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Business Ethics and, Social Responsibility, , Business Ethics and Social Responsibility, , SENIOR, HIGH, SCHOOL

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Business Ethics and Social Responsibility- Grade 12, Quarter 4 – Module 13: Importance of Establishing and Sustaining, Business Enterprises, First Edition, 2020, Republic Act 8293, Section 176 states that no copyright shall subsist in, any work of the Government of the Philippines. However, prior approval of the, government agency or office wherein the work is created shall be necessary for the, exploitation of such work for a profit. Such agency or office may, among other, things, impose as a condition the payment of royalties., Borrowed materials (i.e., songs, stories, poems, pictures, photos, brand, names, trademarks, etc.) included in this module are owned by their respective, copyright holders. Every effort has been exerted to locate and seek permission to, use these materials from their respective copyright owners. The publisher and, authors do not represent nor claim ownership over them., Published by the Department of Education - Schools Division of Pasig City, Development Team of the Self-Learning Module, Writer: Anna lyn A. Pintes, Content/Language Validator: Dennis T. Alex, Edna D. Camarao, Reviewers: Hedelita B. Calonia, Cheska Telan, Eunice H. Mariposque, Dennis T. Alex, Edna D. Camarao, Illustrator: Name, Layout Artist:Name, Management Team:, , Ma. Evalou Concepcion A. Agustin, OIC-Schools Division Superintendent, Carolina T. Rivera, EdD, OIC-Assistant Schools Division Superintendent, Victor M. Javeña EdD, Chief, School Governance and Operations Division and, Manuel A. Laguerta EdD, Chief, Curriculum Implementation Division, , Education Program Supervisors, Librada L. Agon EdD(EPP/TLE/TVL/TVE), Liza A. Alvarez(Science/STEM/SSP), Bernard R. Balitao(AP/HUMSS), Joselito E. Calios (English/SPFL/GAS), Norlyn D. Conde EdD(MAPEH/SPA/SPS/HOPE/A&D/Sports), Wilma Q. Del Rosario (LRMS/ADM), Ma. Teresita E. HerreraEdD(Filipino/GAS/Piling Larang), Perlita M. IgnacioPhD(EsP), Dulce O. Santos PhD(Kindergarten/MTB-MLE), Teresita P. TagulaoEdD(Mathematics/ABM), , Printed in the Philippines by the Department of Education – Schools Division, of Pasig City

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Business Ethics, and Social, Responsibility, , SENIOR, HIGH, SCHOOL

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Introductory Message, For the Facilitator:, Welcome to the Senior High School – on Importance of Establishing and Sustaining, Business Enterprises!, This Self-Learning Module was collaboratively designed, developed, and, reviewed by educators from the Schools Division Office of Pasig City headed by its, Officer-in-Charge Schools Division Superintendent, Ma. Evalou Concepcion A., Agustin, in partnership with the City Government of Pasig through its mayor,, Honorable Victor Ma. Regis N. Sotto. The writers utilized the standards set by the K, to 12 Curriculum using the Most Essential Learning Competencies (MELC)in, developing this instructional resource., This learning material hopes to engage the learners in guided and, independent learning activities at their own pace and time. Further, this also aims, to help learners acquire the needed 21st - century skills especially the 5 Cs, namely:, Communication, Collaboration, Creativity, Critical Thinking, and Character while, taking into consideration their needs and circumstances., In addition to the material in the main text, you will also see this box in the, body of the module:, , Notes to the Teacher, This contains helpful tips or strategies, that will help you in guiding the learners., , As a facilitator, you are expected to orient the learners on how to use this, module. You also need to keep track of the learners' progress while allowing them, to manage their learning. Moreover, you are expected to encourage and assist the, learners as they do the tasks included in the module.

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For the Learner:, Welcome to the Business Ethics and Social Responsibility Self, Learning Module on Importance of Establishing and Sustaining Business, Enterprises!, , This module was designed to provide you with fun and meaningful, opportunities for guided and independent learning at your own pace and time. You, will be enabled to process the contents of the learning material while being an, active learner., This module has the following parts and corresponding icons:, , Expectations – This points to the set of knowledge and skills, that you will learn after completing the module., Pretest - This measures your prior knowledge about the lesson, at hand., Recap - This part of the module provides a review of concepts, and skills that you already know about a previous lesson., , Lesson- This section discusses the topic in the module., , Activities - This is a set of activities that you need to perform., , Wrap-Up- This section, application of the lesson., , summarizes, , the, , concepts, , and, , Valuing- This part integrates a desirable moral value in the, lesson., Post-test - This measures how much you have learned from, the entire module.

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EXPECTATIONS, After going through this module, you are expected to:, 1. discuss the business enterprise;, 2. explain the importance of business enterprise; and, 3. distinguish between establishing a business and registering a, business, , PRETEST, Directions: Enumerate the correct answers. Write the answer on your, answer sheet., Common business papers to prepare when starting a business., 1. ______________________, 2. ______________________, 3. ______________________, , RECAP, At the last meeting, we discussed how to formulate a framework, of social responsibility that reflects the practice of sound business., Now, in this module, we will discuss the importance of establishing, and sustaining business enterprises as a source of job opportunities and, financial freedom, But before we proceed, I want you to discuss the social responsibility, that reflects the practice of sound business.

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LESSON, Establishing a Business Enterprise, Starting a business is a dream that many Filipinos share, and doing so has, the potential to be one of the most fulfilling careers you could imagine. As a, business owner, you get to make a decent income while being your boss., Make no mistake, opening your own business is a lot of work. The road to, success won’t be easy, but it is possible to be successful as a business, owner. Having a great idea for a business is an important first step to make,, among many others. There are a lot of requirements and processes you, must complete to get up and running, in addition to licenses you must, obtain and government agencies that must be involved., , Importance of Business Enterprise:, 1. Economic development:, Business is important for economic development. The concept of true, business is used in industries and commerce. Industries use men, money,, materials, methods, and machines and help to create employment., Commerce is the concept of exchange goods/services at national and, international levels. It helps to earn foreign currency by the export business, too. Therefore, the business helps in economic development, 2. Utilizing natural resources, Every country has diverse natural resources. Business must be directed, towards proper and efficient utilization of resources. The business utilizes, the resources like water, minerals,, , ores and so to achieve its own goals., , But resources must be utilized without exploitation., 3. Creation of utility:, Business creates a place and time utility. It helps to satisfy the needs of, human beings. The financial utility is to be maximized.

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4. Employment:, The business helps to provide jobs to people. It provides various types of a, managerial or technical jobs. Many types of business houses like hotels,, industries, and transport companies are established for business which, helps to solve the unemployment problem., 5. Revenue generation:, Business is the source of revenue generation. It pays taxes, royalties, fees,, customs duties, and other things which help to generate government, revenue., 6. Earning foreign currency:, It is the source of earning foreign currency. Businesses can earn foreign, currency by exporting goods and services., 7. Development of country:, Development of industries helps to utilize natural resources, create time and, place utility, provide employment opportunities, help in revenue generation,, and earning foreign currency., 8. Provide investment opportunities:, The establishment of new industries and commercial fields are the major, source of investment. Further, the profit owned by the investors after the, successful operation of the business helps to ensure a larger amount of, saving which can be invested in the newer future for a pension of current, business or establishment of the newer business. Thus, the business helps, in providing investment opportunities., 9. International relations:, Business is the medium for the development of national and international, relationships. It helps to maintain harmonious relations among the various, countries. There can be mutual understanding and better diplomatic, relationships among the countries. Import and export is the major base for, an international relationship.

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10. Self-sufficiency:, It helps in achieving countries' and individuals' self-sufficiency. It also helps, in improving the living standard of people by reducing dependency., , Benefits in Registering a Business Enterprise, Anyone can decide one day to start operating as a business. The Small, Business Administration (SBA) has many helpful guides. All that person has, to do is provide a product or service to another person that produces a profit, to be "in business". While formal business registration with the state or local, government isn't necessarily required to complete business transactions, it, is a smart choice for a new entrepreneur for a variety of reasons. There are, also legal and marketing advantages to registering a business name. The, SBA can help direct you in choosing the right business registration., Establishing Business Bank Accounts, You need to provide proof that your business is a properly registered, business with the state to open a business bank account. The SBA has a, guide for opening a business bank account. A business bank account is an, important asset to a small business because you can separate your activities, from your business activities. It is also more professional to give your clients, a business name for payment instead of your full name., Getting Loans, When you apply for small business loans, you're going to have to prove that, you're a business. Lenders and investors will ask to see your business, registration along with other application requirements before approving you, for a loan. If you apply for a credit card as a business, creditors may also, ask to see your registration paperwork., Taxes And Liability, Registered, , businesses, , must, , have, , an, , Employer, , Identifying, , Number, , (EIN) with the IRS and the state in which they are based as a business. This, ensures the legitimacy of the business entity as a legal and tax-statuses

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operation., , Further,, , it, , ensures, , compliance, , with, , legal, , standards, , for, , bookkeeping and accounting., Reputation With Customers, Establishing consumer trust highlights the importance of registering a, business. Customers and clients, especially people you've never worked with, before, need assurance that you are a legitimate business., Supplier Arrangements, A registered business also makes you eligible to receive supplier discounts, that you wouldn't normally receive as an unregistered operation. Suppliers, commonly reserve wholesale rates for business owners who can show official, paperwork from the state. Also, if you plan to try to get government, contracts for your company, business registration is one of the first, requirements., Hiring Employees, A business registration allows you to hire full-time employees and pay them, by state laws. When you register your business with the state you'll receive a, state identification number that allows you to route state taxes on the, employee's behalf. So if you plan to hire employees to your business, it's, best to take care of registering your business with the state before you even, start the search for workers., , ACTIVITIES, As Aspiring Entrepreneur, How do you answer the following questions:, 1. Who your business serves?, 2. What benefit your business provides to these customers?, 3. How do you provide the benefit?

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WRAP-UP, Let’s wrap up by answering the following questions:, 1. Discuss the importance of registering a business, 2. What are the legal requirements in starting a business in the Philippines?, , VALUING, If you are given a chance to start up a business, how do you answer the, following questions:, 1. What businesses make the most sense to start right now?, 2. Which has the most potential?, , POST TEST, Directions: Identify the correct answer. Write the answer on your answer, sheet., 1. It refers to factors that should be considered in choosing your target, audience?, 2. It refers to a first requirement when you are planning to get a, government contracts for your company., 3. It refers to a type of identification that will ensure the legitimacy of the, business entity as a legal and tax-statuses operation., 4. It refers to an agency that provides support for entrepreneurs.

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KEY TO CORRECTION, , , , PRE -TEST, Certificate of Registration from, the DTI, , , , Barangay Clearance Certificate, , , , Permit from the Mayor’s Office, , , , Certificate of Registration from, the BIR, , POST-TEST, , 1. Age, Location, Gender, Income, level, Education level, Marital or, Family status, Occupation, and, Ethnic background., 2. Business Registration, , 3. Employer Identifying Number, (EIN), 4. Small Business, Admnistration (SBA), , 5., , References, Racelis, Aliza. Business Ethics and Social Responsibility. Manila: Rex Book, Store, 2017., Contributor, Chron. “What Are the Benefits of Registering a Business?”, Small Business - Chron.com. Chron.com, July 28, 2020., https://smallbusiness.chron.com/benefits-registering-business532.html/., https://kullabs.com/class-11/business-studies/introduction-to, business/importance--and-function-of-business/., Imoney. “Complete Guide On How To Start A Small Business In The, Philippines.” iMoney.ph, March 5, 2020., https://www.imoney.ph/articles/guide-how-to-start-small-business/., “Importance of Business: Grade 11 Management Notes.” Tyrocity, March 4,, 2020. https://tyrocity.com/topic/importance-of-business/.