Relevance of entrepreneurship Improving Standard of living

The benefits of entrepreneurship extend beyond the By creating productive organizations, entrepreneurship
businesses they establish. Entrepreneurs improve the help in making a wide variety of goods and service
lives of individuals and communities, as well as the available to the society which result into higher
overall economy. Entrepreneurs have been standard of living for the people.
instrumental in spurring social change and improving
Means of economic development.
the way people live and work.
*Entrepreneurship Accelerates Economic Growth By Entrepreneurships involves creation and use of
creating new products and services, they stimulate new innovative ideas, maximization of output from given
employment, which ultimately results in the resources, and development of manorial skills. All these
acceleration of economic development. So public policy factors are essential to economic development.
that encourages and supports entrepreneurship should
be considered important for economic growth. Types of Entrepreneurship

Benefits of Entrepreneurship 1.Small-Business Entrepreneurs

1.Entrepreneurship is factors of encourage in 2. Investor Entrepreneurs

investment. 3. Technology Entrepreneurs
2. Entrepreneurship is factors of stimulate and 4. Internal Entrepreneurs
encourage in sense of competition.
5. Online Entrepreneurs
3. Entrepreneurship is factors of change and innovation.

4. Entrepreneurship be leads to Job creation.

5. Entrepreneurship improves quality of life.

6. Entrepreneurship is causes proper distribution of

income.

5 importance of entrepreneurship KEY CONCEPT AND COMMON COMPETENCIES IN

ENTREPRENEURSHIP
1. Entrepreneurs provider job opportunités
THE 4 TYPES OF CONCEPTS OF ENTREPRENEURSHIP ARE
2. Entrepreneurs increase competition & boost AS FOLLOWS:
productivity
INNOVATION - it is new idea, process, or product, or a
3. Entrepreneurs create new business & new markets change to an existing product, or process that adds
4. Entrepreneurs ad national incombe value to that existing product or service

5. Entrepreneurs intro duce innovatrice technologies RISK TAKING - is the process of identifying, evaluating,
mitigating, and trying out potential opportunities and
Development of Managerial Capabilities strategies that may help you build or grow your
business.
The greatest significance of entrepreneurship lies in the
fact that it helps in identifying and developing VISION- an entrepreneurial vision considers what you
managerial capabilities of entrepreneurs. want your venture to become, what this venture will
look like, what is the driving forces are, and what values
Creation of Organization
the culture should surround it.
Entrepreneurship result in the creation of organization
ORGANIZATION- organizational entrepreneurship
when entrepreneurs assemble and coordinate physical,
promotes entrepreneurial behavior in an organization
human and financial resources and direct them towards
and involves the tendencies and activities that better
achievement of objectives through managerial skills.
the organizations ability in face of risks and facilitates technological resources, including team building leading
the hunt for opportunities and innovation. employes, training and controlling.

COMMON COMPETENCIES STRATEGIC - Related to setting, evaluating and

implementing the strategies of the area.
COMPETENCY
COMMITMENT- Competencies that drive the
The combination of observable and measurable
entrepreneur to move ahead with the business.
knowledge, skills, abilities, and personal attributes that
contribute to enhance the performance and ultimately
result in organizational success.

PERSONAL COMPETENCIES
CAREER OPPORTUNITIES IN ENTREPRENEURSHIP
creativity, determination, integrity, emotional balance,
BUSINESS CONSULTANTS- Provides advice about
and self-criticism.
business issues, such as the development and
INTERPERSONAL COMPETENCIES implementation of business plans, how to streamline
operations or how to expand int0 a new market.
communication, engagement/charisma, delegation,
RESPECT. MANAGEMENT ANALYSTS - The person who evaluates
business systems, procedures and operations, they may
BUSINESS COMPETENCIES
also review financial matters, such as the ratio of
business vision, resource management, networking, income to expenditure.
negotiating skills.
SALES - Someone who work; in sales or runs the
department needs to knew how business run. They
need to know how to represent a company, manage
accounts, and follow up on leads.
CORE COMPETENCIES IN ENTREPRENEUR RESEARCH AND DEVELOPMENT - To work in R&D, you
Entrepreneurial Competencies need to understand business concepts, procedures, and
practices. With all of the training and education
The sum total of the Personality, Skill and Knowledge someone has received learning about entrepreneurship,
that the entrepreneur possesses which are necessary to they are well prepared for this type of position.
effectively perform their functions and responsibility.
NOT-FOR-PROFIT FUNDRAISER- Being able to raise
MAJOR COMPETENCIES funds requires understanding the importance of
Opportunity - Related to recognizing and developing business and networking relation skills. It is a great
market opportunities through various means. place for someone with this type of degree because you
will have experience in studying advanced concepts that
RELATIONSHIP - Related to person to person or can be used to your advantage on the job.
individual to grouped based interactions, i.e., building a
context of cooperation and trust, using contacts and INTRAPRENEUR - Is an inside entrepreneur, or an
connections, persuasive abilities, communication and entrepreneur within a large firm, who uses
interpersonal skills. entrepreneurial skills without incurring the risks
associated with those activities.
CONCEPTUAL- Related different conceptual abilities
which are reflected in the behaviors of the
entrepreneur, i.e., decision skills, absorbing and
understanding complex information, risk-taking and
innovations.

ORGANIZING - Related to the organization of different ANALYZING THE MARKET NEED - It is analyzing the
internal and external human, physical, financial and needs of consumers. Consumer needs and desires are
important in any business because consumers are the THE PROCESS TO SAVE TIME SERVICES
lifeblood of any business. If there are no consumers or NEEDS.
not enough consumers in your business, it may not last
 SERVICES NEEDS
long because one of the factors influencing the success
of any business is the quantity of its buyers.  EMPATHY: MARKET STICKS TO BRAND
THAT SERVE THEM WITH AN
METHODS TO IDENTIFY MARKET NEEDS
EMPATHETIC ATTITUDE.
Focus Group
 CLARITY: MARKET LOOK FOR
IS A MARKET RESEARCH METHOD THAT BRINGS TRANSPARENT INFORMATION FROM
TOGETHER 6-10 PEOPLE IN A ROOM TO PROVIDE THE BRAND RELATED TO PRICING,
FEEDBACK ABOUT THEIR NEEDS PHRASES ENTERED. REFUND POLICY, ETC. 

Social Listening  COMMUNICATION: THE MARKET NEEDS

INFORMATION FROM THE POINT OF
SOCIAL LISTENING GIVES YOU ACCESS TO WHAT PEOPLE
INTERACTION UNTIL THE END.
ARE SAYING ABOUT THEIR NEEDS ACROSS SOCIAL
MEDIA AND THE WEB. HOW TO MEET THE MARKET NEEDS

Keyword Research

KEYWORD RESEARCH IS A WAY OF IDENTIFYING THE

NEED BY THE USE OF SEARCH ENGINE, MOST
BCOMMON WORDS AND PHRASES ENTERED

Product is an object or system created for customer

use; it is anything that can be counted to a market to
meet the want or need of a customer. 

Goods are physical or tangible products that consumers

buy to meet their needs and involve the transfer of
ownership from the seller to the customer. 

Services are intangible or non-material that consists of

activities, benefits, or satisfaction and do not result in
the ownership of anything.
Possible products or services that will meet the need.
TYPES OF MARKET NEEDS
Identifying and Meeting Customer Needs
 GOODS NEEDS
 Customer needs are the named and unnamed
 PRICE: MARKETS GENERALLY SET THEIR needs of customers when they come in contact
BUDGETS FOR ANY GOODS PURCHASE. with the different business establishments or
when they search for the solutions which
 FEATURES: MARKETS LOOK FOR
businesses provide
FEATURES THAT WOULD SOLVE THEIR
PROBLEM AND RELIABILITY IN How to Meet the Needs of Customers
FUNCTIONING WHILE USING THE
1. Identify what the customers need through
PRODUCT. 
keyword research, focus groups, or social
 EFFECTIVENESS: THE PRODUCTS listening.
SHOULD BE USEFUL IN STREAMLINING
2. Distribute the information to relevant
stakeholders in the organization.
 3. Craft product features or create content that Types of Customer Requirements
speaks to the customer’s needs.
Tangible Functional Requirements - These are mostly
4. Collect customer feedback in order to meet the tangible characteristics, features or specifications
their expectations that a consumer expects to be fulfilled in the product. If
a consumer is availing a service as a product, then
various service requirements can take the form of
output requirements. For example, if the consumer is
hailing a metro cab, then on-time arrival becomes an
CUSTOMERS IN TERM: TARGET MARKET, CUSTOMERS output requirement. For other products such as
REQUIREMENTS, MARKET SIZE gadgets, the product specifications like the loudness
Target Market and clarity of a pair of speakers becomes its output
requirements.
• A target market is a group of people that have
been identified as the most likely potential Intangible Requirements - Intangible aspects of
customers for a product because of their shared purchasing a product that a customer expects to be
characteristics such as age, income, and fulfilled. It consists of elements like on-time delivery,
lifestyle. service with a smile, easy-payment etc. It encompasses
all aspects of how a customer expects to be treated
• Identifying the target market is a key part of the while purchasing a product and how smooth his buying
decision-making process when a company process goes. If a customer buys an AC, he/she expects
designs, packages, and advertises its product. the company to support after purchase in installation
4 Target Market and setup seamlessly.

• DEMOGRAPHIC: These are the main Market Size

characteristics that define your target market. The definition of market size is the total revenue
Everyone can be identified as belonging to a generated by the sales of all products and services in a
specific age group, income level, gender, given market. In other words, it is the measurement of
occupation, and education level. the total volume of a given market. It is also called the
• GEOGRAPHIC: This segment is increasingly ''total market value'' or ''total market size.'' Market size
relevant in the era of globalization. Regional can also represent the number of consumers or
preferences need to be taken into account. potential buyers in a particular market segment. Market
size is important for businesses, entrepreneurs, and
• PSYCHOGRAPHICS: This segment goes beyond marketing professionals to understand because it
the basics of demographics to consider lifestyle, provides insight into how much revenue can be
attitudes, interests, and values. generated within a given market. It also helps
businesses understand their potential customer base
• BEHAVIORAL: This is the one segment that
and how much competition they may face.
relies on research into the decisions of a
company's current customers. New products Market Size Analysis
may be introduced based on research into the
proven appeal of past products. 1. Define the market: The first step is to define the
market that the company wants to analyze. This can be
Customer Requirements done by geographic location, product type, or any other
relevant characteristic. It is important to be as specific
Customer Requirements are the certain specific
as possible when defining the market, as this will help
expectations of product features or characteristics with
to gather the most accurate data.
expected quality and value that should be present in a
product for it to be deemed useful and desirable by the 2. Gather data: The next step is to gather data on the
customer. These are evolving expectations which will market. This data can come from a variety of sources,
never be same and keep evolving with changing times, such as government statistics, industry reports, surveys,
generations, technology and trends.
and customer data. It is important to be as specific as 4. CONSIDER PRODUCT LIFESPAN - HAVING A
possible when defining the market, as this will help to CONSUMABLE OR DISPOSABLE PRODUCT IS GREAT
gather the most accurate data. FROM A BUSINESS PERSPECTIVE, BECAUSE IT PROVIDES
YOU A BETTER OPPORTUNITY TO EARN CONSUMER
3. Analyze the data: Once the company has collected all
TRUST AND BUILD YOUR BUSINESS OFF OF REPEAT
of the data, it is time to analyze it. This analysis will help
SALES.
you understand the market size, the total number of
market competitors, growth rate, and other important 5. CONSIDER SEASONALITY - SEASONALITY MEANS THAT
characteristics. The data analysis can be done using a THERE ARE DIFFERENT LEVELS OF DEMAND FOR A
variety of methods, such as regression analysis, trend PRODUCT THROUGHOUT THE YEAR.
analysis, and cluster analysis.
THERE ARE DIFFERENT ASPECTS TO CONSIDER,
4. Estimate the market size: After the company has INCLUDING WHERE YOUR TARGET AUDIENCE IS
analyzed the data, it can now estimate the market size. LOCATED. SEASONALITY IS A MULTIPLE SOLUTIONS TO
This estimate will be based on the data collected and an THE ISSUE, INCLUDING RUNNING TIMELY PROMOTIONS
understanding of the market. The market size AND SHIPPING INTERNATIONALLY.
estimation can be done using a variety of methods, such
6. CONSIDER SOLVING FOR PAIN POINT - SELLING A
as the bottom-up approach and the top-down
PRODUCT THAT SOLVES FOR A PAIN POINT DOESN’T
approach. Also analyzing the end-users requirements
NECESSARILY PREVENT YOU FROM OFFERING A LUXURY
and common applications will give additional clarity on
ITEM. TO PURSUE A PRODUCT THAT SOLVES A PAIN
the market size.
POINT OR SERVICES A PASSION, YOU’LL NATURALLY
FIND THE CONVENIENCE TO ACQUIRE CUSTOMERS
THAN TO SELL A LUXURY ITEM.

7. CONSIDER COMPETITION - IF YOUR ITEMS ARE SOLD

Propose Solutions Based on Viability, Profitability, and
LOCALLY AND READILY AVAILABLE RETAIL STORE. IT
Customer Requirements
CAN’T BE SURE THAT YOU CAN SUCCESSFULLY SOLD A
THINGS TO CONSIDER DURING A PRODUCT VIABILITY COMMONLY FOUND ITEM. THE MORE NICHE YOUR
ANALYSIS PRODUCTS, THE LESS COMPETITION YOU’LL HAVE.

1.CONSIDER PRODUCT SIZE AND WEIGHT - THE SIZE 8. CONSIDER YOURSELF - YOU SHOULD SELECT ONE
AND WEIGHT OF YOUR PRODUCT WILL HAVE AN THAT YOU ACTUALLY ENJOY YOURSELF. BUILDING A
IMPACT ON HOW MUCH YOU SELL. IF THE PRODUCT SUCCESSFUL BUSINESS OFTEN REQUIRES LONG
YOU’RE CONSIDERING IS LARGE, AWKWARDLY SHAPED HOURS,AND THOSE CAN EITHER FLY OR DRAG
OR HEAVY YOU’RE GOING TO HAVE SOME HIGH ENDLESSLY DEPENDING HOW PASSIONATE YOU ARE
SHIPPING COST. ABOUT WHAT ARE YOUR SELLING.

2.CONSIDER PRODUCT FRAGILITY - FRAGILE PRODUCT THINGS TO CONSIDER IN PROFITABILITY

NEED EXTRA ATTENTION WHEN SHIPPING TO ENSURE ANALYSIS
THEY ARRIVE IN PERFECT CONDITION. TYPICALLY
1.MARKET SHARE - REFLECTS THE PROPORTION OF
DURABLE PRODUCTS COST LESS TO SHIP AND LIGHTEN
BUSINESS IN A GIVEN MARKET(IN TERMS OF NO. OF
YOUR CUSTOMER SERVICE AND REPARATION BURDEN
CUSTOMERS, MONEY SPENT, OR UNIT VOLUME SOLD)
FOR PRODUCTS THAT BREAK END ROUTE TO THE
THAT A BUSINESS SELLS.
CONSUMER.
2. CUSTOMER ACQUISITION - MEASURES IN ABSOLUTE
3. CONSIDER SKUS - A SKUS, STOCK KEEPING UNIT,
OR RELATIVE TERMS, THE RATE AT WHICH A BUSINESS
TYPICALLY REFERS TO COLOR, SIZE, AND OTHER
UNIT ATTRACTS OR WINS A NEW CUSTOMERS OR
VARIATIONS OF A SINGLE PRODUCT. IN GENERAL, THE
BUSINESSES.
MORE SKUS YOU HAVE, THE MORE ATTENTION, TIME
AND MONEY YOU WILL NEED TO SPEND IN TRACKING 3. CUSTOMER RETENTION - TRACTS, IN ABSOLUTE OR
AND MAINTAINING INVENTORY. RELATIVE TERMS, THE RATE AT WHICH A BUSINESS
UNIT OR MAINTAINS ONGOING RELATIONSHIPS WITH and promotion. Eventually, three elements have been
ITS CUSTOMERS. added, namely: people, packaging and process.

4. CUSTOMER SATISFACTION - ASSESSES THE 1. PRODUCT - The first P in the Marketing Mix is the
SATISFACTION LEVEL OF CUSTOMERS ALONG SPECIFIC Product. Marketing strategy typically starts with the
PERFORMANCE CRITERIA WITHIN THE VALUE product. Marketers can’t plan a distribution system or
PROPOSITION. set a price if they don’t know exactly what the product
will be offered to the market. Product refers to any
5. CUSTOMER PROFITABILITY - MEASURES THE NET
goods or services that is produced to meet the
PROFIT OF A CUSTOMER, OR A SEGMENT, AFTER
consumers’ wants, tastes and preferences. Examples of
ALLOWING THE UNIQUE EXPENSES REQUIRED TO
goods include tires, MP3 players, clothing and etc.
SUPPORT THAT CUSTOMER.
2. PLACE - Place is the second P in the Marketing Mix.
CUSTOMER REQUIREMENTS
Place represents the location where the buyer and
UNDERSTAND YOUR CUSTOMER’S NEEDS - YOU MUST seller exchange goods or services. It is also called as the
KNOW AND UNDERSTAND WHAT THEIR NEEDS ARE. distribution channel. It can include any physical store as
EMPLOYEES ARE A VITAL PART OF DOING GOOD well as virtual stores or online shops on the Internet.
CUSTOMER SERVICE SO IT IS VITAL TO TRAIN YOUR
3. PRICE - The third P in the Marketing Mix is Price. The
STAFF WELL TO MEET CUSTOMER NEEDS.
Price is a serious component of the marketing mix. A
LISTEN TO THEIR FEEDBACKS - PART OF right pricing strategy helps you define the particular
UNDERSTANDING YOUR CUSTOMERS IS LISTENING TO price at which you can maximize profits on sales of your
THEM. LISTEN TO WHAT THEY HAVE TO SAY WHETHER product or service. You need to consider a wide range
IT IS POSITIVE OR NEGATIVE. YOUR CUSTOMER’S of factors when setting prices of your offerings.
FEEDBACKS HAVE A WEALTH OF INFORMATION TO
4. PROMOTION - Promotion is the fourth P in the
OFFER, WHICH WILL HELP YOU IMPROVE THEIR
Marketing Mix. Promotion refers to the complete set of
CUSTOMER EXPERIENCE.
activities, which communicate the product, brand or
BE CONSISTENT COMMUNICATING WITH YOUR service to the user. The idea is to create an awareness,
CUSTOMER - BEING INCONSISTENT IS AT THE TOP OF attract and induce the consumers to buy the product, in
THE THING THAT FRUSTATE CUSTOMERS. preference over others.

MAKE IT EASY FOR THEM TO COMPLAIN - MEETING Promotional Mix

YOUR CUSTOMER’S NEEDS AND FOSTERING LOYALTY
1. Advertising (Radio, Television, Print, Electronic,
ALSO INCLUDES MAKING IT EASY FOR YOUR
Word of Mouth,
CUSTOMERS TO COMPLAIN. JUST LIKE WANTING TO
HEAR THEIR FEEDBACKS, THEIR COMPLAINTS ARE A 2. Public Relation or PR
FANTASTIC WAY FOR YOU TO LEARN ABOUT YOUR
3. Personal Selling
FAILINGS.
4. Sales Promotion

5. Direct Marketing (Brochure, Coupons, Catalogs,

Email, Fliers, Phone calls, Newsletter, Text
THE 7P’S OF MARKETING Messages, Post Cards)

Marketing Mix - Is a set of controllable and connected 5. PEOPLE - The fifth P in the Marketing mix is People.
variables that a company gathers to satisfy a customer Your team, the staff that makes it happen for you, your
better than its competitor. It is also known as the “Ps” in audience, and your advertisers are the people in
marketing. Originally, there were only 4P’s but the marketing. This consist of each person who is involved
model has been continually modified until it became in the product or service whether directly or indirectly.
7P’s. The original 4P’s stands for product, place, price
6. PACKAGING - Packaging is the sixth P in the
Marketing Mix. Packaging is a silent hero in the
marketing world. Packaging refers to the outside BUSINESS PLAN OUTLINE
appearance of a product and how it is presented to the
Cover Page - Company name, logo, tagline, contact
customers.
information, copy number, date prepared, and
Five Basic Functions of Packaging disclaimer (if needed)

1. Protection Table of Contents – Listing of the key sections of the

business plan
2. Containment

3. Information
Executive Summary - One- to three-page overview of
4. Utility of Use
the significant points, intended to motivate the reader
5. Promotion to continue reading

7. POSITIONING - Finally, the seventh P in the Marketing Industry, Target Customer, and Competitor Analysis -
Mix is Positioning. When a company presents a product Key characteristics of the industry, including the
or service in a way that is different from the different segments, and the niche where you plan to
competitors, they are said to be “positioning” it. compete
Positioning refers to a process used by marketers to
Company Description - Company objectives, the nature
create an image in the minds of a target market.
of the business, its primary product or service, its
current status (startup, buyout, or expansion) and
history (if applicable), and the legal form of organization

Product/Service Plan - Justification for why people will

buy the product or service, based on its unique features

Marketing Plan - Marketing strategy, including the

Business plan methods of identifying and attracting customers, selling
approach, type of sales force, distribution channels,
A business plan is a document created by a company types of sales promotions and advertising, and credit
that describes the company's goals, operations, industry and pricing policies
standing, marketing objectives, and financial
projections. The information it contains can be a helpful Operations and Development Plan - Operating or
guide in running the company. What's more, it can be a manufacturing methods, operating facilities (location,
valuable tool to attract investors and obtain financing space, and equipment), quality-control methods,
from financial institutions. procedures to control inventory and operations, sources
of supply, and purchasing procedures
WHY SHOULD YOU HAVE A BUSINESS PLAN
Management Team - Description of the management
1. TO TEST THE FESIBILITY OF YOUR BUSINESS team, outside investors and/or directors, and plans for
2. TO GIVE YOUR NEW BUSINESS THE BEST recruiting and training employees
CHANCE OF SUCCESS
3. TO SECURE FUNDING Critical Risks - Any known inherent risks in the venture
4. TO MAKE BUSINESS PLANNING MORE
EFFECTIVE Offering - How much capital the entrepreneur needs
5. TO ATTRACT INVESTORS and how the money will be used (section used to attract
investors)
3 FACTORS OF A GOOD BUSINESS PLAN
Exit Strategy - Ways an investor and the entrepreneur-
-IT IS REALISTIC may be able to harvest their business investment

-IT IS SPECIFIC Financial Plan - Contemplated sources of financing; any

historical financial statements, if available; pro forma
-IT IS FOLLOWED THROUGH financial statements for three to five years, including
income statements, balance sheets, cash flow
statements, and cash budgets

Appendix of Supporting Documents - Various

supplementary materials and attachments to expand
the reader's understanding of the plan