Before you Get Into Business

Getting into Business

By Guita T. Gopalan

Why few succeed?

Ignorance

Aimlessness

Impatient

Building a business is not a game of chance.

Key to Success: STRATEGYTARGET

Anong mga negosyo ang gusto mong pasukin?

Anong mga negosyo ang puwede mong pasukin?

OPPORTUNITYPAGKAKATAON

PLEASURE&

•Example:When there is a typhoon, what do you see?

Flooding Stalled Vehicles Upper Respiratory Diseases

Deaths from Drowning

Destroyed Houses

Fallen Trees & Power Lines

•What don’t you see?

Umbrellas and Raincoats for Sale Tulak Tirik Boys Andanyo Boys

New Flood Control Projects Funeraria

More Sale of Construction Materials

•The Entrepreneurial Mindset

OPPORTUNITY SEIZING

OPPORTUNITY SCREENING

• OPPORTUNITY• SEEKING

ASSESING OPPORTUNITY

RISKSREWARDS

Assessing Opportunity

WorkabilitySustainabilityProftability

WORKABILITY:What are you offering?

Product?Service?

SUSTAINABILITY

PROFITABILITY: Revenue Sources

Production - gawa

Distribution - benta

Finance – ikot-pera

Turning Your Idea to Reality

PROBLEM SOLUTION

MARKET

QualityQuantity

Quickly

PRODUCT MARKET

What is the problem you are trying to solve?

Identify the top 3 problems / concerns you

are addressing.

Include a 1 sentence explanation for each

Who is your customer?

Demographics – age, income, marital status, etc.

→ Find customers

Psychographics – what they like to do, how they

think, etc.→ Know customers

What's your special sauce?

What makes you different?What makes you worth spending on?

What's the solution?

What are the top three features / characteristics of what you are offering?

What results are important?What are key activities central to your business?

What are the intended results of accomplishing these key activities?

How will people know your product/service exists?

How much do you need to spend to make this happen?

Two Types:

Fixed Cost (one time)

Variable Cost (more than one time, per transaction)

How will you make money?

Nature of money coming inHow much, every when

From where, etc.

Unfair Advantage

Hard to copyHard to buy

It's I'mpossibletill you remove the

It's impossibletill you remove the

Before you Get Into Business

Business

Before we get started…

Here - Get Into Newcastle

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