Entrepreneurship Grade 12 Quarter 1 Module 1 PDF

Quarter 1 — Module 1 Introduction to Entrepreneurship CO_Q1_Entrepreneurship SHS Module 1 Entrepreneurship – Grade 12 Alternative Delivery Mode Quarter 1 - Module 1 Second Edition, 2021 Republic Act 8293, section 176 states that: “No copyright shall subsist in any work of th...

Quarter 1 — Module 1 Introduction to Entrepreneurship CO_Q1_Entrepreneurship SHS Module 1 Entrepreneurship – Grade 12 Alternative Delivery Mode Quarter 1 - Module 1 Second Edition, 2021 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, payment of royalty.” Borrowed materials included in this module are owned by the respective copyright holders. Effort has been exerted to locate and seek permission to use these materials from the respective copyright owners. The publisher and author do not represent nor claim ownership over them. Development Team of the Module: Authors: Joel Y. Yacas Janice B. Dominguez Naneth M. Valdehuesa Ronee D. Quicho Mary Cris A. Maquilan Marylinda T. Puzon Charity E. Parel Denver E. Neri Lorena Fe S. Anub Ethel Lalaine B. Morales Evaluators: Cherryl F. Descallar Eddy Lou T. Hamak Sherriemae V. Reazol Illustrator: PSSg Edzel M. Dominguez Management Team: Chairperson: Dr. Arturo B. Bayocot, CESO III Regional Director Co-Chairpersons: Dr. Victor G. De Gracia Jr., CESO V Asst. Regional Director Mala Epra B. Magnaong CES, CLMD Members: Dr. Bienvenido U. Tagolimot, Jr. Regional ADM Coordinator Elson C. Jamero EPS-Designate-TLE Printed in the Philippines by: Department of Education – Regional Office 10 Office Address: Zone 1, Upper Balulang Cagayan de Oro City 9000 Telefax: (088) 880-7071, (088) 880-7072 E-mail Address: [email protected] Entrepreneurship Quarter 1 – Module 1 Introduction to Entrepreneurship  Introductory Message For the Learner Have you ever dreamed of becoming the next multi-millionaire? If you’re thinking that winning the lottery is the only way to become one, well, think again. It is not chance that gives you millions, instead being a millionaire is a result of hard work and determination. Starting your own business is a good beginning towards fulfilling your dreams. Entrepreneurship is the way! You may often hear the word entrepreneur and entrepreneurship. But what do these terms mean? You may refer to an entrepreneur as the person managing the business and entrepreneurship as the business venture. Some may say there is no difference. So, what does this module provide you towards reaching your dreams? 1. It outlines the concepts and basic principles, and processes of developing a business plan. 2. It helps you understand the environment and market in your locality as a factor in developing a business concept. 3. It allows you to experience starting and operating your own business. Substantial knowledge of entrepreneurial principles and processes is important as this increases the chances of making your business successful. In this module, you are guided with a set of learning parts that will help you understand the underlying principles of entrepreneurship. 1. What I Need to Do – the part used to introduce the learning objectives in this module. 2. What I Know – this is an assessment as to your level of knowledge to the subject matter at hand, meant specifically to gauge previous knowledge. 3. What’s In – the part used to connect your previous learning with the new lesson. 4. What’s New – the part used to introduce new lesson through a story, an activity, a poem, song, situation or activity. 5. What is It – the part that will help you discover and understand entrepreneurial concepts.  6. What’s More – the part that will help enrich your learnings of entrepreneurial concepts. 7. What I Have Learned – the part that will help you process what you have learned In the lesson. 8. What I Can Do – the part that allows you to apply what you have learned into real life situations. 9. Assessment – the part that evaluates your level of mastery in achieving the learning objectives. 10. Additional Activities – the part that enhances your learning and improves your mastery of the lesson. This module will help give you all the essentials needed in your entrepreneurial journey. What I Need to Know Businesses are the backbone of the economy. Entrepreneurs play an important role in developing the economy through providing the needed products and services including the solution to the problem of unemployment. Entrepreneurship is encouraged by the economy because it can provide a lot of opportunities for the unemployed people. It will increase per capita income, improve standard of living and increase individual savings, provide revenue to the government in the form of income tax, value added tax, export duties, import duties, and balanced regional development. After reading this module, the learners should be able to: 1. discuss the relevance of the course; 2. explain the key concepts of common competencies; 3. explain the core competencies in Entrepreneurship; and 4. explore job opportunities for Entrepreneurship as a career. 1 CO_Q1_Entrepreneurship SHS Module 1  In going through the module, you have to extend your patience in understanding and analyzing what you are reading. Follow the directions and/or instructions in the activities. Answer the given tests and exercises carefully. Comply the required activities provided. What I Know Before starting with this module, let us see what you already know about Entrepreneurship. Answer the questions below. Instruction: Read the statements carefully then write True if the statement is correct & write False if you think the statement is not correct. 1. Entrepreneur means “to undertake.” 2. Entrepreneurship is a process of actions of an entrepreneur who is always in search of opportunities. 3. The greatest significance of entrepreneurship is to help identify and develop the managerial capabilities of entrepreneurs. 4. Entrepreneurship will lead to the creation of organizations. 5. Entrepreneurship can improve the life of the entrepreneur only. 6. Coward people will become successful entrepreneurs. 7. An entrepreneur is a “Risk Taker”. 8. Entrepreneurship is not an economic activity. 9. Entrepreneurs are innovative. 10. Profit potential is the compensation of the entrepreneur. 11. An entrepreneur can become a business consultant. 12. An entrepreneur can also be a researcher. 13. An entrepreneur can also become a salesman. 14. Entrepreneurship graduates can become business reporters. 15. The entrepreneur could easily see the results of his efforts. 2 CO_Q1_Entrepreneurship SHS Module 1  Lesson Introduction to Entrepreneurship 1 What’s In Before we will proceed to our lesson, can you tell me what comes into your mind when you hear the word Entrepreneur? Write it on your activity notebook. (All answers will be accepted) What’s New Activity 1. Let Me Know Give at least five (5) names of entrepreneurs that you know, may it be from your locality or within the Philippines. Identify what are their common traits as entrepreneurs. Write it on your activity notebook and submit it to your teacher. What is it? Competencies of Entrepreneurs Activity 2. Essay Explain the following questions below about the competencies of entrepreneurs. 1. What characteristics can you observe or see that are common among the entrepreneurs that you have listed? 2. Who among the entrepreneurs that you mentioned do you admire the most and why? 3. In your own opinion, what do you need to possess to become a successful entrepreneur? 3 CO_Q1_Entrepreneurship SHS Module 1  RUBRIC FOR ESSAY Content The content was well-thought, guide 4 questions were thoroughly answered Organization The paper was well-written with ideas 3 easily conveyed to readers. Development Points are thoroughly developed 3 TOTAL 10 RELEVANCE OF ENTREPRENEURSHIP TO AN ORGANIZATION 1. Development of Managerial Capabilities - this means that one of the benefits an entrepreneur gets is to develop his managerial skills. 2. Creation of Organizations - which means that because of entrepreneurship many organizations will exist. 3. Improving Standard of Living - this means that entrepreneurship can lift up the economic status of an individual. 4. Means of Economic Development - this means that not only the life of the entrepreneur is improved but also the society where the business is located. Concept of Entrepreneurship The word “entrepreneur” was derived from the French verb enterprendre, which means “to undertake.” This is pinpointing to those who “undertake” the risk of enterprise. The enterprise is created by an entrepreneur and the process is called “Entrepreneurship.” Entrepreneurs are innovators. They are willing to take the risks and generate unique ideas that can provide profitable solutions to the needs of the market and the society. Factors Affecting Entrepreneurship 1. Personality Factors which include: a. Initiative - doing things even before being told. b. Proactive - which means he can classify opportunities and seize it. 4 CO_Q1_Entrepreneurship SHS Module 1  c. Problem Solver - which means he can retain good relations with other people. d. Perseverance - meaning he will pursue things to get done regardless of challenges. e. Persuasion - means that he can entice people to buy even if they don’t want to. f. A Planner - he makes plans before doing things and does not fail to monitor it. g. Risk-taker - which means that he is willing to gamble but he will calculate it first. 2. Environmental Factors which include political, climate, legal system, economic and social conditions and market situations. Common Competencies in Entrepreneurship 1. Decisive - an entrepreneur must be firm in making decisions. 2. Communicator - an entrepreneur must have a convincing power. 3. Leader - an entrepreneur must have the charisma to be obeyed by his employees. 4. Opportunity seeker - an entrepreneur must have the ability to be the first to see business chances. 5. Proactive – an entrepreneur can control a situation by making things happen or by preparing for possible future problems. 6. Risk Taker – an entrepreneur has the courage to pursue business ideas. 7. Innovative - the entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his business. Core Competencies in Entrepreneurship 1. Economic and Dynamic Activity - Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources. 2. Innovative – The entrepreneur constantly looks for new ideas, thus he needs to be creative. 3. Profit Potential - The entrepreneur can be compensated by his profit coming from the operation. 4. Risk bearing – The entrepreneur needs to gamble but wise enough to offset 5 CO_Q1_Entrepreneurship SHS Module 1  the risk. Types of Entrepreneurs 1. Innovative Entrepreneurs - They are those who always make new things by thinking of new ideas. They have the ability to think newer, better and more economical ideas. 2. Imitating Entrepreneurs - They are those who don’t create new things but only follow the ideas of other entrepreneurs. 3. Fabian Entrepreneurs - They are skeptical about changes to be made in the organization. They don’t initiate but follow only after they are satisfied. 4. Drone Entrepreneurs - They are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business. 5. Social Entrepreneurs - They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development. Career Opportunities of Entrepreneurship 1. Business Consultant - with the expertise of in the field of entrepreneurship, he can be a very good source of advices to other entrepreneurs and would be business men. 2. Teacher - a graduate of an entrepreneurship can use his knowledge in teaching. 3. Researcher - the entrepreneur can be employed as a researcher by an enterprise. 4. Sales - the entrepreneurship graduate can apply as a salesman. 5. Business Reporter - the entrepreneur being expert in the field, can be employed as a business reporter. 6 CO_Q1_Entrepreneurship SHS Module 1 is What’s More Activity 3. Self- Assessment Direction: Find out if you have the qualities of an entrepreneur. Put a check mark on the column that identifies whether you have the qualities of an entrepreneur or not. Qualities YES NO Risk Taker Communicator Leader Opportunity Seeker Proactive Innovator Decisive Interpretation: If you have more YES than NO, you have the qualities of an entrepreneur. What I Have Learned are people who take the risk, they are innovators and contributors to the development of the. 7 CO_Q1_Entrepreneurship SHS Module 1  What I Can Do Activity 4. Interview the Known Choose three successful entrepreneurs in your community or nearby places and conduct an interview using the guide questions below. Discuss the result of your interview to your teacher. 1. What motivated you to become an entrepreneur? 2. What do you think are your characteristics and competencies that made you a successful entrepreneur? 3. What do you think of being employed? Why you did not choose that path? Assessment Now, that you are finished accomplishing the module, let us check what you have learned. Answer the questions given below by encircling the letter of the correct answer. 1. The entrepreneurs who create new ideas are called ______________. a. Innovative c. Fabian b. Imitating d. Drone 2. The entrepreneur who lives on the labor of others is called __________. a. Drone c. Imitating b. Fabian d. Innovative 3. These are entrepreneurs who are to follow the path shown by innovative entrepreneurs. a. Innovative c. Social Entrepreneurs b. Imitating d. Fabian 8 CO_Q1_Entrepreneurship SHS Module 1 4. Which of the following does not belong to the group? a. Skills management c. Conduct research b. Risk taking d. Make no changes with his product 5. Entrepreneur means: a. Risk taker c. To research b. To undertake d. To improve standard of living 6. It is a personality factor which means “doing things even before being told.” a. proactive c. persuasion b. perseverance d. initiative 7. It is a personality factor which means convincing customers to buy the product. a. Proactive c. Self-confidence b. Persuasion d. Risk-taker 8. Which of the choices is NOT part of the environmental factors? a. Political b. Weather condition c. Climate d. Family background of the manager 9. All except one does NOT belong to the group. Which one is it? a. Unfair trade practices c. Political protest b. Strikes d. Product 10. The entrepreneur who is skeptical about the changes in the company is called a. Fabian c. Drone b. Social entrepreneur d. Imitating 11. Which is NOT a career for an entrepreneur? a. Business consultant c. Research and Development b. Sales d. Domestic Helper 12. They are entrepreneurs who drive social innovation and transformation in various fields. a. Drone d. Imitating b. Social entrepreneur c. Fabian 9 CO_Q1_Entrepreneurship SHS Module 1 13. Which of the statements below is true? a. Entrepreneurs have limited career opportunities. b. Entrepreneurs are prone to constant high income. c. Entrepreneurs are contributors to the development of the society. d. Entrepreneurs are the reasons for the unemployment problem. 14. Which of the statements is NOT true? a. An entrepreneur will patiently wait for his efforts to bear fruit. b. The profit of the entrepreneur is immediate. c. All entrepreneurs are successful. d. Entrepreneurs are researcher. 15. Which of the following is NOT true? a. Entrepreneurship creates organizations. b. Entrepreneurs improve the life of the entrepreneur alone. c. Entrepreneurs improves the economy. d. None of the choices Additional Activities Activity 5. Research Me Research on the life story of at least three (3) entrepreneurs in your locality; identify how they started their business. Ask how much was their start-up capital. Congratulations! You have successfully completed Module 1. Please proceed to Module 2 and learn about Recognizing a Potential Market. 10 CO_Q1_Entrepreneurship SHS Module 1 Answer Key 11 CO_Q1_Entrepreneurship SHS Module 1  References BOOKS Aduana, N. (2017). Entrepreneurship in Philippine Setting (for Senior High School) Aduana, N. (2017). Etrepreneurship in Philippine Setting for Senior High School. C&E publishing Inc.p.46-51 Aduana, N. (2016). Entrepreneurship In Philippine Setting For Senior High School. Chapter 5/Lesson 3 The Marketing Mix. In, 184-199. Quezon City, Philippines: C&E Publishing. Aduana,N (2015). Financial statements; Preparation, presentation, analysis and interpretation, presentation.Quezon City, Philippines: C & E Publishing,Inc. Banastao,C.,& Frias, S.(2008) Entrepreneurship.Quezon City Philippines: C & E Publishing,Inc. Batisan, R. (2016). Entrepreneurship Module, Diwa Senior Highschool Series, Diwa Learning System Inc. Legaspi Village, Makati City Philippines. Batisan, R. (2016). Entrepreneurship: Diwa Senior High School Series, Diwa Learning Systems Inc., p. 16-20 De Guzman, A. (2018). Entrepreneurship for Senior High School Applied Subject ABM Strand. Lorimar Publishing, Inc. p.1-5 De Guzman, A. (2018). Entrepreneurship. For Senior High School Applied Subject ABM Strand. Lorimar Publishing, Inc. p. 25 – 26. Edralin, D.(2016). Entrepreneurship. Quezon City: Vibal Group, Inc. p. 80 – 83. Habaradas, R. & Tullao, T.Jr. (2016). Pathways to Entrepreneurship. Phoenics publishing house.p.17-28 Leedy, P. & Ormrod, J. (2001). Practical Research: Planning and Design 7th Edition. Merrill Prentice Hall and SAGE Publications Lopez, R. Jr. (2016). Fundamentals of Accounting. Lopez, R. Jr.(2015). Basic Accounting for Non-Accountants. Lopez, R. Jr. (2014-2015). Fundamentals of Accounting. Morato, E. Jr. (2016). Entrepreneurship, 1st ed., Manila, Philippines: REX Books Store,p.13 Teaching Guide for Senior High School, Fundamentals of Accountancy, Business, & Management 1, CHED in collaboration with PNU 12 CO_Q1_Entrepreneurship SHS Module 1 ELECTRONIC RESOURCES https://articles.bplans.com https://smartasset.com https://www.scirp.org/(S(351jmbntvnsjt1aadkposzje))/reference/ReferencesPapers.asp x?ReferenceID=2026950 https://www.google.com.ph/search?q=what+is+a+supplier+in+business&oq=what+is+a +sup plier&aqs=chrome.0.69i59j69i57j0l4.6134j0j7&sourceid=chrome&ie=UTF-8 https://www.google.com.ph/search?q=value+chain&oq=value&aqs=chrome.1.69i57j69i 59j0l4.3827j0j9&sourceid=chrome&ie=UTF-8 https://www.google.com.ph/search?ei=IDdFXIaUMtrrwQPKrrqgCA&q=supply+chain&o q=supp&gs_l=psy-ab.1.0.0i67l8j0l2.337222.338710..340558...1.0..0.512.1404.0j1j3j5- 1......0....1..gws-wiz 0i71j0i131.pwF4FAungm0 https://www.google.com/search?sxsrf=ACYBGNS4jjQJj3vRJDboe06xVydYg9Segg%3 A1580443120499&source=hp&ei=8KUzXqGRHNP7wAO29K2YDg&q=what+is+prototy pe+product&oq=what+is+prototype&gs_l=psyab.1.1.0i131j0l9.1525.6742..9589...2.0..0.146.2012.1j16......0....1..gws-wiz.....10..35i362i39j35i39j0i67j0i20i263.Eo6MP-6t984 https://en.wikipedia.org/wiki/Business_model https://www.google.com/search?sxsrf=ACYBGNSPBhu3TIpORq6cUraQO0W4- kVv9A%3A1580443131001&ei=- qUzXo_kPJvZhwPSgpaYDw&q=business+plan&oq=business&gs_l=psy- ab.1.1.0i131i273l2j0i67l2j0i131i67l2j0i67j0i131l2j0.45360.47333..48595.. 0.3..0.139.92 0.1j7......0....1..gws-wiz...... 0i71j35i39j0i273j0i20i263.X5Tyn8npzGw https://www.tutorialspoint.com/entrepreneurship_development/entrepreneurship_devel opment_process.htm 13 CO_Q1_Entrepreneurship SHS Module 1 For inquiries or feedback, please write or call: Department of Education - Bureau of Learning Resources (DepEd-BLR) Ground Floor, Bonifacio Bldg., DepEd Complex Meralco Avenue, Pasig City, Philippines 1600 Telefax: (632) 8634-1072; 8634-1054; 8631-4985 Email Address: [email protected] * [email protected]