TECHNOPRENEURSHIP

- Is a philosophy, way of building a career perspective in life

- Blend two words “technology” and “entrepreneurship”
- Simply means entrepreneurship in the field of technology
- Originated in 1990’s

IMPORTANCE OF TECHNOPRENEURSHIP
- Technology has enabled everything to be effectively managed, time-efficient, and
cost -effective in a company
- Raises standard of living
- Economic independence
- Benefits new firms and businesses
- Job Creations
- Innovation, Research and development
- Social Welfare
- Optimal use of the resources
- Creation of national wealth

ENTREPRENEUR VS. TECHNOPRENEUR

- Entrepreneur is a person who organizes and operated a business, taking on greater
than normal financial risks to do so.
- Technopreneur is person who revolutionizes the prevailing economic order by making
the best use of technology at hand
1. Build a team
2. Boost problem-solving skills
3. Decision-making
4. Implementation

ENTREPRENEURIAL MINDSET
It is a set of skills that enables us to:
- Identify and make the most of opportunities
- Overcome and learn from setbacks
- Succeed in a variety of settings

IMPORTANCE OF ENTREPRENEURIAL MINDSET

- Overcome challenges
- Learn to be resourceful and creative
- Inspire the world
- Develop self-awareness

8 SKILLS OF ENTREPRENEURIAL MINDSET

CRITICAL THINKING
- Capacity to apply higher-level process-oriented thinking
- Ability to apply a higher-level thinking in order to see different perspectives on a
problem and use those perspective to solve it
- Ability to make rational reasonings
FLEXIBILITY AND ADAPTABILITY
- Willingness and ability to embrace change and explore different paths
- Bouncing back from failure is one of the characteristic of an entrepreneur and trying
to move forward despite difficulties can put us on the pedestal and come out on top
of the game.
- Ability to make necessary actions to change present problems

COMMUNICATION AND COLLABORATION

- Effective communication is the ability to convey information clearly and persuasively
to others
- - Ability to express ideas unto your audiences and team effectively and efficiently-
Having the confidence in your own abilities to make negotiation and persuade
business partners and customers
- Collaboration is the cooperative effort of individuals working together towards shared
objective

COMFORT WITH RISK

- Be comfortable with the idea of uncertainty together with the investment of both time
and resources
- Big Risk, Big Reward mentality
- Ability to go on chalenges despite uncertainties and potential loss or failure- Taking
risk and experimenting can give us a boost in achieving the best possible outcome.
Even if this experiment results in failure, it was never for nothing. These failed
experiments can give us an opportunity to learn and assess ourselves

INITIATIVE AND SELF-RELIANCE

- The power to take ownership of a project without input or guidance and work through
obstacles independently
- Having accountability a lows us to have awareness with the consequences of our
actions and reflect on how it impacts ourselves and other people.
- You to keep moving forward, you have to learn how to walk on your own. As this
would help you in certain situation where no one would be there to guide you,
especially if you are the head of your team and everyone is counting on you. This
would ensure that you have faith in your abilities

FUTURE ORIENTATION
- An optimistic disposition with a focus on obtaining the skills and knowledge required
to transition into a career
- You wil learn to overcome chalenges and have an interest to harness new skils to
have bigger toolbox to solve those problems in the future.
- Entrepreneurs focused in prioritizing their goals and action-oriented trajectory to
achieve that goal to have success

OPPORTUNITY RECOGNITION
- Opportunity recognition is the capability to discern and capitalize on prospects for
innovation, growth, or advancement
- Ability to see bad situation as an opportunity to solve problems and have a profit for
solving them
 - The time to apply al of the necessary skils to be an entrepreneur

CREATIVITY AND INNOVATION

- It enables entrepreneurs to identify gaps in the market and develop unique solutions
that meet customer needs more effectively than existing offerings
- Ability to create new methodologies in order to solve problems
- Solving problem in unconventional ways
- Some individuals may say that creativity is an intrinsic talent, but in the field of
entrepreneurship, everybody can be creative. Finding ways to optimize and make
innovation can already be creative

WAYS TO ACHIEVE
- Positive Mental Attitude
- Creative Mindset
- Persuasive Communication Ability
- Intrinsic Motivation and Drive

IDEA
- concept, thought, or suggestion that emerges in response to a problem, need, or
opportunity ideation: the mental process of brainstorming ideas, concepts and
theories

INVENTION
- Refers to the creation of something entirely new, such as a product, process or
technology
- must have originality, novelty, impact

INNOVATION
- Refers to implementation or application of new ideas, concepts, or inventions in a
way that creates value
- turning newly generated ideas something familiar in a faster, better, cheaper, or more
convenient manner creating/ adding value from ideas

SUSTAINING INNOVATION
- routine innovation happens on incremental basis wherein a series of small
improvements are made on existing products

DISRUPTIVE INNOVATION
- revolutionary innovations creates new market and creates an impact on existing
markets

PRODUCTS
- Physical items that require raw materials
- tangible items or goods incorporated with technology and innovative features

SERVICES
- Activities that provide some combination of time, location, form or psychological
value
 - intangible offerings, solutions or activities that utilizes technology to operate

TEAM
- Group of individuals working together to achieve a certain goal

TECHNOPRENEURIAL
- Heavily relies on technology
- Targets digitally native customers
- Prioritize efficiency, convenience

VS. ENTREPRENEURIAL PRODUCTS & SERVICE

- Focuses on traditional business models, customer relationships, market functions
- Includes wider variety of industries & sector

BRUCE WAYNE TUCKMAN

Tuckman’s stages:
1. FORMING
- The initial stage where team members come together, get acquainted, and
define their goals and tasks
2. STORMING
- Conflicts and disagreements may arise as team members established roles
and challenge one another’s idea
3. NORMING
- The team starts to resolve conflicts, develop norms, and establish more
effective communication and collaboration patterns
4. PERFORMING
- The team operates cohesively, with members working together efficiently to
achieve their objectives
5. ADJOURNING
- The final stage which involves the completion of the team task, and the team
members often go their separate ways as the project or mission comes to an
end
CUSTOMERS
- A customer is an individual or organization that purchases goods or services from a
company in exchange for payments
- Are the lifeblood of a business, as they provide revenue and sustain its operations

IMPORTANCE OF CUSTOMERS IN BUSINESS

- Source of Income
- They promote brand and businesses
- The provide insightful criticisms

CLASSIFICATION OF CUSTOMERS

INTERNAL CUSTOMERS
Internal customers are individuals within the organization who receive goods or services
from another division of the company
 EXTERNAL CUSTOMERS
Customers who purchase products and services outside the organization.

INFLUENCER CUSTOMERS
Influence the purchase decision of others

TYPES OF CUSTOMERS

LOYAL CUSTOMER
- A loyal customer is someone who CONSISTENTLY chooses to do business with a
particular company or brand over an extended period due to their satisfaction with
the products or services offered.
IMPULSE CUSTOMER
- An impulse customer is SOMEONE WHO MAKES UNPLANNED PURCHASES,
OFTEN DRIVEN BY EMOTIONS OR IMMEDIATE DESIRES RATHER THAN
CAREFUL CONSIDERATION.
- They tend to buy on a whim, often prompted by in the moment factors like sales or
visual appeal
NEED-BASED CUSTOMER
- A need based customer is someone who makes PURCHASES PRIMARILY OUT OF
NECESSITY
- They buy products or services to fulfil SPECIFIC NEEDS OR SOLVE PROBLEMS,
and their buying decisions are driven by practicality
DISCOUNT CUSTOMER
- A discount customer is someone who actively seeks out and makes purchases
PRIMARILY BASED ON PRICE REDUCTIONS, PROMOTIONS, OR DISCOUNTS.
- They may be less brand loyal and more focused on getting the best deal
WANDERING CUSTOMER
- A wandering customer is someone who visits a retail or online store without a
SPECIFIC PURCHASE INTENT. They may BROWSE OR EXPLORE the offerings
without a clear idea of what they want to buy, making their buying behavior less
predictable

CUSTOMER VS. CONSUMER

CUSTOMER is an individual or entity that PURCHASE products or services from a business.
Customer are DIRECTLY INVOLVED IN THE TRANSACTION AND EXCHANGE MONEY
FOR THE GOODS OR SERVICES. They are responsible for making the purchase decision
and often have a financial relationship with the business .

CONSUMER is the person or entity who USES OR CONSUMES the product or service
purchased. The may or may not be the same as the customer. The consumer is the end user
who benefits from or interacts with the product or service, regardless of wether they were
ones who made their purchase.

WHO IS NOT A CUSTOMER?

CLIENT - a person or a group that uses the professional advice or services of a lawyer
accountant, advertising agency, architect etc.
CUSTOMER BEHAVIOR
- CUSTOMER BEHAVIOR REFERS TO AN INDIVIDUAL’S BUYING HABITS,
INCLUDING SOCIAL TRENDS, FREQUENCY PATTERNS, AND BACKGROUND
FACTORS INFLUENCING THEIR DECISION TO PURCHASE GOODS OR
SERVICES.

FACTORS INFLUENCING CUSTOMER BEHAVIOR

Psychological Factors
These include the attitudes, beliefs, perceptions, and emotions of customers, as well as their
learning and memory processes.

Social Factors
These include the influence of family, friends, peers, and other groups on customers, as well
as their social roles and status.

Economic Factors
These include the income level, purchasing power, savings, and spending patterns of
customers, as well as the economic conditions and trends in the market.

Cultural Factors
These include the values, norms, traditions, and customs of customers' culture, subculture,
and nationality.

Personal Factors
These include the demographic characteristics of customers, such as age, gender, income,
education, occupation, and lifestyle

CUSTOMER BEHAVIOR ANALYSIS

Customer behavior analysis is a systematic study of why, when, and how customers behave.
it involves diving deep into data to uncover patterns and trends, which can then be used to
optimize various aspects of your business, from product development to marketing
strategies.

IMPORTANCE OF UNDERSTANDING CUSTOMER BEHAVIOR

- It allows businesses to create personalized experiences.
- Enables better customer service and retention.
- Helps in designing effective marketing campaigns.

CUSTOMER RETENTION
- Keeping existing customers coming back to your business.

CUSTOMER LOYALTY
- It’s when customers love your brand and choose it over others.

CUSTOMER SEGMENTATION
Customer segmentation is the process that involves grouping existing and potential
customers based on shared characteristics, such as gender, age, location, preferences, and
more. by dividing customers into different classes, businesses gain a deeper understanding
of their needs, preferences, and buying patterns.

DIFFERENT METHODS OF SEGMENTATION

GEOGRAPHIC SEGMENTATION
- Divides customers based on their geographical location, such as country, region, city,
or climate.
DEMOGRAPHIC SEGMENTATION
- Focuses on demographic factors like age, gender, income, education, marital status,
and occupation.
PSYCHOGRAPHIC SEGMENTATION
- Considers customers’ lifestyle, values, interests, and personality traits.
BEHAVIORAL SEGMENTATION
- Analyzes purchasing behavior, usage patterns, loyalty, and interactions with the
brand.
IMPORTANCE OF CUSTOMER SATISFACTION
- Ongoing Innovation
- Customer Loyalty
- Positive Brand Perception

STRATEGIES TO IMPROVE CUSTOMER SATISFACTION

- Improve Product/Service Quality
- Uncovering Needs
- Set Expectations
- Enhance Customer Support
- Reward Loyalty

DEALING WITH CUSTOMER COMPLAINTS

BEST PRACTICES IN HANDLING CUSTOMER COMPLAINTS

- Acknowledge
- Empathy
- Resolution

CUSTOMER MANAGEMENT
- Generate Brand Awareness
- Acquire Leads
- Convert Leads into Customers
- Provide Superior Support
- Drive upsells and referrals

IMPACT OF TECHNOLOGY ON CUSTOMER MANAGEMENT

- Faster Communication
- Automation
- Data Collection and Personalization
- Omni-channel Experience
- Customer Service
ROLE OF SOCIAL MEDIA
- CUSTOMER ENGAGEMENT
- CUSTOMER FEEDBACKS
- BRAND AWARENESS
- ADVERTISING
- SALES GENERATION

VALUE PROPOSITION
1. Gains - the benefits which the customer expects and needs, what would delight
customers
2. Pains - the negative experiences, emotions, and risks that the customers
experiences in the process of getting the job done
3. Customer Jobs - the functional, social, and emotional tasks customers are trying to
perform, problems they are trying to solve and needs they wish to satisfy

VALUE MAP
1. Gain creators - how the product or service creates customer gains and how it offers
added value to the customer
2. Pain Relievers - a description of exactly how the product or service alleviates
customer pains
3. Products and services - which create gain and relieve pain, and which underpin the
creation of value for the customer

CATEGORIES OF VALUE PROPOSITION

1. Productivity - solutions and services that assist customers with improving output or
completing tasks more quickly and efficiently
2. Profitability - providers or services or products that make easier for clients to reduce
expenses, save money
3. Image -it will affect his reliability and credibility, promoting customers to cancel or
take their business elsewhere
4. Experience - customer evaluate their willingness to conduct business with a
company based on their interactions with that service provider
5. Convenience - look at the entire business model, from the customer being able to
research or find your website to making a call, all the way to when they pay your
product or service

STEPS TO CREATE EFFECTIVE VALUE PROPOSITION

1. Understand your target audience
2. Define your unique selling point
3. Focus on customer benefits
4. Keep it concise and clear
5. Test and refine

CHARACTERISTIC OF GREAT VALUE PROPOSITION

1. Business Model - built on a foundation of a great business model
2. Focus - on the jobs, pains, and gains that matter most to customers
 3. Targeting - will zoom in on jobs, pains, or gains that a large number of customers
have or for which a small number is willing to pay a lot of money
4. Alignment - it aligns with how your customers measure success
5. Prioritizing - focuses on the most significant jobs, most severe pains, and most
relevant gains of your customers
6. Uniqueness - differentiate from your competition in a meaningful way
7. Convergence - specifically addresses functional, emotional, and social jobs all
together
8. Performance - capable of outperforming competition substantially on at least one
dimension
9. Distinctiveness - difficult to copy
10. Applicability - puts emphasis on addressing unsatisfied jobs, pains and gains

ELEMENTS OF AN EFFECTIVE VALUE PROPOSITION

Valued - the product that will be valued by a customer

Valuable - the product must show that it will be valuable over time
Valuenique - the product needs to be different from other competitors
Valued chain - the product must be supported by value chain that is set up to deliver all your
strategic promises
Valuation - the product must undergo assessment in order to determine its value

BENEFITS OF VALUE PROPOSITION

- Create a strong differentiation between you and your competitors

- Increase not only quantity but also quality of prospective leads
- Improve your operation efficiently
- Increase your revenue
- Ensure that everyone in your company communicates the same messages

NEEDS APPROACH BENEFITS COMPETITION (NARC)

- An essential method to quickly structure, analyze and develop value propositions

FOUR FUNDAMENTALS

1. NEEDS
- a need should relate to an important and specific client or market opportunity, with
market size, and end customers clearly stated.
2. APPROACH
- As the approach develops through iterations, it becomes a full proposal or business
plan, it becomes a full proposal or business plan, which can include market
positioning, cost, staffing, partnering, deliverables, and intellectual property.
3. BENEFITS
- Each approach to a client's need results in unique client benefits, such as low cost,
high performance or quick response.
4. COMPETITION
- we must be able to tell our clients why or solution represents best value.
IMPORTANCE OF VALUE PROPOSITION
- Vital parts of a company's business strategy.
- Provides company with a method to influence the decision-making of a customer
- Powerful tool to drive sales and build a customer base.
- Regarded as the most effective and wide-reaching marketing activity.

MARKET IDENTIFICATION
Market- A space of buyers and sellers where they exchange or transact goods, products,
and services.
Market Identification- is a strategic marketing approach and process that is intended to
define the specific customer of the product
• Target Marketing- a strategy that involves dividing a market into distinct segments and
directing your marketing efforts toward one or a few critical segments within the
customer base whose needs and preferences align most closely with your product or
service offerings.
Market Analysis
- is a quantitative and qualitative assessment of a market.
Identify business opportunities
- Evaluate existing and potential competition.
- Guide the choice of who they should target. Indicate the customer requirements that will
be satisfied by their marketing position strategy.