Group 1 4.

WILLINGNESS TO TRY
Unit II THE ENTREPRENEURIAL THINGS
PERSONALITY 5. HONESTY
6. ALWAYS HAVE A PLAN
● 10 IMPORTANT ROLES OF AN 7. UNDERSTANDING THE
ENTREPRENEUR VALUE OF SELF-CARE
1. INITIATING AND LEADING 8. TAKING RISKS
BUSINESS ACTIVITIES 9. ADAPTABILITY
2. ALLOCATING EMPLOYEE'S 10. PERSISTENCE AFTER
DUTIES FAILURE
3. FORECASTING BUSINESS *ENTREPRENEURS
CHANGES ARE BOTH BORN AND THEN
4. CREATING JOBS MADE BETTER.
5. IDENTIFYING BUSINESS
OPPORTUNITIES APPRAISING YOURSELF FOR AN
6. CREATING AND SHARING WEALTH ENTREPRENEURIAL CAREER
7. IMPROVING THE STANDARD OF A. BE CREATIVE
LIVING -TO BE CREATIVE IS TO
8. TAKING UP AND REDUCING GENERATE IDEAS AND IMAGES IN
BUSINESS RISK YOUR HEAD IN ORDER TO COME UP
9. BUILDING STRATEGIC WITH SOLUTIONS AND
PARTNERSHIP ALTERNATIVE SOLUTIONS TO
10. DIGITALIZING BUSINESS PROBLEMS. CREATIVITY INVOLVES
OPERATIONS MOVING AROUND IDEAS, SPITTING
THEM, COMBINING THEM WITH
● ENTREPRENEURIAL TYPES OTHER IDEAS; THUS ARRIVING AT
AND QUALITIES NEW WAYS OF DOING THINGS.
-THE 4 TYPES OF B. ACTIVELY SEEK
ENTREPRENEURS OPPORTUNITIES
1. THE INVENTOR - A successful entrepreneur
2. THE SMALL BUSINESS actively seeks opportunities. He looks at
OWNER a situation and thinks, “What is in here
3. THE ONLINE that can be turned in to a business,” or if
ENTREPRENEUR he is already in business, he ask
4. THE HOME BUSINESS himself, “what’s in here that will be good
OWNER for my business or will improve it?”
-10 QUALITIES OF Opportunity seeking is actively going
ENTREPRENEUR after Ideas which can be turned into
1. DISCIPLINE opportunities.
2. CURIOSITY C. TAKE MODERATE
3. CREATIVITY RISKS/MAKING EFFORT
 - The successful entrepreneur
take risks, but before doing so, he is
able to recognize, assess, and minimize
this risks. This is known as calculating,
moderating, or controlling the risks. In
business, calculating the risks is
checking if you will make or lose money
in the process of doing business.
D. PRACTICE PERSISTENCE
- TRYING AND TRYING AGAIN
UNTIL YOU SUCCEED IS WHAT
PERSISTENCE IS ALL ABOUT.
PERSISTENCE IS ALSO TRYING TO
DO SOMETHING EVEN IF OTHER
PEOPLE SAY THAT YOU ARE LIKELY
TO FAIL. IT MEANS NOT BEING
AFRAID OF HARD WORK.
E.BE COMMITTED TO WHAT YOU
SET OUT TO DO
- YOU CAN PRACTICE
BEHAVIOR THAT WILL LEAD TO
STRONG COMMITMENT TO WORK
CONTACT. YOU NEED TO DO THIS IF
YOU ARE TO SUCCEED AS AN
ENTREPRENEUR. KEEPING YOUR
PROMISES AND COMMITMENTS IS
AT THE VERY HEART OF
ENTREPRENEURS.
F. SET HIGH STANDARDS OF
QUALITY AND EFFICIENCY
NO MATTER WHAT YOU ARE
DOING, YOU CAN STRIVE FOR
QUALITY AND EXCELLENCE. GOOD
ENTREPRENEURS DEMAND
QUALITY AND EFFICIENCY NOT
ONLY FORM THEIR WORKER AND
SUPPLIERS, BUT ALSO FROM
THEMSELVES.
G. SEEK INFORMATION
- KNOWLEDGE IS POWER. YOU
NEED INFORMATION TO GET WIND
OF BUSINESS IDEAS AND
OPPORTUNITIES. YOU NEED
INFORMATION TO DETERMINE
WHETHER YOUR BUSINESS IDEA
WILL BE PROFITABLE OR NOT, TO
FIND OUT WHETHER ARE PEOPLE
WHO WILL BUY YOUR PRODUCTS,
AND AT WHAT PRICE.
H. BELIEVE IN YOURSELF
-ENTREPRENEURS ARE RATHER
SELF-CONFIDENT PEOPLE. THEY
BELIEVE THAT THEY CAN ACHIEVE
THEIR GOALS. SO MUST YOU. IF
YOU DO NOT HAVE FAITH IN
YOURSELF
DEVELOPING YOURSELF FOR
ENTREPRENEURSHIP
-ARE IN A CHALLENGING
CIRCUMSTANCES THEY MUST BE
TALENTED IN WORKING ON
YOURSELF IS THE MOST EFFECTIVE
WAY TO ACHIEVE BUSINESS
GROWTH AND IT CAN BE REQUIRED
SKILLS TO
1. CREATIVITY
2. PASSION
3. MOTIVATION
4.PRODUCT OR SERVICE
KNOWLEDGE
5. ABILITY TO NETWORK
6. SELF-CONFIDENCE
7. VISION
8. GOAL MINDSET
9. RISK TAKING
10. DECISION MAKING
11. MONEY MANAGEMENT
12. ADAPTABILITY
CONCLUSION
FEW PERSONALITY TYPES ARE AS
CHARMING AND ATTRACTIVE AS
ENTREPRENEURS. KNOWN FOR
THEIR ABILITY TO IMPROVISE AND
FOCUS COMPLETELY ON THE
PRESENT, ENTREPRENEURS ARE
GREAT AT FINDING EXCITING NEW
THINGS TO EXPLORE AND
EXPERIENCE. ENTREPRENEURS’
CREATIVITY AND DOWN-TO-EARTH
ATTITUDE ARE INVALUABLE IN
MANY AREAS, INCLUDING THEIR
OWN PERSONAL GROWTH.
Group 2
Unit III ENTREPRENEURIAL
JOURNEY
a. Planning the Enterprise
I. Define Your Business Idea: Before
diving into the nitty- gritty of planning, it's
vital to have a clear understanding of
your business idea. According to Steve
Blank, a renowned entrepreneur, and
author, "A well-defined business idea is
the first step towards building a
successful enterprise."
II. Conduct Market Research: Market
research is a cornerstone of any solid
business plan. As Philip Kotler and Gary
Armstrong emphasize in their book
"Principles of Marketing," market
research helps in understanding
customer needs, market trends, and
competitors, providing the foundation for
informed decision-making.
III. Create a Business Plan: A business
plan is the roadmap for your enterprise.
According to William D. Bygrave and
Andrew Zacharakis, authors of "The
Portable MBA in Entrepreneurship," a
comprehensive business plan should
include key components such as an
executive summary, market analysis,
marketing strategy, financial projections,
and funding requirements
IV. Legal Structure and Registration:
Selecting the appropriate legal structure
and registering your business is
essential. As recommended by William
H. Putnam and Peter R. Russo In their
book Managing the Small to Mid-Sized
Company, Understanding legal
requirements is crucial to ensuring
compliance and legitimacy.
V. Secure Funding: Securing funding is
often a significant hurdle. In their study
published in the "Journal of Business
Venturing," Sheryl W. Smiley and Paul
K. Couchman highlight the importance
of exploring diverse funding sources,
including personal savings, loans,
grants, and investors.
VI. Build Your Team: As Peter Drucker,
Management Consultant, An educator,
and author, famously stated, "The best
way to predict the future is to create it.
Building a skilled and motivated team,
as recommended by David Fombrun
and Noel Tichy in "A New Corporate
Reputation Performance Model, is
crucial for achieving your enterprise's
goals.
VII. Develop a Marketing Strategy: In
their book "Marketing 4.0," Philip Kotler,
Hermawan Kartajaya, and Iwan
Setiawan emphasize the importance of
creating a robust marketing strategy that
adapts to the digital age, utilizing
channels like social media, content
marketing, and customer engagement
VIII. Monitor and Adapt: As Eric Ries,
author of "The Lean Startup, advocates,
adopting a continuous improvement
mindset is essential. Regularly
monitoring your business performance
and adapting to changes in the market
is critical for long-term success.
B. Organizing the Enterprise
-Organizing an enterprise refers to the
process of arranging and structuring its
resources, including people, tasks, and
assets, in a way that promotes
efficiency, effectiveness, and the
achievement of organizational goals.
-The five main steps involved in the
process of organizing an enterprise.
According to the article shared by Priyali
Sharma the steps are:
1. Determining Activities The first step in
organising is to identify and enumerate
the activities required to achieve the
objectives of the enterprise.
2. Grouping of Activities The various
activities are then classified into
appropriate departments and divisions
on products, territories, the basis of
functions, customers etc.
3. Assigr;ing Duties The individual
groups of activities are then allotted to
different individuals on the basis of their
ability and aptitude. The responsibility of
every individual should be defined
clearly to avoid duplication of work and
overlapping of effort.
4. Delegating Authority Every individual
is given the authority necessary to
perform the assigned task effectively.
Authority delegated to a person should
be commensurate with his responsibility.
5. Coordinating Activities The activities
and efforts of different individuals are
then synchronized. Such co-ordination
is necessary to ensure effective
performance of specialized functions.
C. Getting Started in Business
● Building this plan before starting
the business provides you with
knowledge and insights about
your idea.
● Making a Business privilege and
a great opportunity to gain
exposure to new experiences and
opportunity.
● The business plan is your map,
You should identify decision
points and milestones, significant
key accomplishments, in your
plan.
● Be honest with yourself by
running a reality check about
your ability to manage a venture,
especially from a personal-capa
city perspective.
D. Marketing Goods and Services
-Market goods and services are
generally intended to be sold on the
market at a price calculated to cover
their production cost.
-are all goods and services produced by
market activity branches, all imported
goods and services with the exception
of those that are directly purchased
externally by the government in the
framework of its routine operations and
by households, and the production part
of non-market branches of government
and private non-profit institutions serving
households.
1. Product (or Service) Your customer
only cares about one thing: what your
product or service can do for them.
Because of this, prioritize making your
product the best it can be and optimize
your product lines accordingly. This
approach is called "product-led
marketing." In a marketing mix, product
considerations involve every aspect of
what you are trying to sell. This
includes:
● Design quality
● Features
● Option
● Packaging
● Market Positioning
2. Price
Many factors go into a pricing model.
Brands may: • Price a product higher
than competitors to create the
impression of a higher-quality offering.
• Price a product similar to competitors,
then draw attention to features or
benefits other brands lack.
• Price a product lower than competitors
to break into a crowded market or attract
value-conscious consumers.
• Plan to raise the price after the brand
is established or lower it to highlight the
value of an updated model.
Set the base price higher to make
bundling or promotions more appealing.
3. Promotion
Promotion is the part of the marketing
mix that the public notices most. It
includes television and print advertising,
content marketing, coupons or
scheduled discounts, social media
strategies, email marketing, display ads,
digital strategies, marketing
communication, search engine
marketing, public relations and more.
All these promotional channels tie the
whole marketing mix together into an
omnichannel strategy that creates a
unified experience for the customer
base. For example:
• A customer sees an in-store promotion
and uses their phone to check prices
and read reviews.
•They view the brand's website, which
focuses on a unique feature of the
product.
• The brand has solicited reviews
addressing that feature. Those reviews
appear on high-ranking review sites.
• The customer buys the product and
you've sent a thank you email using
marketing automation.
4. Place
Where will you sell your product? The
same market research that informed
your product and price decisions will
inform your placement as well, which
goes beyond physical locations. Here
are some considerations when it comes
to place:
•Where will people be looking for your
product?
•Will they need to hold it in their hands?
•Will you get more sales by marketing
directly to customers from your own e-
commerce website, or will buyers be
looking for you on third-party
marketplaces?
• Do you want to converse directly with
your customers as they purchase, or do
you want a third party to solve customer
service issues?
5. People
People refers to anyone who comes in
contact with your customers even
indirectly, so make sure you're recruiting
the best talent at all levels-not just in
customer service and sales force.
Here's what you can do to ensure your
people are making the right impact on
your customers:
• Develop your marketers' skills so they
can carry out your marketing mix
strategy
• Think about company culture and
brand personality.
• Hire professionals to design and
develop your products or services.
• Focus on customer relationship
management, or CRM, which creates
genuine connections and inspires loyalty
on a personal level.
6. Packaging
A company's packaging catches the
attention of new buyers in a crowded
marketplace and reinforces value to
returning customers. Here are some
ways to make your packaging work
harder for you:
•Design for differentiation. A good
design helps people recognize your
brand at a glance, and can also highlight
particular features of your product. For
example, if you're a shampoo company,
you can use different colors on the
packaging to label different hair types.
• Provide valuable information. Your
packaging is the perfect place for
product education or brand
reinforcement. Include clear instructions,
or an unexpected element to surprise
and delight your customers.
• Add more value. Exceed expectations
for your customers and give them well-
designed, branded extras they can use,
like a free toothbrush from their dentist,
a free estimate from a roofer, or a free
styling guide from their hairdresser
7.Process
Prioritize processes that overlap with the
customer experience. The more specific
and seamless your processes are, the
more smoothly your staff can carry them
out. If your staff isn't focused on
navigating procedures, they have more
attention available for customers-
translating directly to personal and
exceptional customer experiences.
Some processes to consider:
• Are the logistics in your main
distribution channel cost-efficient?
• How are your scheduling and delivery
logistics?
• Will your third-party retailers run out of
product at critical times?
• Do you have enough staff to cover
busy times?
• Do items ship reliably from your
website?
If you get more than one customer
complaint about any process, pinpoint
what's going wrong and figure out how
to fix it.
Group 3 Continuation…
Producing Goods and Services
-The products and services section of
your business plan is more than just a
list of what your business is going to
provide.
Tips on Writing the Products and
Services Section
 ● INDICATE WHY YOUR
PRODUCT OR SERVICE IS
NEEDED
● HIGHLIGHT THE FEATURES
OF YOUR PRODUCT OR
SERVICE
● FOCUS ON BENEFITS
● BE CLEAR AND CONCISE
● SHOW OFF EXPERTISE,
EXPERIENCE, AND
ACCOLADES
● BE THE EXPERT, BUT USE
LAYMAN'S TERMS
● INDICATE WHAT'S SPECIAL
ABOUT YOUR PRODUCTS OR
SERVICES
● SPEAK TO YOUR CUSTOMER
What Is Product and Service in a
Business Plan?
-A products and services section of a
business plan clarifies exactly what your
business will produce, how much it'll sell
for, and other details along those lines.
-A product or service can be anything a
business creates to turn a profit. Some
businesses have both products and
services.
“Concept of Business Plan”
-A business plan is a document that
defines in detail a company's objectives
and how it plans to achieve its goals. A
business plan lays out a written road
map for the firm from marketing,
financial, and operational standpoints.
Both startups and established
companies use business plans.
● A business plan is a fundamental
document that any new business
should have in place prior to
beginning operations.
● Operating without a business
plan usually is not a good idea
How to Write a Business Plan
● The plan should include an
overview and, if possible, details
of the industry of which the
business will be a part. It should
explain how the business will
distinguish itself from its
competitors.
● Start with the essential structure:
an executive summary, company
description, market analysis,
product or service description,
marketing strategy, financial
projections, and appendix (which
include documents and data that
support the main sections).
These sections or elements of a
business plan are outlined below.
● Even if you have a good business
plan, your company can still fail,
especially if you do not stick to
the plan! Having strong
leadership with a focus on the
plan is always a good strategy.
Even when following the plan, if
you had poor assumptions going
into your projections, you can be
caught with cash flow shortages
and out-of-control budgets.
Markets and the economy can
also change. Without flexibility
built into your business plan, you
may be unable to pivot to a new
course as needed.
“Market research and Feasibility study”
MARKET RESEARCH
-According to the American Marketing
Association, marketing research is the
systematic gathering, recording and
analyzing of data about problems
relating to the marketing of goods and
services
-Marketing research is not a perfect
science. It deals with people and their
constantly changing feelings and
behaviors, which are influenced by
countless subjective factors. To conduct
marketing research, you must gather
facts and opinions in an orderly,
objective way to find out what people
want to buy, not just what you want to
sell them.
Marketing research focuses and
organizes marketing information. It
ensures that such information is timely
and permits entrepreneurs to:
• Reduce business risks
• Spot current and upcoming problems
in the current market
• Identify sales opportunities
• Develop plans of action.
Formal marketing research simply
makes this familiar process orderly. It
provides a framework to organize
market information.
1 Step One: Define Marketing Problems
and Opportunities
2 Step Two: Set Objectives, Budget and
Timetables
3 Step Three: Select Research Types,
Methods and Techniques
4 Step Four: Design Research
Instruments
5 Step Five: Collect Data
6 Step Six: Organize and Analyze the
Data
7 Step Seven: Present and Use Market
Research Findings
“Feasibility Study”
-A feasibility study is a type of market
research which analyzes the success or
failure of a new product, service,
concept, or location. It uses several
components of market research
including both primary and secondary
data to analyze and predict the outcome
of the new concept. Feasibility studies
are often completed for:
(1) New product development
(2) New service launches
(3) New business concepts
(4) New business locations or an
expansion to a new market
COMPONENT 1: DEMOGRAPHIC AND
TRENDS ANALYSIS
● Involves analyzing the population
and trends in the area where the
project or business will be
located.
COMPONENT 2: COMPETITIVE
ASSESSMENT
● Involves analyzing the
competition in the market and
identifying their strategies and
weaknesses.
COMPONENT 3:
MARKET SURVEY
● Involves collecting data from
potential customers and
stakeholders to assess the
demand for the product or
service.

Group 3 UNIT V. CONCEPT OF
MARKET
Market
-A market is a dynamic environment
where buyers and sellers interact to
exchange goods, services, or
information.
-Dividing the market into distinct groups
based on characteristics, needs, and
preferences to target specific customer
segments effectively.
-Establishing a unique image and value
proposition in the minds of customers to
differentiate from competitors.
SALES TECHNIQUES AND
CUSTOMER RELATIONSHIP
SALES TECHNIQUES:
● Consultative Selling
-Focuses on understanding
customer needs and providing
tailored solutions rather than
pushing products.
● Relationship Building
-Building trust and rapport with
customers is essential for long-
term success in sales. Rapport is
a positive and harmonious
connection between people. In
sales and customer relationships.
● Sales Process
-Typically involves stages like
prospecting, qualifying leads,
making presentations, handling
objections, and closing deals
CONSUMER RELATIONSHIP:
● .Importance of Customer
Relationships
-Building strong customer
relationships leads to loyalty,
repeat business, and positive
word-of-mouth referrals.
● Customer-Centric Approach
-Putting customers at the center
of all business activities by
meeting their needs and
exceeding expectations.
● Customer Lifetime Value (CLV)
-Understanding the long-term
value of a customer and investing
in retaining them.
E – COMMERCE AND ONLINE
MARKETING
● E – COMMERCE :
-E-Commerce is an industry with
a large and expanding online
market that has altered how
businesses and consumers
conduct transactions. Consumers
are no longer required to go to
the mall or a physical store to
purchase the desired products.
Instead, they can simply
purchase the items online from
the comfort of their own homes.
The three main types of e-commerce:
● Business-to-Business (B2B)
-The exchange of one business’s
products or services for another
business’s products or services
● Business-to-Consumer (B2C)
-The sale of a business’s
products or services to a
consumer.
● Consumer-to-Consumer (C2C)
 -The exchange of one
consumer’s products or services
for another consumer’s products
or services.
Benefits of E-Commerce
There are a number of distinct
advantages of e-commerce for both the
seller and the buyer. These include:
● Buyer
Accessibility: The product is
accessible 24 hours a day, seven
days a week.
Flexibility: Products are available
for purchase from anywhere in
the world.
Choice: Have access to an
extensive selection of products.
Assurance: Able to conduct
product research at their leisure.
Quicker buying process: Save
time and effort searching for what
they need while shopping online.
● Seller
Low cost: Establish an internet-
based business that can be
operated from any location.
Little to no overheads: No need
to pay for inventory, as it will be
shipped as orders are received.
No overstocks: Pay only for the
products that are sold.
Faster response to the market:
Easily keep up with trends and
modify products and services.
Cost-efficient promotion: Social
media allows free audience
targeting. Cheaper advertising.
Online Marketing Strategy Step
1. Define a set of goals.
2. Establish a budget to develop a
schedule.
3. Research the target audience.
4. Develop a strategy for each
channel.
5. Implement and monitor its
success.
6. Modify if needed.
ONLINE MARKETING:
-Digital marketing is the promotion and
advertising of a brand with the objective
of connecting a business with
prospective customers. This is made
possible through the use of the Internet,
cutting-edge technology, and other
digital communication methods.
Benefits of Online Marketing
● Timeliness: It allows brands to
reach their target audience with
the right message at the right
time.
● Specific targeting: Increased
brand awareness and greater
customer engagement through
targeted advertising.
● Develop brand loyalty: By
publishing relevant content to
your audience more frequently,
your brand will be able to expand
more quickly.
● Wide-reach: It offers a wonderful
opportunity to advertise your
business and services to a
potentially infinite audience.
● Improve customer loyalty: It
enables you to share the latest
trends and news with your
 audience via social media and last 50 years, except for the birth and
email. rapid evolution of the internet.

MARKETING STRATEGIES FOR You may also need:

HOME – BASED AND SMALL ● A social media presence:
BUSINESS Facebook, Instagram, TikTok, or
-The success of a small business has a X platform (formerly Twitter)
lot to do with its marketing plan. ● Search engine optimization
Marketing is used to attract the (SEO) skills: Optimizing your
customers needed to keep a business content for searches, internal and
viable and operational. Marketing external linking, title tags, alt
strategies are used to help a business tags, and headings.
achieve sales goals and branding ● Search engine optimization
initiatives. (SEO) skills: Optimizing your
content for searches, internal and
8 Marketing Strategies for Small external linking, title tags, alt
Business tags, and headings.
1. Establish a brand
2. Know your customer
3. Create a website
4. Use the power of SEO
5. Get listed on google
6. Advertise on
7. email customers and potentials
customers.
8. Use google adwords

7 Popular Marketing Techniques for

Small Businesses
1.Flyers
2.Posters
3.Value Additions
4.Referral Networks
5.Follow-Ups
6.Cold Calls
7.Online Marketing

The importance of the internet in

building a successful business cannot
be overstated. Marketing methods have
stayed pretty much the same across the