ENTREPRENEURSHIP
ENTREPRENEURIAL GUT GAME.
WHAT IS AN ENTREPRENEUR?
Entrepreneurs are opportunity seekers.
They are curious and always on the
look-out for these opportunities and
finding out whether they could do
something out of this opportunity.
Entrepreneurs contribute to the
economy by raising productivity and
creating value by introducing new
products and services or finding better
ways of making it.
KEY ESSENTIALS
The ENTREPRENEURIAL MIND
FRAME allows the entrepreneur to see
things in a very positive and optimistic
light in the midst of crisis or difficult
situations. Instead of being discouraged,
the entrepreneur is able to use these
problematic situations as inspiration for
creating something innovative.
If there is one commonality between an
inventor and an entrepreneur, it would
be their surging passion or the
ENTREPRENEURIAL HEART FLAME.
Despite several setbacks or
disappointments, the entrepreneur is not
easily disheartened but, rather, is driven
to persevere even more. The Heart
Flame is also about emotional
intelligence or EQ
The final ingredient is the
entrepreneur.
This refers to the ability of the
entrepreneur to sense without using the
five senses. This is also known as
intuition.
Who is an Entrepreneur?
1. AN ENTREPRENEUR IS A
STARTER. Someone that creates
something new, either an initiative, a
business or a company.
2. AN ENTREPRENEUR IS THE
DRIVER. The entrepreneur is the
person in charge, the leader and the
person to look to for leadership.
3. AN ENTREPRENEUR
ACCOUNTABLE AND RESPONSIBLE.
The entrepreneur is the ultimate
responsible for the destiny of its venture.
WHAT IS THE DEFINITION OF
ENTREPRENEURSHIP
The capacity and willingness to develop,
organize and manage a business
venture along with any of its risks in
order to make a profit.
An entrepreneur is one who undertakes
the risk of investment to create and
market a good or service for financial
gains.
Here are ten traits of the successful
1. Disciplined
These individuals are focused on
making their businesses work, and
eliminate any hindrances or distractions
to their goals.
2. Confidence
The entrepreneur does not ask
questions about whether they can
succeed or whether they are worthy of
success.
3. Open Minded
Entrepreneurs realize that every event
IS and situation is a business opportunity.
4. Self-Starter
Entrepreneurs know that if something
needs to be done, they should start it
themselves. They set the parameters
and make sure that projects follow that
path. They are proactive, not waiting for
someone to give them permission.
5. Competitive
Many companies are formed because
an entrepreneur knows that they can do
a job better than another.
6. Creativity
One facet of creativity is being able to
make connections between seemingly
unrelated events or situations.
7. Determination
Entrepreneurs are not thwarted by their
defeats. They look at defeat as an
opportunity for success.
8. Strong people skills
Most successful entrepreneurs know
how to motivate their employees so the
business grows overall.
9. Strong work ethic
Their mind is constantly on their work,
whether they are in or out of the
workplace.
10. Passion
They genuinely love their work. They
are willing to put in those extra hours to
make the business succeed because
there is a joy their business gives which
goes beyond the money.
TYPES OF CUSTOMERS FROM A
SALES PERSPECTIVE
1. POTENTIAL CUSTOMER THE
POTENTIAL PAUL
o The Potential Paul is a type of 5. LOYAL CUSTOMER LOYAL
customer that is on the very LARRY
beginning of your sales funnel. o This type of customers keeps
o Technically, Paul is not your coming back for more.
customer yet. However, you should o Apart from having a significant
give them the full treatment and impact on your revenue, Larry will
hopefully change that quickly. be also your brands ambassador.
o Potential Paul is a lead that
needs nurturing and warming 7 PERSONALITY TYPES OF
up before making a buying decision. CUSTOMERS
1. THE NEGOTIATOR
2. NEW CUSTOMER NEW NEIL
o always want to bargain
o New Neil is the fresh customer that
o If youre dealing with them, know
just bought something from you.
that a common objection is to
o He is still learning the ropes of using
bargain your price based on a
your product.
cheaper competitors offer.
o You need to do everything in your
o But most of the time they want to
power to make that adoption period
bargain as a matter of principle.
smooth.
2. THE WELL-INFORMED
3. IMPULSIVE CUSTOMER
o The well-informed are confident.
IMPULSIVE IGGY
They will walk directly towards you,
o This is the type of customer that can
giving you a firm handshake. A
make a buying decision in an
o although they already seem to know
instant, provided that the conditions
everything, they expect professional
are right.
advice from you.
4. DISCOUNT CUSTOMER
o Often their decision to purchase is
DISCOUNT DAN
based on how the product reflects
o Discount Dan is the type of
their social status.
customer that sees value in your
product but wont buy it at full price.
3. THE ANNOYED ONE
o Upselling your product to Dan is
o customers who complain about
nearly impossible.
almost everything.
 o Whether its the high price, the
bad quality or the unfriendly
seller- theres nothing really you
can do to please the customer.
Theyre just always irritated.
4. THE SUSPICIOUS ONE
o will not hide their mistrust of
products and advertising.
o Theyre one thing above all:
critical. They will gladly let you
explain everything and surprise
you with a strong opinion and
knowledge.
5. THE QUESTIONER
o This type of customer can be
very pushy as he wants to know
everything.
6. THE ONES WHO AGREE ON
EVERYTHING
o These customers are reserved
and act shy.
o They will say yes quickly. At the
same time theyre overwhelmed
and feel that theyve been taken
by surprise.
o The sales conversation is a
stressful moment for them.
Sensitivity is required here.
7. THE INDECISIVE
o These are the customers who
arent really sure about what they
want.
o Theyll give you short, indecisive
answers, saying things like
maybe or the dreaded I dont
know.
THE COMPLETE GUIDE TO
CUSTOMER EXPECTATIONS
Customer expectations
Excellent customer service and high
customer satisfaction must start with
UNDERSTANDING CUSTOMER
EXPECTATIONS.
Customer expectations set the bar for
customer satisfaction which also affects
repurchase decisions and customer
loyalty.
Customer expectations are duel-leveled
desired and sufficient. The DESIRED
LEVEL is the service the customer
hopes to obtain while the SUFFICIENT
LEVEL is the service which the
customer finds acceptable.
CUSTOMER SATISFACTION is a result
of the service level you deliver
compared to what your customer
expects to receive.
o SETTING EXPECTATIONS. Here
you can tell customers what service
levels they can expect to receive,
what support is available to them,
what results they should be getting
and what KPIs youll be working
towards.
o MEETING CUSTOMER
EXPECTATIONS is the most
valuable part of customer
satisfaction. To do this, you must
make sure you deliver a consistent
level of service that is based on the
key areas and KPIs you have set for
each customer when you set
expectations.
The Many Sources of Opportunities
- Macro Environmental Sources
In the process of opportunity seeking,
the entrepreneur looks around him/her
and the likelihood of finding
opportunities are high in the macro
environment.
1. Socio-Cultural Environment
The socio-cultural environment includes
the demographics and cultural
dimensions that govern the relevant
entrepreneurial endeavor. traditions. It
looks at social structure and shifts in
social status and behavior.
2. Political Environment
The political environment defines the
governance system of the country or the
local area of business. It includes all the Industry Sources Consumer dislikes refer to the things
laws, rules and regulations that govern that irritate customers. In the same way
Market Sources
business practices as well as the that entrepreneurs can make a business
permits, approvals and licenses Taking from the discussion on industry out of providing things that people want,
necessary to operate the business. sources, there are also opportunities in you can identify a lot of opportunities by
the market sources particularly for looking at what customers dont want.
3. Economic Environment
specific products. The increased
________________________________
The macro-economic environment is demand or supply or the higher or lower
mainly driven by supply and demand prices of goods yield their own UNDERSTANDING CUSTOMERS is
forces. It is the same factor that drives opportunities. the key to giving them good service.
the interest and foreign exchange rates
What are the needs and wants of the
that fluctuate with the movement of the
customer?
market forces.. Micromarket Sources
4. Ecological Environment Micromarket refers to the specific target A NEED is a consumer's desire for a
market segment of a particular product's or service's specific benefit,
The ecological environment includes all whether that be functional or emotional.
enterprise. These are the target
natural resources and the ecosystem - is a consumer's desire for a
customers that represent the immediate product's or service's specific
that defines the habitat of man, animals,
customers of an enterprise, meaning benefit, whether that be
plants and minerals.
those who are currently buying the functional or emotional.
5. Technological Environment goods or services offered by the - are the basic human
enterprise and its direct competitors. requirements
New scientific and technological
-
discoveries often lead to the launch and Consumer Preferences, Piques and
A WANT is the desire for products or
commercialization Perceptions services that are not necessary, but
of new products with superior attributes which consumers wish for.
Consumer preferences, piques and
or may render old ones - is the desire for products or
perceptions can be sources of
obsolete.Technology does not only services that are not necessary,
opportunities.
come inthe form of advanced machinery but which consumers wish for.
or equipment, but it can also be in the Consumer preferences refer to the - needs become wants when they
form of new tastes of particular groups of people. For are directed to specific objects
systems, new processes or new example: the clothes people wear, the that might satisfy the need,
products. food they eat, the music they listen to, though these wants in
and the movies they watch. The age, themselves are not essential for
THE OTHER SOURCES OF living.
culture or status of consumers affect
OPPORUNITIES - are therefore shaped by one's
their preferences. society and surroundings.
 - Every business needs a reason for their
DEMAND is the economic principle that
describes a consumer's desire,
willingness and ability to pay a price for
a specific good or service.
- are wants for specific products
backed by an ability to pay.
Demand = Need + Want + Desire
Need = Internal Stimuli. For Example:
Thirst/Hunger
Want = It is the solution of the need
created. For Example: Thirst - Water &
Hunger Foods
Desire = It comes when you have ability
to buy the product.
CONSUMER MOTIVATION is the
internal drive consumers experience to
fulfill conscious and unconscious wants
and needs.
KNOWING AND UNDERSTANDING
CUSTOMER NEEDS
- is at the center of every successful
business, whether it sells directly to
individuals or other businesses.
- Once you have this knowledge, you
can use it to persuade potential and
existing customers that buying from
you is in their best interests.
WHY DO YOUR CUSTOMERS NEED
YOU?
customers to buy from them and not
their competitors. This is called
a Unique Sales Proposition (USP).
CUSTOMER SATISFACTION
is a marketing term that measures how
products or services supplied by a
company meet or surpass a customers
expectation.
Customer satisfaction is important
because it provides marketers and
business owners with a metric that they
can use to manage and improve their
businesses.
Why Customer satisfaction is
important for a company?
Here are the top six reasons why
customer satisfaction is so important:
Its a leading indicator of
consumer repurchase intentions and
loyalty
Its a point of differentiation
It reduces customer churn
It increases customer lifetime
value
It reduces negative word of
mouth
Its cheaper to retain customers
than acquire new ones
Entrepreneurs as National Assets
Entrepreneurs are often thought of as
national assets to be refined, motivated
and remunerated to the greatest
possible extent.
ENTREPRENEURSHIP CAPITAL is
defined as "a region's endowment with
factors conducive to the creation of new
businesses" and it exerts a positive
impact on the region's economic output.
WHAT ARE THE PROBLEMS OF THE
MARKET?
Market problems are your
target market's stated or
silent problems. This could refer to
existing inefficiencies, awkward
workflows or non-optimal solutions.
What ARE THE NEEDS OF THE
MARKET?
The section on Market Needs is talking
about what product the company will
provide, what the customers for this
product want, and how they overlap. It
describes why the business plan writer
thinks that their product or service will
be something that customers will buy.
WHAT IS MEANT BY MARKET
CHALLENGER?
A company aggressively working to
obtain the market share of its
competitors. A market challenger is a
current non-market leader actively trying
to move up within their industry.