ABSTRACT
and
I. INTRODUCTION
*1AssociateProfessorIV,CollegeOfBusinessAndFinancialScience,UniversityOf Makati,Philippines DOI:https://www.doi.org/10.56726/IRJMETS29380
Moldingyoungmen and womento become businessprofessionalscanbeoneofthegreatestdutiesbestowed upon the hands of the academe where the researcher belongs. This undertaking can be anchored on and consistent with the integration of a comprehensive and well designed business programs that could help acceleratethestudents’achievementofthecompetenciesthatarehighlysoughtintheworldofbusiness.This iswhymanyeducatorsprovideefficientandoptimumlearningexperienceforthestudentsundertheircare. It couldbenotedthattheircommitmentmaynotbelimitedtothefour(4)cornersoftheclassroom.Theycanalso extend their services in the community, like in the Barangay level, primarily to help alleviate poverty and to promote financial literacy among the grassroots entrepreneurs. This advocacy was supported by York UniversityandRothmanSchoolofBusinesswhentheystartedfocusingon shapingthemindsoftheirstudents for themtopreparefor the challengesahead whilemaintaining business momentum.Further,thesaid higher educational institutions endeavor to train their students to fulfill their social and ethical responsibilities through extension programs (http://www.schulich.york.ca, 2016). The rationale behind the conduct of this study is to determine the following: how the faculty and department heads of the College of Business and FinancialScience,UniversityofMakati(CBFS UMak)couldextendtheproliferationoftheiradvocacyofsharing knowledge, skills, and attitude of being entrepreneurs (Lee & Wong, 2003) to Grassroots Entrepreneurs in selected Barangays in Makati City as part of their extension program; how the faculty and department heads, maychoosetherightbeneficiarieswhoqualifytoestablishtheirbusinessusingasmallcapital;howthefaculty anddepartmentheadsoftheCBFS UMakmaydeveloporformulatetheFinancialLiteracyandEntrepreneurial TrainingProgramsthatcanbestcomplementtheneedsofthegrassrootsentrepreneurs;allottimeforcoaching
@InternationalResearchJournalofModernizationin
TRAINING NEEDS ANALYSIS AMONG GRASSROOTS ENTREPRENEURS: BASIS FOR THE IMPLEMENTATION OF A UNIVERSITY OF MAKATI BASED TRAINING PROGRAM ON FINANCIAL LITERACY AND ENTREPRENEURIAL SKILLS
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Dr. Liza Alcantara Geneblazo Rivera*1
This scientific research determined the demographic, socio economic profiles, and the training needs of GrassrootsEntrepreneurs (GEs)inselectedBarangays inMakatiCity,Philippines Theschematicdiagram was originally designed by the researcher which establishes a tripartite partnership of the University of Makati College of Business and Financial Science (UMak CBFS), Barangays, and GEs Gibb’s (1993 in Kee, et. al n.d.) theoretical framework was adopted in the curriculum development The purposive convenience sampling techniquesandtheTrainingNeedsAnalysiswereutilized.Atotalof200surveyquestionnairesweresenttothe respondentswhereas131wereretrieved. Thirty three GEssignifiedtojointheprogram Similarly,interviews wereconductedamongthecollegeofficials,faculty,andBarangayChairpersonstoseeksignificantinformation. The findings revealed that most of the GEs have five (5) children and above, and earned a monthly income of PhP20,001toPhP40,000.Further,theproposedcontentsofFinancialLiteracyModulesare:Bookkeeping,Cost BenefitAnalysis,BusinessPlanning,and ComputerLiteracy.Likewise,thispaper recommends theadoptionof the VUCA world which is volatility, uncertainty, complexity, and ambiguity in the instructions to mitigate the impactoftheCovid 19.Inaddition,thisstudyaddstotheliteratureonFinancialLiteracyandEntrepreneurship amongtheentrepreneurs. Keyword: Training Needs Analysis, Grassroots Entrepreneurs, Cost Benefit Analysis, Tripartite Partnership, CBFS UMakTeam,ProgramofInstructions(POIs)andVUCAworld.
It was stated in the Business Guide on Partnering with NGOs (2007), that most of the institutions today are involvedindeliveringextensivetrainingtoindividualsandgroupsofpeoplethroughtie upswithEducational Institutions as part of their extension program or advocacy. This research was conducted in Makati City because it is considered as the business capital of the country. In Makati City, most of the Barangays provide services either through training, scholarship, livelihood, recreational activities, health care, environmental support,andprojectsonsportstohelptheirconstituents.
@InternationalResearchJournalofModernizationinEngineering,TechnologyandScience [1390] and do the peer review so that the expected skill based development and their personal role will be applied (Kutzhanova, Lyons, & Lichtenstein, 2009); and how challenging is the conduct of the extension program amongtheBarangayCaptains,CBFSfacultymembersanddepartmentheads,andthegrassrootsentrepreneurs themselves to make this project become successful. This study presents significant information on how the CBFSfacultymembersand department headscould helpMakati residents with respect to providing Financial Literacy and Entrepreneurial skills. It can be noted, however, that some of the faculty members commented that the said extension program may hardly materialize, but if the majority of the CBFS faculty members and departmentheadscanworkhand in handandpracticecamaraderiecoupledwiththespiritofcooperation,and fueledbyburningenthusiasmtohelp,theprogrammayeventuallysucceed.
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Research Locale
Meanwhile, the study centered on the following objectives: first, how the College of Business and Financial Science Faculty Members (CBFS FM) can help the target Grassroots Entrepreneurs through effective delivery and conduct of the program; second, how the beneficiaries will operate their business; third, how to possess leadershipqualitiesanddecision making;fourth,howtobecomeethicalentrepreneurs;fifth, howtodealwith theirfinancialdilemmaand/orconstraints;sixth,howthefinancialsupportoftheCBFScanbeextendedtothe said beneficiaries; seventh, how to help the Barangays in promoting their program on alleviating poverty amongtheirconstituents;lastly,howtobuildastrongpartnershipbetweentheuniversityandthecommunity.
TheCityGovernmentofMakati(CGM)inthePhilippinesisoneoftheactiveinstitutionsin MakatiCitywhichis not only concerned with serving its residents through effective governance but also providing them with necessary training, employment, and livelihood through the Makati Training, Placement and Livelihood Consortia (MTPLC). MTPLC was established in 1999. The general concept of the consortia is to integrate and synergizethedifferenttrainingandplacementinitiativesofthedifferentorganizationsandunitsintheCGM. It aimstocoordinatetheorganizations’on goingtrainingprograms/coursesandleveragethesecoursesintoone major city wide placement effort. The following are partner organizations included in the operation of the consortia. It consists of seven (7) offices under the Makati City Hall, namely: Technical Education and Skills DevelopmentAuthority(TESDA),DepartmentofEducation(DEPED), DivisionofMakati,MakatiSocialWelfare Department (MSWD), University of Makati (UMak), Public Employment Services Office (PESO), Association of BarangayCaptains(ABC),andUrbanDevelopmentDepartment(UDD).Toclarifyfurtherthetrainingproviders are the following: TESDA, serves as Advisory Body, this institution will recommend skills training to be conducted, and develop modules / curriculum. They will also conduct group Trainer’s Training to acquire specific skills for transfer. The UMak is the business partner educational institution of this program. The Universityfocusesonhard skillcoursesandshort termtrainingthatthepartnerorganizationsmaynotbeable to conduct and develop. The MSWD focuses on soft skills courses and short term training; the DEPED Makati wouldconductBasicandFunctionalLiteracycourses.However,itprovidescoursesinComputerLiteracy,and selected hard skill and soft skill courses. The SK Federation offers computer courses for Out of School Youth, college graduates, and college students. The MASAKAF offers computer courses for various types of participants. While the other partner organizations serve as the support group for the training program (MTPLC Primer, 2009). In addition to its scholarship grants, the University has extended a helping hand to charitable causes centered on nation building, poverty alleviation, the environment, healthcare, judicial reforms, good governance, responsible media practice, literacy, special education, rehabilitation of disadvantagedindividualsandcareforwomen,theyouth,theelderly,andthehandicapped. Withthesenotable accomplishments of the University, it is high time for the CBFS UMak to initiate the creation of an Extension
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The diagram below explains and provides the general overview of the purpose and the flow of the current
Researcher'sProposedIntervention
6.
2.
Onstudy.the
Yellow Box presented the variables that the College of Business and Financial Science (CBFS) will delivertotheGrassrootsEntrepreneurssuchasprovidinginitialfinancialresources;deliveringoftheProgram of Instruction (POI); sending expert and / or highly competent trainers for the Financial Literacy and EntrepreneurialTrainingProgram;settingthequalificationstandards;managingtheissuanceofthecertificates forcompleters;andimplementingtheMemorandumofAgreement(MOA)forthesustainabilityofthe project.
ConceptualFramework TargetBeneficiaries: Grassroot Entrepreneurs' Profiling
Figure1: TheSchematicDiagramwhichisoperationallydesignedbytheResearchertounderstandthepurposeofthestudy.
2.DelivertheProgramofInstructionson FinancialLiteracyandEntrepeneurial Skills. 3.Setthequalificationstandardsasbases fortheissuanceofCertificateof Completionforthosewhopassedthe TrainingProgram. 4.Strengthenthepartnershipwiththe Barangaytodeliverthecommunity extensionservicesofthecollege. 1.WillprovidetheProfileofthe Beneficiaries. 2.Willsubmitthefeedbackformto assesstheimplementationofthe project. 3.Providetheconducivevenuefor learning. 4.Willprovidethedocumentation 5.IssuanceoftheCertificateof CompletionamongtheTrainerswho aresuccessfullycompletedtheshort termcourses. ConducttheTrainingNeedAssessment(TNA)amongGrassroots Entrepreneurs PromotetheAdvocacyoftheCollege. Poverty volunteerismandself efficacy DesigntheProgramofInstructionsonFinancialLiteracyandEntrepreneurialSkills PreparetheFlowchart/SchematicDiagramandtheModulesoftheTrainingProgram tobeofferedbytheCollegeofBusinessandFinancialScience PreparetheMemorandumofAgreement(MOA)forstrongpartnershipwiththe TargetBarangaysandTargetBeneficiaries. GAPStoAddress: ServicesandSupport fromthe College ExpectedSupport fromPartner Barangays ofMakatiCity
4.Increase
1.
1.Developanddesignashort termFinancial LiteracyandEntrepreneurialSkillsTraining ProgramofInstructions(POI)whichare intendedfortheGrassrootsEntrepreneurs 2 ExecutetheProposedTrainingProgramby bridgingtheGAPS: a GrassrootsEntrepreneurs addressing theirtrainingneedsonFinancialLiteracy andlearningtheEntrepreneurialSkills b.UniversityofMakati CollegeofBusiness and FinancialScience (UMAKCBFS) To delivertheextensionprogramservicesin thenearbybarangaysandtofulfillits advocacyinhelpingtheGrassroots Entrepreneurstolearnandearnfora living. c.Professors/ExpertTrainers Tosupport theireagernessofhelpingthedeserving GrassrootsEnterpreneurswhoare deservingthegreatopportunitytobecome entrepreneurbysharingtheirexpertise, competencies,skillsandexperiencesinpro bono. d.CollegeofBusinessandFinancialScience To promotevolunteerismandselflessgain "advocacyofthecollege" e.SelectedBarangaysinMakatiCity To supporttheprogramofthebarangay officialsinEducationandLivelihood 3 PreparetheMemorandumofAgreement 4.ProvidetheTrainingRequirementsforthe GrassrootsEntrepreneurstobequalifiedin theprogram ImplementtheTrainingProgram 6 Conducttheculminatingactivityto acknowledgethecompletersandthegroup effortoftheTEAM.
Program vis à vis Financial Literacy and Entrepreneurial Skills development for the grassroots beneficiaries fromselectedBarangaysinMakatiCity.
3.Alleviate
1.Providetheinitialfinancial resourcesthroughitsapproved Annual InvestmentPlan(AIP).
@InternationalResearchJournalofModernizationinEngineering,TechnologyandScience [1391]
5.
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7.
1.DemographicCharacteristics 2.Socio EconomicCharacteristics 3.CurrentTrainingAcquired 4.InitialInvestmentCapacity 5.SkillsonIndustryAnalysis 6.SkillsonEnvironmentalAnalysis 7.SkillsonStrategicManagement 8.SkillsonOperationalManagementandLicensing
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Since this project centers on the conduct of a Training Program among Grassroots Entrepreneurs, two POIs weredeveloped.ThesePOIsareFinancialLiteracy,andEntrepreneurship.TheModelofDevisingCurriculumby Gibb (1993 in Kee, et. al., n.d.) was adapted because it is significant that the Trainee Beneficiaries who are commonly calledGrassroots Entrepreneurin thisstudy are to learn both BusinessandEntrepreneurial Skills. With this, possessing Business Skills will be the prerequisite. In this regard, Solomon and Fernald (1991) mentionedthatthetertiaryinstitutionsandenterpriseeducationareusedtofosterentrepreneurialbehaviorof thestudents.Withthisthrustofeducationalinstitutions,thereisa needtorevolutionizesomeaspectstohelp attainentrepreneurial behaviorofthestudents.ThisclaimwassupportedbyItao(1997)whenhehighlighted
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As can be seen, the Yellow Box has two Left-Right Arrows that connect with the other variables. First Red Arrow connectedtothe Light Orange Box showingtheexpectedsupportfromthepartnerBarangays. Second Red Left Right Arrow is connected to the Light Gray Box in which the GAPS to address are written. These GAPS are: Conduct a Training Needs Assessment; Promote the Advocacy of the College; Alleviate Poverty; Increase Volunteerism and Self Efficacy; Design the POI; Prepare the Flowchart Schematic Diagram of the TrainingProgram;andImplementtheMOA.The Third Red Left-Right Arrow isbothinterconnectedwiththe Expected Support from the Barangay which is presented in Light Orange Box to GAPS that need to be addressed.Then,theotherLeft RightArrowsinterconnectedtoGAPSandfortheGrassrootsEntrepreneursto address their training needs.The researcher conducted a needs assessment to identify the profiles of the Grassroots Entrepreneurs and to check if they qualify for the project. The following areas for assessment are: Current Training Acquired; Initial Investment Capacity; Skills on Industry Analysis; Skills on Environmental Analysis; Skills on Strategic Management; Skills on Operational Management and Licensing; and Skills on Financial Literacy and Entrepreneurship. After the needs assessment was conducted, the researcher will determinethelevelofcompetenceoftheGrassrootsEntrepreneursbasedonthegivenvariables.Therefore,the researcherwillinterveneandcarryoutthetaskswrittenin the Orange Box forthepilottestingoftheproject.
The Red Curve Up Arrow from Orange Box is showing both partners who will deliver the training needs of GrassrootsEntrepreneurswillentertaintheResearcher’sInterventiontoimplementandsustaintheprojectfor thecommunity.
Theoretical Framework
Research Questions
3. What are the training needs of the Grassroots Entrepreneurs in the selected barangays in Makati City in termsofthefollowing:financialliteracyandentrepreneurship?
Thisstudysoughttoanswerthefollowingquestions:
Theresearchersubscribestotheutilizationofthedescriptivemethodofresearchbecausethiskindofresearch describes the qualitative and quantitative aspect of this study through the use of survey questionnaire and interview fromthe Key Informantsselectedpurposively.Thisresearchmethod wouldassessthe responsesof the participants and tally the results. This study centers on the needs assessments of the grassroots entrepreneurs: bases for the development of Financial Literacy and Entrepreneurial Training Programs. The descriptive technique was used to obtain the profile of the Grassroots Entrepreneurs (GEs) in terms of: age, gender;maritalstatus;educationalattainment;andtrainingattended.Anin depthsurveywasconductedtothe selectedGrassrootsEntrepreneursastrainingbeneficiariesofthisstudy. Personalinterviewswereconducted, aswell, to the Key Informants of thisstudysuch asthe Dean of theCollege of Business and Financial Science, thedepartmentheads,theCBFSfacultymembers,andtheCaptains/OfficialsofselectedBarangays.
II. METHODOLOGY
@InternationalResearchJournalofModernizationinEngineering,TechnologyandScience [1393] thatnotonlythecontentbutalsotheschool’scultureneedstobefurtherdevelopedtoanenvironmentwhich promotes“teamwork,lateralthinking,andreflectivelearningaswellbuildingenterprisingteachers.”Similarly, Gorman (1997) pointed out that entrepreneurial education requires understanding the concept of “small business ownership and self employment, as well as entrepreneurial skills and attributes which cannot be fostered throughtraditional teaching methods.Basedonstudy,indicatesthatusing learning style preferences that include active experimentation, balanced with concrete experience and abstract conceptualization can enhance entrepreneurial propensity.” This means that a future business professional needs to acquire the fundamentalknowledgeandskillstorunasmallbusiness;atleast,withrespecttoitsday to dayoperations.To achieve optimum learning potential of the students, behavioral simulations may be given more emphasis in teachingentrepreneurship(Stumpf,Dunbar,&Mullen,1991).Inaddition,“entrepreneurshipeducationshould include skill building components such as negotiation, leadership and creative thinking, exposure to technological innovation and new product development” as proposed by McMullan and Long (1987). On the other hand, Vesper and McMullan (1988) claimed that “entrepreneurship program should also teach skills in detecting and exploiting business opportunities, as well as incorporate detailed and long term business planning”.Inotherwords,skillsdevelopment,aswell aspossessingagoodgraspofbusinesstrends,exploring opportunities, and conceptualizing a long range plan could be given more emphasis. Moreover, Plaschka, and Welsch(1990)introducedthe“conceptoftransitionstagesofentrepreneurshipeducationsuggestingprograms geared toward creativity, multi disciplinary and process oriented approaches, and theory based practical applications.” This means that to achieve quality teaching and learning, the trainers should possess a multi faceted knowledge, skills, and attitudes in entrepreneurship education. With these pedagogical criteria, the trainerscanensurethatthebusinessskillsneeded,aswellasfosteringthenecessaryentrepreneurialbehavior willbeachieved.
This study may help determine the needs of the grassroots entrepreneurs in acquiring financial literacy and entrepreneurialskillstraining.Thislikewisemayhelpthemdealwiththeinsandoutsofthebusinessfromthe simple preparation of a business plan, financial assessment, and bookkeeping, up to the sustainment of their businessoperations.Thetargetbeneficiariesarethesmall scaleentrepreneursinselectedBarangaysofMakati CitysuchasComembo,Pembo,Rizal,WestRembo,EastRembo,andGuadalupe
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1. What are the demographic characteristics of the Grassroots Entrepreneurs in the selected Barangays of MakatiCityintermsofthefollowing:age,gender,civilstatus,numberofchildren,andacquiredtraining?
2. What are the socio economic characteristics of the Grassroots Entrepreneurs in the selected Barangays of Makati City in terms of the following: highest educational attainment, monthly family income, status of employment,andtypeofresidence?
Research Problem
answer 28 GrassrootsEntrepreneurswhoareinterestedtojoinwiththeprogrambutwith somereasonstoconsiderlikenon owners/in chargeintheoperations 31 GrassrootsEntrepreneurswhoarewillingtoparticipateandjoinwiththe program 33 CBFSFacultyMembers(AccountingMajor) 5 CBFSFacultyMembers 34 Total 131
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Key
1 Department
jointheprogram.Othersdo
therespondentswhoareinterested
6 Total 13
Respondents whoarenotinterestedto
want
participate in the program because they are
the business and they lack knowledge in operatingabusiness. Table
of the TableStudy1:DistributionofRespondentswhoareinterestedtojoinwiththeprogram andnotinterestedtoparticipate Respondents of the Study Frequency GrassrootsEntrepreneurs
1 The
the owner
Figure 3: TheDemographicCharacteristicsoftheGrassrootsEntrepreneursAccordingtoAge In addition, the researcher took an initiative to coordinate with the Grassroots Entrepreneurs in selected Barangays,hercolleaguesat theUMak andselected Key InformantssuchastheDean,DepartmentHeads,and BarangayCaptainspriortotheconductofthisresearchtoensuretheir100%participationand supportinthis
5 Barangay
AND
Table1showsthetotalnumberof to not to not of 2: DistributionofKeyInformants Informants of the Study Frequency DeanoftheCollege CollegeSecretary HeadsoftheCollege Chairmen/Officials Table2providesthetotalnumberofKeyInformantswhoparticipatedinaccomplishingtheinterviewformand surveyquestionnaire. Theyarecomposedofthefollowing:one(1)CollegeDean,one(1)CollegeSecretary,five (5) Department Heads, and three (6) Barangay Chairpersons/Officials. Their answers are significant in pursuingthisstudy. III. RESULTS DISCUSSIONS
Figure 5 presents the Civil Status of the Grassroots Entrepreneurs. As presented in the chart, majority of the respondentsaremarriedwithafrequencyof23orseventypercent,while8ortwenty fourpercentaresingles. Inaddition,thereareonlytwoorsixpercent(6%)widows.
Research
Volume:04/Issue:08/August 2022 Impact Factor 6.752 www.irjmets.com www.irjmets.com ResearchJournalofModernizationinEngineering,TechnologyandScience [1395] endeavor.Furthermore,theresearchersubscribedtothetheoriesandprinciplesthatcouldsupporttheresults ofthe Figurestudy.3displaysthedemographiccharacteristicoftherespondentsaccordingtoage.Asdisplayedinthechart 1,mostoftherespondentsbelongedto30 44agebracketoralmostfifty(46%)percentofthetotalnumberof participants.Thisisfollowedby45 59agebracketwhichobtainedalittleoverthirty(33%)percent.While,the least number of participants belonged to age bracket 60 and above or six (6%) percent. Therefore, the dominantageoftheGrassrootsEntrepreneurswhoparticipatedinthisstudyrangesfrom30to44yearsold.
Figure 4 presents in the Pie Chart 2 is the demographic characteristic of the Grassroots Entrepreneurs according to gender. As presented in the chart, almost sixty percent (58%) of the participants are females, while a little over forty percent (42%) are their male counterparts. It can be noted that most of the female participantsengagedinasmall scalebusinessintheBarangay.
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Figure 5: TheDemographicCharacteristicoftheGrassrootsEntrepreneursAccordingtoCivilStatus
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Figure 4: TheDemographicCharacteristicoftheGrassrootsEntrepreneursAccordingtoGender
Journal )
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Figure 7: TheSocio EconomicCharacteristicoftheGrassrootsEntrepreneursAccordingtoHighest EducationalAttainment
Figure 6: ThedemographicCharacteristicsoftheGrassrootsEntrepreneursAccordingtoNumberofChildren
Figure 7 presents the socio economic profile of the Grassroots Entrepreneurs according to their highest educationalattainmentinClusterChart1.Aspresentedinthetable,majorityoftheparticipantsareHighSchool GraduatesandCollegeLevelswiththefrequencyofseven(7)oralittleovertwenty(21%)percent. Two(2)or six percent are Master’s Degree Holders and with Master’s Units respectively. While, there is no participant finishedortookpost graduatestudies.Thesefiguresareimportantfortheresearcherbecausethesemayserve asabasisfortheofferingofFinancialLiteracyandEntrepreneurshipProgramintheBarangay.
Figure 6 demonstrates the total number of children of the Grassroots Entrepreneurs. As demonstrated in the pie chart4, sixteen(16) or almostfifty(49)percent of the participantssaidthat theyhave five(5)andabove children.Eight(8)ortwenty fourpercentsaidthattheyhave3 4children,whilethreeofthemsaidthatthey have no children. These results show that majority of the Grassroots Entrepreneurs have five (5) and above children. Itcanbeinferredthatthenumberofdependentsmaybeafactorthatcouldaffectthesustainabilityof their business operations because, more often than not, they need to prioritize the needs of their family. It is thensafetosaythattheymaysometimesusetheirinitialcapitaltosufficetheneedsoftheirfamily.
Figure 8: TheSocio EconomicCharacteristicoftheGrassrootsEntrepreneursAccordingtoJoint MonthlyNetIncomeFamilyIncome
Figure8showsthejointmonthlyfamilynetincomeoftheGrassrootsEntrepreneurs.Asshowninthechart,the joint monthly net income of PhP20,000 and below received the frequency of seven (7) or a little over twenty (21)percent;PhP20,001toPhP40,000receivedthefrequencyoftwenty oneor64percentwhereasPhP40,001 and above received the frequency of five (5) or 15 percent. Based on the above results, majority of the GrassrootsEntrepreneursearnedajointmonthlyfamilynetincomeofPhP20,001and higher.Thesaidfigures signifythatthejointfamilynetincomeofthemajorityoftheGrassrootsEntrepreneursisquitegood.
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Figure 9: TheSocio EconomicCharacteristicoftheGrassrootsEntrepreneursAccordingto StatusofEmployment
Figure9illustratesinthePieChart6,thedemographicprofileoftheGrassrootsEntrepreneursaccordingtothe statusofemployment.Asillustrated,mostoftheparticipantsareSelf Employedwiththefrequencyofnineteen (19) or 54 percent; followed by Working Casual with the frequency of 8 or a little over twenty (23) percent.
Figure 10: TheSocio EconomicCharacteristicoftheGrassrootsEntrepreneursAccordingto TypeofResidence
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Table 3: IdentifiedTrainingNeedsofGrassrootsEntrepreneurs Identified Training Needs on Financial Literacy YES NO TOTAL RANK F % f % HowtosetFinancialPriorities 26 78.79 7 21.21 33 Rank 3 SimplifiedFinancial FrameworkManagement 14 42.42 19 57.57 33 TechniquesonEffectiveRecording andManagingtheFunds(Bookkeeping) 29 87.88 4 12.12 33 Rank 1 AnalyzingFinancialStatements 18 54.55 15 45.45 33 ToolsandTechniquesinTracking FinancialRecords 27 81.82 6 18.18 33 Rank 2 HowtoManagetheDoubtfulAccounts andBadDebts 7 21.21 26 78.78 33 DuPontModelasaStrategicMapping Tools(ReturnonAssets,Returnon Equity,EarningsAfterTax,Sales,Total Assets,andStockholders’Equity) 8 24.24 25 75.75 33 GeneralApproachtoEffective Budgeting 27 81.82 6 18.18 33 Rank 2 Decision MakingUndertheConditions ofUncertainty(Cost BenefitAnalysis) 29 87.88 4 12.12 33 Rank 1 SimplifiedApproachonForecasting 26 78.79 7 21.21 33 Rank 3
Figure 10 illustrates in Pie Chart 7, states the type of residence among Grassroots Entrepreneurs. Majority of the participants owned concrete houses with the frequency of eighteen (18) or fifty five (55) percent, while withthefrequencyoffifteen(15)orfortyfivepercentowneda semi concretehouse.Itcanbeinferred,based ontheresultsofthesurvey,thathousingisnotaproblemoftheGrassrootsEntrepreneurs.
While, two of the respondents are retirees or 6 percent. It can be inferred based on the results that not all GrassrootsEntrepreneursarefull timeinoperatingtheirbusiness.Someof themarestill working;and,atthe sametime,runningtheirbusinesstoprimarilyaugmenttheincomeoftheirfamily.
e ISSN:2582 5208 International Research Journal of ModernizationinEngineering TechnologyandScience ( Peer-Reviewed, Open Access, Fully Refereed International Journal ) Volume:04/Issue:08/August 2022 Impact Factor 6.752 www.irjmets.com www.irjmets.com @InternationalResearchJournalofModernizationinEngineering,TechnologyandScience [1399] BetterTaxStrategies 27 81.82 6 18.18 33 Rank 2 FactorsthatcouldAffectFinancial Markets 11 33.33 22 66.66 33 Table 3 shows the identified training needs on Financial Literacy based on the Grassroots Entrepreneurs’ responses. Among these training needs/topics are the following: Techniques on Effective Recording and ManagingtheFundsandDecision MakingundertheConditionsofUncertaintywhichobtainedranknumber1; followedbyToolsandTechniquesinTrackingFinancialRecords,GeneralApproachtoEffectiveBudgeting,and BetterTaxStrategieswhichobtainedrank2.While,HowtoSetFinancialPrioritiesandSimplifiedApproachon Forecasting which obtained rank 3. Apart from the topics enumerated above, the students have to familiarize withproperbudgeting,andtheinsandoutsoftheday to daybusinessoperations.Additionally,possessingthe skillsinhandlingFinancialRecordscouldhelpthemeasetheirburdenanduncertainty. Table 4: IdentifiedTrainingNeedsofGrassrootsEntrepreneurs Identified Training Needs on Entrepreneurship YES NO TOTAL RANK F % F % EnterpriseLifeCycleandLifeForces 20 60.61 13 39.39 33 PreparationofSimplifiedBusinessPlan 29 87.88 4 12.12 33 Rank 1 ServicesandSalesPromotionStrategies 26 78.79 7 21.21 33 Rank 3 UnderstandingtheDifferenceBetween Leadership&Management 15 45.45 18 54.54 33 BasicLaborLawAffectingEmployerand EmployeesRelationships 4 12.12 29 87.87 33 TheEmployees’Health,Safety,Incentives, Compensation,andBenefits 9 27.27 24 72.72 33 TheEmployees’RolesandDisciplineinthe Organization 11 33.33 22 66.66 33 TrainingandDevelopmentfortheEmployers andEmployees 10 30.3 23 69.69 33 StrategiesinManagingConflicts 8 24.24 25 75.75 33 PerformanceReviewandAppraisalforthe Employees 12 36.36 21 63.63 33 PhasesofManaging,Supervising,andControlling theEnterpriseDeliverySystem 11 33.33 22 66.66 33 TheInterventionofTechnology ApplicationandUtilization(MSWord,MSPower Point,MSExcel,MSTeam,GoogleDrive,Google Calendar,GoogleDocs,GoogleMeet, Zoom,WEBEX,andEmails) 27 81.82 6 18.18 33 Rank 2 BasicPreparationofBusiness Correspondence(Memorandum,Business Letters,PromotionofProducts,andMemorandum ofAgreement) 26 78.79 7 21.21 33 Rank 3 Table4displaystheidentifiedtrainingneedsonEntrepreneurship.Amongthesetrainingneeds/topicsarethe following: Preparation of Simplified Business Plan which obtained rank 1; followed by The Intervention of Technology Application and Utilization (MS Word, MS Power Point, MS Excel, MS Team, Google Drive, Google Docs, Google Calendar, Google Docs, Google Meet, Zoom, WEBEX, and Emails) which obtained rank 2. While, Services and Sales Promotion Strategy, and Basic Preparation of Business Correspondence (Memorandum,
e ISSN:2582 5208 International Research Journal of ModernizationinEngineering TechnologyandScience ( Peer-Reviewed, Open Access, Fully Refereed International Journal ) Volume:04/Issue:08/August 2022 Impact Factor 6.752 www.irjmets.com www.irjmets.com @InternationalResearchJournalofModernizationinEngineering,TechnologyandScience [1400] Business Letters, Promotion of Products, and Memorandum of Agreement) which obtained rank 3. Based on theseresults,GrassrootsEntrepreneursneedtofamiliarizethemselveswiththeapplicationofnewtechnology suchastheuseofMSWord,MSPowerPoint,MSExcel,andEmails.Inaddition,theyshouldhavetheknowledge inpreparingbusinessplansandwritingcorrespondences,likebusinessletters. Table 5A: MeanDistributionoftheCBFSFacultyonLevelofCompetencyTeachingtheFinancial LiteracyandEntrepreneurshipProgram Table 5B: MeanDistributionoftheCBFSFacultyonLevelofCompetencyTeaching theFinancialLiteracyandEntrepreneurshipProgram Intable5A and5B showthelevel ofcompetencyofCBFSFacultyMemberswhowill deliverthecurriculumof instructions on Financial Literacy and Entrepreneurship Training Programs as assessed by their respective Department Chair. Therefore, it is noted that the success of extension services of the College in the nearby Barangayswillbepromisingandsignificant. Proposed Topics for Financial Literacy Modules 2 Verbal f WM f WM f WM f WM f WM GM Interpretation Howto set Financial Priorities 5 5.0 0 0 0 0 0 0 0 0 5 Highly Competent Simplified Financial Management Framework 4 4.0 1 0.8 0 0 0 0 0 0 4.8 Highly Competent Techniques on Effective Recording & Managing the Funds (Bookkeeping) 5 5.0 0 0 0 0 0 0 0 0 5 Highly Competent Analyzing the Financial Statements 5 5.0 0 0 0 0 0 0 0 0 5 Highly Competent Tools & Techniques in Tracking Financial Records 4 4.0 1 0.8 0 0 0 0 0 0 4.8 Highly Competent Howto Manage Doubtful Accounts and Bad Debts 4 4.0 1 0.8 0 0 0 0 0 0 4.8 Highly Competent Du Pont Model as a Strategic Mapping Tools (ROA, ROE, EAT, TA&SE) 3 3.0 2 1.6 0 0 0 0 0 0 4.6 Highly Competent General Approach to Effective Budgetting 3 3.0 2 1.6 0 0 0 0 0 0 4.6 Highly Competent Decision-Making Under the Conditions of Uncertainty (Cost-Benefit Analysis) 1 1.0 4 3.2 0 0 0 0 0 0 4.2 Highly Competent Simplified Approach on Forecasting 2 2.0 3 2.4 0 0 0 0 0 0 4.4 Highly Competent Better TaxStrategies 2 2.0 3 2.4 0 0 0 0 0 0 4.4 Highly Competent Factors that Affects the Financial Markets 3 3.0 2 1.6 0 0 0 0 0 0 4.6 Highly Competent 5 4 3 1 Proposed Topics for Financial Literacy Modules 2 Verbal f WM f WM f WM f WM f WM GM Interpretation Enterpreneurship Life Cycle and Life Forces 11 2.75 9 1.8 0 0 0 0 0 0 4.55 Highly Competent Preparation of Simplified Marketing Plan 14 3.5 6 1.2 0 0 0 0 0 0 4.7 Highly Competent Services and Sales Promotion Strategies 16 4 4 0.8 0 0 0 0 0 4.8 Highly Competent Understanding the Difference Between Leadership and Management 14 3.5 6 1.2 0 0 0 0 0 4.7 Highly Competent Basic Labor LawAffecting Employer and Employees Relationships 13 3.25 7 1.4 0 0 0 0 0 4.65 Highly Competent Tne Employees' Health, Safety, Incentives, Compensation and Benefits 14 3.5 6 1.2 0 0 0 0 0 4.7 Highly Competent The Employees' Roles and Discipline in the Organization 16 4 4 0.8 0 0 0 0 0 4.8 Highly Competent Training and Development for the Employers and Employees 13 3.25 3 0.6 4 0.6 0 0 0 4.45 Highly Competent Strategies in Managing Conflicts 11 2.75 2 0.4 7 1.05 0 0 0 4.2 Highly Competent Performance Reviewand Appraisal for the Employees 14 3.5 3 0.6 3 0.45 0 0 0 4.55 Highly Competent Phases of Managing, Supervising and Controlling the Enterprise Delivery System13 3.25 3 0.6 4 0.6 0 0 0 4.45 Highly Competent The Intervention of Technology Application and Utilization (MSWord, MS Excel, and MSPowerpoint, MSAccess and E-mails) 9 2.25 7 1.4 4 0.6 0 0 0 4.25 Highly Competent Basic Business Correspondence (Memorandum, Business Letters and Memorandum of Agreement) 11 2.75 5 1 4 0.6 0 0 0 4.35 Highly Competent 5 4 3 1
International
Thesocio demographicprofileoftheGrassrootsEntrepreneursaccordingtothestatusofemployment.Itstated thatmostoftheparticipantsareSelf Employedwiththefrequencyofnineteen(19)or54percent;followedby Working but in Casual Appointment which obtained the frequency of eight (8) or 23 percent; there are respondents who are Working and Permanent with the total of six (6) or 17 percent and there are two (2) Retirees which is 6 percent. Therefore, not all Grassroots Entrepreneurs are full time in operating their business. There are (2) two who are receiving their monthly pensions and their business is part of their self indulgenceandsourceofextraincome.Thefiguresshowedthatover50%areself employedandareoperating theirsmall scalebusinessbuttherearethosewhoarestillworkinginpermanentandcasualpositionswiththe percentageof17and23respectively.Thesefiguresindicatethattheearningsfromsmallscalebusinessofthe Grassroots Entrepreneurs are not sufficient to support the family expenditures. Most of the Grassroots Entrepreneurs are earning money from their small business with the net family income ranges to Twenty ThousandandonetofortyThousand(PhP20,001toPhP40,000). Itshowsthatitcouldaffecttheoperationof theirbusiness,especially,iftheycannotrefrainfromusingtheircapital tofinancetheirpersonalexpenses.The said capital should be used solely to fund their business operations. Not all Grassroots Entrepreneurs are full timeinoperatingtheirbusiness.Thereare(2)twowhoarereceivingtheirmonthlypensionsandtheirbusiness ispartoftheirself indulgenceandsourceof extra income.Thefigureshowsthat over50%areself employed and operate their small scale business but there are those who are still working in permanent and/or casual positions with the percentage of 17 and 23 respectively. These figures indicate that the earnings from small scalebusinessoftheGrassrootsEntrepreneursarenotsufficienttosupportthefamilyexpendituresandtheir businesssustainability. The proposed contents of Financial Literacy Module to be offered to Grassroots Entrepreneurs are the following: both Techniques on Effective Recording and Managing the Funds (Bookkeeping) and the Decision Making Under the Conditions of Uncertainty (Cost Benefit Analysis) obtained the highest frequency of 29 or almost ninety (87.88) percent as highly requested by the Grassroots Entrepreneurs to be formed part of the Financial Literacy Module. In addition, based on the interviews with the Grassroots Entrepreneurs, most of themexperiencedbankruptcyandstartedtheirbusinessalloveragainwhichwasshownasdramaticimpactin theeconomyfromtaxestojobprovision(Bradley &Cowdery,2004) Theyalsomentionedthattheyborrowed their capital either from their relatives, friends, lending institutions, or moneylenders to refinance their businessoperations.Unfortunately,therearetimesthattheyareforcedtousetheircapitalduetounavoidable circumstances, like covering medical expenses and paying high interest rates imposed upon by creditors / lending institutions; thus, they need to stop the business. Therefore, it is high time for them to know the effective techniques of recording and managing their funds through learning the Bookkeeping Module. With regardtofacingtheirproblemsinhandlingbusinessandpersonalfinancialmatters,theyareagreeabletostudy the scenario of uncertainty and employ effective decision making skills. Therefore, the Cost Benefit Analysis Module can be offered in the conduct of Financial Literacy Program. The aforementioned topics received a higher frequency and percentage respectively, 27 and 81.82% and placed in the second rank such as General ApproachtoEffectiveBudgeting;ToolsandTechniquesinTrackingFinancialRecordsandBetterTaxStrategies Management. The figures are supported by their answers during the interviews. Similarly, they have to familiarize themselves with proper budgeting, and the ins and outs of the day to day business operations. Possessing the skills in handling Financial Records could help them ease their burden and uncertainty. In addition, they are agreeable that sooner or later, they will comply with the tax requirements and/or regulations.Hence,theparticipantsarequiteinterested,too,inlearningBetterTaxStrategyManagement.The topicsonFinancialLiteracyarequiteneededbytheGrassrootsEntrepreneurswhichobtainedthefrequencyof
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TheresultsshowedthatmostoftheGrassrootsEntrepreneurshavefive(5)andabovechildrenwiththetotal percentageofalmostfiftywhich isfollowedbythree(3)tofour(4)totalnumberofchildrenwhichreceiveda frequencyofeight(8)ortwenty four(24)percent.Itcanbeinferredthatthenumberofdependentsmaybea factorthatcouldaffectthesustainabilityoftheirbusinessoperationsbecausetheyneedtoprioritizetheneeds oftheirfamily.Itisthensafetosaythattheyusetheirinitialinvestedcapitaltosufficetheneedsoftheirfamily.
IV. SUMMARY OF FINDINGS
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V. CONCLUSION
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@InternationalResearchJournalofModernizationinEngineering,TechnologyandScience [1402] 26 or almost eighty (78.79) percent and landed in the rank 3, to wit: Setting the Financial Priorities and Simplified Approach on Forecasting. The participants said that they experienced mismanaging their funds and/or capital due to unexpected purchases and/or impulsive buying. There are times that they spent their funds for wrong judgment. For example, they thought that it is good to buy stocks which were offered by the suppliersduringthepromotionalperiod.Theybelievedthattheycouldeasilyre salethestocksatareasonable price, but unfortunately, they did not. In terms of forecasting, they are interested in understanding the underlying principles of futuristic intention. Therefore, topics on managing and/or setting financial priorities andforecastingwillformpartofthemoduleonFinancialLiteracy.
Basedontheresultsofthestudy,thefollowingconclusionsarewithdrawnandanalyzed:
Thirdly,basedontheresponsesandinterviewswiththeGrassroots Entrepreneurs,someofthemexperienced the trial and error scheme in investing money. If they fail, they start all over again. They also mentioned that they started borrowing money from their relatives, friends, lending institutions, or moneylenders to put up a small business.However, whentheyencountertroubles andtribulationsinlife,theyareforcedtospendtheir initialcapital.Thisactionwillresultinthestoppageoftheirbusinessoperation.Afterrecoveringfromsuchan unfortunate situation, they will start operating their business, and apply the lessons learned from their experiences. This justifies their being resilient, and; at the same time, risk takers. Therefore, most of the GrassrootsEntrepreneurs are morethan willing to learnthe topics on effective decision making and effective moneymanagementthroughefficientprioritizationoffinancialneeds. Fourthly,theresearcherconcludesthat allKeyInformantsareagreeablethattheGrassrootsEntrepreneursarenotwell versed,yetinmanagingtheir business.Buttheirdrivingforceistheirgutsandaspirationtosucceedandtoenablethemtoprovidetheneeds of their families. That being said, the researcher posits that intensive training must be extended to them, specificallyontheir preferredtopics.TheresearcheragreedwiththerecommendationsoftheKeyInformants thatthetrainingcoursesmaybecategorizedintothree(3)suchasBeginner,Intermediate,andAdvanced.With this categorization, simple yet effective approaches can be provided for the Grassroots Entrepreneurs toward the attainment of the desired / needed competencies but of course, the bottom line is, it depends on the determinants of how the entrepreneurs become successful in consideration of the following factors such as entrepreneurial performance, education, industry experience, and managerial experience. (Sorensen &Chang, 2006). Therefore, the required education and training in Entrepreneurship must be provided. (Henry, Hill, & Leitch, 2003). Likewise, the researcher concludes that the regular training program can be offered in the Barangay, at least, once a year. Fifthly, the effectiveness of the Financial Literacy and Entrepreneurship TrainingProgramissignificanttotheparticipants.Asidefromtheirexperiencesinhandlingandmanagingtheir business,theresearcherconcludesthattheyneedtheimmersioninpreparingtherequiredpapers/documents forsubmissiontofurtherhonetheirclericaland/ormanagerialskillsandcompetencies.
Firstly,thereisnoestablishedFinancialLiteracyandEntrepreneurshipTrainingProgramintheBarangays.The UMak CBFS faculty members through the initiative of the Dean will take the lead in extending help to the nearby Barangays to augment Grassroots Entrepreneurs’ livelihood program and to improve their efficacy, competence, and professionalism toward becoming credible entrepreneurs. With the institutionalization of Financial Literacy and Entrepreneurship Training Program for Grassroots Entrepreneurs, the UMak CBFS will now organize a pool of subject matter experts and well trained faculty members to share their expertise, experiences, and skills among the training beneficiaries of the program. The primary challenge now is the establishment and implementation of Financial Literacy and Entrepreneurship Training Program among Grassroots Entrepreneurs in the Barangays. This program will create harmony and camaraderie between the UMak and the Barangays with the end state of improving the Grassroots Entrepreneurs’ business operation and/or management toward efficient and profitable business endeavors. Secondly, before the conduct of the FinancialLiteracyandEntrepreneurshipTrainingPrograminselectedBarangaysinMakatiCity,itisnecessary to determine the Grassroots Entrepreneurs’ level of understanding or prior knowledge in Financial Literacy andEntrepreneurship,theirwillingnesstoundergowiththetrainingprogram,thetopicstobeintegratedinthe Modules,andthebudgetrequirements/fundsupporttobeusedintheimplementationoftheprogram.
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Therefore, the researcher highly recommends to the CBFS UMak team to further study the available mechanisms to be used in the crafting of the program’s doctrine/policy. Hence, the researcher recommends thatthefutureresearchersmayreplicatethisstudycenteringontheothergapsand/orproblemswhicharenot included in this research. In addition, she recommends that the design training program will include some techniquesandstrategies onhowtheGEs will beprepared in the VUCA world whichisvolatility,uncertainty, complexity, and ambiguity (Johansen, 2013). These strategic leadership skills are significant, especially in facingthenewnormalenvironmentduetotheimpactoftheCovid 19pandemic.
[2] CityGovernmentofMakatiPortal www.MakatiCityGovernment.Gov.ph.Philippines:MakatiCityHall.
[5] Gibb, A. A. (1987). Education for enterprise: Training for small business initiation: Some contrasts. JournalofSmallBusinessandEntrepreneurship,Vol.4,No.3,Winter1986/87.
VII. REFERENCES
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Based on the comprehensive analyses and interpretations of data, the researcher formulated the following
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The contents of the POIs will depend on the level of students such as Beginner, Intermediate, or Advanced.
[1] Bradley, D. B. & Cowdery, C. (2004). Small business: Causes of bankruptcy. University of Central Arkansas.http://www.sbaer.uca.edu/research/asbe/2004_fall/16.pdf
[8] Gorman,G.,Hanlon,D.,&King,W.(1997).SomeResearchPerspectivesonEntrepreneurshipEducation, Enterprise Education and Education for Small Business Management: A Ten Year Literature Review. SageJournal https://doi.org/10.1177/0266242697153004
[9] Henry,C.,Hill,F.&Leitch,C.(2003).Entrepreneurshipeducationandtraining.Ashgate,Aldershot.
[6] Gibb,A.A.(1996).Theroleofeducationandtraininginsmallandmediumenterprisedevelopmentin Europe ‘Creating an agenda for action’, Background Discussion Paper to a 1 day workshop of Education and Employment Ministers from the European Union and Transition Economies on Small andMediumEnterpriseTrainingandEducation,ItalianPresidency,Torino.
[4] JournalofSmallBusinessandEnterpriseDevelopment,Vol.15(2),pp.239 258.
Thirdly, based on the responses of the CBFS Dean, setting the training requirements and attributes of the participants who will join the program is significant. The Dean recommends that the participants should possessbasicawarenessonbusiness relatedcourses;knowledgeinpreparingBusinessPlan;abilitytoconduct External and Internal Environmental Scanning; ability in the preparation of feasibility studies; skill and competence in handling the human resource and strategic management. In addition, the participants have a small scalebusinesstooperate. Fourthly,forthose whodo not possesssufficient knowledge in runningtheir businessorlackingbusinessskillsandattributes,appropriatemethodologyofteachingwillbeemployedbythe expert trainers.Inaddition,modularapproachwillbeusedintheprogram.Fifthly,theresearcherrecommends thattheconcernedBarangaysallocatevenuestobeusedinthetraining.Similarly,theCBFS UMakTeamneeds to provide training materials / paraphernalia, projectors, and facilities, otherwise the Barangay Officials will provide the venue for laboratories or conducive rooms to do the hands on activities. Sixthly, it is high time to craft the Financial Literacy and Entrepreneurship Training Program’s doctrine/policy. It can facilitate the standardization of procedures/operations, and can help establish common ways of accomplishing tasks.
[3] Dickson, P, Solomon, G. & Weaver, K. (2008). Entrepreneurial selection and success: Does education matter?
Firstly,recommendations:theCBFSUMak team, in partnership with the Barangay Officials, needs to initiate and institutionalize the offering of Financial Literacy and Entrepreneurship Training Program among qualified Grassroots Entrepreneurs (GEs) to achieve its objectives, namely: to train the GEs to become knowledgeable and competent entrepreneurs with the end state of expanding their business, improving their entrepreneurial skills, increasing their income, and becoming more productive residents of the Barangay. Secondly, the researcher recommends the conduct of additional Training Needs Assessment (TNA) among the GEs to determinetheirtrainingneedsthatwillserveasabasisforthedevelopmentofProgramofInstructions(POIs).
VI. RECOMMENDATIONS
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