entrepreneurship the process of developing, Lecture notes of Entrepreneurship

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“the most difficult part

of every task is where

and how you start”

DEFINITION OF TERMS:

TARGET MARKET

• refers to a group of potential customers to whom a company wants to sell its products and services.

NEEDS

• are things that are necessary for survival.

WANTS

• are things that are not necessary for survival, but add comfort and pleasure to our lives.

CUSTOMER

• a person or organization that buys goods or services from a store or business, a reliable source of opportunity information, originate the opportunity

BUSINESS PLAN

• is a plan comprehensive paper details the marketing, operational, human resources, financial strategic direction and tactics of the business.

EFFICIENCY

• achieving maximum productivity with minimum wasted effort or expense.
• (of a person) working in a well-organized and competent and productive way…

SUSTAINABILITY

• able to be maintained at a certain rate or level, is the ability to exist constantly.

CREATIVITY

• is the ability to look at the same things as everyone else, but to see something different.

INNOVATION

• is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services.

Business Strategy Tool

• Useful tools and techniques that can help you understand your organizational environment and think more strategically about your business.

- In business, is the chance to take advantage of an occurrence in the market for business gain. It is what makes some businesses succeed while others fail.

• In entrepreneurship, is the point at which identifiable consumer demand meets the feasibility of satisfying the requested product or service. In the field of entrepreneurship, specific criteria need to be met to move from an idea into an opportunity.

Opportunity

A MARKET CONSISTS: Existing customers- people who have already purchased your product Prospects- people who have not yet purchased your product but are considering it. Target market users- people in your target market who are not currently looking for a solution.

ENTREPRENEURIAL PROCESS

• is a step-by-step procedure in establishing any kind of business that an entrepreneur has to undergo. Opportunity spotting and assessment Developing a Business Plan Determining the capital needed Running the business

OPPORTUNITY SPOTTING AND ASSESSMENT

• This is the beginning of the process and is considered the most difficult. Entrepreneurs at this point take note of interesting trends in their environment. “consumers are reliable sources of opportunity information because market needs originate from them.
• The entrepreneur’s toughest job is to carefully assess the opportunity through estimation of opportunity length, capitalization required, threat, profitability and calculation of real and perceived value.

OPPORTUNITY SPOTTING AND ASSESSMENT/

THE ENTREPRENEURIAL MINDSET (3S)

OPPORTUNITY SEIZING OPPORTUNITY SCREENING

OPPORTUNITY

SEEKING

SEEKING