Entrep

• Entrepreneur is a person who creates unique ideas for starting a business
• Entrepreneurship is the science of converting processed ideas into a remarkable business venture
• Competencies for Entrepreneurial Success:

  • Integrity: Knowing what is good and right, acting in the best interest of everyone
  • Conceptual Thinking: Reviewing project outcomes to understand problems and impacts of solutions
  • Strategic Thinking: Finding ways to do things faster or at lower costs
  • Customer Relations Service: Understanding customer needs for long-term satisfaction
• Opportunity seeking is the first step for any start-up venture to identify potential business opportunities
• 3S of Opportunity Spotting:

  • Opportunity Seeking
  • Opportunity Screening
  • Opportunity Seizing
• External/Macroenvironmental Sources:

  • Demographic
  • Economic
  • Socio-cultural
  • Technological
  • Ecological
  • Political and Legal
• Six Macroenvironmental Sources of Opportunities:

  • Demographic
  • Economic
  • Socio-cultural
  • Technological
  • Ecological
  • Political and Legal
• Internal/Microenvironmental Sources:

  • Customers
  • Suppliers
  • Resellers
  • Competitors
  • General Public
• Industry and Market Disparities can create opportunities through regulations, supply chain changes, and structural problems
• Consumer Preferences and Interests can also be sources of opportunities based on individual tastes and interests
• Technological Discoveries and Advancements can lead to innovative business opportunities
• Market Research aims to provide solutions to specific market problems
• Purpose of Market Research:

  • Understanding consumers' needs
  • Minimizing the risk of business failure
  • Forecasting trends
• Market Research Basic Questions:

  • Why conduct market research?
  • What will be researched?
  • Which part of the market will be researched?
  • Who will be researched?
  • When will the research be conducted?
  • Where will the research be conducted?
  • How will the research be carried out?
• Unique Selling Proposition is a marketing strategy focusing on special product features to attract customers
• Purpose of Unique Selling Proposition:

  • Sympathize with customer needs
  • Motivate the customer
  • Uncover the real reason why the customer buys the product
• Steps in Writing Unique Selling Proposition:

  • Review the planning process
  • Identify the target audience's problem
  • Focus on the solution
  • Combine it into a concise statement
• S.W.O.T:

  • S - Strength
  • W - Weaknesses
  • O - Opportunity
  • T - Threats
• Types of Market Research:

  • Advertising Research: Predict or trace the effectiveness of an existing or related product or service advertisement
  • Commercial Eye Tracking: Analyzing visual behavior and trends among its target consumers
  • Customer Satisfaction Research: Feedback of customers who already purchased the product, or a related one, to gauge their satisfaction
  • Distribution Channel Audit: Assessing the distributor or retailer's purchase ordering pattern and levels of a product
  • Internet Strategic Intelligence: Using the Internet in the form of chats, forums, blogs, etc., the product under review is given an honest experience review
  • Test Marketing: A small, controlled quantity of the product is being released to gauge the level of acceptance of the buying public or target market