reviewer

1. ENTREP CONTINUATION
WHO CAN START A BUSINESS?
Anyone can start a small business unit. He may be an existing entrepreneur or a new one, having a
business background or not educated or uneducated from rural area or urban area.
Business- is defined as an organization or enterprising entity engaged in commercial, industrial or
professional activities.
HOW CAN I ARRANGE MY CAPITAL?
- The entrepreneur has to analyze and find out the amount and the duration of finance required
as well as the duration for such finance is needed in the business.
- The entrepreneur requires money to buy machinery, building, raw material, pay wages to labor,
etc. Money spent on buying machinery, building, equipment, etc. Is known as fixed capital.
- On the other hand, money spent on buying raw materials and paying wages and salaries, rent,
telephone and electricity bills, etc. Is known as working capital.
- The entrepreneur has to arrange for both fixed as well as working capital for his business.
- The finance can be raised by self contribution or by borrowing from banks and other financial
institutions. Money can also be borrowed from friends and relatives
HOW CAN I SELECT THE LINE OF RIGHT BUSINESS FOR ME?
- The process of launching a business begins when the entrepreneur start thinking about a line of
business
- Consider business opportunities as per the market demand. It may go for an existing product or
a new product.
- But before taking any step you need to ascertain the profitability of the business and the
amount of capital investment.
- Having estimated the profitability and risk involved, the entrepreneur has to decide which line
of business could be desirable to pursue
WHAT IS THE RIGHT LOCATION OF MY BUSINESS?
- Special care should be taken while selecting the location of the business.
- An entrepreneur can start business in his own premises or in a rented premises. It can be
located at a marketplace or in a commercial complex or in an industrial estate.
- While deciding the location, the entrepreneur should consider various factors like sources of
supply of raw material, nearness to the market, availability of labor, transportation, banking and
communication facilities, etc.
- Factories should be preferably located near the source of raw material and at a place that is well
connected with rail and road transport facility.
- A retail business should be started near residential area or in a market place.
WHAT IS A TARGET MARKET?
The target market is the individuals or companies that are interested in a particular product or
services and are willing and able to pay for it.

2. The marketing concept uses the needs of customers as the primary focus during the planning ,
production, distribution and promotion of a product or service.
Costumer-are the people who buy the products and services companies offer.
MARKET SIZE
Entrepreneur’s most critical task is to calculate the market size, and the potential value that
market has for their startup business. Market research will determine entrepreneur possible
customers in one locality.
FUNDAMENTALS OF MARKET
UNIQUE SELLING PROPOSITION AND VALUE PROPOSITION
UNIQUE- Clearly sets you apart from your competition, positioning you the more logical choice.
SELLING- It persuades another to exchange money for a product or services.
PROPOSITION- It is a proposal or offer suggested for acceptance.
UNIQUE SELLING PROPOSITION (USP)- refers to how you sell your product or services to your customer.
You will address the wants and desires of your customers.
Unique Value Proposition and Value Proposition are two most famous tools used to explain why
prospect customers buy each products and services. Based on each definition, we learn that USP and VP
are frameworks of each business industry.
The two propositions are valuable for the entrepreneurs.
7-step process in constructing your Unique Selling Proposition
Step 1: Use Your Biggest Benefits
Step 2: Be Unique
Step 3: Solve an Industry “Pain point” or “Performance Gap”
Step 4:Be specific and offer proof
Step 5 : Condense into one clear and concise sentence
Step 6:Integrate your Unique Selling Proposition into all Marketing Materials
Step 7: Deliver on your unique selling proposition’s promise.

3. VALUE PROPOSITION
An analysis or statement of the combination of good and services offered by a company to its customer
in exchange for payment.
- Value Proposition (VP) is a business or marketing statement that summarizes why a consumer
should buy a company’s product or use its service. This statement is often used to convince a
customer to purchase a particular product or service to add a form of value to their lives. In
creating Value Proposition, entrepreneurs will consider the basic elements:
- Target Customer
- Needs/opportunity
- Name of the product
- Name of the enterprise/company
DEVELOP YOUR VALUE PROPOSITION
STEP 1: Know your costumer
STEP 2: Know your product, service or idea
STEP 3: Know your competitors
STEP 4: Distill the costumer oriented proposition
STEP 5: Pull it all together turn around your customers’ answer’ from step 4 into a value proposition
statement.
BEST VALUE PROPOSITION EXAMPLE
- One tap and a car comes directly to you
- Your driver knows exactly where to go
- Payment is completely cashless