ENTREP 4TH GRADING

• Business plan


  A written outline that evaluates all aspects of the economic viability of a business venture, including a description and analysis of its business prospects
• Identifying Market Needs


  1. Survey

  2. Environmental Scanning

  3. PESTLE Analysis

  4. Competitive Analysis
• Survey


  The basic step in discovering an unmet or undeserved market need or gaining insight to a particular field by conducting a survey among the people within the geographic area of business operations
• Types of Survey Techniques


  • Online Survey
  • Telephone Survey
  • Qualitative Survey
  • Paper Survey
• Online Survey


  • Easiest and cheapest technique, but utilizes random sampling method which will not provide representative results, conducted using web-based applications or through social media
• Telephone Survey


  • Could provide representative results as the contacted individuals will become included in the sample once they agree to participate, but expensive and may take a long time
• Qualitative Survey


  • Involves focused group discussions and in-depth interviews, and often ask open-ended questions, can provide high quality feedback
• Paper Survey


  • Uses the traditional pen-and paper approach where it involves questionnaires sent via mail or e-mail to be filled out by respondents, best to employ to increase response rates and target difficult to reach audiences
• Environmental Scanning


  A method used by many entrepreneurs to monitor and analyze external factors in order to identify their opportunities and challenges, as well as to understand the competition and market dynamics
• Importance of a Brand Name


  • First impressions count
  • Memorable equals greater recognition
  • Making a statement
• Types of Brand Name


  • Eponymous
  • Descriptive
  • Acronymic
  • Real Suggestive
  • Composite Suggestive
  • Invented Suggestive
• Eponymous brand name


  Brand name derived from the name of a person, typically the founder or creator of the brand
• PESTLE Analysis


  One of the most popular techniques for environmental scanning, examining Political, Economic, Social, Technological, Legal, and Environmental factors
• Descriptive brand name


  Brand names that directly convey the product or service offered by the brand
• Acronymic brand name


  Brand name formed by taking the initial letters of a longer phrase or name and using them to create a new word
• Competitive Analysis


  Involves researching major competitors to gain insight into the current industry structure and level of competition
• Real Suggestive brand name


  Brand names that use real words or phrases to suggest something about the product, service, or brand identity
• Problem-solving models


  • Adaptive model
  • Innovative Model
• Composite Suggestive brand name


  Brand names created by combining two or more real words or word parts to form a new, suggestive name
• Adaptive model


  • A more conservative approach an entrepreneur may use to solve problems, seeking solutions in ways that are tested and known to be effective while aiming at continuity and stability
• Innovative Model


  • A more creative approach of entrepreneurial problem-solving which utilizes techniques that are unknown to competitors, entrepreneurs are more inclined to thinking outside the box, challenging the problem definition, discovering ways for their solutions, and questioning existing assumptions
• Invented Suggestive brand name


  Brand names that are entirely made up and have no prior meaning or association
• Creative problem-solving techniques


  • Focused Group Discussion
  • Brainstorming
  • Problem Inventory Analysis
• Effective Delivery Techniques


  • Voice modulation (pitch variation, tone inflection, volume control)
  • Effective body language (meaningful eye contact, purposeful gestures, good posture, controlled expressions)
• Focused Group Discussion


  Involves a group of individuals, facilitated by a moderator, who are providing information in a structural format---an open, in depth discussion for a new product or service
• Brainstorming


  An activity that allows participants to share creative ideas using the following rules: no destructive criticism, wilder ideas are accepted, more ideas are preferred, and improvement of others' ideas is allowed
• Problem Inventory Analysis


  A method for obtaining new ideas or solutions by focusing on problems, whereby participants are already given an inventory of product or service problems and asked to have discussion over it which will ultimately result in an entirely new product or service idea
• Macroenvironmental Sources of Opportunities


  • External Environment
  • Industry Environment
  • New Discoveries
  • Futuristic Opportunities
• External Environment


  The general environment where entrepreneurs can identify business opportunities through monitoring and analyzing political, economic, social, technological, legal and environmental factors
• Speaking impact


  Your ability to communicate effectively will leave a lasting impact on your audience
• Industry Environment


  The business environment in which the company operates or is dealing with, which includes the government, suppliers, customers, competitors, employees, and creditors
• New Discoveries


  New trends that can be the core business model of a new venture
• Dynamic delivery


  Learn to infuse energy into your delivery to leave a lasting impression
• Futuristic Opportunities


  New projected opportunities that can possibly impact the business while it is operating
• Microenvironmental Sources of Opportunities


  • Consumer Preferences
  • Business Competitors
  • Skills and Expertise
  • Unexpected Opportunities
  • Market Irritants
  • Strategic Location
• Consumer Preferences


  The current needs and wants of customers that should be discovered right away
• Business Competitors


  Recognizing and understanding potential competitors and the level of competition will aid entrepreneurs to develop a product or service that is unique and a cut above the rest
• Skills and Expertise


  The talents, hobbies, skills, or expertise of the entrepreneur or employees can be a source of opportunity
• Unexpected Opportunities


  Entrepreneurs find opportunities in unexpected places and manage to change perceptions in the market
• 7P Formula of Marketing Mix


  • Product
  • Price
  • Promotion
  • Place
  • People
  • Packaging
  • Positioning