Entrep

• Market validation


  The process of determining if there's a need for your product in your target market
• Validating your business idea can enable you to reasonably predict whether people will buy your product or service, and whether your business will be profitable
• It's important to validate your idea early in the entrepreneurial process to ensure you don't waste time and resources creating a product that isn't a good fit
• Securing market validation can also instill confidence among investors, crowdfunders, and banks that are considering funding your startup
• By going through the process of validating your business idea, you can gain a deeper understanding of how your product does or doesn't meet your target customers' pain points
• The insights you gain can help you create an offering that not only addresses your market segment's needs, but earns you your first paying customers
• 5 Steps to Determine Market Validation

  1. Write down goals, assumptions and hypotheses

  2. Assess Market Size and Share

  3. Research Search Volume of Related Terms

  4. Conduct Customer Validation Interviews

  5. Test Your Product or Service
• Goals


  The value of my product, who's the target audience, what assumptions have I made about them, what differentiates my product from existing ones, what hypotheses do I have about my product, pricing, and business model
• Market size and share

  Estimate the size of your target market and the share of it you could potentially capture
• Researching the monthly search volume of terms related to your product or mission can gauge the market validity of your business idea
• Customer validation interviews


  Conducting interviews with your target market segment to learn about their motivations, preferences, needs, and the products they currently use
• Testing your product


  1. Alpha testing (internal employees test in a staged setting)

  2. Beta testing (limited group of real, external users test)
• Testing your product with real users can prove invaluable when assessing market validity
• Recruitment


  The process of identifying the sources of prospective candidates and attracting them to apply for jobs in the organisation
• Internal sources of recruitment

  • Transfers
  • Promotions
  • Present Employees
• Advantages of internal recruitment

  • Motivation, Recognition, Lower Costs, Increased Loyalty
• Disadvantages of internal recruitment

  • Limited recruitment, Conflict between workers, Difficulty adapting to dynamic changes
• External sources of recruitment

  • Employment exchange
  • Employees of other enterprises
  • Advertisement
  • Recruitment agencies
  • Recommendations
  • Educational Institutions
  • Job or labour contractors
  • Unsolicited applicants
  • Casual Callers
  • Gate Hiring
  • Field Trips
• External sources of recruitment

  Recruiting employees from outside the organisation
• External sources of recruitment

  • Employment exchange
  • Employees of other enterprises
  • Advertisement
  • Recruitment agencies
  • Recommendations
  • Educational Institutions
  • Job or labour contractors
  • Unsolicited applicants
  • Casual Callers
  • Gate Hiring
  • Field Trips
• Employment exchange


  Government-owned employment exchanges where job seekers register, and enterprises can approach to recruit eligible persons
• Employees of other enterprises

  Experienced persons working in other enterprises are preferred for recruitment
• Advertisement


  One of the best methods for recruiting qualified and experienced personnel, through advertisements in newspapers, professional or trade journals
• Employee Recommendation


  An existing employee can recommend someone for a job
• Selections of Job Applicants

  1. Screening and picking the most qualified and most suited candidate

  2. Preliminary screening through qualifications

  3. Qualifying exams in Math, English, Logic, Qualitative exams or psychology test

  4. Interview for shortlisted candidates
• Job Offer


  Job contract prepared summarizing terms and conditions of employment
• Training Tools for employees

  • Employee Orientation
  • On-the-Job Training (OJT)
  • Buddy system
  • Mentor-Mentee Program
  • Succession Plan
  • Further Training
  • Online Learning Programs
  • Internal Training Programs
  • International or Local Symposia, seminars, etc.
• Employee Orientation


  Introducing new employees to the workplace, job responsibilities, team members, departments, to make them feel at home and familiarize them with the new role and people
• On-the-Job Training (OJT)


  Learning by doing, teaching employees new skills and knowledge while performing their regular job duties
• Buddy system


  Pairing new employees with more experienced staff to guide and support them in the first few weeks or months
• Mentor-Mentee Program


  Connecting more experienced team members into developmental relationships with team members who want to expand their skills and/or experiences
• Succession Plan


  Identifying critical positions and developing action plans for individuals to assume those positions
• Further Training


  Tailor-made training courses reflecting the needs of the company and its staff, usually during normal working hours
• Online Learning Programs


  Instruction delivered electronically through various multimedia and Internet platforms and applications
• Internal Training Programs


  Training programs conducted within an organization using its own expertise, manpower, and resources, focused on developing and improving employees' skills and knowledge
• International or Local Symposia, seminars, etc.

  Meetings where knowledgeable individuals provide information or raise awareness on a particular subject
• Strategies for Employee Management

  • Competitive Salary Package
  • Non-monetary benefits
  • Additional benefits
• Competitive Salary Package


  Includes guaranteed bonuses, performance bonuses, commissions and other monetary incentives
• Non-monetary benefits


  Medical coverage, leave credits, decent job titles, flexible work schedules, awards and recognitions, transparency and fairness in performance evaluation, channels for constructive feedback
• Additional benefits


  Annual trips, work from home opportunities, scholarship, transportation and communication allowances, free meals and drinks, fitness programs, sports programs, and other work life balance programs