge amount of money as gratuity pay for being in the company for 10 years. He decided to invest the money in his dream business. Here are the steps he will consider in starting up. Steps Description Start to be on your own. After planning, the entrepreneur will start to open his business using the capital he has. Explore the business The entrepreneur will evaluate his business plan environment. using his knowledge in SWOT analysis. Be in control. As the leader of the business he started, he will be responsible for controlling not only in all transactions but also in people management. Have a good accountant or He will hire an accountant or financial adviser which financial adviser. may help him in transactions related to funds or money. Seek the advice of professionals. To comply with all the requirements of the government, he will seek advice to professionals to help him prepare necessary documents like business permits, trade name registration, sanitary permits, etc.. 6 Unit 1.3: Relevance and Opportunities in Entrepreneurship What does it take to be a successful entrepreneur? Profile of a Successful Entrepreneur Most successful entrepreneurs are described to possess the following profile: 1. Strong desire for independence An entrepreneur seeks independence and strives to develop his own business. He assumes responsibility, thinks differently and tries to satisfy his own curiosity. 2. Strong drive to succeed An entrepreneur should be excited by the prospect of work. They should have a passion for what they are doing. 3. Strong determination in decision making Entrepreneurs have the ability to make the right decisions based on logic, practicality, and gut feel. 4. Develops a feedback mechanism for results Entrepreneurs use feedback to guide, make observations, corrections and take actions for progress. They usually have a feedback loop to constantly think about what they have done and how they could do it better. 5. Result-driven individual Entrepreneurs focus on the end result of every task assigned. He will fully grasp the goal to be achieved. 7 Unit 1.3: Relevance and Opportunities in Entrepreneurship Extend Activity What are the tasks and challenges of the following jobs? 1. marketing manager 2. sales manager 3. store manager 4. production manager 8 Unit 1.3: Relevance and Opportunities in Entrepreneurship Guide Read the given statements. Explain only what is asked for every item. Avoid overlapping answers to several questions/ items. Evaluate A. Explain the meaning of the following statements. 1. The entrepreneur is a result-driven individual. 2. The entrepreneur has a strong desire for independence. 9 Unit 1.3: Relevance and Opportunities in Entrepreneurship 3. The entrepreneur develops a feedback mechanism for results. 4. The entrepreneur has a strong drive to succeed. 5. The entrepreneur has a strong determination for decision making. B. Answer the following in pairs or groups. You may conduct a quick research to help you answer the questions below. 1. Why do entrepreneurs need to explore the business environment? 10 Unit 1.3: Relevance and Opportunities in Entrepreneurship 2. Why is it important that entrepreneurs have a good and trusted accountant or financial adviser? 3. Why do entrepreneurs have to seek advice from professionals? Wrap Up ___________________________________________________________________________________________ Entrepreneurship can help the economy. Entrepreneurs pursue their mission to provide jobs and employment opportunities to Filipinos. The job that best fits you will help you gain experience in the field of career or industry where you want to launch your own business. 11 Unit 1.3: Relevance and Opportunities in Entrepreneurship ________________________________________________________________________________________ Bibliography Dollingner, Marc. Entrepreneurship: Strategies and Resources 3rd Edition. New Jersey: Prentice Hall, 2003. Doyle, Alison. “The best jobs for aspiring entrepreneurs.” The Balance Careers. Accessed March 14, 2020. https://www.thebalancecareers.com/best-jobs-for-aspiring-entrepreneurs-4160409. Kotler, Philip & Gordon McDougall. Marketing Essentials. Prentice-Hall Canada Inc., 1985. Peters, Michael & Robert Hisrich. Entrepreneurship 4th Edition. McGraw-Hill Book Co, 1999. Shea, Peter. Start your own business. Entrepreneur Media Inc., 2010. 12