Entrepreneurship - 2Q - ENTREP 1 (THE MINDS&PR) PDF

ENTREPRENEURSHIP KATRINA QUIOCHO-COMILANG Teacher II  The Creative Mind The Technical Mind Entrepreneurial Mind The Business Mind  The Creative Mind Conceptualizes and designs a product that consumer find some use for. It produce...

ENTREPRENEURSHIP KATRINA QUIOCHO-COMILANG Teacher II  The Creative Mind The Technical Mind Entrepreneurial Mind The Business Mind  The Creative Mind Conceptualizes and designs a product that consumer find some use for. It produces products that are pleasing to see, touch, hear, and taste. This product also creates emotional attachment to the consumers and sometimes becomes an important personal expression. The Technical Mind It is referred to as technology originator, technology adapter and technology renderer. This drives the mind of an entrepreneur to convert new learning to become highly serviceable and operational. He/she resolves to make a new product for the product creator by shaping or reshaping the technical designs of the new product. With this, the values of being creative, resourceful, and innovative are manifested by an entrepreneur.  The Business Mind It connects the potential of the new product by creating a market for them. It also manages the internal and external environment of the product. The business mind turns the purpose and passion into profit. It also creates customers and exchange of values. Developing a Product Description PRODUCT DESCRIPTION It is a marketing strategy that explains what a product is and why consumers should buy it. The very purpose and objective of developing a product description is to provide information such as features and benefits to a wide range of consumers to attract them and compel them to buy.  1. Understand the purpose of the product, its function, and benefits. 2. State who will use the product and how will be used. A Product 3. Identify level of the Quality required Description is of the product so the product will used to: be usable. (Should be fitted to the purpose) 4. Express the skills required to produce the product, to review and to approve the same.  Things to consider in making Product Descriptions  It is the first step to consider in writing your descriptions, know Know your your market. target market From here you would be able to reach which features would be enticing to your potential buyers.  Buyers are determined to know the benefits that the product offers not just the ordinary or the extravagant features of it. Focus on the Product Buyers focus on product benefits Benefits which talks about how the products will improve their life rather than the product’s features which talks about technical information of the product only.  A good product description is a tell all story. Tell the Full Story The details should be fully disclosed, convince the buyers of its benefits, and make an emotional impact.  Make a description as if you’re Use Natural talking with your friends. Language and Build a connection between Tone buyer and your brand by using a description which is natural and convincing.  There are words or phrases that entice human emotions to buy a certain product. Use Power By being wary of these Words that Sell words, you can easily convince your buyer to take the spring and make the purchase.  If you are offering your product in social platform, see to it that your Make it easy description is scannable. to scan Make your product descriptions easy to scan by providing bullet points, short sentences, and by using different fonts. Example of a Product Description Creating a Product Prototype Prototyping It is the conversion of concepts into a viable product, thus, it is the Design Verification phase of Product and Development because it attests and validates the designs in theory. Think of a prototype in virtual or in an imaginary and just convert it as if you are holding it. It makes a difference if a prototype can be touched, seen, tried, and felt. Why Prototype? 1. Display or show the new product (for show or for potential investors) 2. Test an idea if it works. 3. Test the design and concepts if it passes certain requirements. 4. Use to gauge where improvements are necessary. 5. Acquire customer response.  Prototyping Methods WIREFRAMES MOCK-UPS It is a high-fidelity It is a low-fidelity designs that look like sketches or layouts the final product but of a product. without any functionality.  A wireframe can be an outline for a mock-up, and adding functionality to a mock-up can make it a prototype. Performance Task Create your own product prototype using recyclable / indigenous materials. Develop a product description for your finished product. The Market Market It refers to a set of individuals sharing similar needs or characteristics that a business hopes to serve. These individuals are the end users most likely to purchase your product. (Hubbard, 2019) Market Validation It 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.  Two most common approaches to market validation : 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? 1. Ring the cash register. The first and arguably best way to validate your product is to prioritize making a few initial sales. Nothing is more important than customers seeing the value in your product and exchanging money for it.  HOW TO VALIDATE A PRODUCT’S OR A SERVICE’S MARKETABILITY? 2. Conduct competitive analysis. Research can be useful when you’re still in the ideation stage or searching for a product to sell. Exploring the current market can also help you mitigate risk and build confidence in your idea before investing too much time and money.  HOW TO VALIDATE A PRODUCT’S OR A SERVICE’S MARKETABILITY? 3. Research the existing demand. A third strategy you can use to validate your product and its market is to analyze demand and search volume. Now that you know more about your competitors, let’s take a closer look at interest from potential customers.  HOW TO VALIDATE A PRODUCT’S OR A SERVICE’S MARKETABILITY? 4. Start a crowd-funding campaign. What is Crowd-funding? Crowd-funding is the use of small amounts of capital from a large number of individuals to finance a new business venture. It is a helpful, proven option to see if there’s demand for your product. One of the benefits of a crowd-funding campaign is that you have a firm timeline and it requires all of your focus and effort to reach your goal.  HOW TO VALIDATE A PRODUCT’S OR A SERVICE’S MARKETABILITY? 5. Meet customers in person. Another method is to sign up for trade fairs in local market. It provided a convenient way to gather quick, first-hand feedback from potential customers. Selling in person has the added benefit of a strict deadline that you need to take action by, which is why we personally love it. This deadline acts as a forcing function that pushes you to get your products ready, and to get yourself ready to sell them.  HOW TO VALIDATE A PRODUCT’S OR A SERVICE’S MARKETABILITY? 6. Beta Test. It includes creating a test version of something and running it past a small group or audience to get their feedback. A test version of the product can either be paid, or free, and is a great way to get testimonials and feedback while you create. You can also use the feedback from your first round to improve and build on your ideas to make them even better! WHAT HAPPENS IF NO ONE SEEMS INTERESTED? What if your potential customers do not want your idea? Take a look at the execution; it might be they love the concept, but the delivery needs to be different. Or, that the idea is sound but the offer isn’t clear. If you are passionate about your product or service and truly believe it has a place in the market, test it with a few variants of concepts and play around with some methods of delivery and adding value. Do your research, build as you go, and make sure that the vibrancy and energy behind your passion for your offering remain there, and your business and clients will thank you for it! end