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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International Research Journal of Modernization in Engineering Technology and Science
( Peer-Reviewed, Open Access, Fully Refereed International Journal )
Volume:04/Issue:08/August-2022 Impact Factor- 6.752 www.irjmets.com
www.irjmets.com @International Research Journal of Modernization in Engineering, Technology and Science
[1389]
TRAINING NEEDS ANALYSIS AMONG GRASSROOTS ENTREPRENEURS:
BASIS FOR THE IMPLEMENTATION OF A UNIVERSITY OF MAKATI-BASED
TRAINING PROGRAM ON FINANCIAL LITERACY AND
ENTREPRENEURIAL SKILLS
Dr. Liza Alcantara Geneblazo-Rivera*1
*1Associate Professor IV, College Of Business And Financial Science, University Of
Makati, Philippines.
DOI: https://www.doi.org/10.56726/IRJMETS29380
ABSTRACT
This scientific research determined the demographic, socio-economic profiles, and the training needs of
Grassroots Entrepreneurs (GEs) in selected Barangays in Makati City, Philippines. The schematic diagram 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
techniques and the Training Needs Analysis were utilized. A total of 200 survey questionnaires were sent to the
respondents whereas 131 were retrieved. Thirty-three GEs signified to join the program. Similarly, interviews
were conducted among the college officials, faculty, and Barangay Chairpersons to seek significant information.
The findings revealed that most of the GEs have five (5) children and above, and earned a monthly income of
PhP20,001 to PhP40,000. Further, the proposed contents of Financial Literacy Modules are: Bookkeeping, Cost-
Benefit Analysis, Business Planning, and Computer Literacy. Likewise, this paper recommends the adoption of
the VUCA world which is volatility, uncertainty, complexity, and ambiguity in the instructions to mitigate the
impact of the Covid-19. In addition, this study adds to the literature on Financial Literacy and Entrepreneurship
among the entrepreneurs.
Keyword: Training Needs Analysis, Grassroots Entrepreneurs, Cost-Benefit Analysis, Tripartite Partnership,
CBFS-UMak Team, Program of Instructions (POIs) and VUCA world.
I. INTRODUCTION
Molding young men and women to become business professionals can be one of the greatest duties bestowed
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
accelerate the students’ achievement of the competencies that are highly sought in the world of business. This
is why many educators provide efficient and optimum learning experience for the students under their care. It
could be noted that their commitment may not be limited to the four (4) corners of the classroom. They can also
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
University and Rothman School of Business when they started focusing on shaping the minds of their students
for them to prepare for the challenges ahead while maintaining business momentum. Further, the said 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
Financial Science, University of Makati (CBFS-UMak) could extend the proliferation of their advocacy of sharing
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,
may choose the right beneficiaries who qualify to establish their business using a small capital; how the faculty
and department heads of the CBFS-UMak may develop or formulate the Financial Literacy and Entrepreneurial
Training Programs that can best complement the needs of the grassroots entrepreneurs; allot time for coaching

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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
among the Barangay Captains, CBFS faculty members and department heads, and the grassroots entrepreneurs
themselves to make this project become successful. This study presents significant information on how the
CBFS faculty members and department heads could help Makati 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
department heads can work hand-in-hand and practice camaraderie coupled with the spirit of cooperation, and
fueled by burning enthusiasm to help, the program may eventually succeed.
Research Locale
It was stated in the Business Guide on Partnering with NGOs (2007), that most of the institutions today are
involved in delivering extensive training to individuals and groups of people through tie-ups with Educational
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, and projects on sports to help their constituents.
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
leadership qualities and decision-making; fourth, how to become ethical entrepreneurs; fifth, how to deal with
their financial dilemma and /or constraints; sixth, how the financial support of the CBFS can be extended to the
said beneficiaries; seventh, how to help the Barangays in promoting their program on alleviating poverty
among their constituents; lastly, how to build a strong partnership between the university and the community.
The City Government of Makati (CGM) in the Philippines is one of the active institutions in Makati City which is
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
synergize the different training and placement initiatives of the different organizations and units in the CGM. It
aims to coordinate the organizations’ on-going training programs / courses and leverage these courses into one
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
Development Authority (TESDA), Department of Education (DEPED), Division of Makati, Makati Social Welfare
Department (MSWD), University of Makati (UMak), Public Employment Services Office (PESO), Association of
Barangay Captains (ABC), and Urban Development Department (UDD). To clarify further the training providers
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
University focuses on hard-skill courses and short-term training that the partner organizations may not be able
to conduct and develop. The MSWD focuses on soft-skills courses and short-term training; the DEPED Makati
would conduct Basic and Functional Literacy courses. However, it provides courses in Computer Literacy, 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
disadvantaged individuals and care for women, the youth, the elderly, and the handicapped. With these notable
accomplishments of the University, it is high time for the CBFS-UMak to initiate the creation of an Extension

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Program vis-à-vis Financial Literacy and Entrepreneurial Skills development for the grassroots beneficiaries
from selected Barangays in Makati City.
The diagram below explains and provides the general overview of the purpose and the flow of the current
study.
On the Yellow Box presented the variables that the College of Business and Financial Science (CBFS) will
deliver to the Grassroots Entrepreneurs such as providing initial financial resources; delivering of the Program
of Instruction (POI); sending expert and / or highly competent trainers for the Financial Literacy and
Entrepreneurial Training Program; setting the qualification standards; managing the issuance of the certificates
for completers; and implementing the Memorandum of Agreement (MOA) for the sustainability of the project.
ConceptualFramework
Target Beneficiaries:
Grassroot Entrepreneurs' Profiling
Figure 1: The Schematic Diagramwhichis operationally designedby the Researcher to understandthe purpose of the study.
Researcher's ProposedIntervention
1. Providethe initial financial
resources throughits approved
Annual InvestmentPlan(AIP).
2. Deliver the ProgramofInstructions on
FinancialLiteracyandEntrepeneurial
Skills.
3. Setthe qualificationstandards as bases
for the issuance ofCertificateof
Completionfor those who passedthe
Training Program.
4. Strengthenthe partnershipwiththe
Barangay to deliver the community
extensionservices ofthe college.
1. Willprovide the Profile ofthe
Beneficiaries.
2. Willsubmit the feedbackformto
assess the implementationofthe
project.
3. Providethe conducive venue for
learning.
4. Willprovide the documentation
5. Issuance ofthe Certificateof
Completionamong the Trainers who
are successfullycompletedthe short
termcourses.
1. Conductthe Training NeedAssessment(TNA) among Grassroots
Entrepreneurs
2. Promote the Advocacyofthe College.
3. Alleviate Poverty
4. Increase volunteerismandself-efficacy
5. Designthe ProgramofInstructions onFinancialLiteracyand Entrepreneurial Skills
6. Prepare the Flowchart/Schematic Diagramand the Modules ofthe Training Program
to be offeredby the College ofBusiness andFinancialScience
7. Prepare the Memorandumof Agreement(MOA)for strong partnershipwiththe
TargetBarangays and TargetBeneficiaries.
GAPS to Address:
Services and Support from the
College
ExpectedSupport from Partner
Barangays of Makati City
1. DemographicCharacteristics
2. Socio-Economic Characteristics
3. CurrentTraining Acquired
4. InitialInvestmentCapacity
5. Skills onIndustryAnalysis
6. Skills onEnvironmentalAnalysis
7. Skills onStrategic Management
8. Skills onOperational ManagementandLicensing
1. Developanddesignashort-termFinancial
LiteracyandEntrepreneurial SkillsTraining
ProgramofInstructions (POI) whichare
intendedfor the GrassrootsEntrepreneurs.
2. Execute the ProposedTraining Programby
bridging the GAPS:
a. GrassrootsEntrepreneurs - addressing
their trainingneeds onFinancial Literacy
and learning the Entrepreneurial Skills.
b. UniversityofMakati-College ofBusiness
and Financial Science-(UMAK-CBFS) -To
deliver the extensionprogramservices in
the nearby barangays and to fulfillits
advocacy inhelping the Grassroots
Entrepreneurs to learnand earnfor a
living.
c.Professors/ExpertTrainers - To support
their eagernessofhelpingthe deserving
GrassrootsEnterpreneurs who are
deserving the great opportunityto become
entrepreneur bysharing their expertise,
competencies,skillsandexperiences inpro
bono.
d. CollegeofBusiness andFinancial Science-
To promote volunteerismandselflessgain
"advocacyof the college"
e. SelectedBarangays inMakati City- To
supportthe programofthe barangay
officialsinEducationand Livelihood.
3. Prepare the MemorandumofAgreement
4. Providethe Training Requirements for the
Grassroots Entrepreneursto be qualifiedin
the program.
5. Implement the Training Program
6. Conduct the culminating activityto
acknowledge the completersandthe group
effort ofthe TEAM.

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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 connected to the Light Orange Box showing the expected support from the partner Barangays. 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
Training Program; and Implement the MOA. The Third Red Left-Right Arrow is both interconnected with the
Expected Support from the Barangay which is presented in Light Orange Box to GAPS that need to be
addressed. Then, the other Left-Right Arrows interconnected to GAPS and for the Grassroots Entrepreneurs to
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
determine the level of competence of the Grassroots Entrepreneurs based on the given variables. Therefore, the
researcher will intervene and carry out the tasks written in the Orange Box for the pilot testing of the project.
The Red Curve-Up Arrow from Orange Box is showing both partners who will deliver the training needs of
Grassroots Entrepreneurs will entertain the Researcher’s Intervention to implement and sustain the project for
the community.
Theoretical Framework
Since this project centers on the conduct of a Training Program among Grassroots Entrepreneurs, two POIs
were developed. These POIs are Financial Literacy, and Entrepreneurship. The Model of Devising Curriculum by
Gibb (1993 in Kee, et. al., n.d.) was adapted because it is significant that the Trainee-Beneficiaries who are
commonly called Grassroots Entrepreneur in this study are to learn both Business and Entrepreneurial Skills.
With this, possessing Business Skills will be the prerequisite. In this regard, Solomon and Fernald (1991)
mentioned that the tertiary institutions and enterprise education are used to foster entrepreneurial behavior of
the students. With this thrust of educational institutions, there is a need to revolutionize some aspects to help
attain entrepreneurial behavior of the students. This claim was supported by Itao (1997) when he highlighted

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that not only the content but also the school’s culture needs to be further developed to an environment which
promotes “teamwork, lateral thinking, and reflective learning as well building enterprising teachers.” 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 through traditional teaching methods. Based on study, indicates that using 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
fundamental knowledge and skills to run a small business; at least, with respect to its day-to-day operations. To
achieve optimum learning potential of the students, behavioral simulations may be given more emphasis in
teaching entrepreneurship (Stumpf, Dunbar, & Mullen, 1991). In addition, “entrepreneurship education should
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”. In other words, skills development, as well as possessing a good grasp of business trends, exploring
opportunities, and conceptualizing a long-range plan could be given more emphasis. Moreover, Plaschka, and
Welsch (1990) introduced the “concept of transition stages of entrepreneurship education suggesting programs
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
trainers can ensure that the business skills needed, as well as fostering the necessary entrepreneurial behavior
will be achieved.
Research Problem
This study may help determine the needs of the grassroots entrepreneurs in acquiring financial literacy and
entrepreneurial skills training. This likewise may help them deal with the ins and outs of the business from the
simple preparation of a business plan, financial assessment, and bookkeeping, up to the sustainment of their
business operations. The target beneficiaries are the small-scale entrepreneurs in selected Barangays of Makati
City such as Comembo, Pembo, Rizal, West Rembo, East Rembo, and Guadalupe.
Research Questions
This study sought to answer the following questions:
1. What are the demographic characteristics of the Grassroots Entrepreneurs in the selected Barangays of
Makati City in terms of the following: age, gender, civil status, number of children, and acquired training?
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, and type of residence?
3. What are the training needs of the Grassroots Entrepreneurs in the selected barangays in Makati City in
terms of the following: financial literacy and entrepreneurship?
II. METHODOLOGY
The researcher subscribes to the utilization of the descriptive method of research because this kind of research
describes the qualitative and quantitative aspect of this study through the use of survey questionnaire and
interview from the Key Informants selected purposively. This research method would assess the responses of
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; marital status; educational attainment; and training attended. An in-depth survey was conducted to the
selected Grassroots Entrepreneurs as training beneficiaries of this study. Personal interviews were conducted,
as well, to the Key Informants of this study such as the Dean of the College of Business and Financial Science,
the department heads, the CBFS faculty members, and the Captains /Officials of selected Barangays.

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Respondents of the Study
Table 1: Distribution of Respondents who are interested to join with the program
and not interested to participate
Respondents of the Study Frequency
Grassroots Entrepreneurs who are not interested to answer 28
Grassroots Entrepreneurs who are interested to join with the program but with
some reasons to consider like non-owners/in-charge in the operations
31
Grassroots Entrepreneurs who are willing to participate and join with the
program
33
CBFS Faculty Members (Accounting Major) 5
CBFS Faculty Members 34
Total 131
Table 1 shows the total number of the respondents who are interested to join the program. Others do not want
to participate in the program because they are not the owner of the business and they lack knowledge in
operating a business.
Table 2: Distribution of Key Informants
Key Informants of the Study Frequency
Dean of the College 1
The College Secretary 1
Department Heads of the College 5
Barangay Chairmen/Officials 6
Total 13
Table 2 provides the total number of Key Informants who participated in accomplishing the interview form and
survey questionnaire. They are composed of the following: one (1) College Dean, one (1) College Secretary, five
(5) Department Heads, and three (6) Barangay Chairpersons/Officials. Their answers are significant in
pursuing this study.
III. RESULTS AND DISCUSSIONS
Figure 3: The Demographic Characteristics of the Grassroots Entrepreneurs According to Age
In addition, the researcher took an initiative to coordinate with the Grassroots Entrepreneurs in selected
Barangays, her colleagues at the UMak and selected Key Informants such as the Dean, Department Heads, and
Barangay Captains prior to the conduct of this research to ensure their 100% participation and support in this

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endeavor. Furthermore, the researcher subscribed to the theories and principles that could support the results
of the study.
Figure 3 displays the demographic characteristic of the respondents according to age. As displayed in the chart
1, most of the respondents belonged to 30-44 age bracket or almost fifty (46%) percent of the total number of
participants. This is followed by 45-59 age bracket which obtained a little over thirty (33%) percent. While, the
least number of participants belonged to age bracket 60 and above or six (6%) percent. Therefore, the
dominant age of the Grassroots Entrepreneurs who participated in this study ranges from 30 to 44 years old.
Figure 4: The Demographic Characteristic of the Grassroots Entrepreneurs According to Gender
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
participants engaged in a small-scale business in the Barangay.
Figure 5: The Demographic Characteristic of the Grassroots Entrepreneurs According to Civil Status
Figure 5 presents the Civil Status of the Grassroots Entrepreneurs. As presented in the chart, majority of the
respondents are married with a frequency of 23 or seventy percent, while 8 or twenty-four percent are singles.
In addition, there are only two or six percent (6%) widows.

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Figure 6: The demographic Characteristics of the Grassroots Entrepreneurs According to Number of Children
Figure 6 demonstrates the total number of children of the Grassroots Entrepreneurs. As demonstrated in the
pie chart 4, sixteen (16) or almost fifty (49) percent of the participants said that they have five (5) and above
children. Eight (8) or twenty-four percent said that they have 3 – 4 children, while three of them said that they
have no children. These results show that majority of the Grassroots Entrepreneurs have five (5) and above
children. It can be inferred that the number of dependents may be a factor that could affect the sustainability of
their business operations because, more often than not, they need to prioritize the needs of their family. It is
then safe to say that they may sometimes use their initial capital to suffice the needs of their family.
Figure 7: The Socio-Economic Characteristic of the Grassroots Entrepreneurs According to Highest
Educational Attainment
Figure 7 presents the socio-economic profile of the Grassroots Entrepreneurs according to their highest
educational attainment in Cluster Chart 1. As presented in the table, majority of the participants are High School
Graduates and College Levels with the frequency of seven (7) or a little over twenty (21%) percent. Two (2) or
six percent are Master’s Degree Holders and with Master’s Units respectively. While, there is no participant
finished or took post-graduate studies. These figures are important for the researcher because these may serve
as a basis for the offering of Financial Literacy and Entrepreneurship Program in the Barangay.

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Figure 8: The Socio-Economic Characteristic of the Grassroots Entrepreneurs According to Joint
Monthly Net Income Family Income
Figure 8 shows the joint monthly family net income of the Grassroots Entrepreneurs. As shown in the chart, the
joint monthly net income of PhP20,000 and below received the frequency of seven (7) or a little over twenty
(21) percent; PhP20,001 to PhP40,000 received the frequency of twenty-one or 64 percent whereas PhP40,001
and above received the frequency of five (5) or 15 percent. Based on the above results, majority of the
Grassroots Entrepreneurs earned a joint monthly family net income of PhP20,001 and higher. The said figures
signify that the joint family net income of the majority of the Grassroots Entrepreneurs is quite good.
Figure 9: The Socio-Economic Characteristic of the Grassroots Entrepreneurs According to
Status of Employment
Figure 9 illustrates in the Pie Chart 6, the demographic profile of the Grassroots Entrepreneurs according to the
status of employment. As illustrated, most of the participants are Self-Employed with the frequency of nineteen
(19) or 54 percent; followed by Working Casual with the frequency of 8 or a little over twenty (23) percent.

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While, two of the respondents are retirees or 6 percent. It can be inferred based on the results that not all
Grassroots Entrepreneurs are full time in operating their business. Some of them are still working; and, at the
same time, running their business to primarily augment the income of their family.
Figure 10: The Socio-Economic Characteristic of the Grassroots Entrepreneurs According to
Type of Residence
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
with the frequency of fifteen (15) or forty five percent owned a semi-concrete house. It can be inferred, based
on the results of the survey, that housing is not a problem of the Grassroots Entrepreneurs.
Table 3: Identified Training Needs of Grassroots Entrepreneurs
Identified Training Needs on Financial
Literacy
YES NO TOTAL RANK
F % f %
- How to set Financial Priorities 26 78.79 7 21.21 33 Rank 3
- Simplified Financial Management
Framework
14 42.42 19 57.57 33
- Techniques on Effective Recording
and Managing the Funds (Bookkeeping)
29 87.88 4 12.12 33 Rank 1
-Analyzing Financial Statements 18 54.55 15 45.45 33
- Tools and Techniques in Tracking
Financial Records
27 81.82 6 18.18 33 Rank 2
- How to Manage the Doubtful Accounts
and Bad Debts
7 21.21 26 78.78 33
- Du Pont Model as a Strategic Mapping
Tools (Return on Assets, Return on
Equity, Earnings After Tax, Sales, Total
Assets, and Stockholders’ Equity)
8 24.24 25 75.75 33
- General Approach to Effective
Budgeting
27 81.82 6 18.18 33 Rank 2
- Decision-Making Under the Conditions
of Uncertainty (Cost-Benefit Analysis)
29 87.88 4 12.12 33 Rank 1
-Simplified Approach on Forecasting 26 78.79 7 21.21 33 Rank 3

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-Better Tax Strategies 27 81.82 6 18.18 33 Rank 2
-Factors that could Affect Financial
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
Managing the Funds and Decision-Making under the Conditions of Uncertainty which obtained rank number 1;
followed by Tools and Techniques in Tracking Financial Records, General Approach to Effective Budgeting, and
Better Tax Strategies which obtained rank 2. While, How to Set Financial Priorities and Simplified Approach on
Forecasting which obtained rank 3. Apart from the topics enumerated above, the students have to familiarize
with proper budgeting, and the ins and outs of the day-to-day business operations. Additionally, possessing the
skills in handling Financial Records could help them ease their burden and uncertainty.
Table 4: Identified Training Needs of Grassroots Entrepreneurs
Identified Training Needs on
Entrepreneurship
YES NO TOTAL RANK
F % F %
-Enterprise Life Cycle and Life Forces 20 60.61 13 39.39 33
-Preparation of Simplified Business Plan 29 87.88 4 12.12 33 Rank 1
-Services and Sales Promotion Strategies 26 78.79 7 21.21 33 Rank 3
-Understanding the Difference Between
Leadership & Management
15 45.45 18 54.54 33
-Basic Labor Law Affecting Employer and
Employees Relationships
4 12.12 29 87.87 33
-The Employees’ Health, Safety, Incentives,
Compensation, and Benefits
9 27.27 24 72.72 33
-The Employees’ Roles and Discipline in the
Organization
11 33.33 22 66.66 33
-Training and Development for the Employers
and Employees
10 30.3 23 69.69 33
- Strategies in Managing Conflicts 8 24.24 25 75.75 33
-Performance Review and Appraisal for the
Employees
12 36.36 21 63.63 33
-Phases of Managing, Supervising, and Controlling
the Enterprise Delivery System
11 33.33 22 66.66 33
-The Intervention of Technology
Application and Utilization (MSWord, MS Power
Point, MS Excel, MS Team, Google Drive, Google
Calendar, Google Docs, Google Meet,
Zoom, WEBEX, and Emails)
27 81.82 6 18.18 33 Rank 2
-Basic Preparation of Business
Correspondence (Memorandum, Business
Letters, Promotion of Products, and Memorandum
of Agreement)
26 78.79 7 21.21 33 Rank 3
Table 4 displays the identified training needs on Entrepreneurship. Among these training needs/topics are the
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,

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Business Letters, Promotion of Products, and Memorandum of Agreement) which obtained rank 3. Based on
these results, Grassroots Entrepreneurs need to familiarize themselves with the application of new technology
such as the use of MS Word, MS Power Point, MS Excel, and Emails. In addition, they should have the knowledge
in preparing business plans and writing correspondences, like business letters.
Table 5A: Mean Distribution of the CBFS Faculty on Level of Competency Teaching the Financial
Literacy and Entrepreneurship Program
Table 5B: Mean Distribution of the CBFS Faculty on Level of Competency Teaching
the Financial Literacy and Entrepreneurship Program
In table 5A and 5B show the level of competency of CBFS Faculty Members who will deliver the curriculum of
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
Barangays will be promising and significant.
Proposed Topicsfor Financial LiteracyModules 2 Verbal
f WM f WM f WM f WM f WM GM Interpretation
Howto setFinancial Priorities 5 5.0 0 0 0 0 0 0 0 0 5 HighlyCompetent
Simplified Financial ManagementFramework 4 4.0 1 0.8 0 0 0 0 0 0 4.8 HighlyCompetent
Techniqueson EffectiveRecording &Managing theFunds(Bookkeeping) 5 5.0 0 0 0 0 0 0 0 0 5 HighlyCompetent
Analyzing theFinancial Statements 5 5.0 0 0 0 0 0 0 0 0 5 HighlyCompetent
Tools&Techniquesin Tracking Financial Records 4 4.0 1 0.8 0 0 0 0 0 0 4.8 HighlyCompetent
Howto ManageDoubtful Accountsand Bad Debts 4 4.0 1 0.8 0 0 0 0 0 0 4.8 HighlyCompetent
Du PontModel asaStrategicMapping Tools(ROA, ROE, EAT, TA&SE) 3 3.0 2 1.6 0 0 0 0 0 0 4.6 HighlyCompetent
General Approach to EffectiveBudgetting 3 3.0 2 1.6 0 0 0 0 0 0 4.6 HighlyCompetent
Decision-Making Under theConditionsofUncertainty(Cost-BenefitAnalysis) 1 1.0 4 3.2 0 0 0 0 0 0 4.2 HighlyCompetent
Simplified Approach on Forecasting 2 2.0 3 2.4 0 0 0 0 0 0 4.4 HighlyCompetent
Better TaxStrategies 2 2.0 3 2.4 0 0 0 0 0 0 4.4 HighlyCompetent
FactorsthatAffectstheFinancial Markets 3 3.0 2 1.6 0 0 0 0 0 0 4.6 HighlyCompetent
5 4 3 1
ProposedTopicsforFinancial LiteracyModules 2 Verbal
f WM f WM f WM f WM f WM GM Interpretation
EnterpreneurshipLifeCycleandLifeForces 11 2.75 9 1.8 0 0 0 0 0 0 4.55 HighlyCompetent
PreparationofSimplifiedMarketingPlan 14 3.5 6 1.2 0 0 0 0 0 0 4.7 HighlyCompetent
ServicesandSalesPromotionStrategies 16 4 4 0.8 0 0 0 0 0 4.8 HighlyCompetent
UnderstandingtheDifferenceBetweenLeadershipandManagement 14 3.5 6 1.2 0 0 0 0 0 4.7 HighlyCompetent
BasicLaborLawAffectingEmployerandEmployeesRelationships 13 3.25 7 1.4 0 0 0 0 0 4.65 HighlyCompetent
TneEmployees'Health, Safety, Incentives, CompensationandBenefits 14 3.5 6 1.2 0 0 0 0 0 4.7 HighlyCompetent
TheEmployees'RolesandDisciplineintheOrganization 16 4 4 0.8 0 0 0 0 0 4.8 HighlyCompetent
TrainingandDevelopmentfortheEmployersandEmployees 13 3.25 3 0.6 4 0.6 0 0 0 4.45 HighlyCompetent
StrategiesinManagingConflicts 11 2.75 2 0.4 7 1.05 0 0 0 4.2 HighlyCompetent
PerformanceReviewandAppraisal fortheEmployees 14 3.5 3 0.6 3 0.45 0 0 0 4.55 HighlyCompetent
PhasesofManaging, SupervisingandControllingtheEnterpriseDeliverySystem
13 3.25 3 0.6 4 0.6 0 0 0 4.45 HighlyCompetent
TheInterventionofTechnologyApplicationandUtilization(MSWord,
MS Excel, andMSPowerpoint, MSAccessandE-mails) 9 2.25 7 1.4 4 0.6 0 0 0 4.25 HighlyCompetent
BasicBusinessCorrespondence(Memorandum, BusinessLettersand
Memorandum ofAgreement) 11 2.75 5 1 4 0.6 0 0 0 4.35 HighlyCompetent
5 4 3 1

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IV. SUMMARY OF FINDINGS
The results showed that most of the Grassroots Entrepreneurs have five (5) and above children with the total
percentage of almost fifty which is followed by three (3) to four (4) total number of children which received a
frequency of eight (8) or twenty-four (24) percent. It can be inferred that the number of dependents may be a
factor that could affect the sustainability of their business operations because they need to prioritize the needs
of their family. It is then safe to say that they use their initial invested capital to suffice the needs of their family.
The socio-demographic profile of the Grassroots Entrepreneurs according to the status of employment. It stated
that most of the participants are Self-Employed with the frequency of nineteen (19) or 54 percent; followed by
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-
indulgence and source of extra income. The figures showed that over 50% are self-employed and are operating
their small-scale business but there are those who are still working in permanent and casual positions with the
percentage of 17 and 23 respectively. These figures indicate that the earnings from small scale business of the
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
Thousand and one to forty Thousand (PhP20,001 to PhP40,000). It shows that it could affect the operation of
their business, especially, if they cannot refrain from using their capital to finance their personal expenses. The
said capital should be used solely to fund their business operations. 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-indulgence and source of extra income. The figure shows that over 50% are self-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
scale business of the Grassroots Entrepreneurs are not sufficient to support the family expenditures and their
business sustainability.
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
them experienced bankruptcy and started their business all over again which was shown as dramatic impact in
the economy from taxes to job provision (Bradley & Cowdery, 2004). They also mentioned that they borrowed
their capital either from their relatives, friends, lending institutions, or moneylenders to refinance their
business operations. Unfortunately, there are times that they are forced to use their capital due to unavoidable
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
regard to facing their problems in handling business and personal financial matters, they are agreeable to study
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
Approach to Effective Budgeting; Tools and Techniques in Tracking Financial Records and Better Tax Strategies
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, the participants are quite interested, too, in learning Better Tax Strategy Management. The
topics on Financial Literacy are quite needed by the Grassroots Entrepreneurs which obtained the frequency of

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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
suppliers during the promotional period. They believed that they could easily re-sale the stocks at a reasonable
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
and forecasting will form part of the module on Financial Literacy.
V. CONCLUSION
Based on the results of the study, the following conclusions are withdrawn and analyzed:
Firstly, there is no established Financial Literacy and Entrepreneurship Training Program in the Barangays. 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
Financial Literacy and Entrepreneurship Training Program in selected Barangays in Makati City, it is necessary
to determine the Grassroots Entrepreneurs’ level of understanding or prior knowledge in Financial Literacy
and Entrepreneurship, their willingness to undergo with the training program, the topics to be integrated in the
Modules, and the budget requirements / fund support to be used in the implementation of the program.
Thirdly, based on the responses and interviews with the Grassroots Entrepreneurs, some of them experienced
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, when they encounter troubles and tribulations in life, they are forced to spend their
initial capital. This action will result in the stoppage of their business operation. After recovering from such an
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
Grassroots Entrepreneurs are more than willing to learn the topics on effective decision-making and effective
money management through efficient prioritization of financial needs. Fourthly, the researcher concludes that
all Key Informants are agreeable that the Grassroots Entrepreneurs are not well-versed, yet in managing their
business. But their driving force is their guts and aspiration to succeed and to enable them to provide the needs
of their families. That being said, the researcher posits that intensive training must be extended to them,
specifically on their preferred topics. The researcher agreed with the recommendations of the Key Informants
that the training courses may be categorized into three (3) such as Beginner, Intermediate, and Advanced. 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
Training Program is significant to the participants. Aside from their experiences in handling and managing their
business, the researcher concludes that they need the immersion in preparing the required papers / documents
for submission to further hone their clerical and/or managerial skills and competencies.

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VI. RECOMMENDATIONS
Based on the comprehensive analyses and interpretations of data, the researcher formulated the following
recommendations:
Firstly, the CBFS UMak 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
determine their training needs that will serve as a basis for the development of Program of Instructions (POIs).
The contents of the POIs will depend on the level of students such as Beginner, Intermediate, or Advanced.
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
possess basic awareness on business-related courses; knowledge in preparing Business Plan; ability to conduct
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-scale business to operate. Fourthly, for those who do not possess sufficient knowledge in running their
business or lacking business skills and attributes, appropriate methodology of teaching will be employed by the
expert-trainers. In addition, modular approach will be used in the program. Fifthly, the researcher recommends
that the concerned Barangays allocate venues to be used in the training. Similarly, the CBFS-UMak Team needs
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.
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
that the future researchers may replicate this study centering on the other gaps and/or problems which are not
included in this research. In addition, she recommends that the design training program will include some
techniques and strategies on how the GEs will be prepared in the VUCA world which is volatility, uncertainty,
complexity, and ambiguity (Johansen, 2013). These strategic leadership skills are significant, especially in
facing the new normal environment due to the impact of the Covid-19 pandemic.
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B04%5D_chapter1.pdf

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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TRAINING NEEDS ANALYSIS AMONG GRASSROOTS ENTREPRENEURS: BASIS FOR THE IMPLEMENTATION OF A UNIVERSITY OF MAKATI-BASED TRAINING PROGRAM ON FINANCIAL LITERACY AND ENTREPRENEURIAL SKILLS