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SKILLS
INTERESTS
Am I really interested in this kind
of business?
Am I willing and able to sell this
product/service?
Is there a demand for such
product/ service?
Do i have resources
for the business?
Price
QUALITY
CONVENIENCE
What is entrepreneurial
activities?
• Entrepreneurs engage in various
activities- some big, some small and
others in between. Their activities could
be trading, manufacturing or service
business. They are supported by either
the family members or members of the
community as employees.
Entrepreneurs are found not only in big
cities but in small towns as well,
catering to the needs of people.
Three types of
entrepreneurial business
1. Trading or
merchandising
2. Manufacturing
3. Service business
1.) Trading
Trading or merchandising is the buying of goods and
selling the same without change in form. When goods
are sold in small quantities, it is called retailing. When
goods are sold in big quantities or in volume, it is
called wholesaling. The process of buying and selling
is also called trading or merchandising. A common
example of retailing is the “sari-sari” store. Most
retailing is done in retail stores.
Types of retail store
• Self-service retailer
• Department store
• Convenience store
• Door to door seller or direct marketer
• Vending machine
• Superstore
• Combination store
2.) manufacturing
Process of converting raw materials into finished
products. The manufacturer buys the raw materials. He
makes the raw materials to finished products by
applying direct labor and factory overhead.
• Raw materials
• Direct labor
• Factory 0verhead
3.) Service business
Service business is doing work for others.
Examples of service businesses are beauty
parlors, spas, barber shops, laundry shops, and
repair shops. Medical, dental, accounting, legal
and other services of professionals are also
examples of service businesses.
Business Opportunities in
Rural Communities
• Rural areas have abundant with
cheap raw materials and labor
force.
Four Stages:
Introduction
Growth
Maturity
Decline
PRODUCT LIFE CYCLE
Sales
Profit
Profit
Definition:
1. Profitable markets
2. Saleable products/services
3. Strength and weaknesses of the
competitors.
4. Available resources
5. Business risks
STEPS in Market Research
1. Defining the problem
2. Making a preliminary
investigation
3. Planning the research
4. Gathering the data
5. Analyzing the data
6. Researching a
conclusion/decision
7. Implementing and evaluating
decisions
6. Trends in consumer
tastes/preferences.
7. Better marketing
strategies
8. Proper business locations
9. New market opportunities
10. Realistic business
objectives
Community needs
What is a need?
• anything one can not do without it , in other words,
the concept of needs describes the situation or
circumstances in which something is lacking, or
necessary or requiring some course of action to
provide satisfaction.
What is Community Needs
Assessment?
• It seeks to gather accurate information
representative of the needs of a community.
Assessments are performed prior to taking action
and are used to determine current situations and
identify issues for action. Needs assessments
establish the essential foundation for vital planning.
Needs Assessment
• an extension of the strategic planning process. Strategic
planning confirms, transforms or develops a new mission
and vision; characterizes the nature of the business;
furnishes a sense of direction for the organization;
identifies the goals necessary to achieve the mission;
develops specific plans to carry out each goal; and
identifies essential resources such as people, property,
time, money, and technology to attain the goals.
How to conduct a training needs
assessment?
• Step 1: Determine the Desired Business Outcomes
• Step 2: Link Desired Business Outcomes With
Employee Behavior
• Step 3: Identify Trainable Competencies
• Step 4: Evaluate Competencies
• Step 5: Determine Performance Gaps
• Step 6: Prioritize Training Needs
• Step 7: Determine How to Train
• Step 8: Conduct a Cost Benefit Analysis
• Step 9: Plan for Training Evaluation
Location of the Business
Location of the enterprise is a vital
factor in the success of a business. A
prime location is a great competitive
advantage.
To be able to make the right
choice of location, it requires
MARKET SURVEY.
Factors in Selecting a
Business Location
1. Population trends
2. Income trends
3. Retail sales trends
4. Competition
5. Transportation facilities
6. Government policies
7. Environment (health and sanitation)
8. Electricity
9. Water supply
10. Communication facilities
11. Peace and order
12. Fire protection
13. Parking space