ENTREPRENEURS An individual who creates a new business, bearing most of the

risks and enjoying most of the rewards.

A person who starts a business and is willing to risk loss in order to make
money
INVENTION Refers to the creation of a brandnew product or device

INNOVATION An act of making changes to the existing product or the process by

introducing new ways or ideas

AREAS OF INNOVATION
It is a practice of establishing and creating new business ideas intending to generate
profit, assist their community and accomplish company goals.
It is to develop business models to identify to meet the needs of an organization and
improve their competitiveness in the market.

• New Product These products are inventions that create a whole new market.
• New Services It focuses on bringing intangible benefits to customers, or
benefits that they can't see, touch or feel.
• New production techniques New production processes ranges from handling
raw materials to the delivery of the final product
• New Way of Delivering the Product or Service to the Customer. A company
must provide its customers with value for money and time.

New Product
The first and most important reason for any new development is to provide new value
to the customer. Without this, there is no reason for them to trade their money for the
new device. However, if the product or service offers overwhelming value, then
customers will flock to it. Examples are iphones ipads and many more

New Service
When you want to improve your approach to marketing, it
analyze the specific needs of your target audience. it allows customers to personalize
services based on their needs and receive them by meeting the service provider in
person. Typically, the customer is able to begin using the service immediately upon
purchase. One example is food delivery lie food panda, grab or online shopping like
shopee.

New Production Techniques

Continuously re-think and innovate
Constant changes in customer demands and new regulations are forcing entrepreneurs
to continuously re-think and innovate production processes. A relentless pursuit to
update processes is in the backbone of industries. Today, the opportunities to expand
and increase profitability, by re-thinking processes are greater than ever.

New Way of Delivering the Product or Service to the Customer

This process is so important because it can have a direct impact on your customer’s
experience with your company. Efficient and effective service delivery involves creating
a win-win situation for both the company and its customers. An important thing to keep
in mind is that providing efficient and effective service delivery can be done only if you
have the right resources available.

NEW OPERATING SERVICES

The activities can be optimized to generate sufficient revenues to cover expenses and
earn a profit for the owners of the business. Employees help accomplish the business’
goals by performing certain functions such as marketing, accounting, manufacturing, etc.
To improve this we need to Measure the performance of the business and to keep up
with the latest trends.
New Means of Informing the customer of the product
The easiest and most effective way to inform your customers about a new offering is to
use various social media channels and Facebook in particular. You can start a teaser
campaign about your new offering on Facebook or other powerful social media platforms
way before the actual launch of your product or service. Other social media like Instagram
tiktok and youtube can also be an outlet for informing customers
New Means of Managing Relationship WITHIN the Organization
It involves strategies to build client support for a business and its offerings, and increase
brand loyalty.
Most often, relationship building occurs at the customer level, but it is valuable between
businesses as well. Building a relationship with clients yields rewards for all parties.
Consumers who feel that a company is responsive to their needs likely will continue to
use that company's products and services.

New Means of Managing Relationship BETWEEN the Organization

Make sure that goals and expectations are clearly outlined.
Involve multiple people in problem-solving, to bring many ideas and insights to the
problem-solving process.
Also, make sure that everyone appropriate is involved in projects; keeping employees out
of the communication loop can have negative effects on relationships.
Another consideration for building positive relationships is to provide positive feedback -
- the key word here is positive. Lastly, train and develop staff, and focus on what needs
to be done to retain these employees.

New Operating
New Means of Informing
Practices
the Customer about the
It refers to the activities Product
that businesses engage
The use of social media
in on a daily basis to
channels.
increase the value of the
enterprise and earn a Exclusive promotional
profit. offers.

Target existing customers

New Means of Managing New Ways of Managing

Relationship WITHIN the Relationships between
Organization Organizations
 HOW TO AVOID PITFALLS/DIFFICULTIES
OF A SMALL BUSINESS
"Rushing never saved the time that planning did"

Avoid common mistakes:

1. Develop a strategic plan

- most important factor to avoid common mistakes that will lead to the downfall
of your business

2. Manage your time

- health is wealth
- being burned out may affect your process

3. Control your growth

- keep your business slow and steady
- don't be aggressive in making your business big

4. Take risk
- make sure that risks are still aligned with your goals
5. Unrealistic capital requirements
- when starting early in business you need to focus on introducing yourself to the
market
- focus your money on making your business survive in the early stages

6. Ignoring marketing
- don't focus on your competitors, instead focus on where the customers are
- focus on where the people are since they are your target and not your other
competitors

7. Don't be lazy
- as an entrepreneur we don't stop where we are already successful, life is full of
ups and downs
- focus on innovating more whether your business is successful
or not

SETTING UP A SMALL BUSINESS

(A big business starts small)
Things to consider before starting a business
1. Capital
2. Market or Demand
3. Competition
4. Check for Availability of Resources
5. Location

Setting up a small business

1. Create a detailed plan
2. Perform market research
3. Prepare to Make Sacrifices

PROJECT OF AN ENTREPRENEUR
1. An entrepreneur should be able to identify his/her strength it define the skills you
have expertise in.
2. Knowing your weaknesses can be an advantage in your business, It will help you
understand what can hold you back
3. Other competitors in the market with greater innovations
4. Make sure that opportunities are still aligned with your goal