TLE/TECHNICAL DRAFTING

What is entrepreneur?

Are those with the skills and capabilities to see and evaluate business opportunities they are individuals who can strategically identify products or services needed by the community and have the capacity to deliver then at the right time and at the right place

What is entrepreneurship?


Is not just a simple business activity but a strategic process of innovation and new product creation basically entrepreneurship is both an art and science of converting business ideas into marketable products or services to improve the quality of living

What is entrepreneurial competencies

Refer to the important characteristic that should be possessed by an individual in order to perform entrepreneurial function effectively

Hardworking

One of the important characteristic of a good entrepreneur this means working diligently and being consistent about it

Confident

Entrepreneurs have self reliance in one's ability and judgment they exhibit self confidence to cope with the risk of operating their own business

Discipline

Means always stick to the plan and fight the temptation to do what is an unimportant

Committed

Good entrepreneur assume full responsibility over their business they give full committed and solid dedication to make the business successful

Ability to accept change

Nothing is permanent but change change occurs frequently when you own a business you should cope with and thrive on changes capitalize on positive changes to make your business grow

Creative

An entrepreneur should be creative and innovative to stay in the business and in order to have an edge over the other competitor

Has the initiative

An entrepreneur takes the initiative you must put yourself in a position where you are responsible for the failure or success of your business

Profit oriented

Entrepreneur enters the world of business to generate income or additional income the business shall become your bread and butter therefore you must see to eat that business can generate income

Excellent planner

It involves strategic thinking and goal setting to achieve objective by carefully maximizing all the available resources a good entrepreneur develops and follows the steps in the plan at diligently to realize goals

Possesses people skill

Very important skill needed to be successful people skills refer to the effective and efficient communication and establishing good relationship to the people working in and out of your business i will develop interpersonal skill can make a huge differences between success and failure ofVery important skill needed to be successful people skills refer to the effective and efficient communication and establishing good relationship to the people working in and out of your business i will develop interpersonal skill can make a huge differences between success and failure of the business

Sound decision maker

Successful entrepreneurs have the ability to think quickly and to make wise decision towards a predetermined set of objectives sound decision should be based on given facts and information and lead towards the predetermine objective

What is SWOT analysis

Swot analysis is a managerial tool used to assess the environment it is used to gather information which is then use and strategic planning strength and weaknesses are internal in organization they relate to resources owned by an organization that you have control over and also the extent of its marketing

Product development

They are basic yet vital question that you ask yourself about product development this questions include the following for warm are the product or service in at what benefit will the customers expect from product or service how will the product or service differ from the existing brand from its competitor

Concept of developing a product

Cause of development is a protocol phase in the development of a product in this stage the needs of the target market are identified and competitive products are reviewed before the product specification are defined the product concept is selected along with an economic analysis to come up with an outline of how a product is being developed

Finding value

People buy for a reason there should be something in your product or service that would give consumer a good reason to go back and by more there must be something that will make you the best option for target customer otherwise they have no reason to buy what you are selling this implies further that you are offer something to your customers that will make them value your product or service

Innovation

Innovation is the introduction of something new in your product or service they may be a new idea a new method or a new device if you want to increase your sales and profit you must innovate some of the possible innovation for your products are change of packaging improvement of taste color size shape and perhaps price

Unique selling proposition

It is the factor or consideration presented by a seller as the reason that one product or services is different from and better than that of the competition this is especially important when your product or service is similar to your competitors

The stages of concept development

1. Analyze comparative products

2. Identify customer needs

3. Establish target specification

4. Generate product concept

5. Select a product concept

6. Refined specification

7. Plan remaining development project

8. Perform economic analysis

Why is analyzing competitive products important

It helps to understand market trends and identify strand and weaknesses of competitor

What is identify customer needs

It ensures the product needs and demand and expectation of the target market

Established target specification

To define the criteria that the product must meet to satisfy customer needs

Generating products development

It involves brainstorming and creating various ideas for potential products

Select a product concept

It determines which concept will be developed further based on feasibility and market potential

Refine specifications

To ensure that the product design aligns with customer needs and technical requirements