Entrepreneurship

FIRST
QUARTER
Highlights
1 Concept of Entrepreneurship
Characteristics

2 Analyze Market Needs

Segmentations

3 Motivation for Buying Products

The Maslow’s Hierarchy of needs and Sources of Business
Ideas

4 PESTEL & SWOT Analysis

Factors affecting the business

5 Growth of Business
Factors

6 Marketing Mix
4P’s of Marketing
TODAY
Concepts of
Entrepreneurship
 1. It is defined as the process of creating
something new whether be it a product or
ENTREPRENEURSHIP
service that brings value by devoting the
necessary time and effort considering the
financial, psychic and social risks, and
receiving the resulting rewards of monetary
and personal satisfaction and independence.
Basic Terminologies Research

Qualitative Quantitative
Research Research

Mixed Approach
 1. To be an entrepreneur or a businessman means
someone has to be able to create something new
WHAT IS that can offer value to its chosen market to be
ENTREPRENEUR
able to get something in return and convert it to a
profitable business.
 1. An entrepreneur is an individual who plans,
organizes and operates a business or businesses,
WHO IS taking greater than normal financial risks,
ENTREPRENEUR
psychic and social risks.
2. He is someone who creates or looks for ideas or
business then implemented to become a
business.
Basic Terminologies Research

Method Technique

Approach
Entrepreneurial Competencies

⮚ Initiative
⮚ Sees and act on opportunities
⮚ Persistence
⮚ Information Seeking
⮚ Concern for work quality
⮚ Commitment to work contract
⮚ Efficiency Orientation
⮚ Systematic Planning
⮚ Problem Solving
⮚ Self-Confidence
⮚ Assertiveness
⮚ Persuasion
⮚ Use of Influence Strategies
Characteristics of Entrepreneur

⮚ Ambition

⮚ Enthusiasm

⮚ Creativity

⮚ Decision Making

⮚ Perseverance
Thank You
Entrepreneurship
TODAY
Analyze Market
Needs
MARKET
 ⮚It is a quantitative and qualitative evaluation of
a market.
MARKET
ANALYSIS
⮚The goal is to look into the size of the market
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.
 ⮚The objectives of the market analysis are to
make sure that everything about the market is
HOW TO DO MARKET clear and that the business if feasible and it is
ANALYSIS?
large enough to build a sustainable business.

⮚These are the recommended items for market

analysis: Target Market, Segmentation,
Competition and Market needs.
 ⮚A target market is a group of customers that a
TARGET
business has decided to aim its marketing
MARKET efforts towards.

⮚A target market consists of customers that

share similar characteristics, such as age,
location, income and lifestyle.
 ⮚Target markets can be divided into primary
TARGET
and secondary target markets.
MARKET
⮚Primary target markets are those market
segments to which marketing efforts are
primarily directed and secondary markets are
less important.
 ⮚To build a solid foundation for a business, the
RECOGNIZE entrepreneur must identify first the business’
TARGET target market. There is no such thing as “one
MARKET
size fits all” when it comes to recognizing a
market niche.

⮚The clearer the business can identify its target

customer, the more effective it could become
in tailor-fitting its strategies in getting
customers.
 MARKET
SEGMENTATION
The division of the total market into
smaller, relative homogeneous to
become effective in your selected
customer.
 1. Demographic Segmentation
2. Geographic Segmentation
MARKET 3. Psychographic Segmentation
SEGMENTATION
4. Behavioural Segmentation
 The Level of Customer’s
Satisfaction on Jollibee SM
Valenzuela perceived by Fatima
Grade 12 Students.
 ⮚Competitors are like each companies enemies
who always want bigger portion of the market
RESEARCH THE share.
COMPETITION

⮚By knowing the competitor, an entrepreneur

will be able to compare themselves to see
what things that are effective and works for the
other companies in the industry.
 ✔In starting a business, one good question to
have in mind is if there is a consumer need for
IDENTIFY THE your product.
MARKET NEEDS

✔Unless it does, you may end up developing a

plan, a product or solution that really doesn't
have a problem to solve, which also means
there is no market to buy your product.
 ✔Importantly, businesses exist to give solution
to customer's problems and meet their needs
IDENTIFY THE better than the competitors in the marketplace,
MARKET NEEDS
in a reasonable price.
Thank You
Entrepreneurship
TODAY
MOTIVATION FOR BUYING
PRODUCTS
 ✔A product is a tangible item that is put on the
PRODUCT
market for acquisition, attention, or
VS consumption, while a service is an intangible
SERVICE item, which arises from the output of one or
more individuals.
 SOUCES OF
BUSINESS IDEAS
 Sources of Business Ideas
ENTREP
❖Survey
❖Training
❖Experience
❖Hobbies
❖Talents
❖Market Gaps
❖Events
❖Media
 ✔Business ideas can be generated from
surveys.
SURVEYS
✔Through this type of data generation method,
entrepreneurs will have awareness of what
customers are looking for and therefore an
opportunity of a business to innovate based on
the responder’s answers.
 ✔This is probably the most home-based
business.
TRAINING
✔For example, there are seminar that conducts
how to cook, bake, handcraft, and even repair
things.

✔Institutions such as Nego Eskwela and

TESDA are some of the country’s institution
that offers short courses and trainings for
aspiring entrepreneurs.
 ✔Probably the best and effective source of
business idea is from experience.
EXPERIENCE
✔This can be from work or even at school.

✔As they say experience is the best teacher,

which means that good things as well as
mistakes from experience can be valuable
factors in creating and growing a business.
 ✔This can be a good business idea because it
is something that an entrepreneur is fond of
HOBBIES doing and can enjoy while doing the business.

✔Most car enthusiasts for example create

business out of their own hobby as a way for
them to enjoy while they operate their
business.
 ✔A talent is something that can be innate in a
person, or that has been honed for years.
TALENT
✔Someone’s talent can be a good idea for
business because like a hobby, it is something
that can be enjoyed, and entrepreneur will not
have the feeling of working while doing it.
 ✔Also known as “niche”, spotting a gap in the
market can also form a great business idea.
MARKET GAPS
✔A market gap can mean an important area in
the market that is not occupied and therefore
is can be filled with product to satisfy the
market.
 ✔A business can also be created through
attending events in which new ideas are
EVENTS exchanged.

✔It is also a venue where people with similar

interests gather and where the birth of new
business can happen.
 ✔An idea can also come from the media.

MEDIA ✔Reading magazines, newspapers and such

published materials that contain business
related issues can help one bring about.
 The Level of Customer’s
Satisfaction on Jollibee SM
Valenzuela perceived by Fatima
Grade 12 Students.
Thank You
Entrepreneurship
TODAY
BUSINESS PLAN PART 1
Thank You
Entrepreneurship
 TODAY
PESTEL AND SWOT ANALYSIS
&
 ✔Market research is an estimation of the
possible size and characteristics of customers
MARKET or firms who could be buying your product.
RESEARCH

✔The market size is the cumulative number of

potential consumers who are under-
represented or not covered by current
solutions at all..
 ✔The analysis of an industry is a study of an
industry's current scope and the types of
ANALYZE products being provided.
THE INDUSTRY

✔A brand new product means that in a new

market, you will have the first-mover
advantages. This advantage offers you the
ability to connect to the entire business
potential.
 ✔Competitor analysis includes comparing the
characteristics, strengths and weaknesses of
COMPETITOR the product or service compared to those
ANALYSIS
provided by the competitors.

✔Sometimes, companies create spreadsheets

to map out the plans of any major competitor.
IS PROFITABILITY OR GROWTH
MORE IMPORTANT IN THE
BUSINESS?
 ✔The net profit of a corporation is the income
after deducting all the expenditures related to
PROFITABILITY the manufacture, distribution, and selling of
the goods.

✔Profit is "money in the bank." This goes

directly to a company's owners or
shareholders, or is reinvested in the business.
 ✔Profit is the primary aim for any company, and
for a company that doesn't have investors or
PROFITABILITY funding at first, profit may be the sole resource
of the business.
 ✔It is important to assess and concentrate a
company's productivity at the beginning, or
start-up.
GROWTH
✔At the other hand, demand and revenue
growth is the way to attain the initial
profitability.

✔Identifying opportunities for growth will

become the next important thing on the target
list of every organization after a company
moves past the startup process.
 ✔When it comes to market success,
productivity and development all go together.

BOTTOM LINE
✔Income as a corporate organization is vital to
basic financial survival while growth is vital to
income and long-term success.

✔Investors should consider any factor that

relates to a company.
 ✔Fair price
✔Good service
✔Good product
THE FOUR NEEDS ✔Feel valued
OF A CONSUMER
Thank You
Entrepreneurship
TODAY
BUSINESS PLAN PART 2
Thank You
Entrepreneurship
 TODAY
MARKETING MIX STRATEGY
&
 Marketing Mix
It includes a number of activities.

An organization will determine how to serve its target group of

customers. I determined, product will be placed in the market,
with appropriate products, price, distribution and promotion.

Marketing mix is the set of controllable variables that the firm can use to
influence the buyer’s response.

The controllable variable are the 4ps which can create highest level of
consumer satisfaction.

Putting right product or a combination thereof in a place, at the right

time and at the right place at the right time at the right price.
 1. Product

Product refers to the goods and services offered by the organization. Product
can also take the form of a service like an air travel, telecommunication, etc. Thus, the
term product refers to goods and services offered by the organization for sale.

Product can be broadly classified based on

(1) use,
(2) durability, and
(3) tangibility.

Let us have a brief idea about the various categories and their
exact nature under each head, noting while in marketing the terms
‘product’ and ‘goods’ are often used interchangeably.
Based on used:
⮚ Consumer goods
⮚ Industrial Goods

Based on Tangibility:
⮚ Tangible goods
⮚ Intangible goods

Based on Durability:
⮚ Durable goods
⮚ Non-durable goods
Factors affecting the price:
⮚ Cost
⮚ Demand
⮚ Competition
⮚ Government Regulation
⮚ Marketing Objectives
2. Price

The price is the amount paid in respect of a good or service. It is the second most significant
marketing mix item. It's a difficult job to set the commodity price. Many considerations, such as
demand for a commodity, costs involved, the willingness of customers to pay, costs paid by
competitors for similar goods, government regulations, etc., have to be kept in mind when setting the
price. In fact, pricing is a very crucial field of decision because it affects the demand for the product as
well as the company's profitability.
(a)Cost: No company will succeed unless their manufacturing and distribution costs are covered. The retail
prices are calculated in large quantities of goods by applying an appropriate profit margin to the costs.
Higher the rate, the higher the price is likely to be, the lower the price is likely to be.

(b)Demand: Demand also has a big influence on the price. If the availability of a product is insufficient and
the demand is high, people buy, even if the producer charges high prices. But how high the price will be
depends on the ability and willingness of prospective customers to pay, and their desire for the product.
In this context, price elasticity, i.e. responsiveness of demand to changes in price should also be kept in
view.
Competition: The price charged by the competitor for similar product is an important determinant of
price. A marketeer would not like to charge a price higher than the competitor for fear of losing customers.
Also, he may avoid charging a price lower than the competitor. Because it may result in price war which
we have recently seen in the case of soft drinks, washing powder, mobile phone etc.
Government Regulation: Prices of some essential products are regulated by the government under
the Essential Commodities Act. For example, prior to liberalization of the economy, cement and steel
prices were decided by the government. Hence, it is essential that the existing statutory limits, if any,
are also kept in view while determining the prices of products by the producers.

Marketing Objectives: A firm may have different marketing objectives such as maximization of profit,
maximization of sales, bigger market share, survival in the market and so on. The prices have to be
determined accordingly. For example, if the objective is to maximize sales or have a bigger market
share, a low price will be fixed. Recently one brand of washing powder slashed its prices to half, to
grab a bigger share of the market.
Types of Channel Distribution:
⮚ Zero stage
⮚ One stage
⮚ Two stage
⮚ Three stages
Factors Affecting the Distribution
Channel:
⮚ Nature of the market
⮚ Nature of the product
⮚ Nature of the company
⮚ Middlemen consideration
 The products are made to sell to customers. These must be made available to customers at a
location where they can make transactions conveniently. The company has to determine whether to
sell to the retailer directly or through the distributors / wholesaler, etc. It might also plan on selling it
directly to customers. The option is directed by a number of factors you'll learn about later in this
chapter.

CHANNELS OF DISTRIBUTION

“You are aware that while a manufacturer of a product is located at one place, its
consumers are located at innumerable places spread all over the country or the world. The
manufacturer must ensure the availability of his goods to the consumers at convenient points
for their purchase. He may do so directly or, as stated earlier, through a chain of middlemen like
distributors, wholesalers, and retailers. The path or route adopted by him for the purpose is
known as channel of distribution. A channel of distribution thus, refers to the pathway used by
the manufacturer for transfer of the ownership of goods and its physical transfer to the
consumers and the user/buyers (industrial buyers).” Kotler, (2010).
Primarily a channel of distribution performs the following functions:

(a)It helps in establishing a regular contact with the customers and provides them the necessary
information relating to the goods.
(b)It provides the facility for inspection of goods by the consumers at convenient points to make their
choice.
It facilitates the transfer of ownership as well as the delivery of goods.
(c)It helps in financing by giving credit facility.
(d)It assists the provision of after sales services, if necessary.
(e)It assumes all risks connected with the carrying out the distribution function.
FACTORS AFFECTING THE CHOICE OF DISTRIBUTION CHANNEL

Choosing a suitable distribution channel is very important, as both the pricing and promotion strategy
depend on the channel chosen. Not only this, the path that the product takes from the producer to the
customer often involves some costs. In addition, does not only affect the product's quality but also the profits.
Choosing inappropriate distribution channels will lead to lower profits for the producer, and higher consumer
prices. Therefore, when finalizing the distribution channel to be used the producer must be careful. While also
making his choice, he should pay attention to the following factors.
(a)Nature of Market: There are many aspects of market which determine the choice of channel of
distribution. Say for example, where the number of buyers is limited, they are concentrated at few
locations and their individual purchases are large as is the case with industrial buyers, direct sale
may be the most preferred choice. But in case where number of buyers is large with small
individual purchase and they are scattered, then need may arise for use of middlemen.

(a)Nature of Product: Nature of the product considerably affects the choice of channel of
distribution. In case the product is of technical nature involving a good amount of pre-sale and
after sale services, the sale is generally done through retailers without involving the
wholesalers. But in most of the consumer goods having small value, bought frequently in
small quantities, a long channel involving agents, wholesalers and retailers is used as the
goods need to be stored at convenient locations. Items like toiletries, groceries, etc. fall in this
category. As against this in case of items like industrial machinery, having large value and
involving specialized technical service and long negotiation period, direct sale is preferred.
(a)Nature of the Company: A firm having enough financial resources can afford to its own a
distribution force and retail outlet, both. But most business firms prefer not to create their own
distribution channel and concentrate on manufacturing. The firms who wish to control the distribution
network prefer a shorter channel.

(a)Middlemen Consideration: If right kind of middlemen having the necessary experience, contacts,
financial strength, and integrity are available, their use is preferred as they can ensure success of
newly introduced products. Cost factors also have to be kept in view as all middlemen add their own
margin of profit to the price of the products. But from experience it is learnt that where the volume of
sales is adequate, the use of middlemen is often found economical and less cumbersome as against
direct sale.
Promotional Strategy:
⮚ Print advertisement
⮚ billboards
⮚ Electronic media
⮚ Social media
⮚ Personal selling
⮚ Sales and discount
 Promotion is therefore an essential component of a marketing mix, as it refers to a process of
educating, persuading and motivating a customer to select the product to be purchased. Promotion is
achieved by means of promotion of personal sales, advertisement, publicity, and marketing. It is done
primarily with a view to providing knowledge about the quality, characteristics and uses of a commodity to
prospective consumers. It stimulates the interest of potential buyers in the product, compares it with the
product of the competitors and makes its decision.
Promotion refers to the process of informing and persuading the consumers to buy certain
product.
By using this process, the marketeers convey persuasive message and information to its
potential customers.

The main objective of promotion is to seek buyers’ attention towards the product with a view
to:
– arouse his interest in the product;
– inform him about its availability; and
– inform him as to how is it different from others.
 It is thus a persuasive communication and serves as a reminder. A firm uses different tools for its
promotional activities which are as follows:
– Advertising
– Publicity
– Personal selling
– Sales promotion

1. Advertising: Advertising is the most used tool for informing the present and prospective consumers about
the product, its quality, features, availability, etc. It is a paid form of non-personal communication through
different media about a product, idea, a service or an organization by an identified sponsor. It can be done
through print media like newspaper, magazines, billboards, electronic media like radio, television, etc. It is a
very flexible and comparatively low-cost tool of promotion.
2. Publicity: This is a non-paid process of generating wide range of communication to contribute a favorable
attitude towards the product and the organization. You may have seen articles in newspapers about an
organization, its products, and policies. The other tools of publicity are press conference, publication, and news
in the electronic media etc. It is published or broadcasted without charging any money from the firm.
Marketeers often spend a lot of time and effort in getting news items placed in the media for creation of a
favorable image of the company and its products.
3. Personal selling: You would have encountered representatives of numerous firms knocking at your
doorstep and persuading you to purchase their product. It is a direct presentation to consumers or prospective
purchasers of the product. It refers to the use of salespeople to persuade consumers to act favorably and
purchase the product. In the case of industrial goods, it is most effective promotional tool.

4. Sales promotion: It applies to short-term and temporary opportunities to purchase new products or to
promote trials. The tool includes competitions, games, gifts, trade shows, discounts, and so on. Sometimes,
promotional advertising events are conducted at retail level.
Importance:
⮚ Who make the product
⮚ Who bring the product to
customers
⮚ Who will talk to customers
5. People

The team involved in the delivery of the project should possess the skills and qualities needed to ensure its
success (barring unforeseen mishaps).

This is perhaps especially true of customer-facing staff, whose communication and behavior will greatly
impact the audience’s perception of the brand. You could well have developed the best product of its kind

People Who Make the Products

In addition to the executive team, there are people who are responsible for designing the company's
products and services. Companies will take time to hire people with skills and experience in the field in
which they work.

People Who Bring the Products to the Customers

They are the people who have to decide what their clients want and the best way for them to get what
they want.

People Who Talk to the Customers

Customers are always keen to be assured of being able to talk to people who are ready and able to help with
problems or concerns about the products they have purchased or services they have used.
 Process:
⮚ Delivery time
⮚ Delivery methods
⮚ In-store wait time
⮚ Communicating with customer
support
⮚ Aftercare
1. Processes
The processes involved in a product’s delivery will significantly affect the customer’s experience, level of
satisfaction, and lifetime value to your business. These processes may include (and are not limited to
7. Physical evidence
The final P refers to the physical context and paraphernalia (such as receipts, “thanks for ordering” cards,
confirmation emails and PDF invoices) that come along with the product. In order to reinforce the product’s and
the seller’s credibility, these components should exhibit the qualities customers expect of them, based on up-
todate industry standards.

For example, precious jewelry might be displayed within a locked cabinet; ethical supermarkets might
choose to use as little print as possible on their receipts (or offer digital receipts as an alternative), and
doctors’ surgeries should look suitably clinical. In a nutshell, “Physical evidence” is all about ensuring every
component involved with the product adheres to the same brand values as the product itself. This creates a
consistent, convincing experience for the customer.
BRAND EQUITY
 ✔When you establish a name and it becomes a
brand, it is said to have equity.

BRAND EQUITY
✔It is said that the premium and reputable a
brand can always command and dictate the
competition in the market.

✔The Benefits of Creating a Power Brand

✔Buyers will not change no matter what the

others offer because they already put a lot of
trust
 ✔It Reduces marketing costs and expenses

✔Can easily charge a premium price.

ADVANTAGES
✔Can easily introduce brand extensions and
new products.

✔Can compete with others when it comes to

price competition.
 ✔The premium brand can command in the
market and they usually dictate the level of
competition in the market arena.
HOW TO
MEASURE A
BRAND? ✔It also distinguish products and services away
from others in the market – Value proposition.
 ✔Shape
✔Color
✔Size
Tangibles of ✔Models
strong brand ✔Price
✔Features
✔Benefit .
 ✔Company name
✔Brand name
✔Slogan and its underlying associations
Intangibles of Perceived quality
strong brand ✔Brand awareness
✔Customer base
✔Trademarks and patents
✔Channel relationships
✔Customer loyalty
✔Customer confidence
✔Competitive advantage
Thank You
SECOND
QUARTER
Entrepreneurship
TODAY
4Ms of Business Operation
 4Ms of
Business
Operation
The Level of Customer’s Satisfaction
on Jollibee SM Valenzuela
perceived by Fatima Grade 12
Students.
 Human Resource (Manpower) refers to the
overall aspect of planning and organizing the
personnel who will fill-in the key-functions of
business operations. In a fast-food chain for
MANPOWER example, manpower includes the store
managers, kitchen crews, storage and back up
crews, dining area crews and even the guards
on duty.

Without appropriate number of manpower, a

business will not be able to get things done or
will not have a smooth operation.
Hire the right ✔The appearance of the applicant must be neat/clean
people. and presentable, thus projecting a professional
image. Possesses the qualities of your company
culture- service attitude.
 Assign
Responsibilities. ✔Delegate the tasks in different areas of operations.
Example in kitchen (follow the organization)
Ensure Work ✔The protocols must be surely followed by all staff
Safety including. Use of personal protective equipment,
prescribed uniforms (chef’s uniform, toque, apron
etc. for kitchen).
 ✔It is necessary that your staff are empowered prior
going to work. Enough Sleep/rest is crucial in
Staff Rotation
attaining their desired performance. When we have
proper scheduling of staff, we can ensure our team
will achieve those desired performance.
METHOD ✔Methods are ways of doing things in a certain
workplace.
 Covert Marketing: Ethical
Concerns Marketers Face when
Children are the Target.
 ✔Machines are known to be automated devices

MACHINE that results to attaining efficient, and better

results/multi-tasking. These are devices that
make mechanical work easier. Few examples
of machines in fast-food stores includes
pressure cooker, POS machines, computers,
griddles, refrigerators, and many others.
 Covert Marketing: Ethical
Concerns Marketers Face when
Children are the Target.
 ✔Materials are used in the primary production

MATERIALS or manufacturing of goods and is very

important in the business operation. For the
big companies especially, which sell high
priced products, they always look for high
quality raw materials.
Thank You
Entrepreneurship
 TODAY
Develop Product Description
 ✔In developing your product description, it is
Developing always necessary to think about two primary
Product things: the product you promote itself, and the
Description features of your product.

✔These two elements if carefully planned and

developed well specifically to a specific market
have a high chance of getting the spotlight
especially if you are a new entrant to the
competition.
 Guide in ✔Focus on your Target Market.
Writing ✔Entice Customers with Benefits
Product
Description ✔Justifying Using Superlatives

✔Appeal to your Customer’s Imagination

✔Create Mini-Stories
 ✔Your target market should be our priority in
Focus on your
writing our product description and no one
Target Market else. You must ensure that you are writing
things to entice them, what makes them
purchase a product or go visit your store (their
intentions) etc. Make sure to speak their
language
 Entice ✔The difference between a product feature and
Customers product benefit is that, in terms of features,
with Benefits you are telling your target market all the
technical information they needed to know
about the product.
 Justifying
✔Superlatives may signal or sound
Using
untrustworthy and may sound negative without
Superlatives proper justification.

✔In using superlatives technique, make it on

top of your mind to present all the best things
your product has.
Appeal to your ✔As an entrepreneur, you need to consider the
Customer’s reason why consumers are buying.
Imagination
✔Consumers are because they envision the
rewards they will receive and the change they
will achieve from using the product or service.
 ✔Telling a narrative about the company is one
Create Mini- of the tactics we 're implementing right now.
Stories
✔Consumers feel that they are conscious of a
story that convinces them a lot.
TODAY
Creating Product Prototype
CREATING A PRODUCT PROTOTYPE
 ✔According to Chua, Leong, and Lim (2009),
CREATING A Prototyping is the initial draft/proposed model
PRODUCT of the concept used to test characteristics or
PROTOTYPE specifications of the finished product before it
is done.

✔From the entrepreneurial eye and the

observation to the palm of your hand, these
are the required steps to build and grow a
prototype of your goods.
 Four (4) ✔Information Phase
Phases of ✔Exploration Phase
Product
Development ✔Decision Phase

✔Test Phase
 ✔During this phase designers try to understand
and grasp the product context, needs, and
wishes of the different stakeholders, and
Information translate these in a program of requirements.
Phase
✔A designer wants to question the focus group
of users.
 ✔During this phase, developers will come
across innovative solutions for the
Exploration assignment.
Phase
✔A multitude of design solutions is gradually
shaped.
 ✔On the third phase, the scope of design gets
narrower and the obtained design solutions
are worked out in further detail.

Decision ✔The design gets its final form. detailed

Phase prototypes are used to validate and verify the
chosen design solutions.
 ✔At this last phase, it will serve as a platform
for validation and communication.
Test
Phase
TODAY
Test the Product Prototype
TEST THE PRODUCT PROTOTYPE
 ✔Testing a product to offer prior
TEST THE commercialization is a vital or necessary part
PRODUCT of the design and production process.
PROTOTYPE
✔It helps the supplier and the customer to
determine the feasibility of the product.
Refer to the Strategy of the Prototyping of
this certain Coffee Producing Company:
✔Roasting as the starting point
✔Roast degree/level as the reference
✔Initial Set of Prototype are produced.
✔If the panel answer is "Back to the drawing
board," the cycle must start again.
✔Once the "goal" has been reached, the coffee
sample will be prepared as it should be
consumed by the target customer at the
expected levels using the presumed brewing
process.
Thank You
Entrepreneurship
TODAY
VALIDATE THE SERVICE DESCRIPTION
OF THE PRODUCT WITH POTENTIAL
CUSTOMERS TO DETERMINE ITS
MARKET ACCEPTABILITY
 ✔These are rental of goods, alteration or repair
Services of goods owned by consumers and personal
services.
 ✔Rented Goods Service – The consumer
rented the facility or products of the sellers in a
certain period.
Services
✔Owned Goods Service – Repair and
maintenance services rendered by the sellers
to the products of the customer.

✔Non-Good Service – Personal service on the

part of the seller; most common are the
expertise and the profession of the seller.
Characteristics
of Services ✔Intangibility – Products, unlike consumer
products, have the attribute of intangibility. In
other terms, the entrepreneur’s services
cannot be packed, shown, shipped, processed
or checked until purchase was made. The
credibility of the business most of the time
counts.
Characteristics ✔Perishability – Services unlike consumer
of Services goods cannot be kept for future sale. The
lost today on sale cannot be restored and
gone forever. Like seats in airlines or seats
in restaurants which has something to do
with income opportunity. The skills of the
provider must enhance and develop to
better serve the customer.
Characteristics ✔Inseparability – Service provider and
of Services services cannot be separated. It cannot
accomplish the purpose if one is missing.
Customer must be present to enjoy the
service, same goes with the service provider
which must deliver the service.
Characteristics
of Services
✔Variability – Service is difficult to standardize
because it varies upon the performance of the
provider.
 Steps for
Market Testing
a Product
TODAY
SELECT/PINPOINT POTENTIAL
SUPPLIERS OF RAW MATERIALS AND
OTHER INPUTS NECESSARY FOR THE
PRODUCTION OF THE PRODUCT OR
SERVICE
 ✔These are the unprocessed and basic
material that is used to produce goods,
finished products, energy, or intermediate
Raw materials materials which are feedstock for future
finished products.

✔“Supplier evaluation is the assessment of the

existing or new suppliers on the basis of their
delivery, prices, production capacity, quality of
management, technical capabilities and
services.”
 ✔It means critical evaluation and analysis of
Supplier your potential suppliers’ performance. Factors
Evaluation and such as managing cost, measuring quality thru
Selection relevant assessments.
Process
✔This process covers step by step procedures
such as identification of the Supplier
Assessment Requirements, clarification of the
Supplier Evaluation and Selection Process,
specification of the Supplier and agreement.
 Supplier
Evaluation and
Selection •Set Criteria to Evaluate Suppliers
Process
•Determine Strategy in Sourcing
•Determine the method of Supplier Evaluation and Selection

•Select Supplier and Reach Agreement

 Supplier ✔Set Criteria to Evaluate Suppliers- Start-up
Evaluation and entrepreneurs must look at the possible
Selection criteria like supplier’s history
Process
✔Determine Strategy in Sourcing- Sourcing
may vary depending on the criteria of the
buyer organizations
 Supplier ✔Decide Method of Supplier Evaluation and
Evaluation and Selection- After consolidating data from
potential suppliers, the next step is about
Selection evaluating and trimming those suppliers
Process
✔Select Supplier and Reach Agreement.
Drafting the contract/terms and conditions
shall be the last stage wherein the two parties
shall seal.
TODAY
DISCUSS THE VALUE/SUPPLY
CHAIN IN RELATION TO THE
BUSINESS ENTERPRISE
 ✔It can be described as the managing and
Supply Chain distributing the goods and services that
starts with the origin of the goods and
Management ends with the consumption of the
commodity.

✔This also involves the transportation and

storing of raw materials used in research in
progress, procurement, and professionally
finished items.
 Eight Key- ✔Customer Relationship Management (CRM)
Processes of – It would allow businesses to target their
Supply Chain advertisement/marketing efforts to specific
Management client segments depending on the long-term
importance of each category to the business
or the supply chain.

✔Customer Service Management – It is a

multi-business, centralized communication
network for clients, complaints, queries, and
feedback.
 Eight Key- ✔Demand Management The method aims to
Processes of coordinate supply and demand through the
Supply Chain whole value chain by identifying consumer
Management needs and implementing an action plan in
anticipation of the actual customer purchase.

✔Order-fulfillment – This includes making,

carrying out, distributing and servicing
consumer orders with on-the-spot support.
 Eight Key- ✔Manufacturing Flow Management – It
Processes of means that the tools required to flexibly
Supply Chain manufacture and transfer goods through a
Management multi-stage manufacturing cycle are available
for companies in the supply chain.

✔Supplier Relationship Management - This

offers institutional help, in particular to high-
value vendors, for establishing and sustained
strong relationships to benefit from production
gains.
 Eight Key- ✔Product Development and
Processes of Commercialization – It promotes
Supply Chain collaborative production and promotion
Management between supply chain member organizations
with innovative goods and services.

✔Returns Management – This allows

businesses to better control quantities of the
inventory recovered while reducing associated
costs.
Thank You
Entrepreneurship
TODAY
DEVELOP THE BUSINESS MODEL
7 Elements ✔Identifying Specific Audience- Targeting a
of a Strong large market does not encourage the business
Business to serve customers who actually want the
Model products or services

✔For an example, Jollibee can appeal to all, but

those who are rushed are the key target
audience of the organization because of its
"fast food chain."
7 Elements ✔Business Processes Establishment- You
of a Strong need to understand the activities necessary to
Business make your business model work before your
Model business can go live.

✔For Shopee, an online marketplace, the

marketing and product delivery management
with an app are key business processes.
7 Elements ✔Business Resources Management- What is
of a Strong your company like working every day,
Business attracting new customers, and meeting
Model corporate goals? Record main market tools to
ensure that your business plan is sufficiently
designed to fulfill your company needs.

✔Examples of popular resources may involve a

location, infrastructure, shop, intellectual
property, and customer lists.
7 Elements ✔Creating a strong value proposition- How's
of a Strong the company going to stand out?
Business
Model ✔The start of a strong value proposition is the
determination of exactly what your company
offers and why it is better than competitors.
7 Elements ✔Establishing key business partners- No
of a Strong organization can operate effectively without
Business key partners that contribute to the ability of the
Model business to serve customers (let alone
achieve certain goals).
7 Elements ✔Make a demand generation strategy- You
of a Strong will need a strategy that will build interest in
Business your business, generate leads and close
Model sales, except when you are using a radical
approach to start up your enterprise.
7 Elements ✔Leave room for innovation. Your business
of a Strong plan is based on many assumptions when you
Business start your company and develop a business
Model model.

✔Taking into account these seven tips should

build a robust marketing strategy and will lead
to the success of your company.
 TODAY
RECRUIT QUALIFIED PEOPLE FOR
ONE’S BUSINESS ENTERPRISE
 ✔It plays an ever more important role in
“Human organizational management.
resource
management” ✔“Innovative” businesses have strong
standards in human resources administration
that are introduced to in the list of the best
workplaces to operate.
 ✔“The process of attracting individuals on a
Recruitment timely basis, insufficient numbers and with
appropriate qualifications, to apply for jobs
with an organization.”
 Steps in
Recruitment ✔Job Description – it defines the duties and
responsibilities of a particular position.

✔It is a company’s written work that an

applicant should be aware of upon application
and may vary with different companies.
 Steps in
Recruitment ✔Requisition of New Employee – a formal
requisition form is required indicating the
position to be filled, date needed,
qualifications and other requirements needed
for an applicant.
 Steps in
Recruitment ✔Sources of Applicants:

• Internal - employees recruited within

the company.

• External – applicants recruited

through advertisement, referrals,
placement agencies, etc.
 Labor ✔The robust economic and labor market
Market environments would profoundly influence the
Conditions potential of the business to recruit top-level
workers and to maintain them.

✔It is also usually depending on the strength of

the economy.
Legal ✔Labor Code of the Philippines protects
workers from different sectors against abusive
Issues employers.

✔Numerous laws spread from hiring process

like discriminating an applicant is also
punishable by law.
 ✔The Magna Carta of Women (Republic Act
No. 9710, as amended) Prohibits prejudice
Legal against women and specifically makes an
Issues individual explicitly liable for such prejudice be
kept accountable for damages.

✔The Anti-Age Discrimination in

Employment Act (Republic Act No. 10911)
Prohibits age prejudice and maintains
punishments for violations of the Act.
 ✔The Magna Carta for Persons with
Disability (Republic Act No. 7277, as
amended) provides that a qualified employee
Legal with disability shall be subject to the same
Issues terms and conditions of employment as a
qualified able-bodied person.

✔The Solo Parents’ Welfare Act (Republic Act

No. 8972) prohibits an employer from
discriminating against any solo parent
employee with respect to the terms and
conditions of employment on account of the
employee being a solo parent.
 ✔The Indigenous Peoples’ Rights Act
Legal (Republic Act No. 8371) prohibits
Issues discrimination against Indigenous Cultural
Communities or Indigenous Peoples with
respect to recruitment and conditions of
employment on account of their descent.

✔The Anti-Sexual Harassment Act (Republic

Act No. 7877) prohibits sexual harassment in
the workplace.
 ✔The Mental Health Act (Republic Act No.
11036) requires employers to develop
Legal appropriate policies and programs on mental
Issues health in the workplace designed to, among
others, raise awareness on mental health
issues, correct the stigma and discrimination
associated with mental health conditions,
identify and provide support for individuals at
risk and facilitate access of individuals with
mental health conditions to treatment and
psychosocial support.
 ✔The Philippine HIV and AIDS Policy Act
Legal (Republic Act No. 11166) also prohibits the
Issues rejection of job application, termination of
employment, or other discriminatory policies in
hiring, provision of employment and other
related benefits, promotion or assignment of
an individual solely or partially on the basis of
actual, perceived or suspected HIV status.
 ✔Internal Recruitment

▪ Job Posting. At some existing companies, job

Recruitment posting, or bulletin posting is a usual thing
Process especially to those proactive employees who
would wish to climb the corporate ladder.

▪ Employee Referrals. Using your internal

existing employees to refer and recommend
someone he/she known that can perform and
do task of the vacancy that is needed by the
company.
 ✔External Recruitment. The easiest way of
Recruitment informing the public about your vacancy is the use
Process of job posting. Entrepreneurs may opt using
different variety of media such as traditional
classified ads in newspapers, radio
announcements and use of flyers.
SELECTION ✔It is “the process of choosing from a
group of applicants the individual best
suited for a particular position and for
the organization”
SELECTION ✔THE APPLICATION- The application form
is typically submitted by the applicant early
in the process of choosing.
PROCESS
✔SCREENING INTERVIEW- A screening
interview with those candidates who seem
qualified, based on the data submitted on
their summary and application, is preferred
by many organizations before going further
in the selection process. It is often
conducted through telephone/mobile calls.
SELECTION ✔INTERVIEWING THE
APPLICANTS/CANDIDATES- Selection
testing checks and minimizes the number
PROCESS of qualified applicants hence would lead
you to a fair interview number that can be
identified.
SELECTION ✔BACKGROUND VERIFICATION AND
REFERENCE CHECK- You must verify the
information provided by the candidate and review
PROCESS the references of the candidate once you have
made your decision of selection.
▪ DEFAMATION- The act of undermining
another's credibility by giving a third party a
false allegation.

▪ NEGLIGENCE- The absence of the quality

of treatment a fairly prudent individual
should have followed in the same case.
 ✔MAKING THE JOB OFFER- “Job offer” is
SELECTION a written document from the company
informing that an applicant has successfully
PROCESS passed the hiring and recruitment process.

✔HR department are the ones who process

the job offer.
 TODAY
FORECAST THE REVENUES OF THE
BUSINESS
 ✔During the startup phase, the provision of
FORECAST business revenues and expenses is more
THE REVENUES art than science.
OF THE
BUSINESS ✔Many business people complain that it
takes a lot of time to build predictions with
any degree of precision that could be spent
selling rather than planning.
 ✔Start with “expenditures”, not
FORECAST “earnings”. It's much harder to estimate
THE REVENUES costs than sales while you are in the
OF THE startup period.
BUSINESS
✔Begin with the estimates for the most
common expenditure (fixed cost and
variable cost)
Thank You
Entrepreneurship
TODAY
Income Statement &
Capital Statement
Thank You
Entrepreneurship
TODAY
Statement of
Financial Position &
Cash Flow Statement
 Current Asset and Non-current Asset
ASSETS
❖ Cash and cash ❖ Property
equivalents ❖ Plant
❖ Trade and Other ❖ Equipment
Receivable ❖ Intangible Assets
❖ Prepaid expenses
❖ Inventories
 Current Liability and Non-current Liability
LIABILITIES
❖ Trade and Other ❖ Loan Payable
Payables ❖ Notes Payable- Long
❖ Accrued Expense term
❖ Unearned Revenue ❖ Mortgage Payable
❖ Bonds Payable
CAPITAL / Classifications
DRAWINGS
❖ Sole Proprietorship- only one owner with
unlimited liability.

❖ Partnership- 2 or more partners with

unlimited liability (general partner).

❖ Corporation- more than 5 shareholders with

limited liability.
Thank You
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