Entrepreneurship
Entrepreneurship
Entrepreneurship
Entrepreneurship
Introduction this part discusses what is the business plan all about.
• Executive Summary is part of the business plan which is the first to be
presented but the last to be made.
• Management Section shows how you will manage your business and the
people you need to help you in your operations.
•Marketing Section-shows the design of your product/service; pricing,
where you will sell and how you will introduce your product/service to
your market.
• Financial Section-shows the money needed for the business, how much
you will take in and how much you will pay out.
Production Section shows the area, equipment and materials needed for
the business.
• Competitive Analysis is the strategy where you identify major
competitors and research their products, sales and marketing strategies.
• Market- The persons who will buy the product or services
• Organizational chart is the diagram showing graphically the relation of
one official to another, or others of a company.
INTELLECTUAL PROPERTY
•“It is a term referring to a number of distinct types of creations of the
mind for which property rights are recognized.”
INTELLECTUAL PROPERTY RIGHTS:
•A right that is had by a person or by a company to have exclusive rights
to use its own plans, ideas, or other intangible assets without the worry of
competition, at least for a specific period of time.
IMPORTANCE OF IPR
Your IP rights can:
• Set your business apart from competitors
• Be sold or licensed, providing an important revenue stream
• Offer customers something new and different
• Form an essential part of your marketing or branding
• Be used as security for loans
• Protect your creation against infringement by others (i.e. to stop others
using, making, selling or importing it without your permission)
TRADEMARK™
•A trademark is a distinctive sign or indicator used by an individual,
business organization, or other legal entity to identify that the products or
services to consumers with which the trademark appears originate from a
unique source, and to distinguish its products or services from those of
other entities.
GEOGRAPHICAL INDICATION
•A geographical indication (GI) is a name or sign used on certain products
which corresponds to a specific geographical location or origin (e.g. a town,
region, or country).
COPYRIGHT
• The exclusive and assignable legal right, given to the originator for a
fixed number of years, to print, publish, perform, film, or record literary,
artistic, or musical material.
PATENT
An exclusive right granted by a government to an inventor to prevent
others from making, TERM OF THE PATENG:00 using a new product or a
new process.
Novelty, Inventive Step, Utility
ADVANTAGES OF PATENT
➤ A patent gives you the right to stop others from copying,
manufacturing, selling or importing your invention without your
permission.
➤ You get protection for a pre-determined period, allowing you to keep
competitors at bay.
➤ You can then use your invention yourself.
Alternatively, you can license your patent for others to use it, or sell it, as
with any asset. This can provide an important source of revenue for your
business. Indeed, some businesses exist solely to collect the royalties from a
patent they have licensed – perhaps in combination with a registered
design and trade mark
ENTREPRENEURSHIP
Production
- The action of making or manufacturing from components or raw
materials, or the process of being so manufactured
1. Manpower
• Talks about human labor force involved in the manufacture of products.
• It is measured as the most serious and main factor of production. The
entrepreneur must determine, attain and match the most competent and
skilled employees with the jobs at the most appropriate time period.
2. Material
• Talks about raw materials necessary in the production of a product.
Materials mainly form part of the finished product. Just in case the
resources are below standard, the finished product will be of unsatisfactory
as well.
• The entrepreneur may consider cost, quality, availability, credibility of
suppliers and waste that the raw material may produce.
3. Machine
• Discusses about manufacturing equipment used in the production of
goods or delivery of services
4. Method
• Production method discusses the process or way of transforming raw
materials to finished products. The resources undergoes some stages before
it is finalized and becomes set for delivery to the target buyers.
• The selection of the method of production is dependent on product to
produce, mode of production, manufacturing equipment to use and
required skills to do the work.
Product Description
- Is the promotion that explains what a product is and why it’s worth
buying? The purpose of a product description is to provide
customers with details around the features and benefits of the
product so they’re obliged to buy.
Prototyping
A duplication of a product as it will be produced, which may contain such
details as color, graphics, packaging and directions.
Supplier
• An entity that offers goods and services to another business. This entity is
among of supply chain of a business, which may offer the main part of the
value contained within its products
Value chain
- Is a method or activities by which a company adds value to an item,
with production, marketing, and the provision of after-sales service
Supply chain
-is a structure of organizations, people, activities, data, and resources
involved in moving a product or service from supplier to customer
The supply chain focuses on sourcing materials and delivering goods to the
customer. Value chain emphasizes goes beyond the selling of goods and
products – it’s about on offering value throughout the customer journey
from marketing to after-sales support.
Supplier is the seller and consumer is the final buyer. The point is the
goods have to move through different business units before they finally
reach the consumers
A supply chain is a structure of organizations, people, activities, data, and
resources involved in moving a product or service from supplier to
customer.
Business model
-refers to a company’s plan for making a profit. It identifies the products or
services the business plans to sell, its identified target market, and any
anticipated expenses. Business models are important for both new and
established businesses.
Business plan is an important tool for you to have an idea about the future
of your business. Your business plan will be your guide in the moment you
will be implementing and operating your business proposal.
The following are the components found in a Business Plan.
• Introduction- this part discusses what is the business plan all about.
• Executive Summary is part of the business plan which is the first to be
presented but the last to be made.
• Management Section- shows how you will manage your business and the
people you need to help you in your operations
What is MARKET?
A market or marketplace is a location where people regularly gather for the
purchase and sale of provisions, livestock, and other goods.
PRODUCTS
Any thing that can be offered to a market for attention, acquisition, use or
consumption that might satisfy a want or need. It includes physical objects,
services, persons, places, organizations, and ideas.
COMPETITORS
Competitors are those who have products and services similar to you and
where customers who are buying something will compare your offerings
and prices directly, weighing one up against the other. The interaction with
competitors is usually directly antagonistic. You seek to convince
customers that your offerings are better and that competitors’ offerings are
worse. Nevertheless, there are times when collaborating with competitors
is helpful, for example in influencing sensible regulation.
SUBSTITUTOR
Substitutors are like competitors but their products are not the same. The
classic substitution is replacing butter with margarine (a battle that is still
raging). A critical attribute of a substitutor group is that they all seek the
same ‘share of wallet. Hence, when a person is thirsty, all drinks are
substitutes for one another.
PRODUCTS AND SERVICES
What is Product?
Product is anything that can be offered in a market for attention,
acquisition, use, or consumption that might satisfy a need or want
Product and Service Classifications
Consumer products
Industrial products
Consumer products are products and services for personal consumption.
- Convenience products
- Shopping products
- Specialty products
- Unsought products
Shopping products are consumer products and services that the customer
compares carefully on suitability, quality, price, and style
Furniture
Cars
Appliances
Specialty products are consumer products and services with unique
characteristics or brand identification for which a significant group of
buyers is willing to make a special purchase effort
Medical services
Designer clothes
High-end electronics
Unsought products are consumer products that the consumer does not
know about or knows about but does not normally think of buying
Life insurance
Funeral services
Blood donations
TYPES OF MARKETING
•Organization marketing consists of activities undertaken to create,
maintain, or change attitudes and behavior of target consumers toward an
organization.
The target customer for organizational marketing would be organizations
rather than individuals. It is like Business-to-Business (B2B). The seller and
the buyer shall be an organization. For example, selling goods to
organizations like office supplies, office chairs
•SOCIAL MARKETING
-is the use of commercial marketing concepts and tools in programs
designed to influence individuals’ behavior to improve their well- being
and that of society
Public health campaign
Tourism