ENTREPRENUERSHIP week 6-PPT.pptx
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1. The document provides questions to help narrow the focus when selecting a business product or service. It lists important factors to consider like financial gain, costs, demand, and supply sources. 2. A good product must meet customer needs by solving a problem. The business should understand how the product benefits customers by reducing time, effort or expenses. 3. Entrepreneurs must evaluate if they have the capability, resources, and time to produce the product at the necessary scale should demand increase. Many fail by taking on more than they can handle.
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ENTREPRENUERSHIP week 6-PPT.pptx
- 2. The following are few questions to help you narrow your focus in the selection of the best product or service that will work for you:
- 3. 1. What are your primary considerations for choosing a particular product? Make a list of your selection criteria, and what you think are important to you in identifying what business to engage in. There are several reasons why it is necessary to select a product. These factors include: a. financial gain to your company, b. low capital requirements, c. favorable return rate,
- 4. 1. What are your primary considerations for choosing a particular product? d. adaptable successful strategy, e. ready for manufacturing and innovation, f. easy to reach sources or suppliers, g. relatively low risk and realistic time frame.
- 5. 2. Can you meet the needs of the customer and solve a specific problem? Your product must be an answer to a need or an opportunity. You need to know how your products or services can assist customers. This must have a proper significance that can be understood, desired and needed by consumers. Include in your product information and sales materials how customers can benefit from your products. Example: helping to reduce time, effort and expense.
- 6. 3. How capable are you in producing your own product? Just as an athlete needs to know his physical condition before he enters a race, you must also know if you have the time, resources and capability to produce your product. Many entrepreneurs make the mistake of going forward with a business idea only to find that they cannot afford the manpower required, or do not have the resources to outsource the product development. You must also evaluate at the onset how you can scale up the production if there is a strong demand for the product.
- 7. 4. What is the size of your potential reachable market? You need to at least get an idea of the size of your market. Know who are likely to use or benefit from your products. Many small and home business entrepreneurs view market research as an unwanted and costly expense, but realize who can pay off in the long run, and how large the market is.
- 8. 5. Would you need to comply with government rules and regulations?