Entrepreneurship

skills in developing
a business idea

Lecture 2. a
Contents
I. Identification of Key entrepreneurship skills
II. Definition of market needs and related terms
III. Ways of identifying market needs
IV. Steps involved in identifying market needs
V. Marketing competition
VI. Types of competitors
Learning Outcomes
By the end of the topic you should
be able to:
a. Identify key entrepreneurship
skills
b. Search for market needs to
develop business idea
Buzzing

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1 What are the key entrepreneurship skills

2 You can insert your question here

3 You can insert your question here

4 You can insert your question here

I. Identification of
Key entrepreneurship skills

a) Communication skills
b) Marketing
c) Interpersonal skills
d) Personal effectiveness skills
e) Effective Leadership Skills
f) Planning
g) Basic Management Skills
I. Identification of
Key entrepreneurship skills

a) Communication skills: Effective communication is

important for the development of an organization.
Communication skills whether written or oral form
the basis of any business activity
b) Personal effectiveness skills focus on specific skills
and competencies that will improve a person's
ability to reach his or her personal goals.
I. Identification of
Key entrepreneurship skills

c. Marketing is the study and management of

exchange relationships.
• Marketing skills are used to create, keep and satisfy
the customer. With the customer as the focus of its
activities, it can be concluded that Marketing is one
of the premier components of Business
Management - the other being innovation.
I. Identification of
Key entrepreneurship skills

d) Effective Leadership Skills

1. Be wholly authentic.
2. Be humble and admit your mistakes.
3. Have a deep thirst for knowledge.
I. Identification of
Key entrepreneurship skills

d) Effective Leadership Skills

4. Exude passion for your business.
5. Allow your creativity to shine through.
6. Have the courage to take risks in your
business.
I. Identification of
Key entrepreneurship skills

A Good Leader should have the following

characteristics:
Strong Communication.
Passion and Commitment.
A positive attitude.
Innovation.
Collaboration.
I. Identification of
Key entrepreneurship skills

e) Planning is the process of thinking about the

activities required to achieve a desired goal. It involves
the creation and maintenance of a plan, such as
psychological aspects that require conceptual skills
f) Basic Management Skills: Problem Solving and
Decision Making, Planning and Time Management,
Delegation, communication skills and leading others.
I. Identification of
Key entrepreneurship skills

g) Interpersonal skills: In the business

domain, the term refers to an employee's
ability to get along with others while getting
the job done. Interpersonal skills include
everything from communication and listening
skills to attitude and deportment.
Buzzing

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1 What is a market?

2 What is a market needs?

3 What is a market analysis?

4 What
You can is a Business
insert your question opportunities?
here
II. Definition of market needs
and related terms

• A market is a medium that allows buyers and sellers

of a specific good or service to interact in order to
facilitate an exchange.
• Market may either be a physical market where
people come together to exchange goods and
services in person or a virtual market where buyers
and sellers do not interact, as in an online market.
II. Definition of market needs
and related terms

• Market also refer to people with the desire and

ability to buy a specific product or service.
• Market can also refer to the general market
where securities are traded. This form of the
term may also refer to specific securities
markets and may take place in person or online
II. Definition of market needs
and related terms

• Market place needs is a marketing concept that

relates to the functional or emotional needs or
desires of a target market.
• Generally, a successful company identifies
when a segment of customers is not effectively
served by existing providers and develops and
promotes products or services to match.
II. Definition of market needs
and related terms

• A market analysis is a quantitative and qualitative

assessment of a market.
• It examines the the market size both in volume and in
value, the various customer segments and buying
patterns, the competition, and the economic
environment in terms of barriers to entry and
regulation.
II. Definition of market needs
and related terms

• An idea is a thought or collection of thoughts that is

generated in the mind.
• A business idea is a concept that can be used for
financial gain that is usually centred on a product or
service that can be offered for money. . Examples of
business ideas include; bookkeeping services,
marketing services, social media/welfare consultant,
affiliate marketing etc.
Buzzing

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1 How do you identifying market needs ?

2 What is a market needs?

3 What is a market analysis?

4 What
You can is a Business
insert your question opportunities?
here
III. Ways of identifying
market needs

 Listen and ask the right questions

 After identifying needs
 always check for additional or related needs
 Identify and present the right products,
services, and solutions to meet your
customers' needs
IV. Steps involved in
identifying market needs

a) Do market research.
b) Take stock of the current marketing
department, communities, materials and
strategies.
c) Research how your competitors market.
d) identify your target customer base.
IV. Steps involved in
identifying market needs

e. Evaluate your name, logo and motto.

f. Evaluate your printed materials.
g. Evaluate your electronic image.
h. Find out if you have a marketing calendar.
Buzzing

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1 What is a market competition ?

2 Example of competitors?

3 What is a market analysis?

4 What
You can is a Business
insert your question opportunities?
here
V. Market competition
• Competition is the rivalry between companies
selling similar products and services with the goal of
achieving revenue, profit, and market share growth.
• Market competition motivates companies to
increase sales volume by utilizing the four
components of the marketing mix, also referred to
as the four P's
V. Market competition
• The four components of the marketing mix
Product
Place
Promotion
Price.
V. Market competition
• Price. Knowing and understanding your competition is a
critical step in designing a successful marketing strategy.
• If you are not aware of who the competition is and
knowledgeable about their strengths and weaknesses,
it's likely that another firm could enter the picture and
provide a competitive advantage, such as product
offerings at lower prices or value added benefits.
V. Market competition
• Identifying your competition and staying informed
about their products and services is the key to
remaining competitive in the market and is crucial to
the survival of any business.
• Competition between suppliers pushes prices
downward. Competition between buyers pushes
prices upward. As an entrepreneur you need to equip
with knowledge about competitors.
V. Market competition
Tips involved to identify market competition
• Take stock of your primary products or services.
• Find companies that sell that product or offer that service.
• Identify your competition.
• Do a simple survey.
• Determine if your market or industry is growing or
shrinking.
• Do word-of-mouth market research.
V. Types of Market competitors
• Word-of-mouth marketing (WOM marketing)
is when consumers talk about a company's
product or service to their friends.
• Companies can encourage WOM marketing
through exceeding expectations on a product,
providing good customer service, and giving
exclusive information to consumers
V. Types of Market competitors
V. Types of market competitors
Direct Competition
• Operate in the same industry (eg fast-food)
• Offer similar products Satisfy the same need
• Use same channels of distribution (retail
chains, takeaway, and home delivery)
• Target the same audience
V. Types of market competitors
Indirect Competition
• Indirect competitors are vendors that sell
products or services that are not necessarily
the same but satisfy the same consumer need.
V. Types of market competitors
• Traditionally competitor \into 3 groups:
1. Industry competitors: Competitors are
identified as organisations making the same
product or providing the same service. For
example oil industry, supermarket industry,
dental care industry, cosmetic industry,
automobile industry etc
V. Types of market competitors
2.Market competitors: Here competitors are
organizations that satisfy the same customer
needs.
 Example if a customer need is entertainment then
potential competitors might range from video game
producer, theme parks, movie theatres to local
community symphony orchestra, casinos, TVs, radios
etc.
V. Types of market competitors
3.Strategic group competitors: These are
groups of competitors following essentially the
same strategy in particular market or industry.
 Example: Mercedes benz and Lamborghini are
in the same strategic group. Corona and
corolla cannot be in the same strategic group
with above cars
V. Types of market competitors
ON YOUR OWN TIME LEARN MORE
Economists have identified four types of competition:
 Perfect competition
 Monopolistic competition
 Oligopoly and
 Monopoly
 ASANTENI
THANK YOU