ENTREPreneur FEU
Focused Group Discussion (FGD)
A focus group discussion is a form of group interviewing in which a small group usually 10 to 12 people is led by a moderator (interviewer) in a loosely structured discussion of various topics of interest.
Opportunity Screening
A process used to evaluate innovative product ideas, strategies and marketing trends. Idea screening criteria are used to determine compatibility with overall business objectives and whether the idea would offer a viable return on investment.
Structured Standardized Interview
A structured interview follows a specific questionnaire and this research instrument is usually used as the basis for most quantitative surveys.
Market
An actual or nominal place forces of demand and supply operate, and where buyers and sellers interact to trade goods, services, or contracts or instruments, for money or barter.
Culture
An evaluation of cultural changes may consider shifts in the population by demographics
Intrapreneur
An intrapreneur is an inside entrepreneur, or an entrepreneur within a large firm, who uses entrepreneurial skills without incurring the risks associated with those activities.
Minimization of the risks
Another major benefit of market research is that it helps businesses minimize risks by taking actions on certain subjects.
Not-for-profit fundraiser
Being able to raise funds requires understanding the importance of business and networking relationships. It is a great place for someone with this type of degree because you will have experience in studying advanced concepts that can be used to your advantage on the job.
Personal Attributes
Creativity Dedication Determination Flexibility Leadership Passion Self-confidence •"Smarts"
Environmental and Industry Analysis
Economy Culture Technology Legal Concerns Industry demand Competition
Functional humility
Egos can destroy the very best ideas. Entrepreneurs who are committed to solving a business problem or reinventing a product or service display a functional humility.
Suspicion of predictors
Entrepreneurs tend not to labor under the assumption that data is the sole predictor of an outcome. Especially in new markets and with new products where data is largely interpretive or extrapolated, entrepreneurs are undaunted by the typical predictors that may put off fainter hearts.
Assessment of Risk
Every new venture will be faced with some potential hazards, given its particular industry and competitive environment. It is important that the entrepreneur make an assessment of risk in the following manner.
Production Plan
If the new venture is a manufacturing operation, a production plan is necessary. This plan should describe the complete manufacturing process.
Service Requirements
Intangible aspects of purchasing a product that a customer expects to be fulfilled. It consists of elements like on-time delivery, service with a smile, easy-payment etc.
Market Research
Is the process of assessing the viability of a new good or service through research conducted directly with the customer which allows a company to discover the target market and record opinions and other input from consumers regarding interest in the product.
Financial Plan
It determines the potential investment commitment needed for the new venture and indicates whether the business plan is economically feasible. Financial planning is the process of estimating the capital required and determining its competition. It is the process of framing financial policies in relation to procurement, investment and administration of funds of an enterprise.
Proposition
It is a proposal or offer suggested for acceptance
Selling
It persuades another to exchange money for a product or service.
Who should write the Business Plan?
Lawyers, accountants, marketing consultants, and engineers
Information Available
Market information is about the prices of different products available in the market.
Encouraging communication
Market research helps you to find out the best way to communicate with your customers.
Trends in the Market
Market trends or trends in the market are the movements of a market in a given period of time.
Effectiveness of Marketing
Marketing effectiveness takes into account risk analysis, product research, customer analysis, and competitor analysis, etc.
3 Levels of Customer Requirements
Must Haves Satisfiers Delighters
Tapping opportunities
One of the biggest benefits of conducting market research is that it enables you to find out the various market opportunities and makes it possible to tap into them effectively.
Three perspectives that should be considered in preparing a business plan:
Perspective of an Entrepreneur Marketing perspective Perspective of an Investor
Types of market research
Primary Market Research
Primary Market Research
Qualitative research or qualitative market research Quantitative research
Comfort with uncertainty
Similarly, a distrust of prediction and analysis creates an atmosphere where uncertainty rules. Indeed, uncertainty is the very essence of entrepreneurship.
Find out possible problems
Since market research brings out the customer reactions, choices, and preferences, a business can alter the product while it is still in the manufacturing or designing process
Sales
Someone who works in sales or runs the department needs to know how businesses run. They need to know how to represent a company, manage accounts, and follow up on leads.
Management analysts
The person who evaluates a business' systems, procedures and operations, they may also review a business' financial matters, such as the ratio of income to expenditures.
Market Segmentation
The process of defining and subdividing a large homogenous market into clearly identifiable segments having similar need, wants, or demand characteristics.
Survey
The purpose of the market survey is to provide business managers with insight about their target customers, such as how much money they spend on certain types of products, whether they use competing products and the interest level for new products.
Creativity
The seed of entrepreneurship is the ability to see things differently. Whether it's with new products or new processes, entrepreneurs are driven by the uncanny knack to see holes in the marketplace and devise innovations to fill them.
Unstructured Informal Interview
The unstructured informal interview is normally conducted as a preliminary step in the research process to generate ideas/hypotheses about the subject being investigated so that these might be tested later in the survey proper.
Satisfiers
There are the requirements that customers express their desire for, explicitly. If you offer better or more of these satisfiers, then the customers will appreciate it more and will be more satisfied.
Customer Requirements
There can be two types of customer requirements:
Output Requirements
These are mostly the tangible characteristics, features or specifications that a consumer expects to be fulfilled in the product.
Must Haves
These are the bare minimum requirements expected by the customers; if fulfilled customers will be not show any exceptional appreciation but if not fulfilled, the customer will show dissatisfaction
Delighters
These are the extras or the add ons. Absence of these will not leave the customer dissatisfied; in fact, the absence of these characteristics might not even be noticed.
SWOT Analysis
This analysis is an analysis of the Strengths, weaknesses, opportunities and threats to a business or company.
Synergy
This creates caring culture within the organization that brings about among the people working toward a common vision.
Segmentation of the Market
This is the division of a market into subgroups with similar features. This is needed to create a distinction between demographics, choices, genders, and personalities, etc.
Operations Plan
This section goes beyond the manufacturing process (when the new venture involved manufacturing) and describes the flow of goods and services from production to the customer. A non-manufacturer such as a retailer or service provider would also need this section in the business plan to explain the chronological steps in completing a business transaction.
Executive Summary
This section of the business plan is prepared after the total plan is written. About two to three pages in length, the executive summary should stimulate the interest of the potential investor.
Market size
Typically depicted in total people or potential sales volume, market size is a quantified value of a designated target.
Unique Selling Proposition
a method to market your product or service in a way that is different than other competitor's marketing strategies
Qualitative research or qualitative market research
a research method which mainly takes into account the opinions and feelings of a customer as far as a business's products and services are concerned. This type of research tries to get behind the customer's mind to fathom what they see lacking or whether they truly like the product or not. Some common examples of qualitative research work include doing face to face interviews, being part of focus groups, surveys, etc.
Entrepreneurial mind frame
allows the entrepreneur to see things in a very positive and optimistic light in the midst of crisis or difficult situations.
Competitive advantages
are conditions that allow a company or country to produce a good or service at a lower price or in a more desirable fashion for customers. These conditions allow the productive entity to generate more sales or superior margins than its competition.
Unique
clearly sets you apart from your competition, positioning you the more logical choice.
Self-confidence
comes from thorough planning, which reduces uncertainty and the level of risk.
creative mind
conceptualizes and designs a product that consumers find some use for. It likewise produces a product that is pleasing to see, touch, smell, hear, and taste.
Smarts
consists of common sense joined with knowledge or experience in a related business or endeavor.
Entrepreneurship teach us to..
creates opportunity ensures social justice instills confidence stimulates the economy take risks fail and to persevere become creative, inventive and innovative
Demographic segmentation
criteria include things like ethnicity, age, income and gender.
Primary Market Research
done by the business or company itself with the objective of gathering information that can be used to improve the products, services, and functions. known as field research since it is research done from scratch, without using any information that is already made available through other sources.
Career Outlook
earnings for entrepreneurs vary drastically, and income is often unstable, especially in the early days of a new business
Secondary Market Research
focuses on existing information. It uses published data that previous research has already discovered.
business mind
harnesses the potentials of new products by creating the market space for them. It also organizes sufficient forces and resources to develop, launch, and commercialize the new product in order to maximize its market value.
Article XII Section 1
highlights the role of private enterprises in supporting equitable distribution of income and wealth, sustaining production of goods and services and expanding productivity, therefore raising the quality of life.
Behavioristic segmentation
include categories such as impulse buyers, social shoppers and value seekers.
Psychographic segmentation
include things like social status and subconscious emotional associations.
Geographic segmentation
involves segmenting the market based on location.
Industry and competitive analysis
is a part of any strategy development in firms and other organizations.
Entrepreneurship
is a way of inspiring creative individuals to pursue opportunities despite its risks.
business plan
is a written document prepared by the entrepreneur that describes all the relevant external and internal elements involved in starting a new venture. It is often an integration of functional plans such as marketing, finance, manufacturing, and human resources.
Entrepreneurial heart flame
is also about emotional intelligence or EQ, which is often manifested in the entrepreneurs' efforts to nurture relationships with customers, employees, and suppliers.
Marketing Plan
is an important part of the business plan since it describes how the product(s) and/or service(s) will be distributed, priced, and promoted. Marketing research evidence to support any of the critical marketing decision strategies as well as for forecasting sales should be described in this section. Specific forecasts for a product(s) and/or service(s) are indicated to project profitability of the venture.
crisis
is composed of two characters. The first character means danger while the second character means opportunity.
Leadership
is the ability to create rules and to set goals.
Flexibility
is the ability to move quickly in response to changing market needs. It is being true to a dream while also being mindful of market realities.
Determination
is the extremely strong desire to achieve success. It includes persistence and the ability to bounce back after rough times.
Creativity
is the spark that drives the development of new products or services or ways to do business. It is the push for innovation and improvement.
technical mind
is the technology originator. The entrepreneur may not necessarily possess the technical mind but this is what drives him or her to convert new knowledge into something highly functional and operational.
Passion
is what gets entrepreneurs started and keeps them there. is the great desire to attain a vision or fulfill a mission
Dedication
is what motivates the entrepreneur to work hard. Planning of an ideas must be joined by hard work to succeed.
Quantitative research
methods emphasize objective measurements and the statistical, mathematical, or numerical analysis of data collected through polls, questionnaires, and surveys, or by manipulating pre-existing statistical data using computational techniques. Quantitative research focuses on gathering numerical data and generalizing it across groups of people or to explain a particular phenomenon.
Appendix
of the business plan generally contains any backup material that is not necessary in the text of the document. Reference to any of the documents in the appendix should be made in the plan itself.
Business consultants
provide advice about business issues, such as the development and implementation of business plans, how to streamline operations or how to expand into a new market.
The 1987 Philippine Constitution
recognizes entrepreneurship as an engine of economic growth.
Entrepreneurial gut game (intuition)
refers to the ability of the entrepreneur to sense without using five senses. also connotes courage or, in the local dialect, "lakas ng loob" (strong intestinal fortitude).
Description of Venture
should be detailed in this section of the business plan. This will enable the investor to ascertain the size and scope of the business.
Required Education
so the ability to write an effective business plan is vital educational requirements for entrepreneurs are nonspecific
Value Proposition
something that helps to provide some form of additional satisfaction to the client as a result of using a good or service over the product offered by a competing organization.
Required Skills
the ability to multitask is a key
Opportunity Seizing
the entrepreneur must be able to determine the critical success factors that enable other players in the same industry to succeed while, at the same time, be vigilant about those factors that cause other business to fail
Target Market
the market a company wants to sell its products and services to, and it includes a targeted set of customers for whom it directs its marketing efforts.
Organizational Plan
the venture's form of ownership, that is, proprietorship, partnership, or corporation. If the venture is a partnership, the terms of the partnership should be included. If the venture is a corporation, it is important to deal the shares of stock authorized and share options, as well as the names, addresses, and resumes of the directors and officers of t
Technology
will require the entrepreneur to make careful short term marketing decisions
Research and development
you need to understand business concepts, procedures, and practices. With all of the training and education someone has received learning about entrepreneurship, they are well prepared for this type of position.
Openness to experimentation
A comfort with experimentation goes beyond educated trial and error. The ability to experiment with products, processes and outcomes, no matter where the results may lead, is the key element of this quality.
7-step process in constructing your Unique Selling Proposition
Step 1: Use Your Biggest Benefits Step 2: Be Unique Step 3: Solve An Industry "Pain Point" Or "Performance Gap" Step 4: Be Specific and Offer Proof Step 5: Condense into One Clear And Concise Sentence Step 6: Integrate Your USP Into ALL Marketing Materials Step 7: Deliver on Your USP's Promise
Market Sources of Opportunities
Supply and Demand Product Substitute Market Trend Market Segmentation
Scope and Value of the Business Plan-Who reads the Plan?
The business plan may be read by employees, investors, bankers, venture capitalists, suppliers, customers, advisors, and consultants
Legal Concerns
The entrepreneur should be prepared for any future legislation that may affect the product or service, channel of distribution, price, or promotion strategy.
Economy
The entrepreneur should consider trends in the GNP, unemployment by geographic area, disposable income, and so on.
Establish trends and market standing
The market changes continuously and constantly.
Opportunity Seeking
The ongoing process of considering, evaluating, and pursuing market-based activities that are believed to be advantageous for the firm. Prior experience informs the process, but it may also limit it calls for continuous reconsideration and adaptive learning.
