Underlying Requisites Of An Entrepreneurial Career Commerce Essay

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An entrepreneur usually begins with a "zero idea". So based from his analysis of the environment, he will come up with a product or service that is still needed and no one is currently supplying. Do you want to experience how an entrepreneur feels from the time he starts from "scratch" until he is making his "harvests".

Lesson 81 Elements to Consider in Choosing a Business

Picture of a ladder

with the steps for choosing the right business

Objectives:

To recognize the six steps in choosing the right business.

To describe each step of choosing the right business.

To recommend a good business after going through the steps.

Enkindle your knowledge:

Think of any problems that are being experience by most people in your community. From these problems mentioned, think also of some possible solution for each problem. Trim down your solutions into the best ones. What have you got? Do your classmates agree?

Enhance your knowledge:

The choice of what business to operate can be very difficult. In order to explore possibilities there must be an information resource that should be regularly built on. There are hundred fold of ideas to reflect on that could bring additional revenue. However, the problem is the possibility of success.

Certainly, finding the business to start must be something to the interest of the owner and that will best utilize his skills. For example, someone who loves art can be an artist, put up an art gallery or teach art.

A positive attitude is also necessary to bring about financial accomplishment.

Prior to business idea development, determining the strength and viability of the concept is vital. Look at the following criteria for evaluating ideas that is particularly well suited for the entrepreneur and his goals.

market need-there is a deprivation of this "thing"

market appeal-distinct features of the product/service that will enhance buyers to buy

uniqueness of the product- unique, distinct, or of considerably superior than your competitor

usefulness of the product-the functionality of the product/service

existence of competition-rival companies which are also selling the same or almost the same product/service

competitive pricing-the reasonable price compared to that of the competitors' price

growth prospects- expectation to grow despite changes in the environment

product safety-absence of hazards especially health on the part of customers

strong promotion-substantial advertisement and publicity of the product/service

Here are the six important steps for choosing the right business:

Follow ones obsession- It is best to make or sell a product or service that one is knowledgeable about. There will be a better chance of success if the entrepreneur believes in what he is doing. The most successful entrepreneurs feel passionate about what they are doing.

One must be real-Entrepreneur must be sure that the business has true entrepreneurial opportunity in line with his individual interests and expertise. Start a business that one thinks has a solid potential to be profitable.

Consider competition-Don't close ones eyes with recognized competition. It is a brilliant idea to learn them and differentiate ones product or service from them.

Build a lifestyle option-Business needs a 24/7 commitment to become successful. Be sure that one's lifestyle is fitted in to the business that one would like to pursue. If an

individual is a conservative type, then have a business that allows one to work at home. If a person loves interacting with people, selling could be the best alternative.

Be conscious of risk profile-Fewer risks are involved in just copying other's idea and to make the concept different a little fine tuning may be applied. Franchising option is a perfect example of a business with a low risk.

Value the importance of technology-The use of technology and love can help a lot in starting the business that ones like. From the searching of possible opportunities to start on, down to advertising ones business, the Internet will provide information right at ones fingertips.

Enrich your knowledge:

The most successful entrepreneurs feel passionate about what they are doing.

Start a business that one thinks has a solid potential to be profitable.

Business needs a 24/7 commitment to become successful.

Franchising option is a perfect example of a business with a low risk.

From the searching of possible opportunities to start on, down to advertising ones business, the Internet will provide information right at ones fingertips.

Enlighten your knowledge:

Activity 1

Write T if the statement is correct and F is the statement is incorrect.

Profitability must be the first priority when thinking of beginning a business venture.

In order to become an entrepreneur must give his 24/7 commitment to the business.

Franchising option is a perfect example of a business with a moderate risk.

A positive attitude is also necessary to bring about personal accomplishment.

The Internet provides information right at ones fingertips.

It is a brilliant idea to make ones product or service similar from competitors.

There will be a lesser chance of success if the entrepreneur believes in what he is doing.

Determining the strength and viability of the concept is vital before developing business idea.

The choice of what business to operate can be very difficult.

The business to start must be something to the interest of the owner and that will best utilize his skills.

If a person loves interacting with people, selling could be the best alternative.

Activity 2

Match Column A with Column B using connecting lines.

Column A Column B

1.

artist

a.

put up an art gallery or teach art

2.

positive attitude

b.

24/7 commitment

3.

market need

c.

business at home

4.

follow ones obsession

d.

passionate about what they are doing

5.

lifestyle option

e.

deprivation of the "thing"

6.

conservative type

f.

business with low risk

7.

franchising

g.

unique, distinct, or superior

8.

successful entrepreneurs

h.

functionality of the product/service

9.

uniqueness of the product

i.

distinct features of the product/service

10.

usefulness of the product

j.

bring about financial accomplishment

l.

make or sell a product or service

that one is knowledgeable about

and love

Activity 3

Write the letter of your best choice on the blanks provided before each number.

_____ 1. Franchising is a _____ risk business.

low

high

moderate

none of these

_____ 2. Business needs a _____commitment to become successful.

30/4

24/7

120/30

365/12

_____ 3. The choice of what business to operate can be very_____.

difficult

easy

moderately difficult

moderately easy

_____ 4. A _____attitude is also necessary to bring about financial accomplishment.

negative

zero

positive

none of these

_____ 5. The most successful _____ feel passionate about what they are doing.

entrepreneurs

owners

managers

workers

_____ 6. If a person loves interacting with people, _____could be the best alternative.

painting

selling

working

entertaining

_____ 7. The use of _____can help a lot in starting the business that ones like.

Internet and love

love and work

technology and love

Internet and technology

____ 8. Start a business that one thinks has a solid potential to be_____.

profitable

negotiable

challenging

all of these

_____ 9. Entrepreneurs don't close ones eyes with recognized_____.

competition

negotiation

challenge

profit

_____ 10. It is a brilliant idea to make ones product or service _____from competitors.

similar

different

unique

unparallel

Activity 4

Draw a ladder with six steps. Using this drawing follow the six steps of choosing the right business until you come up with your idea of what specific business will you be putting up someday.

Activity 5

Make an essay on how will you go about starting your own business if given the opportunity and a small capital of one thousand pesos. You can use the steps for choosing the right business as your guide. State the uniqueness of your product or service offering. How will you go about promoting it?

Empower your knowledge

In one of your discussion about entrepreneurship, your teacher related the characteristics of an entrepreneur. On your self-evaluation you possess most of these characteristics. However, when she asked you if wanted to become an entrepreneur you hardly say anything. At the back of your mind, there is something bothering you. You belong to a poor family so you believe that you cannot be in that profession. Do you think you have enough confidence to pursue that career? So, how then will you develop yourself?

People who are truly inspiring...

Mylene Abiva of First Educational Learning Trends Always (FELTA)

Mylene flourishes in the high-tech industry of educational media and technology, a niche dominated mostly by men. FELTA was incubated by her parents in 1966, from an uncomplicated importer of visual aids, books and other simple educational materials to what is now an international trader and manufacturer of educational courseware, laboratory equipment and robotics for Filipino children. Mylene aims to pave the way for a brighter future for FELTA.

She often recalls what her father usually tells her as a sort of advice. "Life is short. Make your mark on this earth, but also build your castle in heaven. Know yourself and always believe in yourself. And don't let anyone, man or woman, tell you otherwise." (Go Negosyo, 2009)

Lesson 82 Sources of Product Ideas

Picture of trade shows In World Trade

Objectives:

To identify possible sources of product ideas.

To determine means of going into business.

To select a good business with profit potential that could be put up in the community.

Enkindle your knowledge:

Are you familiar with trade shows? Trade shows offer multiple opportunities to know upcoming trends in various types of products and services. They are composed of potential suppliers that could offer the right product if you will engage in trading. Or a product idea or concept in case you wanted to engage in manufacturing. Have you seen a trade show in World Trade Center? Describe.

Enhance your knowledge:

In order to start a specific business venture, an idea or concept is vital for an entrepreneur. But where does he get those idea that will help him establish the actual product or service that he can distribute to the market. The following are some sources of ideas or concepts:

Business of the family- Parents with business directly influence their siblings in terms of business ideas. Especially when the family business is doing well, anyone from the children could opt to choose the same line of business parents had already established.

Personal hobby-Hobbies usually lead someone to a business of his/her interest. A passion for something can inspire anyone to make money out of it.

Suggestions from friends/relatives- People in the surrounding can give the idea and inspiration on what business to start with. With financial and motivational backup anyone can be inspired to start with a business venture.

An unusual incident-Out of walking leisurely in the park, a person with entrepreneurial mind can come up with a profitable idea from an unusual incident. Foldable chairs and tables is a result of insufficient vacant benches in the park.

Ones profession-Professionals with entrepreneurial spirit often do not want to become employees of a particular company. Instead, they put up their own office, shop or clinic and commit themselves to become entrepreneurs.

Work experience-People who work for a long time as an employee, often realize that their effort does not prove anything and lead them nowhere. Using their prior experiences in the industry where they were once employed, they put up a similar business.

Research and development-Using structured questions, people who wanted to put up their businesses ask customers what they want about a product or service. Middlemen and distributors also contribute suggestions about said product or service through their direct communication with customers.

Creative problem solving-New products are often the answer to a particular problem that needs to be resolved. The modern cellular phones that are being used today is the answer to the communication problem brought about by desire of consumers not only to hear their loved ones but to exchange pictures.

Improving existing products-Adding new and functional features to an already existing product out of creativity can produce a new one. Making changes in presentation and even packaging is another innovative idea that can produce a new product.

Recognizing business opportunities in the community:

Market demand-Keen observation of the needs of the residences of the community may help determine a demand for a product and/or service

Place-Good location like being near a factory, school or offices may bring opportunity. Putting up a sari-sari store, carenderia or a store of school supplies is a good business.

Spare-time activity-The common hobby of women, men or even children in the community can give an idea of the type of business an entrepreneur can put up.

Available resources-Abundance of a specific resource in a community may bring concept for establishing a business. People living near seashores with access to lots of seashells may use them to produce decorative materials.

Pastime and ability- Ones passion and ability may be combined to come up with a business opportunity. People with "green thumb" and are really interested in gardening can invest in a plant for sale business.

Means of going into business:

Begin a new business-When there is a need that is not yet addressed in the community, a new business may be put up, like a requirement for a water station, laundry shop, beauty parlor or even a bakery.

Purchase an existing business-There are times that an existing business is appealing to entrepreneurs. There is less risk and little costing involved when buying an existing business. Everything is already well established including customers, suppliers and reputation.

Assume a family business-Often a family member who is interested and well-exposed to the business of a family assume the responsibility of running the family business. Since the business is ongoing, it will be less worry on the part of the entrepreneur to accept the role.

Franchise-Since the name of the franchisor is already known in the industry, it will be easy to run a franchised business. Franchising is also an attractive business because of the assistance offered by the franchisor in employees training, advertising, technical as well as financial.

Enrich your knowledge:

An idea or concept is vital for an entrepreneur before starting a business venture.

A passion for something can inspire anyone to make money out of it.

New products are often the answer to a particular problem that needs to be resolved.

Franchising is an attractive business because of the training, advertising, technical

and often financial assistance offered by the franchisor.

Enlighten your knowledge:

Activity 1

Write T if the statement is correct and F is the statement is incorrect.

Parents with business, indirectly influence their siblings in terms of business ideas.

Professionals with entrepreneurial spirit often do not want to become employees of a particular company.

People, who work for a long time as an employee, often realize that their effort does not prove anything and lead them nowhere.

Making changes in presentation and even packaging is another innovative idea that can produce a new product.

Scarcity of a specific resource in a community may bring concept for establishing a business.

When there is a need that is not yet addressed in the community, a new business may be put up.

There is more risk and more costing involved when buying an existing business.

Since the name of the franchisor is already known in the industry, it will be difficult to run a franchised business.

Ones passion and ability may be combined to come up with a business opportunity.

Adding new and functional features to an already existing product out of creativity can produce a new one.

Activity 2

Match Column A with Column B using connecting lines.

Column A Column B

1.

business of the family

a.

passion for something

2.

personal hobby

b.

new business

3.

an unusual incident

c.

put up business using ones professions

4.

a need that is not yet addressed

d.

children on the same business

5.

professionals

e.

profitable idea for an entrepreneur

6.

middlemen/distributors

f.

from observations of needs

7.

new product from innovation

g.

ready customers and suppliers

8.

market demand

h.

well-known franchisor

9.

franchising

i.

business venture

10.

purchase existing business

j.

changes in presentation and packaging

l.

can get suggestions direct from customers

Activity 3

Write the letter of your best choice on the blanks provided before each number.

_____ 1. _____ usually lead someone to a business of his/her interest.

Hobbies

Unusual incident

Ones profession

Work Experience

_____ 2. People with ­_____and are really interested in gardening can invest in a plant for sale business.

"yellow thumb"

"white thumb"

"green thumb"

"red thumb"

­­_____ 3. Professionals with _____often do not want to become employees of a particular company.

entrepreneurial wisdom

entrepreneurial spirit

entrepreneurial mind

entrepreneurial guidance

_____ 4. Using_____, people who wanted to put up their businesses ask customers what they want about a product or service.

unstructured questions

structured questions

restructured questions

destructive questions

_____ 5. _____ of a specific resource in a community may bring concept for establishing a business.

Shortage

Insufficiency

Abundance

Scarcity

_____ 6. New products are often the answer to a particular _____that needs to be resolved.

solution

problem

answer

key

_____ 7. Franchising is also an _____business because of the assistance offered by the franchisor in employees training, advertising, technical as well as financial.

attractive

unattractive

distasteful

repellent

_____ 8. There is less risk and _____involved when buying an existing business.

little costing

more costing

great costing

extra costing

_____ 8. Good _____like being near a factory, school or offices may bring opportunity.

location

establishment

institution

association

_____ 9. Since the name of the _____is already known in the industry, it will be easy to run a franchised business.

franchisee

franchisor

manager

owner

_____ 10. When there is a _____that is not yet addressed in the community, a new business may be put up.

need

problem

solution

change

Activity 4

Observe and make an assessment of the products/services that are in demand here in the metropolis. Try to determine if these particular products/services are also needed and could be marketable in the provinces also. Be ready to discuss your findings in class.

Activity 5

Identify the possible needs of your community. Are these needs of your community being satisfied with the current services and product offered? Are they reasonably priced? Are they accessible at all times? Relate your observation in the class.

Empower your knowledge

There are success stories you have read about people who came from "rugs" and them become rich. One of your friends wanted to be rich when he grew up. However, in your assessment of his character, he seems will be incapable of fulfilling dreams. They are very poor. He is even very shy. Are you right in judging him? Is it right to judge peoeple?

People who are truly inspiring...

Socorro Alejandrino/Patsy Alejandrino Paterno of Papemelroti

The word "papemelroti" is often mistaken as a derivation of unfamiliar Greek, if not Italian term. It is a tongue-twisting name which is in reality a combination of the first syllables of the Alejandrino siblings-PAtsy, PEggy, MEldy, RObert and TIna.

For Mommy Corit, GOOD LOCATION is a must. It was when they moved to Ali Mall that Papemelroti took its height. The rent was higher, but the sales were better.

The company recognized the importance of suppliers and so it is a point to readily pay them on time. The Alejandrino also believe that their business is a catalyst of faith. The business is an instrument of spreading the word of God. Right now the family is trying to reach out mothers of street children through livelihood programs. (Go Negosyo, 2009)

Lesson 83 Entrepreneur Business Opportunity

Pictures of magazines on entrepreneurship

Objectives:

To identify the four elements in determining business opportunity.

To determine the outlooks of entrepreneurs in gaining opportunities in the environment.

To analyze income possibilities of regularly consumed products that people cannot live without.

Enkindle your knowledge:

Observe keenly the market that surrounds you. What are the offered products/services? Who are the people using these offerings? Is there a possibility of improving these products/services? Let's say you wanted to produce a product that is already being sold in the market, how will you improve it? Tell your plan in the class.

Enhance your knowledge:

An entrepreneur has an above average creativity. He does not want to stop on what he ahs seen. He envisions more than what he has in his hands. He is not satisfied with simple designs and crafts more than what he observe.

A business opportunity consists of four elements that must be present within the same timeframe and geographical location, namely:

An unmet need

The ways to complete the need

An option to apply the ways to complete the need and;

A technique to benefit

The more distinctive the combination of the elements mentioned, the more exceptional the business opportunity is. When an entrepreneur properly manages the elements, he is in the best situation to take advantage of the opportunity. The business he created can become a market leader, if he seriously considers the opportunities at hand. Real entrepreneurs do not wait for opportunities to come; they scan their environment and try to find the opportunity.

The following are some outlooks of entrepreneurs on how to gain business opportunities in the environment:

A Woman - Some entrepreneurs treat business opportunities as a woman. There must be balance in seducing a business opportunity. One cannot be too eager or too aloof; the business opportunity may pull away or go to other entrepreneurs. With any incorrect move, a business opportunity may go out of ones hand.

Prey - Other entrepreneurs consider business opportunities are like prey. They take pleasure in hunting for a perfect business opportunity. These people observe their environment, eager to get clues of business opportunities using the gut feel of a hunter.

A plant - Witty entrepreneurs think of business opportunities as plants. They plant the seeds of opportunity and nurture it until it grows into a successful business venture.

Luck -Some entrepreneurs perceived business opportunities as luck or fate. So, they do

not aggressively labor to find business opportunities, because for them its just a waste of time.

High demand products or services that people consume on regular or daily basis are the most profitable business opportunities. Regular consumption of products/services makes consumers look for them habitually. Examples of regularly consumed products that people cannot live without are:

Food, drinks and dietary supplements

Communication services like mobile telephony, Internet communications, telecommunications

Cosmetics and personal care products

Information and entertainment

Enrich your knowledge:

Real entrepreneurs do not wait for opportunities to come; they scan their environment and try to find the opportunity.

One cannot be too eager or too aloof; the business opportunity may pull away or go to other entrepreneurs.

With any incorrect move, a business opportunity may go out of ones hand.

Witty entrepreneurs plant the seeds of opportunity and nurture it until it grows into a successful business venture.

High demand products or services that people consume on regular or daily basis are the most profitable business opportunities.

Enlighten your knowledge:

Activity 1

Write T if the statement is correct and F is the statement is incorrect.

A business opportunity consists of four elements, namely an unmet need, the ways to complete the need, an option to apply the ways to complete the need and a technique to benefit.

A business can become a market leader, if the opportunities at hand are seriously considered.

With any incorrect move of the entrepreneur, a business opportunity may go out of ones hand.

Some people observe their environment, eager to get clues of business opportunities using the gut feel of a hunter.

Witty entrepreneurs plant the seeds of opportunity and nurture it until it grows into a successful business venture.

Some people take pleasure in hunting for a perfect business threats.

Irregular consumption of products/services makes consumers look for them habitually.

Food, drinks and dietary supplements are regularly consumed products that people can live without.

Some entrepreneurs perceived business threats as luck or fate.

Some entrepreneurs treat business opportunities as a man.

Activity 2

Match Column A with Column B using connecting lines.

Column A Column B

1.

business as a woman

a.

seeds of opportunity and nurture it until it grows

2.

prey

b.

just a waste of time

3.

a plant

c.

consumers look for them habitually

4.

luck

d.

balance in seducing a business opportunity

5.

regular consumption

e.

examples of regularly consumed products

6.

real entrepreneurs

f.

pleasure in hunting for a perfect business opportunity

7.

incorrect move of entrepreneur

g.

try to find the opportunity

8.

can become a market leader

h.

opportunity may go out of ones hand

9.

regularly consume products

i.

seriously considers the opportunities at hand

10.

cosmetics and personal care

j.

most profitable business opportunities

products

l.

information and entertainment

Activity 3

Write the letter of your best choice on the blanks provided before each number.

_____ 1. Which of the following element must be present in determining business opportunity?

An unmet need

The ways to complete the need

An option to apply the ways to complete the need

All of these

_____ 2. Real _____do not wait for opportunities to come; they scan their environment and try to find the opportunity.

entrepreneurs

owners

managers

none of these

_____ 3. Some entrepreneurs treat business _____ as a woman.

opportunities

threats

strengths

none of these

_____ 4. With any _____move, a business opportunity may go out of ones hand.

correct

incorrect

proper

approved

_____ 5. Witty entrepreneurs think of business opportunities as_____.

plants

roots

seeds

roots

_____ 6. Regular consumption of products/services makes _____look for them habitually.

suppliers

retailers

owners

consumers

_____ 7. Entrepreneurs take pleasure in _____for a perfect business opportunity.

hunting

buying

investing

exchanging

_____ 8. High demand products or services that people consume on regular or _____basis are the most profitable business opportunities.

weekly

daily

monthly

yearly

_____ 9. Witty entrepreneurs plant the seeds of opportunity and nurture it until it grows into a _____business venture.

successful

unsuccessful

unproductive

productive

_____ 10. Other entrepreneurs consider business opportunities are like_____.

prey

bait

lure

decoy

Activity 4

Select a product/service that is available in the market. Make your suggestions on the features that could be added to make better this particular product/service. Relate all your suggestions to the class. Do your classmates agree with your proposals?

Activity 5

Get a cartoon box of cereals in any shape and size. Try to modify the texts and pictures outside the box. Show to your classmates the result of your alteration. Be sure to explain each changes and the underlying reason for the change.

Empower your knowledge

You are not good in art. The assignment your teacher gave you is so boring. So you cannot even start it. You asked the help of your big brother, but he is busy too with his assignments. The deadline is two days from now. What will you do? Will you still pass your art assignment?

People who are truly inspiring...

Merle S. Alferez of MSA Academic Advancement Institute

After being a Mathematics teacher for 18 years, she decided to put up her own tutorial center. She was really extraordinary being a tricycle driver at the age of 14. For her the magic of life is like Mathematics -add passion to your work, subtract unwanted luxuries, multiply your advantages and then divide and share your blessings.

This 2002 Teodora Alonzo Awardee for Education applies integrity not only in academics but also in paying taxes. Frugality is another value that she practiced. As an entrepreneur, appreciating every peso is a must-the reason why MSA has never taken a loan. She always maintains a simple lifestyle. (Go Negosyo, 2009)

Lesson 84 Steps in Creating a Business Enterprise

Picture of a notebook having the different parts of a business plan

Objectives:

To recognize the necessary steps in establishing a business.

To describe the different parts of a business plan.

To design a simple business plan.

Enkindle your knowledge:

A business plan is like a road plan that will lead you to your destination successfully. Have you been in a situation where you didn't find your destination because had no map with you? It was a waste of your valuable time and money, of course. Well, the same thing happens to business if you don't have any plan. Retell your story to the class.

Enhance your knowledge:

Starting a business is tough job. But applying sound principles will increase your chances of success. Five key areas you should focus on before you get your startup running include: financing your business; creating an effective marketing plan; managing your cash flow; conducting market research; and being committed to excellence.

It is absolutely essential to develop a plan of action before opening ones door and begin enterprising. Once a good plan has been created, the other particulars will follow. It could mean the difference between having a hobby and being a successful entrepreneur. Before establishing a business, the following necessary steps must be followed:

Company naming-The company name is the recall that will be on the minds of potential clients or customers. Better think of a unique, appealing yet simple business name.

Business plan writing -A viable business plan will give an idea to potential investors on the seriousness of the entrepreneur on his endeavor. The following are necessary parts of a business plan:

Cover page-It is a short description of the business.

Table of contents-It allows readers to locate a specific segment in the plan.

Executive summary-It is the synopsis of the total plan, regarding the steps one will take for victory.

Business background-It places interest on skills and expertise in the field.

Marketing plan-It gives information on the products and services the entrepreneur is offering, the market, pricing strategy, and plans for marketing and advertising of business venture.

Action plan-It gives information on the particular action-items you will utilize to create and deliver your products and services.

Financial management, statements, and projections-It explains the source of start-up capital, monthly budgets, projected expenditures, expected return on investment, projected balance sheets, accounting strategy, and more.

Operations-It gives details on hiring procedures, insurance, leasing, equipment and other expected operational costs.

Closing statement-It is a confirmation of goals and objectives for a successful business.

Appendix- It makes clear the statistical analyses, sample marketing materials, and resumes.

Business financing -Looking for capital to start the business is vital. Using own savings to start a small business is an advantage, because it will lead to fewer debts. Some borrow money from friends and relatives, while others from banks and other financial institutions.

Location exploration- One of the key to ones success in venturing into business is the right location by thinking of accessibility, size, and budget. Operating with limited capital may choose a home based business as an initial option to start with.

Business establishing - Suitable licenses for business operation must be taken to ensure compliance of legal documents needed to start the business. The entrepreneur must choose the best business organization type that will make his venture profitable.

Enrich your knowledge:

Five key areas you should focus on before you get your startup running include: financing your business; creating an effective marketing plan; managing your cash flow; conducting market research; and being committed to excellence.

The company or business name must be appealing yet simple.

A viable business plan will give an idea to potential investors on the seriousness of the entrepreneur on his endeavor.

Using own savings to start a small business is an advantage, because it will lead to fewer debts.

One of the key to ones success in venturing into business is the right location by thinking of accessibility, size, and budget.

Suitable licenses for business operation must be taken to ensure compliance of legal documents needed to start the business.

Enlighten your knowledge:

Activity 1

Write T if the statement is correct and F is the statement is incorrect.

Starting a business is an easy job.

It is absolutely not essential to develop a plan of action before opening ones door and begin enterprising.

Better think of a unique, appealing and hard to pronounce business name.

A viable business plan will give an idea to potential investors on the seriousness of the entrepreneur on his endeavor.

Looking for capital to start the business is not vital.

Using own savings to start a small business is a disadvantage.

The entrepreneur must choose the best business organization type that will make his venture profitable.

One of the key to ones success in venturing into business is the right location.

The marketing plan gives information on the products and services the entrepreneur is offering, the market, pricing strategy, and plans for marketing and advertising of business venture.

An action plan gives information on the particular action-items you will utilize to create and deliver your products and services.

Activity 2

Match Column A with Column B using connecting lines.

Column A

Column B

1

starting a business

a.

synopsis of the total plan

2

company

b.

a tough job

3

viable business plan

c.

savings, borrowings from relatives and banks

4

cover page

d.

home based business as an initial option to start

5

executive summary

e.

recall on the minds of customers

6

business financing

f.

compliance of legal documents to start the business

7

limited capital

g.

by thinking of accessibility, size, and budget

8

licenses for business operation

h.

confirmation of goals and objectives

9

right location

i.

hiring procedures, insurance, leasing, and equipment

10

closing statement

j.

short description of the business

l.

idea on the seriousness of the entrepreneur

on his endeavor

Activity 3

Write the letter of your best choice on the blanks provided before each number.

_____ 1. Which of the following is a key area that an entrepreneur should focus on before startup of a business?

financing your business

creating an effective marketing plan

managing your cash flow

all of these

_____ 2. _____ is a confirmation of goals and objectives for a successful business.

Operations

Closing statement

Appendix

Action plan

_____ 3. _____ makes clear the statistical analyses, sample marketing materials, and resumes.

Operations

Closing statement

Appendix

Action plan

_____ 4. _____ gives information on the products and services the entrepreneur is offering, the market, pricing strategy, and plans for marketing and advertising of business venture.

Marketing plan

Closing statement

Appendix

Action plan

_____ 5. _____is the synopsis of the total plan, regarding the steps one will take for victory.

Marketing plan

Closing statement

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