ENTREP080

• 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
• Survey


  The basic step in discovering an unmet or undeserved market need or gaining insight to a particular field is to conduct 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


  • 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


  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 Parameters


  • Political
  • Economic
  • Social
  • Technological
  • Legal
  • Environmental
• Competitive Analysis


  Involves researching major competitors to gain insight into the current industry structure and level of competition
• Adaptive Model


  • 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


  • 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
• Creative Problem-Solving Techniques


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


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

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

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


  A 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


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

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


  Derived from the name of a person, typically the founder or creator of the brand
• Descriptive brand name


  Directly conveys the product or service offered by the brand
• Acronymic brand name


  Formed by taking the initial letters of a longer phrase or name and using them to create a new word
• Real Suggestive brand name


  Uses real words or phrases to suggest something about the product, service, or brand identity
• Composite Suggestive brand name


  Created by combining two or more real words or word parts to form a new, suggestive name
• Invented Suggestive brand name


  Entirely made up and have no prior meaning or association, created to evoke specific qualities or ideas related to the brand
• Voice modulation in public speaking

  • Pitch variation
  • Tone inflection
  • Volume control
• Effective body language in public speaking

  • Meaningful eye contact
  • Purposeful gestures
  • Maintain good posture
  • Control your expressions
• Navigating Q&A sessions


  1. Know your material in advance

  2. Anticipate common questions

  3. Rehearse your responses
• Maintaining composure during Q&A

  • Stay calm
  • Actively listen
  • Pause and reflect
  • Maintain eye contact
• Speaking impact


  • Your ability to communicate effectively will leave a lasting impact on your audience
  • Effectively communicating involves not only delivering a message but also resonating with the experiences, values, and emotions of those listening
• Dynamic delivery


  • Learn to infuse energy into your delivery to leave a lasting impression
  • One of the goals of effective communication is to motivate your audience
• Final tips & takeaways for effective delivery

  • Consistent rehearsal
  • Refine delivery style
  • Timing and transitions
  • Practice audience
• 7P Formula of Marketing Mix

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