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Lesson 3 Entrep

1. The document discusses validating a product or service's marketability by directly contacting potential customers through interviews and surveys to determine if there is demand. 2. It also discusses selecting reliable suppliers by considering factors like price, reliability, location, and developing partnerships. 3. Finally, it discusses recruiting qualified employees by considering their actual needs, qualifications, experience, strengths, culture fit, and onboarding them properly.

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Gwenn Pabona
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161 views

Lesson 3 Entrep

1. The document discusses validating a product or service's marketability by directly contacting potential customers through interviews and surveys to determine if there is demand. 2. It also discusses selecting reliable suppliers by considering factors like price, reliability, location, and developing partnerships. 3. Finally, it discusses recruiting qualified employees by considering their actual needs, qualifications, experience, strengths, culture fit, and onboarding them properly.

Uploaded by

Gwenn Pabona
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Entrepreneurship

Lesson 3
Learning Competencies
Validate the product/service description of the product
1 with potential customers to determine its market.

Select/pinpoint potential suppliers of raw materials and


2 other inputs necessary for the production of the product
or service

Discuss the value/supply chain in relation to the business


3 enterprise;

Recruit qualified people for one’s business enterprise


4
Validate the product/service description of the product with
potential customers to determine its market.

One of the most important aspects of starting a business is


validating that there is a demand for your products. There is
nothing more discouraging than spending your time and energy
creating a product that you think people will love, only to
realize that there’s no interest when you launch.
WHAT IS MARKET VALIDATION?
Market validation is the process of presenting a concept for a product to its
target market and learns from those prospective buyers whether or not the idea is
worth pursuing.
This process typically takes place early-on in the conception stage, before
any significant investment has been made in developing the product. The two
most common approaches to market validation are:
1. Interview people in the target market, such as the buyers.
2. Send out surveys to these personas.
The key is that market validation research must include direct contact and
feedback from people in the product’s intended market.
HOW TO VALIDATE A PRODUCT’S OR A
SERVICE’S MARKETABILITY?
Ring the cash register
1
Conduct competitive analysis
2
Research the existing demand
3
Start a crowd-funding campaign
4
Meet customers in person
5
Beta Test
6
Select/pinpoint potential suppliers of raw materials and other inputs
necessary for the production of the product or service

Selecting the right suppliers is essential for building a successful


business. By employing some supplier's selection criteria, it is
possible to identify enterprises who are reliable and meet your
particular needs.
Factors to consider in selecting potential suppliers of raw
materials and other inputs

1 Price 2 Reliability

3 Stability 4 Location

5 Developing Partnership
Discuss the value/supply chain in relation to the business enterprise;
Supply Chain

⮚ A supply chain starts from the inside and flows outward to the
customer.
⮚ It starts with materials and suppliers then continues on to
logistics and production. Finally, it ultimately reaches sales,
marketing and the customer.
5 Elements of Supply Chain
1. Designing a product to meet consumer request
2. Obtaining the raw materials required to produce the products
3. Manufacturing and developing the products
4. Distributing the product to consumers/customer
5. Accepting and processing returns of defective products
Value Chain

Contrary to supply chain, the value chain starts with the


customer and flows inward to supplier alignment and sourcing.
Purpose: Increase the value of a product/service
Value Chain
Michael Porter pioneered the concept of value chain in
his 1985 book "Competitive Advantage: Creating and
Sustaining Superior Performance."
He used this concept to show businesses add value to
their raw materials to produce products that finally sold to
the market.
5 Steps in Value Chain

1. Inbound Logistics: Processes related to receiving, storing and inventory


control.
5 Steps in Value Chain

2. Operations: Value-creating activities that convert inputs into finished


products such as assembly and manufacturing. In here, operations systems
create value.
5 Steps in Value Chain

3. Outbound Logistics: Activities concerned with the collection, storage, and


distribution of finished product or service to customers.
5 Steps in Value Chain

4. Marketing and Sales: Involve activities that associated among the general
consumers or buyers to purchase a product.
5 Steps in Value Chain

5. Service: Activities that maintain and enhance the value of the product, such
as customer care and warranty package.
Recruit qualified people for one’s business enterprise

Without growing the number of people with whom you work, you cannot
normally grow your business. Your success will depend on your capability to
organize a team of highly qualified employees who are dedicated to the goals and
objectives of your business. Recruiting defines the processes of the companies use
to find qualified candidates to fill job openings.
Recruit qualified people for one’s business enterprise

When recruiting, consider the actual needs of your business. An impressive


list of qualifications and broad work experience are necessary, but these are not
the only factor to consider when recruiting potential employees.
Ways to improve your recruitment process
Search for a career-oriented individual
1
Evaluate for practical experience
2
Test your applicants
3
Determine strengths needed for the position
4
Culture Fit
5
Run Social Checks
6 Take them onboard 7
Thank you!
Have a great day ahead.

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