LESSON TITLE:

Explore Business Opportunities for

Entrepreneurship as a Career
____________________________________________

Name of Teacher –Writer: GERALDINE M. SABUGO

School: SINAIT NATIONAL HIGH SCHOOL

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 This Self Learning Kit is an innovative tool produced by the Department of
Education Division of Ilocos Sur to meet the standards of the K-12 Curriculum in
providing our teachers and learners relevant and utilized localization content
especially for grade 7 and 8 students. The competencies are based on the
Department of Education’s K to 12 Curriculum.

This Self Learning Kit is designed for the convenient use of students and
teachers and serves as an arms for learners with updated knowledge, skills and
values needed to compete and survive in an increasingly entrepreneurial local-global
environment. In this module you’re going to learn the different Business Opportunities
the helps you in putting up your new business venture in the future. In here you can
develop and generate some business ideas that will ensure you to think on what is
the perfect business for you based from your personal preferences, hobbies and
interests as well as your experiences. You will also learn on how to determine the
viability of your products, services or a prospective business venture using the
Strength Weaknesses Opportunities Threats (SWOT) Analysis. In addition, you can
also learn on how are you going to recognize the needs and wants of your possible
customers.

At the end of the lesson, you are expected to:

1. Identify the different sources of business ideas and
opportunities
2. Determine the needs and wants of the customers
3. Recognize the importance of using a SWOT Analysis

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 Yesterday we discussed all about the different Principles and
Strategies in Entrepreneurship wherein you learned them to
used/apply properly in the future especially if you are
planning to put/build your own business venture. As a
continuation to our previous lesson you need to answer the
following test in your notebook.

DIRECTIONS: DIRECTIONS: True or False: Read and analyze the following

statement carefully, write True if the statement is correct and write False if the
statement is incorrect and underline the word that makes the statement incorrect.
1. Legality is the suggestion of business ideas must be proved by the law.
2. Entrepreneurs starts a new businesses and take on the risk and rewards of
being an owner.
3. Tertiary sources refer to first-hand data or information gathered directly
through:
4. Surveys refers to the development of a short questionnaire with respect to the
targeted product.
5. Opportunity is a period of uncertainly experienced by a business as a result of
unforeseen events which lead to either poor earnings and resultant failure.

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 After reading and understanding the lesson you will realize
the importance of having a knowledge about business
opportunities. In this lesson you will learn on how to
generate and screen business ideas and prepare a SWOT
Analysis.

Identifying Business Opportunities

Entrepreneurs are people who own, operate and take the risk of a
business venture. They came from all types of backgrounds and create all
kinds of business. These are persons who try to identify unmet needs in the
marketplace, then provide a service or product to meet those needs.
Opportunity is defined as a situation that enables an entrepreneur to offer
marketable products/services to interested buyers or end users. Furthermore,
opportunities are usually related to the entrepreneur’s work, experiences, hobbies or
social environment.
Business idea is a business concept that results in profits if it is turned into a
tangible product or service.

Idea Generation

The first step in identifying a good business opportunity is to look for many
opportunities. This is called the idea generation phase (SERDEF, 2007). The
following are good sources of business ideas (Hisrich, Peters, & Shepherd, 2008;
Looser & Schlapfer, 2001).

1. Personal hobbies and interests – think of your hobbies and interests and turns
into business.
For example, if your passionate in cooking the possible business you will put
up is a Restaurant/Fast food, how about if you are interested in baking your
possible business idea is to build your own bakery, another one, is you are good
in art so the possible business idea for you is to create a Gallery wherein you’re
going to display your drawings, sketch, paintings and many more.
2. Everyday experiences, travel, and adventures – make your experiences turns
into profitable one.
For example, if you are fun with adventures and travelling it can be possible to
build up your own business here, you can start a simple travel agency or you
make some vlogs about the towns, provinces you already visited so that other

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 people can discover more the beauty of nature here in the Philippines. You’re not
only collecting memories but you can also turn your interests into business as
well as promoting the beautiful scenery of our country.

3. Suggestions from family members and friends- if you’re planning to put up a

simple business you ask your family for suggestions because they will be the one
who will help and support you run into your new business in the future, think of a new
business that is unique to others.

4. Problems that need solutions- if you encounter a problem regarding to your

business venture you need to study and analyze them first, think of the best remedy
or solution then put into action to solve your problem.

5. Problems with existing products- this is one of the problem today that we are
encountering there’s a lot of new products in the market that is almost the same the
only difference is the name, the manufacturer, the ingredients used and the
packaging. So before putting up your business venture see to it that you offer a
product which is unique in the market.

Examples of products which is existing already in the market are the following:

Milk tea, Pizza, Shawarma, Fried Chicken and Motor or vehicle parts, Cements,
Wood, Cosmetics or Beauty products, Laptops

6. Books, magazines, news- if you are fun in reading books, magazines and
newspapers there’s a lot of business ideas and opportunities you can see there.

7. Observing, listening around you

Screening Business Ideas

1. Personality and Personal Preferences - are specific likes and dislikes of

an individual human. Special attention should be paid to each individual's
preferences, as they can have a large influence on the decisions that person makes
and how they behave.

a. Personal Preference – are the likes and dislikes of an individual examples

are the following: Food preference of children to adult, the way people dress up, the
lifestyle of a person, standard of living, some prefer to buy local products because it
is cheaper than to the imported one.

b. Education, Skills, and Experience- this pertains to the qualification of an

individual especially in applying for his/her work. Whether you are a Elementary,
High School, College undergraduate or graduate, the skills you possess such as
good in housekeeping, capable of doing table skirting, table napkin folding, good in
electrical wiring etc.

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 c. Work Experience - this is about your past experienced to your worked.
Working experience is important especially for those who are finding a job and this is
the basis of hiring a new employee or staff.

d. Support from family and friends- they are the one who will help and support
your establishment to grow.

For example, if you fail they are there to encourage you to strive harder to
keep on fighting what have you started.

2. Characteristics of a good business - the organized effort of individuals to

produce and sell, for a profit, the goods and services that satisfy society's needs.

a. Demand for Product- The demand for a product is influenced by various

factors, such as price, consumer’s income, and growth of population. The demand
for a product decreases with increase in its price, while other factors are constant,
and vice versa.

For example, consumers prefer to purchase a product in a large quantity

when the price of the product is less.

b. Availability of skills, raw materials, technology, and capital – before putting

up your chosen business see to it that you have enough stocks or supplies or your
raw materials, you have enough capital to support your establishment and your
employees.

c. Profitability- is the ability of a business to earn a profit. A profit is what the

company/business earn whether in a week, moth or the whole year.

SWOT Analysis

– is a strategic planning technique used to help a person or organization

identify strengths, weaknesses, opportunities, and threats related to
business competition or project planning. Strengths and weaknesses are
frequently internally-related, while opportunities and threats commonly
focus on the external environment.

Strengths- characteristics of the business or project that give it an advantage over

others

-positive factors that contribute to the favorability of a business opportunity

Examples: Cheap raw materials, Skilled/trained employees, Ease of

management, Small capital outlay

Weaknesses- characteristics of the business that place the business or project at a

disadvantage relative to others.

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 -set of problems, difficulties or shortcomings encountered by the business

Examples: Inexperienced owner Lack of working capital, Poor location

Opportunities- elements in the environment that the business or project could

exploit to its advantage.

-positive factors that are not within the control of the business.

Examples: Absence of similar products in the market, New markets being

developed, Growing demand for similar products, Favorable government policy

Threats- elements in the environment that could cause trouble for the business or
project.

-negative factors that are beyond the control of the business

Examples: Rising costs, Raw material shortages, Too many competitors.

SWOT ANALYSIS EXAMPLE

Helpful to achieve
the objective Harmful to achieve
the objective

S W O T

STRENGTHS WEAKNESSES OPPORTUNITIES THREATS

-Things your company -Things your -Underserved -Emerging

does well company lacks markets for specific competitors
products
-Qualities that separate -Things your -Changing regulatory
you from your competitors do -Few competitors in environment
competitors better than you your area
-Negative press/
-Internal resources -Resource -Emerging need for media coverage
such as skilled, limitations your products or
knowledgeable staff services -Changing customer/
-Unclear unique attitudes towards
-Tangible assets such selling promotion -Press/media your company
as intellectual property, coverage of your
capital, proprietary company
technologies etc.

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Recognizing Customer Needs and Wants
An entrepreneur has to be sensitive in identifying the needs and wants of
customers. Opportunity occurs whenever there is a need and want to fulfill. The term
“needs” refer to basic needs that the consumer must have in order to live like food,
shelter, clothing etc. while the term “wants” refers to a personal desire for something
that is more than a basic need like gadgets and vehicle.

Choosing a business opportunity

Criteria that must be considered by entrepreneurs are:
a. Legality- the suggestion of business ideas must be proved by the law.
For example, if you decided to create your business whether business
at home or online, you should register your business in Department of
Trade and Industry and Bureau of Internal Revenues.
b. Competitors- those who are in the same business.
c. Capital Requirement- the amount invested in the company.
d. Risk- a period of uncertainly experienced by a business as a result of
unforeseen events which lead to either poor earnings and resultant
failure.

In creating or searching for business opportunities one must consider the

following factors:
1. What products are in demand?
-The needs of the community
2. Do you have money for capital? Do you have equipment and facilities?
-Available resources
3. Does the particular business activity meet your interest?
- Skills and interests
4. Where will you sell your products? Who will buy your products?
-Market
-Consumers
5. Are materials always available?
-Supplies or Raw Materials
6. Are expert workers available?
-Manpower
7. Is your product or service improved

-Yes by means of Technology

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In entrepreneurship there are different business opportunities as a career and some
are the following:
 Teaching/Faculty

 Chef

 ICT Expert

 Beautician/Make-up Artist

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 To broaden your understanding about our topic a while ago
here are some examples for you.

Here is an example of Needs and Wants

NEEDS WANTS

Food items Car

Clothes
Cellular Phone

House Cosmetics

Examples of business opportunity as a Career

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 Farmer
Salon
beautician

As a measurement of your knowledge and understanding about

our topic you need to answer the following activities. In your
activity here, you need to identify the needs and wants of human,
the different career opportunities. You answer all your activities
honestly. If you think you cannot answer by your own you ask for
your parents to assistance.

I. Identify the following pictures whether they are human needs or

wants. Write your answer in your notebook.

1. 2. 3.

Bicycle Cellular phone Food

4. 5.

House/shelter Facemask

II. True or False: Read and analyze the following statement carefully,
write True if the statement is correct and write False if the statement
is incorrect and underline the word that makes the statement
incorrect.
1. Opportunity is defined as a situation that enables an entrepreneur to
offer marketable products/services to interested buyers or end users.

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2. The term “needs” refers to a personal desire for something that is more
than a basic need.
3. Entrepreneurs starts a new businesses and take on the risk and
rewards of being an owner.
4. SWOT Analysis is a strategic planning technique used to help a person
or organization identify strengths, weaknesses, opportunities, and
threats related to business competition or project planning.
5. Opportunities is a business concept that results in profits if it is turned
into a tangible product or service.

III. Word Search. Direction: Search the following words inside the
table. Draw a line once you have found the word you’re looking for.

Strengths Opportunity Weaknesses

Competitors Capital

An entrepreneur has to be sensitive in identifying the needs

and wants of his/her customers. Opportunity occurs whenever there
is a need and want to fulfill. The term “needs” refer to basic needs
that the consumer must
12 have in order to live while the term “wants”
refers to a personal desire for something that is more than a basic
need. Spotting business opportunities is one of the most essential
aspects of entrepreneurship. An entrepreneur must have a keen eye
 For everything you do in life, you set goals. Goals help you
stay on track and follow through your plans. For your
activity here, you’re going to generate a business idea
based from your personal hobbies and interests that serve
as a guide for you to create your own business venture in
the future. You can ask your parents/relatives to assist you
in answering this activity. Place your answer in your
notebook.

I. Multiple Choice. Read and analyze each questions carefully. Select and
write the letter of you answer in your notebook.

1. These are persons who own, operate and take the risk of a business
venture.
a. entrepreneur b. businessman c. vendor d. salesman/lady
2. It refers to basic needs that the consumer must have in order to live
like food, shelter and clothing.
a. wants b. priority c. needs d. money
3. A strategic planning technique used to help a person or organization
identify strengths, weaknesses, opportunities, and threats related to
business competition or project planning.
a. Marketing strategy b. SWOT Analysis c. competitors d. business
ideas
4. Positive factors that contribute to the favorability of a business
opportunity

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 a. opportunities b. weaknesses c. treats d.
strengths
5. Refers to a personal desire for something that is more than a basic
need like gadgets and vehicle.
a. wants b. needs c. priority d. money

II. Jumbled Letters. You arrange the following letters for you to get the answer
of each questions.
1. Persons who are in the same business. - MPECOTOTIRS
2. A period of uncertainly experienced by a business which lead to either
poor earnings and resultant failure. - KSIR
3. Elements in the environment that could cause trouble for the business
or project. - THRETAS
4. It is a company/business earn whether in a week, moth or the whole
year. - FIRPOT
5. Set of problems, difficulties or shortcomings encountered by the
business. - NESSKWEAES

III. Below are factors and elements in the business, market and environment that
affects the viability of the enterprise. Determine whether they are (S)
Strengths, (W) Weaknesses, (O) Opportunities or (T) Threats. Write the letter
of your answer in your notebook.
1. The business or establishment has staff who are experienced and well-
trained.
2. The government strongly supports small and medium enterprises.
3. New and popular products are being introduced in the market.
4. The establishment looks old and need repairs.
5. There are new technologies that are better and more advanced than what
other businesses uses.

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 Lebrudo, Ma. Luz R., Entrepreneurship, Phlippine Normal University
Tecnology and Livelihood Education Reviewer, pp. 123-127, copyright 2011
Asprer, Fe F., Mangalindan, Fe S.J., Sumisim, Corazon M., the library
publishing house, Inc, pp. 8-10, copyright 2014

 K-12 Learning Module in Cookery 9 pp.11-15

 [Link]
 [Link]
opportunity
 [Link]
ides-business-opportunities

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Review/Motivation
1. True
2. True
3. False (tertiary-primary)
4. True
5. False (Opportunity risk)

Exercise/Activities

Picture Identification
1. Wants
2. Wants
3. Needs
4. Needs
5. Needs

True/False
1. True
2. False - Needs(Wants)
3. True
4. True
5. False – Opportunities - (business idea)

Assessment:

Multiple Choice
1. A
2. C
3. B
4. D
5. A

Jumbled Letters

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 1. MPECOTOTIRS- COMPETITORS
2. KSIR- RISK
3. THRETAS- THREATS
4. PROFIT- FIRPOT
5. NESSKWEAES –WEAKNESSES

Identification
1. S
2. O
3. T
4. W
5. S

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