PAGULAYAN, Chris John A.

196033
LAS 122 - LT

Reflection Paper on the Kyla Yao Entrepreneurial Lecture

A start-up business is a recently founded business enterprise that intends to

supply a market-exclusive product or service. They often represent small-scale
companies that need substantial investment and strategic planning to assure success.
While the concept of a start-up business may appear simple, the process of creating
and growing one is complex and challenging.

One of the key takeaways from the entrepreneurial lecture is the importance of
market research. Before launching a new product or service, entrepreneurs need to
understand their target market and their preferences. This involves conducting
extensive research, including surveys, interviews, and focus groups, to gather data and
insights into customer needs and preferences. By doing so, entrepreneurs can tailor
their products or services to meet the specific needs of their target market, which can
help to increase customer satisfaction and loyalty.

The need for strategic planning and good execution is also emphasized
throughout the lecture. Entrepreneurs must have a clear and appealing business plan
that details their objectives, strategies, and techniques for success. They must also be
able to successfully execute their strategy by managing resources, prioritizing activities,
and monitoring progress. Strong leadership abilities, great communication skills, and the
ability to make choices swiftly and confidently are required.

Several key factors influence the success of an entrepreneurial start-up

business. The first and most critical component is to have an outstanding idea. The
concept should be unique, innovative, and capable of disrupting traditional markets. It
should address a problem or fulfill a demand that is currently unmet. Furthermore, the
concept should be scalable, which means that it has the potential to develop fast and
generate profits.

The second essential step is to have an effective business plan. A business plan
includes the business's objectives, strategies, and techniques for success. It should
include a full market, competitors, and target audience analysis, as well as a financial
strategy including revenues and expenses projections. A well-thought-out business plan
assists entrepreneurs in staying focused and structured, increasing their chances of
success.

In conclusion, the entrepreneurial lecture offers useful insights into the

entrepreneurial process and emphasizes the necessity of market research, customer
validation, strategic planning, and effective execution. Aspiring entrepreneurs can
increase their chances of success and develop an effective firm by putting these
concepts into practice.