ENTREP Module 3
ENTREP Module 3
ENTREP Module 3
Entrepreneurship
SELF-LEARNING MODULE
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SELF-LEARNING MODULE
As a facilitator you are expected to orient the learners on how to use this module. You also need to
keep track of the learners' progress while allowing them to manage their own learning. Furthermore,
you are expected to encourage and assist the learners as they do the tasks included in the module.
For the learner:
Welcome to the Entrepreneurship – Grade 11/12 Self-Learning Module (SLM) on Developing a
Business Plan: Opportunity Spotting.
The hand is one of the most symbolized part of the human body. It is often used to depict skill,
action and purpose. Through our hands we may learn, create and accomplish. Hence, the hand in
this learning resource signifies that you as a learner is capable and empowered to successfully
achieve the relevant competencies and skills at your own pace and time. Your academic success lies
in your own hands!
This module was designed to provide you with fun and meaningful opportunities for guided and
independent learning at your own pace and time. You will be enabled to process the contents of the
learning resource while being an active learner.
This module has the following parts and corresponding icons:
What I Need to Know This will give you an idea of the skills or
competencies you are expected to learn in the
module.
This module was designed and written with you in mind. It is here to help you master the
Development of a Business Plan: Opportunity Spotting. The scope of this module permits it to be
used in many different learning situations. The language used recognizes the diverse vocabulary
level of students. The lessons are arranged to follow the standard sequence of the course. But the
order in which you read them can be changed to correspond with the textbook you are now using.
This module would assist you as senior high school learner to: Recognize a potential market and
analyse a market need (TLE_ICTAN11/12PC-Ia-1).
What I Know
Let’s begin with challenging our minds about business opportunity spotting. Are you ready now?
Instructions: Read the questions and encircle the letter of your answer.
1. What is that written document describing the nature of the business, the sales and marketing
strategy, financial background and its projected profit and loss statement?
a. blue print b. business plan c. lesson plan d. term paper
4. What exist when there is a gap between what is currently on the market and the possibility for
new or significantly improved products that result from emerging trends?
a. business plan c. market source
b. product opportunity d. marketing plan
7. Which of the following target customer have not yet purchased your product but are considering
it?
a. concentrate on competition
b. create solution to compete other industries.
c. make a solution to solve the problem of the target market.
d. build innovative solutions that does not directly connect to the problem.
10. What refers to a cognitive process through which an individual conclude that they have identified
the potential business?
11. What space in the design thinking process that identifies the problem or opportunity that
motivates the search for solutions?
For items 13-15. Madam Ana uses water from a deep well for drinking and sanitation purposes. The
deep well is situated near a Cement Manufacturing with complete permit and
sanitation. However, she and some of the neighbours experienced stomach
problems from drinking of the water.
Hello dear inspiring Entrepreneur! With the basic concepts you have learned from the previous
lesson, maybe something is already playing in your mind on what business you wanted to engage
in? Probably, at this moment you would be asking yourself, how should I start? Or, will my idea be
patronized by the customers? And a lot of questions comes into your mind and then you become
confused, right?
Preliminary preparations in the business plan writing will be experienced through the discussion of
business opportunities.
What’s In
In order to proceed with the next topic, let’s recall your understanding about the entrepreneurial
key concepts and competencies. Can you recall?
Forget Me Not
Instructions: Read the questions and identify the key concept or common competencies referred by
each statements. Encircle the letter of the correct answer.
2. What is the desired end of the entrepreneur after processing the product and services into
business?
3. Which of the following core traits that an entrepreneur should possess in order to direct all
subordinates towards the achievement of objectives?
5. Which of the following traits that entrepreneurs should possess in order to attend to the different
challenges in the business environment?
Now you have learned in the previous lesson about entrepreneurial competencies,
you would be experiencing more about entrepreneurial activities in seeking for
business opportunities.
Read a part of this article from Eight Successful Filipino Entrepreneurs Who
Started Small and answer the questions that follows.
Processing Questions:
Instruction: Write your answer on the space provided.
2. What is his original business idea? Is the original business idea of Tony became
successful? Why?
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3. What are the steps that he do in order to come-up with a successful business?
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4. What lesson in the story that could help us become successful entrepreneurs?
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Finding problems and giving solutions will help open our minds into different
business ideas. Here is an activity to help in practicing our mind to open into different
opportunities.
Instruction: Read the situation below and fill the matrix with answers.
The role of an entrepreneur is extraordinary specially in the providing the needs of
the community. Presently, the country/world is experiencing crisis in the health
sector specifically due to the COVID 19 pandemic which has a domino effect in all
other sectors of the community.
As an entrepreneur think of 3 probable problems and business solutions to attend
to the situation.
2.
3.
After doing so, arrange the need according to priority and give the reason for its order.
Giving priorities would mean the first is the most essential solution.
Second Priority
Third Priority
What is It
Your activity is a test of becoming an entrepreneur. Seeing beyond the box is a need
to create and innovate resources. The problem is how to begin with putting up the
idea?
Some would say start with a business plan, but what is a business plan?
Business Plan is written document describing the nature of the business, the sales
and marketing strategy, and the financial background, and containing a projected
profit and loss statement.
Some people think you don't need a business plan unless you're trying to borrow
money. But a business plan is more than a pitch for financing; it's a guide to help
you define and meet your business goals.
A business plan won't automatically make you a success, but it will help you avoid
some common causes of business failure, such as under-capitalization or lack of an
adequate market.
One could not write a business plan without going into the first process which is
looking into the business concept.
Business concept is an idea for a business that includes basic information such as
the service or product, the target demographic, and a unique selling proposition that
gives a company an advantage over competitors. A business concept may involve a
new product or simply a novel approach to marketing or delivering an existing
product. Once a concept is developed, it is incorporated into a business plan.
To bring about the business concept, the entrepreneur should be able to recognize
an opportunity in terms of product or services.
Product Opportunity exist when there is a gap between what is currently on the
market and the possibility for new or significantly improved products that result to
emerging trends.
Internally Focused
o The unexpected (unexpected success, failure, or outside events). An
entrepreneur may be able to discover opportunity such as in failures like
overproduction of fresh tomatoes thus the entrepreneur was able to preserve
tomatoes through drying or boiling.
o The incongruity between reality as it actually is and reality as it is assumed to
be or as it ought to be. Children doesn’t choose vegetables over meat but now
in reality entrepreneurs are making ways that children will love vegie foods like
shawarma, vegie dumplings and the like.
o Innovation based on process need. In the pandemic times, medical face mask
become scarce to cope with the need, entrepreneurs provided reusable facemask for
nonmedical practitioners.
o Changes in industry structure or market structure that catch everyone
unawares. The market competition becomes an opportunity like the popping up
of convenience stores which grew like mushrooms around the city blocks.
Externally Focused
o Demographics (population changes). Like age, status, race, sex is an
entrepreneurial bases for opportunity for each factor needs to be considered in
providing goods and services.
o Changes in perception, mood, and meaning. The uniqueness of every individual
creates differentiation of the offered goods and services like the choice of perfume
scents.
o New knowledge, both scientific and non-scientific. Acquired information both
from scientific or in non-scientific way can easily get into the ideas of an
entrepreneur. ,
Entrepreneurs discover opportunities when they search for them in existing markets.
This means they observe technological, economic or social trends. Recognizing
opportunities is a cognitive process. It relies on the ability of people to recognize
patterns and connect the dots.
Entrepreneurs create opportunities when they engage with others in bouncing ideas
back and forth, and each time it becomes more specific what the user needs are and
how they are going to be solved. Creating opportunities is a social process. It relies
on the ability of entrepreneurs to interact.
Stated needs are explicit statements from your market that declare, “I want a
product to do X.” While stated needs are important, they are not as powerful as silent
needs, which are problems with as yet undefined solutions.
Your market consists of: Existing customers: People who have already purchased
your product; Prospects: People who have not yet purchased your product but are
considering it and, Target market users: People in your target market who are not
currently looking for a solution.
The key is to balance your focus to ensure that you are really listening to your entire
market at the same time. Key factors in order to make solutions to the problems:
Don’t focusing only on innovation and the competition, focus in solving the
problem. Don’t focus only on customers. Customers understand problems, but
they cannot help you to move your product forward. They know what you provide,
and tend to stay inside that mindset. Don’t Focus only on revenue. It is critical to
find a balance between prospects and customers to ensure that your future revenue
is protected, while still keeping existing customers happy.
Observation skills and keeping an ear to the ground are traits of successful
entrepreneurs. Spotting an opportunity is the only first step but to convert the idea
to a business requires good execution skills.
The opportunity should also have sufficient market. If the market already has similar
products / services, how can one differentiate their product from others will
determine whether opportunity becomes a reality. Business opportunities are like
buses. If you miss one, there is always another one.
What’s More
Now, let’s try to transmit what you have read on the discussion by answering the
questions below.
Instruction: Read the questions and write your answers on the space provided.
1. What is business/product opportunity?
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5. What are the sources of opportunity?
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It’s time to connect the learnings into one. Fill the space with word(s) to complete
our learning for this module.
4. To make sure that the spotted opportunity will be delivered, the entrepreneur
Identify a market problem in the community where your residence is located and give
solution to the problem which would lead to discovering your opportunity in
business.
Fill in the form for this will serve as basis for business proposal.
Congratulations! You have acquired now the learning in this module. Below is a test
to be given for you to recognize what you have learned in this module.
Instructions: Read the questions and encircle the letter of your answer.
1. What is that written document describing the nature of the business, the sales
and marketing strategy, financial background and its projected profit and loss
statement?
a. blue print b. business plan c. lesson plan d. term paper
4. What exist when there is a gap between what is currently on the market and
the possibility for new or significantly improved products that result from
emerging trends?
a. business plan c. market source
b. product opportunity d. marketing plan
7. Which of the following target customer have not yet purchased your product but
are considering it?
a. prospects c. existing customers
b. end users d. target market users
8. Which step should be taken in order to solve a market problem?
a. Concentrate on competition.
b. Create solution to compete other industries.
c. Make a solution to solve the problem of the target market.
d. Build innovative solutions that does not directly connect to the problem.
10. What refers to a cognitive process through which an individual conclude that
they have identified the potential business?
a. business need c. business opportunity
b. business development d. opportunity recognition
11. What space in the design thinking process that identifies the problem or
opportunity that motivates the search for solutions?
a. inspiration b. ideation c. implementation d. transformation
12. What space in the design thinking process that leads the project stage into
people’s lives?
a. inspiration b. ideation c. implementation d. transformation
For items 13-15. Mang Tomi is a farmer who plants vegetables and spices. He planted
more tomatoes due to the demand of the market. Tomatoes are highly perishable
and other neighboring regions also grow their own tomatoes. Unexpectedly, a down
shift on the demand due to competition of different tomato growers came before the
harvest. Market price of the tomatoes decreases due to overproduction of the farmers
and consumers in their community only uses tomatoes for food consumption.
Congratulations again! You made it up to the end of this module then you are
ready for the next step. But for you to be prepared for the next module, think of a
product or service that you can propose for the business based on your spotted
business opportunity.
Instruction: Write your proposed idea based on the matrix below and post a sample
picture of a similar product or service you wanted to offer.
Sample Picture
Stull, C., Myers, P.& Scott D.M. (2008). Identifying Market Problems: building
Products to Meet Customer Needs. https://learn.marsdd.com/article/identifying-
market-problems/
Chehtman, Andres (2017, July 27). 8 Ways to Identify Market Opportunities for
Business Growth. Retrieved from https://blog.euromonitor.com/8-ways-identify-
market-opportunities-business-growth/ar
Cagan, Jonathan; Vogel’ Craig M. (2012, September 13). What Drives New Product
Development. Retrieved from
https://www.informit.com/articles/article.aspx?p=1945330&seqNum=2