Gee 8 The Entrepreneurial Mind Module 6 PDF

--------------------------------------- **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 6 **The Entrepreneurial Mind** ** ** Chapter 6 **Opportunity or Idea:** **Using Business plan to determine when Business Opportunity Exists** Chapter 6 ========= **Opportunity or Idea: Using Business Plan to determine when Business Opportunity Exists** **Introduction** A business plan is an essential roadmap for business success. It describes the direction, the company is taking, what its goals are, where it wants to be, and how it is going to get there. A business plan is also a written summary of an entrepreneur's proposed business venture, its operational and financial details, its marketing opportunity and strategies, and its managers' skills and abilities. The business plan holds great value for the entrepreneur and the company as an internal tool for structuring and streamlining the venture's activities. Furthermore, it is the most important tool to communicate to externals what the company is all about. It is a mandatory document that needs to be in shape when communicating to potential investors and partners. They are the most commonly the target audience of a venture's business plan. **Specific Objectives** *At the end of the lesson, the students should be able to:* 1. Describe the features of a business plan. 2. Discuss the purpose of a business plan. 3. Explain how a business plan is helpful in determining when an idea has the potential to become a successful business. 4. Examine the elements of the end- of term business plan project that will be assigned to the class. **Duration** *Chapter 6: Opportunity or Idea: Using Business plan to determine when Business Opportunity Exists \[3 Hours\]* **6.1 WHAT IS A BUSINESS PLAN?**  The purpose of a business plan is not only used for internal business operation but also getting creditors. A business plan is just not a phrase with only two words it is the vision of your life and a plain pathway to journey where you would like to reach. Think about, Bil Gates, Steve Jobs, or Mark Zuckerberg, what are the silver stone to achieve their target, nothing a plan and an idea to enrich himself in an invincible position. A business plan is the combination of some comprehensive action schedules and innovative ideas with the practical phenomenon to establish a self-oriented business or a corporate business. It is the meaning of [\"What is a business plan\"]. After understanding the concept of a business plan, we must know the purpose of a business plan- Without knowing the purpose, the plan becomes worthless. It generally includes the followings: - The company - Marketing plan - Product and service plan - Market penetration and sales plan - Management and organization plan - Management system and control plan - Financial plan - Growth plan - Investors highlights ***6.2 PURPOSE OF A BUSINESS PLAN*** *The objectives and targets of a business plan are very straightforward and goal oriented. The main purpose of a business plan is to guide the entrepreneur from where he should start and where he must reach.* *The purpose of preparing a business plan is to determine the chronological action plan to start a business. The business plan helps to identify the opportunity, threats, strength, and weakness of the organization.* *The entrepreneur will easily know the product details, market details, contingency plan, competition strategy, a source of financing, and the management mechanism after the launching product to the market.* *Writing down a business plan helps you explain your views and form the steps you need to take to be effective in your business. There are a number of pieces that all have to come together to make your business lucrative.* *A business plan ensures that you won\'t skip any important steps that could ruin your labors down the line. **Be specific**, **Use assesses able milestones**, **accountable duties**, and **trackball performance opportunities**, for a beginner. A business plan is clearly predicted the big picture and identify potential problems before you make errors.* *The other objectives of a business plan are:* - *To start-up business, the start-up plan discovers cost estimation of a possible idea. It identifies preliminary cost items and their management. This plan signifies sunk costs which are irrecoverable.* - *To flourish an idea of financing, i.e., sources of fund, cost of fund, and how to utilize the fund effectively.* - *To provide an idea about the breakeven point of your sales target and estimate of return at the end of the point.* - *To express details idea about the control systems and control mechanism about the business.* - *To give an idea about the growth plan or corporate plan for the organization.* - *To guide day to day operating activities business plan plays a vital role.* - *To compare the periodical performance of a company such plan is crucial.* - *To get a government license, it helps the authority to give permission.* - *To measure management efficacy, it is considered as a valuable evident.* **6.3 STEPS OF MAKING A BUSINESS PLAN** **A business plan is not a work by time. It is a systematic and chronological work. To make a successful business plan following steps should be followed.**  - **Set a specific goal of your business** - **Find out the major and non-major activity of your business** - **Select the key personnel of the organization** - **Elucidate the core products of your business** - **Make an extensive analysis of the financing** - **Prepare a contingency plan and** - **Finally, write a business plan** **6.4 THE IMPORTANCE OF BUSINESS PLAN** The importance of the business plan will not end with few words. In one word, it is your success plan. It will help you to determine the main objective of your business. The business plan provides you with an extensive idea about business, success and your victory. The successful business plan is the better half of your business. So, before starting, you should have to make a complete and integrated business plan. Otherwise, your capital, your thoughts, your idea, and your dream will be turned into an impracticable dream. **6.5 TEMPLATE OF BUSINESS PLAN** In a sample business plan template, the following elements include: - Executive Summary - Introduction a general idea about the business - The Company Details - Company Name - Address - Slogan Objectives - Products - Products and Services - Name of products - Products description - Value proposition - Management Plan - Board of Directors - Executive body - Employee Staffs - Market Focus - Customer - Customer choice - Competitors Analysis - SWOT Analysis - Strengths - Weakness - Opportunities - Threats - Financial Plan - Cost Analysis - Source of fund - Breakeven analysis - Cost of Fund Conclusion Making a business plan is making you hope to live. So, it is the guideline of your vision. A successful business plan will include all aspects like organizational, financial and strategical approach. The future of a company can be projected by understanding the concept of a business plan and its purposes. The template of the business plan should be designed to create a business plan. As we mentioned earlier the steps of a business plan which is a guide to stick to the pathway. You can generate an idea from business plan examples. So, let\'s start and go for victory. **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:** [[Business Plan Definition - Entrepreneur Small Business Encyclopedia]](https://www.entrepreneur.com/encyclopedia/business-plan) [[https://www.extension.purdue.edu/extmedia/EC/EC-735.pdf]](https://www.extension.purdue.edu/extmedia/EC/EC-735.pdf) [[Startup-Business-Plan-Template.pdf (vhsbi.com)]](https://vhsbi.com/wp-content/uploads/2019/02/Startup-Business-Plan-Template.pdf)