Lecture 1 – Introduction to • Manufacturing Business –

Entrepreneurship business that uses raw materials

to produce a new product or
Entrepreneurship
goods
 the concept of developing and
• Wholesale Business – sell
managing a business venture in products in bulk to another
order to gain profit. (Editorial business and usually at a
Team of Entrepreneur Handbook, discounted price
2019)
• Retailing Business – sell items
 the process of discovering new to customers for their
ways of combining resources that consumption like clothing, drug,
results to profit (Russel S. Sobel, and grocery.
n.d.)
• Service Business – provides
Entrepreneurship starts with… intangible products like
consulting, cleaning, education,
 UnmetNeeds and treatment.
Who is an entrepreneur?
UNMET NEEDS CAN EITHER BE:  An entrepreneur is an individual
Product who creates a new business,
bearing most of the risks and
 Anything that is offered to a enjoying most of the rewards.
market for acquisition or (Adam Hayes, 2020)
consumption that may satisfy a
need or a want  An entrepreneur is an initiator,
Service a challenger and a driver.
Someone that creates something
 Activities that provides new, either an initiative, a
satisfaction but intangible in business or a company. (Juan
nature and do not result to Jose de la Torre, 2015)
ownership
Examples of Products
• Raw Materials
• Processed Materials and
Components
• Consumer Products
• Maintenance, Repair and
Operating Supplies
Examples of Services
• Plumbing services
• Legal services
Most Influential and Famous
• Medical services Entrepreneurs form All Over the
World
• Maintenance and repair services
(Mohit Soni, 2019)
Unmet Needs
An Entrepreneur
 allow the birth of a new business
venture • full liability of the business
CYNTHIA L. GREENE (2011) • understands the existence of risk
CATEGORIZED BUSINESS INTO
FOUR GENERAL TYPES:
 • every decision affects directly the A successful entrepreneur adapts to
entrepreneur the current unmet needs of the
marketplace.
• success in business means
increase in profit  Change is constant as it is with
the needs and wants of the
sCHARACTERISTICS OF
customers.
SUCCESSFUL ENTREPRENEURS
A successful entrepreneur knows
A successful entrepreneur is
how to sell themselves.
independent and they do business
seriously.  There are instances that you
have to explain and prove why
 Entrepreneurs make their own
your business is worth it or why
decisions and understanding the
your product or service is a good
possible consequences of every
one if not the best.
decision they make. They keep in
mind that the outcome of the A successful entrepreneur networks,
business lays on how they make networks, networks.
decisions
 Keep in mind the saying that no
A successful entrepreneur takes big man is an island. Even if there is
decisions carefully. a need of your product or service
there are still people who won’t
 Decisions might result to either
dive-in right away. One must
good or bad. A successful
have the ability to network and
entrepreneur does not take for
meet others who may become a
granted the results of bad
gateway for you to propel the
decisions but they learn from it to
business.
help them become better.
A successful entrepreneur makes use
A successful entrepreneur is goal-
of technology to its advantage.
oriented and determined.
 To provide the best to customers
 Whatever reality gives, a
entrepreneurs make use of
successful entrepreneur keeps in
technology. It serves as a
mind his or her goal and
gateway of expanding the product
determined to achieve it.
or service.
A successful entrepreneur invests in
Do you want to be an entrepreneur?
one’s self.
 The key is in your hands.
 One must be able to know and
understand his or her strengths Lecture 2 – Product Idea Development
and weaknesses. Investing in and Team Formation
one’s self is essential as business
Business
may change overtime.
A successful entrepreneur knows  an organized and purposeful
and accepts that failure exists human activity that creates
value and exchanges that value
 While doing business, there will for something equal or of higher
be times that you encounter value intended to continue
failure. Successful entrepreneurs providing such value over time
do not stop after one failure. as a going concern (Duening,
T.N., Hisrich, R.D., Lechter, M.A,
A successful entrepreneur makes it
2010)
all about the customer.
Business is an organized and
 Remember that a business
purposeful human activity
venture starts from the unmet
needs and wants of the  because an individual or a group
marketplace. combines and utilizes resources
toward productive activity
Business • create product design
 is intended to continue • develop prototype
providing such value over time
• develop software
as a going concern
 business is a continuous process, • obtain intellectual property
and it follows a business model protection
where the market gives value
Research on the Idea
Where can we get product idea?
• perform market research
• Idea generation techniques
• identify demand of the product or
• Reading materials service
• Hobbies • determine competitive advantage
• Interests Test, test, test
• Skills • join market fairs
• A discovery • consider product demo
• Past experience • consider first time reviewers
• Problems around you Launch
Product ideas can be taken from a lot of • establish marketing strategy in
ways and can occur at anytime so it is the launch or product or service
important to be on the lookout for
Since idea development is a continuous
opportunities
process, how can we innovate?
FOUR UNIVERSALLY AGREED-UPON
HOW CAN WE DEVELOP CATEGORIES OF INNOVATION
THEPRODUCT IDEA?
Breakthrough Products
 Breakthrough Products - new
products that may offer a big
difference in terms of
performance, cost, and
technology
Incremental Products
Generating Idea
 Incremental Products - products
• idea generation techniques like that are existing but are modified
brainstorming to improve and to provide better
• write, write, write benefits

• don’t overlook the obvious

• suspend judgment Platform Products

Screening Idea  Platform Products - products

designed to be modified for
• Select the best idea based on: several designs; set the basics of
• meets the needs of the products covering a larger
customers scope than that of the
incremental products.
• generates high profit
Disruptive Products
• technical feasibility and
competitiveness  Disruptive Products - designed
and produce for chaos in the
Developing Idea market as these products start
 from a low-quality approach, then
improving it as it captures the
market

If I have an innovative product that

utilizes technology, then what should I
do?
Embrace Technopreneurship …
Technopreneurship
 is utilizing technology in the
process involving but not limited
to, discovering, developing,
launching, and running one’s
own business
World-Class Filipino Technopreneurs
 Diosdado “Dado” Banatao
 Joey Gurango
 Orlando Vea
HOW WILL I KNOW THE
DIFFERENCE BETWEEN THE NEEDS
AND THE WANTS?
Characteristics of a Product to Gain
Need
Profit
 things that a person must
 Product Quality
possess or obtain in order to
 Development Time
survive
 Product Cost
Want  Development Cost
 Development Capability
 the things that you might have to
think you must possess to be Product development challenges to
satisfied in life consider:
Prioritization Matrix – Needs vs  Trade-off
Wants
 Dynamics
 Details
 Time pressure
 Economics
 Creation
  Satisfaction of societal and  deals with how much money we
individual need could make if every possible
customer in the world uses the
 Team Diversity
product
 Team Spirit
Serviceable Available Market
 deals with how much of that
mentioned market can have the
existing product serve
Serviceable Obtainable Market or
Share of Market
 deals with how much money will
be realistically be converted from
the market.
Minimum Viable Product (MVP)
 is the minimum set of features
and functionality of the product
that a business can provide their
first loyal customers.

Target customers
 are given persona to bring them
to life.

Common methods and best practices

by Rikke Friis Dam and Yu Siang Teo
(2020)
 Sketches and Diagrams
 Paper Interfaces
 Storyboard
 Lego Prototypes
 Role-playing
 Physical Models
 Wizard of Oz Prototype
 User-driven Prototype

Total Addressable Market