Entrepreneurship 673w6r

ENTREPRENEURSHIP 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 ion 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 ENTREPRENEURIAL GUT GAME. 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 IS ABLE AND RESPONSIBLE. The entrepreneur is the ultimate responsible for the destiny of its venture. WHAT IS THE DEFINITION ENTREPRENEURSHIP

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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 entrepreneur. 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 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.

o The Potential Paul is a type of customer that is on the very beginning of your sales funnel. o Technically, Paul is not your customer yet. However, you should give them the full treatment and hopefully change that quickly. o Potential Paul is a lead that needs nurturing and warming up before making a buying decision.

5. LOYAL CUSTOMER – LOYAL LARRY o This type of customers keeps coming back for more. o Apart from having a significant impact on your revenue, Larry will be also your brand’s ambassador.

2. NEW CUSTOMER – NEW NEIL o New Neil is the fresh customer that just bought something from you. o He is still learning the ropes of using your product. o You need to do everything in your power to make that adoption period smooth.

1. THE NEGOTIATOR o always want to bargain o If you’re dealing with them, know that a common objection is to bargain your price based on a cheaper competitors offer. o But most of the time they want to bargain as a matter of principle.

3. IMPULSIVE CUSTOMER – IMPULSIVE IGGY o This is the type of customer that can make a buying decision in an instant, provided that the conditions are right. 4. DISCOUNT CUSTOMER – DISCOUNT DAN o Discount Dan is the type of customer that sees value in your product but won’t buy it at full price. o Upselling your product to Dan is nearly impossible.

2. THE WELL-INFORMED o The well-informed are confident. They will walk directly towards you, giving you a firm handshake. A o although they already seem to know everything, they expect professional advice from you. o Often their decision to purchase is based on how the product reflects their social status.

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. ion 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

7 PERSONALITY TYPES OF CUSTOMERS

3. THE ANNOYED ONE o customers who complain about almost everything.

o Whether it’s the high price, the bad quality or the unfriendly seller- there’s nothing really you can do to please the customer. They’re just always irritated. 4. THE SUSPICIOUS ONE o will not hide their mistrust of products and advertising. o They’re 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 they’re overwhelmed and feel that they’ve 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 aren’t really sure about what they want. o They’ll give you short, indecisive answers, saying things like “maybe” or the dreaded “I don’t 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 is available to them, what results they should be getting and what KPI’s you’ll 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 KPI’s 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 laws, rules and regulations that govern business practices as well as the permits, approvals and licenses necessary to operate the business. 3. Economic Environment The macro-economic environment is mainly driven by supply and demand forces. It is the same factor that drives the interest and foreign exchange rates that fluctuate with the movement of the market forces.. 4. Ecological Environment The ecological environment includes all natural resources and the ecosystem that defines the habitat of man, animals, plants and minerals. 5. Technological Environment New scientific and technological discoveries often lead to the launch and commercialization of new products with superior attributes or may render old ones obsolete.Technology does not only come inthe form of advanced machinery or equipment, but it can also be in the form of new systems, new processes or new products. THE OTHER OPPORUNITIES

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Industry Sources Market Sources Taking from the discussion on industry sources, there are also opportunities in the market sources particularly for specific products. The increased demand or supply or the higher or lower prices of goods yield their own opportunities.

Micromarket Sources Micromarket refers to the specific target market segment of a particular enterprise. These are the target customers that represent the immediate customers of an enterprise, meaning those who are currently buying the goods or services offered by the enterprise and its direct competitors. Consumer Preferences, Piques and Perceptions Consumer preferences, piques and perceptions can be sources of opportunities. Consumer preferences refer to the tastes of particular groups of people. For example: the clothes people wear, the food they eat, the music they listen to, and the movies they watch. The age, culture or status of consumers affect their preferences.

Consumer dislikes refer to the things that irritate customers. In the same way that entrepreneurs can make a business out of providing things that people want, you can identify a lot of opportunities by looking at what customers don’t want. ________________________________ UNDERSTANDING CUSTOMERS the key to giving them good service.

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What are the needs and wants of the customer? A NEED is a consumer's desire for a product's or service's specific benefit, whether that be functional or emotional. - is a consumer's desire for a product's or service's specific benefit, whether that be functional or emotional. - are the basic human requirements A WANT is the desire for products or services that are not necessary, but which consumers wish for. - is the desire for products or services that are not necessary, but which consumers wish for. - needs become wants when they are directed to specific objects that might satisfy the need, though these wants in themselves are not essential for living. - are therefore shaped by one's society and surroundings.

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?

Every business needs a reason for their customers to buy from them and not their competitors. This is called a Unique Sales Proposition (USP).

Entrepreneurs are often thought of as national assets to be refined, motivated and remunerated to the greatest possible extent.

CUSTOMER SATISFACTION is a marketing term that measures how products or services supplied by a company meet or sur a customer’s expectation.

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.

Customer satisfaction is important because it provides marketers and business owners with a metric that they can use to manage and improve their businesses.

WHAT ARE THE PROBLEMS OF THE MARKET?

Why Customer satisfaction important for a company?

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Here are the top six reasons why customer satisfaction is so important: It’s a leading indicator of consumer repurchase intentions and loyalty It’s a point of differentiation It reduces customer churn It increases customer lifetime value It reduces negative word of mouth It’s cheaper to retain customers than acquire new ones Entrepreneurs as National Assets

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 CHALLENGER?

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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.