Business plans do not have to be complicated, but it has to touch on important points that affect the business. When creating a business plan you have to be clear and concise so that is can be easily understood by the people who will read it. It must serve as a manual for your current and future employees. It must be able to describe what you want and how to get them.
Entrepreneurship used to be a gut feel game. But schools like University of Asia and the Pacific, Ateneo ME program, MINT College and Business short course provider, Innove have put a science behind the entrepreneurial process. And because of this, it is easier to put your big dreams to reality.
Many Filipinos love to have a business of their own but are always hesitant to take the risk. That is OK, nobody likes risk anyway. I once did a survey among employed people. I ask them to raise their hands if they want to have a business. 100% raised their hands. I asked them if they are would shell out a month of their salary to a new business. Nobody raised hands. So I asked them what they want to do as their business. They all said that they will use their skill to start a business. That I think is practical and wise but as Michael Gerber said in his book, skills alone do not make you successful. You still need to be scientific in your approach to starting a new business, most especially when you are trying to transition from being employed to self-employed. So how would you say goodbye to your boss and hello to business? Continue reading
The word innovation is from the Latin word innovatus which means stemming from. In other words innovation is an improvement of something. In the world of business, the innovative products are an improvement of an existing product. All of the innovations we see today are derived from the needs of customers, this is called market innovation. An example of innovation is the business model of Michael Dell. It used to be that computers are sold as a package. You buy the whole thing from the maker and you can not choose the part that comes with it. Michael Dell realized that there are customers who want to customize the parts of their computers based on their needs and budget. So in his dorm room, he started selling “Build you Own” computers.
For an idea to be considered an innovation, it must make the life of the user easier compared to what he or she is currently using, and accepted by the general market.
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