ENTREP REVIEWER Reflect the Process

1. Gather Raw Data

Lesson 1: The Business Plan
Intuitively, the primary step is to collect
business plan – written description of
information from the customers. Without
the business that you will establish in the
their input, it's impossible to spot their
future
needs.
- can be written according to its
There are three ways to gather data:
purpose.
1. Interviews
- blueprint of your proposed
business. 2. Focus Groups

There are five reasons why you 3. Observation

should have a business plan
1. Interviews
1. To test the feasibility of your business
Interviews are one-on-one conferences
idea
with potential customers. Oftentimes
2. To give your new business the best they happen within the customer's own
chance of success surroundings, as they're more
comfortable there and there's an
3. To secure funding
opportunity to check a problem in action.
4. To make business planning more
2. Focus Group
effective
Focus groups are like enlarged
5. To attract investors
interviews. They involve about eight to
Three Factors of a Good Business twelve customers. The group is being led
Plan by an interviewer.
It's realistic 3. Observations
It's specific Observation can either be passive, where
one merely watches a customer work in
It's followed through
their natural surroundings. But, can also
Identifying Customer Needs be active, in which one works side-by-
side with the customer and gains an
Identifying customer needs is the method
understanding of their issues from their
of determining what a client needs from
perspective.
a product.
2. Interpreting Data
four-step method in identifying
customer needs After the interview, it's necessary to
translate the obscure statements of the
Gather Raw Data
customers into a helpful list of needs
Interpreting Data
3. Organizing the Data
Organizing the Data
After interpreting the information data gathered based on its nature. For
gathered, organize them. Cluster similar instance, junk foods, beverages, main
needs together, order them, etc. Decide dishes, side dishes, etc.
what's really necessary to the customer
Reflect the Process
and outline the "critical needs".
The students will now discuss the data
4. Reflect the Process
that they have gathered. They will decide
Reflect on what has been done. Think if the process is enough for the business
about the statements that are gathered plan.
and study the interpretations. Try to
Lesson 2: The Business Plan
assess how the method was executed.
Contents
Example: Customer Needs
The business plan introduction serves as
Identification Using the 4-step
the “bird’s-eye view” of your plan. It is
Method
written as an overview while not going
Situation: into details.

A group of students is going to identify There are two (2) main components of a
customer needs, specifically, the food business plan introduction:
inside the school premises. They
1. The business concept and model
conducted a survey and came up with
the following answers in the 4-step 2. The business goals.
method:
The Business Concept and the
Gather Raw Data Business Model

The students gathered data using business concept - should have the
interviews to identify their needs. They essence of the business in a short but
have 20 respondents consisting of powerful manner. It emphasizes the
students, teachers, and staff of the value of the product.
campus. They collected several answers
business model - formula on how the
about what kind of food they mostly
business plans to make money out of
want.
business.
Interpreting Data
business goals - show the long-term
The students analyze the data and omit and future prospects of the enterprise. It
data that are not essential aligned with is composed of the vision, mission,
their research. For instance, if the focus objectives, key results area, and
is food, omit those answers that are not performance indicators.
aligned with food like tissue paper,
Executive Summary
ballpen, etc.
- summarizes the necessary details
Organizing Data
of the business plan for its readers.
After omitting unessential data, the - content should be clear and brief
students will organize data by arranging but also stimulates the reader to
the same data. They categorized the read the rest of the business plan.
includes the subsequent sections: contains information about the business
proponents or the stakeholders of your
The business opportunity - It
business
describes the needs of the target market.
There are four (4) types of
Taking advantage of the opportunity
stakeholders:
- you need to explain how your business
will serve the market 1. Resource Mobilizers - investors who
are willing to take a position within the
The target market - you need to
business. They are the ones who will
describe your market based on the
share in the capital of the business
analysis that you will conduct
2. Technology Providers and
Business model - you need to describe
Applicator - who can think about the
and think of products or services and
technologies that the business needs.
justify in what way it will make it
can analyze if the budget is enough to
appealing to your target market
make use of technologies and if there’s
Marketing and sales strategy - you enough funds that they can use to
need to have a brief outline of your acquire it.
marketing strategy for your products or
3. Government and Top Management
services that you will offer.
- government plays a role in regulating
The Competition - describe your the project, ensuring compliance with
competition and your strategy for getting relevant laws and policies, and
market share. You will also identify your potentially providing funding or
competitive advantage. incentives.

Owners/Staff - you need to describe the 4. Operations and Support Team -

owners and also the key employees and members that will create the main
the experience they convey to the product. Others will work for the
venture. implementation of the business and
might operate the institution.
Implementation Plan - as an
entrepreneur, you need to define the
schedule for taking your business from
Lesson 3: The Marketing Mix as a
the planning stage to its formal opening.
Business Strategy
Five major tips on writing an
HISTORY
effective executive summary
• Originally, there were only 4’Ps
1. Focus on providing a summary
classification by the marketer, E. Jerome
2. Keep your language sturdy and
McCarthy, in 1960.
positive
3. Keep it short- no over two pages • The original 4P’s stand for product,
long place, price and promotion.
4. Polish your executive summary
• But the model has been expanded into
5. Put yourself in your readers’ place
the 7P's of marketing.
The Business Proponents
• three elements has been have been Distribution channel - any physical
added namely people, packaging and store as well as virtual stores or online
positiong to comprise the 7ps of the shops on the Internet.
theory of marketing that has been
physical location - entrepreneur must
important for more than 70 years.
research about the area’s population, the
Marketing Mix traffic, the people’s common paths, their
buying behavior, and their preferences
- refers to the set of actions, or
for the location.
tactics, that a company uses to
promote its brand or product in the cyber location - entrepreneur must use
market. Web analytics data to understand Web
- combination of elements that you site performance (e.g., number of
will use to market your product. visitors, duration of their stay on the Web
Marketers use the marketing mix to site, or the frequently visited contents).
create a value for their product
- is a significant tool in creating the
right marketing strategy and its
implementation through effective
tactics.

The 7Ps of Marketing:

Product - Marketing strategy typically

starts with the product.
Price (serious component of the
- Is any physical good, service, or
marketing mix)
idea that is created by
entrepreneur - value of money in exchange for a
product or service; the amount or
Types of Products
value that a customer gives up to
1. Tangible products- products that enjoy the benefits of having or
can be perceived by our 5 senses using a product or service.
2. Intangible products - you can’t - It is the only P in the 7Ps that
physically touch or hold. They are generate income.
often referred to as services or
Promotion - refers to the complete set
experiences.
of activities, which communicate the
• Financial services: Banking
product, brand or service to the user. The
• Healthcare: Medical treatment
idea is to attract people to buy your
• Education: Courses, training
product over others.
• Travel: Airline flights
- involves presenting the products to
Place - represents the location where the
the public. The main goal of
buyer and seller exchange goods or
promotion is to attain attention.
services.\
promotional strategies that can be
applied in business:
 processed by manpower and machines to
come up with the final product.

3. Output - This refers to the final

product that is intended to be sold to the
target customers.

Machine - tools, facilities, and systems

that are used to produce a product.

- not limited to physical equipment

only but can also pertain to new
technologies.

Materials - the raw items that are used

Packaging (silent hero) in creating a product or performing a
service.
- refers to the outside appearance of
a product and how it is presented - materials’ specifications, quantity
to the customers. needed, and the schedule of
delivery should be clearly planned.
People - employees are the most
valuable resources of any business. Materials Requisition Options
These people play a vital role in service 1.Manufacturing of own materials
delivery as well as in customer
relationship retention. 2.Outsourcing

Positioning - process used by marketers 3.Purchasing own products from

to create an image in the minds of a present suppliers
target market. Manpower - human resources who will
- Solid positioning will allow a single handle the business operations.
product to attract different Qualification Standards:
customers for not the same
reasons. 1. Manpower

Lesson 4: The 4Ms of Operations 2. Experience

Method - the process that is strictly 3. Academics

followed in the manufacturing of a
business product.

Three Elements of Manufacturing

1. Input - This refers to the materials or

ingredients that are being used in
creating the product.

2. Process - This refers to the

transformation phase where the raw
materials or ingredients are being
- CA