Entrepreneurship

• Product Description


  A structured format of presenting information about a product
• Prototype


  A primer model or sample of another product or service that is made to test a product idea or service measure
• Survey


  A preferred instrument for in-depth quantitative research
• Beta Testing


  The last round of testing before a product or service is finally delivered to a wide crowd
• A product description is essentially a description of the item or items that are in your store
• Product Description


  • Can be clever and interesting or genuine and forthright
  • Can even recount a story to make them more relatable
  • Can utilize size guides and other helpful tools to make descriptions as helpful as possible to clients
• The best product description will not only convince clients that they need your item but that they need it and can't survive without it
• Product Description


  An opportunity to explain to people why your organization is the best and why they should buy your item
• A clear product or service description is important because this will serve as the outline of all business operations
• Things to consider when defining the target market

  • Age
  • Gender
  • Income Status
  • Location
  • Educational Attainment
  • Interests
  • Language
  • Preferences
• Being realistic in a product description


  • Realistic examples should be used
  • Avoid using vague terms like "top-quality service" or "product excellence"
  • For medical products, use medical terminology and include scientific basis or research findings
• Effective product description

  • Persuades potential buyers that the product will improve their lives in self-evident, quantifiable ways
  • Uses realistic examples rather than vague claims
  • Includes scientific basis or research findings for medical products
  • Uses influential words that evoke an enthusiastic reaction
  • Speaks to the target audience and addresses their needs
• Prototyping

  1. Define goals

  2. Create design

  3. Consult experts and make revisions

  4. Develop concept mock-up

  5. Create full-working model
• Prototype


  • Reduces time and cost
  • Allows testing of materials and more effective product description
  • Improves customer engagement and eliminates misconceptions
• Testing prototypes


  1. Allows customer and client feedback and potential improvements

  2. Assesses production costs

  3. Enables design changes and efficient production

  4. Ensures customer satisfaction and loyalty

  5. Done independently from design specification
• Survey


  Quantitative research instrument to gather data on respondents' information, motivations, and behavior
• Beta testing


  Final round of testing before product/service launch to reveal bugs and usability issues
• Early bird promo


  Discounted offer available at the start of a period
• Early bird promo requires customers to purchase sooner than they typically would
• When analysing markets, a range of assumptions are made about the rationality of economic agents involved in the transactions
• The Wealth of Nations was written


  1776
• Rational


  (in classical economic theory) economic agents are able to consider the outcome of their choices and recognise the net benefits of each one
• Rational agents will select the choice which presents the highest benefits
• Rational agents


  • Consumers
  • Producers
  • Workers
  • Governments
• Consumers act rationally by


  Maximising their utility
• Producers act rationally by


  Selling goods/services in a way that maximises their profits
• Workers act rationally by


  Balancing welfare at work with consideration of both pay and benefits
• Governments act rationally by


  Placing the interests of the people they serve first in order to maximise their welfare
• Groups assumed to act rationally


  • Consumers
  • Producers
  • Workers
  • Governments
• Rationality in classical economic theory is a flawed assumption as people usually don't act rationally
• Marginal utility


  The additional utility (satisfaction) gained from the consumption of an additional product
• The operation plan is a significant piece of the marketable strategy since it essentially expresses the intricacies in working the business. A solid activities plan ought to have the four operational angles—called the 4M's of operations: the method, manpower, machines, materials
• Manpower


  the human workforce involved in the manufacturing of products. It is considered to be the most vital factor in production.
• Method


  the process of converting raw materials into a finished product. The sequence of operations should be clearly defined to ensure proper execution thus assuring the consistency of the quality of the product.
• Manpower


  The most vital factor in production
• Manpower measures


  • Educational attainment and work experience required
  • Status of employment (permanent or temporary)
  • Number of workers required
  • Skills and expertise required
  • Appropriate time the worker is needed
  • Conduct of background checking and issuance of requirements
  • Amount of compensation and other mandatory benefits
  • Availability of potential workers in the community
• Method


  The process of converting raw materials into a finished product
• Factors in selecting the method of production


  • The plant size and production schedules are determined based on projected demand
  • The number and capacity of the machine and equipment are determined
  • The plant location has a long term effect on business operations
  • Strategic plant layout which helps in lowering production cost
• Machines


  Physical gear as well as relate to technologies that help business operations become standardized and consistent
• Factors in selecting equipment


  • Types of product to be produced
  • Production system to be adopted
  • Cost of equipment
  • Capacity of equipment
  • Availability of spare parts in the local market
  • The efficiency of the equipment
  • The skills required in running the equipment