eveloping

usiness
lan Presented by:
Claudine A. Dalisay
 Factors to Consider of a New
Entrepreneur

1. Know Your Product or Service.

- Be the first one to believe in your product or service that you will offer
the buying public. If it is a new idea or concept, you must be able to
convince that you have a unique product that would satisfy customers’
needs and wants. Customers want to try new products but it must be
better than those existing in the market.
2. Analyze the Market Potentials.
- The customers’ base will determine the success of your business venture.
The wider the market, the more chances of growth and success. The
entrepreneur must know how his needs and wants and figure out how to
satisfy these needs. Analyze customer’s profile as to their buying habits,
their income and social status.

3. Determine the Market Strategy.

- A unique product or service needs effective distribution strategy to get a
customer into the basket of demand potential. Continuous supply
determines product growth. Customers must have access to the product
when they need it. Outlets must be developed that would answer
customers’ demand. The customers must be able to make suggestions as to
product quality and availability as they are the KINGS and QUEENS of the
entrepreneur.
4. Know the Competitors
- You must know their strength and weaknesses. Develop new product and
marketing strategy and turn their weakness as a new opportunity for your
product. Continuous innovation and research would mean better quality
products or service. Make things better and serve your customers with
loyalty, dedication, and it will make a great difference.

5. Do not set on your Laurels

The landscape of business is continuously changing. Your initial success in
your business activities needs more proactive analysis for expansion or
growth, and overcome possible competitions. Develop advertising and
promotion strategy to penetrate wider market. Develop budget for
expansion and diversification. Invest in research projects that will enhance
the quality of your products.
 Environmental Planning

The environment of business is vast with opportunities and the

entrepreneur must have greater look into this potential as well
as the conditions prevailing in the community. The
entrepreneur’s ultimate objective is diving into the business
world, to make profit.
Factors Contributory to the Development
of Customer Satisfaction
Business Location for Small Entrepreneurs

A retail outlet would need a site that is convenient to

prospective customers in terms of parking space or
availability of transportation. A restaurant or an entertainment
center would need ample parking area where customers
would not worry on where to leave their cars while enjoying
their stay.
 In choosing location, you must consider the
following factors:

a. Rent and Space – the cost of rent is a regular monthly expense and it
must be sustained with the possible income that will be generated. The
price input must be competitive enough with those in the same location.

b. Terms of Lease Agreement- the term of lease must be studied carefully as

some owners of space might take advantage of the lessee.
c. Type of Goods and Merchandise – A convenient store is located where there are
pedestrians passing by. They need quick and easy access to the store and would
not spend a lot of time to purchase their goods.

d. Income Level of Prospective Customer – The type of pedestrians and the income
level of customer must be taken into account. A good barber shop or beauty salon
with facilities of air conditioning units and other amenities needs to be located in
the community with higher income bracket.
e. Prospective Sales Volume - high density sales volume need to be located in
shopping area where customers conversed to buy essential goods. Lower
sales volume could be located in the community or secondary areas like
subdivisions or the barangay.

f. Municipal or City Ordinances (fees and taxes) – The location must not violate
city or municipal ordinances and the taxes and fees must be reasonable for
the owners of business.

g. Location of the Areas - The area must be free from floods and other
calamities that will endanger the business. It must be free from the fire
hazards or other environmental factors.
 Strength, Weakness, Opportunities, and
Threats (SWOT Analysis)

SWOT Analysis is an entrepreneurial tool determining the profitability of

the business operation. Opportunities carries with it some risk involved
and this should be look into carefully.

STRENGTH and WEAKNESSES are internal factors to entrepreneurs while

OPPORTUNITIES and THREATS are external factors.