Reviewer in Entrep(1st Grading)

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    123456789101112131456 Chapter 1 (The concept of

    Entrepreneurship)

    Lesson 1 (Understanding Entrepreneurship)

    Barter - entrepreneurship takes its roots from

    rading in prehistoric times

    Arabs(first barters in the Philippines)

    Chinese (2nd)

    Entrepreneur each individual who change

    omething for value

    When the barter could no longer satisfy the

    rading parties, that is, when the transaction

    ailed to meet the needs and wants, a unit of

    monetary exchange was employed.

    Mock cowrie shells(1000 BC) in China

    Pieces of silver(500 BC) in Turkey

    Leather money(118 BC) in China

    First actual paper currency(9th Century)

    in China

    Development of money- contributed to the

    promotion of trade

    Entrepreneurship

    It s a creative initiative of setting up

    business to meet the needs of consumers

    in the hope of getting profit from it.

    is a venture a lot of people have

    capitalized on and not without a reason

    is synonymous to self-employment,

    being your own boss, and writing your own

    paycheck

    Advantages of Entrepreneurship

    1. Independence- entrepreneurship offers

    young entrepreneurs to assume a

    managerial role in their own venture,

    hence they become their own boss.

    2. Flexibility entrepreneurship offers

    young entrepreneurs the chance to work

    on their own pace and space.

    3. Challenge the opportunities to grow

    diversify are endless.

    4. Direct payoffs entrepreneurship ben

    directly from whatever profit the busin

    yields.

    5. Unlimited earnings income is deri

    in full and no one can expect even more

    Disadvantages of Entrepreneurship

    1. No regular monthly salary - absenc

    a regular paycheck

    2. Unpredictable schedule work ho

    run at no fixed

    3. Risky- one may hit it big, break evenlose. If a blunder is committed, the en

    investment may be lost

    Business Ideas

    1. Capitalizing on ones skills - a ho

    can actually translate into a profita

    business enterprise

    2. Filling a vacuum even if there

    existing outlets of these sought-agoods and services, a little competi

    wont hurt.

    3. Thinking a franchise franchise

    reproduction of an existing business do

    to the last detail

    4. Starting a something new it is ju

    matter of putting ones innate creativit

    motion.

    Lesson 2 (Entrepreneurship and the Economy

    *There is no one-size-fits-all approach whe

    comes to putting up a business.

    Small-scale and Medium-scale Enterprise

    Size of an enterprise is defined by the as

    base and number of workers of a business.

    Microenterprise a subcategory of

    small business enterprise

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    o less than P3,000,000 as capital

    o 1 to 9 workers

    Small-scale industries P3,000,001 to

    P15,000,000 as capital

    o 10 to 99 employees

    Medium-scale industries P15,000,001

    to P60,000,000 as capital

    o 100 to 199 employees.

    Small- and medium-scale industries

    Are considered the main driving force in

    economic development.

    The support new concepts and

    technologies, cultivate business

    leadership, and enhance access to export

    markets.

    Economic Boost

    1. 1.Entrepreneurship increases the

    countrys per capita income Two of

    the components of gross national income

    are consumption (demand) and

    investment (supply). By the increase of

    this two the income will get higher.

    2. Entrepreneurship creates jobs -

    Entrepreneurship creates employment

    opportunities for the employed and

    underemployed that is welcome

    development on new graduates and

    victims of company closures.

    3. Entrepreneurship meets consumer

    demands By producing products and

    services in their required volume andquantity

    4. Entrepreneurship provides social

    service Entrepreneurship provides

    revenues to the government by way of

    taxes and fees entrepreneurs pay.

    5. Entrepreneurship links industries

    Where exchange knowledge and

    technology to come up with more quality

    goods and more efficient services.

    6. Entrepreneurship creates new mar

    The creativity one puts his busin

    helps create new products in the proces

    Economic Concepts

    1.Laissez-faire economy

    Laissez-faire which literary means

    leave us alone, is an economic syst

    in which the individual and firms do get any direction or regulation from

    government in terms of a production.

    It is the behavior of the market

    institution through which buyers

    sellers interact and engage in exchan

    that helps us answer the econo

    systems three basic questions(1.W

    will be produced? 2. How will it

    produced? 3. Who will get what

    produced?)

    2.Keynesian economics

    British economistJohn Maynard Key

    believed that governments could interv

    the economy and affect the level of out

    and employment.

    3.Theory of comparative advantage

    British economist David Ricardo said t

    countries will benefit more with specializa

    and trade even if one country has abso

    advantage over another country in

    production of several goods.

    4.Consumption and production

    Two basic decision-making units of economy

    1.Households(consumers)- demand go

    and services that firms produced

    2.Firms(business enterprise) need l

    labor and capital to produce those goods

    services.

    Nations level of production is a

    determinant of its national income.

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    Chapter II (Entrepreneurial Requirements)

    Lesson 1(Applying Entrepreneurial

    Requirements)

    An aspiring entrepreneurs starts by listing the

    points to consider in deciding the type of

    business to run.

    Workbook technique a workable agenda in

    unning a business is what any start-upentrepreneur need

    Business Checklist

    1. Personal expertise- An assessment of

    ones skills and strength is important

    2. Research a person must know

    everything about the particular business

    he or she wants to pursue.

    3. Business networking learn from the

    survival strategies of entrepreneurs who

    have been in various business situations

    4. Customer satisfaction keep the

    customers constantly in mind. Know the

    economic level and geographical location

    of the target consumers.

    5. Capital or Financing a business would

    only go as far as the entrepreneurs

    money would go.

    6. Location Choose a site where the

    demographic and lifestyle profiles of

    the people are suited to the product or

    service to be offered.

    7. Competition analyze the competition

    and consider the obvious: Customers

    would go for the better alternative,

    particularly when it comes to product or

    services rates and quality.

    Managerial Concerns

    1.Effective product or service delivery

    To boost product sales, an entrepreneur

    has to develop a successful

    entrepreneurial atmosphere of having an

    effective product as well as effic

    service.

    The effectivity of a product depends

    source, while he efficiency of ser

    depends on employee motivation a

    training.

    2.Risk management

    Remember that great efficiency managing a business would depend

    how well an entrepreneur deals with ri

    or failure.

    Risks are there to help one persevere

    reach his or her goals. There

    marketing risks, financial ris

    expansion risks, and other danger zo

    to conquer.

    Lesson 2(Business Layout and Location)

    Layout- refers to the design o plan for the sh

    its structural arrangement.

    Location refers to the site or place where

    shop is built.

    The things to consider good store layout

    Suitability to the type of merchandise

    Volume of required furniture equipment

    The number of employees

    Business Layout

    1. Closed layout(for controlled items

    medicines are being sold)- the layou

    the store should be done in such a w

    that only service crew are allowed to

    the merchandise from the shelves

    2. Parallel shelves layout(for superma

    layout) It is a different case altoget

    when over the counter health product

    supplements are sold. It requires f

    service personnel since this is a

    service store.

    U-shaped layout (for specialty store such a

    flower shop)- This will allow the customer to

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    clearly sea the items they wish to buy. It does

    not require many salespersons.

    3. U-shaped and parallel shelves layout-

    for a store that is a combination of self-

    service and counter-service outlet like

    convenience stores or drugstores

    A suitable business location would take

    nto:

    Consideration accessibility of

    transportation to consumers

    Adequate parking space

    Neighborhood safety

    Customer base

    Adequate store space

    And suitability for expansion, cost,competition

    Lesson 3(Creativity in Business)

    Creative entrepreneur

    To a creative entrepreneur, it is just too

    impossible to resist opportunities to offer

    people something new.

    They can easily spot business

    oppor