ENTREP LESSON REVIEW:

MODULE 1

DOMAIN NAME – Internet address, the sequence of words, phrases,

abbreviation or characters that serves as the internet Address of a computer
or network.

BUSINESS ENTITY things or objects that exists in your business.

BOOTSTRAPPING – Starting business from scratch with minimum “OUTSIDE
CAPITAL” (Slight Capital)

TRADITIONAL PLAN-long established plan; customary plan

VALIDATION – authentication; confirmation

10 STEPS ON STARTING A BUSINESS:

Step 1: Do Your Research

Most likely you have already identified a business idea, so now it’s time to
balance it with a little reality. Does your idea have the potential to succeed?
You will need to run your business idea through a validation process before
you go any further.

Step 2: Make a Plan

You need a plan in order to make your business idea a reality. A business
plan is a blueprint that will guide your business from the start-up phase
through establishment and eventually business growth, and it is a must-have
for all new businesses.

The good news is that there are different types of business plans for different
types of businesses.

If you intend to seek financial support from an investor or financial

institution, a traditional business plan is a must. This type of business plan is
generally long and thorough and has a common set of sections that investors
and banks look for when they are validating your idea.

If you don’t anticipate seeking financial support, a simple one-page business

plan can give you clarity about what you hope to achieve and how you plan
to do it. In fact, you can even create a working business plan on the back of
a napkin, and improve it over time. Some kind of plan in writing is always
better than nothing.

Step 3: Plan Your Finances

Starting a small business doesn’t have to require a lot of money, but it will
involve some Initial investment as well as the ability to cover ongoing
expenses before you are turning a profit. Put together a spreadsheet that
estimates the one-time start up costs for your business (licenses and
permits, equipment, legal fees, insurance, branding, market research,
Inventory, trademarking, grand opening events, property leases, etc.), as
well as what you anticipate you will need to keep your business running for
at least 12 months (rent, utilities, marketing and advertising, production,
supplies, travel expenses, employee salaries, your Own salary, etc.). Those
numbers combined is the initial investment you will need. Now that you have
a rough number in mind, there are a number of ways you can fund your
small business, including:

Financing

Small business loans

You can also attempt to get your business off the ground by bootstrapping,
using as little capital as necessary to start your business. You may find that a
combination of the paths listed above work best. The goal here, though, is to
work through the options and Create a plan for setting up the capital you
need to get your business off the ground.

Step 4: Choose a Business Structure

Your small business can be a sole proprietorship, a partnership, a limited

liability

Company (LLC) or a corporation. The business entity you choose will impact
many factors

From your business name, to your liability, to how you file your taxes.

Step 5: Pick and Register Your Business Name

Your business name plays a role in almost every aspect of your business, so
you want It to be a good one. Make sure you think through all of the potential

Step 6: Get Licenses and Permits

Paperwork is a part of the process when you start your own business. There
are a variety of small business licenses and permits that may apply to your
situation, depending on the type of business you are starting and where you
are located. You will need to research what licenses and permits apply to
your business during the start-up process.
Step 7: Choose Your Accounting System

Small businesses run most effectively when there are systems in place. One
of the most important systems for a small business is an accounting system.

Step 8: Set Up Your Business Location

Setting up your place of business is important for the operation of your

business, whether you will have a home office, a shared or private office
space, or a retail location.

Step 9: Get Your Team Ready

If you will be hiring employees, now is the time to start the process. Make
sure you take the time to outline the positions you need to fill, and the job
responsibilities that are part of each position. The Small Business
Administration has an excellent guide to hiring your first employee that is
useful for new small business owners

Step 10: Promote Your Small Business

Once your business is up and running, you need to start attracting clients
and customers. You’ll want to start with the basics by writing a unique selling
proposition (USP) and creating a marketing plan. Then, explore as many
small business marketing ideas as possible so you can decide how to
promote your business most effectively.

Once you have completed these business start-up activities, you will have all
of the most important bases covered. Keep in mind that success doesn’t
happen overnight. But use the plan you’ve created to consistently work on
your business, and you will increase your chances of success.

MODULE 2

Market is a place where goods are offered for sale.

Packaging is the act of designing and producing the container for a product

Price is what you are going to charge your customers for the products sold
or services rendered

Proponent is a person who makes a proposal or a proposition for a product

concept.

What is a product?
A product is anything that can be offered to a market that might satisfy a
want or need

Five Ingredients that Define a Product:

Tangible Elements-physical and technical characteristics of the product

Presumed Benefits the expected experience that customers seek if they

use the product

Delivery Processes the service consideration and applications of the

product

Brand Promises the reputation, assurances, and uniqueness of the product

of the manufacturer

Product Context the relationship of the product with its use in the
environment

COMPONENTS OF A PRODUCT:

1. Brand Name-Name of a product. Ex. Palmolive Natural

Shampoo/Conditioner
2. . Product idea-comists of the following

A. Physical Properties – Ex. Liquid

B. Description and Features– Ex. with Aloe Vera extract for normal hair

C.Quality level-Ex. Gives smooth, soft and shiny hair

D.Service/Warranty-refers to the manufacturing company and expiry

date of a product. Ex. Manufactured by Colgate-Palmolive Phil

E. Package-1 Date expired June 30, 2023 Ex. Available in 15ml sachet
and 250ml.container

Product Life Cycle

The Product Life Cycle (PLC) is based upon the biological life cycle. For
example, a seed is planted (introduction); it begins to sprout (growth); it
shoots out leaves and puts dewn roots as it becomes an adult (maturity):
after a long period as an adult the plattf begins to shrink and die out
(decline)
 1. Introduction-introduce the product to the market.
2. Growth consumers begin to patronize the product.
3. Maturity-eventually the product becomes old and new arrival of
innovation takes place.
4. Decline-soon the product fades away in the market because no one will
patronize it anymore.

Internal Sources: (Research and Development)

The unbeatable source of idea generation starts from internal sources. Many
companies are paying incentives to their employees to come up with
workable ideas.

Market Research: (Marketing)

Companies are constantly keeping an eye on the volatile market to review

the changing needs, requirements and trends that are loved by all.

Rivals: (Competitors)

Company’s SWOT analysis can help you with Ideation. Take a look at the
offering at your rivals and find vulnerabilities and cons before strategizing
your idea.

SWOT analysis:

Business organizations may require their weakness, strengths, opportunities

and threats to come up with a feasible idea.

Consumers: (Customers)

Interviewing your consumers will definitely help you to generate best ideas.
You can conduct various review sessions and polls in order to come up with
the best.

PRODUCT DEVELOPMENT PROCESS

To be able to come with your product concept, you need to perform the Ides
generation. This generated ideas can be created from the various resources
of Marketing, Supplies Research and Development

MODULE 5
Ergonomics – study of workplace design; the study of how a workplace and
the equipment used there can be designed for comfort, efficiency, safety,
and productivity.

Constraint-limiting factor, something that limits freedom of action

Aesthetics- outward appearance; idea of beauty

Patents an exclusive right officially granted by the government to an

inventor to make or sell an inventions.

Pneumatic-using compressed air.

Specifications involve the formal statement of the required functions,

features and performance of the product or process to be designed.

The products design specification is the formal specification of the product to

be

Designed. It acts as the control for the total design activity because it sets
the Boundaries for the subsequent design.

The purpose of the PDS is to ensure that your design actually addresses your
customer needs. This is essential if your product is to succeed.

The product design specification

(PDS) is a very important document in the design process as it contains all

the information necessary for a design team to successfully produce a
solution to the design problem.

A PDS splits the problem up into smaller categories to make it easier to

consider the problem. The final document should fully document as
unambiguously as possible all the requirements that a product must fulfil
together with any constraints that may affect the product. The actual or
intended customer should be consulted as fully as possible while the PDS is
being drawn up as their requirements are of paramount importance. Any
numeric properties in the PDS should be specified as exactly as possible
together with any tolerances allowed on their value.

Product Design Specification

The Product Design Specification (PDS) comprises your quantitative

statement of what you want to design prior to starting to design it.

In other words, the specifications of the PDS should be largely independent

of any specific embodiment of your product, so multiple solution concepts
are possible. Each specification consists of a metric, a weighting of
importance, units, a marginal value, and an ideal value. The metric is
something that you can measure. The weighting of importance is scaled from
1, for low importance, to 5, for essential. Units correspond to your
measurement; for example, mm for length or Degrees C for temperature.

This list is one attempt to cover the principal questions that need to be

Answered in formulating a PDS. Inevitably, it isn’t comprehensive; specific

products

Will require their own additional items.

1.1. Performance At what speed must it operate? How often will

it be used (continuous or discontinuous use)? How long must it last?

2.2. Environment (during manufacture, storage and use) All aspects of

the product’s likely environment should be considered: for example
temperature, humidity, risk of corrosion, vibration.

3.3. Target product cost This is strongly affected by the intended market.
4.4. Competition What is the nature and extent of existing or likely
competition? Does our specification differ from the competition? If so, why?

5.5. Quantity and manufacture Should it be made in bulk, in batches, or

as

Individual items made to order? Does it have to be a particular shape? Can

we make

All the parts or must we buy some in? 6.6. Materials Are special materials
needed? Do we have experience of working with the likely candidate
materials?

7.7. Quality and consistency What levels of quality and consistency does
the market expect for this product? Does every product have to be tested?

8.8. Standards Does the product need to conform to any local, international
or customer standards? Is the product safe?

9.9. Patents Are there any patents we may either infringe or register?
10.10. Packaging and shipping How will the product be packaged? How
will the

Product be distributed? 11.11. Aesthetics and ergonomics is the product easy

and fun to use? Is it attractive to the right customer?

12.12. Market constraints Does a market already exist or must it be

created? What

Is the likely product lifetime? How long do we have to get the product to
market?

What are the customers’ likes and dislikes?

13.13. Company constraints Does the product fit in with company image?
A

MODULE 6

Words to Study

Ownership means an exclusive right of a person to a business

Authorization is the issuance of approval to operate

Legalize means to be permitted by law

DTI-Department of Trade and Industry

SSS-Social Security System

DOLE-Department of Labor and Employment

SEC-Securities and Exchange Commission

CDA-Cooperative Development Authority

BPLO-Business Permit and Licensing Office

Legality of your business venture is necessary to make your operation

legal. The following pages show some of the documents to be secured from
the different governments agencies to run your enterprise legally. Without
compliance with the legal requirements your business is considered illegal.
These are documentary transactions between the owner of the business and
the government.
The following is the procedure in registering a business as mandated by the
Introduction to Entrepreneurs of Small Enterprises Research and
Development Foundation (SERDEF).

Register your business name with the Department of Trade and

Industry (DTI). The certificate issued after registration becomes your proof
of business ownership.

Register with your municipal city government. When you have a

municipal license or a mayor’s permit, this serves as your authorization to
conduct or operate the business.

Register with the Bureau of Internal Revenues (BIR). This will help
systematize your financial operation and payment of taxes.

You have to register at the Social Security System (SSS) if you have
five or more employees.

Register the Article of Partnership or Article of Incorporation with

the Securities and Exchange Commission (SEC).

Register with the Department of Labor and Employment.

Government, as follows: There are several benefits

1. When you register your business with the Department of Trade and
Industry. The certificate issued to you becomes your proof of business
ownership.
2. The municipal license or Mayor’s permit issued to you serves as an
authorization for you to operate your business
3. Your registration with the Bureau of Internal Revenue will help you
systematize your financial operations and the payment of taxes.

MODULE 7

10 Recruiting Strategies for Hiring Great Employees Recruiting top

talent takes a combination of creativity and diligence. Technology makes it
easier than ever to publish your job postings to a broad audience but to
really connect with qualified candidates and drive excitement about the role
and your company, you have to find ways to stand out from other employers.
 Here are 10 recruitment strategies to help you immediately captivate job
seekers, create a memorable first impression of your company and
successfully hire top candidates.

What is a recruitment strategy? A recruiting strategy is a plan of action

to help you successfully identify, attract and hire the best candidates for
your open roles. These are basic starting points that can help you recruit the
job seekers you are looking for. They range from basic methods, like posting
on job boards, to more advanced strategies, such as leveraging Indeed Hire,
using a traditional recruiting agency or creating an employee referral
program. You can implement recruiting strategies at every step in the hiring
process.

1. Treat candidates like customers Whether it's a phone screening or

an in-person interview, a candidate's first impression of your company
is critical. It's important to make them feel like you're just as excited
about getting to know them as they are about being considered for the
role. One of the best recruiting techniques is to treat interviewees the
same way you treat your customers.

Be respectful of their time. Whether it's a phone call, video

conference or in-person meeting be the to show up on time. If you're
running late, let the candidate know as far in advance as possible.
Be hospitable. When a candidate arrives for an onsite interview, ask
if they'd like something to drink and show them where to find the
restrooms. Make them feel welcome and comfortable.
Make yourself available. Provide potential candidates with your
contact information so they're able to reach out with questions and
concerns throughout the hiring process.

2. Use social media Social media is a fantastic recruiting tool.

Social recruiting allows you to share job postings with your entire
network and encourages a two-way conversation. Even if the people
you reach aren't interested in the role you're hiring for, it's likely they
may know someone who is a good fit. Plus, by sharing photos and
videos from company events, your workplace and/or day-to-day office
life that align with your employer brand, you give potential applicants
a glimpse into your company culture.

3. Implement an employee referral program Great people usually

make a habit of surrounding themselves with other highly capable
 professionals. While many employees may already be sharing open
roles with qualified contacts in their networks, a well- developed
employee referral program can encourage even more of your
employees to refer the best talent they know. Consider providing
incentives for referrals with bonuses and contests so you can create
excitement around the program.

4. Create compelling job descriptions Writing an attention-grabbing

and thorough job description is one of the most important parts of the
hiring process.

Here are a few tips to consider:

Make titles as specific as possible. The more accurate your title,
the more effective you will be in piquing the interest of the most
qualified and interested job seekers.
Open with a captivating summary. Provide an overview that gets
job seekers excited about the role and company.
Include the essentials. Write out the core responsibilities, hard and
soft skills, day-to-day activities and explain how the position fits into
the organization.
Keep descriptions concise. Job descriptions between 700 and 2,000
characters receive up to 30% more applications according to Indeed
Data

5. Make use of sponsored jobs to stand out Because there are

thousands of jobs posted on Indeed every day, the visibility of your job
listing can decrease over time. One of the best ways to make sure your
job posting continues to stand out is through a sponsored job. These
paid listings appear more often in any relevant search results and their
placement won't fall back in search results over time like free job
listings which can result in more high-quality applicants.

6. Check resumes posted online Indeed Resume hosts millions of

resumes from job seekers across nearly any Industry and location.
Employers can quickly find candidates by entering a job title or skill
and a city, state or zip. You can narrow down results by criteria like
years of experience, education level and more. You can also set up a
Resume Alert to receive daily emails with links to new resumes that
match the criteria for the positions you're looking to fill.
 To set up a Resume Alert:
Sign into Indeed Resume.
Conduct a relevant search.
Click "Get new resumes by email" at the top of the search result.

7. Consider past candidates When you hire for a position, there

are often a few talented candidates that end up not making the cut
due to timing or other external factors. When you're recruiting for a
similar position, consider re-visiting the resumes of past applicants.
These candidates are already familiar with your company and may
have picked up new skills and experience since you last spoke.

8. Claim your Company Page Job seekers often take time to research
employee reviews, salary data, benefits and more before applying to
jobs. All of this information can be found on an Indeed Company Page.
All companies with jobs on Indeed have a Company Page. By claiming
your Company Page, you can respond to reviews, customize your page
and add your employer branding.

9. Attend industry-related meetups While job fairs can be helpful for

finding qualified candidates, non- recruiting-specific events are also an
excellent opportunity to meet motivated industry professionals who are
eager to network and advance in their field. For example, if you're
looking to hire a software engineer, find a local group, meetup or
association focused on software development and attend a local
meeting. The most passionate professionals will quickly stand out.

10. Include peers in the interview process Sometimes the best

person to interview a candidate is someone already working in the
same or similar role. This employee already knows what it takes to
excel in the position and can verify whether candidates have the skills
and experience needed to do the job well. Current employees can also
give an accurate description of day-to-day experiences and help
candidates better understand what they can expect if hired.

What is the full recruitment cycle? Full cycle recruitment (also

known as full life cycle recruiting) refers to every step in the recruiting
process from sourcing and screening applicants to conducting
 interviews to hiring and onboarding the best candidates. At startups
and smaller companies, one person is typically responsible.

What are the most important recruiting KPIs?

Some of the most important key performance indicators (KPIs) you can track
to measure the success of your recruitment strategies include: number of
qualified candidates per job post, time to hire, offer acceptance rate, source
of hire (eg, job posting, social media), cost per hire and turnover rate.

How do you set a recruitment goal?

To help you create recruitment goals (and set yourself up for successful
recruitment), follow the SMART goal setting framework:

Specific Start by defining your recruitment goal, such as building out a

new marketing team of four people.

Measurable - Establish specific KPIs to measure this goal over time. For
example, one of your KPIs might be to speed up your hiring process from
30+ days to 14 days.

Achievable Make sure you have the resources you need to accomplish the
goal.

Realistic Is this goal aligned with other business objectives?

Time-based When will you accomplish this goal

MODULE 8 : TOP SOURCES OF CAPITAL FOR BUSINESS OWNERS

Financial backing usually includes loans, grants, or investor funding. Some

of the top ways to raise capital are through angel investors, venture
capitalists, government grants, and small business loans. There are other
methods for financing such as credit cards or invoice financing, but these
should be used only if you need cash quickly and know the risks involved.

ANGEL INVESTORS:

Angel investors are generally individuals or groups who provide capital from
their personal assets to assist you with starting your business. These types of
investors are looking for startups that have good potential for earnings. Since
they are investors, you'll be expected to present them with a portfolio that is
favorable. This differs from venture capitalists, who are more interested in
organizations that are already doing well but need more sources of capital.

Venture Capitalists

Venture capitalists (VCs) are usually groups of individuals that provide capital
through an organization they have established. Generally, VCs like to fund
companies that are already somewhat established, and in need of more
finances. However, VCs have been known to sponsor startups that show
significant promise. VCs are looking for high returns on their investments
(your business). This is not unusual for investors, but some VCs may want to
be involved in your business decisions after they grant you some funding. In
the past, VCs have wanted to make decisions for the businesses they have
funded to protect their investments. However, many VCs have moved to
more of a mentor role, assisting you with business decisions and offering
guidance as a protective measure. Ensure you enquire about the role a VC
would like to have before you accept any funds. If you do not find any
suitable VCs, a small business loan may be the next option

Small Business Loans

The Small Business Administration (SBA) has been established to assist

business owners with their businesses. A small business loan through SBA
partner lenders, while competitive, are guaranteed by the SBA and come
with generally lower rates than traditional loans. Small business loans are
not the only form of government assistance. A source of capital often
overlooked by entrepreneurs is government grants.

Government Grants

The government offers grants through the SBA to entrepreneurs who have
research-related businesses. The most attractive benefit of a grant is that it
is free and you won't need to repay the government.

Crowdfunding

Crowdfunding is a method of raising funds from individuals, using an

internet-based platform. This method depends upon the generosity of
people, and upon the exposure your crowdfunding campaign receives. To
have a successful crowdsourcing endeavor, you must be able to win the
crowd's support. They'll want to know why you need the money and may
want a reason to contribute. Create a reasonable monetary goal, and decide
on a reward for the crowd that assists you. This could be public recognition
for donations or letting them be the first ones to receive your product.

Microloans

These are small loans designed for small businesses and startups. What
makes these loans attractive is that they are short-term loans with low-
interest rates compared to traditional small business loans. Invoice Factoring
Sometimes referred to as invoice advances,

invoice factoring

is a process where an entrepreneur agrees with a lender to sell their invoices

due, and let the lender collect future payment by the customers. This works
by a lender purchasing your open invoices from you for a reduced amount,
then collecting the amount that is due. For example, if you had a sale with
receivables pending for P11,000 you could sell it to a lender who might buy it
for P9,000. You receive cash, and the lender receives the P11,000 when it is
paid. This is a source of capital you might use if you were very much in need
of capital, as you would lose P2,000 in the transaction.

Credit Cards

Many companies use personal and business credit cards to finance

immediate expenses. Credit cards are convenient when you don't have the
cash to make purchases at the moment.

If you do not have the means to make your monthly payments, credit cards
can exponentially increase your debt with high annual percentage rates.

GOOD FUCKING LUCK HO !