Miriam College High School

Business and Trades 12: Entrepreneurship

SY 2019-2020
Lesson Outline: Design Thinking, Entrepreneurship and Product Planning and Concept
Development
1st Semester

Lesson 1:

Ways to increase imagination

1. framing and reframing problems

2. connecting and combining ideas
3. challenging assumptions

Design Thinking
A methodology for creative and practical problem solving

“Design thinking is a human-centered approach to innovation that draws from the

designer's toolkit to integrate the needs of people, the possibilities of technology, and
the requirements for business success.” -IDEO

“The main tenet of design thinking is empathy for the people you’re trying to
design for.” – David Kelley, Founder of IDEO.”

User-centered design means understanding what your users need, how they think, and how
they behave – and incorporating that understanding into every aspect of your process

Learn about the audience for whom you are designing, by observation and interview.

Create a point of view that is based on user needs and insights.

Brainstorm and come up with as many creative solutions as possible.

Build a representation of one or more of your ideas to show to others.

Share your prototyped idea with your original user for

feedback.

Creativity - is a human nature skill that unleashes the potential of the mind to conceive new
ideas.
Lesson 2:

Entrepreneurship

Is the process of creating something new with value by devoting the

necessary time and effort, assuming the accompanying risks (financial,
social), resulting to monetary rewards, personal satisfaction and
independence.

“The responsibility of an entrepreneur is to solve a problem. Don’t worry

about the money. If you solve a problem and seek out ways to serve
more people, money will find you.”- Robert Kiyosaki

What is an entrepreneur?
• Entrepreneur, French word which means “between-taker” or “go-between”
• Entrepreneur as an innovator- an individual developing something unique and
new

Social Entrepreneurship - an approach by which entrepreneurs, develop, fund, and

implement innovative solutions to social, cultural, or environmental issues

Why be a Social Entrepreneur?

1. It connects you to your life purpose
2. It keeps you motivated
3. It brings you lasting happiness
4. It helps other discover their life purpose

Green Entrepreneurship -the activity of consciously addressing an environmental, social

problem or need through the realization of entrepreneurial ideas. Has a net positive effect
on the environment and is financially sustainable:

1. Create jobs and offer entrepreneurship opportunities;

2. Increase energy efficiency, thus conserving natural resources and saving money;
3. Decrease harm to workers’ health;
4. Enable businesses to tap into new sources of local and state funding;
5. Take advantage of consumer preference for environmentally friendly goods; and
6. Preserve limited natural assets on which businesses and communities depend for
business and quality of life.

“A skillful entrepreneur can shape and create an opportunity where others see little or
nothing-or see it too early or too late.”

- Jeffrey A. Timmons
Lesson 3:

Roles and Responsibilities of Entrepreneurial Committees

General Manager
Responsible for overseeing all administrative functions in the business. A major part involves
leading, directing and delegating tasks among employees.
Duties involve decision-making, discipline and coaching

Assistant General Manager

Performs related duties: managing daily company operations to ensure positive, safe and
profitable working environment and other related duties.

Marketing and Promotions

In charge of Research and development: pricing, distribution, customer service, sales and
communications
Customer Service: Takes responsibility for making sure buyers are happy; proactive in contacting
customers with surveys and offers;
Promotions: Decides on information dissemination and other advertising strategies

Finance
Responsible for documentation and controlling of incoming and outgoing cash flows as well as
the actual handling of the cash flows.
Responsible for the payment of bills, wages and salaries
Analyze business forecasts, sales reports and financial statements to find ways to maximize results

Production & Operations

Responsible for converting raw materials and other inputs into finished goods or services
Identify inputs- establishes the quantity of raw materials and types of machinery/ equipment
required
Schedules production process and finding effective ways to lower production costs
Ensure finished goods meet minimum quality standards

Lesson 4:

Product Planning & Development

How do entrepreneurs find opportunities to start new business?

1. Use a new technology to produce a new product

2. Use an existing technology to produce a new product
3. Use an existing technology to produce an old product in a
new way
4. Find a new source of resources
5. Develop a new market for an existing product

What is a product?

A product is a type of good or service consisting of tangible and intangible attributes that
satisfies consumers in exchange of money or anything that has a unit of value.
Five Dimensions of an Ideal Product

1. Must deliver on a singular value proposition in a world class way

2. Must be simple, intuitive and anticipate needs

3. Must exceed expectations

4. Must resonate emotions

5. Must change the life of the user for the better

What makes ideal products truly stand out from alternatives in the marketplace is that they don't
just deliver on any one of these five dimensions, they deliver on all of them.

What is product development?

• Product development is the process of searching ideas for new products, screening
them systematically, converting them into tangible products and introducing the
new product in the market.

Product Development Stage

• Idea Generation
• Idea Screening
• Concept Development
• Marketing Strategy
• Product Design
• Feasibility Analysis
• Test Marketing
• Market Entry

Idea Generation - a creative process of generating, developing, and communicating new

ideas, where an idea is understood as a basic element of thought that can be either visual,
concrete, or abstract.

Promising new product/ service ideas should be identified based of the following:
Chief values
Merits
Benefits

Screening is the process of choosing the more appropriate options based on a certain set of
criteria
Lesson 5:

Concept Development
It is a forward-looking process to develop and evaluate new concepts, before committing
extensive resources. These are driven by a set of customer needs and target product
specifications, which are converted into conceptual design as a potential technological
solution.

During this stage, the marketer seeks information that may include:
 Consumers’ likes and dislikes;
 level of interest in purchasing the product and;
 price points

Concept Evaluation Criteria

1. Market Opportunity
2. Competition
3. Market System
4. Production Factors
5. Financial Factors

During this stage, an idea is developed through interaction with the “possible” consumers to
obtain initial reaction.

Concept Board
A form of stimulus material, comprising visual representation of an idea for a product or
service.
These are usually mounted on large boards so a group of people can easily see them.
Resembles an advertisement

Mission Statement
It refers to the purpose, use, and advantages of the organization and how it will be different
from other organizations in its industry.

Vision Statement
It is a declaration of an organization's objectives, intended to guide its internal decision-making.

Values Statement
Refers to a message which conveys the values and priorities of the company, organization
or team it represents.

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