TLE

 TLE

L1: PECS (personal entrepreneurial competencies and skills)

“Personal Entrepreneurial Competencies and Skills” are desirable qualities that entrepreneurs must possess.

examples! :   

Virtuous means being honest and having strong and consistent ethical values. It says a lot about the goodness of a person.

Self-disciplined is the capacity of entrepreneurs to manage their emotions properly, regardless of the situation. 

Professional means that entrepreneurs must be hardworking and punctual without shortchanging the quality of their products and services.

Competitive is crucial in attaining the entrepreneurs' goals and business objectives, this is used in outsmarting other businesses with similar goals and objectives

Hardworking requires extra effort, energy, time, and resources by the entrepreneur to accomplish a target task or project without sacrificing the quality of the product or service

Self-confident means believing in oneself and his/her capabilities to achieve set goals and objectives

Foresighted create businesses and jobs for the future of their children, the country, and themselves.

Goal-oriented entrepreneurs who are good at setting realistic targets are likely to succeed in their business ventures.

Profit-oriented means that entrepreneurs should know how to manage their profit so that their business may continue to expand for their benefit and the welfare of their workers

Adaptable is the ability of an entrepreneur to cope with failures, and uncertainties and to adjust to challenging conditions.

L2: Entrepreneurship

Entrepreneurs are business-minded people who transform ideas into business or enterprise, creating jobs for people. Big-time entrepreneurs often start their businesses with little capital and scarce resources. However, they become successful due to sheer determination, resourcefulness, and perseverance.

 functions of entrepreneurs :   

undertaking effective planning involves processes that are vital in putting up enterprises or business ventures. This includes exploration of suitable ideas; identification of potential products; recognition of the type of enterprise (individual, partnership, or corporation); estimation of the required budget; determination of the appropriate business location; verification of government policies or regulations; exploration of the prerequisites and availability of workforce; and analysis of the market strategy to be used.

organizing requires entrepreneurs to coordinate, assemble, and supervise all the elements needed for production (business site, workforce, and corresponding budgetary requirements from marketing to implementation)

making wise decisions minimizes the risks that may occur during the implementation of the different phases of a business. Entrepreneurs should make wise decisions about the selection of business objectives; acquisition of efficient technology, machinery, and materials; hiring of employees; and development of an effective marketing strategy.

managing includes giving proper instructions to personnel, direction on operating machines, and utilization of other resources.

innovating deals with the promotion and creation of new products, introducing new technology and strategies, identifying new groups of customers, and establishing partnerships with other business groups to expand product coverage, among others.

L3: Types of Entrepreneurs

Principles specified in the SERDEF Entrepreneurship Teaching Guide (2013), serve as a reference in undertaking entrepreneurship!

Entrepreneurship progresses in places where resources are movable

It is greater when successful entrepreneurs put extra capital into potential projects of other community members

It succeeds in places where the success of other community members is acknowledged rather than belittled

It is greater in communities that can accept change positively

Self Employed are entrepreneurs who establish their businesses, do all the work, and keep the profit by themselves. Sometimes these entrepreneurs do full-time jobs like doctors, lawyers, and accountants, among others. 

Opportunists look for opportunities and capitalize on them for their benefit. As the products they may invest in are seasonal their success might be short-term

Acquirers are good at taking over a business enterprise that has been operating for quite some time but is about to close due to financial constraints or mismanagement. 

Speculators are individuals who buy a product and resell it for higher prices to gain more profit. These purchased commodities may include real estate, crops and vegetables, and ready-to-wear clothing.

Franchisees are entrepreneurs who start an enterprise for a widely known product brand that has already been established. The franchisees operated the business based on the specifications prescribed by the franchisor.

L4: Describing Filipino Values Favorable to Entrepreneurship 

Aspiration and Personal Satisfaction is the desire and aspiration to become wealthy is the driving force of some Filipino entrepreneurs to do business which is also their stepping stone to attain success.

Family and Value-Orientedness puts premium first and foremost on his/her family. Even if an entrepreneur is very successful, he/she never loses sight of the reason for striving so hard to make their business a success.

Positive Outlook is the optimism of Filipino individuals, they learn to accept challenges without reservation. They take problems as opportunities and use these as motivating factors to attain their dreams. They use challenges as their motivation to innovate, create, and develop business ventures to their advantage.

Practicality and Common Sense are applied to entrepreneurs due to not having completed their education, yet they can make smart decisions and are practical people. They use common sense in making decisions as they ensure they get bigger gains but use the lowest possible cost. They learn from their successes and their failures, thus making them effective entrepreneurs.

Passion for Business means having a passion for things they dwell on the most. Passion is what compels them to learn about the products or services they offer to customers. It also gives them a strong commitment to pursue with determination their business ventures to make it work and be successful.

Leadership and innovativeness are entrepreneurs with good leadership skills. They know how to lead, motivate, and influence their workers, business partners, and customers to generate support for their products or services. They try out new ideas and introduce new strategies to improve their products, and likely come up with ideal solutions when challenges and problems arise.

Hard Work is applied to entrepreneurs who value time and effort more than leisure time. Their dedication to doing their business is definite, thus compromising sometimes even their time for themselves and their families.

Adventurism applies to Filipino entrepreneurs who are fond of exploring new things and taking risks to achieve their dreams and goals. Successful entrepreneurs employ “pakikipagsapalaran” when they first start their businesses. A number of them are now celebrated businessmen in the country like Henry Sy, the founder of Shoe Mart

Confidence and Self-reliance are shown in Filipino entrepreneurs who are hands-on and independent in undertaking the nitty-gritty things of their business. They are practically able to do everything from finding the best suppliers, marketing, selling, and undertaking customer relations, to budgeting and accounting. These entrepreneurs rely on their instincts, conviction, and capability to operate businesses. They know how to manage unexpected risks and uncertainties. Hence, they resort to exploring doable strategies to resolve challenges.

Preference to having a family business is a characteristic of an entrepreneur sometimes because they run family businesses that are observed to be successful as responsibilities are divided among the family members. There are many successful entrepreneurs in our country, which confirms that close family ties are a highly influential value in the business world.

L5: Recognizing the Skills of an Entrepreneur

Interpersonal Skills

Leadership skill entrepreneurs who are likely to succeed in their business, as they know how to lead and convince people without intimidation.

Self-management skill includes effective leadership which is the ability to manage one's emotions when these are not appropriate for a given situation.

Social skill is the ability to understand the people surrounding them. It is also the ability to communicate with others effectively with respect to build trust.

Communication skill is a skill that an entrepreneur depends on to communicate effectively.

Assertiveness is one way of defending or putting one's ideas firmly 

Critical and Innovative Thinking Skills

Creative thinking is the ability to create project concepts and design products and services based on the needs and demands of the prospective clients

Problem Solving is a skill that must be acquired to provide appropriate and realistic solutions to problems encountered in business

Opportunity seeking means being able to easily observe market trends as big factors in undertaking business

Practical Skills

Setting goals develop a plan and implement it while considering the resources required to operate their business

Organizing is done by coordinating with the relevant people or those who are experts in project management and operation

Practical decision making is crucial because entrepreneurs must be good at making wise and practical decisions, based on relevant information, possible consequences, and implications that may occur

L6: Comparing Marketing And Market

Market 

 is a place where products, services, or commodities are introduced, sold or distributed to customers or users.

is also where transactions between buyers and seller are undertaken

  has three important components of market work namely:  demand supply, and purchasing power.

Marketing

is a  set of activities that includes promoting, advertising, establishing relationships, packaging products, and creating value for products and services for the intended clients. 

is done to identify, satisfy, and retain customers.

FOUR BASIC VARIABLES :   

  Products - are the goods and services that satisfy the needs, requirements, and wants of customers.

Price - is the prescribed value or cost that is commensurate to the quality of a product or service delivered.

Promotion - is the process of publicizing or advertising a product or service so that customers may patronize  it.

Place - is the location where selling and buying take place

SELLING STRATEGIES:   

Selling 

is the last step in marketing in which a purchaser exchanges money to a supplier for a certain product or service.

Understand and Know your Product - know what you're selling, including its features and benefits yours buyers can get, and other additional aspects. 

Show and Tell - customers rely on the saying “to see is to believe”

Know your Potential Customers - identify their needs and priorities based on their age, income, gender, education, location, hobbies, instrests, and more.

Obtain/Take Referrals - maintaining your old customers can sustain the day-to-day operations of your business. 

Price Competitively - pricing determines the success of your business, not too high nor too low.

DIFFERENCE BETWEEN MARKETING AND SELLING:

Marketing 

• is a business process that comprises the following:

• conducting market survey to identify the need for a product or service

• developing or producing the product or service based on the needs and demands of the target clients.

• promotion or creating positive awareness for it

• setting a price and selling the product or service to the customer, offering sale services that include processing, packaging, storage, transportation, and financing.

Selling 

• is the last step of marketing where the product or service is presented to buyers through selling. 

• is the act of closing a sale, or when the product has been bought by the consumer.

• can happen only when pricing, packaging, and positive awareness have been obtained for the product or service.

L7: Determining Marketing Mix

it is necessary to analyze first the business marketing mix to help the entrepreneur in making strategic decisions required for the smooth operation of his/her business.

TWO TYPES OF MARKETING MIX:   

Product Marketing Mix

 mainly used in the case of tangible goods. (bags, cars, books, computers) it comprises the following:

Product - is the good service that satisfies the needs, requirements, and wants of customers.

Price - is the prescribed value or cost that is commensurate to the quality of a product service delivered.

Promotion - is the process of publicizing a product or service so that customers may patronize it.

Place - is where selling and buying takes place.

Service Marketing Mix

has three additional variables that include people, process, and physical evidence

People - are the frontliners in service provision, therefore, hiring and training the right people is a must to create a competitive advantage.

Process - looks at the systems, procedures, and logistics employed to provide the service.

Physical Evidence - is where the service is being provided, distinguishes a company from its rivals.

L8: Comprehending Market Research and SWOT Analysis

Market Research

serves as basis for keeping up with the latest market trends and gaining competitive edge against others. 

is an orderly way of gathering, analyzing, and interpreting data and information that are vital in guaranteeing the success of a business.

SYSTEMIC PROCESSES: 

determines business problems and challenges

identifies needs and preferences of customers

discovers potential customers and their needs that can be integrated into the current enterprise.

makes doable targets for business growth, sales, and latest product developments.

makes well-informed business decisions and uses effective market strategies.

SWOT Analysis

SWOT stands for strengths, weaknesses, opportunities, and threats that affect the operation of a business.

Strengths and Weaknesses - are internal factors that are within the control of the entrepreneur.

Opportunities and Threats - are external factors that cannot be controlled, as these are not within the business.

INTERNAL: 

Strengths - describes the capabilities, resources, and areas where an organization excels like good leadership, competent staff, clear vision/mission, strong brand, loyal customer base, strong balance sheet, unique technology, among others.

Weaknesses - prevent an enterprise or business from performing at its best because of some constraints, such as higher-than-industry average turnover, high levels of financial responsibility, inadequate suppliers, or insufficient capital or assets, among others.

EXTERNAL: 

Opportunities - refer to favorable external factors that can be used by an enterprise to give it a competitive advantage, such as new market, technology, government programs, partnerships, etc.

Threats - refer to factors that have the potential to harm an organization, such as typhoon, peace and order situation, cost inflation for inputs, competition increase, tight labor supply, etc.

  ADVANTAGES OF SWOT ANALYSIS: 

 SWOT analysis is needed in an organization’s strategy formulation and identification processes.

It serves as guide in undertaking a business and sustaining its existence.

Strategic Planning

• serves as source of information as inputs in doing strategic planning

• capitalizes on the organization’s strengths

• reverses its weaknesses

• maximes its response to opportunities

• overcomes organization threats

• determines the core competencies of the business

• provides inputs in setting objectives for strategic planning

• helps in understanding past, present, and future trends to project future plans

Extra Information:

MAIN CHARACTERISTICS:

• Virtuous

• Self-Disciplined

• Professional

• Competitive

• Hard Working

• Self - Confident

• Foresighted

• Goal - Oriented

• Profit - Oriented

• Adaptable

15 TYPES OF ENTREPRENEURS:

• Wantrepreneur - wants to be something but doesn't truly try risks.

• Corporate Renegade - get rich or die trying

• Solopreneurs - controls everything for them

• Side - Hustlers - have other jobs

• Lifestyle Entrepreneurs - build their business from deal lifestyle

• Serial Entrepreneur - business is their lifestyle, constantly building something new

• Investor-preneur - ability to see potential in a small business to turn into a big one.

• Real - Estate Entrepreneur - strategies and opportunities and critical thinking

• Tech Entrepreneur - focuses their business on technology and ai

• Traditional Business Owners - on song types of entrepreneurs, has a big impact in business.

• Socialpreneurs - start business with the line “let’s make the world a better place”

• Influencers & Celebrities - launches their own products with people who have massive fans.

• Artists - art and business go together.

• Trendcatcher - trying to spot the next big thing, judgement and timing.

• E-Commerce Tycoon - internet is the ultimate thing to have business in.