The Entrepreneurial Mind/ Philippine 1

3 Indigenous Communities

UNIT 3: LEGAL FORMS AND CHARACTERISTICS OF BUSINESS

ORGANIZATION AND ENVIRONMENTAL OPPORTUNITIES

3.1 Learning Objectives

At the end of this Unit, you are expected to:

a. Explain various forms of Business Organizations.

b. Identify requirements in putting up a business.
c. Demonstrate an understanding regarding SWOT in business.

3.2 Introduction

The human society requires

different types of economic activities.
Such economic activities are performed
to fulfill the needs and wants of
individuals and families as well as to
uplift their living standards. The nature
and volume of the economic activities
largely depend on the economic
prosperity of the society. These
economic activities should be performed
in an organized way and efficient
Fig. 1. Top 30 companies in the Philippines
manner for the optimum utilization of
scarce resources. In order to make optimum utilization of available resources, an
appropriate form of business organization is connected with the development of
industry and commerce.

The term ‗business‘ refers to all the economic activities, which are carried on
by an individual and organizations for generating incomes. It is concerned with the
production and distribution of goods and services for earning a profit. It is centered
on the service and satisfaction of the customers to fulfill their wants and needs. It
involves risk and uncertainty and committed to fulfilling responsibilities.

The term ‗organization‘ refers to the act of bringing necessary resources for
the production and distribution of goods and services and utilizing them as best
possible manner for achieving the definite objectives. The production and
distribution of goods and services require a number of resources like men, materials,
money, machine, and management. The organization is a means for bringing
cooperation among these resources for continues production and distribution of
goods and services to fulfill the needs and wants of customers.
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The term ‗business organization‘ refers to the act of bringing resources and
utilizing them in the best possible manner for the production and distribution of
goods and services in order a profit. It is concerned with the proper management of
available resources for achieving the specified objective of the business.

3.3 Lesson/ Discussion

3.3.1 Forms of Business Organization

Sole Proprietorship/ Sole Trading

Sole Proprietorship or sole trading is the oldest

and simplest form of business organization. It is a
business organization, in which an individual
contributes the whole amount of capital. Manages the
business himself/herself, bears all the risks alone,
enjoys all the profits and suffers all the loss. He alone
plays the role of manager, owner, controller, decision
maker, and risk bearer. He uses his own skills,
intelligence, knowledge and capability for successful
operation and management of the enterprise. He is
free to hire and fire his employees and looks after the Source: https://edgelegal.in/proprietorship/
daily activities of the business.

Characteristics

Following are the main characteristics of a sole proprietor/trading concern:

1. Sole investment – the owner contributes the whole amount of capital in the
business.
2. Sole management – the owner manages whole activities of the business. He is
the supreme judge of the business in which nobody interferes his decision.
3. No profit sharing – the owner enjoys the whole amount of profit and bears all
losses in the business.
4. Limited operation – the resources of the sole trading is limited.
5. Independence – the owner is free to make all sorts of decisions as per his
judgement. He makes quick decisions necessary for exploiting business
opportunities.
6. Unlimited Liability – the liability of the owner is not limited to his investment. If
the business suffers from losses and its properties are insufficient to meet its
debts, the owner has to sell his private property to clear his business debts.

Advantages and Disadvantages

Advantages Description
Easy to start and dissolve There are limited and simple legal formalities to start
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and close the business

Quick decision-making Makes all types of decision immediately
Secrecy The owner is not required to share the secrets of the
business
Incentive Has direct relationship between efforts and rewards
Personal relation Can easily develop and maintain personal and
business relations with concerned parties like
customers, supplies, employees etc.
Economy It is an economical form of business organization

Disadvantages Description
Limited capital Insufficient for large-scale production and distribution
of goods and services
Loss in absence Due to personal and business matters, the owner may
remain absent frequently.
Unlimited liability The liability of the sole trader is not limited up to his
invested capital
Limited managerial skill The owner may not have adequate managerial skills
and technical abilities.
Absence of separate legal The death, or disability of the owner may lead to the
status business to end.
Uncertain life Not permanent due to lack of separate legal status

Partnership

Partnership has been developed to

overcome the major limitation of a sole
proprietorship/trading concern.

The partnership is an agreement

between two or more than two persons for
carrying on a lawful business for earning a
profit. It is a form of business in which two or
more than two persons make an arrangement
to contribute capital, manage the business and
share the profit or loss. It is the business carried
on by two or more than two persons for their
mutual benefits. Source: https://www.vectorstock.com/royalty-
free-vector/deal-partnership-agreement-
business-vector-13448954
Characteristics

Following are the main characteristics of partnership:

1. Agreement – it is the basis for forming a partnership.

2. Joint ownership – established with a joint investment of all the partners
 The Entrepreneurial Mind/ Philippine 4
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3. The role of principal and agent – managed by all the partners or anyone of them
acting for all.
4. Unlimited liability – a partner is jointly as well as individually liable to pay all
the debts of the business even by selling his private properties if the assets of the
business are insufficient to meet all its debts.
5. Joint ownership – established with the joint investment of all partners
6. Joint management - managed by all partners jointly.
7. Restrictions in transferring interest – interest of the partner is nontransferable.
No partner can transfer his interest or share to an outsider without the consent of
all partners.

Types of Partnership

1. General Partnership

A general partnership is a company owned by two or more individuals who

agree to run the business as partners or co-owners. Unless otherwise agreed, each
partner has an equal share of profits and losses. Partnership agreements play a major
role in general partnerships that don‘t evenly split duties and shares.

In general partnerships, partners manage the business and assume

responsibility for the partnership‘s debts. If you plan on forming a general
partnership, create a formal agreement stating each partner‘s role and shares. Be
sure to also specify how you plan on selling or closing the business if the partnership
dissolves. Because the business is not a separate entity from its partners, profits in
general partnerships are only taxed at the personal income level. Profits are not
taxed at the company level.

General partnerships are easy to establish, low-cost, and flexible. On the

downside, your personal assets are at risk in a general partnership. Not to mention,
partners are liable for each other‘s actions.

2. Limited partnership

Limited partnerships are more structured

than general partnerships and have both general
and limited partners. To start a limited
partnership, you need at least one general and
one limited partner. So, what‘s the difference
between a general partner and a limited partner?

Limited partners only serve as investors

for the partnership. Typically, a limited partner
does not have decision-making rights. They get
ownership but don‘t have as many risks and responsibilities as a general partner.
Partners can lose their status if they become too
Fig. 2. Legendary Pictures, Syncopy, and
Lynda Obst Production funded for the film
making of the movie “Interstellar” making them
limited partners.
 The Entrepreneurial Mind/ Philippine 5
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involved in managing the company (e.g., signing legal documents or contracts). If

you‘re a limited partner, be careful about the activities you do and the decisions you
make in the partnership.

General partners own and operate the company and assume liabilities for the
partnership. A general partner has control and responsibility when it comes to the
limited partnership. Limited partnerships are generally very attractive to investors
due to the different responsibilities of the general and limited partners.

Advantages and Disadvantages

Advantages Description
Less formal with Unless a formal partnership agreement has been drawn
fewer legal up, a partnership business can easily be dissolved at any
obligations time: this gives each partner the freedom to choose to
leave if they wish to.
Easy to get started The partners can agree to create the partnership verbally
or in writing.
Sharing the burden Compared to operating on your own as a sole trader, by
working in a business partnership you can benefit from
companionship and mutual support.
Access to knowledge, Each partner will bring their own knowledge, skills,
skills, experience and experience and contacts to the business, potentially giving
contacts it a better chance of success than any of the partners
trading individually.
Better decision- In business, very often two heads really are better than
making one, with the combined conclusion of debating a situation
far better than what each partner could have achieved
individually.
More partners, more The more partners there are, the more money there may be
capital available from their combined resources to invest into the
business, which can help to fuel growth.
Easy access to profits In a business partnership, the profits of the business are
shared between the partners.

Disadvantages Description
No independent legal Even if a partnership agreement is in place, the remaining
status partners may not be in a position to purchase the outgoing
partner‘s share of the business
Perceived lack of Like a sole trader, the partnership business model often
prestige appears to lack the sense of prestige more associated with
a limited company.
Limited access to While a combination of partners is likely to be able to
capital contribute more capital than a sole trader, a partnership
will often still find it more difficult to raise money than a
limited company.
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Potential for By going into business as a general partnership rather than

differences and a sole trader, you lose your autonomy. You probably
conflict won‘t always get your own way, and each partner will
need to demonstrate flexibility and the ability to
compromise.
Slower, more difficult Compared to running a business as a sole trader, decision-
decision making making can be slower as you‘ll need to consult and discuss
matters with your partners.
Limits on business Several of the other disadvantages we‘ve looked at
development combine to restrain the growth of most partnerships.
Profits must be At a basic level, while a sole trader retains all the profits of
shared their business, those of a partnership are shared amongst
the partners.

Cooperative

A cooperative organization is a
voluntary association of people who
join together for carrying on a business
with the principles of equality and
mutual help. It is a democratic
organization which is operated for the
service of its members. It works for the
motto of each shall work for all and all
for each.

A cooperative organization
prefers services than profit
maximization, joint actions instead of
cut-throat competition. Fig. 3. Business Cooperative
Source: https://www.merchantmaverick.com/business-
cooperative/
Characteristics

1. Voluntary Association: A cooperative society is a voluntary association of

persons and not of capital. Any person can join a cooperative society of his free
will and can leave it at any time. When he leaves, he can withdraw his capital
from the so-ciety. He cannot transfer his share to another person.

2. Spirit of Cooperation: The spirit of cooperation works under the motto, ‗each for
all and all for each.‘ This means that every member of a co­operative organization
shall work in the general interest of the organization as a whole and not for his
self-interest. Under cooperation, service is of supreme importance and self-
interest is of secondary importance.

3. Democratic Management: An individual member is considered not as a capitalist

but as a human being and under cooperation, economic equality is fully ensured
 The Entrepreneurial Mind/ Philippine 7
3 Indigenous Communities

by a general rule—one man one vote. Whether one

contributes 50 or 100 as share capital, all enjoy
equal rights and equal duties. A person having
only one share can even become the president of
cooperative society.

4. Moral emphases: A cooperative organization

generally originates in the poorer section of
population; hence more emphasis is laid on the
de-velopment of moral character of the individual
member. The absence of capital is compensated by honesty, integrity and loyalty.
Under cooperation, honesty is regarded as the
best security. Thus cooperation prepares a band Fig. 4. Cooperative Development Authority
(CDA) is encouraging cooperatives to own
of honest and selfless workers for the good of businesses as a form of livelihood.
humanity. Source:https://www.bworldonline.com/cda-
encouraging-co-ops-to-go-into-business-
despite-bir-scrutiny/
5. Corporate Status: A cooperative association has
to be registered under the separate legislation—Cooperative Societies Act. Every
society must have at least 10 members. Registration is desirable. It gives a
separate legal status to all cooperative organizations—just like a company. It also
gives ex-emptions and privileges under the Act.

6. Capital: Capital of a cooperative society is raised from members through share

capital. Coop-eratives are formed by relatively poorer sections of society; share
capital is usually very limited. Since it is a part of govt. policy to encourage
coopera-tives, a cooperative society can increase its capital by taking loans from
the State and Central Coop-erative Banks.

7. Fixed Return on Capital: In a cooperative organization, we do not have the

dividend hunting element. In a consumers‘ cooperative store, return on capital is
fixed and it is usually not more than 12 p.c. per annum. The surplus profits are
distrib-uted in the form of bonus but it is directly connected with the amount of
purchases by the member in one year.

Types of Cooperatives:

There are 5 different types of cooperatives:

1. Consumer: owned by consumers who buy goods or services from their

cooperative
2. Producer: owned by producers of commodities or crafts who have joined forces
to process and market their products
3. Worker: owned and democratically governed by employees who become co-op
members
4. Purchasing: owned by independent businesses or municipalities to improve their
purchasing power
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3 Indigenous Communities

5. Hybrid: a combination of co-op types, where people with common interests band
together.

Public Enterprise

State enterprise is an undertaking

owned and controlled by the local or state or
central government. Either whole or most of
the investment is done by the government. The
basic aim of a state enterprise is to provide
goods and services to the public at a
reasonable rate though profit earning is not
excluded but their primary objective is social
service. A.H. Hansen says, ―Public Enterprise Fig. 5. Philippine National Bank is an example
of a public enterprise.
means state ownership and operation of Source:https://www.pds.com.ph/index.html%3F
industrial, agricultural, financial and page_id=14184.html

commercial undertakings.‖

A commonly accepted definition of a public enterprise is ―Any commercial or

industrial undertaking which the government owns and manages with a view to
maximize social welfare and uphold the public interest.‖

Characteristics

1. Financed by Government:

Public enterprises are financed by the government. They are either owned by
the government or majority shares are held by the government. In some
undertakings private investments are also allowed but the dominant role is played
by the government only.

2. Government Management:

Public enterprises are managed by the government. In some cases,

government has started enterprises under its own departments. In other cases,
government nominates persons to manage the undertakings. Even autonomous
bodies are directly and indirectly controlled by the government departments.

3. Financial Independence:

Though investments in government undertakings are done by the

government, they become financially independent. They are not dependent on the
government for their day- to-day needs. These enterprises arrange and manage their
own finances. An element of profitability is also considered while pricing their
products. It has helped the enterprises to finance their growth themselves.

4. Public Services:
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The primary aim of state enterprises is to provide service to the society. These
enterprises are started with a service motive. A private entrepreneur will start a
concern only if possibilities of earning profits exist but this is not the purpose of
public enterprises.

Want to know more?

Check out and visit this YouTube video on Business Organization lecture
using this link: https://youtu.be/izYAEqWPoLU

Stop and Think! Exercise No. 1

Before we proceed to the next lesson, let us first have a review by answering
the following questions:
 What do you mean by business organization?
 What is business organization
 What are the forms of business organization?
Write your answers in a clean piece of paper.

3.2.2 Requirements of putting up a business

Starting a business is exciting—but also demanding. This guide addresses some of the
most common startup steps to ensure your company is ready for success.

A. Prepare a business plan and materials

An important first step is preparing a business plan to define your business,

products and services, and outline your goals, operating procedures and
competition. If your company needs funding from a traditional loan or venture
capitalists, a business plan will be required. Make sure your plan includes a
marketing approach, so people are aware of what you're selling and how to find
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you. Create a business logo, cards and stationery. These items establish your
company‘s identity and help potential customers find and remember you.

B. Meet legal requirements

After selecting a name and business focus, small businesses should establish
the type of legal structure most suited to their potential liability, business size and
preferred tax structure. Sole proprietorship businesses are easy to establish and
require little paperwork other than business name registration, but owners carry
higher personal financial and legal responsibility than other business formats.
Partnerships may be a format option for small businesses established by more than
one person, but it should be based on a partnership agreement to prevent
complications. A small business can form a corporation to minimize personal
liability, define ownership and have access to additional financing options. An S-
corporation may offer some tax benefits for eligible small businesses.

C. Licenses and Permits

Business license and permit requirements vary by location, industry and work
to be performed. Small businesses may need a business license issued by the city,
county or state. State licenses generally are issued to individuals working in
industries, such as real estate, cosmetology, construction and insurance. These
personal licenses should be held by employees or owners of a new small business
prior to opening. Federal licensing may be required for broadcasters, financial
advisory businesses and meat processors. Local licensing requirements can include
permits for a physical sign, a fire permit for businesses working with flammable
items, pollution control permits and health department permits for food-related
businesses. Small businesses will also need a sales tax permit.

D. Financial Requirements

Small businesses must obtain sufficient capital for startup requirements and
operating expenses until the business starts generating a profit. Financing may be
obtained from personal savings, loans or from investors. The business will need a
financial management or accounting system to record all transactions, a bank
account and a method of paying bills and buying supplies.

3.3.3 SWOT (Strength, Weaknesses, Opportunities & Threats) Analysis

A. What is a SWOT Analysis and Why Should you use one?

SWOT stands for: Strength, Weakness, Opportunity, Threat. A SWOT

analysis guides you to identify your organization‘s strengths and weaknesses (S-W),
as well as broader opportunities and threats (O-T). Developing a fuller awareness of
the situation helps with both strategic planning and decision-making.
 The Entrepreneurial Mind/ Philippine 11
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The SWOT method was originally developed for business and industry, but it
is equally useful in the work of community health and development, education, and
even for personal growth.

B. When do you use SWOT?

A SWOT analysis can offer helpful perspectives at any stage of an effort. You
might use it to:

 Explore possibilities for new efforts or solutions to problems.

 Make decisions about the best path for your initiative. Identifying your
opportunities for success in context of threats to success can clarify
directions and choices.
 Determine where change is possible. If you are at a juncture or turning
point, an inventory of your strengths and weaknesses can reveal priorities
as well as possibilities.
 Adjust and refine plans mid-course. A new opportunity might open wider
avenues, while a new threat could close a path that once existed.

C. What are the elements of a SWOT Analysis?

A SWOT analysis focuses on Strengths, Weaknesses, Opportunities, and

Threats. Remember that the purpose of performing a SWOT is to reveal positive
forces that work together and potential problems that need to be recognized and
possibly addressed.
 The Entrepreneurial Mind/ Philippine 12
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 Strengths describe what an organization excels at and what separates it from

the competition: a strong brand, loyal customer base, a strong balance sheet,
unique technology, and so on. For example, a hedge fund may have
developed a proprietary trading strategy that returns market-beating results.
It must then decide how to use those results to attract new investors.
 Weaknesses stop an organization from performing at its optimum level. They
are areas where the business needs to improve to remain competitive: a weak
brand, higher-than-average turnover, high levels of debt, an inadequate
supply chain, or lack of capital.
 Opportunities refer to favorable external factors that could give an
organization a competitive advantage. For example, if a country cuts tariffs, a
car manufacturer can export its cars into a new market, increasing sales and
market share.
 Threats refer to factors that have the potential to harm an organization. For
example, a drought is a threat to a wheat-producing company, as it may
destroy or reduce the crop yield. Other common threats include things like
rising costs for materials, increasing competition, tight labor supply and so
on.

Internal and External Factors

The four elements above are common to all SWOT analyses. However, many
companies further compartmentalize these elements into two distinct subgroups:
Internal and External.

Typically, Strengths and Weaknesses are considered internal factors, in that

they are the result of organizational decisions under the control of your company or
team. A high churn rate, for example, would be categorized as a weakness, but
improving a high churn rate is still within your control, making it an internal factor.
Similarly, emerging competitors would be categorized as a threat in a SWOT
analysis, but since there‘s very little you can do about this, this makes it an external
factor. This is why you may have seen SWOT analyses referred to as Internal-
External Analyses or IE matrices.
 The Entrepreneurial Mind/ Philippine 13
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Subcategorizing your four primary elements into Internal and External factors
isn‘t necessarily critical to the success of your SWOT analysis, but it can be helpful in
determining your next move or evaluating the degree of control you have over a
given problem or opportunity.

The Four Quadrants of SWOT Analysis

Whatever you choose to call them, SWOT analyses are often presented as a
grid-like matrix with four distinct quadrants – one representing each individual
element. This presentation offers several benefits, such as identifying which
elements are internal versus external, and displaying a wide range of data in an
easy-to-read, predominantly visual format.

Here’s the SWOT analysis based on our fictional restaurant:

 The Entrepreneurial Mind/ Philippine 14
3 Indigenous Communities

As you can see, this matrix format allows you to quickly and easily identify
the various elements you‘ve included in your analysis.

For example, we can see that a great location, strong reputation, and seasonal
menu are strengths in this particular analysis. Conversely, we can see that
heightened competition from chain restaurants and the rising costs of ingredients are
two of the four weaknesses identified by our fictional restaurant business.

D. Advantages of SWOT Analysis

A SWOT analysis is a great way

to guide business-strategy meetings.
It's powerful to have everyone in the
room to discuss the company's core
strengths and weaknesses and then
move from there to define the
opportunities and threats, and finally
to brainstorming ideas. Oftentimes,
the SWOT analysis you envision
before the session changes throughout
to reflect factors you were unaware of Image via Fundera
and would never have captured if not Source:https://www.wordstream.com/blog/ws/2017/12/20/sw
ot-analysis
for the group‘s input.
 The Entrepreneurial Mind/ Philippine 15
3 Indigenous Communities

A company can use a SWOT for overall business strategy sessions or for a
specific segment such as marketing, production or sales. This way, you can see how
the overall strategy developed from the SWOT analysis will filter down to the
segments below before committing to it. You can also work in reverse with a
segment-specific SWOT analysis that feeds into an overall SWOT analysis.

E. How do you use your SWOT Analysis?

Better understanding the factors affecting your initiative put you in a better
position for action. This understanding helps as you:

 Identify the issues or problems you intend to change

 Set or reaffirm goals
 Create an action plan

As you consider your analysis, be open to the possibilities that exist within a
weakness or threat. Likewise, recognize that an opportunity can become a threat if
everyone else sees the opportunity and plans to take advantage of it as well, thereby
increasing your competition.

Finally, during your assessment and planning, you might keep an image in
mind to help you make the most of a SWOT analysis: Look for a "stretch," not just a
"fit." As Radha Balamuralikrishna and John C. Dugger of Iowa State University point
out, SWOT usually reflects your current position or situation. Therefore, one
drawback is that it might not encourage openness to new possibilities. You can use
SWOT to justify a course that has already been decided upon, but if your goal is to
grow or improve, you will want to keep this in mind.

Want to know more?

Check out and visit this YouTube video on How to Conduct a SWOT
AssessmentAnalysis
for LP3 for your Business by WordStream using this link
https://www.youtube.com/watch?v=9ets_5qSAo4&feature=emb_title
Name: _____________________________ Course, Year & Section:
________________
Subject: ____________________________ Instructor: _________________________

Part I. Multiple Choice. Write only the letter of your chosen option.

1. The act of bringing necessary resources for the production and distribution of
goods and services and utilizing them in the best possible manner for achieving
the definite objectives is called _____?
a. Community c. business
b. Liability d. organization
 The Entrepreneurial Mind/ Philippine 16
3 Indigenous Communities

2. The production and distribution of goods and services require number of

resources like ______?
a. Men c. money
b. Management d. all of the options

3. How many forms of businesses are there?

a. 5 b. 4 c. 6 d. 3

4. The life of the sole trading concern is closely connected with the ________.
a. Life of the suppliers c. life of the owner
b. Life of the partners d. life of the customer

5. Which of them is not the advantages of sole proprietorship?

a. Personal relation c. delay in decision
b. Incentive d. easy to start and dissolve

6. Which is the disadvantage of sole proprietorship?

a. Uncertain life c. permanent life
b. Perpetual succession d. limited liability

7. Which of the following is considered as the oldest and simplest form of business
organization?
a. Joint stock company c. multinational company
b. Sole trading d. partnership firm

8. A general partner is also known as _____?

a. Good partner c. unlimited partner
b. Right partner d. limited partner

9. Which of the following is not the characteristics of a partnership organization?

a. Joint ownership c. limited liability
b. Joint management d. unlimited liability
10. Which of the following is the characteristics of public enterprise?
a. Absence of separate legal entity c. profit motive
b. State ownership d. sole management

11. Which of the following SWOT elements are internal factors for a business?
a. Strengths and Weaknesses c. Opportunities and Threats
b. Strengths and Opportunities d. Weaknesses and Threats

12. Which of the following is false regarding why a SWOT Analysis is used?
a. To build on the strengths of a business
b. To minimize the weaknesses of a business
c. To reduce opportunities available to a business
d. To counteract threats to a business
 The Entrepreneurial Mind/ Philippine 17
3 Indigenous Communities

13. Which of the following could be a strength?

a. Weather c. A new international market
b. A price that is too high d. The location of a business

14. Which of the following could be a threat?

a. Changes in technology
b. A market vacated by an ineffective competitor
c. Location of your business
d. Lack of marketing expertise

15. Which of the following is true about preparing a SWOT Analysis?

a. It should focus on where the organization is today, not where it could be
in the future.
b. A SWOT Analysis is objective
c. It should be specific and avoid grey areas
d. It should analyze the organization only and ignore the performance of
competitors.

Part II. Extension Learning Activity

Direction: Going back to your

previous activity entitled, ―Pitch an
Idea for an App”, construct a SWOT
Analysis relating to the idea that you
come up. Identify the Strength,
Weaknesses, Opportunities, and
Threats of that particular business
idea. Use the SWOT analysis table.

3.3 Resources

4 Types of Partnership in Business: Limited, General, & More. (2020, October 15).
Retrieved October 27, 2020, from
https://www.patriotsoftware.com/blog/accounting/types-of-partnership-in-
business/

Acevedo, L. (2016, October 26). The Requirements of Starting a Small Business.

Retrieved November 01, 2020, from
https://smallbusiness.chron.com/requirements-starting-small-business-
2211.html

Chengo, F., Mushi, S., Ayayo, J., & Marumo, L. (2017, August 29). Advantages and
disadvantages of a partnership business. Retrieved October 27, 2020, from
 The Entrepreneurial Mind/ Philippine 18
3 Indigenous Communities

https://www.informdirect.co.uk/business-management/partnership-
business-advantages-and-disadvantages/

Cooperative Organisation: Definition, Characteristics and Types. (2016, February 05).

Retrieved November 01, 2020, from
https://www.yourarticlelibrary.com/business/cooperative/cooperative-
organisation-definition-characteristics-and-types/75888

D. S. (2020, April 20). How to Do a SWOT Analysis for Your Small Business (with
Examples). Retrieved October 28, 2020, from
https://www.wordstream.com/blog/ws/2017/12/20/swot-analysis

Economic Development and Training. (n.d.). Retrieved October 28, 2020, from
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3.4 Acknowledgement

I would like to extend our heartiest thanks and respect to all those who
provides help in preparation for this module, SSU key officials and other guidance,
the authors and sites where the information and discussion was originated.

The images, tables, figures and information contained in this module were
taken from the references cited above.
 The Entrepreneurial Mind/ Philippine 19
3 Indigenous Communities