dudhdhrrtarting a sdmall business_0.pptx

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1. STARTING A SMALL BUSINESS

2. Unit Learning Outcome At the end of the unit, you are expected to: Elaborate the Starting a Small Business

3. What is a small business?

4. Small business is defined as a privately owned corporation, partnership, or sole proprietorship that has fewer employees and less annual revenue than a corporation or regular-sized business.

5. How to start a new business?

6. Different start up ideas

7. Type A ideas Providing customers with a product or service that is not in their market but already exists somewhere else.

8. Type B ideas Using a technically new process that provides the basis for new product or service ideas.

9. A startup is a young company founded by one or more entrepreneurs to develop a unique product or service and bring it to market. The typical startup tends to be a shoestring operation, with initial funding from the founders or their friends and families.

10. The right innovative techniques can help you save precious time and money, and give you a competitive lead in expanding your business. Tremendous efficiencies are experienced because of the development and use of new strategies.

11. Innovative mindset is being able to generate creative or novel solutions to problems that result in improved performance. You can and should measure innovation.

12. Innovative thinking is the ability to come up with new ideas and novel approaches to problems. It is about being creative and flexible Innovative thinking is in reality creative problem solving, and it's a skill that you can develop and use at work – whatever your role.

13. Innovation leadership is the ability to inspire productive action in yourself and others during times of creation, invention, uncertainty, ambiguity, and risk. It is a necessary competency for organizations that hope to develop truly innovative products and services

14. Are in favor of innovation? Why?

15. Three different ways to improve a product Deliberate improvement- making it better Frequency improvement- you can change it so customers use it more often Adaptation improvement - target those who don’t use a feature, it aims to win over the remainder

16. How to identify the needs of your customers? Solicit feedback from your customers at every step of your process. by conducting focus groups listening to your customers or social media, or doing keyword research.

17. Adaptability It opens up your mind to new ideas, makes you question status quo, and gives you the willingness to go against convention. Adaptable people aren't scared of change, as they will first make necessary plans to handle it.

18. Market Expansion Strategy It is a growth strategy that involves selling current products in a new market when growth peaks in the company's existing sales channels. Being able to successfully employ market expansion strategies first requires your company to have fulfilled existing markets .

19. Diversification A growth strategy that involves adding products, services and markets to your company's core business. Putting your corporate eggs in many baskets is one way to minimize risk. Diversification in business can mean expansion through new product lines or services.

20. Product Expansion Companies grow their businesses by adopting a market expansion strategy. This is when a company will attempt to reach out to other markets after capturing the interest of their target market.

21. Technology helps in communication with customers. New technologies are being invented that make communication easy and simple. Implementing those technologies in your business can help the growth of your business. Customers are also knowledgeable about the advancements in technology