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Pointers-to-Review-in-ComProg-1

The document outlines essential characteristics and skills of successful entrepreneurs, including hard work, self-confidence, discipline, and the ability to adapt to change. It emphasizes the importance of various entrepreneurial skills such as business management, leadership, communication, customer service, financial acumen, and strategic thinking. Additionally, it discusses understanding consumer demographics and lifestyles, as well as the significance of SWOT analysis in benchmarking business performance.

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muichiro44
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25 views5 pages

Pointers-to-Review-in-ComProg-1

The document outlines essential characteristics and skills of successful entrepreneurs, including hard work, self-confidence, discipline, and the ability to adapt to change. It emphasizes the importance of various entrepreneurial skills such as business management, leadership, communication, customer service, financial acumen, and strategic thinking. Additionally, it discusses understanding consumer demographics and lifestyles, as well as the significance of SWOT analysis in benchmarking business performance.

Uploaded by

muichiro44
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Pointers to Review in ComProg 1

The important characteristics/traits/attributes of a good entrepreneur:

HARDWORKING
One of the important characteristics of a good entrepreneur is hardworking.
This means habitually working diligently for a long period of time. Hardworking
people keep on improving their performance to produce good products and/or provide
good services.

SELF-CONFIDENCE
Entrepreneurs have confidence in one’s ability and own judgment. They
exhibit self-confidence in order to cope with all the risks of operating their own
business.

DISCIPLINE
Successful entrepreneurs always stick on the plan and fight the temptation to
do what is unimportant.

COMMITTED
A good entrepreneur accepts full responsibility of everything in his/her
business. He/She gives full commitment 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-up 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 edge over the other competitors.

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
An entrepreneur enters into the world of business to generate profit for
additional income. This shall become the bread and butter for you and our family as
well. Therefore, you must see that the business can generate income.
Entrepreneurial skills

1. Business management skills


Successful entrepreneurs will most often rely on their business skills to
manage and run a business or brand. Developing your business management skills can
mean building up your ability to multitask, delegate responsibilities to subordinates
and making decisions regarding the health and profitability of your business.

2. Teamwork and leadership skills


Becoming a successful entrepreneur can also mean taking on leadership roles
and working as a part of a team. Being a business owner means you will most likely
act as both a supervisor and as part of a team, and you will need to rely on effective
leadership skills to help motivate your team.

3. Communication and listening


Business owners and entrepreneurs should also develop effective
communication skills. From effective listening to discussions during meetings, being
able to communicate effectively can help you work with others to build your business.
Likewise, effective communication can also translate to how you promote awareness
of your brand. For instance, effective and clear messages through emails, content
marketing, social media and other advertising methods can positively influence how
you reach your target market.

4. Customer service skills


No matter the industry you venture into as an entrepreneur, you may still need
to develop effective customer service skills. From talking with potential clients to
discuss opening partnerships, effective customer service skills can help you connect
with your customer base and ensure your brand is providing the products or service
your market needs.

5. Financial skills
Owning a business can also mean taking care of the financial aspects of your
organization. You can develop financial skills by learning from financial planner,
reading financial guidebooks and using financial software to help you organize and
keep track of the financial process in your business.

6. Analytical and problem-solving skills


Successful entrepreneurs may also have exceptional analytical and problem
solving skills. This is because there can be many aspects of building a brand or
business that can require difficult decisions, finding solutions to obstacles and using
creative thinking to develop plans and strategies that will help you achieve your
business goals.

7. Critical thinking skills


Critical thinking skills, like analytical skills, can be necessary for developing
your overall entrepreneurial skills. Being able to look at problems, situations, projects
and operations from different perspectives can help in decision making and problem
solving.
8. Strategic thinking and planning skills
Critical thinking skills can also translate into strategic thinking skill.
Entrepreneurs who have built brands and business most likely applied their strategic
planning skills to develop strategies for growing and developing their business. To be
successful as an entrepreneur, it takes planning and being able to think strategically
can allow you to find ways to beat out your competition, grow your market reach or
implement effective strategies to reach your goals.

9. Technical skills
Because of the availability of software programs for financial analysis,
planning, marketing and other business process, it can be extremely beneficial to
develop your technical skills. Entrepreneurs with efficient technological skills can use
software and other digital approaches for managing projects, tracking sales and
revenue and measuring the performance of business growth.

10. Time management and organizational skills


This are also important skills for entrepreneurs to have. Strategies that can
help develop these skills sets include breaking down tasks into manageable to-do lists
and setting deadlines and achievable objectives for yourself and your team.

11. Branding, marketing and organizational skills


Entrepreneurs may spend the majority of their time marketing and networking
with other professionals to promote and grow their brands. Being able to implement
successful branding and marketing strategies can be an essential aspects of becoming
an entrepreneur. You might take a free online course to get started with branding and
marketing basics, and you can also meet with other entrepreneurs to help grow your
network.

MARKET ENVIRONMENT

Identifying and Understanding Consumers

Retail Shoppers (Center)


1. Demographics
2. Life-Styles
3. Needs and Desires
4. Shopping Attitudes and Behavior
5. Retailer Actions
6. Environmental Factors

Demographics and Lifestyles

Demographics - Consumer data that is objective, quantifiable, easily identifiable, and


measurable.

Lifestyles - Ways in which consumers and families live and spend time/money.

Cross-Shopping - Shopping for a product category at more than one retail format
during the year.
Visiting multiple retailers on one shopping trip.
SWOT Analysis- is a proven management framework which enables a brand like
Dell to benchmark its business and performance as compared to the competitors and
industry. Dell is one of the leading brands in the IT and Technology sectors.

Understanding Consumer Lifestyles: Social Factors

Lifestyle (Center)
Culture
Social Class
Household Life Cycle
Reference Groups
Time Utilization
Family Life Cycle

Understanding Consumer Lifestyles: Psychological Factors

Lifestyle (Center)
Personality
Perceived Risk
Purchase Importance
Class Consciousness
Attitudes

Control Hazard and risks

New Normal - Personal Protective Equipment(PPE)


Traditional -Personal Protective Equipment(PPE)

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