GE Elec 101 - Module 2
GE Elec 101 - Module 2
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MODULE 2
Name: _________________________________________
Section:________________________
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GE Elec 101 - The Entrepreneurial Mind | Module 2
Lesson 1 | Starting and Registering yout Business
Lesson 2 | Market Analysis
The module addresses the various options in venturing into business shying away from the
traditional approach via general trading, production or manufacturing-based business concerns. It also
provides step-by-step process of registering your business and gives the student the necessary
preparations required in starting and operationalizing the business and also discusses saving options
to minimize start-up costs, and deals with the importance of addressing marketing aspects as
premises for entrepreneurial ventures and postulating the idea of market creation and finding market
nitch rather simply matching the market demand, and aspects on marketing channels, advertising and
promotions as vital marketing tool.
Moreover, it discusses at length the concept of franchising and various modalities in frnachising
including some legal aspects of this type of doing business as they relate to establishing and
operating entrepreneurial business concerns.
In this module, we will be learning all about the process of registering your business and profound
understanding of your market. To be specific, you are expected to learn the following:
1. what are feasible business ideas;
2. what are the ownership options;
3. why some business failss;
4. what are the steps in registering the business;
5. why there is a need to understanding the market; and,
6. analyze the competition in the market.
INTRODUCTION
Having decided to go into self-owned and self-managed business or be an entrepreneur, the
moment in time to really put things together and act as an entrepreneur or like any other businessman
should be an exciting phase. The idea of setting up and commencing the real efforts at starting up or
operationalizing is a career-breaking idea and very challenging. Gearing up and commences with the
crucial decision to be in the business of your own and the rest could be the beginning of long road to
success if the business is properly nurtured and managed.
GE Elec 101 - The Entrepreneurial Mind | Module 2
Lesson 1 | Starting and Registering yout Business
Lesson 2 | Market Analysis
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ACTIVITY
To start, let us have a sharing of ideas and insights on the question-stated below. If you’re
interested in starting a business, you need to make decisions even before you bring your talent,
determination, hard work, and persistence to bear on your project. Here are the basic questions you’ll
need to address. Put your answers here: (Limit your answersof at least 10 to at most 20 words.)
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GE Elec 101 - The Entrepreneurial Mind | Module 2
Lesson 1 | Starting and Registering yout Business
Lesson 2 | Market Analysis
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ANALYSIS
Based from the given activity above, what exactly is a business idea? Is it feasible? (Put your
answers here of at least 50 words and at most 75 words.)
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ABSTRACTION
Let us start our discussion, please spend enough time undertanding the contents of this lesson,
you can use dictionary or any references you have to aid your learning. I believe in you! now let’s go
down to the details of topic. Here’s a great tip to optimize your learning, get a highlighter pen to shade
important terms and/or phrases, and most importantly take a good nap for you to be revitalized. Aja!
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OWNERSHIP OPTIONS
As we’ve already seen, you can become a small business owner in one of three ways by starting
a new business, buying an existing one, or obtaining a franchise. Let’s look more closely at the
advantages and disadvantages of each option.
3. Getting a Franchise
A franchiser (the company that sells the franchise) grants the franchisee (the buyer) the right to
use a brand name and to sell its goods or services. Franchises market products in a variety of
industries, including food, retail, hotels, travel, real estate, business services, cleaning services, and
even weight-loss centers and wedding services. Essentially, the franchisee buys into a ready-to-go
business model that has proven successful elsewhere, also getting other ongoing support from the
franchiser, which has a vested interest in her success.
In addition to your initial investment, you’ll have to pay two other fees on a monthly basis—a
royalty fee (typically from 3 to 12 percent of sales) for continued support from the franchiser and the
right to keep using the company’s trade name, plus an advertising fee to cover your share of national
and regional advertising. The cost of obtaining and running a franchise can be high, and you have to
play by the franchiser’s rules, even when you disagree with them. The franchiser maintains a great
deal of control over its franchisees.
For example, if you own a fast-food franchise, the franchise agreement will likely dictate the food
and beverages you can sell; the methods used to store, prepare, and serve the food; and the prices
you’ll charge. In addition, the agreement will dictate what the premises will look like and how they’ll be
maintained. As with any business venture, you need to do your homework before investing in a
franchise.
3. Managerial inexperience or incompetence. Many new business owners have no experience in Page | 6
running a business; many have limited management skills. Maybe an owner knows how to make or
market a product but doesn’t know how to manage people. Maybe an owner can’t attract and keep
talented employees. Maybe an owner has poor leadership skills and isn’t willing to plan ahead.
4. Lack of customer focus. A major advantage of a small business is the ability to provide special
attention to customers. But some small businesses fail to seize this advantage. Perhaps the owner
doesn’t anticipate customers’ needs or keep up with changing markets or the customer-focused
practices of competitors.
5. Inability to handle growth. You’d think that a sales increase would be a good thing. Often it is, of
course, but sometimes it can be a major problem. When a company grows, the owner’s role changes.
He or she needs to delegate work to others and build a business structure that can handle the increase
in volume. Some owners don’t make the transition and find themselves overwhelmed. Things don’t get
done, customers become unhappy, and expansion actually damages the company.
WHY REGISTER?
At first glance, the mere thought of business registration may mean expense. But if you are a
small entrepreneur who is forward looking, you will see beyond the expense to appreciate the gains
that your business will get for being legal. Registering your enterprise allows you the exclusive use of
your business name, design, and brand name, among others. In addition, an enterprise that is
registered can operate openly without fear of being visited by ‘unwanted’ guests. It is also an
investment or a passport to opportunities that will give you access to the different programs.
Step 1: DTI for Sole Proprietorship or SEC for Partnership and Corporation
Special Points before registering your Business (DTI and SEC)
1. Choose a strategic location of your business.
2. Before going to DTI, choose at least 5 business names. Search DTI's website for your chosen
business name and compare it if there are similar business name.
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APPLICATION
I would like to know how much learnings you gain. Please summarize and put your answers on
the space provided below.
1. Look around and observe, provide at least three (3) businesses in your place where you
think belongs to a certain type of business ownership option. Use the table below.
2.
3.
2.
3.
Getting a Franchise 1.
2.
3.
GE Elec 101 - The Entrepreneurial Mind | Module 2
Lesson 1 | Starting and Registering yout Business
Lesson 2 | Market Analysis
2. In your personal point of view, among the three business ownership options, which is Page | 10
best? Cite at least one advantage and disadvantage. (Limit your answersof at least 25 to at most
50 words.)
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INTRODUCTION
There is one thing that entrepreneurs must enbrace on a lifetime when he or she engages in the
business. This is the concept of matketing analysis. It involves everything the entrepreneur does to
obtain and keep a customer, from conducting market research, developing customer profile and
positioning organizational identify in the market to selecting marketing strategies to determining
location.
Quite often, some newcomers in the field of business brag about their new product or invention
and end up nothing or not going into the business and do it profitably. Most often, this is typical of an
inventor unmindful of the value of marketing aspects in favor of product development.
For a true and blue blooded entrepreneur, market aspect should be given due importance if not at
all, the most important aspect when one gets into business. For good or bad product to be relevant to
the entrepreneur, the bottom line is that it should make money for him.
ACTIVITY
2.
3.
GE Elec 101 - The Entrepreneurial Mind | Module 2
Lesson 1 | Starting and Registering yout Business
Lesson 2 | Market Analysis
4. Page | 11
5.
Source: https://connect.ebsco.com/s/article/Poetry-Short-Story-Reference-Center-Lesson-Plan-Word-Clouds?language=en_US
ANALYSIS Page | 12
From the activity above, how similar/different is your market segmentations between the five (5)
products/services? Put your answers here: (Limit your answers of atleast 75 to atmost 100 words.)
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In your own words, define market? Put your answers here: (Limit your answers of atleast 20 to
atmost 30 words.)
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ABSTRACTION
Let us start our discussion, please spend enough time undertanding the contents of this lesson,
you can use dictionary or any references you have to aid your learning. I believe in you! now let’s go
down to the details of topic. Here’s a great tip to optimize your learning, get a highlighter pen to shade
important terms and/or phrases, and most importantly take a good nap for you to be revitalized. Aja!
Related words that were given for the term, “market,” includes the world of commercial activity
where goods and services are bought and sold, and the customers for a particular product or service.
The four important things in marketing that an entrepreneur must remember are:
- the client, the buyer, the target user, generally called the target market;
- the entrepreneur’s ability as a marketer to understand the target market;
- the entrepreneur’s ability to influence the target market to buy the products or use the
services offered by the business; this will depend on how well he understood he target market; and,
- the main objective of marketing, which is making the target market buy the company’s product
or service; this will be measured by the revenues that come in the form of payment from the buyers of
GE Elec 101 - The Entrepreneurial Mind | Module 2
Lesson 1 | Starting and Registering yout Business
Lesson 2 | Market Analysis
Targeting
After grouping the market into different segments, you must be able to choose which among the
segments or groups to target as your market. To target is to select from among the big group of
possible buyers or users, a specific group or type of buyers to cater to. Normally, entrepreneurs would
want to target all segments of the market – the Philippines or the world. That is very good and that is
encouraged. But the discipline in marketing is to target one segment at a time. The goal of a business
may, however, be to serve all segments if it wants to.
When you target, you are going to decide which among these groups or segments you want to
serve. In effect, you are narrowing down the market from a very wide universe (all the Filipinos living
in the Philippines) into a specific group or segment.
Targeting will allow you to concentrate on one segment or group at a time. For example, San
Miguel Corporation segmented the market according to “event tables” and focused or developed a
marketing per segment. Marketing in this sense includes the products, the promotions, the distribution,
and the price that applies to each segment. So, the company developed specific products per
segment. You are also aware that the promotions programs for each product are different (San Mig
Light is promoted to young people who want to stay out all night but don’t want to get drunk
immediately; while Red Horse Beer is for those who want an instant kick). Each product is also
distributed (slightly) differently and priced differently.
businesses in studying their target market is to use what is popularly called market research.
GE Elec 101 - The Entrepreneurial Mind | Module 2
Lesson 1 | Starting and Registering yout Business
Lesson 2 | Market Analysis
Market research is the process of collecting and analyzing information as to how the goods or Page | 14
services move from the producer to the consumer. Market research is commonly regarded as an
expensive activity especially if it is carried out to draw conclusions and involve a large number of
respondents.
Here is a list of some of the commonly used tools for gathering information and getting insights
about the target market:
1. Surveys
2. Focus group discussions (FGDs)
3. Observing in Context (shadowing, expert walkthroughs, day-in-the-life survey, draw the
experience, fly on the wall)
4. Emphatic tools (mock journey, empathy tools, body storming)
5. Prototyping
Great job! Now, give yourself two big thumbs up for your effort!
APPLICATION
Remarkable! I know you are capable of so much more! Don’t be shy, please share your brilliant
ideas on the things you have learned out from readings. You can use real-life experiences if want to.
Have fun!
means children’s play centers, amusement parks and arcades are all your competi- tors. So are Page | 15
businesses that, on the surface, don’t appear similar, like movie theaters, bookstores and shopping
malls. You could even face competition from nonprofit entities, like public parks, libraries and beaches.
In short, any- thing that families might do in their leisure time is your “competition.”
Don’t limit yourself to the obvious definitions of competition. Start thinking out of the box and you
will be less likely to get sideswiped by an unexpected competitor.
Share your thoughts and learning from the reading entitled “Know Thy Enemy”. Put your
answers here: (Limit your answers of at least 75 to at most 100 words.)
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GE Elec 101 - The Entrepreneurial Mind | Module 2
Lesson 1 | Starting and Registering yout Business
Lesson 2 | Market Analysis
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MODULE ASSESSMENT
Instruction: Expound your answer to the following questions below. (Limit your answers of
at least 75 to at most 100 words.)
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2. What do you think is the main reason why sari-sari stores in your place fail?
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GE Elec 101 - The Entrepreneurial Mind | Module 2
Lesson 1 | Starting and Registering yout Business
Lesson 2 | Market Analysis
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REFERENCES
Green, G. (2015). How to Start and Manage your Own Small Business. New American Library, Times
Mirror, New York, USA
Naumes, W. (2010). The Entrepreneurial Manager in the Small Business. Addison Wesley
TIMELINE
Let’s be mindful to your deadline. All activities in this module must be submitted on or
before September 17-18, 2022 from 8:00am to 12:00nn and from 1:00pm to 6:00pm.