Entrep

• Networking


  Connecting people which will be beneficial for each other's business
• Effective networking


  • Requires hard work and persistence
  • Beneficial for forming solid relations among business owners and other entrepreneurs
• Entrepreneurial spirit


  Can trigger innovation in both big and small companies
• Networking in business


  An art form that an entrepreneur must be expert about
• Benefits of networking


  • Helps entrepreneurs achieve business goals easier
  • 78% of new ventures regard networking as necessary for their being successful
• Advantages of networking to entrepreneurs

  • Better business opportunities
  • Increased status
  • Enhanced knowledge
  • Positive influences
  • Growing confidence
• Networking through social media


  Provides entrepreneurs with easy access to various platforms like LinkedIn, Facebook, Twitter, and Google Plus
• Business networking groups


  Aim to establish mutually beneficial relationships where members exchange information, ideas, and support
• Effective networking


  Involves offering valuable skills and assistance to others in the network
• Ways of doing networking

  • Networking through social media
  • Networking through business events
• Networking through business events

  Entrepreneurs can enhance their networking efforts by actively participating in business meetings, events, awards ceremonies, and seminars to engage personally with industry professionals
• Maintaining connections


  Involves providing value to one's network without expecting immediate returns
• Building a strong network is practical as it requires minimal time and financial investment</b>
• Joining local business groups offers further networking opportunities, often including discounts for members during workshops and events
• Professional associations specific to industries offer tailored networking opportunities, addressing industry-specific challenges and fostering collaboration among professionals with specialized knowledge and expertise
• Offering help first


  Building networks starts with offering value and assistance to others
• Connections


  Success in business relies heavily on building and maintaining connections
• Enhancing profiles


  Entrepreneurs benefit from active participation in business meetings, expos, and conferences, which increases their visibility and leads to more connections and referrals
• Local media


  Plays a crucial role in networking, as it helps entrepreneurs share their success stories with a wider audience
• Joining networks


  Opens up a wealth of opportunities for entrepreneurs, including joint ventures, client leads, partnerships, speaking engagements, writing opportunities, and other business prospects
• Social media


  Effective tools for networking, by engaging with industry content and providing valuable comments, entrepreneurs can build trust and attract inbound networking opportunities, reducing the need for active outreach
• Incubators


  Business places that help startup businesses and new entrepreneurs to develop their products and ideas by supporting them with services such as training, management support, intellectual property (IP) rights assistance, resources, and even shared office and facility spaces
• Incubators in the Philippines

  • Kickstart Ventures
  • Ideaspace Foundation
  • Al-Dado Banatao Incubator
  • Launchgarage
  • UP Enterprise Center for Technopreneurship
  • DOST-PEZA Open Technology Business Incubator (OpenTBI)
• Accelerators


  Business places that offer a program with a fixed term which includes mentorship and educational components and usually ends in public pitch event, to assist in the rapid growth of business and help in a successful product launch
• Founding team


  • Plays a crucial role in a company's success, determining the best approach and determining when to implement changes
  • Earn form equity, but their contributions are crucial as they set the company's culture, which is difficult to change
• Characteristics of a great founding team

  • Hungry for knowledge, even when plans change
  • Admit mistakes
  • Failing is not defeat
  • All members are obsessed
• No founding team has all the capabilities necessary to run a business, so the team should strategically fill in those spaces that they lack by hiring employees with the needed talents
• Consulting firm


  A group of experienced and qualified professionals that offers services based on their line of expertise
• Types of Customer Relationships

  • Self-service
  • Automated Services
  • Co-creation
  • Communities
• Self-service and automated services

  • A combination of self-service and automated processes
  • Can identify individual customers and their characteristics, hence they can be given information about their orders
  • Can kindle a personal relationship such that a customer could be proposed of a book or movie
  • Can be used by companies to be more close and connected with their current and potential customers
  • It is a trend now to keep online communities to exchange information and solve each other's problems
• Co-creation


  An extension of the traditional customer-vendor relationship where customers have a chance to co-create value with the company such as designing and innovating products
• Customer Segments


  Refers to demographics such as age, ethnicity, profession and/or gender; psychographic factors which include spending behavior, interests, and motivations
• Types of Customer Segments

  • Mass
  • Niche
  • Segmented
  • Diversified
  • Multi-sided platforms
• Mass


  Basically an unsegmented market on which products with mass appeal are sold
• Niche


  A customer segment with very distinct characteristics and extremely specific needs, necessitating a highly customized product
• Segmented


  Businesses that select to offer products and/or services to customer segments that have very small differences in their need requirements
• Diversified


  Companies that often select differentiated customer segments with very diverse needs and wants
• Multi-sided platforms


  Customer segments that are reliant with each other, making it a necessity to serve both sides of the balance
• Channels


  The touch points through which a company communicates with its target customers, playing a big role in defining the customer experience and providing value
• Phases that Channels may pass through

  • Awareness
  • Evaluation
  • Purchase
  • Delivery
  • After sales