A PERSONAL

INVENTORY
KATHREEN ELISE DANAO, RRT
MODEL THE WAY
◦A PERSONAL INVENTORY – is a self
assessment tool that helps you reflect
on your strengths, weaknesses, values,
skills and goals
◦It can help you better understand
yourself and set future objectives
 STEPS
1. Define Your Purpose
- Ask yourself why you are making the personal inventory. Is it for career development, self-improvement, or another
reason? Knowing your purpose will guide the focus of your inventory.
2. Identify Key Areas of Focus
◦ Break your personal inventory into different sections. Here are some common categories:
◦ - Skills and Abilities: List both hard skills (technical, job-specific skills) and soft skills (communication, teamwork,
problem-solving).
◦ - Strengths and Weaknesses: Identify your personal and professional strengths and areas for improvement.
◦ - Values and Beliefs: Reflect on what matters most to you in life, such as integrity, growth, family, success, etc.
◦ - Interests and Passions: List the activities and subjects you enjoy or are passionate about.
◦ - Personality Traits: Think about your characteristics—are you introverted or extroverted? A leader or a team
player?
◦ - Accomplishments: Write down your achievements, both personal and professional.
◦ - Goals: Short-term and long-term goals in life, career, relationships, etc.
3. Self-Assessment Questions
◦ - What are my most valuable skills?
◦ - What do I enjoy doing the most?
◦ - What do I struggle with, and how can I improve?
◦ - What are the values that guide my decisions?
◦ - What do I want to achieve in the next 1, 5, or 10 years?
◦ - What am I passionate about, and how can I incorporate that into my life or career?
4. Gather Feedback
- Ask trusted friends, family, or colleagues for feedback on your strengths and weaknesses. Others
can provide insights into how you’re perceived and what areas you could work on.
5. Use Tools for Assessment
- You can take personality tests (like the Myers-Briggs Type Indicator or StrengthsFinder), skills
assessments, or career inventories to provide structured feedback.
6. Organize Your Findings
- Create a document or use a notebook to list all the information. Organize it by the categories you
defined (skills, values, goals, etc.).
- Write in bullet points for easier clarity or in paragraph form for a more reflective inventory.
7. Review and Reflect
- Once you've gathered your information, take time to reflect on it. How do these traits, skills, and
interests align with your current life or career? What changes can you make to better align with your
goals?
8. Set Actionable Steps
- Based on your reflection, set specific actions to improve your weaknesses or align more closely
with your values and goals.
CHARACTERISTICS OF
ENTREPRENEURS
◦ 1. Risk-Taking: Entrepreneurs are willing to take calculated risks to achieve their goals, often stepping into
uncertainty.
◦ 2. Innovation: They are creative and often seek to develop new ideas, products, or services that
differentiate them from competitors.
◦ 3. Vision: Successful entrepreneurs have a clear vision for what they want to achieve and are focused on
long-term goals.
◦ 4. Resilience: Entrepreneurship often involves setbacks, and entrepreneurs need the persistence and
resilience to overcome challenges.
◦ 5. Self-Motivation: They are highly driven and proactive, taking initiative without needing external
motivation.
◦ 6. Leadership: Entrepreneurs often lead teams and must have the ability to inspire, manage, and
coordinate others.
◦ 7. Adaptability: The ability to adapt to changing circumstances and pivot when necessary is critical for
entrepreneurs to thrive in dynamic markets.
TYPES OF ENTREPRENEURSHIP
◦ 1. Small Business Entrepreneurship: This includes small, locally owned businesses such as
family-owned shops or services. These entrepreneurs often aim for sustainable income rather than
significant growth.
◦
◦ 2. Scalable Startup Entrepreneurship: This type is typically associated with tech startups that
aim for large-scale growth. Entrepreneurs in this category often seek to disrupt industries and rely
on venture capital funding.
◦
◦ 3. Large Company Entrepreneurship: In large corporations, entrepreneurship occurs through
innovations within the organization, often by developing new products or services to remain
competitive.
◦ 4. Social Entrepreneurship: Social entrepreneurs focus on creating social change. Their
businesses aim to solve societal problems, often blending nonprofit and for-profit models.
◦
◦ 5. Innovative Entrepreneurship: Entrepreneurs in this category focus on creating new products or
processes that change the way industries operate. They often take higher risks due to the novelty of
their ideas.
◦
◦ 6. Hustler Entrepreneurship: This type involves individuals who work relentlessly, often with
limited resources, to build a business from scratch. They focus on hard work, networking, and small
gains to build their venture.
◦
◦ 7. Buyer Entrepreneurship: Buyer entrepreneurs invest in buying existing businesses with the
goal of improving or scaling them for profit, instead of starting a new business from the ground up.
IMPORTANCE OF ENTREPRENEURSHIP
◦ 1. Economic Growth: Entrepreneurs create new businesses, which leads to job creation, innovation, and
the development of new markets. This contributes significantly to economic growth and development
(Hisrich et al., 2017).

◦ 2. Job Creation: New businesses established by entrepreneurs provide employment opportunities,

helping to reduce unemployment and drive economic stability.

◦ 3. Innovation: Entrepreneurs drive innovation by introducing new products, services, and technologies,
which can improve productivity and provide better solutions to societal problems (Kuratko, 2016).

◦ 4. Improved Standards of Living: By introducing new and improved goods and services,
entrepreneurship raises the standard of living for consumers and contributes to overall societal progress.
◦ 5. Social Change: Many entrepreneurs focus on social entrepreneurship, which seeks to solve
societal issues such as poverty, education, or environmental concerns. This helps drive positive
social change.

◦ 6. Increased Competition: Entrepreneurs introduce new competitors into the market, which can
lead to more choices for consumers and better pricing, improving market efficiency.

◦ 7. Wealth Creation: Successful entrepreneurs generate wealth not only for themselves but also for
investors, employees, and the wider community through business activities and profits.
ENTREPRENEURSHIP DEVELOPMENT

◦Entrepreneurship development refers to the process

of enhancing the skills, knowledge, and abilities of
individuals to start and manage their own businesses
effectively. It encompasses various activities and
programs designed to foster entrepreneurship and
create a supportive environment for new ventures.
◦ 1. Skill Development: Programs aimed at enhancing entrepreneurial skills,
including business planning, marketing, financial management, and
leadership, which are crucial for running a successful business.
◦ 2. Access to Resources: Facilitating access to financial resources, such as
loans, grants, and venture capital, to help entrepreneurs start and grow their
businesses.
◦ 3. Training and Education: Offering educational programs, workshops, and
training sessions that provide aspiring entrepreneurs with the knowledge
needed to navigate the challenges of starting and managing a business.
◦ 4. Mentorship and Networking: Connecting entrepreneurs with
experienced mentors and networks that can provide guidance, support, and
opportunities for collaboration.
◦ 5. Supportive Policies and Infrastructure: Government initiatives and
policies that create a conducive environment for entrepreneurship, such as
tax incentives, regulatory support, and the establishment of incubators or
business parks.
◦6. Encouragement of Innovation:
Promoting a culture of innovation and
creativity, which is essential for developing
new products and services that meet market
needs.
 RISK OF STARTING A SMALL BUSINESS
◦ 1. Financial Risk: Entrepreneurs often invest personal savings or take on debt to fund their business. If the
business fails, they risk losing their investment and may incur significant debt.

◦ 2. Market Risk: Small businesses face the challenge of market competition and changing consumer
preferences. A lack of demand for their products or services can lead to financial loss.

◦ 3. Operational Risk: Issues related to day-to-day operations, such as supply chain disruptions, management
challenges, or employee turnover, can impact business performance.

◦ 4. Regulatory Risk: Small businesses must comply with various local, state, and federal regulations.
Changes in laws or regulations can create compliance costs or operational hurdles.
◦ 5. Technology Risk: As technology evolves, small businesses may struggle to keep up with
advancements. Failure to adopt new technologies can hinder competitiveness.

◦ 6. Reputation Risk: A single negative event or customer review can significantly affect a small
business's reputation, leading to a loss of customers and revenue.

◦ 7. Economic Risk: Economic downturns or shifts can impact consumer spending, affecting sales
and profitability for small businesses.
 HOW TO START A BUSINESS
◦ 1. Develop a Business Idea
- Identify a product or service that meets a need in the market. Consider your passions, skills, and experiences to find a viable business
idea.
2. Conduct Market Research
Research your target market to understand customer needs, preferences, and demographics. Analyze your competitors to identify gaps
in the market and opportunities for differentiation.
3. Create a Business Plan
- Write a detailed business plan that outlines your business model, target market, marketing strategy, financial projections, and
operational plans. This plan will serve as a roadmap for your business and is often required for securing financing.
4. Choose a Business Structure
- Decide on the legal structure of your business (e.g., sole proprietorship, partnership, LLC, corporation). Each structure has different
implications for liability, taxes, and operational complexity.
5. Register Your Business
- Choose a business name and register it with the appropriate government authorities. Depending on your business structure, you may
need to file paperwork with local, state, or federal agencies.
.
6. Obtain Necessary Licenses and Permits
◦ - Research and apply for any licenses or permits required to operate your business legally, which
may vary by location and industry
◦ 7. Set Up Your Finances
◦ - Open a business bank account to keep personal and business finances separate. Consider
accounting software or hiring an accountant to manage your financial records.
8. Secure Funding
- Determine how much capital you need and explore funding options such as personal savings, loans,
grants, or investors. Prepare a strong pitch if seeking investment.
9. Establish Your Brand
◦ - Create a brand identity that reflects your business values and appeals to your target market. This
includes designing a logo, setting up a website, and developing a social media presence.
◦ 11. Monitor and Adjust
◦ - Continuously monitor your business performance using key performance indicators (KPIs). Be
prepared to adjust your strategies based on feedback and market changes.

12. Focus on Growth

◦ - After establishing your business, look for opportunities to grow, such as expanding your product
line, entering new markets, or improving operational efficiency.
WRITING A BUSINESS PLAN
◦ 1. Executive Summary
◦ - Write a brief overview of your business, including its name, location, the products or services
offered, and the mission statement. This section should capture the essence of your business and
entice readers to learn more.
◦ 2. Company Description
◦ - Provide detailed information about your business, including its legal structure (e.g., sole
proprietorship, LLC), the nature of the business, its history, and the market needs it addresses.
◦ 3. Market Analysis
◦ - Conduct research on your industry, target market, and competitors. Identify market trends,
customer demographics, and potential challenges. Use this information to demonstrate the demand
for your products or services.
◦ . Organization and Management
◦ - Outline your business’s organizational structure. Include information about the ownership,
management team, and key personnel. Highlight their qualifications and roles within the company.
5. Products or Services
◦ - Describe your products or services in detail, including their features, benefits, and unique selling
points. Discuss the lifecycle of your products and any research and development activities.
6. Marketing and Sales Strategy
◦ - Explain how you plan to attract and retain customers. Outline your marketing strategy, including
pricing, promotion, distribution chan
◦ nels, and sales tactics.
◦ 7. Funding Request
◦ - If you seek funding, specify the amount you need and how you plan to use the funds. Include details
about your funding strategy, whether it involves loans, investments, or grants.

8. Financial Projections
◦ - Provide financial forecasts, including projected income statements, cash flow statements, and balance
sheets for the next three to five years. This section should demonstrate your business’s potential profitability.
◦ Appendix
◦ - Include any additional documents that support your business plan, such as resumes, legal agreements,
product images, or market research data.
Review and Revise
◦ - After completing your draft, review and revise the plan to ensure clarity, accuracy, and coherence. Seek
feedback from mentors or advisors to refine your business plan further.
OBTAINING FUNDING
◦ 1. Personal Savings
◦ - Many entrepreneurs start by using their savings to fund their business. This approach allows for full control but can also pose personal financial
risks.

2. Family and Friends

◦ - Raising funds from family and friends can be a quick way to secure capital. However, it's important to clearly outline the terms of the investment
or loan to avoid potential conflicts.

3. Bank Loans
◦ - Traditional bank loans are a common source of funding. Entrepreneurs should prepare a solid business plan and financial projections to present to
the bank.

4. Credit Cards
◦ - Using personal or business credit cards can provide short-term financing. However, it’s essential to manage this carefully due to high-interest
rates.

5. Angel Investors
◦ - Angel investors are individuals who provide capital in exchange for equity or convertible debt. They often bring valuable expertise and networking
opportunities along with their investment.
PARTNERING AND STRATEGIC
WORKING
◦ Partnering and strategic working involve collaboration between businesses or organizations to achieve mutual
benefits. These relationships can take various forms, including joint ventures, strategic alliances, and partnerships
◦ . Access to Resources
◦ - Partnerships can provide access to additional resources, including capital, technology, expertise, and
distribution networks, which can enhance operational efficiency and market reach.

◦ 2. Risk Sharing
◦ - By partnering with another entity, businesses can share the risks associated with new ventures, products, or
market expansions. This can be particularly beneficial in uncertain or competitive environments.

3. Increased Innovation
◦ - Collaborating with partners can foster innovation by combining different perspectives, skills, and knowledge,
leading to the development of new products or services.
4. Market Expansion
◦ - Strategic partnerships can facilitate entry into new markets or customer segments, leveraging each partner's strengths to
achieve greater market penetration.

5. Enhanced Credibility
◦ - Partnering with well-established companies can enhance credibility and brand recognition, helping to attract customers and
investors.

6. Cost Efficiency
◦ - Strategic collaborations can lead to cost savings through shared resources, joint marketing efforts, or consolidated
operations, improving overall profitability.

7. Improved Competitive Advantage

◦ - Collaborations can provide a competitive edge by combining strengths, allowing businesses to respond more effectively to
market changes and customer demands.
ENTREPRENEURSHIP SKILLS
◦ 1. Leadership Skills
◦ - The ability to lead and inspire a team is crucial. This includes motivating employees,
communicating a clear vision, and making decisions that align with the business's goals.
2. Financial Management
◦ - Understanding financial principles, including budgeting, forecasting, and managing cash flow, is
vital for sustaining a business and making informed financial decisions.
3. Marketing and Sales Skills
◦ - Entrepreneurs need to effectively promote their products or services, understand customer
needs, and develop strategies to drive sales and build brand awareness.
◦ 4. Problem-Solving Skills
◦ - The ability to identify problems, analyze potential solutions, and implement effective strategies is
essential for overcoming challenges and navigating uncertainties.

◦ 5. Networking Skills
◦ - Building and maintaining relationships with industry peers, mentors, customers, and investors is
important for gaining insights, support, and opportunities for collaboration.

6. Time Management
◦ - Effective time management helps entrepreneurs prioritize tasks, set deadlines, and balance the
demands of running a business with personal responsibilities.
◦ 7. Adaptability and Flexibility
◦ - The ability to adapt to changing market conditions and pivot strategies as needed is crucial for long-term success in an
ever-evolving business landscape.

8. Creativity and Innovation

◦ - Entrepreneurs should foster creativity to develop new ideas, products, or services that can set them apart from
competitors and meet customer needs.

9. Negotiation Skills
◦ - Negotiating effectively with suppliers, customers, and partners can lead to better deals and terms, impacting the overall
success of the business.

10. Technical Skills

◦ - Depending on the industry, having relevant technical skills or understanding the technology related to the business can
enhance operational efficiency and product development.
11. Strategic Planning
◦ - Entrepreneurs should be able to set long-term goals, develop strategies to achieve them, and adjust plans based on
market dynamics and business performance.
CAREERS IN ENTREPRENEURSHIP
◦ 1. Startup Founder
◦ - Entrepreneurs can launch their own startups, developing innovative products or services. This
role involves overseeing all aspects of the business, from ideation and funding to operations and
marketing.

◦ 2. Small Business Owner

◦ - Small business owners manage local enterprises, such as restaurants, retail shops, or service
providers. This career path often involves hands-on management and community engagement.

3. Social Entrepreneur
◦ - Social entrepreneurs create ventures that address social, environmental, or community issues.
Their focus is on making a positive impact while maintaining financial sustainability.
◦ 4. Franchise Owner
◦ - Entrepreneurs can invest in franchises, allowing them to operate under an established brand. This option provides a proven
business model while offering the independence of ownership.

◦ 5. Business Consultant
◦ - Experienced entrepreneurs can work as consultants, advising startups and established businesses on strategy, operations,
marketing, and other key areas.

◦ 6. Venture Capitalist
◦ - Entrepreneurs with experience and capital can become venture capitalists, investing in startups and emerging businesses.
This role involves evaluating business plans and helping guide the growth of new ventures.

◦ 7. Product Manager
◦ - Entrepreneurs can work as product managers within established companies, where they leverage their entrepreneurial skills
to develop and launch new products.
AGENCIES THAT MAKES BUSINESSES
ENTITLED
◦ 1. Department of Trade and Industry (DTI)
◦ - Role: The DTI is responsible for registering sole proprietorships. It provides business name
registration, which is a prerequisite for operating legally.
◦ 2. Securities and Exchange Commission (SEC)
◦ - Role: The SEC oversees the registration of partnerships and corporations. It regulates the
securities market and ensures compliance with the Corporation Code.
◦ Bureau of Internal Revenue (BIR)
◦ - Role: The BIR is responsible for tax registration and compliance. Businesses must register with
the BIR to obtain a Tax Identification Number (TIN) and comply with tax regulations
◦ 4. Local Government Units (LGUs)
◦ - Role: LGUs are responsible for issuing business permits and licenses at the local level. Each municipality
or city has its own requirements for obtaining a business permit, including zoning clearances and health
permits.

5. Social Security System (SSS)

- Role: Employers are required to register their businesses with the SSS for social security coverage of their
employees.
6. PhilHealth
- Role: Businesses must register with PhilHealth to provide health insurance coverage for their employees.
7. Department of Labor and Employment (DOLE)
- Role: DOLE provides guidelines for employment standards and labor relations. Businesses must comply
with labor laws, including registering with DOLE if they have employees.
8. National Privacy Commission (NPC)
- Role: If a business collects and processes personal data, it must comply with the Data Privacy Act and may
need to register with the NPC.
ACTIVITY
◦ FORM A GROUP
◦ COME UP WITH A BUSINESS PLAN (ANY BUSINESS PLAN) WITH YOUR TEAM, AND PRESENT
FORM 5 GROUPS