Entrepreneur

• Competencies


  • 1. Select/pinpoint potential suppliers of raw materials and other inputs necessary for the production of the product or service
  • 2. Discuss the value/supply chain in relation to the business enterprise
  • 3. Recruit qualified people for one's business enterprise
• Conducting performance reviews on credit history shows the financial stability of the supplier.
• Dealing with distant suppliers might provide you a quick delivery time and extra load costs.
• Developing partnership promotes stronger commitments and encourages a greater interest in success for the material and finished goods.
• Value chain and Supply chain are synonymous in nature.
• In value chain, it starts the process from the source flows outward to the customer.
• The final stage in the supply chain is the distribution of the product to consumers/customer.
• Michael Porter introduced the concept of value chain in his book "Competitive Advantage: Creating and Sustaining Superior Performance."


  1985
• Characteristics to consider when hiring a qualified candidate


  • Their commitment in developing and growing their own career as a professional
  • Ability to cope with pressure, tight deadlines, and complex customer demands
• Visiting candidate's social media page will help you acquire more insight into their skills and experience than their resume.
• Potential Suppliers of Raw Material


  Selecting the right suppliers is essential for building a successful business. By employing some supplier's selection criteria, it is possible to identify enterprises who are reliable and meet your particular needs.
• Factors to consider in selecting potential suppliers of raw materials and other inputs


  • Price
  • Reliability
  • Stability
  • Location
  • Developing Partnerships
• Price


  If you focused on managing your finances, a main consideration for selecting suppliers is affordability yet possesses a good quality product.
• Reliability


  Developing a closer relationship with a reliable supplier means getting quality, timeliness, innovation and competitiveness, which are all assets in continuously receive throughout the supply chain relationship.
• Stability


  Look for qualified suppliers who have been in business for a long time. Stability is important, when entering into a long-term contract with a supplier. Conduct performance reviews on their credit history to see if they are financially stable. It requires also in finding out what businesses use a specific supplier's services and asking them for a reference.
• Location


  Consider about location when selecting suppliers. Dealing with distant suppliers might provide you a longer delivery time and extra load costs. If you need it fast, a local supplier might be a better option. Be sure to check on the freight policies of distant suppliers. For instance, bulk orders might get a free shipping or you might combine different orders to reduce costs.
• Developing Partnerships


  Basically, the supplier's relationship is at its best when a strategic partnership is made, allowing full facts of the source of materials and guaranteeing high quality. A supplier is with a stronger business partnership if it provides the following: Do in advance, what is required from the manufacturer and start to take the leadership role in communication. Notify and communicate the manufacturer if quality problem is identified that limit production availability.
• Supply Chain


  Supply chain defines as a tool of business conversion that reduces costs and maximizes customer satisfaction by providing the right product at the right price at right time at the right place and. It involves all activities in the distribution through a product transmission that reaches the final user while remaining profitable and competitive. There are five (5) main elements of supply chain management: 1. Producing and designing a product to meet consumer request 2. Obtaining the raw materials required to produce the products 3. Manufacturing and developing the products 4. Distributing the product to consumers/customer 5. Accepting and processing returns of defective products
• Value Chain


  Michael Porter pioneered the concept of value chain in his 1985 book "Competitive Advantage: Creating and Sustaining Superior Performance." He used this concept to show businesses add value to their raw materials to produce products that finally sold to the market. There are five steps in the value chain process, which allows a company to have a competitive strength over other competitors. Inbound Logistics: Deals with receiving, storing and inventory control. 2. Operations: Value-creating activities that convert inputs into finished products such as assembly and manufacturing. 3. Outbound Logistics: Activities concerned with the collection, storage, and distribution of finished product or service to customers. 4. Marketing and Sales: Involve activities that associated among the general consumers or buyers to purchase a product. 5. Service: Activities that maintain and enhance the value of the product, such as customer care and warranty package.
• Supply chain is as significant as a value chain to the business world. The two models are difficult to separate in that most of their functions connect. Both supply and value chains need transportation and storage and end with the consumer receiving their goods/service. Both have similar goal that is to satisfy the customers with your products while operating efficiently and effectively, in order to give the business a better bottom line but take somewhat different tracks to get there.
• Ways to improve your recruitment process


  • Search for A Career-Oriented Individual
  • Evaluate for Practical Experience
  • Test Your Applicant
  • Determine Strengths Needed for the Position
  • Culture Fit
  • Take them Onboard
  • Run Social Checks
• Business Model Canvass (BMC)


  A framework for planning, developing and testing the business model(s) of an organization
• Most Filipino business entrepreneurs lack a structured way of thinking about their business, instead they prefer a simple, powerful approach - one in tune with the modern workspaces and their personal needs, which leads to failure
• They need to be able to adapt in a changing world, upgrade and think of a business model to reinvent their businesses
• Business Model


  A framework for how a company will create value. It will extract the potential of a business down to its essence. It answers fundamental questions about the problem you are going to solve, how you will solve it, and the growth opportunity within a given market
• The business model serves as an ongoing extension of feasibility analysis; it focuses attention on how all the elements of a business fit together and constitute a working whole
• The business model describes why the network of participants needed to make a business idea viable are willing to work together; it articulates a company's core logic to all stakeholders
• The business model describes the reasons of how an organization creates, delivers, and captures value in economic, social, cultural or other contexts
• The development of business model construction and variation is also called business model innovation and forms a part of business plan
• The business model is a company's plan for how it will make revenues and make a profit. It describes what products or services the business plans to manufacture and market, and how it plans to do so, as well as what expenses it will incur
• Nine Basic Building Blocks of Basic Business Models


  • Customer Segments
  • Value Propositions
  • Channels
  • Customer Relationships
  • Revenue Streams
  • Key Resources
  • Key Activities
  • Key Partners
  • Cost Structure
• Customer Segments


  Who are our most important customers? For whom are we creating value? It is an essential part of an organization's business model and is key to ensuring that the product features are aligned with the segment's characteristics and needs
• Value Propositions


  What value do we deliver to the customer? Which one of our customer's problems are we helping to solve? Which customer needs are we satisfying? What bundles of products and services are we offering to each customer segments?
• Types of Value Propositions

  • Quantitative (price or efficiency)
  • Qualitative (experience and results)
• Channels


  Through which channels do our customer segments want to be reached? How are we reaching them now? How are our channels integrated? Which ones work best? Which ones are most cost efficient? How are we integrating them with customer routines?
• Types of Channels

  • Company owned (store fronts)
  • Partner Channels (Distributors)
• Customer Relationships


  What type of relationship does each of our customer segments expect us to establish and maintain with them? Which ones have we established? How costly are they? How are they integrated with the rest of our business model?
• Types of Customer Relationships

  • Personal Assistance
  • Dedicated Personal Assistance
  • Self-Service
  • Automated Services
  • Communities
  • Co-creation
• Key Resources


  What Key Resources do our Value Prepositions require? Our Distribution Channels? Customer Relationships? Revenue Streams?
• Revenue Streams


  For what Value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall Revenue?