Basic Entrep characters of entreprenuers

none

1. S P E A K E R NEGOSYO CENTER-CITY OF ILAGAN SHAINA SHIELDS Q. BASILIO JUNIOR BUSINESS COUNSELOR CITY OF ILAGAN  

2. The capacity and willingness to develop, organize and manage a business venture along with its risks in order to make profit.

3. He runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale.

4. IMPORTANCE OF ENTREPRENEURSHIP IMPROVES THE QUALITY OF LIFE CREATES EMPLOYMENT GENERATES SOCIAL BENEFITS

5. L OO K I N G W I T H I N L OO K I N G OUTSIDE

6. WHAT YOU KNOW WHO YOU ARE WHAT YOU HAVE

7. O PP O R T U N I T Y S EE K E R PERSISTENT RISK TAKER NEGOTIATOR GOAL ORIENTED DO YOU HAVE WHAT IT TAKES?

8. CREATIVE SELF CONFIDENT GOOD IN PLANNING AND MONITORING DEMANDING IN TERMS OF QUALITY AND EFFICIENCY

9. PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs) Self-Rating Questionnaire Instructions: This questionnaire consists of 55 brief statements. Read each statements and decide how well it describes you. Be honest about yourself. 2. Select one of the number below to indicate how well the statement describes you:   5 – ALWAYS 4 – USUALLY 3 - SOMETIMES 2- RARELY 1- NEVER

10. PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs) Self-Rating Questionnaire 5 – ALWAYS 4 – USUALLY 3 - SOMETIMES 2- RARELY 1- NEVER     Rating 1. I look for things that need to be done   2. When faced with a difficult problem I spend time trying to find a solution.   3. I complete my work on time   4. It bothers me when things are not done very well   5. I prefer situations in which I can control the outcomes as much as possible  

11. PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs) Self-Rating Questionnaire 5 – ALWAYS 4 – USUALLY 3 - SOMETIMES 2- RARELY 1- NEVER   Rating 6. I like to think about the future   7. When starting a new task or project, I gather a great deal of information before going ahead.   8. I plan a large project by breaking it down into smaller tasks.   9. I get others to support my recommendations.   10. I feel confident that I will succeed at whatever I try to do.  

12. PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs) Self-Rating Questionnaire 5 – ALWAYS 4 – USUALLY 3 - SOMETIMES 2- RARELY 1- NEVER   Rating 11. No matter whom I'm talking to, I’m a good listener   12. I do things that need to be done before being asked to do so by the others   13. I try several times to get people to do what I would like them to do.   14. I keep the promises I make.   15. My own work is better than that of other people I work with.  

13. PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs) Self-Rating Questionnaire 5 – ALWAYS 4 – USUALLY 3 - SOMETIMES 2- RARELY 1- NEVER   Rating 16. I don’t try something new without making sure I will succeed.   17. It’s a waste of time to worry about what to do with your life.   18. I seek the advice of people who know a lot about the tasks I’m working on.   19. I think about the advantages and disadvantages of different ways of accomplishing things.   20. I don’t spend much time thinking about how to influence others  

14. PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs) Self-Rating Questionnaire 5 – ALWAYS 4 – USUALLY 3 - SOMETIMES 2- RARELY 1- NEVER   Rating 21. I change my mind if others disagree strongly with me.   22. I feel resentful when I don’t get my way.   23. I like challenges and new opportunities.   24. When someone gets in the way of what I’m trying to do, I keep on trying to accomplish what I want.   25. I am happy to do someone else’s work if necessary to get the job done on time.  

15. PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs) Self-Rating Questionnaire 5 – ALWAYS 4 – USUALLY 3 - SOMETIMES 2- RARELY 1- NEVER   Rating 26. It bothers me when my time is wasted.   27. I weigh my chances of succeeding or failing before I decide to do something.   28. The more specific I can be about what I want out of life, the more chances I have to succeed.   29. I take action without wasting time gathering information.   30. I try to think of all the problems I may encounter and plan what to do if each problem occurs.  

16. PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs) Self-Rating Questionnaire 5 – ALWAYS 4 – USUALLY 3 - SOMETIMES 2- RARELY 1- NEVER   Rating 31. I get important people to help me accomplish my goal.   32. When trying something difficult or challenging, I feel confident that I will succeed.   33. In the past I have had failures.   34. I prefer activities that I know well and which I am comfortable.   35. When faced with major difficulties, I quickly go on to other things.  

17. PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs) Self-Rating Questionnaire 5 – ALWAYS 4 – USUALLY 3 - SOMETIMES 2- RARELY 1- NEVER   Rating 36. When I’m doing a job for someone, I make a special effort to make sure that the person is happy with my work.   37. I’m never entirely happy with the way thing are done, I always think there must be as better way.   38. I do things that are risky.   39. I have very clear plan for my life.   40. When working for a project for someone, I ask many questions to be sure I understand what the person wants.  

18. PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs) Self-Rating Questionnaire 5 – ALWAYS 4 – USUALLY 3 - SOMETIMES 2- RARELY 1- NEVER   Rating 41. I deal with problems as they arise rather than spends time to anticipate them.   42. In order to reach my goals, I think of solutions that benefit everyone involved in the problem.   43. I do very good work.   44. There have been occasions when I took advantage of someone.   45. I try things that are very new and different from what I have done before.  

19. PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs) Self-Rating Questionnaire 5 – ALWAYS 4 – USUALLY 3 - SOMETIMES 2- RARELY 1- NEVER   Rating 46. I try several ways to overcome things that get in the way of reaching my goals.   47. My family and personal life are more important to me than work deadlines I set for myself   48. I do not find ways to complete tasks faster at work & at home.   49. I do things that others consider risky.   50. I am as concerned about meeting my weekly goals as I am for my yearly goals.  

20. PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs) Self-Rating Questionnaire 5 – ALWAYS 4 – USUALLY 3 - SOMETIMES 2- RARELY 1- NEVER   Rating 51. I go to several different sources to get information to help with tasks or projects.   52. If one approach to a problem does not work, I think of another approach.   53. I am able to get people who have strong opinions or ideas to change their minds.   54. I stick with my decisions even if other strongly disagree with me.   55. When I don’t know something, I don’t mind admitting it.  

21. MARKET N EE D S & WANTS A V A I L A B I L I T Y O F RAW MATERIALS, EQUIPMENT AND TOOLS DEMAND AND SUPPLY GAPS

22. The transfer of ownership of goods from one person or entity to another by getting something in exchange from the buyer.

23. A commercial enterprise that provides work performed in an expert manner by an individual or team for the benefit of its customers.

24. The process of converting raw materials, components or parts into finished goods that meet a customer's expectations or specifications.

25. is a business structure owned by an individual who has full control/authority of its own assets, personally owes answers all liabilities or suffers all losses but enjoys all the profits to the exclusion of others. SOLE PROPRIETORSHIP

26. composed of two or more persons that shares in capital and also in income. PARTNERSHIP

27. C o m p o s e d o f 1 5 o r m o r e p e r s o n s , m u s t b e r e g i s t e r e d i n S E C a n d t he owners are called shareholders. CORPORATION

28. A business or other organization that is owned and run jointly by its members, who share the profits or benefits. COOPERATIVE

29. Writing a Business Plan The business plan has four main components:  The Marketing Plan The Technical Plan The Organizational Plan The Financial Plan

30. Rewards of Going Into Business Unlimited Opportunity Being your own boss Tapping your cr eativity Helping Oth ers Building an entrepreneurial legacy

31. Risk of going Into Business Possibility of failure Unpredictable business conditions Long hours of work Unwanted or unexpected responsibilities

32. REASONS OF       Businesses fail for any number of reasons, but many experts agree that the vast majority of failures result from some combination of the following problems:

33. Bad business idea. Like any idea, a business idea can be flawed, either in the conception or in the execution. Cash problems. Too many new businesses are underfunded . Managerial inexperience or incompetence. Many new business owners have no experience in running a business, and many have limited management skills.

34. Lack of customer focus. Some owners fail to make the most of a small business’s advantage in providing special attention to customers. Inability to handle growth . When a company grows, some owners fail to delegate work or to build an organizational structure that can handle increases in volume.

35. The advantages of regular bookkeeping are: Y ou will know how much money you have received, how much money you have spent and how you have spent it; Y ou can calculate whether you are making a profit or a loss; Y ou will be able to make better decisions on what to buy and sell; Y ou can keep records of buying and selling on credit, so that people cannot cheat you; Y ou can keep records of money coming in and going out of a group- project, and therefore prevent misuse of the money and avoid mistrust amongst group members. All this will help you to improve your business, and to increase your profit!

36. A. Money in; Money out From which sources do you receive money? (money becomes more; + ) income from sales loans from banks, money lenders or others Collections What do you spend your money on? (money becomes less ; - ) buying of materials (sugar, rice, milk) Firewood/gas transport

37. Separate your Personal money from Business money … B. INCOME AND EXPENDITURE Money in to your business = EXPENDITURE = INCOME Money out of your business

38. B. INCOME AND EXPENDITURE How does money come in to your business? - by producing and selling goods; by buying and selling goods; by giving a service (like a taxi driver who provides transport); by receiving gifts from friends or family members; by getting a loan; by inheritance. How does money go out of your business? Materials or ingredients Services like: - transport (taxi, bus); - market toll; - electricity; - rent. 3. Wage 4. Replacement and repair of equipment and utensils: Money in to your business = income Money out of your business = expenditure

39. Tips for Cash Control: ► Write in the cash book only the items that are paid for in cash. Buying and selling on credit will be recorded in a separate book: the credit book. ► Write all money that comes in and goes out immediately in your cash book; ► Count your cash when the day begins and again when the day ends; ► When you take money for the household or yourself from the business money, write it in your cash book under 'money out', because it is money that goes out of the business. ► You can calculate the balance every day, every week or every month, whenever it is most convenient for your business. But it will always have to be done before you close a page in your cash book. Remember the balance should always be written at the start of a new page.

40. C. CASH BOOK The book in which we write all the money that comes in and goes out.

41. C. CASH BOOK

42. Donna sells peanut butter: ►On July 12, 2023she starts with P 1500 cash money. ► In the morning she buys the following materials: 6 kls . Peanut @ 80/kl. container : 2 kls sugar @ P40/kl. large 10 pcs. @ 6.00/pc 1/2 butter @ P 50.00 medium 10 pcs. @ 4.50/pcs 5 bottle oil @ P25/bottle small 5 pcs. @ 3.00/pcs buttercup @ P35.00 ► She cooked the peanut and used P80 worth of fire wood. ► She went to the market for the peanut to be grinded and paid P50 ► She paid P50 for her transportation. ► During the day she sells: large 8bottles @ P120/bottle medium 7bottles @ P70/bottle small 3bottles @ P50/bottle ► She takes P300 for herself to buy food for her household. ► She will sell the rest of the peanut butter the next day. Before she goes home, she writes all her income and expenditure of the day in her cash book and she calculates her total income and expenditure. Example:

43. C. CASH BOOK Date Item Amount 07-12-23 Beg. Bal 1500 07-12-23 Sales on big size 8 x P120 960   Sales on med size 7 x P70 490   Sales on small size 3 x P50 150     3100 07-12-2023 Cash in hand 1730 - Date Item Amount 07-12-2023 Bought:     6 kls . Peanut @ 80/kl. 480   2 kls . white sugar @ P40 80   1/2 butter 50   5 bottle oil @ P25/bottle 125   Buttercup 35   container:     10 big @ P6 each 60   10 medium @ P4.5each 45   5 small @ P3each 15   Bought Firewood 80   Giling of Peanut 50   tricycle fair to market 50   Personal Expense- For household food 300     1370

44. D. PROFIT AND LOSS Profit is the difference between the money that comes in from your sales (or your services) and the money that went out to produce those goods or provide the service. Profit is not same as income! Money in - Money out = PROFIT or LOSS from your sales for production

45. D. PROFIT AND LOSS PROFIT means that there is more money coming in than there is going out. LOSS means that you spend more money on producing or buying your goods than you receive by selling the goods.

46. C. CASH BOOK Date Item Amount 05-01-14 Beg. Bal 1500 05-01-14 Sales on big size 8 x P120 960   Sales on med size 7 x P70 490   Sales on small size 3 x P50 150     3100 05-02-14 Cash in hand 1730 - Date Item Amount 05-01-14 Bought:     6 kls . Peanut @ 80/kl. 480   2 kls . white sugar @ P40 80   1/2 butter 50   5 bottle oil @ P25/bottle 125   Buttercup 35   container:     10 big @ P6 each 60   10 medium @ P4.5each 45   5 small @ P3each 15   Bought Firewood 80   Giling of Peanut 50   tricycle fair to market 50   Personal Expense- For household food 300     1370

47. E. HOW TO USE THE PROFIT Where will you use your profit: -yourself? - the household or ? -for savings. ? Savings means that you keep money apart and you do not spend it, unless you have planned to use it for some purpose .

48. Why Saving?

49. F. THE CREDIT BOOK The credit book keeps record of all the money that customers have to repay you and all the money you have to repay to others. Name of Customer: Kooh R. Ipot Date Item Amount Credit Advance payment Balance Signature of Customer                                                                         Name of Supplier: Madam M. Hot Date Item Amount Credit Advance payment Balance Signature of Customer                                                                        

50. F. THE CREDIT BOOK BEWARE : credit transactions have to be recorded in your cash book as follows: Collection from credit -you write it in your cash book under 'money in', as it is cash money that goes into your business. Payment to Supplier- you write it in your cash book under 'money out', as it is cash money that goes out of your business.

51. SHAINA SHIELDS Q. BASILIO Junior Business Counselor THANK YOU ([phone] [email protected] Negosyo Center Ilagan BPLO Bldg -City Hall, San Vicente, City of Ilagan,Isabela