Entrepreneurship: Before starting a business, entrepreneurs need to make informed

estimates considering factors like distance, transportation, and passenger count. These
estimates play a crucial role in forecasting revenue, which is the income from sales
exceeding production costs. Revenue, recognized upon earning regardless of payment
method, encompasses terms like sales (for merchandising) and service income (for
rendered services).

To ensure credible and accurate forecasting, entrepreneurs must consider external and
internal factors affecting the business, including:
1. Economic condition: A healthy economy encourages consumer spending, impacting
businesses positively.
2. Competitors: Studying competitors' sales volume and product range helps estimate
market demand and potential market share for one's products.

These factors serve as a basis for forecasting business revenues and guide entrepreneurs in
stocking products to meet customer demand effectively.

Potential need and market need

Potential need - portion of population

Market need - part of the total demand

Available market - willing or capable

Target market - group of potential customers (entrepreneurs ideal target customers)
Penetrated market - set of customers who are already using a particular product or service
(active buyers, entrepreneurs shouldnt stop persuading

The market need

Need - a motivating force that compels action for its satisfaction

Market - a place where two parties can gather to facilitate the exchange of goods and
services, certain place where we find accomodities (items/products)

(market group)
Existing customers - nakabili na / naka experience ng service
Prospects - potential to buy / interested / considering to buy in the future
Target market users - don't need the product for now / it takes time to buy

SOLUTION = NEED

MARKET RESEARCH
Data collection techniques
1. Survey
2. Interview
3. Focus group discussion

5 THINGS THAT MARKET RESEARCH CAN DO FOR YOU IN THE PROCESS OF

PRODUCT DEVELOPMENT & BUSINESS GROWTH
 1. It is crucial for a better understanding of your Customers
2. Knowledge about your competitors, and how they approach the market
3. Testing your product before launch
4. You won't go out of business
5. Business growth

BUSINESS PLAN
A written document describing the nature of the business, the sales and marketing
strategy,and the financial background, and containing a projected profit and loss statement

BUSINESS CONCEPT
An idea for a business that includes basic information such as the service or product, the
target demographic, and a unique selling proposition that gives a company an advantage
over competitors.

vision and mission- set the tone for business plan, act as a guiding principle, tell the leader
to customer what your business is all about, every word should be powerful and relevant,
smart, when you combine vision and mission it is called objectives

vision - what the company aspire to become or striving for, highest

mission - it is what the business value, who's the business value, role to society

objectives must be more specific than the vision and mission, it should be measurable and
time bound

Executive summary- most important part of your business plan ,most relevant, business
proponents (stakeholders) have financial interest like customers, owners employees (direct),
suppliers (indirect), stand alone document, condensed section of your business plan

Sales- transaction between buyers and consumers/seller, agreement, contact in exchange

of services and goods, revenue,