‘Technology and Livelihood Education Entrepreneurship Module 1: Personal Entrepreneurial Competencies © wes S2L° x i Fe Have you ever thought running your own business? Entrepreneurship has brought {teat success 10 some, but i's not a career path for all Do you think you can handle the stress and hare work that go with running a smal business enterprise? The key to succeed inva small business enterprise is your entrepreneurial ability to produce the desired results, Before embarking on your first business, i's worlh spending same time evaluating your own proparednoes for enttepreneurchip. Try te examine your own poreonality and compare it with the Personal Entrepreneurial Competencies (PECs) ol a successlul entrepreneur. Ask yyoulsel if you are ready to enter into the world of business. If your answer is yes, take this Teminder: "Successful entrepreneurs continuously develop and improve thelr PECs”. ’ Q EXPLORE Your Understanding Essential Question - How does one ensure success in achosen career? Content Standard - The leemer demonstrates understanding ot Personal Entrepreneurial Competencies (PECs) Performance StandardGuide Questia! 1 ‘Tho loarnor propares an activity plan that addrosses his/her dovolopmont aroas based on his/her PEGs and improves ‘urther histher areas ot strength. Why is there @ need to assess ones personal characteristics, attrbutes, lifestyles, ‘kill and trate? ‘What are tie personal entrepreneurial competencies of a successiul entrepreneur? Why is it necessary to compare ones personal characteristics, attrbutes, lifestyles, skills and alls to the personal entrepreneurial competences of a successful ‘entropreneur? How do you ‘elate your PECs 10 the PECs of a successiul entrepreneur? Based on the deta tha! you have gathered irom the interview with the successful ‘entrepreneur in your communi, how do you develop your PECs? ‘Can you prepare an action plan that addresses your arees of development and ‘strength based on your PECS? How does your action plan help sustain your sirong areas and or address your ‘davalopment areas based on your PECs? Hello there! Are you ready to assess yourself to become a ‘successful entiepreneur in tie future? As honest as you could, please angwer the pre-assessment below. Pre: Assessment A. Matching Type Directions: Column A licts the characteristice of a successful entrepreneur. Draw a fine from the items in Column A that connects the correct definition of terms listed in Column B. Column A Column B4. Hardworking ‘a. Ability to set realistic targots. . Interest in money generation. 2. Seiteoniicent . To succeed. one must believe in one's sel % Proit-Oriented . Working diligently and industriousyy 4, Gosl-Oriented e. Being able to lsien to he advice of others, 5. Persistent 1. Obtaining useful feedback and advice ‘fom others. 8 eeaenIe i foe 9. Being patient and stives to achieve the joa 7. Willing to Isten 9 * h. Ability to take measured or calculated 8. Commitiod risks, i. Being honest, fair and trustworthy. 9, Reliable and hasiniegriy J.-A major priority in the entrepreneur's He 10.Risktaker ‘Are you done? This time you vill do another set of ore- assessment ? which could give you a better understanding of what this module is all about ‘Are youl ready? So, let's begin! B. Multiple Choice. Directions: Read and study the situation that describes the entrepreneurial charactoristics or attributes. Anewar tho question by writing tho lottor of your choice in your assignment notebook or in the answer shiest provided Mis. Gina Magno opens up her own retall business. She knows that her personal ‘entrepreneurial characterises are insufficient fo ersure a successful operationalization ‘of 2 business that she hac in mind. Your anewors to th quostione bolow will holp in developirg her PECs.‘What PECs must she possess if there are customers who complain about the quailty of her product? a. Patience b. Hardworking c. Versatie 4. Allotine above Which of the fellowing is NOT considered as a characteristic of an enttepreneur? a. Copes with falure b. Dependent ©. Persistent 4d. Oppertunty seoker If she wants to ensure a profitable business operation. what characteristic will she maintain? @. Commitment b. Goal oriented cc. Fuuuristie 4. Opportunity seeker Mrs. Magno follows the advice of a fiend to be flexible especaly if she intends to open a retail business. Whal PECs has been demonstrated by Mrs. Magno? a. Sel- confidence Reliable and has integity e. Open to feedback d. Persistent She tells Mary, her best Irland that she nas a strong will and does nt give uptotind a ‘solution toa businessproblem. Whai PEGs has been demonstrated by Mrs. Magno? a. Hard work b. Persistence &. Sel-confidence J. Ridk-takingThis time evaluate your own personal entrepreneurial Characteristics to determine whether you 100, can become an = antrepreneur. If you are ready, you may begin! C. Self: Assessment Directions: Below is a list of Personal Entrepreneurial Competencies (PECs) of a successful entrepreneur. Put a check mark on the 2nd column that indicctes your strong PECs. The check mark on the 3 column are those PECs that eed to be developed. ly Personal Entrepreneurial Compeiencies Personal Entrepreneurial ‘Competencies of an Entrepreneur Hardworking Self-confident | Builds for the future “Profitorienied Goatoriented Persistent | ‘Copes with taiure Responds to feedback Demonstrates initiative Willing to sten | ‘Sets own standards ‘Copes with uncertainty | ‘Committed Builds on strengths: | Reliable and has integrity Fiisk-aker : | ‘Strength Needs to be DevelopedDid you enjoy examiring yaursell? You can become @ suocessful %—entiepreneur someday. Please don't feel bad when you discover that 4 there are sill to be developed. Continue your exploration to find ‘answers to these underdeveloped PECs. Lessont. Important Entrepreneurial Traits ‘The following are the fundamental charactetistics of an entrepreneur: 1. Hard working: you are determined to mun your own business, you must ‘concentrate on your wrk either as a producer or 2 seller. The sticcess of your business depends on how much time andeelfort you wil spend on i 2. Sell~ Confidence: You must have a strong fath in your abilly despite the problems. that you will encounter along the way. 3. Future-Oriented: Once a person enters ina line of business, you must understand that you are in a non-stop cortraci thal an entrepreneur should understand. 1 may teke several years to bul up @ business to a reasonable standaid. The goal fer most successful business people ie to build a secure job and eiable income for themselves based on their own abiity, 4, ProfitOrlented: When you erter into the world of bushess, obviously, you are looking forinceme because you know that this willbe your bread and butter not only for you but also for your family. Therefore, you must see to it the business ean generate income. Another plan of acton is to expand your own business through the use of your generated income, 5. Goal-Oriented: An ontropronour is ferwaid looking. You have an advanced preparation for your business. You set a long-term goal for the actviies that are needed, an extensive preparation for the production process and procedures that {you need 10 go through te ecculre, human and non-human resources. Everything inyour business will have to be set cleatly, orgarized, and planned depending on the ‘gpal you want to achieve. 6. Persistence: Differences in ophion and judgment. Your opponent can be a part of the rejection on what you intene to do for your endeavor. As an entrepreneur, you ‘must be firm, strong-willed, and stiek or follow your own belt 7. Copes with Failure: “Leam from your mistakes". As an entrepreneur, you must learn how to deal with the frustrations and falures instead, turn these into productive learning experiences. 8. Responds to Feedback or Open to Feedback: You must be concerned to know how well you are doing and keep track of your performance. You myst obtain useful teedback and advice ‘rom others. 9, Take the Initiative: A successful entrepreneur takes the initiative. You must put yourself in a position where you personally are responsible for the fallure or success. of your business, 10. Willing 10 Listen: Take time to listen to the advice, suggestions, and recommendations of felow enttepreneurs. It will help your business grow. 11 Sat your Own Standards: This invelves developing and using legieal, step-by-step pars to reach the goals, or offering evaluation aliematives, monitoring progress, ‘and swiiching to successful strategies for the goal you want to achieve. To be a ‘sucvesstul entrepreneur you must take into consideration that sales and production depend on your own standards 12. Copes with Uncertainty: Pursue your vision to be a successtul entrepreneur, you ‘should know how to handle unusual events thal may happen in the business whicn include problems in managing the workers, problems on the delivery of goods and services. and the problems on demand and production. You must be patient in dealing with these uncertainties. 13, Committed: You shoud know that in your business, personal needs, altachmert to your friends, families and relatives ave set aside. You must separaie the money for your business from the amount that you nead to spend for parsonal obligations and testy.14, Builds on Strengths: Successtul business people base their work on strengths. Use your manual skils, knowedge in creating products or services, knowledge in trade and industyy, abilly to make and use of a wide network of contacis to build your business. 15 Reliable and has Integrity: An entrepreneur must build a good reputation, possess the courage to do the right thing, do whet you say, walk your talk, be loyal, and be {arin dealing with the subordinates and costumers. 1G.Risk-Taker: Risk sometimes cannot be anicipated. When misfortunes happen, consider these as challenges and work them out and set good alternatives. Risks ‘may result to loss of your business or even bankruptcy. & FIRM UP your Understanding Activity!: Aligning one's PECs Directions: Choose from the list below the characteristics and trails that best describe your own personal entrepreneurial characteristics. Find ways on how to align them according 10 the personal entrepreneurial characteristics of an entiepreneur which were discussed ealier. Wrte your answers in the actity sheet provided.Example: My PECs “Things to doto align wih PEGS My PECs My simple definition 1a suovess(ul entrepreneut 1. Creative 2. Organized 3. Competent @, Observant ‘Trytodesign 2 concept map tha Indicates your tals, characteristics ‘and skills that you need to possess in order to become a successful entiepreneut Activity 2. My PECs that need to be further improved Directions: At the center ofthe street are arrows where positive and negative ‘characteristics and tats are writen. Pick oul the positive PECs that you are ‘already strong at, and wire them down on the blank arrows on the left eide PECs written on the arrows at the ight side ate the negative characteristics thal need jo be further improved.Here are your guides on how to strengthen your own PECs, 1 React positively to citicisms and open to feedback. Always demonstrate positive atitude to achieve a desired goal. Always project strong and well-balanced behavior. Always exercise the assertive style in your work environment a5. Avid being too passive and too aggressive. 6. Dont let anyone worsen your business Ife 7. Priofte your business goal rather than personel goal in order to become a successful entrepreneur. 8. Acquire specifi skills for creating and maintaining 2 conducive work environment. 9. Be responsible in everything you do in your busiress. 10. Always observe business ethics in putting up a business, Helo! Im here once again remnding you whether you have achieved ‘4 celtan point that you could honesty tell that you are already ‘successful in etrengthoning your own PECe Let ssee! Activity 1: My techniques to strengthen PECs Directions: From the given chart below, write at feast six techniques on how you would strengthen your own PECs. Write the PECs that you feel that you stil need to focus on to strengthen these. Example: Selt-confidence‘TRANSFER Your Learning Preperation of an Action Pian ‘Culminating Activity Directions: Examine yourself once again. Make a shortlist of PECs that you need to strengthen. From this ectiviy, prepare of an action plan that requires further development. ‘You may opttte follow the suggested forma! below. You may improve or change it as long ‘as iteulls your own plan of action ‘Sample Action Plan‘Specific Purpose Statement: ( Vour vision of your future) Ex. Developing self-confidence in tai tusiness. Focus | Current Measures setions | time | "ewer Area |Situation | Goat Required | Frame | "eeoantion Success WyPEGs [[needto | To ‘Rotieve——‘Seling—‘|-During Ears ldevelop | exercise 100% inished —_ulminating bxpected Imy myown completion of products hetivtios _jncome lundefined [PECs development Herived er ‘Outstanding characteris |dusing ot my_own fiom learning performance in ltics need selling and PECs through culminating the ling and formy [producing oling and fetvitos in principlos, promoting fetal — products’ production of pny of theories, products ard business. [services products, phosen _process and Kewices Isuhas: |-Tebecame proper kareer. bt any profisient manner when |Pericipate bhosen inmy eating with|h skits bareer chosen peopl. mpettion ski sored the NGO ind GO Post-Assessment‘Answar the post assessment below to determine whethar there is significant increase in your understanding of PECs. The feedback to this posi assessment is appended on page 16. Good Luck! A. Matching Type Directions: Column A lists the characteristics of a successtul entrepreneur. Draw a line from the items in Column A that connects the correct delintion of terms listed in Column B. tuna aturi 4. Hardworking a. Abily to set realistic targets. b. Imerest in money generation 2. Selt-contident ¢. To-succeed, one must believe in one's sef. 4. Working dligertly and industiously 2. Profttorient rofitoriented e. Being able to listen to the advice of others. “he "RSE 1. Qbtairing useful feedback and advice from otners 5. Persisint 4. Being patient and strives to zchieve the geal 8. Responds or open to h. Abily o tke measured or calculated risks teecback iL Being henest, far and trustworthy. i. Armajor prionty in the entrepreneur's ite. 7. Willing to listen 8 Committed 9. Reliable and has integrity 10. RisktakerB. Multiple Choice Directions: Road and study tho situation that doscribos entroprenourial charactoristice. Then answer the question by wring the letter of your choice in your assignment notebook or in the provide answer sheet. Mrs Gina Magno opens up her own retall business. She knows that her personal ‘entrepreneurial characteristics are ineufficient lo eneure a succesetul opersticnalizaion ‘of a business she has in mind. Your answers to the questions below will help in developing her PECs. 1 ‘What PECs must she possess if there are customers who complain about the quality ‘of her product? a. Patiance b. Hardworking . Versatile 4d. Allof the above Which of the following is NOT considered as a characteristic of an enttepreneur? a. Copes with failure b. Dependent c. Persistent . Opportunity seeker HW she wants te ensure a prefitable business operation, what characteriatic will she maintain? a. Commitment b. Goal oriented ‘e. Futuristic or future-orionted 6. Opportunity seeker Mrs. Magno follows tne advice of a frend to be flexible especialy It she intends to oper a retail business. What PECs has been demonstrated by Mrs. Magno? a. Sell: confidence b. Reliable andhhas integriy cc. Responsive to feedback 4. Porcietont5. She tells Mary, her best friend that she has a strong will and doesnot give up to find ‘solution to a business problem. What PECs has been demonstrated by Mrs. Magno? ‘a. Hard work b. Persistence c. Self-contidence 6. Risk- taking Feedback Pre-assessment/ Post: assessment A. Matching Type 14 et 20 ne ap ei 4a et 50 toh B. Multiple Choice 1a 2bTechnology and Livellhood Education Entrepreneurship Module 2: Environment and Market ‘One of your greatest dreams in Ife isto become a succetstl entrepreneur. Aga person, you ale capable of developing your characte! and personally and now 10 respond lo some business challenges and opportunities. You can make things happen by identfying the opportunties around you. You may ask yourself theeo questions: ‘What do people need? What procuds and services are avaliable in he market today? Can they be improved? How are they made or delvered? Can things be done better? cchoapar? taster? cleanar? Can a product wich ie used for specific purpose be also used for some other purpeses? ‘You stuuly find answers to these questions as you dacide to do the frst step in launching a business enterprise. Be cautious howaver, thal you shauld devebp a habit Of identilying opportunities around you. Only then, you will ind the activily both exciting and easy.Essential Question How does one select an entrepreneurial activity? Content Standard ~ The learner demonstrates understanding of environment and market that telatee with the career choice, Performance Standard - The leamer formulates @ business idea based on the analysis of the environment and markt Guide Questior 1. How does one determine the pioduct to be produced or services to be offered ‘and delivered to the Larget market or customers ina particular community? 2. How does one select an entrepreneurial actviy? 3. How can one respond effectively to a business enterprise? Helio there! Are you ready to assess yourself if you are ready to] generate potential business ideas? Let's try by answering the| ‘succeeding pre-assessment. Pre-assessment 1. The following are examples of peoples’ basic needs, except: Recreation Glothing Shelter Food aece 182. Wheh of the following should be considered first by a prospective entrepreneur in choosing the right location for histher store? a. Types of merchandise b. Accesso! the target customers fc. The attractiveness of the store layout 4d. The prevaling prices of goods in the area 2. Thong plane to put a “digl-print’ studio in their locality. Which ofthe following will ielp hin determine a successful plen for sating up of his business? a. Survey of consumer associations b. Checking for similar business to avoid competition cc. Getting feedback on the quality of service 4. Conduct a SWOT analyeie 4, Ceasar studies the population in his immediate community. He is doing this to — Identity his would be “suk” predicthis biogest buyer. select hie favorio costumers. dejermine whom to sell his product or service. aege 5. When an entrepreneur improves and alter products to meke it more appealing to lerget consumers, heishe is doing an-—— df he product. fa alteration ». invention . innovation 4. improvisation Lesson 1 Needs and Wants of People Everyone has his or her own needs and wants. However, people have different concepts of needs and wants. Needs in business are important things that every individual cannot de without ina society. These include 1, Basie commodties for consumption 2. Clothing and other personal belongings, 3. Shelter, sanitation and health 94. Education and relaxation Basic needs ate essential to every individual so he/she may be able to live with dignity and pride in the community of people. These needs can obviously help you generate businass ideas. Wants are destes, luxury and extravagance thal signify wealth and an expensive way of living. Wants or desires are considered above all the basic necessities of life Some examples are the eagerness or the passion of every individual which are non- basic needs ike; fashion accessories, shoes, clethes, ravellng around the world, eating in an exclisive restaurant; watching movies, coneers, plays, having luxurious cars, wearing expeneive jewelry, perfume, living in impressive homes, and others. Needs and wants of people are the basic indicators of the kind of business that you may engage into because it can serve as the measure of your success. Some ‘other good points that you might consider in business undertakings are the kind of people, their needs, wan's, MMestyle, culture and traction, and social orientation that they belong, Lesson 2 Generating Ideas for Business Horo are como ways by which you may gonarate possible idoas for businoss. 1. Examine the existing goods and services. Ave you satistied with the product? What do other people who use the product say about if? How can t be improved? There are many ways of improving @ product from the way itis made to the way itis packed and sold? You can also improve the materials used in coating the product. In addition, you intoduce new ways of using the product. making it more useful ané adaplable to the cusiomers’ many needs. When you aie improving the product or entiancing it, you are doing an fanovation. You ean ‘aso co an invention by introducing an entirely new product to replace the old Business ideas may alsa be generated by examining what goods and services ave sold outside by the community. Very often, these products are sold in a form that can stil be enhanced or improved 2. Examine the present and future needs. Look and listen to what the customers, instiuton, and communities are missing n terms of goods and 20services. Sometimes, these needs are already obvious and felt al the moment ther needs ave not that obvious because they can only be felt in the future, in the event of certain developments in the community. For example, a town will have ts electriication facilly in the next sie months. Only by that time wil the entrepreneur could think of electrically- powered or generated business such as, xerox copier, computer service, digtal printing, etc. Examine how the needs are being satisfied. Needs for the products and services are referred to as market demand. To sally these needs is to supply the produste and services that meet the demands of the market. The term market refers to whoever will use or buy the products or service, and these may be people or institutions such as other businesses, establishments, ‘oiganzations, or government agencies. ‘There isa very good business opportunity when there absolulely no supply to procsing market demand. Businesses or industries in the localty also have needs for goods and services, ‘Their neace ‘or raw materia, maintenance, and othar senices euch ae ealing and distibution are good sources of ideas for business. Examine the available resources around you. Obsorve what materia or ‘kill: are available in abundance in your area. A business can be started out ot avalable ‘aw materials by selling them in raw form and by processing and ‘manufacturing them into finished products. For example, in a copre-producing town, there will be many coconul husks and shells available as “waste” product, These can be collected and made into coco ragsidoormat and charcoal bricks ‘and gold profitably oureide the community. ‘Agroup of people in your neighborhood may have some special sklls that can be harnessed for business. For example, women in the Mountain Province possess. loom weaving skill that have been passed on from one generation ta the next generation. Some communities there set up weaving businesses to produce barkets, as well as decorative items and various souvenir items for sale to tourists and lowland communities. Business ideas can come from your own skils. The work and experience you may have in agricultural arts, industial arts, nome economies, and ICT classes will provide you with business opportunities to acquire the neaded skills which will earn for you extra income, should you daeide to engage in income-generating aactivities. With your skills, you may alsa tinker around with various things in your ‘spare time. Many products were invented this way. 5. Read magazines, news atticles, and other publications on new products land techniques or advances in technology. You can piek up new business idoae from Noweweek, Reader's Digest, Businoss Magazinas, Go Negosyo, KAB ‘materals, Small indusiy Journal. The Intemet serves as a library where you may browse ard surt on possible businesses. Itwil also guide you on how to put the right product nthe right place, at the rignt pree, at the night time: LLeting of poseible businesses to ¢ot up in an area may aleo be available from ‘banks of local non-government organizations. Lesson 3 Selecting the Right Idea ‘Once you have embarked on identilying the business opportunities, you will eventualy see that there are many possibilties that are available for you. It is very unlikely that you wil have enough resources lo pursue ail af them ai once. ‘Wheh one will you choose? You have to select the most promising one from among hundreds and one ideas. It will be good fo do this in stages. In the first stage, you screen your ideas to narrow them down to about five choices. In the nex! stage, tim down the five choices to two options. In the final stage, choose between the two and decide which business idea worth pursuing, In screening your ideas, examine each one in terms of the following factors: 1. How much capital ie needed to put up the business? 2. How big is the demand for the product? D0 many people need this product and wil continue to need itfor2 long te? 3. Hows the demand met? Who are processing the products to meet the need (competition or demand)? How much of the need is now being met (supply)? 4. Do you have the background and experience needed to tun this particular business? 5. Will the business be legal, not going aganst ary existing or foreseeable government requlation? 6. |e tho bucinaee in lina with your interest and expertise? 2Your answers to these questions will be helpful in screening which ones. {rom emong your many ideas are worth examining further and worth pursuing. Lesson 4 Environmental Scanning ‘There is a need to conduct envronmental scanning to Hentty the needs ‘and wantst people, the niche for your business mission, and to give attention to lends and Issues. This may also serve as an evaluation of ihe ype of the entrepreneurial activity appropriate in the community, Environmenial scanning is defined as a process o! gathering, analyzing, and dspensing information for tactical or strategic purposes. The environmental ‘scanning process ental obtahing both factual and subjective information on the business environments in which a company is operating. Envirenment in the community can be viewed according to ts technological, poltical, economic, and social aspects. For example, in the past, ecole in the community used personal computers but the transmission of evelopment in terms of technology was interrupted because people were not ‘satisfied with what they have today. They sill look for the changes in thei Ife and the corresponcing in their environment. ‘As a future entrepreneur, you must be well-versed in this kind of advancement and progression of your environment particularly in technology so 18 to secure the success of your lulure business. Always think of something new, something novel, authentic, reinvent the existing ones. and create your new version of goods/products, and services. For instance, your ovin hair straightening 's herbal, while In the other salons itis made of synthetic chemicals. This kind of changes being made will effect the existing principles in business ene industries ‘hat can be easily adapted to the changes in producing the products/services to mee! the needs and wants of people in the community. 2FIRM UP Your Understanding In gandrathg biTtireatsidéa, ypourhoalditestribattfyovhatitupe of hat inde ic suited to y productsigcods and services you are planning to ofer will be patronized within the ‘easy reach by your target marketsiconsumers. Bear in mind these simple rules for successful SWOT analysis. Be reaiistic about the strengths and weaknesses of your businass when conducting SWOT analysic ‘SWOT analyeie should dietingvich between where your business ie today, ard whete it could be in the future ‘SWOT should always be specific. Avoid any grey areas. ‘Always apoly SWOT in relaton to your competition ie. better than or worse than your competition, Keep your SWOT shart and simple, Avoid complexity and over analysis, SWOT is cubjective. Bs, DEEPEN Your Understanding People keep on searching tor new things, new trends, and new issues, For these teasons, an enirepreneur hurriedly responds to these needs ‘and wants of paople, ‘As generations come and oo, another set of new trends will come or will exlst. In order to adapt to the rapid changes In the business envronment, the ‘existing industies need to improve thelr products and services. But how can you ‘generate business ideas with those stiong competitors? ‘There are three main ‘sels of decisions that you need fo make - what fo produce, how Wo produce, and how to share or sek out the product to the market ryActivity 1 Mini survey Directions: Conduct 2 mini survey in your immediate community. Gather ppertinent data on population across age brackels as suggested in the matrix ‘each age group, indicate their probable needs and wants. 2tivity 2. Screening business ideas Directions: After fling out the chart above, tty to list down all the probable business opportunities which you may wish to venture in. Remember io coneidar the ideas and suqgestions discussed in Lesson 3. Use the suggested matrix below to indicate your choice. Write your answers in your notebook. Example: Sollng woodon toys Positive Factors Nogative Factors Sirengihs | Opportunities Weaknesses Threats K TRANSFER Of Learning Now that, you nave all the information, are you ready to test your abilly to generate your own business idea? ‘tudying the cample vienily map of a community with a population of two your answer is yes, start 2thousand people A new housing project will be consiructed adjacent to Dang Hari St, close 10 Old Moline St., its main road. This housing project targets the homeowners who are young couples wih two kids. In this activity, you need to answer the questions that may lead to the ‘gonoration of a probable business. Your answors to thoss quostione will sorve ‘as the bases in formulating your own business ideas. ‘Who do you think are your target consumersmarkets? Whereis the most ideal location to situate your business? Which products oF services would appeal to yout target consumersimarkets? 4. Gan you say that you have seized the most feasible business oppertunity? aPost-assessment 1 ‘The following are examples of peoples’ base needs, except: Recreation Clothing Shelter Food nese ‘Which of the following should be considered fre! by a prospective entreprenour In choosing tne right location for his ner store? ‘Type of merchandise The access of the target customers ‘The attractiveness of the store layout ‘The prevaling prices of goods in the area Thong plans to put a “digi-print’ studio in their locality. Which ofthe following will help hin determine his plan for a success setting up of his business? a. Suey of consumer assceiations 'b. Checking for similar business to avoid competition cc. Getting feedback on the quality of service 4. Conduct a SWOT analysis ‘Ceasar studies the population in his immediate community. He isdoing this to— identify his would be “suki predict his bagest buyer. select hie favorite costumers. datermine wiom to sell his product or service. ‘When an entrepreneur improves and alter products to make it more appealing to target consumers, heishe is doing an-——~ of the product. 'a. alteration ». inventon cc. Inmovation 4. improvisaton ryFeedback Pre-assessment end Post assessment 2B. Multiple Choice Directions: Road and study tho situation that doscribos entroprenourial charactoristice. Then answer the question by wring the letter of your choice in your assignment notebook or in the provide answer sheet. Mrs Gina Magno opens up her own retall business. She knows that her personal ‘entrepreneurial characteristics are ineufficient lo eneure a succesetul opersticnalizaion ‘of a business she has in mind. Your answers to the questions below will help in developing her PECs. 1 ‘What PECs must she possess if there are customers who complain about the quality ‘of her product? a. Patiance b. Hardworking . Versatile 4d. Allof the above Which of the following is NOT considered as a characteristic of an enttepreneur? a. Copes with failure b. Dependent c. Persistent . Opportunity seeker HW she wants te ensure a prefitable business operation, what characteriatic will she maintain? a. Commitment b. Goal oriented ‘e. Futuristic or future-orionted 6. Opportunity seeker Mrs. Magno follows tne advice of a frend to be flexible especialy It she intends to oper a retail business. What PECs has been demonstrated by Mrs. Magno? a. Sell: confidence b. Reliable andhhas integriy cc. Responsive to feedback 4. Porcietont