2. TO UNDERSTAND THE THREE
ENTREPRENEURIAL MIND AND
HOW THEY DIFFER FROM EACH
OTHER.
TO BE ABLE TO UNDERSTAND
THE RIGHT PRODUCT FOR THE
3. THE ENTREPRENEURIAL
MINDrefers to a specific state of
mind which orientates human
conduct towards
entrepreneurial activities and
outcomes. Individuals with
entrepreneurial mindsets are
often drawn to opportunities,
innovation and new value
creation.
5. CREATIVE
MIND- Conceptualizes and
designs a product that
consumers find some use
for.- Pleasing to see, touch, smell,
hear, and taste.
- Creates emotional attachment
and becomes personal
expression of the consumer.
6. TECHNICAL
MIND- Technology originator.
- Technology adaptor.
- Technology renderer.
Drives entrepreneurs to
convert new knowledge into
something highly functional
and operational.Uses old knowledge for new
applications in various fields
of endeavour.
Resolves and make a new
product work for the
product creator by
configuring and
reconfiguring the design of
7. BUSINESS
MIND
- harnesses the potentials of new products by creating the market space for
them.
- it organizes sufficient- forces and resources to develop, launch, and
commercialize the new product in order to maximize its market value.
- manages the external and internal business environment of the new
product, which goes beyond the product development process itself.
11. Aesthetic Appeal
•How the lamp could be elevated to self-
actualization would largely depend on the
meaning of the lamp images.
•It would also depend on the desired state of
the self.
13. In order to convert the product concept into
a viable product , the technical mind must
intervene to provide the quality and
performance specifications through
technology.
In the case of Lampturn, the product simply
required the application of existing
14. The entrepreneurs needed to do was to
fit that existing technology according to
their product concept. This is the point
where the entrepreneurs encountered
several challenges while they were
searching for the appropriate technology
for their product concept.
15. TECHNICAL CONSIDERATIONS:
FIRST:
-USE OF 25-WATT BULBS
-USE OF FAN-BLADED DOMES
-USE OF BIC BALL PENS TO SUPPORT AND ALLOW THE
DOME TO ROTATE SMOOTHLY.
-USE OF NATURAL SANDED WOOD.
-USE OF FISH AND BUTTERFLY DESIGNS.
SECOND:
-USE OF HIGH-IMPACT PLASTIC PAPER
-USE OF STRONG WOODEN FRAMES
THIRD:
-USE OF SIZE THAT IS NOT MORE THAN 16 INCHES IN HEIGHT
AND 10 INCHES WIDE.
-USE OF QUALITY ELECTRICAL SUPPLIES
16. The entrepreneurs had to tap the
technical minds of electricians,
engineers, artisans, and artists to
develop the Lampturn. Prototypes were
fashioned, critiqued, and discarded until
the entrepreneurs became satisfied
with a final prototype.
18. The Business Mind brings the product from the
prototype stage to the production phase, and
finally, to its ultimate destination, the market place
The product must be made shop-ready for
commercial purposes.
The Business Mind must determine the best
way to maximize product sales to its target
market. The right distribution and salespeople
should be tapped and deployed.
19. As the entrepreneurs approved the final prototype,
the next step was to test market the product
prototype.
The test was conducted in two phases. The first
phase consisted of two focus group dimensions
(FGD) and selling activities at Christmas
bazaars. The second phase involved the
placement and selling of the lantern at
20. •The fish design was
particularly liked. Other
designs like planets, angels,
and Christmas motif were
recommended.•The FGD suggested a price range of P500.00 to P1,
200.00. The product could be used as a home décor for
their own homes or as gifts to friends.
•The FGD raised the issue of safety and recommended
that instructions be given on how to handle the electrical
The first FGD consisted of
potential consumers with ages
ranging from 15 to 50.
21. •The designers recommended
that the lantern be sold in
home décor stores rather than
novelty shops to get a price
premium.•They suggested additional designs like carousels and
flowers.
•They saw the lantern as a living room or bedroom
lighting display that must have a fireproof certification.
•They thought that the lamp should be packaged in a
The second FGD consisted of
interior designers for product
enhancement purposes.
22. In the pre-Christmas bazaar sales, the entrepreneurs
wanted to:•See how the product would move in the marketplace;
•Who would buy it and for what purposes;
•At what price range; and
•With what customer comments
In the five bazaars;
•Twenty-six lamps were sold.
•Eight percent of the buyers were
women, ranging from teenagers to
young and older mothers.
•The introductory price of P800.00
was readily accepted.
•Fifty percent of the lanterns were
intended as gifts.
23. The second test marketing phase attempted to place the
product in several commercial outlets, namely in:
•Home décor and home furnishing stores;
•Novelty and gift stores;
•Lamp and lighting fixture stores; and
•Children’s toy stores
Because of their test marketing experience, the
entrepreneurs positioned the product:
•As a novelty home décor item;
•For children’s bedroom r for living room display
•For women buyers aged 15 to 50.
24. THE FINDINGS OF THE SECOND
TEST MARKETING PHASE ENABLED
THE ENTREPRENEURS TO MAKE A
GOOD MARKETING PLAN THAT
WOULD MAXIMIZE THEIR REVENUES
AND PROFITS.
25. CREATIVE MINDS activated due to the products novelty.
Intrigued by the reflector/projector.
TECHNICAL MINDS was challenged due to products’
fashion. This challenged costumers to figure out how to
make lamps turn, how to make their screens and how to
make the images mesmerizing.
BUSINESS MIND were test. Who would be the best target
of the market? How would they market the lamp? Could
they produce the lamp at a cost that would generate profits
27. •THERE ARE MANY EXISTING PRODUCTS IN
THE MARKET THAT ARE SERVING THE
NEEDS AND WANTS OF COSTUMERS BUT
NOT WELL. THE EXISTING PRODUCTS ARE
BEING TOLERATED BECAUSE THERE ARE
ENOUGH “DISSATISFIERS” IN THE PRODUCT
TO WARRANT THE INTRODUCTION OF NEW,
IMPROVED VERSIONS, OR MODIFICATIONS
28. CASE EXAMPLE 6: CRUNCHY BAWANG – THE CASE OF NEW IMPROVE
PRODUCT
TWO ENTREPRENEURS, GERALDINE DOMINGO AND CARLA ORTEGA WANTED TO
IMPROVE AN EXISTING PRODUCT, THAT IS, THE FRIED GARLIC IN OIL (FGO)
OTHERWISE KNOWN AS “CRUNCHY BAWANG”. THE PRODUCT WAS COMMANDING A
HIGHER PRICE OF P180 PER BOTTLE ALTHOUGH THEY THOUGHT IT COULD BE
SUBSTANTIALLY UPGRADED. THE TO ENTREPRENEURS BOUGHT SEVERAL BOTTLES
OF THE EXISTING FGO AND DECIDED TO CONDUCT TASTE TESTS AND INTERVIEWS AT
A SCHOOL CAFETERIA OF GRADUATE STUDENT TO DETERMINE THE POSITIVE AND
NEGATIVE ATTRIBUTES AND FEATURES OF THE PRODUCT. ONE HUNDRED
RESPONDENTS WERE CHOSEN DURING LUNCHTIME. THE RESPONDENTS LIKED THE
PECULIAR GARLIC TASTE (67%), ITS CRUNCHINESS AND TEXTURE (92%), AND THE
BOTTLED CONVENIENCE IT OFFERED (56%). WHAT THEY DISLIKED ABOUT THE
PRODUCT WAS ITS RELATIVELY BLAND TASTE (74%) COMPARED TO FRESH
PRODUCTS, ITS OILINESS (71%), AND ITS FOOD SAFETY ASPECTS (38%) BECAUSE
THERE WAS NO EXPIRATION DATE, NO MANUFACTURER’S NAME. ITS POOR
29.
30. • THE ENTREPRENEURS DISCOVERED THAT 33% USED THE FGO
AS RICE TOPPINGS WHILE 67% PLACED IT ON THEIR PLATES
BESIDE THE VIAND.
THE TWO PROCESS ALLOWED THE ENTREPRENEURS TO
CONCLUDE THAT:
(1)THERE WAS A GOOD DEMAND FOR THE PRODUCT
(2)THE PRODUCT COULD BE IMPROVE BY LESSENING THE OIL,
ENHANCING THE TASTE, AND COMING UP WITH A BETTER
PACKAGE
31. FROM THE TASTES TEST AND INTERVIEWS OF
FGO BUYERS, THE ENTREPRENEURS PLUNGED
INTO THE PRODUCT DEVELOPMENT STAGE. THIS
CONSISTED OF THREE PARTS:
(1)PRELIMINARY TESTING
(2)ESTABLISHMENT OF SPECIFICATIONS FOR THE
PRODUCT
(3)STANDARDIZATION OF THE PRODUCTION
