Entrepreneurship

• Marketing is about creating and accumulating customers, capturing market share, and defeating competitors
• The marketing mix is summarized in 7Ps: positioning, product, packaging, place, people, promotion, and price
• Positioning is a strategic exercise to establish the image of a brand or product in a consumer's mind, with objectives from the enterprise, competitive, and customers' perspectives
• A product is a tangible good or intangible service that satisfies customers' needs and produces expected results, often identified with brand names; 4 types include breakthrough, copycat, differentiated, and niche products
• Packaging includes the bundle of products or services put together to attract and delight customers, as well as the terms and conditions attached to the sale and after-sale servicing of the product
• Place in the marketing mix relates to where and how a company delivers a product to consumers
• People are crucial in marketing strategy as they sell, push, distribute, promote, price, and sell products in attractive marketplaces
• Promotion is the communication strategy adopted by an enterprise to elicit patronage, loyalty, and support from customers and other stakeholders
• Price in the marketing mix refers to the value paid in exchange for products and services offered by a company
• In the process of making an egg sandwich at home, your mother would be the one preparing it for you
• Materials needed for making an egg sandwich include eggs, bread, butter, and any desired additional ingredients like salt, pepper, or condiments
• Tools and machines used in making an egg sandwich may include a frying pan, spatula, toaster, and knife
• Methods needed to produce an egg sandwich:

  • Crack eggs into a bowl and whisk
  • Heat a pan and melt butter
  • Pour the whisked eggs into the pan and cook until set
  • Toast bread slices and spread butter
  • Place the cooked eggs between the bread slices to make the sandwich
• The 4Ms of Operations are:

  • Manpower
  • Materials
  • Machines
  • Methods
• Manpower involves having the right human resources who will handle certain business operations
• Materials should have a consistent and sufficient amount of raw materials and supplies to accommodate demands
• Machines are technologies used in efficiently operating the business, not limited only to physical equipment but can also pertain to new technologies
• Methods refer to the process to be followed in effectively manufacturing or delivering a product or service
• Invention is a new product or process, while innovation is the introduction of an invention into a use that has economic value
• Entrepreneurial mind frame allows the entrepreneur to see things optimistically amid crises or difficult situations
• Entrepreneurial heart flame refers to emotional intelligence or EQ, often manifested in the entrepreneur's efforts to nurture relationships with customers, employees, and suppliers
• Entrepreneurial gut game refers to the ability of the entrepreneur to sense without using five senses, also known as intuition or "lakas ng loob" (strong intestinal fortitude)
• Macro-environmental sources of opportunities include socio-cultural, political, economic, ecological, and technological factors that affect the area, industry, and market the enterprise belongs to
• Industry sources of opportunities involve defining the industry, identifying rivals or competitors, suppliers, consumer market segments, substitute products or services, and support industries
• Market sources of opportunities can be discovered from increased or decreased demand as well as higher or lower supply, involving market trend analysis and identifying market traits, characteristics, and behavior to match with customer offerings
• Micro market refers to the specific target market, including customers currently buying goods and services offered by the enterprise and its direct competitors
• Consumer preferences, piques, and perceptions include taste of a particular group, age, culture, status affecting preferences, dislikes, and perceptions on the product
• Opportunity screening involves personal screening questions like drive, commitment, sacrifice of lifestyle, emotional hardship, and comfort foregone to succeed in the business opportunity
• The 12Rs of opportunity screening include relevance, resonance, reinforcement of entrepreneurial interests, revenues, responsiveness, reach, range, revolutionary impact, returns, relative ease of implementation, resources required, and risks
• Risk-taking involves committing resources to an uncertain outcome when there is a possibility of losing those resources.