Entrep(SEMIS)

• is the process of developing, testing, and commercializing a product or service.

  Product development
• a preliminary model or sample of a new product or service that is created its concepts and process.


  Prototype
• It provides relevant insights about the product or service

  Focus group discussion(FGD)
• It is prior to launching, the entrepreneur must ensure that the product or service complies with all relevant laws and regulations and has a necessary license or permit to operate the particular business

  Legality and ethical test
• ensuring that the product is safe to use

  safety test
• examining every stage of the manufacturing process or every process of the service blueprints to evaluate and finalize the costs involved.

  Product costing test
• testing every components of the product or services independently

  component test
• testing a similar line of products or the competitors product or service itself to compare and get the best practices to be applied to the new product or service.

  Competitors product / service test
• 4Ms if operation

  Methods, Manpower, Machines, Materials
• represent the day-to-day operations of a business

  Methods
• the process of translating raw materials into finished goods that are acceptable to the customers standards

  Manufacturing
• the materials or ingredients to be used in creating the product

  Inputs
• the transformation phase where inputs are processed by manpower and machines to come up with the final product

  process
• the final product of the process stage, which is intended to be sold to target customers

  output
• This option is the cheapest and highly flexible mostly used by the startups

  Home-based
• it gives more specialized and suited manufacturing site than manufacturing at home

  commercial space for rent
• this option requires the biggest amount of capital expenditure, this considered more of an investment than an expense.

  commercial space purchase
• flowchart of the service business

  service blueprint
• the process where there us an apparent inefficiency and where the customer waits longer

  bottleneck
• is the process of bringing the products or services to customers.

  distribution
• distribution is not a straight process from the entrepreneur to customers. Thus, the term

  supply chain or distribution channel
• handles the invention, development, and production of the product or service.

  manufacturer
• often buy products or services to the manufacturers and sell them at a mark up price to either wholesalers or retailers.

  distributors
• the don't own products or services because the do not buy from the manufacturers instead they negotiate with the buyers

  Agents
• machines used to accommodate those whole will pay through their credit or debit cards

  point-of-sale(POS)
• enumerated the duties and responsibilities of the potential employee

  job description
• summarize what the employee will do

  Job title
• details the potential salary and benefits the employee will get

  compensation and benefits range
• clearly describe the job the employee will assume with allowance for flexibility

  duties
• this must be communicated well to the employee so that he or she knows what to expect with the job.

  responsibilities and accountabilities
• include work hours, must also clearly indicated in the job description

  work schedules
• gives the entrepreneur an idea on the degree of the candidates knowledge of basic things

  educational background
• will tell what to expect from the applicant based on his or her past position and experiences

  work experience
• this is important specially on technical jobs that require high proficiency 


  specific skills or knowledge
• the ability to deal with his or her coworkers, bosses, and customers.


  work attitude
• help companies find a set of people suited for their requirements

  headhunters
• recruit temporary employees under a short contract

  Manpower agencies
• One viable option to consider is

  recommendations and referrals
• generally summarizes the terms and conditions of the candidates employment with the business

  job contract
• one of the biggest investment of an entrepreneur or a businessman

  training people