Entrepreneurship Grade 12 Quarter 1 Module 1 PDF

Entrepreneurship – Grade 12 Alternative Delivery Mode Quarter 1 - Module 1 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 wor...

Entrepreneurship – Grade 12 Alternative Delivery Mode Quarter 1 - Module 1 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, 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. Published by the Department of Education – Region X – Northern Mindanao Regional Director: Dr. Arturo B. Bayocot, CESO V Development Team of the Module: Author: Development Team Joel Y. Yacas of the Module Janice B. Dominguez Naneth M. Valdehuesa Ronee D. Quicho Authors: Joel Y. Yacas Janice B. Dominguez Mary Cris A. Maquilan Marylinda T. Puzon Naneth M. Valdehuesa Charity E. Parel Ronee D.Denver Quicho E. Neri Mary Cris A. Maquilan Marylinda T. Puzon Lorena Fe S. Anub Ethel Lalaine B. Morales Charity E. Parel Denver E. Neri Evaluators: Cherryl F. Descallar Lorena Fe S. Anub Ethel Lalaine B. Morales Eddy Lou T. Hamak Sherriemae V. Reazol Evaluators: Cherryl F. Descallar Eddy Lou T. Hamak Illustrator: PSSg Edzel M. Dominguez Sherriemae V. Reazol Management Team: Reviewers: Chairperson: Illustrator: PSSg Dr. Arturo B. Bayocot, CESO III Edzel M. Dominguez Regional Director Layout Artist: Co-Chairpersons: Dr. Victor G. De Gracia Jr., CESO V Management Team: Asst. Regional Director Chairperson: Mala B. Dr. Arturo Epra B. Magnaong Bayucot, CESO III CES, CLMD Regional Director Members: Dr. Bienvenido U. Tagolimot, Jr. Co-Chairpersons: Dr. Victor G. De Gracia Jr., CESO V Regional ADM Coordinator Asst.Elson Regional C. Director Jamero EPS-Designate-TLE Mala Epra B. Magnaong CES, CLMD Members: Dr. Bienvenido U. Tagolimot, Jr. Rone Ray M. Portacion Printed in the PhilippinesEPS-ADM by: Department of Education – Regional Office 10 EPS-LRMS Office Address: Zone 1, Upper Balulang Cagayan de Oro City 9000 Printed in the Philippines by: Department of Education – Bureau of Learning Resources (DepEd-BLR) Telefax: (088) 880-7071, (088) 880-7072 Office Address: Masterson E-mail Address: Avenue, Upper Balulang, Zone 1, Cagayan de Oro City, Cagayan de Oro, [email protected] Lalawigan ng Misamis Oriental 2  Entrepreneurship Quarter 1 – Module 1 Introduction to Entrepreneurship This instructional material was collaboratively developed and reviewed by educators from public and private schools, colleges, and universities. We encourage teachers and other education stake holders to email their feedback, comments, and recommendations to the Department of Education at action @deped.gov.ph We value your feedback and recommendations. Department of Education Republic of the Philippines 3 1  TABLE OF CONTENTS Introductory Message …………………………………..... 35 3 What I Need to Know ………......................................... 57 5 What I Know ………......................................... 68 6 Introduction to Entrepreneurship…........................................ 79 7 Relevance of Entrepreneurship to an Organization ……. 810 Concepts of Entrepreneurship …........................................... 810 Factors Affecting Entrepreneurship ……….................... 810 Common Competencies in Entrepreneurship ………......... 911 Core Competencies in Entrepreneurship ……….................. 911 Types of Entrepreneurship ….……......................................... 10 12 Career Opportunities of Entrepreneurship ………......... 10 12 What’s More ………......................................... 11 13 What I Have Learned ………......................................... 11 13 What Can I Do ………......................................... 12 14 Assessment ………......................................... 12 14 Additional Activities ………......................................... 14 16 Answer Key ………......................................... 15 17 References ………......................................... 16 18 4 2  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 chances that give you millions, instead being a millionaire is a result of hard work and determination. Starting your own business is a good start towards fulfilling your dreams. Entrepreneurship is the way! You may often hear the word entrepreneur and entrepreneurship. But what does it really 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 icons that will help you understand the underlying principles of entrepreneurship. 1. What I Need to Do – the icon used to introduce the learning objectives in this module. 2. What I Know – the icon used to test what you have learned in this module. 3. What’s In – the icon used to connect your previous learning with the new lesson. 4. What’s New – the icon used to introduce new lesson through a story, an activity, a poem, song, situation or activity. 5. What is It – the icon that will help you discover and understand entrepreneurial concepts. 5 3  6. What’s More – the icon that will help enrich your learning’s of entrepreneurial concepts. 7. What I Have Learned – the icon that will help you process what you have learned in the lesson. 8. What I Can Do – the icon that allows you to apply what you have learned into real- life situations. 9. Assessment – the icon that evaluates your level of mastery in achieving the learning objectives. 10. Additional Activities – the icon that enhance your learning and improves your mastery of the lesson. This module will help give you all the essentials needed in your entrepreneurial journey. 6 4  What I Need to know Businesses are the backbone of the ecoomy. Entrepreneurs plays an important role in developing the economy through providing the needed products and services including the solution to the problem of unemployment. Entrepreneurs are encouraged by the economy because they can provide a lot of opportunities for the unemployed young people. It will increase in per capita income, higher standard of living and increased individual saving, 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; 4. explore job opportunities for Entrepreneurship as a career. In going through the module, you have to extend your patience in understanding, analysing what you are reading. Follow the directions and/or instructions in the activities. Answer the entire given test and exercises carefully. Comply the required activities provided. 7 5  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 answer 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 entrepreneur. ____________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 a business reporter. ____________15. The entrepreneur could easily see the results of his efforts. 8 6  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 one fourth sheet of paper and give it to your teacher. (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 Philippines. Identify what are their common traits as entrepreneur. Write it in one half cross wise and submit it to your teacher. What is it? Competencies of Entrepreneurs 1. What characteristics that you can observe or see that is common to them? 2. Who among the entrepreneurs you mentioned that you admire most and why? 3. In your own opinion, what do you need to possess to become a successful entrepreneur? 9 7  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 entrepreneurships 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, willing to take risks and generate new ideas to make it unique and profitable solutions to the present-day problems. Factors Affecting Entrepreneurship 1. Personality Factors which includes: a. Initiative - which means doing things even before being told. b. Proactive -which means he can classify opportunities and seize it. c. Problem Solver - which means he can retain good relations with other people. 10 8  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. f. A Planner - meaning he makes plan before doing things and do 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 - controlling a situation by making things to happen or by preparing for possible future problems. 6. Risk Taker - they have the courage to pursue their business ideas. 7. Innovative - the entrepreneurs have big business ideas and they do not stop improving and thinking of new worthwhile ideas for their 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 - Entrepreneurs constantly look 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 the risk. 11 9 Types of Entrepreneurs 1. Innovative entrepreneur - 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 entrepreneur - They are those who lives 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 man. 2. Teacher - a graduate of an entrepreneurship can use his knowledge in teaching. 3. Researcher - the entrepreneur can be employed as researcher by an enterprise. 4. Sales - the entrepreneurship graduate can apply as salesman. 5. Business Reporter - the entrepreneur being expert in the field, he can be employed as business reporter. 12 10 is What’s More Activity 2 Self- Assessment Direction: Find out if you have the qualities of an entrepreneur. Put a check mark on the box. 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 _______________. 13 11  What I Can Do Activity 3 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 didn’t you 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 entrepreneur. a. Innovative c. Social Entrepreneurs b. Imitating d. Fabian 14 12 4. Which of the following is NOT a function of an entrepreneur? a. Skills management b. Risk taking c. Conduct research 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? 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 c. Fabian b. Social entrepreneur d. Imitating 15 13 13. Which of the statements below is true? a. Entrepreneur has limited career opportunities. b. Entrepreneurs are prone to constant high income. c. Entrepreneurs are contributor to the development of the society. d. Entrepreneurs are the reasons for unemployment problem. 14. Which of the statement 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 researchers 15. Which of the following is NOT true? a. Entrepreneurship create organizations b. Improves the life of the entrepreneur alone c. Entrepreneurs improves the economy d. None of the choices Additional Activities Activity 4 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 their start-up capital. Congratulations! You have successfully completed Module 1. Please proceed to Module 2 and learn about Recognizing a Potential Market. 16 14  Answer Key What I Know Assessment 1. TRUE 1. A 2. TRUE 2. A 3. TRUE 3. B 4. TRUE 4. D 5. FALSE 5.B 6. FALSE 6. D 7. TRUE 7. B 8. FALSE 8. D 9. TRUE 9. D 10. TRUE 10. A 11. TRUE 11.D 12. TRUE 12. B 13. TRUE 13. C 14. TRUE 14. A 15. FALSE 15. C References BOOKS Ronaldo S. Batisan, DIWA Senior High School Series: Entrepreneurship Module. Diwa Learning Systems Inc. Angeles A. De Guzman. Entrepreneurship (For Senior High School, Applied subject, ABM Strand. Lorimar Publishing, Inc 2018, 25 – 26. Edralin, Divina M. Entrepreneurship. Quezon City: Vibal Group, Inc. 2016, 80 – 83. Leedy, P. and Ormrod, J. Practical Research: Planning and Design 7th Edition. (Merrill Prentice Hall and SAGE Publications, 2001), Nick L. Aduana, Entrepreneurship in Philippine Setting (for Senior High School), 2017 Dr. Eduardo A. Morato Jr., Entrepreneurship, 2016 Angeles A. De Guzman, Entrepreneurship for Senior High School Applied Subject ABM Strand, Lorimar Publishing,p.1-5 17 15 Ronaldo S. Batisan, Entrepreneurship: Diwa Senior High School Series, Diwa Learning Systems Inc., p. 16-20 Eduardo A. Morato Jr., Entrepreneurship, 1st ed., Manila, Philippines: REX Books Store,p.13 Nick L. Aduana, Etrepreneurship in Philippine Setting for Senior High School, 2017, C&E publishing, Inc.p.46-51 Angeles A. De Guzman, Entrepreneurship for Senior High School Applied Subject ABM Strand,Lorimar Publishing,p.25-26 Raymund B. Habaradas and Tereso S. Tullao,Jr., Pathways to Entrepreneurship,2016,Phoenics publishing house,p.17-28 Aduana, Nick L. "Chapter 5/Lesson 3 The Marketing Mix." In Entrepreneurship In Philippine Setting For Senior High School, 184-199. Quezon City, Philippines: C&E Publishing, 2016. Aduana,N (2015). Financial statements; Preparation, presentation, analysis and interpretation, presentation.Quezon City, Philippines: C & E Publishing,Inc. Angeles A. De Guzman, Entrepreneurship for Senior High School Applied Subject ABM Strand,Lorimar Publishing,p.25-26 Banastao,C.,& Frias, S.(2008) Entrepreneurship.Quezon City Philippines: C & E Publishing,Inc. Nick L. Aduana, Etrepreneurship in Philippine Setting for Senior High School, 2017, C&E publishing, Inc.p.46-51 Raymund B. Habaradas and Tereso S. Tullao,Jr., Pathways to Entrepreneurship,2016,Phoenics publishing house,p.17-28 Aduana, Nick L. Entrepreneurship in the Philippine Setting for Senior High School. Quezon City.C & E Publishsing, Inc. 2016. Morato, Eduardo A. Entrepreneurship. Manila. Rex Bookstore, Inc. 2016. Batisan, Ronaldo S. Entrepreneurship Module, Diwa Senior Highschool Series, Diwa Learning System Inc. Legaspi Village, Makati City Philippines, copyright 2016. Lopez, Rafael Jr. Basic Accounting for Non-Accountants. 2015 Lopez, Rafael Jr. Fundamentals of Accounting. 2016 Rabo, Tugas, and Salendrez, H.E. Fundamentals of Accountancy, Business and Management. Vibal Group Inc. 2016 Lopez, Jr. Rafael M. Fundamentals of Accounting, 2014-2015 Edition Morato, Eduard, Jr. A. 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