GEE 8 MODULE 5.docx

--------------------------------------- **GEE 8 -- THE ENTREPRENEURIAL MIND** --------------------------------------- +-----------------------------------------------------------------------+ | This is a property of | |...

--------------------------------------- **GEE 8 -- THE ENTREPRENEURIAL MIND** --------------------------------------- +-----------------------------------------------------------------------+ | This is a property of | | | | **PRESIDENT RAMON MAGSAYSAY STATE UNIVERSITY** | | | | **COLLEGE OF TOURISM AND HOSPITALITY MANAGEMENT** | | | | **NOT FOR SALE** | +-----------------------------------------------------------------------+ GEE 8- THE ENTREPRENEURIAL MIND COPYRIGHT 2021   Copyright. Republic Act 8293 Section 176 provides 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 included in this module are owned by their respective copyright holders. Every effort has been exerted to reach and seek permission to use these materials from their respective copyright owners. The University and authors do not claim ownership over them.   Learning Module Development Team +-----------------------+-----------------------+-----------------------+ | Assigned Chapter | Title | Author/s | +=======================+=======================+=======================+ | Chapter 1 | Entrepreneurship and | *Karen E. Casuga* | | | the Entrepreneur | | | | | *Pearl Joy F. Danila* | +-----------------------+-----------------------+-----------------------+ | Chapter **2** | Entrepreneurs Impact | | | | the Economy | | +-----------------------+-----------------------+-----------------------+ | Chapter **3** | The student as | | | | entrepreneur: A | | | | Self-Evaluation | | +-----------------------+-----------------------+-----------------------+ | Chapter **4** | Success Indicators | | | | for a Business | | +-----------------------+-----------------------+-----------------------+ | Chapter **5** | Setting Personal | | | | goals | | +-----------------------+-----------------------+-----------------------+ | Chapter **6** | Opportunity or Idea: | | | | Using Business plan | | | | to determine when | | | | Business Opportunity | | | | Exists | | +-----------------------+-----------------------+-----------------------+ | Chapter **7** | Start-up operations, | | | | getting started in | | | | Business | | +-----------------------+-----------------------+-----------------------+ | Chapter 8 | Production of Goods | | | | and Services | | +-----------------------+-----------------------+-----------------------+ | Chapter **9** | Financial Management | | +-----------------------+-----------------------+-----------------------+ | Chapter 10 | Social | | | | Responsibilities of | | | | Entrepreneurs | | +-----------------------+-----------------------+-----------------------+ | Chapter 11 | Business Success | | | | Through People | | | | Development | | +-----------------------+-----------------------+-----------------------+ Evaluators:   *Overall Chairperson: Dr. Esmen M. Cabal* *Vice Chairperson: Dr. Lorna L. Acuavera* *Member: Dr. Juan A. Asuncion* *Dr. Dann Mark N. Dela Cruz* *Ms. Jammie Fritz Castillo* Course Overview =============== Introduction ------------ This course provides business and non-business majors with the skills necessary to succeed as an entrepreneur. The fundamentals of starting and operating a business, developing business plan, obtain financing, marketing a product or service and developing an effective accounting system will be covered. Course General Objectives ------------------------- *By the end of the course, the students will be able to:* 1. *Know about the definition, concepts and scope of the Entrepreneurship; its perspective, knowledge competency, and risk tolerant behavior.* 2. *Understanding the basic concepts in the area of entrepreneurship* 3. *Understanding the role and importance of entrepreneurship for economic development* 4. *Understanding the stages of the entrepreneurial process and the resources needed for the successful development of entrepreneurial ventures.* 5. *Understand how entrepreneurs characterized by relevant traits thrive in a complex global society* 6. *Understand the importance of growth mind set in establishing positive attitudes towards entrepreneurships* 7. *Understand the importance of growth mind set in establishing positive attitudes towards entrepreneurships* 8. *Acquire self- management and critical thinking in order to work positively in a team by creating a business plan with product.* 9. *Adopting of the key steps in the elaboration of business idea* 10. *Develop personal creativity and entrepreneurial initiative* Course Details: --------------- +-----------------------------------+-----------------------------------+ | ***Course Code*** | ***: GEE 8*** | +===================================+===================================+ | ***Course Title*** | ***: The Entrepreneurial Mind*** | +-----------------------------------+-----------------------------------+ | ***No. of Units*** | ***:** **3*** | +-----------------------------------+-----------------------------------+ | ***Classification*** | ***: Lecture-based*** | +-----------------------------------+-----------------------------------+ | ***Pre-requisite / | ***: None*** | | Co-Requisite*** | | +-----------------------------------+-----------------------------------+ | ***Semester and Academic Year*** | ***: 1^st^ Semester, AY | | | 2021-2022*** | +-----------------------------------+-----------------------------------+ | ***Schedule*** | ***: Monday & Wednesday*** | | | | | | ***: 7:30 AM- 9:00 AM \[BSHM | | | 4B\]*** | | | | | | ***: 12:30 PM -- 2:00 PM \[BSTM | | | 4A\]*** | | | | | | ***: Tuesday & Thursday*** | | | | | | ***: 2:00 PM -- 3:30 PM \[BSHM | | | 4C\]*** | +-----------------------------------+-----------------------------------+ | ***Name of Faculty*** | ***: Pearl Joy F. Danila*** | +-----------------------------------+-----------------------------------+ | ***Contact Details*** | ***:** Email: | | | pdanila\@prmsu.edu.ph* | | | | | | ***:** Mobile Number* | | | | | | ***:** FB Account: Pearl Danila* | +-----------------------------------+-----------------------------------+ | ***Consultation*** | ***: Friday*** | | | | | | ***: 8:00 AM -- 10:00 AM*** | +-----------------------------------+-----------------------------------+ Learning Management System -------------------------- *The University LMS will be used for asynchronous learning and assessment. The link and class code for LMS will be provided at the start of class through the class official Facebook Group / Messenger Group.* - ***Edmodo*** - ***Google Classroom*** - ***University LMS*** Assessment with Rubrics ----------------------- *Students will be assessed in a regular basis thru quizzes, long/unit/chapter tests, individual/group outputs using synchronous and/or asynchronous modalities or submission of SLM exercises. Rubrics are also provided for evaluation of individual/group outputs.* *Major examinations will be given as scheduled. The scope and coverage of the examination will be based on the lessons/topics as plotted in the course syllabus.* Module Overview =============== **Introduction** This **THE ENTREPRENEURIAL MIND was** written for the students of hospitality and tourism programs. Students will be able to read and fully understand its contents and answer the exercises placed at the end of every chapter. It will also be helpful and served as a guide to the faculty teaching the students of the tourism and hospitality management. The objective of the authors is to explain the basic information and concepts about the hospitality and tourism world. Also, it equips the students to have knowledge on operation management of tourism and hospitality industry in understanding how it can be made to work for them and in their future profession. \* **Table of Contents*** *Chapter1:* Entrepreneurship and the Entrepreneur *Chapter2: Entrepreneurs Impact the Economy* *2.1 Entrepreneurs Help Economies* *2.2 Entrepreneurial Ecosystems* *2.3 Becoming an Entrepreneur* *2.4 The Individual Entrepreneur* *2.5 Entrepreneurial background and characteristics* *2.6 Motivation* *2.7 Role Models and Support Systems* *2.8 Male versus Female Entrepreneurs* *2.9 Minority Entrepreneurship* *2.10 Entrepreneurs versus Inventors* *Chapter3: The student as entrepreneur: A Self-Evaluation* 3.1 Why you should do a formal Self-Assessment? 3.2 Anatomy of Self-Assessment 3.3 A few questions to ask yourself 3.4 Questions that delve into external factors *Chapter4:* *Success Indicators for a Business* 4.1 7 stages of starting and Running a business 4.2 Opportunity and Idea Generation 4.3 Approaches to Generating Ideas 4.4 Techniques of Brainstorming 4.6 Quiet Brainstorming 4.7 Role Play Brainstorming 4.8 Brainstorming with support 4.9 Radically Creative Brainstorming *Chapter5: Setting Personal goals* 5.3 Why set goals? 5.4 Starting to set personal goals 5.5 Staying on course 5.6 Smart goals 5.7 Further tips for setting your goals 5.8 Achieving goals 5.9 Example personal goals *Chapter6: Opportunity or Idea: Using* *Business plan to determine when a Business opportunity exists* 6.1 What is a business plan? 6.2 Purpose of a business plan 6.3 Steps of making a business plan 6.4 The importance of business plan 6.5 Template of business plan *Chapter7: Start-up operations, getting started in* *business* 7.1 Steps on how to start a Business *Chapter8: Production of goods and services* *Chapter9: Financial Management* 9.3 Cooperative for Micro Business 9.13 Balance Sheet *Chapter10:* Social Responsibilities of Entrepreneurs 10.1 Social responsibility explained 10.2 Historical development of social responsibility 10.3 Theory of Karl Marx 10.4 The influence of labor Unions 10.5 Theories of Social Responsibility 10.6 Social responsibility to consumers 10.7 business ethics *Chapter11:* Business Success through People Development 11.1 Motivating people 11.2 positive reinforcement 11.3 employee expectations from management 11.4 How to get peak performance 11.5 Features of excellent enterprise 11.6 Success of technique of famous people 11.7 Good character create success 11.8 The power of prayer **The Entrepreneurial Mind** ** ** Chapter 5 **Setting Personal Goals** **The Entrepreneurial Mind** ** ** Chapter 5 **Setting Personal Goals** Chapter 5 ========= **Setting Personal Goals** **Introduction** Goal setting is a powerful process for thinking about your ideal future, and for motivating yourself to turn your vision of this future into reality. The process of setting goals helps you choose where you want to go in life. By knowing precisely what you want to achieve, you know where you have to concentrate your efforts. You\'ll also quickly spot the distractions that can, so easily, lead you astray. Every individual or organization should have a vision as well, a set of dreams and big or audacious long-term goals that provide a solid base for the goals you set. Your vision inspires you and gives you energy, guides you and gives all efforts a purpose. It connects goals with your deepest motivations and purpose. **Specific Objectives** *At the end of the lesson, the students should be able to:* 1. Define the term "personal goals". 2. Discuss the importance of goal setting for a persons individual and professional success. 3. Create a set of short and long term personal and professional goals. **Duration** *Chapter 5: Setting Personal Goals \[3 Hours\]* **5.1 PERSONAL GOAL SETTING** **Planning to Live Your Life Your Way**  Many people feel as if they\'re adrift in the world. They work hard, but they don\'t seem to get anywhere worthwhile. A key reason that they feel this way is that they haven\'t spent enough time thinking about what they want from life, and haven\'t set themselves formal goals. After all, would you set out on a major journey with no real idea of your destination? Probably not! ***5.2 OPPORTUNITY AND IDEA GENERATION*** *First consider what you want to achieve, and then commit to it. Set SMART (specific, measurable, attainable, relevant and time-bound) goals that motivate you and write them down to make them feel tangible. Then plan the steps you must take to realize your goal, and cross off each one as you work through them.* *Goal setting is a powerful process for thinking about your ideal future, and for motivating yourself to turn your vision of this future into reality.* *The process of setting goals helps you choose where you want to go in life. By knowing precisely what you want to achieve, you know where you have to concentrate your efforts. You\'ll also quickly spot the distractions that can, so easily, lead you astray.* **5.3 WHY SET GOALS?** **Top-level athletes, successful businesspeople and achievers in all fields all set goals. Setting goals gives you long-term vision and short-term motivation. It focuses your acquisition of knowledge, and helps you to organize your time and your resources so that you can make the most of your life.**  **By setting sharp, clearly defined goals, you can measure and take pride in the achievement of those goals, and you\'ll see forward progress in what might previously have seemed a long pointless grind. You will also raise your self-confidence, as you recognize your own ability and competence in achieving the goals that you\'ve set.** **5.4 STARTING TO SET PERSONAL GOALS** You set your goals on a number of levels: - First you create your \"big picture\" of what you want to do with your life (or over, say, the next 10 years), and identify the large-scale goals that you want to achieve. - Then, you break these down into the smaller and smaller targets that you must hit to reach your lifetime goals. - Finally, once you have your plan, you start working on it to achieve these goals. This is why we start the process of setting goals by looking at your lifetime goals. Then, we work down to the things that you can do in, say, the next five years, then next year, next month, next week, and today, to start moving towards them. **Step 1: Setting Lifetime Goals** The first step in setting personal goals is to consider what you want to achieve in your lifetime (or at least, by a significant and distant age in the future). Setting lifetime goals gives you the overall perspective that shapes all other aspects of your decision making. To give a broad, balanced coverage of all important areas in your life, try to set goals in some of the following categories (or in other categories of your own, where these are important to you): - Career - What level do you want to reach in your career, or what do you want to achieve? - Financial - How much do you want to earn, by what stage? How is this related to your career goals? - Education - Is there any knowledge you want to acquire in particular? What information and skills will you need to have in order to achieve other goals? - Family - Do you want to be a parent? If so, how are you going to be a good parent? How do you want to be seen by a partner or by members of your extended family? - Artistic- Do you want to achieve any artistic goals? - Attitude - Is any part of your mindset holding you back? Is there any part of the way that you behave that upsets you? (If so, set a goal to improve your behavior or find a solution to the problem.) - Physical - Are there any athletic goals that you want to achieve, or do you want good health deep into old age? What steps are you going to take to achieve this? - Pleasure How do you want to enjoy yourself? (You should ensure that some of your life is for you!) - Public Service - Do you want to make the world a better place? If so, how? Spend some time brainstorming these things, and then select one or more goals in each category that best reflect what you want to do. Then consider trimming again so that you have a small number of really significant goals that you can focus on. As you do this, make sure that the goals that you have set are ones that you genuinely want to achieve, not ones that your parents, family, or employers might want. (If you have a partner, you probably want to consider what he or she wants --- however, make sure that you also remain true to yourself!) *Tip:* *You may also want to read our article on Personal Mission Statements. Crafting a Personal mission statement can help bring your most important goals into sharp focus.* **Step 2: Setting Smaller Goals** Once you have set your lifetime goals, set a five-year plan of smaller goals that you need to complete if you are to reach your lifetime plan. Then create a one-year plan, six-month plan, and a one-month plan of progressively smaller goals that you should reach to achieve your lifetime goals. Each of these should be based on the previous plan. Then create a daily To-Do List of things that you should do today to work towards your lifetime goals. At an early stage, your smaller goals might be to read books and gather information on the achievement of your higher-level goals. This will help you to improve the quality and realism of your goal setting. Finally, review your plans, and make sure that they fit the way in which you want to live your life. *Tip:* *If you feel that you\'re not paying enough attention to certain areas of your life, you\'ll find our articles on The Wheel of Life and the Life/Career Rainbow useful.* **5.5 STAYING ON COURSE** Once you\'ve decided on your first set of goals, keep the process going by reviewing and updating your To-Do List on a daily basis. Periodically review the longer-term plans, and modify them to reflect your changing priorities and experience. (A good way of doing this is to schedule regular, repeating reviews using a computer-based diary.) **5.6 SMART GOALS** A useful way of making goals more powerful is to use the SMART mnemonic. While there are plenty of variants (some of which we\'ve included in parenthesis), SMART usually stands for: S - Specific (or Significant). M - Measurable (or Meaningful). A - Attainable (or Action-Oriented). R - Relevant (or rewarding). T - Time-bound (or Trackable) **5.7 FURTHER TIPS FOR SETTING YOUR GOALS** The following broad guidelines will help you to set effective, achievable goals: - **State each goal as a positive statement** Express your goals positively \"Execute this technique well\" is a much better goal than \"Don\'t make this stupid mistake.\" - **Be precise** - **Set priorities** When you have several goals, give each a priority. This helps you to avoid feeling overwhelmed by having too many goals, and helps to direct your attention to the most important ones. - **Write goals down** This crystallizes them and gives them more force. - **Keep operational goals small** Keep the low-level goals that you\'re working towards small and achievable. If a goal is too large, then it can seem that you are not making progress towards it. Keeping goals small and incremental gives more opportunities for reward. - **Set performance goals, not outcome goals** You should take care to set goals over which you have as much control as possible. It can be quite dispiriting to fail to achieve a personal goal for reasons beyond your control! In business, these reasons could be bad business environments or unexpected effects of government policy. In sport, they could include poor judging, bad weather, injury, or just plain bad luck. If you base your goals on personal performance, then you can keep control over the achievement of your goals, and draw satisfaction from them. - **Set realistic goals** It\'s important to set goals that you can achieve. All sorts of people (for example, employers, parents, media, or society) can set unrealistic goals for you. They will often do this in ignorance of your own desires and ambitions. It\'s also possible to set goals that are too difficult because you might not appreciate either the obstacles in the way, or understand quite how much skill you need to develop to achieve a particular level of performance. **5.8 ACHIEVEING GOALS** When you\'ve achieved a goal, take the time to enjoy the satisfaction of having done so. Absorb the implications of the goal achievement, and observe the progress that you\'ve made towards other goals. If the goal was a significant one, reward yourself appropriately. All of this helps you build the self-confidence you deserve. With the experience of having achieved this goal, review the rest of your goal plans: - If you achieved the goal too easily, make your next goal harder. - If the goal took a dispiriting length of time to achieve, make the next goal a little easier. - If you learned something that would lead you to change other goals, do so. - If you noticed a deficit in your skills despite achieving the goal, decide whether to set goals to fix this. *Tip 1:* *Our article, **[Golden Rules of Goal Setting]**, will show you how to set yourself up for when it comes to your goals. If you\'re still having trouble, you might also want to try **[Backward Goal Setting.]*** *Tips 2:* *It's important to remember that failing to meet goals does not matter much, just as long you learn from the experience.* *Feed lessons you have learned back into the process of setting your next goals. Remember too that your goals will change as time goes on. Adjust them regularly to reflect growth in Your knowledge and experience, and if goals do not hold any attraction any longer, consider letting them go.* **5.9 EXAMPLE PERSONAL GOALS** For her New Year\'s Resolution, Susan has decided to think about what she really wants to do with her life. Her lifetime goals are as follows: - Career - \"To be managing editor of the magazine that I work for.\" - Artistic - \"To keep working on my illustration skills. Ultimately I want to have my own show in our downtown gallery.\" - Physical - \"To run a marathon.\" Now that Susan has listed her lifetime goals, she then breaks down each one into smaller, more manageable goals. Let\'s take a closer look at how she might break down her lifetime career goal --- becoming managing editor of her magazine: - Five-year goal: \"Become deputy editor.\" - One-year goal: \"Volunteer for projects that the current Managing Editor is heading up.\" - Six-month goal: \"Go back to school and finish my journalism degree.\" - One-month goal: \"Talk to the current managing editor to determine what skills are needed to do the job.\" - One-week goal: \"Book the meeting with the Managing Editor.\" As you can see from this example, breaking big goals down into smaller, more manageable goals makes it far easier to see how the goal will get accomplished. *Key Points* Goal setting is an important method for: - Deciding what you want to achieve in your life. - Separating what\'s important from what\'s irrelevant, or a distraction. - Motivating yourself. - Building your self-confidence, based on successful achievement of goals. Set your lifetime goals first. Then, set a five-year plan of smaller goals that you need to complete if you are to reach your lifetime plan. Keep the process going by regularly reviewing and updating your goals. And remember to take time to enjoy the Satisfaction of achieving your goals when you do so. If You don\'t already set goals, do so, starting now. As you make this technique part of Your life, you\'ll find your career accelerating, and you\'ll wonder how you did without it! **REFERENCES/ADDITIONAL RESOURCES/READINGS** **Printed References:** Instructional Manual in the Entrepreneurial Mind, August 2020, President Ramon Magsaysay State University, College of Industrial Technology Fajardo Feliciano T., Entrepreneurship, Capitol House Incorporated, 1994 **Online References:** [[Setting Personal Goals \| SkillsYouNeed]](https://www.skillsyouneed.com/ps/setting-personal-goals.html) [[Setting Personal Goals - Examples and Importance \| Marketing91]](https://www.marketing91.com/personal-goals/) [[How to Set Personal Development Goals for Work (with Examples) \| Indeed.com]](https://www.indeed.com/career-advice/career-development/personal-development-goals-for-work) [[https://www.lifehack.org/864427/examples-of-personal-smart-goals]](https://www.lifehack.org/864427/examples-of-personal-smart-goals)