ENTREPRENEURIAL MINDSET
over prediction
o entrep has been related with launching new business
o today, however a lot of ppl and org has considered entrep
as an important life skill that is beyond just starting a
ventures
o entrepreneurship is a life skill that readies a person to
manage the vague and undefines future particularly in the
business environment
o entrepreneurship is composed of collective mindsets and
skillsets that can empower an indiv to create and act on
opportunities of any kind for himself
o no need to build a business in order to think and act like an
entrepreneur
o NOTE: highest form of entrepreneurship is franchising
ENTREPRENEURIAL MINDSET
o set of skills that enable ppl to identify and make the most
of opportunities, overcome, and learn from setbacks, and
succeed in a variety of settings
IMPORTANCE OF ENTREPRENEURIAL MINDSET
o having an entrepreneurial mindset allows us to escape the
conditioning that might otherwise hold us back from
starting our own business
ENTREPRENEURSHIP VIEWS
1. Predictive Approach (older view)
 consider entrepreneurship as a linear process
where there are steps to do, and the results are
usually predictive
 traditional entrep is supported by the predictive
approach
 entrepreneurs using predictive approach,
identify the goals they wanted to attain and
search for available resources
 works best during times of ambiguity and when
there is enough info where to base decisions
 most well-known and established companies
make use of this approach
o for the reason that they have
predetermined goals, their problems are
clear, and they are in possession of
dependable info
2. Creation Approach (newer view)
 sees entrep as a mindset and a method that
needs practice and used only when the future is
unpredictable and not certain
 entrepreneurs who use this approach define
their goals based from the resources available at
hand
 these entrepreneurs do not delay the action they
wanted to take despite scarcity of the resources
 often, small businesses always begin with
creation
 most entrepreneurs start their ventures w/ a
broad idea that they feels is worth trying and
most likely to succeed
 in the initial phase of a business, creation is vital
THE START OF ENTREPRENEURSHIP IN THE PH
o PH is known as a developing country. always challenged by
high poverty rate compared against Asian countries
o entrep has become the solution to poverty through job
formation, wealth creation, and social empowerment
 entrepreneur seek to create wealth
o the PH govt sees entrep as the sole means to address the
poverty problem
o the 1987 consti identifies entrepreneurship as an
instrument of economic growth
 the role of private enterprises in supporting fair
distribution of income and wealth, satisfying
production of goods and services and escalating
productivity is emphasized in Article XIII Section
1
 the intention is to raise the quality of Filipino’s
lives
o the govt’s obj of economic dev and job formation has been
placed in the supervision of the Ph Development Plan
(PDP) wc strengthens the thrust on entrep by way of trade
and investment. the pursuit is on strengthening the Ph
competitiveness and contribution to job formation
o the evolution of entrep has been influenced by fast
integration of economies and globalization of markets
o today, entrep lessons are embedded into the school
curriculum to cultivate a culture of enterprise and nurture
tomorrow’s competitive entrepreneurs
o the country has now regarded entrep as a way of thinking
and not just an economic term
o these days, entrep has become a way of motivating
innovative individuals to pursue opportunities regardless
of its risks
THE SKILLS IMPORTANT IN ENTREP
o these skills could only work for those who are eager to
take action
o in order to develop these skills, am entrepreneur needs to
learn by doing
 putting an idea into action is the most important
thing to live a more entrepreneurial and
influencing life
FIVE IMPORTANT SKILLS IN ENTREP
o skills of play
- allows the imagination to explore
- only work for those who are eager to take action
o skills of experimentation
- cause for entrepreneur to act so as to learn
- and they are first in making action as could be in
the form of going out in the street and gather
 real time data, instead of just using google in
finding information

o skills of empathy
- being sympathetic with the feelings, situation, SOME OF THE LIFE SKILLS INCLUDES
purposes, opinions, and want of other people
- putting one’s foot in the shoes of another o resilience
- being able to deal with setbacks
o skills of creativity o agility
- being open-minded and letting loose one’s ability - speedily and conclusively adjust to dynamic
to create and discover opportunities, and resolve changes in the environment and the situation
problem
- intention is using skills of creativity, not just to o negotiating
discover or search for opportunity but to form - abt setting boundaries, ensuring for good
them relationship, and understanding that a good
rapport is necessary to give any business a best
o skills of reflection chance for success
- organize all the four skills mentioned above and
taking time to reflect is the most vital skill of all o problem solving
skills - concerns creating situations for minor technical
difficulties to major financial health
SEVERAL WAYS TO DO REFLECTION
o relationship building
1. narrative - involves the community-and-take relationship
 describing what happened in terms of what took with suppliers, investors, and even employees
place, what was made in the people involved
o mindfulness
2. emotional - the ability to disconnect from pressure and focus
 need to understand that being entrepreneur is on being in the moment by technique such as
not that easy breathing meditation to better manage one’s
thoughts, feelings, and escape from being
3. perceptive burdened by them
 focus one’s side and feedback, understanding or
figuring out TYPES OF ENTREP

4. analytical o intrapreneurship
 not all who wants to become entrepreneur will - encouraging people to discover high risk, high
be successful, need to have logical reasoning on reward concept which support a big corporate
the factors that needs to consider organization

5. evaluative o entrepreneurial inside

 concerns on what went well and what went bad, - almost similar with above, but entrepreneur’s
or whether the experience is useful or not functions inside any type of org, govt agencies,
NPO, and coop
6. critical
 considering the role played in any situation, o buying a franchise
approach applied, what could be done, lessons - major companies allowed other to buy rights to
and experience in mind, and anticipation of the offer same products
possible result
o buying a small business
THE TRUTH ABOUT ENTREPRENEURSHIP - proper way to enter business, entrepreneur buys
out the existing owner and takes management
o entrep is not solely for start up operations of small business
o entrepreneurs do not have exceptional personality
qualities o social entrepreneurship
o entrep can be taught yet entails practice - pursuing innovation, innovative application that
o entrepreneurs are not so much a risk taker has likelihood of solving community-based
o entrepreneurs work in partnership more than they problems
compete
- the community is a vital partner of an o family business
entrepreneur - only managed by members of the family
o entrepreneurs are more on doing than planning
o entrep is truly life skill o serial entrepreneurs
- a skill that is useful in every success of a man
 - entrepreneurs who constantly crafts with a fresh everything determine everything
idea and starts new businesses

CHARACTERISTICS OF AN ENTREPRENEURIAL MINDSET

Several charac often common to successful entrepreneurs.

ENTREPRENEURIAL MINDSET AND OPPORTUNITY
1. Curiosity
 being curious is rlly shared among successful
For several decades now there has been a constant debate whether entrepreneurs
entrepreneurs are self-made, or they possess unique gifts.  curiosity leads to questions, and questions leads
Sometimes, ppl has mistaken entrepreneurs as those born with to answers
exceptional genes. Today, entrepreneurial mindset makes  this trait strengthens the ability to understand
entrepreneurs move forward even during difficult situations. Entrep things with a new standpoint
mindset makes possible innovations and taking risks and the ability  nobody knows everything, and curious ppl are
to accept failures. Thus, entrep mindset is important for business. conscious of this
 being humble and open-minded lead to greater
knowledge and greater knowledge allows more
MINDSET: ITS CHARAC AND ESSENTIALS detailed reflection

MINDSET
 belief that qualities like intelligence and talent are fixed or
changeable traits
 word was coined by Carol Dweck in her book, “Mindset”
o based rom her research abt personalities have
diff mindsets which are fixed vs. growth mindset
o in reality, there are numerous mindsets, but fixed
and growth mindsets are her important
discoveries for ppl living in today’s fast changing
and very complex
FIXED MINDSET
 ppl with mindset perceive that their talents and abilities
are set
 they consider their brains and talents are sufficient to
become successful and endure life by becoming smart
 they personally take positive criticisms of their capabilities
 success is based on lunch or possibly from sort of
prejudicial advantage
 they always want to avoid challenges, failure, and tell
themselves they do not have expertise
 believe that these qual are inborn, fixed, and
unchangeable
GROWTH MINDSET
at traits can be changed, developed, and strengthened by working on them
lities could be developed by commitment, determination, and obviously hard
arting point of the lifelong success for everyone
hance their performance and take mistakes as lessons
to what they wanted to do despite failures
2. Commitment
 continuing to keep going and persist amidst
problems
 rejection and disappointments are essential
elements of an entrepreneur’s life which needs
to be endured
 lessons must be taken from rejection and should
not affect the confidence of the entrepreneur
 this focus should be on achievements, because it
would motivate the entrepreneur to persevere
as he moves forward and continues to harvest
good outcomes
3. Optimism
 tough attitude towards challenges makes up
successful entrepreneurs
 every time a situation happens, the entrepreneur
should be hopeful in exploring its many learning
opportunities
4. Flexibility
 entrepreneurship is a challenging filled with its
unpredicted demands and continuous problems
 it helps to deal with a series of difficult
situations, solve problems easily and make
progress from obstacles
5. Ownership
 successful entrepreneurs always trust that their
success comes form their own ability
 they have high internal focus of control
 whatever life throws at them, they will be able to
make or break them through their own actions,
decisions, and responses

Fixed Mindset Growth Mindset 6. Leadership

I’m either good at it, or I’m not
When I’m frustrated, I give up
I don’t like to be challenged
When I fall, I’m no good
Tell me I’m smart
If you succeed, I feel
threatened
My abilities determine
I can learn anything I want to.
When I’m frustrated, I persevere
I want to challenge myself
When I fall, I learn
Tell me I try hard
If you succeed, I’m inspired
My effort and attitude
 a successful entrepreneur always guides,
motivates, and empowers his teams
 it is usual for him to share his vision with his
team to inspire these ppl
 through convincing communication and involving
his team, an effective entrepreneur is able to
attain his visions
 7. Connection
 in entrep creating network is very important
 entrepreneurs must choose those ppl that would
form his collective links so that he could breed
his ideas
 there should be emotional and financial bonds
8. Self-respect
 in business, it is also vital to take care of both the
body, mind, and spirit
 taking care of oneself daily through rest,
exercise, and diet is essential
 always have ample rest and sleep for renewing
one’s energy
 take time to exercise and whatever one enjoys
ESSENTIALS OF THE ENTREPRENEURIAL MINDSET:
Essential things in order to rlly employ and initiate successful
mindsets.
1. Passion First
o real entrepreneurs look for
 what rlly are important to them
 what they truly wanted to
 and bring together their business around
those things
o most of the times a company has so many problems.
the best way to be involved and continue doing
business during difficult times is to have a sense of
meaning and purpose
2. Everything is possible
o the mindset is about believing that entrepreneurs
are capable of accomplishing unexpected results
o they trust that an idea could be possible to turn into
reality
o seldom do ppl give their attention to their
accomplishments and their present dynamics except
for entrepreneurs
7. The time is now
o this mindset for entrepreneurs refers to recognizing
that all their powers exist in the moment
o entrepreneurs believe that they cannot change
history and the future is uncertain
o the important thing is to take action now
OPPORTUNITY RECOGNITION USING MINDSET
 OPPORTUNITY
o it is a means to generate profits by creating
unique, innovative, and desirable products or
services which are not being fund in the market
yet
o in order for the opportunity to be feasible, the
idea should be able to create value
o the common form of value is economic or the
ability to make profit. however, it is also vital to
consider
 SOCIAL VALUE
o it addresses social need or provide benefits to
the society
 ENVIRONMENTAL VALUE
o opportunity to preserve the natural surroundings
OPPORTUNITY RECOGNITION

3. 100% accountable
o entrepreneur always believe that they have the
power to choose their responses to any
circumstances because they have this 100%
accountable mindset

4. We are connected
o entrepreneurs believe that they can achieve their
dreams not by being alone though they love to be
independent
o they wanted to lead by helping other ppl to do their
tasks and fulfill their dreams without seeking
anything in return

5. Live life to give

o most ppl especially business ppl wanted to offer
their time and resources for a valuable cause
o as ppl in business profit more, they tend to give
more
o know today, as CSR

6. Attitude of gratefulness
o ppl focus much of their thoughts on what they do
not possess

USE OF DESIGN THINKING
These few years, the design thinking process has increasingly
become well-known. Possibly, this is due to the high success of big
and global companies that made use of this process. Known also as
“outside the box thinking” said process is not just merely a process;
but completely opens a new way of thinking. Said process provides a
pool of practical means to help apply this new mindset. Design
thinking helps improve the world through the generation of
innovative solutions from ordinary problems to the most complicated
ones being experienced every day. Hence design thinking is now
being taught in top colleges and universities globally and being
promoted in all business levels.
DESIGN THINKING
 a discipline that uses the designer’s sensibility and
methods to match the people’s needs with what is
technologically feasible and what a viable business strategy
can convert into customer value and market opportunity
o use to design products, services, environments,
and digital experiences
 design thinking is a combination of desirability, feasibility,
and viability
 a constant process of trying to find innovative solutions to
problems through deep understanding and empathy of the
target user
 offers means of digging that it deeper to disclose ways of
improving user experience
 involves the process of questioning, the said process
involves inquiring abt the problem, inquiring on the
assumptions, and inquiring on what the implications would
be
o ideas are usually formed brainstorming sessions
in order to restructure the problems in human
centric ways
SOME OF THE PRINCIPLES ABT DESIGN THINKING
Human-centricity and this is abt providing solutions to problems
empathy that focuses on human needs and user
response
Collaboration the purpose of design thinking is to form a
pond of perspectives and ideas
Ideation the core design thinking principle at the
same time a step in the design thinking
process
Experimentation and ideas are turned into prototypes. the said
iteration prototypes are tested and feedback from
users are taken
A bias towards action design thinking is an applied and practical
solution-based method that is more focus
on action than on discussion
ORIGINS OF THE DESIGN THINKING
 in the 50’s and 60’s onwards  design thinking emerged
because of the issues of collective problem solving or
significant societal changes by engineers, architects, and
industrial designers
 1969  the book titled “Sciences of the Artificial” of
Herbert Simon, first mentioned abt design thinking as a
way of thinking
o a cognitive scientist and Nobel prize laureate.
contributors of numerous ideas in the principles
of design thinking
 1970s  design thinking began to combine the human,
technological, strategic needs and innovation technology
across a wide range of industries
 21st century  many variants of design thinking that came
out with different number of stages in the process
DESIGN THINKING PROCESS (HASSO PLATTNER OF INSTITUTE OF
DESIGN STANFORD)
 follows a flexible and non-linear fashion, rather than
sequential steps
 the process often occurs in parallel and be repeated
directly
1. Empathize: Research abt users’ needs
 gain empathetic understanding of the problem
you’re trying to solve, typically through user
research
Empathy-building methods
o empathy interviews – most effective
interview is constantly asking why even the
answers already given
o immersion and observation - ethnography
o extreme users – one sought to restructure
problems and discover best insights
o ask what, how, and why in curiosity –
must always a considered factor. the design
questioning can lead the observation into
more abstract user motivation
 what: give details what
actions has taken place
 how: completion of the
action that happened in what
 why: educated guesses could
be formed after the user’s
motivation and emotion as
he completes the action in
the what
2. Define: State Your User’s Needs and Problems
 accumulate the info gathered during empathize
stage
 then, analyze observations and synthesize them
to define the core problems you and your team
have identified
Guidelines in generating question
o strengthen the good – retain all the
positive aspect of the customer needs are
intensified
o eliminate the bad – all the bad
components within the problem are taken
out
 o search the opposite – using design
thinking, the problem needs to be
transformed into opportunity
o enquiry of the assumptions – inquiry abt
the assumption at hand
3. Ideate: Challenge Assumptions and Create Ideas
 designers are prepared to start generating ideas
 solid bg of knowledge from the first two phases
means you can start to “think outside the box”,
look for alternative ways to view the problem
and identify innovative solutions to the problem
statement you’ve created
Numerous ideation techniques
o brainstorming – more relaxed and informal
way of solving a problem using imaginative
thinking
o brainwrite – a serial process of asking
participants to write down their ideas abt
specific question or problem on sheet of
paper. participants pass this idea on to
someone else who read the ideas and
adapt the ideas and take process only 15
mins.
o worst possible idea – members look for
the worst solution in ideation period. a
reverse way of examining their ideas,
contest assumption, and obtain insights in
discovering great ideas
o scamper – aims to look for solutions to
problem. more engrossed on the process
of discovering unfamiliar
4. Prototype: Start to Create Solutions
 experimental phase
 aim is to identify the best possible solution for
each problem found
 should produce some inexpensive, scaled-down
versions of the product (or specific features
found within the product) to investigate the
ideas you’ve generated
Benefits of prototyping
o timely feedback
o prompt changes save time and cost
o validation prior for development
o user search and user testing
5. Test: Try your Solutions Out
 evaluators rigorously test prototypes
 although this is the final phase, design thinking is
iterative
 teams often use the results to redefine one or
more further problems. so you can return to
previous stages to make further iterations,
alterations and refinements – to find or rule out
alternative solutions
POWER OF STORYTELLING
 stories are abt special events of real ppl and their
respective lives that can inspire opportunities, ideas, and
solutions
 stories offer actual details to be used in picturing solutions
to certain problems
 storytelling is the core of structure and functions of every
human being to connect events as a complete experience
through time
 a vital instrument for feedback
 at each step in the design process, the events and lessons
experiences are described through storytelling
 storytelling offers the opportunity of hearing feedback abt
the product from the consumers mouth or see how the
product could be used in real life
 in the design process, the essential problems that
consumers face when using a product or a service are
known through storytelling
o this knowledge abt the problems are reflected in
the formulation of the solution based on the test
made by the consumers
 to understand the storytelling and how it is implemented
in the design process, we need to explore its different
parts and how they are put into a unified component
called “a story”
 gen, every story has the ff elements:
o domain – what
o player – who (involved in the story telling:
consumers)
o story flow – how (each story had three main
phases: beginning, middle, end)
STORYTELLING IN THE DESIGN PROCESS
 When storytelling is used in every stage to build a user-
centered solution. therefore, the storytelling is used
throughout the design process, yet there is a different
usage goal in each phase
 generally, the storytelling can be used as three pair phases:
o problem framing
o solution framing
o solution implementation
DOUBLE DIAMOND DESIGN THINKING PROCESS
 developed by British Design Council, aims to achieve
creativity and innovation through applying the design
thinking methodology
 involves four steps that take the design process from the
problem space, when designers explore the problem,
including its complex nature, and end with a clear
definition of the problem
PROBLEM PHASE
 Discover / Understand— helps ppl define what
the problem is which involved talking to the
respondents. examine and collect info abt the
design challenge
o mind maps
o multi-perspective problem framing
o brainstorming
o reversed brainstorming
o desk research
o field research (interviews, focus groups,
observations)
o consumer journey map
  Define — convergent part of the problem phase,
allows the idea to be narrowed into clear
definition of the problem
o root-cause analysis
o 5 why’s
o user story
o affinity analysis
SOLUTION PHASE
 Develop — inspires ppl/consumer to offer
multiple answers to the well-defined problem
trying to find motivation from elsewhere and
codesigning with the variety of diverse ppl
o minimum viable product
o rapid prototyping
o storytelling
o consumer journey mapping
 Deliver — include experimenting solutions in a
familiar way, discarding those are not feasible,
and refining the ones that will work
o surveys
o think aloud
o shadowing
DOUBLE DIAMOND AND IDEO DESIGN THINKING PROCESS
1. problem framing
 helps the design team to engage the users to
define the problem using a qualitative date from
consumer
 phenomenological study – based on the live
experience of the consumers
 multiple stories selling session can be held with
the consumer who meet with the persona
characteristics (persona empathy map)
 the advantage of storytelling tool is that it helps
to create empathy with the problem
2. solution framing
 design team would number potential solutions
that needs to be tested and evaluated to
understand which is the best solution from the
user’s perspective
3. solution implementation
 one of the practical features of the design
thinking process is the ability to get consumer
feedback abt the product or services to improve
in the future
While the storytelling can be used in different stages of the design
process as above, it is a suitable tool to collected personalized
experiences from the consumers. It may be hard to build a
generalized data based on it because of the different nature of each
consumer’s story, but I believe this is one of the strengths of the tool.
It helps us to understand the empathic experience that the users face
when using a product or a service. This unique strength point can be
valuable for the design thinking process especially when it targets
specific problems such as medical interventions or personalized use
cases.
In sum, the storytelling is a powerful communication tool that
enables us as a human being to understand more about our
emotional experiences. This makes it an effective method to use
during the design process. It can be used during the design thinking
process phases with a different goal in each stage. Storytelling can
help us to gather personalized emotional data about our consumer’s
experience which can be hard to collect using other research
methods such as the survey and consumer journey mapping.
BUILDING BUSINESS MODEL
 a good product and/or service does not automatically turn
into a commercial success
 business model makes the diff be success in the laboratory
and success in the marketplace
 define the foundation of a business operations
 involves the product or service offering, the targeted
customers, and the economic engine that will enable a
business to meet the profitability and growth objectives
 business model assessment is essential for startups, new
and recognized which need to discover, preserve, or
advance their business models
WHAT IS A BUSINESS MODEL?
 acc to Management Guru Peter Drucker, a business model
is supposed to answer who your customer is, what value
you can create/ add for the customer, and how you can do
that at reasonable costs
 defines the foundation of its company’s core value
proposition, targeting customers key resources, and
assume revenue streams
 offers a framework for success and overcoming challenges
DIFF TYPES OF BUSINESS MODELS (TRADITIONAL)
manufacturers o person or registered company wc makes
finished product from raw mats to make
profit
distributors o entity that purchased non-competing
product or product lines, store them in
warehouse and re-sell to retailers or
directly to customers
retailers o purchased goods from wholesaler
(secondary level) or directly from the
manufacturer (zero-level of distribution
channel)
franchise o can be manufacturer, distributor, retailer
o highest form of entrepreneurship
o franchisor – provides assets to business
propriety, knowledge, business process,
trademark
o franchisee – a royalty, often an initial fee
for the right to do business under the
franchisor’s name and system
brick and mortar o refers to the old fashion, street side
business that sells product or services to
customers ftf in an office or store (e.g.,
grocery stores, dental clinics, gas stations)
bricks and clicks o company combines its online and physical
presence
o place order online and pick-up product
from the physical store
 direct sales o directly sold to customer, ftf conversation what value-added concept is being
or small gathering imputed on the product or service
high touch o use a lot of human interaction in order for offering
their experience to be highly personalize blockchain o digital ledger that is irreversible and
o operates on trust and credibility (salon, decentralized
auto dealers) o no owns or control the digital base
family owned o owned and operated by family but anyone can contribute to it
o bitcoin, ethereum, litcoin (crypto
market)
low touch o minimum human assistance or
intervention
MODERN BUSINESS MODELS o no need to keep big sales force or the
company may focus on the improving
nickel and dime o makes use of the lower price strategy tech to further lessen human
and selling basic product or service involvement to make experience
o additional amounts are charged for better
other perks and service are required razor and blade o one item is sold at a low price or
freemium o combi of free and paid services given for free to intensify selling of
o normally used by tech companies complementary goods
e-commerce o abjuration of the old-style bricks and consulting o composed of experienced and
mortar business model qualified professionals
o focuses on buying and selling of social enterprise o put up a business more for creating
goods creating a web store using positive change but with profit
internet
subscription o offers a long-term contract to
customers by paying a fix amt every BUSINESS MODEL CANVAS
month or year
aggregator o network model the company acts a  an entrepreneur may focus on every segment or blocks of
middleman bet two indiv parties the business model systematically until he is able to close
o most companies provide info or the gaps
source in a single industry  every block describes the factor that a startup needs to
online marketplace o collection of diff sellers into one study
platform  the thoughts and ideas of the entrepreneur are kept intact
hidden revenue o offers services for free (google, fb, and focused although the blocks can be modified as the
twt) need arises
o don’t pay for search engines but  each block is very much interconnected. as one blocked is
earns from advertisement of the change, the other blocks are required to be revisited
businesses because they may need to be changed
data licensing/data o major elements in the web tech
INFRASTRUCTURE
selling where company buys info to perform
its operations and gain profit
1. key partners
agency based o partner companies that specialize in
doing non-core business activities
type of partnership
such as advertising, digital marketing,
 strategic alliance
pr, events, janitorial
 coopetition
affiliate marketing o advertising model in which a  joint venture
company compensates third-party  buyer-supplier relationship
publishers to generate traffic or leads
to the company's products and 2. key activities
services
dropshipping o owner has no ownership of the categories
product on hold  marketing
network marketing o multilevel marketing  sales
o work on direct marketing or direct  design
selling philosophy  development
o no retail shop but offering to the  operations
target market directly  distribution
o the most ppl that become part of the  customer experience
pyramid structure, more money are
gained by selling more goods and 3. key resources
getting more ppl on board (avon,  physical
boardwalk) o equipment
crowd sourcing o solicits intellectual info of users on o machines
 o inventory  after sales
o building
o vehicles
o manufacturing plants CUSTOMERS AND MARKETS
o distribution networks
 intellectual  customers are the core of every business
o non-physical, intangible resources such as  every business should always try to attract new customers
 brand for profit and to stay in its industry
 patents  the customers are the real bosses of any company—having
 propriety knowledge an increasing number of customers is the only way to grow
 copyrights a business
 partnership  for an entrepreneur, he needs to reflect on the market he
 customer lists is abt to enter the moment he starts the process of
 customer knowledge creating a good business concept and model
 employee  he needs to understand the needs of his customers, satisfy
 employee their needs, and retain them
o employees are the biggest and most vital  the key to always being successful in business is to
resources of the company but are often understand very well the market and those customers
overload inside

 financial MARKET
o all business have key resources in finance,  any place where manufacturers, distributors, and retailers
however some will have stronger sell and consumer buy — marketplace
financial resources compared to others  may also speak of the whole group of buyers for a product
OFFERING and/or service (marketing)
 inside the market are competitive companies that offer
VALUE PROPOSITION similar products and/or services (economics)
- business’ way of generating value in their product or o psychology, marketing, economics
service when targeting potential customers o the price of the product and/or service are
- is a statement consisting of he reasons someone should dictated by the market due mainly from
do business with the company demands and competition
o this compute through adding all the benefits  market are always dynamic, hence businesses must always
that the products could provide to the monitor the trends and the changing needs of customers
customer  in starting a new business. an entrepreneur must
- CVP is a description f other user’s experiences that he or understand the market and those that inside it
she will realize upon buying and using of a product  an entrepreneur needs to identify first those customers
- without CVP, companies are walking blindly in the market they intend to sell to and how to reach them
 an entrepreneur must also understand all the potential
CUSTOMER factors that contribute to the market they enter into
o these factors shall determine how will they
1. customer relationship market to customers, beat competition, and
create their own business plan
types  it is essential to understand customers, their needs, their
 personal assistance personality, their attitudes, and even their budgets
 dedicated personal assistance
 self-service 7 STEP SELLING PROCESS
 automated services
 communities 1. prospective – identify target customers
2. pre-approach – how to reach them
 co-creation
3. approach
4. demonstration/ presentation
2. customer segments 5. inquiry
 mass 6. selling  closing
 niche 7. retention
 segmented
 diversified FACTORS THAT INFLUENCE THE CHANGES IN THE
 multi-sided platform MARKETPLACE

3. channels 1. economic situations

2. innovations
phases that channel may pass through 3. lifestyles
 awareness 4. new fashions
 education
 purchase THINGS THAT CUSTOMERS LOOK FOR WHEN BUYING AN
 delivery OFFERING WHETHER A PRODUCT OR SERVICE OR BOTH

1. price
2. experience
3. design
4. convenience
5. reliability – the product should be dependable and
meets the customer’s needs
6. compatibility
7. functionality – the product that they’re buying will
serve their purpose
CUSTOMERS
 an essential component of every business because they
are the ones who uses and judges the quality of those
products and services being brought from the market
 in order to for the business to flourish, every business
needs to retain old customers and make new ones
 for the entrepreneur, he needs to consider that every
customer needs are valuable and profitable
TYPES OF CUSTOMERS
 every customer is unique, there is no single formula
to approach them. in order to identify the best
approach on how to handle customers, it is necessary
to know them first
 POTENTIAL PANDOY — POTENTIAL CUSTOMERS
o cannot be considered customer yet
o needs little bit of convincing and
assistance to hopefully change
 NEW NETNOT — NEW CUSTOMER
o first customer who had just bough
sumth from the business
o must be watchful in dealing with first
time customers
o “first impression lasts”
 IMPULSIVE ICOY — IMPUKSIVE CUSTOMER
o customer that makes instant buying
decision based on cravings or if
provided when conditions are right
o no consideration abt the price or value
of the product
o highly influenced by his current mood
when shopping
 DISCOUNT DABOY — DISCOUNT CUSTOMER
o customer who never buys a product or
avail services on full price but only on
discount rate
o difficult to retain the customer when
the discount stopped applying
 LOYAL LANDO —LOYAL CUSTOMER
o satisfied customer that keeps coming
back who wants more to purchase
TARGET CUSTOMER GROUP
TARGET MARKET
 a group of possible consumers or organizational
buyers to whom a company wants to sell its
products or services. therefore, it makes sense to
focus all the marketing efforts to reach them
with the company’s marketing message
 an entrepreneur needs to identify exactly the
pain points and preference that his product or
service offering would be resolving for the
intended users
 it must be clear who those ppl that are in need
or want of this offering whether they are indiv,
families, or businesses
APPROACHES IN EXACTLY DESCRIBING THE PERFECT CUSTOMER
 CONSUMER OR BUSINESS
 GEOGRAPHIC
o defining the target market according to the
place they do work, vacation, or businesses
 DEMOGRAPHIC
o described by means of age, gender,
education level, marital status, religious
affiliation
 PSYCHOGRAPHIC
o based on intrinsic lifestyle, personality,
beliefs, lifestyles, and behaviors
 GENERATIONS
 COHORT
o groups of subjects who shares similar
characteristics
 LIFESTYLE
o whether infancy, childhood. adolescence,
adulthood
 BEHAVIORAL
o based on customer loyalty,
CUSTOMER JOURNEY MAP
 more popular and fave tool for imagining the
customer’s experience
 a rep of a typical customer’s experience over time
instead of a snapshot
 story intended to give awareness of the customer’s
complex buying trip
 most journey mapping formal looks like a timeline
that consists of a series of user actions
o the timeline is elaborated containing
thoughts and emotions to form a story
 this story is summarized and
refined to create visualizations
 the map helps to set whether
customers become frustrated on
their way to buying and beyond
 a well-thought-out customer journey map is very
helpful but not all companies are taking full
advantage of it in order to discover more
opportunities
  mapping customer journey must aim for business
impact
 unfortunately, most customer journey map do not
consider the company side and focus only on the
customer side
o it is vital to include both sides to map and
cultivate the connections bet the company
and customers
o it is important to modify the map based on
the unique needs of the company and the
goal that has been set
KEY COMPONENTS OF JOURNEY MAP
1. ACTOR – persona / user / customer
2. SCENARIO + EXPECTATIONS
a. the situation which the journey maps
talk about
3. JOURNEY PHASE
a. various level stages in the journey of
an actor
4. ACTIONS, MINDSET, AND EMOTIONS
a. concrete behavior and steps
b. ACTIONS — not meant to be a granular
step by step records of events
c. MINDSET — corresponds to the
thought, motivations, and information
of the actor
d. EMOTIONS — distinct line across the
journey phase, drawn accurately based
on the customer’s experience
5. OPPORTUNITIES
a. insights obtained from mapping
IMPORTANCE OF A CUSTOMER JOURNEY MAP
 the intention of CJM is rlly to solve customer’s
problems and help them be successful in using
the product or service for a long period of time
SOME IMPORTANCE OF A JOURNEY MAP
 refocus a company with incoming perspective
 form a new target customer base
 for a customer-focused mindset all over the
company
WHAT IS ENTREPRENEURSHIP MARKETING
 it is more abt a marketing spirit that distinguishes itself
from traditional marketing practices
 this type of marketing for entrepreneurs avoids many of
the fundamental principles of marketing wc usually aimed
for big and well-known companies
 it makes use of new and non-traditional marketing
practices that makes entrepreneurs stand out from their
competitors
MARKETING STRATEGIES
1. relationship marketing
o building a solid connection between the
brand and customer
2. expeditionary marketing
o forming market and creating innovative
product
o entrepreneur acts as leader, not follower
3. one-to-one marketing
o customers are marketed to as indiv
o tailor-fitted
4. real time marketing
o makes use of the power of tech to
interrelate with customer in an actual time
5. viral marketing
o places marketing manager on the internet
like Facebook and Instagram so they can
share and expanded their customers
6. digital marketing
o this considers leveraging the power of
internet tool like email and social
networking to back up marketing effort
CREATING A PERSONAL BRAND
 for indiv who form their businesses using their expertise
such as an author, public speaker, coach, consultant, and
freelance, the idea of personal branding is familiar and
comes naturally for them
 it makes sense too for an entrepreneur to build a reputable
personal brand
BENEFITS OF PERSONAL BRANDING
o trust and authority
 position himself authority
o get featured in media
 to fit and be found by media or other
publications, magazines
o build a network
 it clearly articulates who the
entrepreneurs is how he does, and
how he help other
o attract more customers
 helps him
o premium pricing
 with a strong personal brand, charging
premium pricing is justifiable
 without the brand, the entrepreneur
becomes a commodity that competes
on prices
o create a lasting platform
 business will surely evolve, and
entrepreneur may jump with different
platforms