role of entrepreneurship in economic development

● to promote economic stability, and it plays a significant part in improving per capita income
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entrepreneurship development
● the overall development of entrepreneurial skills and acumen necessary to start businesses successfully
● programmers allow individuals to transform their ideas into successful businesses
understanding the role of entrepreneurship in economic development
. economic advancement
○ entrepreneurship plays a crucial role in advancing economic growth by fostering innovative technologies. it also
contributes to a country's GDP and promotes self-reliance by reducing the country's dependency on imported goods
and services
. improving per capita income and gross national product
○ entrepreneurship helps improve the per capita income of a country by generating new job opportunities. it plays a
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significant role in increasing gross national product
. generating employment opportunities
○ as more people start their own businesses, they continue to recruit, generating more employability opportunities
across various sectors
. improving living standards
○ entrepreneurship improves the living standards of people by introducing innovative services that enhance daily life
and address the requirements of the community. establishing job opportunities in various sectors leads to an increase
in income and an enhancement in quality of life
. reducing poverty rates
○ entrepreneurship plays a major role in reducing poverty by generating new job opportunities and fostering economic
inclusion
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○ entrepreneurship has the potential to support individuals in creating sustainable livelihoods and lowering poverty
rates within the country
. financial independence
○ through entrepreneurship, individuals develop financial independence and learn to manage their businesses positively
business plan
● a detailed document that outlines the goals of a business, the strategy to achieve them, and the financial forecasts that
support the business's potential success
● it is essential for guiding a business, attracting investors, securing loans, or measuring progress
. executive summary
○ business idea
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◆ what is your business idea? describe your product or service in a simple, clear way
○ mission statement
◆ what is the purpose of your business?
○ goals
◆ what are your short-term and long- term goals? this could be earning a specific amount in the first six months,
expanding your customer base, or developing a second products
. business description
○ overview
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◆ describe what your business does. are you offering a product or service?
○ target market
◆ who are your customers? are you targeting other students, teachers, parents, or a specific community?
○ business model
◆ how will you make money? will you sell products, offer services, or earn through something like advertising or
subscriptions?
. market research
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○ who are your competitors
◆ are there other businesses doing something similar? how are they successful, and what could you do better or
differently?
○ what does your audience want?
◆ what are the needs or problems of your target market? how will your business meet these needs?
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○ market size
◆ this can be a simple estimate. for example, “there are 300 students in our school, and we believe 50% will buy
our product within the first year”
. products or services
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○ product/service description
◆ what exactly are you selling? be specific (e.g., handmade jewelry, tutoring services, custom school supplies)
○ how will you produce or deliver it?
◆ will you make the product yourself, work with a supplier, or offer a service in person or online?
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○ pricing
◆ how much will your product or service cost? be sure your pricing is realistic for your target audience, and keep
in mind the cost to produce or provide it
. marketing and sales plan
○ how will you reach customers?
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◆ what marketing strategies will you use? this could include social media, word of mouth, school events, or flyer
○ sales strategy
◆ how will you sell your product or service? will it be online, in person at school events, or through a website?
○ promotions
◆ how will you encourage people to buy from you? you could offer a discount for the first 10 customers, bundle
products together, or give away free samples to build awareness
 . operation and management
○ who’s involved?
◆ if you have a team, describe who is doing what. are you working alone, or do you have friends or classmates
helping with different tasks (like marketing, sales, production)?
○ daily operations
◆ what do you need to do every day or week to run your business? for example, preparing orders, making
products, or updating your social media
○ suppliers/materials
◆ what materials will you need to create your product or provide your service? where will you get them, and how
much will they cost
. financially plan
○ startup cost
◆ what initial costs do you have? this could include materials for your product, website hosting fees, marketing
expenses, or permits if needed
○ revenue projections
◆ estimate how much money you expect to make. for example, “we plan to sell 50 products in the first month at
P10 each, so our first-month revenue will be P500”
○ expenses
◆ what costs do you expect? this could include supplies, marketing, website maintenance, or shipping fees
○ profit
◆ after you subtract your costs from your revenue, how much profit do you expect to make? a simple equation for
this: revenue - expenses = profit
○ break-even point
◆ how many products or services do you need to sell before you start making a profit?
marketing plan
● is essential for setting clear strategies and goals to promote your product or service effectively
● a solid marketing plan outlines how to reach your target audience, build brand awareness, and ultimately drive sales
● it helps you stay focused and organized, whether you're marketing a small business, a startup, or an established company
. executive summary
○ purpose
◆ summarize the main goals and strategies of your marketing plan. what to include:
◇ brief summary of your marketing objectives (e.g., increase brand awareness, generate leads boost sales)
◇ key strategies (e.g., social media marketing, influencer partnerships, content marketing)
◇ target audience and key metrics for success
. market research and analysis
○ purpose
◆ understand the market, customer behavior, and competition. this section sets the foundation for your
marketing strategies. what to include:
◇ target audience
■ define who your ideal customers are (age, gender, location, income level, interests, behaviors, etc)
◇ customer pain points and needs
■ what problems do your customers face, and how does your product or service solve them?
◇ competitive analysis
■ analyze your competitors-what are they doing well, and where can you differentiate?
◇ market trends
■ identify current trends that could influence your marketing
(e.g., shifts in consumer behavior, new technologies, regulatory changes)
. swot analysis
○ strengths
◆ what does your business do well? (e.g., strong brand, loyal customer base unique product features)
○ weaknesses
◆ what areas need improvement? (e.g., limited budget, lack of brand awareness)
○ opportunities
◆ what market trends can you capitalize on? (e.g., growing demand for eco friendly products)
○ threats
◆ what external factors could affect your marketing success? (e.g., economic downturn, new competitors
entering the market)
. marketing goals and objectives
○ SMART goals
◆ goals should be Specific, Measurable, Achievable, Relevant, and Time-bound. for example:
◇ increase website traffic by 30% over the next 6 months
◇ grow email subscriber list by 500 subscribers in 3 months
◇ generate 20% more leads from social media in Q2
○ key performance indicators (KPIs)
◆ determine how success will be measured (e.g., website visits, conversion rates, social media engagement)
. target market segmentation
○ purpose
◆ identify and segment the audience based on key demographics, behaviors, and needs to tailor your marketing
strategies. what to include:
◇ demographic segmentation
■ age, gender, income level, education, occupation, etc
◇ geographic segmentation
■ location-based targeting (city, region, country)
 ◇ psychographic segmentation
■ values, interests, lifestyle choices, and motivations
◇ behavioral segmentation
■ purchasing habits, product usage, brand loyalty, and decision-making processes
. marketing strategies
○ content marketing
◆ what type of content will you create (blogs, videos, infographics, ebooks) to engage your target audience? how
will you distribute it (social media, email newsletters, SEO)?
○ social media marketing
◆ which platforms will you focus on (instagram, facebook, linkedin, tiktok)? what kind of posts will you create
(product showcases, customer testimonials, educational content)?
○ influencer or affiliate marketing
◆ will you collaborate with influencers to increase brand reach and trust?
○ email marketing
◆ how will you use email campaigns (newsletters, promotional emails automated workflows) to nurture leads and
drive sales?
○ paid advertising
◆ will you invest in paid ads on google, facebook, instagram, or other platforms? what will your ad strategy look
like (CPC, CPM, retargeting)?
. budget allocation
○ overall marketing budget
◆ total amount allocated to marketing
○ budget breakdown
◆ allocate your budget across different marketing channels (e.g., social media ads, content creation, email
marketing tools, SEO, event hosting)
○ ROl expectations
◆ estimate how much return you expect from each marketing activity (e.g., sales, leads, brand awareness)
. tactics and action plan
○ purpose
◆ break down your marketing strategies into actionable tasks and steps, along with deadlines. what to include:
◇ actionable steps
■ specific tasks for each marketing activity (e.g., write 4 blog posts per month, create 2 instagram
ads per week)
◇ timeline
■ a detailed timeline that shows when each tactic will be implemented
◇ assigned responsibilities
■ if you have a team, who is responsible for each task?
. measurable and analytics
○ KPIs (key performance indicators)
◆ metrics like website traffic, conversion rates, email open rates, social media engagement, etc
○ tracking tools
◆ the tools or platforms you'll use to track your results (google Analytics, social media insights, CRM software)
○ regular review
◆ set dates for reviewing the plan and making adjustments based on performance (e.g., monthly or quarterly)
. contingency plan
○ risk assessment
◆ identify potential risks (e.g., changes in customer behavior, competitor actions, economic conditions)
○ alternative strategies
◆ outline what steps you'll take if certain tactics aren't working (e.g., if social media ads aren't converting, switch
to influencer marketing or improve targeting)