Transcript Thixoforming

R. L. Nkumbwa
Copperbelt University
Outline
• Entrepreneurs
And
• Their Environment
Entrepreneurs – The New Alchemists
Enterprise – adventure,
effort, endeavour, project,
undertaking,
scheme,
venture, daring, energy,
initiative, push.
Entrepreneur – person in
control of commercial
undertaking, one who
undertakes a business or
enterprise, with a chance
of profit or loss.
Enterprising – adventurous,
audacious, bold, daring,
active, alert, efficient,
energetic, prompt,
resourceful, smart, spirited,
zealous.
Innovation = Creativity x Risk Taking
Leap
and the
net will
appear
Julia
Cameron
Five is a magic number:
wanted four cornerstones
…… and an entrepreneur
“An entrepreneur is someone
who perceives an opportunity
and creates an organisation to
pursue it”
Bill Bygrave
(The Portable MBA in Entrepreneurship, 1994)
“An entrepreneur is someone
who accepts the risk of acquiring
and organising resources to seek
opportunities for profit.”
David Gough, Entrepreneur and Mentor
White Rose Bioscience Forum, York,
6 November, 2002
An entrepreneur is someone who
habitually creates and innovates
to build something of recognised
value around perceived
opportunities.
Bill Bolton & John Thompson
Entrepreneurs – Talent, Temperament, Technique
What are the Characteristics of the
Entrepreneur?
• Perseverance and Determination
•Ability to take Risks
•Need achieve/Make a Difference
•Initiative and taking Responsibility
•Focus
•Creativity
•Honesty and Integrity
•Independence
What do Entrepreneurs do?
• They make a significant difference
• They create and innovate
• Spot and exploit opportunities
• Find the necessary resources
• Network
• Show determination in the face of adversity
• Manage risk
• Exercise control over the enterprise
• Be customer oriented
•Create Capital
So basically Entrepreneurs…..
• Take Risks in order….
• to Create
• Innovate and
• Build
The ‘Entrepreneur’ Process Diagram
Bill Bolton &
John Thompson
Entrepreneurs –
Talent,
Temperament,
Technique
4. Finding the
required
resources
3. Spotting and
1. Motivation
to make a
Difference
5. Using
networks
extensively
Overcoming
2. Creativity and Innovation
Exploting
opportunities
6. Showing
determinatio
n in the face
of adversity
Obstacles
8. Controlling
the business
9. Putting the
customer first
10. Financial,
Social,
aesthetic
capital
Recognition
Of Value
7. Managing
risk
From “Idea” to “Opportunity”
From: Bill Bolton & John
Thompson
Entrepreneurs – Talent,
Temperament, Technique
Idea
Knowledge
skills and
competency
The industrial landscape is already
littered with remains of once
successful companies that could not
adapt their strategic vision to altered
conditions of competition.
Abernathy, Clark & Kantrow
Effective
Strategic
position
Opportunity
Factors
critical
for
market
success
Creativity, Innovation and Entrepreneurship
Creative
idea
Implemented
Enterprise
Leads to
Innovation
Marketed
What sort of people do you need
in a Business Start-up Team?
•
•
•
•
•
Entrepreneur
Technical Innovator
A Technical Delivery Specialist
A Sales person
A Finance/Admin person
The Business Start-up Team
Entrepreneur
Finance/ admin
Delivery Specialist
Technical Innovator
Sales
From: GSC6001
Entrepreneurship and
Business Planning
What will they do?
Entrepreneur: communicates
vision, aims, goals
Technical Innovator:
the ideas person,
comes up with new
products
Finance/ Admin person:
watches the cash and sets
up systems
Sales Person: goes out and gets
business for the company,
another great communicator
Delivery
Specialist: ensures
that goods/services
are delivered to
the customer on
time and to spec:
the second ‘techie’
The Entrepreneur’s World: The Market
What is Marketing?
Business has only two basic functions:
Marketing and Innovation. Marketing and
Innovation produce results. All the rest are
Costs.
Peter F Drucker
Management Guru
MARKETING DEFINED:
Marketing is ”the management process
which identifies, anticipates and supplies
customer requirements efficiently and
profitably.”
Chartered Institute of Marketing
NEEDS, WANTS, DEMAND AND
EXCHANGE
From: GSC6001
Entrepreneurship and
Business Planning
Needs  Wants  Demand 
E
X
C
H
A
N
G
E
Offers for sale  Product
Market
Research
The Selling Concept (after Kotler et al (1996)
Starting
point
Factory
Focus
Existing
product
Means
Selling &
promotion
Ends
Profits
through
sales
volume
The Marketing Concept
(after Kotler et al 1996)
Starting
point
Market
Focus
Customer
needs
Means
Integrated
marketing
mix
Ends
Profits
through
customer
satisfaction
The Entrepreneurial Marketing
Process: the four + four Is (after Stokes, 2000)
Incremental Innovation
Influence of word of mouth
Information-gathering
through networks
Image-building
Incentives
Involvement
Interactive marketing
methods
Identification of
target markets
CREATING CUSTOMER VALUE
Positive
CUSTOMER
Negative
VALUE
PERCEIVED
PERCEIVED
BENEFITS
SACRIFICE
•Product benefits
•Service benefits
•Relational
benefits
•Image benefits
•Monetary costs
•Time costs
•Energy costs
•Psychological
costs
(After Jobber, 2001)
The Marketing Mix
(formerly known as the ‘4 Ps’)
• A classification of marketing
decisions made in terms of
Product
Price
Promotion
Place
People
Processes
Physical evidence
Positioning Yourself in the
Market
• Identify characteristics of target market
• Identify factors of critical importance to
target market
• Focus all elements of the marketing mix
on that market
Ten Questions you should be able to
answer about your Market (1)
1. What is my target market?
2. What is the size and accessibility of my target market?
3. What is the profile of my target customer?
4. Who are my potential major trade customers?
5. How will my products/services solve my customers’
problems
Ten Questions you should be able to
answer about your market (2)
6. How does the customer buying process work?
7. What factors will make customers increase or decrease
their buying?
8. What is my USP (Unique Selling Point)?
9. Can I get a major share of a niche market, rather than
a small share of a large market?
10. What are the current trends in the market?
Five Questions you should be able to
answer about your Competitors
1. Who are my major competitors?
2. Where are my major competitors?
3. What are the strengths & weaknesses of competitors?
4. How loyal are customers to current competitors?
5. Who will be my competitors in one year’s time?
- Know your Enemy!
Marketing as a Corporate
Function
• “ Marketing is so basic that it cannot be
considered to be a separate function. It is
the whole business seen from the point of
view of its final result; that is the
customer’s point of view.”
– Peter Drucker
Developing a Marketing Strategy:
• Where are we now? (with our products/services)
• Where do we want to be? (marketing objectives,
targeting, segmentation analysis)
• How do we get there? (marketing mix strategies,
resources available)
• How do we ensure we get there? (control &
feedback)
Setting Objectives that are
SMART
•
•
•
•
S
M
A
R
•T
- Specific
- Measurable
- Achievable
- Realistic
- To Time
Developing a New Product/ Service:
Stages
•
•
•
•
•
•
•
Idea Generation
Idea Screening
Concept Development & Testing
Business Analysis
Product Development & Testing
Test Tarketing
Commercialisation/Mass Production
The Product Life Cycle
Sales
ZMK
Stage:
Introduction
Customers: Early adopters
Growth
Maturity
Decline
Early majority
Majority
Laggards
Time
Adoption of an Innovation by different market segments:
Sales
ZMK
e.g. calculators (after Jobber, 2001)
From: GSC6001
Schoolchildren
Entrepreneurship and
Business Planning
General public
Commercial
Engineers, scientists
Innovators
Early adopters
Early majority
Time
Late majority Laggards
The Role of Marketing - Summary
• Uncovering unmet customer needs
and problems
• Match technological capabilities to
solving those problems
• Move projects through enterprise
and into the market
Everything is worth what its
purchasers will pay for it
Syrus