Entrepreneurship Self-Learning Module PDF

ENTREPRENEURSHIP 1 2  ENTREPRENEURSHIP MODULE Module No. 1 : Week 1: 1st Quarter TOPIC: ENTREPRENEURSHIP WORLD INTRODUCTION Do you often hear the word entreprene...

ENTREPRENEURSHIP 1 2  ENTREPRENEURSHIP MODULE Module No. 1 : Week 1: 1st Quarter TOPIC: ENTREPRENEURSHIP WORLD INTRODUCTION Do you often hear the word entrepreneurship? Are you wondering what is it all about? Are you curious how it works? This module will help you open your mind to the exciting world of entrepreneurship. LEARNING COMPETENCIES:  Discuss the relevance of entrepreneurship OBJECTIVES: At the end of the module, learners are expected:  to define entrepreneurship;  to understand entrepreneurship as a business;  and to appreciate the process of business. LET’S RECALL Think and name at least four (4) of your favorite items that are always with you or inside your bag. Write your answer on the boxes below. I am sure items you. write inside the boxes are very much important to your day-to-day living. 3  LET’S UNDERSTAND Are you a type of person who is always coming up with new ideas? or thinking how to innovate or reinvent something? Are you wondering how this ideas can be put into reality? Now its time for you to know that your weirdest idea, as your friends or relatives may say can be a key for a great opportunity because of entrepreneurship. Are you now excited to learn? Let’s start! What is Entrepreneurship? Entrepreneurship is the activity of setting up a business or businesses, taking on financial risk in the hope of profit. (https://www.lexico.com/definition/entrepreneurship) The person who creates the business or businesses and embraces every challenge for its development and operation is known as an entrepreneur. (https://businessjargons.com/entrepreneurship.html) It clearly states that entrepreneruship is about business. Now let’s learn why entrepreneruship which is described by many as a business. Entrepreneruship as a Business According to Professor Feliciano R. Fajardo (1997). Business means various concepts to different individuals. To some, it means selling of goods and services. To others, it refers to the production of goods and services. Professor Lawrence Gitman of Wright State University defines business as a social process which involves the assembly and utilization of resources to produce goods and services in order to satisfy the needs of society. To ellaborate what Professor Lawrence Gitman and Professor Feliciano R. Fajardo says, every society is comprised of different individuals with different needs and wants. Business serves as the vehicle to provide the goods and services that will satisfy needs and wants or fulfill the satisfaction of the people. Now let’s define what is goods and services. Goods and Services Defined As the business continue to fulfill societal satisfaction. Some businesses focus on goods or services or a combination of both. Goods are things we can 4 touch examples are bread, soap, shampoo, pencil and bag while services are things that we cannot touch but we still avail, examples are haricut, manicure, pedicure, massage and transporation. Both can be used for personal or industrial purposes. As an entrepreneur your mission is to fulfill societal satisfaction. But how can you be able to do that? First you have to determine their needs and wants. What are needs and wants? What are their connection to the societal satisfaction? Are they different from each other? Let’s find out Need Vs. Want Socities consumption of goods and services depends widely on how individual or families determine their needs and wants. Needs are those things we need inorder for us to live or survive or things we cannot live without while Wants are anything that indicates luxury or anything not necessarily needed for survival, in other words these are things we can live without. Some prioritize needs more than wants or viceversa, it depends on the level of satisfaction or fulfillment of individual. Now that you know the difference between the two. Try to determine your own personal needs and wants? What do you think is your priority? Remember Key Points to Remember In business, as an entrepreneur it is important that you know how to identify the needs and wants of the society. It is from there that you can draw out your ideas and determine what kind of business, goods or serives you may offer to fulfill their satisfaction, and by knowing that, it will benefit you as well as an entrepreneur for your business development and innovation. Business Process Relevance Explained Do you believe that as soon as you wake up in the morning and do your daily rountine it already involves business? Imagine the life without the existence of goods like toothpaste, soap, shampoo, toothbrush, coffee and services like pandesal or newspaper delivery. People lives will be more stressful, complicated and can cause a lot of 5 dissatisfaction. But with the help of entrepreneurs who tirelesly keep on searching the needs and wants of the society. They make use of their talent and skills together with their business resources, to produce or create goods and services just to provide and make things available for the people. Businesses also innovate or reinvent exisitng goods and services so, that people can adapt to changes and improve their way of living. Businesses offer everything whether for survival or leisures, it plays a major role in the lives of the people. Conclusion 1. Entrepreneurship is about business. 2. Business is not only about selling, production of goods and services but also fulfilling societies satisfaction. 3. Business can offer both goods and services. 4. Needs and wants are different form each other. 5. Business originates from your idea. 6. Business idea can be drawn out from the needs and wants of the people. 7. Business is part of our daily routine. 8. Business plays an important role for the improvement of way of living of the people. 9. Business helps people to adapt to changes. Let’s Try These Activities LET’S APPLY After describing needs and wants, let us now find out your own needs and wants. Write your answer on the chart below. NEEDS WANTS 6  LET’S ANALYZE Using your own entrepreneurial thinking skills, write down the things you can do in every situation provided. Situation Things you can do 1. People cannot go out to purchase goods due to COVID 19 2. Lack of Water in your Village or Barangay 3. Classmates who want to learn Adobe Photoshop. 4. You have a great skill in cooking. 5. Your father taught you how to repair electronic gadgets. 6. You have great talent in dancing. LET’S CREATE After learning entrepreneurship as a business, let us now know your business idea. Draw or illustrate on the box below the goods or services that you want to provide or to offer. This will serve as your entry for the business exhibit. 7 Rubrics: Your output will be graded by the following criteria Creativity and Originality 40% Content and Significance 30% Appearance 20% (appeal, materials) Timeliness 10% Total: 100% LET’S EVALUATE Instructions: MULTIPLE CHOICE: Choose the letter of the best answer. Write the letter of your answer on a separate sheet of paper. 1. Which of the following terms best define the word “wants”? a. Basics c. Necessity b. Luxury d. Supply 2. Select the things that is not part of the necessities. a. Food c. Shelter b. Vacation d. Medicine 8 3. Select from the following the best example of goods. a. Haircut c. Massage b. Nail polish d. Computer repair 4. Which of the following terms best describe entrepreneur? a. Owner c. Employee b. Applicant d. Assistant 5. Select from the following the best example of services. a. Massage c. Laptop b. Ball pen d. Ring 6. Which of the following terms best define entrepreneurship? a. Production c. Selling b. Transactions d. Business 7. Which of the following terms describe “new ideas”? a. Perspective c. Strategies b. Innovation d. Promotion 8. There are several qualities an entrepreneur should possess, except one. a. Opportunity seeker c. Risk Taker b. Demanding d. Persistent 9. Which of the following is the mission of entrepreneurs? a. to sell goods and services c. to fulfill society’s satisfaction b. to produce goods and services d. to gain profit 10. Which of the following is best described as the vehicle to provide goods and services? a. Business c. Production b. Selling d. Wants Hope you learned something new today see you on the next module. 9  References: The content of this module is adapted and taken from the different websites and books. The module writer is in a heartfelt gratitude to the following references and its authors: https://www.lexico.com/definition/entrepreneurship https://businessjargons.com/entrepreneurship.html Fajardo,F., (1997). Management.Manila, Philippines. 856 Nicanor Reyes, Sr. St. 1977 C.M Recto Avenue: Rex Book Store. Gitman,L., (1987) Basic Managerial Financce. New York: Harper and Row Publishers. 10 ENTREPRENEURSHIP (Grade XII) Self-Learning Module Quarter 1 - Module 1: ENTREPRENEURSHIP WORLD First Edition, 2020 Republic Act 8293, section 176 states that: No copyright shall subsist in any work of the Government of the Philippines. However, prior approval of the government agency or office wherein the work is created shall be necessary for exploitation of such work for profit. Such agency or office may, among other things, impose as a condition the payment of royalties. Borrowed materials (i.e., songs, stories, poems, pictures, photos, brand names, trademarks, etc.) included in this module are owned by their respective copyright holders. Every effort has been exerted to locate and seek permission to use these materials from their respective copyright owners. The publisher and authors do not represent nor claim ownership over them. Published by the Department of Education Secretary: Leonor Magtolis Briones Undersecretary: Diosdado M. San Antonio Development Team of the Module Writer: Ingrid P. Alde Editor: Lorence B. Abejuela Reviewer: Dr. Emma R. Cunanan – EPS in Mathematics Illustrator: Ingrid P. Alde Layout Artist: Christian Jake T. Laspiñas Management Team: Wilfredo E. Cabral, Director IV Genia V. Santos, CLMD Chief Dennis M. Mendoza, Regional EPS In Charge of LRMS Evangeline P. Ladines, CESO V, Schools Division Superintendent Bernardo N. Mascariña, Curriculum Implementation Division Chief Rodel C. Apostol, Division EPS In Charge of LRMS Printed in the Philippines by ________________________ Department of Education – National Capital Region Office Address: Misamis St., Bago Bantay, Quezon City Telefax: 02-929-0153 E-mail Address: [email protected] 11