ENTREP

• Manpower


  The workers involved in the production of goods
• Materials


  Raw materials necessary in the production of a product
• Machine


  Manufacturing equipment used in the production of goods or delivery of services
• Method


  The process or way of transforming raw materials to finished products
• Product description


  The marketing copy that explains what a product is and its benefits
• Prototype


  A replica of a product
• Benefits


  The reasons why customers will decide to buy the products
• Supplier


  An entity that offers goods and services to another business
• Value chain


  A method or activities by which a company adds value to an item, with production, marketing, and the provision of after-sales service
• Supply chain


  A structure of organizations, people, activities, data, and resources involved in moving a product or service from supplier to customer
• Business model


  Describes the reasons of how an organization creates, delivers, and captures value in economic, social, cultural or other contexts
• Business plan


  An important tool to have an idea about the future of your business, a guide in implementing and operating your business proposal, can be used to secure investment capital, influence people to work for your enterprise, secure credit from suppliers, and attract potential customers
• Introduction


  this part discusses what is the business plan all about.
• Executive Summary


  is part of the business plan which is the first to be presented but the last to be made
• Management Section


  shows how you will manage your business and the people you need to help you in your operations.
• Marketing Section shows the design of your product/service; pricing, where you will sell and how you will introduce your product/service to your market.
• Financial Section


  Shows the money needed for business, how much you will take in and how much you will pay out
• Production Section


  shows the area, equipment and materials needed for the business
• competetive analysis


  is the strategy where you identify major competitors and research their products, sales, and marketing strategis
• market


  the persons who will buy the product or services
• Organizational Chart


  is the diagram showing graphically the relation of one official to another, or others of a company
• Complex buying behavior


  Manifested when buying expensive goods, involves critical evaluation of multiple variables like price, amenities, location, etc. Buying decision process is lengthy as pros, cons, and effects are carefully examined.
• Complex buying behavior


  • Buying a residential house and lot in a class-A subdivision
• complex buying behavior


  • Gather sufficient and relevant information before buying
  • Make critical evaluation of different variables
• Entrepreneurs selling expensive products must know how consumers gather information about the products
• Simple buying behavior


  Exhibited when goods are not highly priced and consumers are not deeply attached to brands. Consumers are mostly concerned with price and do not gather much information.
• Simple buying behavior


  • Buying common household products like powder detergent
• simple buying behavior


  • Check price first and switch to another product if preferred one is not available
  • Do not see significant differences between brands
  • Know about products through advertisements
• Entrepreneurs with low-priced household commodities must ensure product availability in different sales outlets
• Brand sensitive buying behavior


  Consumers are very particular with product brands, highly value branded products, and are less concerned with price. They may buy the brand rather than the product.
• brand sensitive buying behavior


  • Prefer to be identified with upper social class through use of branded products
  • Do not easily switch to another brand
• Price sensitive buying behavior


  Consumers are mostly concerned with product price rather than brand. They equate high price with high quality.
• For price sensitive consumers, price commands quality, not brand name
• Business plan


  A roadmap for the success of a business
• Importance of a business plan


  • Guides decision-making
  • Attracts investors
  • Ensures strategic alignment
• Why create a business plan?

  • Strategic planning - Outlines business goals and strategies
  • Resource allocation - Guides budgeting and resource allocation
  • Communication tool - Conveys the business idea to stakeholders
• Key components of a business plan


  • Executive summary
  • Business description
  • Market analysis
  • Organization and management
  • Product or service line
  • Marketing and sales
  • Funding request
  • Financial projections
  • Appendix
• Executive summary


  Brief summary of the entire business plan
• Key components of an executive summary


  • Business name
  • Mission statement
  • Business concept
  • Financial summary
• Components of market analysis


  • Industry overview
  • Target market
  • Competitive analysis