Entrepreneurship

• Entrepreneurial Venture


  Whether the business is simply selling a product, manufacturing a product, or rendering a service to customers
• Classification of entrepreneurial venture according to its nature

  • Merchandising
  • Service
  • Manufacturing
  • Agriculture
  • Hybrid business
  • Special Corporation
• Merchandising


  Engaged in the buying and selling of products or goods
• Merchandising


  • Grocery Store
  • Clothing Store
  • Bookstore
• Service entrepreneurial ventures


  • Non-professional service
  • Professional service
• Non-professional service


  • Carwash
  • Security
• Professional service


  • Lawyer
  • Consultant
• Manufacturing Venture


  Producer of goods and products
• Manufacturing Venture


  • Skincare
  • Furniture
  • Textiles
• Agriculture


  Engaged in the production of agricultural goods and animals
• Agriculture


  • Canned Goods
• Hybrid Business


  Possesses the characteristics and nature of combined types of business entities
• Hybrid Business


  • Jollibee
  • KFC
  • McDonald's
• Special Corporation


  Special types of business may include cooperatives, joint ventures and non-profit organizations
• Special Corporation


  • Paws
  • Children Joy Foundation Inc.
• Production System


  Input - Production Process - Output
• Operations Management


  • States the details of the business
  • Controls the implementation of a business plan
• 4 M's of Operational Management


  • Method
  • Manpower
  • Machine
  • Materials
• Method


  • The process or technique of converting raw materials to finished products
  • Represents the day-to-day operation of the business
• Manpower


  Human workforce involved in the manufacture of products
• Machine


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


  Raw materials needed in the production of a product
• Salesmanship

  The art and science of effectively selling products or services to customers
• Simple Steps of Selling a Product or Service

  • Prospecting
  • Approach
  • Build Rapport
  • Needs Assessment
  • Present Your Offering
  • Overcome Objections
  • Close the Sale
  • Follow Up
  • Build Long-Term Relationships
• Prospecting


  Identify potential customers who may be interested in your product or service
• Approach


  Initiate contact with the customer through phone calls, emails, in-person meetings, or other methods
• Build Rapport


  Establish a connection and build trust with the customer
• Needs Assessment


  Ask questions to understand the customer's needs and challenges
• Present Your Offering


  Explain how your product or service can solve the customer's problems or fulfill their needs
• Overcome Objections


  Address the customer's objections or concerns convincingly
• Close the Sale


  Ask the customer to make a purchase
• Follow Up


  Ensure the customer's satisfaction and address any post-purchase concerns
• Build Long-Term Relationships


  Continue to nurture the customer relationship
• Closing Techniques

  • Assumptive Close
  • Summary Close
  • Urgency Close
  • Question Close
  • Choice Close
  • Trial Close
  • Puppy Dog Close
  • Negotiation Close
  • The "Takeaway" Close
  • Silence Close
  • Fear of Loss Close
  • Social Proof Close
  • Visual Aids Close
  • Trial Period Close
• Assumptive Close


  Assumes the customer is ready to buy
• Summary Close


  Summarize the key benefits and features and ask the customer if they agree
• Urgency Close


  Create a sense of urgency by emphasizing time-limited offers or scarcity
• Question Close


  Ask a direct question that requires a "yes" or "no" answer
• Choice Close


  Present the customer with a choice between two options, both of which lead to a sale
• Trial Close


  Ask a trial close question to gauge the customer's readiness