Week 2 Revised Q1 Entrepreneurship PDF

ENTREPRENEURSHIP Teacher: Mr. AR Anthony G. Salvacion Business of the Day: Daily Routine Prayer Drills Recall/Motivation Essential Question Lesson Proper Evaluation/Activity Checking of Attendance Wrap-Up/...

ENTREPRENEURSHIP Teacher: Mr. AR Anthony G. Salvacion Business of the Day: Daily Routine Prayer Drills Recall/Motivation Essential Question Lesson Proper Evaluation/Activity Checking of Attendance Wrap-Up/ Valuing/Assignment Daily Routine  MOTIVATION FIX ME Business of the Day: Direction: Arrange the scrambled letters to form a Daily Routine Drills: Recall/Motivation correct word. Essential Question Lesson Proper Evaluation/Activity Wrap-Up/ 1. PUSIERSPL 6. UTSBETIUST Valuing/Assignment Daily Routine 2. NISSUBES 7. ICEVERS 3. KERTAM 8. PECITIONMTO 4. EDICRRSTO 9. IMCLTEA 5. SUTEMOSRC 10. NTERTSAN  ESSENTIAL QUESTIONS Business of the Day: Daily Routine Drills: Recall/Motivation Essential Question What role does innovation Lesson Proper Evaluation/Activity Wrap-Up/ Valuing/Assignment and creativity play in Daily Routine identifying and developing new business opportunities?  LEARNING OBJECTIVES Business of the Day: Daily Routine At the end of our lesson, you are expected Drills Recall/Motivation to; Essential Question Lesson Proper Evaluation/Activity identify the market problem to be solved or the market Wrap-Up/ need to be met; Valuing/Assignment Daily Routine propose solution/s in terms of product/s and service/s that will meet the need using techniques on seeking, screening, and seizing opportunities; screen the proposed solution/s based on viability, profitability, and customer requirements; and select the best product or service that will meet the market need.  RECOGNIZING POTENTIAL MARKET Business of the Day: Entrepreneurial Ideas Daily Routine Drills The creation of an entrepreneurial idea leads Recall/Motivation Essential Question to the identification of entrepreneurial Lesson Proper Evaluation/Activity opportunities, which in turn results in the Wrap-Up/ Valuing/Assignment opening of an entrepreneurial venture Daily Routine  RECOGNIZING POTENTIAL MARKET Business of the Day: Essentials in Entrepreneur’s Opportunity – Seeking Daily Routine Drills These are the basic foundation that the entrepreneur Recall/Motivation Essential Question must have in seeking opportunities: Lesson Proper Evaluation/Activity Wrap-Up/ Valuing/Assignment Daily Routine Entrepreneurial mind frame. This allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situation. Being a risk - taker, an entrepreneur can find solutions when problems arise.  RECOGNIZING POTENTIAL MARKET Business of the Day: Entrepreneurial heart flame. Entrepreneurs are driven by Daily Routine passion; they are attracted to discover satisfaction in the Drills Recall/Motivation act and process of discovery. Passion is the great desire Essential Question Lesson Proper of an entrepreneur to achieve his/her goals. Evaluation/Activity Wrap-Up/ Valuing/Assignment Entrepreneurial gut game. This refers to the ability of the Daily Routine entrepreneur of being intuitive. This also known as intuition. The gut game also means confidence in one’s self and the firm belief that everything you aspire can be reached.  SOURCES OF OPPORTUNITIES Business of the Day: 1. Changes in the environment Daily Routine Drills Entrepreneurial ideas arise when changes happen in the Recall/Motivation Essential Question external environment. A person with an entrepreneurial Lesson Proper Evaluation/Activity drive views these changes positively. Wrap-Up/ Valuing/Assignment Daily Routine External environment refers to the physical environment, societal environment, and industry environment where the business operates.  SOURCES OF OPPORTUNITIES Business of the Day: 1.1 The Physical environment includes Daily Routine Drills a. Climate – the weather conditions. Recall/Motivation Essential Question b. Natural resources – such as minerals, forests, water, and fertile land that occur in nature and can be used for Lesson Proper Evaluation/Activity economic gain. Wrap-Up/ Valuing/Assignment Daily Routine c. Wildlife – includes all mammals, birds, reptiles, fish, etc., that live in the wild.  SOURCES OF OPPORTUNITIES Business of the Day: 1.2 The Societal environment includes Daily Routine Drills a. Political forces – includes all the laws, rules, and Recall/Motivation Essential Question regulations that govern business practices as well as the Lesson Proper Evaluation/Activity permits, approvals, and licenses necessary to operate Wrap-Up/ Valuing/Assignment the business. Daily Routine b. Economic forces – such as income level and employment rate. c. Sociocultural forces – customs, lifestyles and values that characterize a society. d. Technological environment – new inventions and technology innovations.  SOURCES OF OPPORTUNITIES Business of the Day: 1.3 The Industry environment of the business includes: Daily Routine Drills a. Competitors Recall/Motivation Essential Question b. Customers Lesson Proper Evaluation/Activity Wrap-Up/ c. Creditors Valuing/Assignment Daily Routine d. Employees e. Government f. Suppliers  SOURCES OF OPPORTUNITIES Business of the Day: 2. Technological discovery and advancement Daily Routine Drills A person with entrepreneurial interest sees possibility of Recall/Motivation Essential Question business opportunities in any new discovery or because Lesson Proper Evaluation/Activity of the use of latest technology. For example, an individual with knowledge in repair and Wrap-Up/ Valuing/Assignment installation of a machine engine discovers additional Daily Routine engine parts that considerably reduce fuel consumption.  SOURCES OF OPPORTUNITIES Business of the Day: 3. Government’s thrust, programs, and policies Daily Routine Drills The priorities, projects, programs, and policies of the Recall/Motivation Essential Question government are also good sources of ideas. For example, the use of firecrackers to celebrate New Lesson Proper Evaluation/Activity Year’s Eve is strictly prohibited. People without Wrap-Up/ Valuing/Assignment entrepreneurial interest will view the ordinance as a plain Daily Routine restriction. However, for an entrepreneur, it is a business opportunity to come up with a new product that will serve as a substitute for firecrackers.  SOURCES OF OPPORTUNITIES Business of the Day: 4. People’s interest Daily Routine Drills The interest, hobbies, and preferences of people are rich Recall/Motivation Essential Question sources of entrepreneurial ideas, like the increasing Lesson Proper Evaluation/Activity number of Internet Cafés at present could lead to the Wrap-Up/ Valuing/Assignment strong attachment of young people to computers. Daily Routine  SOURCES OF OPPORTUNITIES Business of the Day: 5. Past experiences Daily Routine Drills The expertise and skills developed by a person who has Recall/Motivation Essential Question worked in a particular field may lead to the opening of a Lesson Proper Evaluation/Activity related business enterprise. For example, an accountant who has learned the Wrap-Up/ Valuing/Assignment appropriate accounting and management skills and Daily Routine techniques in a prominent accounting firm can start his/her business venture by opening his/her own accounting firm.  FORCES OF COMPETITION MODEL It is also known as the “five forces of competition”. An industry Business of the Day: environment is a competitive environment. Regardless of what Daily Routine Drills product or services you have, competition is always present. Recall/Motivation Essential Question Competition – it is the act or process of trying to get or win Lesson Proper Evaluation/Activity something. For example, the prices are lower when there is a Wrap-Up/ Valuing/Assignment competition among the stores. These are the five forces Daily Routine competing within the industry: Buyers Potential new entrants Rivalry among existing firms Substitute products Supplier  FORCES OF COMPETITION MODEL 1. Buyers Business of the Day: Daily Routine The buyers are the ones that pay cash in exchange for your goods Drills and services. One example is the influence of the price or in the Recall/Motivation Essential Question bargaining strategy. The buyer has a strong and magnified Lesson Proper Evaluation/Activity bargaining power. The threat of its bargaining power will be less if Wrap-Up/ Valuing/Assignment the following factors are noticed: Daily Routine a. There are several suppliers available in the market. b. The buyer has the potential for backward integration. c. The cost of switching the supplier cost is minimal. d. The product represents a high percentage of the buyer’s cost. e. The buyer purchases large portions of the seller’s product or services.  FORCES OF COMPETITION MODEL 2. Potential New Entrants Business of the Day: A new entrant is defined as companies or businesses that have the Daily Routine ability to penetrate or enter into a particular industry. For example, in the level of capital requirements, if the business Drills Recall/Motivation Essential Question Lesson Proper requires huge capital, new entrants should decline to join the Evaluation/Activity Wrap-Up/ business. This gives a threat to the business. This can be noticed if Valuing/Assignment Daily Routine there is the presence of the following factors: a. Substantial capital requirement b. Strict government policy c. Difficulty in accessing distribution channels d. Economies of scale e. High cost of product differentiation f. High switching cost.  FORCES OF COMPETITION MODEL 3. Rivalry among Existing Firms Rivalry is a state or situation wherein business organizations are Business of the Day: Daily Routine Drills competing with each other in a particular market. Recall/Motivation Essential Question For example, it depends on the marketing strategy of your competitor, like giving freebies and special offers. The intensity of Lesson Proper Evaluation/Activity Wrap-Up/ Valuing/Assignment rivalry among existing firms is characterized to the following Daily Routine factors: a. Diversity of rivals b. Number of competing firms c. Characteristics of the products or services d. Increased capacity e. Amount of fixed costs f. Rate of industry growth  FORCES OF COMPETITION MODEL 4. Substitute Products Substitute is one that serves the same purpose as another product Business of the Day: Daily Routine Drills in the market. Recall/Motivation Essential Question For example, the consumers decide to use margarine as a substitute for butter. In case the price of butter increases, Lesson Proper Evaluation/Activity Wrap-Up/ Valuing/Assignment preferably the consumer will gradually switch to margarine. A Daily Routine substitute product can give a big threat in the industry environment if the following factors are noticed: a. Switching cost is low b. Preferences and tastes of the customers easily change c. Product differentiation is highly noticeable d. The quality of substitute products dramatically improves e. The price of substitute product is substantially lower  FORCES OF COMPETITION MODEL 5. Suppliers The Suppliers are the one that provide something that is needed in Business of the Day: Daily Routine Drills business operations such as office supplies and equipment. In an Recall/Motivation Essential Question example where supplies and services being offered is unstable the Lesson Proper Evaluation/Activity intensity of the threat is strong in this kind of the competitive force Wrap-Up/ in the industry. This can be noticed if there is the presence of the following factors: Valuing/Assignment Daily Routine a. The supplier has the ability for forward integration b. Suppliers in the industry are few, but the sales volume is high c. Substitute products are not readily available in the market d. The switching cost is very high e. The product or service is unique  Written Work Business of the Day: Daily Routine Drills Recall/Motivation Essential Question Lesson Proper: Evaluation/Activity Wrap-Up/ Valuing/Assignment Daily Routine  Activity #2 Business of the Day: Daily Routine Drills 1. Develop an entrepreneurial mindset to deal with Recall/Motivation uncertainties in regional and global market environments. Essential Question Lesson Proper 2.Understand the diverse character traits and behaviors which Evaluation/Activity Wrap-Up/ inform entrepreneurs. Valuing/Assignment Daily Routine 3.Demonstrate an understanding the entrepreneurial process from idea generation to concept development and creation of the venture. 4.Develop critical thinking and problem-solving skills through creativity, innovation, and logical applications. 5.Develop an entrepreneurial mindset to deal with uncertainties in regional and global market environments. Business of the Day: Daily Routine DrillS PRAYER Recall/Motivation Essential Question Lesson Proper Evaluation/Activity Wrap-Up/ Valuing/Assignment Daily Routine