The Entrepreneurial Mind

Learning Module No. 3

Learning Module on The Entrepreneurial Mind

Lesson 1: CREATING WEALTH

Lesson Objectives:
At the end of this lesson, you will be able to:
• Describe the basic concept of wealth creation
• Explain how one can protect wealth

Getting Started:

What does wealth mean to you? In what conditions

would you consider yourself wealthy? Is wealth
creation always part of your goal setting?

Discussion:
Wealth is the accumulation of capital. It gives us
command over resources which we can use to make life
more enjoyable. Wealth is different from income.
Income is the monetary return on labor or investments.
One can potentially have a high level of income without
having much wealth. For example, someone who has a
large monthly salary but has excessive debt is not wealthy.
BASIC CONCEPT OF WEALTH CREATION
Wealth creation means anything which could be owned and
controlled, and have a monitory value or have the potential
to create the monitory value. Assets could be tangible like
a car, a house, furniture, machinery etc., or intangible like
goodwill, copyrights, patents, trademarks, etc. For a
company, the land, the building, the machinery, inventory,
etc. are the wealth creation strategies.
Wealth Creation = Consistency
Time

Learning Module on The Entrepreneurial Mind

Innovation.
Innovation is certainly one of the best ways to build long-
term wealth, but it is also something that cannot be
rushed or forced. You may find you have a lot of decent
ideas throughout your career, but very few have what it
takes to catch on. After identifying an idea that stokes
your passions, take some steps to test its viability in the
marketplace. Here are steps on how to take your
innovative ideas to the next level:
Competitive Analysis – Start y researching the web,
reading articles, and signing up for industry
association mailing lists which may be able to offer
trends, surveys, statistics, and so on.
Market Reasearch – Your next step should be to set up
a landing page of your own online. Essentially, this is a
teaser for your forthcoming business. Example: Create
a Google AdWords campaign to ensure your page gets
in front of the right clientele and include an option for
visitors to sign up for updates and information.
Customer testing – Take this a step further and reach out
to set up interviews with potential clients who either signed
up on your landing
page or whom you are able to identify through
research or your personal network.
Practicality – You have to ask yourself how practical
your concept is. A few things to consider include:
whether your production will be logistically feasible and
affordable, where the product will be manufactured,
how expensive and accessible are materials, and
whether you will need staff.
STRATEGIES OF WEALTH CREATION
Receiving a high-quality education in the right field is
perhaps the most obvious way to build a long-term wealth.
Starting a successful business can also be among the
best wealth creation strategies. Investing money
wisely is yet another way Learning
to create wealth
Module on Thethat lasts a Mind
Entrepreneurial
long time.
Pursuing educational training – getting into top academic
institutions and taking up programs that will generate a
surplus of income that can be saved and invested
Starting a business – associated with challenges such as
employees, taxes and legal wrangling, but can be started
with less-out-of-pocket expenses and not necessarily a
brick-and-mortar storefront (i.e. online business

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Saving and investing – If a significant portion of the income is
committed to low-risk investment, compound interest over
the decades will eventually amass a hefty sum. A long-term
investment strategy for most people is focusing on small
but steady returns with limited chances of financial loss.
Mutual funds and bonds are a great option for a long-term
investor.
Building and Maintaining Wealth
• Live below your means.
• Pay off debt as quickly as possible.
• Be a great employee, work hard, and enjoy your work.
• Make long-term buying decisions.
• Don’t live in a high status high-consumption neighborhood.
• Choose contentment.
• Minimize your taxable income.
• Your home is not an investment.
• Convert non-income producing assets or cash
payments into investment assets.
• Make wise long-term investment decisions.

Budget to Save
Budgeting and saving money do not come naturally to many people,
for obvious reasons: it is easy and tempting to spend money on non-
essentials, even if your budget is tight.
Here are five steps you should take to reorganize your
finances, prioritize your spending, deal with any debt you
may have, and trim your taxes. These strategies, taken
together, have the very real potential to improve your
financial situation.

• Get Your Budget on Track

You are not going to get ahead financially until
you develop a reasonable budget one that allows
for both some indulgences and for emergencies and
then stick to that budget.
• Learn to Reduce Spending
Developing your budget will help you spot
areas where you are spending more than you
realized. But the next step is more difficult: cutting
your spending on unnecessary items.

• Deal with Your Debt

Learning Module on The Entrepreneurial Mind
 Few people get far in adulthood without
accumulating some form of debt: credit cards,
student loans, car loans, and mortgage payments
are common. In fact, debt can be a good thing
(who has the money to buy a house outright?),
but the key is to use them wisely.

Credit cards and other forms of debt can be an

essential part of your financial toolbox, but you
must exercise care when using these tools.

• How to Save Money

To build wealth, you have to start somewhere.
Therefore, the ability to save money is the
cornerstone of building wealth.
• Make Sure to Trim Your Taxes
Nobody likes paying taxes, but they are an
important aspect of any financial plan. Even if you
do not make much money, you might be
surprised to learn how certain tax strategies and
decisions can impact your finances.

Save and Invest

Saving is a key principle. People who make a habit of

saving regularly, even saving small amounts, are well on
their way to success. It is important to open a bank or credits
union account so it will be simple and easy for you to save
regularly. Then use your savings to plan for life events and to
be ready for unplanned or emergency needs.

Steps for Save Money

Saving money provides a cushion for short-term costs, such as a
large car repair. You also need money for bigger items, such as
buying a house or paying for college.

• Call your credit card companies and request that

they lower your interest rate.
• Shop around for better phone, Internet and cable services
rates.
• Pay more than the minimum on card balances to cut
down on interest costs.
• Use cash instead of credit cards. This helps you
control your budget and avoids building debt.
• Cook from scratch and grow some of your own
produce to save money on groceries.

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• Never pay full price for clothing. Buy your new
clothes on sale, at seasonal clearances, from
consignment shops or discount stores.
• Comparison shop for electronics and big ticket
items such as appliances. The time spent looking
for the best price is often worth the effort.
• Save up and pay for a used vehicle rather than
financing your transportation. The amount of money
spent on financing costs is often very high.
• Save when banking. Look for banks with no fees on
checking accounts. Withdraw cash from bank
branches, in-network ATMs or during debit
transactions at grocery stores or other retailers to
avoid a surcharge.

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Tools for Saving

A good first step toward saving is to open a savings

account at a bank or credit union. With a savings account,
you can:

• Take advantage of compound interest, with no risk.

• Keep your money safer than in your pocket or at home.
• Take advantage of direct deposit of your paycheck.
• Monitor your balance online.

Investing

Personal investing is one of the more important

components of personal finance. Essentially, this type of
investing activity centers on the investment activity that is
undertaken by an individual. Often, the investing efforts are
focused on creating a secure financial cushion for use in later
years, and may include investment activity such as
Certificates of Deposit, savings account, participating in
pension plans, and the purchase of stocks, bonds and other
options.

Since the focus of personal investing is often a

key part of retirement planning, many people choose to
create a personal investment portfolio that is composed of
several different options.
For investors who wish to earn a high return and willing
to accept a greater risk, there is always the possibility of
fleshing out the investment portfolio with highly volatile
investments. This can include such opportunities as buying
shares in a new and as yet uproven business, taking a chance
by investing in a new type of technology that shows promise
of becoming extremely popular, or getting involved with the
fast-paced trading that is common with currency trading.

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Build Credit and Control Debt

Carrying large amounts of high-interest debt cuts into

your ability to save to meet other needs. On the flip side,
keeping debt in check and ensuring that your credit score
stays solid makes many things easier, including getting a job,
a loan or even insurance.

Don’t let debt get out of hand

Debt hurts your financial security in two ways. It is

obvious that it slows down your accumulation of wealth for
retirement, But what may not be as easy to see is that by
building up debt, you get used to an inflates lifestyle and that
makes it even harder to change your behavior when you
commit to paying it off and living within your means.

Here are some steps to help you get your debt under control:

• Aim to pay off debt using incoming cash flow, not savings.
• Make all minimum payments on time.
• Pay down debts with the highest interest rate first.
• Evaluate paying off low-interest debt versus saving more.
• Save money by paying off your credit card each month.

Learning Module on The Entrepreneurial Mind

Application:

If you don't have money you want, start with your

mindset! Wealth begins by visualizing that you are a MONEY
MAGNET. Begin by creating a WEALTH VISION BOARD. It could
be a collage of printed photos

or a collection of drawings. See sample photos below.

Mechanics:
1. Create your wealth vision board on a 1/8-sized
illustration board. Be sure to utilize all the white spaces.
2. If you wish to print photos, be sure that they are not
blurry or pixelated. If you wish to draw, you may use any
medium of your choice. Make your artwork colorful.
3. You may include texts such as labels, quotations, a list of
words or reminders to yourself, but don’t make the
board too text-heavy. Be sure the text is readable.
4. Take a photo of your wealth vision board upon
completion, print the photo and paste it on a separate
sheet of paper for submission. Please double check the
photo quality.
5. Your board will be graded according to the following rubric:

Learning Module on The Entrepreneurial Mind

Summary of the Lesson:

Wealth is the accumulation of capital. It gives us command

over resources which we can use to make life more
enjoyable.

Wealth creation means anything which could be owned and

controlled, and have monitory value or have the potential to
create the monitory value.

Deposits and Investments are those assets which make

money grow without much involvement of the owner.

Budgeting and saving money does not come naturally to

many people, for obvious reasons: it is easy and tempting to
spend money on non-essentials, even if your budget is tight.
Saving is key principle. People who make a habit of saving
regularly, even saving small amounts, are well on their way
to success. Personal investing is one of the more important
components of personal finance.

Assessment: Answer the following questions briefly and concisely.

I. What are some of the ways to build and manage your wealth?
II. Give 3 saving tools discussed in the lesson.
III. What is the difference between saving and investing?

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IV. Give 3 ways to get your debt under control
V. What are the advantages of having a wealth creation strategy?

Learning Module on The Entrepreneurial Mind

Enrichment Activity:
Do a quick research on Investagrams and read about the basics
of investing in the Philippine Stock Market. Write down what
you have learned from the resources you gathered.
Quick link: https://www.investagrams.com/
Keywords: stock screener, virtual trading, real time charts

Suggested Links (Optional):

1. How to Boost Creativity to Create More Wealth – Practical
Exercises:
http://www.worldwealthcreation.com/session/boosting-creativity-
creating-
wealth/

2. “5 Financial Lessons I’ve Learned from Bro.

Bo Sanchez:” https://www.youtube.com/watch?
v=wZjLw-na_QM

References/Attributions:

3G E-Learning. (2018). The Entrepreneurial Mind. New York, New York.

Learning Module on The Entrepreneurial Mind

Lesson 2: PROTECTING YOUR WEALTH

Lesson Objectives:
At the end of this lesson, you will be able to:
• Explain the different ways of protecting your wealth
• Differentiate the different types of insurances

Discussion:
After working hard to create personal wealth, you need to
protect it. People acquire insurance to protect themselves
from major financial loss. Insurance is simply a promise of
reimbursement for a loss in return for a premium paid.
When shopping for insurance products, consumers should
match their needs with what the product offers and seek out
the best deal. A solid credit history

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is also important because insurers use credit information to price
some types of insurance policies.
Property Insurance
Property Insurance is a form of insurance which
protects a building and its contents.
Auto Insurance
State laws require that all motor vehicles have liability
insurance to cover injury to other people or damage to their
property. If you have a loan on your vehicle, your lender will
also require physical damage coverage on it.
Home Insurance
If you are renting your home or apartment, you
should purchase renters or contents insurance to cover your
possessions against loss from fire or theft
Health Insurance
Health Insurance is a type of insurance coverage that
covers the cost of an insured individual’s medical and
surgical expenses. Depending on the type of health
insurance coverage, either the insured pays cost out-of-
pocket and is then reimbursed, or the insurer makes
payments directly to the provider.
Medical Insurance
No one wants to worry about a trip to the emergency
room wiping out everything they have saved toward their
financial goals. Many people cutback on their medications
trying to keep medical costs low – a practice that will likely
lead to worsening health and higher costs. Many Households
have significant levels of debt because they did not have
medical insurance or because they did not have savings to
pay expenses that were not covered by their health plan.
Late payments and defaults on medical debt may be
reported on credit reports and affect a person’s credit score.
Disability Insurance
Disability insurance, sometimes called ‘Health and
Accident Coverage’, is a policy designed to pay out a
percentage of the holder’s current wages if he or she

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becomes unable to work. The two main reasons for claiming
disability insurance benefits are accidents (whether on the job
or not) and debilitating illnesses. Workers covered under
disability insurance policies must prove that they cannot
perform the majority of their present duties to qualify for total
disability status.

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Life Insurance
Life insurance is a form of insurance that pays
monetary proceeds upon the death of the insured covered
in the policy. Essentially, a life insurance policy is a contract
between the named insured and the insurance company
wherein the insurance company agrees to pay an agreed
upon sum of money to the insured’s named beneficiary, so
long as the insured’s premiums are paid current.
Personal accident insurance may also offer a cushion
to families if a member dies or is seriously injured in an
accident. This kind of insurance is often available through
your employer or other provider at relatively low cost.
Life insurance is available in a number of different
forms from several companies. Each company has financial
representatives who help customers select the best
insurance products for their needs. Some of the typical forms
of life insurance
Application:
If you were to apply for and avail an insurance coverage, which
type would be your top priority—property, home, auto,
medical or life? Explain your answer.

Summary of the Lesson:

Property insurance is a form of insurance which protects a

building and its contents. There are a number of types of this
insurance available on the market, and when purchasing this
insurance product, people should definitely consult an
insurance agent to confirm that they buy a product which is
suitable for their needs.
Health insurance is a type of insurance coverage that covers
the cost of an insured individual’s medical and surgical
expenses.
Life insurance is a form of insurance that pays monetary
proceeds upon the death of the insured covered in the
policy.

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Assessment:
Identify the type of insurance that best suits the descriptions
below. Write PROP for Property Insurance, AUTO for Auto
Insurance, HOME for Home Insurance, HEALTH for Health,
Medical and Disability Insurance, and LIFE for Life Insurance.

1. The type of insurance that you can use if you wish to

replace a structure in the event of a fire, earthquake, flood or
any similar catastrophe.
2. A type of insurance coverage that covers the cost of a
heart or brain surgery
3. An insurance coverage that you can use when your
landlord could not pay for the damage of the building where
you live
4. If your kids participate in sports, you need to be sure that
you are covered by this in the event of an injury
5. If you have a loan on your vehicle, your lender will also
require physical damage coverage on it using this insurance
6. An insurance coverage you can use if you are unable to
work because of a physical accident
7. A coverage that you pay for to secure that your family gets
monetary proceeds in the event of your death
8. This can provide a home warranty that protects the
homeowner from unexpected costs for home repair
9. An insurance coverage you can count on for any hospital
debts you may be bound to have
10. This covers your possessions and the losses that may
occur in your property

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Enrichment Activity:
Describe the different wealth protection strategies that you
learned in this lesson. Write a brief reflection about it.
Guide Questions:
1. What do you realize about the importance of
learning about insurances?
2. What preconceptions did you have about insurances
were clarified in this lesson?
3. Would you consider getting your own in the next 5-10
years? Why or why not?

Suggested Links (Optional):

1. 6 Asset Protection Strategies To Shield Your Wealth

https://www.forbes.com/sites/robertpagliarini/2013/10/09/6-
asset-protection-
strategies-to-shield-your-wealth/#725f715e199a

2. HOW TO GET A LIFE INSURANCE: TOP 10 LIFE INSURANCE

COMPANIES IN THE PHILIPPINES
https://grit.ph/life-insurance/

3. Insurance basics: 5 things you should know about

insurance
https://livelearn.ca/article/money-finances/insurance-
basics-5-things-you- should-know-about-insurance/

References/Attributions:

3G E-Learning. (2018). The Entrepreneurial Mind. New York, New York.

Learning Module on The Entrepreneurial Mind

Lesson 3: BULDING YOUR BRAND

Lesson Objectives:
At the end of this lesson, you will be able to:
• Understand the basics of branding and creating a brand
• Explain how to manage, promote and extend a brand
• Analyze budgeting for a brand

Discussion:
Personal branding is the process of developing a “mark” that is
created around your name or your career. You use this
“mark” to express and communicate your skills, personally,
and values. Personal brands should be important to
everyone. Personal brands are not only for the entrepreneur
that owns their own business. It is the secret sauce that can
make you stand out of a stack of resumes.
Basics of Branding
Brands can be defined in two ways. Firstly, a brand
can be an identification or a mark that differentiates one
business from another (through a name or a logo, for
example). Secondly, a brand symbolizes how people think
about your business. Building a brand helps customers in
their

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Decision-making, creating a perceived knowledge of what
they are going to buy – before they buy it. Brands are based
on three related criteria.
Need of Brand
Every business has already got a brand, even if is
does not treat it as one. Your customers (and potential
customers) already have a perception of what of your
business means to them. If you operate in a crowded
marketplace a brand can help you stand out. For example,
there are many kinds of adhesive tape, but there is one
sellotape.
Characteristics of Successful Brands
Brand is the perception someone holds in their head
about you, a product, a service, an organization, a cause, or an
idea. Brand building is the deliberate and skillful application of
effort to create a desired perception in someone else’s mind.
Audience Knowledge
The best brands have a thorough understanding of
the demographics of their target market, what their interests
are, and how they communicate.
Uniqueness
Establishing a brand identify requires something
distinctive. For instance, Apple has become known worldwide
for their innovative products and minimalistic, aesthetic
appeal.
Passion
While it is certainly possible to build a brand in the
short-term without passion, it is almost impossible to sustain it
in the long run.
Consistency
When consumers come back to business for repeat
sales, they usually expect to receive the same level of
quality as they did the first time. Restaurants and their food
and service quality are a great example of this.

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Competitiveness
Gaining an edge in today’s business world is not
easy. For a brand to make a name for itself, team members
should thrive on competition and constantly strive to
improve.
Exposure

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 Another big part of being recognized as a distinctive,
successful brand is the ability to reach consumers through
multiple channels.
Leadership
Just like any thriving community or sports team, there
is typically an influencial leader behind every successful
brand. For large companies, this may be the CEO. For
smaller ones, it is usually the owner.
Brand Consistency
Brand consistency across all communications channels
of your small business is critical. This will enable your
customers to instantly distinguish your products or services
from those of a competitor.
➢ Memorable Tagline and Logo
➢ Recognizable Logo Variations
➢ Familiar Colors, Fonts and Imagery
➢ Consistent Tone and Messaging
➢ Ongoing Commitment

Clearly Define Your Brand Promise

Your brand promise is powerful. It is the statement
you make to your customers and target audience that lets
them know what to expect every time they interact with you
and your employees, products and services. If you were try
to think about what these famous brands promise, you might
come up with something like this:
➢ McDonald’s: fast food with a consistency of taste
and service, whether you walk into one in
Timbuktu or Toledo
➢ Starbucks: quality coffee in an inviting, casual atmosphere –
your
living room away from home
➢ Volvo: cars that offer both safety and luxury

Keep Your Messaging and Visual Identity

Professional and Consistent
From business cards and logo to email newsletters
and brick-and- mortar signage, all of your printed
communications and sales materials should look, feel and

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sound like they come from the same source.
In terms of messaging, reuse key phrases that are
your unique selling points, whether they are used in your
brochure, on your website or in ads. Put your company
slogan or tagline on everything – it is your brand promise
boiled down to a catchy, memorable phrase.

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 Ideally, your brand’s visual appearance and messaging
➢ Reflect your brand’s personality and voice.
➢ Set you apart from the competition.
➢ Appeal your target audience.
➢ Command attention.

Target Whom You Want to Serve

As discussed above, your small business cannot do
everything; likewise, it probably cannot serve everyone. Day
cares, for example, serve parents and families. Guitar stores
serve certain musicians. Obstericians serve expectant
mothers. You need to know your customers are in order to offer
what they need.
Be Honest and Authentic About Who You Are
Your brand has to talk the talk and walk the walk.
Otherwise, you will present yourself inconsistently and
confuse the marketplace.
If you have clearly defined your audience and what
sets you apart, authenticity should come easily. Do not be
hip and casual if that is not who you are, or if that is
improper for the service you provide (e.g, a funeral home).
Differentiate Yourself from the Competition
Knowing what you do best and being able to convey that
your target audience means knowing what you are up against.
With that in mind, you must be aware of your
strengths and your weaknesses. Learn how to accentuate
the former and how to address the latter – or, even turn
those weaknesses into positives. For example, if you are at
the restaurant far away from Main Street, can you position
yourself as a beloved “neighborhood place” for foodies in the
know (and with easier parking)?
Create a Dialogue with Your Customers
Sure, you talk to customers when they come in, call or email.
That is conversation. But conversations end. Dialogues are ongoing.
Give Customers a Great Experience at Every Point of Contact
In our digital age, it is both easier and harder than
ever to reach your customers. They are only a click away,
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but they may never meet you face to face. Make customer
service a core value at all levels of your

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business, and become known as a brand that delivers a terrific
experience. Your customers will reward you.
MANAGING THE BRAND
➢ A Brand will not work instantly – it will develop
strength overtime as long as your business
consistently communicates and delivers your
brand values to customers.

Ditch the Elevator Pitch

An elevator pitch is a 30-second summation of something,
usually a business, product, service, new venture – or you.
Looks Matter, But Not How You Think They Do
Ask yourself, ”When people look at me, what do they
see?” This includes communications style, attire, and
grooming.
Be Social Media Wise
The evolving digital landscape has opened up countless
meaningful opportunities to develop and capitalize on your
personal brand.
Build Trust
A key aspect of managing a successful personal
brand is building trust with your audience, the public or
your colleagues. If you are selling a product then it is
crucial you achieve this step.
Engage
Building a brand is about creating a relationship, not
a one-way communication vehicle. The worst thing you can
do is to engage intermittently on social media or your blog, if
your intention is to have an active digital brand.
Monitor Your Reputation
You are feeling good about what you have
accomplished so far and so you start to relax and get a bit
too comfortable.
Putting It All Together
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 A well-considered personal brand is pivotal to
growing your career. Authenticity and consistency are the
keystones on which your brand will be built.

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PROMOTING YOUR BRAND
Whether you are self-employed or work for someone
else, one of the most important aspects of business is
personal branding.
➢ Promote Your Brand Everywhere
➢ If it is Easy Everyone Would Do It
➢ Make Your Brand Memorable
➢ Take Your Brand Everywhere
➢ Protect Your Brand
➢ Study Iconic Brands
➢ Do Not Get Stuck On Stupid
➢ You Are Not Your Target
➢ Promote Your Brand
➢ Online Brand Promotion
➢ Social Sharing Of Your Web Content
➢ Affiliate Advertising in All Shapes and Forms
➢ Online Brand Promotion Using Word-Of-Mouth Marketing
➢ Useful, Engaging, Interesting and Inclusive Content
➢ Promote Your Brand on Their Websites
➢ Engage With the Online Community

The Golden Rules

Creating and running a brand is not a black art. Once it
has been created, following some simple rules should ensure
its continued effectiveness. Always think about what your
business achieves for your customers and structure your
business to achieve it. Be focused on your customers’ needs,
but never let your customers dictate to you. It is your brand,
not your customers’. If you change your brand values just for
one customer, you will damage your brand. Do everything you
can to make sure that the brand message is delivered
consistently.

Application:
1. List down two examples of promotional campaigns that
caught your attention recently.
2. Paste a printed photo of the publicity material used for
the campaign on a separate sheet of paper. For what
companies were these brands established?
3. Answer the following in a paragraph below the printed
photos. Do you think they were effectively promoted?

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Explain how and why you find these campaigns
interesting.

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Summary of the Lesson:
Personal branding is the process of developing a “mark” that
is created around your name or your career. You use this
“mark” to express and communicate your skills, personality,
and values.
Brands can be defined in two ways. Firstly, a brand can be an
identification or a mark that differentiates one business from
another (through a name or a logo, for example). Second, a
brand symbolizes how people think about your business.
Brand consistency across all communication channels of your
small business is critical. Successful branding is the key to
outdoing competitors and creating customer loyalty.
A successful brand can offer opportunities for a business to
grow. However, if you are introducing new products or services,
you must make sure they are consistent with your existing
brand values.
Assessment:
On a separate sheet of paper, copy the table below and write
down the meaning of the terms given below in your own
words, based on the discussion in this module:
Terms Meaning
Brand

Budget

Brand Values

Advertising

Marketing

Brand
Consistency
Extending
the brand

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Enrichment Activity:
Think of a product or a service that you want to sell/provide
online— something you think is necessary and highly
marketable and sellable. Keep this product or service in mind
as you will be using this in your major requirement for your
finals in this course.
If you were to create a logo that would best represent your
brand for your product/service, how would the logo look like?
For this activity, please follow the mechanics below:
1. Design a logo for your brand. The size should be not
bigger than 4” x 4”.
2. You may submit a hand-drawn logo or one that was
designed using an editing software. You are free to add
elements/objects that best represent your
product/service.
3. Use your creativity; the sky is the limit.
4. Write a brief explanation of your logo by answering
the following questions:
a. What elements have you chosen in creating your logo?
b. Why did you make use of such elements? (Why
those colors? Why those shapes? What does
each one mean?)
c. How does this logo help you in marketing
your product or service?

5. Your logo will be graded according to the following rubric:

Excellent/Advanced – 9-10 points
Proficient/Above Average – 6-8
points Basic/Average – 4-7 points
Emergent/Minimal – 1-3 points

Learning Module on The Entrepreneurial Mind

Learning Module on The Entrepreneurial Mind
Suggested
Links
(Optional):

1. How to Start Your Own Brand From Scratch

in 7 Steps -
https://www.shopify.com.ph/blog/how-to-
https://youtu.be/r4WPjBFtOzs

2. The World's 21 Most Recognized Brand Logos of

All Time https://www.impactbnd.com/blog/most-
recognized-brand-logos-
identities

3. 12 Ways to Effectively Promote a New Product or Service

https://www.wordstream.com/blog/ws/2020/07/29/how-to-promote-a-product

4. The Best Ways to Promote Products Online and

Make Sales
https://www.lyfemarketing.com/blog/promote-
products-online/ https://youtu.be/QypamU8SI5k

References/Attributions:

3G E-Learning. (2018). The Entrepreneurial Mind. New York, New York.

Learning Module on The Enrepreneurial Mind

 The Entrepreneurial Mind
Learning Module No. 3

Module environment, online communities for

entrepreneurs, micro-entrepreneurs and
entrepreneurship as a
community development strategy.
VI. Module By the end of this module, students are
Outcomes expected to:
• Focus on creating an entrepreneurial
environment;
• Describe the online communities for
entrepreneurs
• Explain the micro-entrepreneurs:
creating enterprising
communities
• Explain the entrepreneurship as a
community development strategy
VII. General You must allot the necessary time to complete the
Instructions lessons each week. If you choose not to complete the
lesson using
the schedule provided, you must understand that it is your
full responsibility to complete them by the last day of
completion.

The module is designed to assess student

understanding of the assigned lessons found within the
associated content of the midterm period of the course.
The assessment part of the module is composed of varied
types of questions and activities. Pay attention to the
answer to the assessment questions as you move
through each lesson. After each module you will be given
a summative test. Your responses to the assessment
parts of the module will be checked and recorded.
Because the assessment questions are available
within the whole completion period and because
you can reference the answers to the questions
within the content modules, we will not release the
answers within modules. However, your professors
are happy
to discuss the assessments with you during their
consultation time. Good luck.
You may not work collaboratively. This is independent work.
Lesson 1: CREATING AN ENTREPRENEURIAL ENVIRONMENT

Lesson Objectives:
At the end of this lesson, you will be able to:
• Explore the idea of forming an entrepreneurial environment
• Explain the impact of entrepreneurship to the local communities

Discussion:

Learning Module on The Entrepreneurial Mind

CREATING AN ENTREPRENEURIAL ENVIRONMENT

When economic developers talk about a positive

environment for economic development, they are often
talking about the business climate in the traditional sense –
are there sites in the industrial park, is the community
“business friendly,” are there roads and sewers for new
factories? When we talk about an entrepreneurial
environment, we’re talking about much more.
There are three components of this environment that
community leaders need to address:
• Culture – Awareness of the importance of entrepreneurs
to the local economy, celebration of the value that
entrepreneurs bring, openness to entrepreneurs who
often march to the beat of a different drummer,
acceptance that failure is part of the entrepreneurial
process and a willingness to encourage and support
entrepreneurs when their first (or even second) venture
doesn’t pan out.
• Infrastructure – Moving beyond the typical notion of
infrastructure to include traditional and non – traditional
leadership, educational institutions like community
colleges and regional universities, cultural and
recreational resources, quality schools, social
organizations that are diverse and emphasize creativity.
• Entrepreneurial support elements – Specific
programs and initiatives designed to provide a range of
support to entrepreneurs of all types when and how they
need it, including service providers like the Chamber and
Small Business Development Centers, networking
organizations and opportunities, financing programs,
business incubation services, mentoring and coaching,
and youth entrepreneurship education in and outside the
schools.

Readiness Assessment tool that provides a useful way

for you to think about whether your community is ready to
embrace entrepreneurship as a development strategy. This
tool identifies six readiness factors to consider:
• Openness to entrepreneurship as a development strategy
• Commitment to balancing business
attraction and support for

Learning Module on The Entrepreneurial Mind

 entrepreneurs
• Availability of entrepreneurship programs and support services
• Willingness to invest in entrepreneurship development strategies
• A leadership team committed to entrepreneurship
• Willingness to work beyond town borders to tap resources
and achieve success

Learning Module on The Entrepreneurial Mind

Entrepreneurs Can Enhance Local Communities

1. Sponsor non – profit organizations in the community.

Many local organizations are looking for
company sponsors to cover the costs of major
events and some administrative expenses.
2. Incorporate volunteering in the company missions.
Make a passion for social good part of your
company’s mission so you and your employees can
give back to the community together.
3. Design a business model that gives back.
If you are in retail or any other type of
product sales business, consider donating a
portion of the profits of each sale automatically.
4. Contribute to the local economy.
Make a commitment to buy supplies and raw
materials from local vendors and partner with
local businesses for any services and other
business – related purchases.
5. Promote local businesses.
In addition to being an active participant of the
local economy’s ecosystem, you can take the
lead on promoting other local businesses through
co – marketing efforts or simply through referrals.

What is Entrepreneurial Facilitation?

Entrepreneurial facilitation recognizes that the person,

rather than the business idea, is of first and foremost
importance. Thus, a facilitator focuses on the goals and
dreams of the interested person, and not simply on the
details of developing the business plan.

Accessing Enterprise Facilitation

Entrepreneurial Coaching

Which Type of Entrepreneurial Facilitation is

Right for Your Community?

Community economic developers musk ask not only

whether a community should have a facilitator, but if so,
which type of facilitator is best for their situation.
Some important considerations to keep in mind when
deciding which entrepreneurial approach is right for your
Learning Module on The Entrepreneurial Mind
community are:
• Size and Location of Your Community
• Available Monetary Budget for Project

Learning Module on The Entrepreneurial Mind

 • Existing Entrepreneurship Support System
• Local Culture

MICRO – ENTREPRENEURS: CREATING ENTERPRISING COMMUNITIES

We suggest that the local authorities and Small Business

Service work with the Local Strategic Partnerships (LSPs) to
find ways of catalyzing local partnerships and initiatives that
can specifically address the agendas set out in this module
and that these should fit with sub regional and regional
strategies aimed at economic and social development.

ENTREPRENEURSHIP AS A COMMUNITY DEVELOPMENT STRATEGY

A profound change in community economic development

strategy over the past decade has been the emergence of
entrepreneurship.
Furthermore, to develop sustainable entrepreneurship in
a community, it is rarely sufficient to change just one
element in the ecosystem. Instead, community developers
and local leaders must change several elements
simultaneously.

Application:
Answer the following:
1. Explain, in your own words, what micro-enterprises are
and how they affect the local economy.
2. Give a specific example of a micro-enterprise in your
local community and describe its operations.

Summary of the Lesson:

Communities across the nation are struggling to find viable

economic development opportunities and have long relied on
industrial recruitment to create businesses and jobs.

Entrepreneurial facilitation recognizes that the person, rather

Learning Module on The Entrepreneurial Mind
than the business idea, is of first and foremost importance.
Thus, a facilitator focuses on the goals and dreams of the
interested person, and not simply on the details of
developing the business plan.

Learning Module on The Entrepreneurial Mind

Entrepreneurial coaching is an emerging approach to
entrepreneurial facilitation. Coaching or “mentoring” has
been around for ages, whereby a client is “coached” on the
necessary skills by an expert.

Assessment:
On a separate sheet of paper, copy the table below and write
down the meaning of the terms given below in your own
words, based on the discussion in this module:
Terms Meaning
Economic
growth
Financial
planning
Enterprise
facilitation
Local

strategic
partnerships
Social
investment

Enrichment Activity 1:
Go back to the product/service you chose in the activity in the
previous module. Write a paper (handwritten or typewritten)
giving the following information in detail, with explanation
about your product/service idea:

1. Explain in detail your basic product. What will be the

brand name of your product? Logo? What will your
product do to satisfy the needs and the wants of the
consumer?
2. Explain your target market.
3. What is the competition for your product?
4. What resources would be needed to make your
product? Are they available?
5. What would be a reasonable price for your
product (based on competition and cost)?
6. How will your product be tested before you do full-scale promotion?
7. Where will you sell your product (place)?

Learning Module on The Entrepreneurial Mind

Learning Module on The Entrepreneurial Mind
Enrichment Activity 2:

Go back to the product/service you chose in the activity in the

previous module.
For your major requirement/project in this course, you will be
tasked to launch this product/service using a Facebook page that
you will create.

Your ability to create, promote, manage and extend your brand

will be assessed in this requirement. The mechanics are as
follows:

1. Using the logo you made in the previous module and all
the information about your product/service, create a
public Facebook page.
2. Build your brand in your Facebook page by uploading
photos with creative captions that show everything a
customer needs to know about what you are
selling/offering. A minimum of three (3) posts will do.
3. Earn a total number of 100 likes for your page.
4. Complete a minimum of five (5) transactions where you
were able to sell the product/service and you were paid
for it.
5. Take screenshots of your page feed, the number of likes,
proof of the first 5 transactions (i.e. conversations of the
deal, acknowledgement receipt or any proof of
payment).
6. Print the screenshots and proofs for submission.
7. You will be graded according to the following rubric:

Excellent/Advanced – 9-10 points

Proficient/Above Average – 6-8
points Basic/Average – 4-7 points
Emergent/Minimal – 1-3 points

Learning Module on The Entrepreneurial Mind

Learning Module on The Entrepreneurial Mind
Suggested Links (Optional):

1. Entrepreneurship in the Philippines: Opportunities and

Challenges for Inclusive Growth
https://www.cipe.org/resources/entrepreneurship-philippines-
opportunities- challenges-inclusive-growth/
2. How to Create a Culture of Entrepreneurship in Business
https://www.lcibs.co.uk/entrepreneurship-business/

3. 5 Ways Entrepreneurs Can Enhance Local Communities

https://www.entrepreneur.com/article/280501

References/Attributions:

3G E-Learning. (2018). The Entrepreneurial Mind. New York, New York.

Learning Module on The Entrepreneurial Mind

Learning Module on The Entrepreneurial Mind