ENTREP

• 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
• Types of Survey Techniques

  • Online
  • Telephone
  • Qualitative
  • Paper
• Online Survey

  The easiest and cheapest technique; however it utilizes random sampling method which will not provide representative results. It is conducted using web-based applications or through social media.
• Telephone Survey

  This technique could provide representative results as the contacted individuals will become included in the sample once they agree to participate in the survey; however, this method is expensive and may take a long time.
• Qualitative Survey

  This technique involves focused group discussions and in-depth interviews, and often ask open-ended questions; thus it can provide high quality feedback.
• Paper Survey

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

  is 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.
• PESTLE Analysis

  
  

  one of the most popular techniques for environmental scanning.
• PESTLE Analysis

  P - Political; taxation, election, trade restrictions, tariffs, polotical stability

  E - Economic; inflation, trade balance, foreign exchange, interest rate, minimum wage, cost of living

  S - Social; cultural trends, demographics, age distribution, population growth, employment level, education

  T - Technological; technological trends, emerging technologies, current innovations

  L - Legal; statutory and regulatory requirements

  E - Environmental; geographic environment, climate change, global warming, natural calamities
• Competitive Analysis

  involves researching major competitors to gain insight into the current industry structure and level of competition.
• Two prominent established problem-solving models

  • Adaptive model
  • Innovative model
• Adaptive model

  This is a more conservative approach an entrepreneur may use to solve problems. It seeks solutions for problems in ways that are tested and known to be effective while aiming at continuity and stability.
• Innovative model

  This is a more creative approach of entrepreneurial problem-solving which utilizes techniques that are unknown to competitors. In this model, entrepreneurs are more inclined to thinking outside the box. It challenges the problem definition, discovers ways for their solutions, and questions existing assumptions.
• Three common creative problem-solving techniques that may be performed by entrepreneurs

  • Focused Group Discussion
  • Brainstorming
  • Problem Inventory Analysis
• Opportunity Seeking

  The ongoing process of considering, evaluating, and pursuing profit-generating activities in the marketplace.
• Four Macroenvironmental Sources of Opportunities

  • External Environment
  • Industry Environment
  • New Discoveries
  • Futuristic Opportunities
• Six Microenvironmental Sources of Opportunities

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

  process that can help entrepreneurs carefully select the best opportunity for them. The best opportunity should bring together the entrepreneur’s passion and skills to solve an important problem that provides desirable economic results.
• Opportunity Seizing

  means “pushing through” with the chosen opportunity.
• Financial Forecast

  estimates a company's future financial outcomes by examining historical data. Financial forecasting allows management teams to anticipate results based on previous financial data
• Business Plan

  is “A formal statement of a set of business goals, the reasons why they are believe attainable, and the plan for reaching those goals.”
• Categories of Business Plan

  1. Business Plan for Profit
  2. Marketing Plan
  3. Project Plan
  4. Business Plan for Non-profit and Government Agency
  5. Operational Plans
• Business Plan for Profit

  typically focuses on financial goals
• Marketing Plan

  targets changes in perception and branding as its primary goals
• Project Plan

  describes the goals of a particular project
• Business Plan for Non-profit and Government Agency

  tends to focus on service goals
• Operational Plans

  describes the goals of an internal organization, working group or department
• Factors to Consider for a New Entrepreneur

  1. Know your Product or Service
  2. Analyze the Market Potentials
  3. Determining the Market Strategies
  4. Know the Competitors
  5. Do Not Set on your Laurels
• Basic Phases of a Business Plan

  • Marketing & Distribution Strategy
  • Production & Technology Study
  • Financial Management
• Three Importance of Brand Name

  1. First Impressions Count
  2. Memorable Equals Great Recognition
  3. Making a Statement
• Types of Brand Names

  • Eponymous
  • Descriptive
  • Acronymic
  • Real Suggestive
  • Composite Suggestive
  • Invented Suggestive
• Effective Delivery Techniques

  • Voice Modulation
  • Effective Body Language
  • Navigating Q&A Sessions
  • Speaking Impact
  • Dynamic Delivery
  • Final Tips & Takeaway
• 7P Formula of Marketing Mix

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

  • Government regulations and policies for environmental protection
  • Tax incentives or subsidies for eco-friendly business
  • Political stability
  • Potential changes in regulations when something affects the manufacturing and marketing practices
• Economic Factors

  • Effects of consumers spending on the product to the economic
  • Exchange rates of exporting products internationally
  • Cost of raw materials and production
• Social Factors

  • Awareness and demand for sustainable and eco-friendly products
  • shift towards green living and conscious consumption
  • Consumer preferences towards laundry detergents
• Technological Factors

  • online platforms for promoting and selling BioRare
  • Potential innovations in the detergent formula
• Environmental Factors

  • Impact of BioRare on the environment
  • Climate change concerns due to the product
• Legal Factors

  • Compliance with environmental laws and regulations
  • Intellectual property protection for BioRare
  • Ensuring legal compliance and fair trade practices with the suppliers and distributors.