ENTREPRENEURSHIP NOTABLE FILIPINO ENTREPRENEURS

WEEK 1 1. Tony Tan Caktiong (JOLLIBEE) - from a poor

family in China who immigrated to the Philippines
THE CONCEPT OF ENTREPRENEURSHIP in hope that they may have a better life.
Entrepreneurship 2. Henry Sy Sr. (SM) - born in Xiamen, in China in
• A proactive process of developing a October 1924. Henry Sy was not born with the
business venture to make a profit. silver spoon in mouth.
• The capacity/willingness to develop, 3. Atty. Felipe L. Gozon (GMA) - he entered the
organize & manage a business venture broadcasting industry with little knowledge of the
along with any of its risks in order to make field, but his hard work and dedication led him to
a profit. the top of his game.
Entrepreneurship as a self-employment decision
• Entrepreneurship is basically aimed to gear SUCCESSFUL YOUNG FILIPINO ENTREPRENEURS
someone towards SELF- EMPLOYMENT. 1. Leandro Legarda Leviste (SOLAR PHILIPPINES)
• Generally, it pertains to engaging in small - the son of Senator Loren Legarda with former
and medium-sized business. Batangas Governor Antonio Leviste, has no plans
• A practicing entrepreneur has probably on staying under the shadow of his parents.
more bosses than he realizes. 2. Gian Scottie Javelona (ORANGEAPP) - at 19,
Social and economic benefits of entrepreneurship Javelona launched the first mobile app for a school
• It produces more jobs that equate to an in the Philippines that covers access to students'
increase in National Income. records and enrollment forms.
• It amplifies economic activities of different
sectors of society. Five Levels of Entrepreneurial Development (by:
• It introduces new & innovative products Action Coach)
and services. 1. The Self-employed - Self-employed persons are,
• It improves people’s living standards simply put, not comfortable with the routines of a desk
• It disperses the economic power and job. They do not want to conform to a fixed working
creates equality. schedule. They want to do things in their own way and
• It controls local wealth and balances start to feel agitated when controlled by the power-
regional wealth. that-be.
• It reduces social conflicts and political 2. The manager - entrepreneurs feel the need to step
unrest. up & ask some help from the people around them. They
• It elicits economic independence and delegate & hire potential employees to do the work.
capital formation. 3. The Leader - Entrepreneurs already enjoy seeing
their people flourish, stepping up & producing great
 WHO IS AN ENTREPRENEUR? results w/ minimal supervision. Unlike before where
• Entrepreneur has a French origin and was they are in charge of virtually everything, they can now
coined from the words entre, which means sleep peacefully at night & have more freedom and
“between,” and prendre, which means” to time for themselves.
take.” 4. The investor – they look for more opportunities for
• Is a unique individual who has the innate their business to grow. They may either purchase one
ability & extraordinary dedication to establish or two businesses that can potentially add value to the
& manage a business, acknowledging all the company, or sell their established business (as a
risks & reaping its rewards. franchise) to potential entrepreneurs.
• An entrepreneur will only expect returns once 5. The true entrepreneur - now aim for quality and
he or she already added or created value out excellence in their work. They have fully learned, and
of an opportunity. continue to practice, a four-step process of thinking:
a. Idealization - entrepreneurs dream enormously and
ENTREPRENEUR MANAGER
desire to build an ideal environment.
Future-oriented Now-oriented
b. Visualization -entrepreneurs start to create plans to
Thrive on chaos Thrive on structure
make the dream a reality.
Personally responsible Merely responsible c. Verbalization -entrepreneurs share their ideas with
Achieve Attain targets other people, knowing that their vision is already
Creator Custodian occurring.
Takes risks Seeks stability d. Materialization -this happens when the vision
becomes a reality. In this stage, true entrepreneur now
has an income that keeps on multiplying even if they do
not put much effort.
 they base their decisions on scientific calculations
backed up by their experience and technical knowledge.
NEW TERMS 8. Balanced -The minds of entrepreneurs should have
1. technopreneur -an entrepreneur who puts a balance between the analytical and the creative side.
technology at the core of his or her business model. Their brains are always playing with “unique ideas” that
no one has ever thought of yet. Entrepreneurs always
2. social entrepreneur -one who takes advantage of have “Eureka!” moments and enjoy them.
the country’s social problems and turn them to
profitable institutions with the intention of helping the 9. Innovative -The minds of entrepreneurs are rich
disadvantaged community rather than making a profit. with big ideas that can add value to their existing
business or could become a game changer in the
3. intrapreneur -entrepreneur in a large company or industry or business where they belong. They do not
corporation who is tasked to think, establish, and run a stop improving and thinking of new and worthwhile
new big idea or project. ideas for their business.
4. extrapreneur -an entrepreneur who hops from one
company to another to act as the innovation champion, Core Entrepreneurial Competencies
providing creative and efficient solutions. 1. Leaders - they should serve as a source of
inspiration for their employees. They must be very
Common Entrepreneurial Competencies humble, approachable, friendly, and also know how to
1. Proactive -Entrepreneurs are reactive rather than listen to people’s concerns. Leaders act on their
passive. They address issues, problems, and challenges responsibilities that were given to them. They use their
before they come rather than when they already strengths and limitations to make the best of a
happened. They ensure that proper research is done, situation.
the risk factors are assessed, & plans are executed on a 2. Communicators -Entrepreneurs know how to use
timely and most efficient way. all forms pf communication to effectively share ideas
2. Agents of change -Entrepreneurs are innovation and address certain concerns with their customers or
champions. They see opportunities in hopeless and employees. Effective communication not only provides
complex situations. They are always enthused to people with a clear view of what the business offers,
improve and develop new products and services and they also help prevent mishaps in an organization.
introduce them to the market. They don’t settle for 3. Specialists - They are tactical and are very keen with
mediocrity and status quo. details. When asked about the specifics of their product
3. Risk takers -Entrepreneurs maxim is to take the risk or service, they can easily answer without heavily
and be successful. By taking risks, entrepreneurs do not relying on their people. They understand the totality
just grab opportunities left and right; they have to take and specificity of their business.
into consideration the potential various threats they 4. Problem solvers - Entrepreneurs possess critical
may encounter. Entrepreneurs calculate risk; if they thinking skills and look at problems as challenges or
think that there is a big chance of succeeding, they push puzzles that they need to solve. They know how to
through w/ the venture & don’t let opportunity pass. handle issues in any area of the business, be it finance,
operations, or marketing. They listen to the plight of
4. Have a sharp eye for opportunities their employees on certain problems involving their
-Entrepreneurs have the talent for recognizing an units, and come up with strategic solutions.
opportunity even by using the macro level data only.
They know how to assess the net cause and effect of an WEEK 2
opportunity and decide intelligently if a venture should
be considered or not. Entrepreneurship Vs. Employment
• An entrepreneur is someone who “undertakes
5. Sociable -Soft skills such as effective communication
skills, teamwork, dependability, adaptability, conflict
an enterprise.” It is someone who starts a new
resolution, flexibility, leadership and problem-solving organization – a business, or takes on an
are one of the most important competencies of existing organization with the intent to
entrepreneurs as these establish the relationship with revitalize it.
the most important assets of the company-its people • Entrepreneurship most commonly manifests in
and its customers. Relationship management is the key the form of self-employment.
for employee and customer retention. • Employment is a relationship between two
6. Networkers - knows the key people to connect parties, usually based on a contract – one
with. Networking can be a very intimidating task, for it being an employer and the other being an
takes a lot of guts to pull it off. Successful employee.
entrepreneurs gain trust of their valuable network and • Employee will contribute labor and expertise
maintain a long-lasting relationship with them. to an endeavor for the employer and is usually
7. Decisive - they do not settle for gray areas or hired to preform specific duties which are
unclear solutions. They don’t leave an issue unsolved packaged into a job.
without a disposition. They make sure that all aspects of
their business have clear objectives and strategies. Last,
 Scanning the Marketing Environment -this is the
starting point of any new venture that involves
understanding and knowing the intricacies of the
macroenvironment, microenvironment, and
internal environment. With this process of
scanning the general environment, an
entrepreneur can recognize various opportunities
and at the same time understand thoroughly the
arena where then future business will operate.

Careers in Entrepreneurship WEEK 3

Entrepreneurship consists of vast career options 3S of opportunity spotting and assessment:
depending on the passion and field of interest of (Seeking, Screening, Seizing)
the entrepreneur. The saying “When you love
what you do, it’s as if you are not working” is very S1 - SEEKING OPPORTUNITY
much applicable to entrepreneurs who consider - the most difficult one.
managing their business as enjoyment rather than
Essentials of Opportunity Seeking
working exhaustively.
1. Entrepreneurial Heart Flame - all about
emotional intelligence or EQ, which is often
RECOGNIZING THE POTENTIAL MARKET
manifested in the entrepreneurs’ efforts to
The Entrepreneurial Process -it is a step-by-step
nurture relationships with customers, employees,
procedure in establishing any kind of business that
and suppliers.
an entrepreneur has to undergo.
The entrepreneur also looks after the interests of
1. Opportunity spotting and assessment his people by motivating them to be the best that
2. Developing a business plan they can be. This creates caring culture within the
3. Determining the capital needed
organization that brings about synergy among the
4. Running the business
people working toward a common vision.
2. Entrepreneurial Mind Frame - allows the 7. Ethical factors - serve as an entrepreneur’s
entrepreneur to see things in a very positive and guide in morally running the business. Advertising
optimistic light in the midst of crisis or difficult and sales practices are taken into account that’s
situations. why prior television ads have to be ethical.
In fact, in Chinese writing, the word crisis is 8. Demographic factors - are the characteristics of
composed of two characters. The first character the people. A growing population needs a greater
means "danger" while the second character means supply of prime commodities (rice, fruits,
"opportunity". vegetables, electricity, water etc.).
Passion is the great desire to attain a vision or
fulfill a mission. It is about wanting something so Micromarket
much that a person would be willing to totally - refers to the specific target market segment of an
devote oneself to the quest. “…people with passion enterprise.
can change the world for the better.” -Steve Jobs Under consumer preferences, interests and
3. Entrepreneurial Gut Game - the ability of the perception, we put premium on needs, wants and
entrepreneur to sense without using the five demands. Needs are basic reasons/ minimum
senses. This is also known as intuition. The gut requirements consumers look for in a product or
game also connotes courage or, in the local dialect, state of felt deprivation about something that is
“lakas ng loob” (strong intestinal fortitude). deemed to be necessary. Wants are specific
manifestations of needs. Demands are wants
Macroenvironmental Sources backed by purchasing power.
- refers to the
big or macro forces that affect the Take note that demand can increase or decrease
area, the industry and the market which the depending on the purchasing power of an
enterprise belongs to. individual.
STEEPLED is a mnemonic for sociocultural, Competitors can also be another source of
technological, economic, environmental, political, legal, opportunity. Entrepreneurs can innovate their
ethical and demographic factors. existing products/ services and competitively
position these after.
1. Sociocultural factors - represent the general
view of a locality’s traditions, customs, beliefs, Unexpected opportunities are also a source. Who
norms and perception. This aspect helps the would have thought that videos taken by closed-
entrepreneur assess how a person behaves and circuit televisions (CCTV) would make waves in the
reacts to marketing and selling activities. news headlines as one of the best evidences in a
crime? Business opportunities can also come from
2. Technological factors - are composed of
the entrepreneur.
innovations of an existing technology. The
entrepreneur invests in new technologies but not The entrepreneur’s talents, hobbies, skills and
limited to advanced machineries/ equipment, new expertise can be a profitable opportunity. You can
systems and processes. sell pastry products if you’re good at baking. You
can offer meals if you have the “chef” skills. You
3. Economic factors - (income, expenses, resources)
can sell your paintings and crafts. You can put into
directly affect any business venture. Entrepreneurs
sale the plants, fruits and vegetables you
need to achieve equilibrium on both supply and
cultivated.
demand.
4. Environmental or Ecological factors - are given METHODS OF GENERATING IDEAS
premium by entrepreneurs who desires not only to 1. Focused Group Discussion (FGD)- process of
generate profits but also to save the planet and mining customer and noncustomer experience and
prolong lives. There is a growing awareness in the insights about a product/ service.
world about our natural resources, ecosystem, • Moderator handles an open, free-flowing and in-
habitat, animals and plants. depth discussion with a group of people.
• Participants talk about the product/ service &
5. Political factors - are mostly made by provide suggestions/ comments to improve it.
government policies and administrations. It
defines the governance system of the country or 2. Brainstorming - an undertaking that allows
the local area of business. (Like the K12 Program). participants to share creative ideas with the rules:
• No destructive criticism.
6. Legal factors - are laws and regulations that can • More ideas are preferred.
restrict or allow business activities. Businesses • Improvement of others’ ideas is allowed.
prior operations must acquire necessary permits,
3. Brainwriting or Internet Brainstorming. - the
licenses and approvals.
same with Brainstorming except that the channel
used is not face-to-face, but in writing or online.
Results of this method usually take longer as the opportunity work? Am I ready to sacrifice my
answers depend on the participants’ availability in existing lifestyle, endure hardship and forego my
answering the questionnaire online. usual comforts to succeed in this business
4. Problem Inventory Analysis - similar with FGD opportunity?
except that the participants are already given an
inventory of product or service problems. The
participants will identify compelling problems
about a product/ service and give possible
solutions.

WEEK 4
S2 - SCREENING OPPORTUNITY
S3 - SEIZING OPPORTUNITY
- process of cautiously selecting the best
- the entrepreneur has an idea as to where he or
opportunity. The selection will depend on the
she will locate the business and how he or she will
entrepreneur’s internal intent.
market the product/ service. This is the “pushing
through” with the chosen opportunity.
Internal intent - the main objective that the
business will accomplish in the entrepreneur’s life. INNOVATION - the process of positively improving
In simpler words, the entrepreneur’s internal an existing product or service.
intent is to make his business profitable and Types of innovation according to the degree of
sustainable in the long run. distinctiveness
Risk appetite refers to the entrepreneur’s a. Breakthrough innovation - includes inventions,
tolerance of business risks. occurs infrequently as these establish the platform
• risk taker - likes taking risks on which future innovations in an area are
• risk averse - dislikes/avoids risks developed. (Internet, computer, airplane)
Time is also of the essence. Time must be devoted b. Technological innovation - occurs more
to worthwhile opportunities. frequently than breakthrough innovation, these
are technological advancements of an existing
Vision statement answers the question “Where product or service (Wi-fi, laptop, jetplane)
will the business be?”.
c. Ordinary innovation - occurs ordinarily (adding
Mission statement answers the question “What is twists in cooking a meal, Telco providers changing
our business?”; “Why does the business exists?”. their surfing/ call-and-text promos)

Business Opportunity Elements Product/Service Planning & Development Process

(opportunity metrics are critical success factors) - one opportunity stood out from a number of
sources. This opportunity was tested according to
a. Market potential - ask yourself if there is a its attractiveness & feasibility in the screening
favorable number of possible customers who process.
might buy your product or avail your service. Also, a. Seizing process – the last process w/c involves
will this number of possible customers increase refining and developing this opportunity
over the course of time? b. Refining process – called product or service
planning & development process.
b. Financial feasibility It is important to consider
THE 4 STAGES ARE:
the sales potential of the products/ services you • idea stage - phase where the entrepreneur
want to offer. Will the opportunity provide you determines what are the feasible products
profits? Does it have good chances of expansion or and/or services that will perfectly suit the
growth? opportunity.
c. Management team Assess as well if your • concept stage - the idea will undergo a
employees are truly dedicated, driven and united. consumer acceptance test wherein the initial
reactions of the primary target market will
Are they highly skilled to provide quality products/
be taken into account.
services? Do they have industry and technical • product development stage - actual
experience? Are they willing to learn? Do they reactions from prospective customers are
possess utmost integrity? determined. Actual product samples will be
d. Personal resources Evaluate your own self as given to the panel of potential customers
the entrepreneur. Do I have the drive to pursue • test marketing stage. - validates the work
this opportunity until the end? Am I willing to done from the first 3 stages. This is the
validation to measure the success of a
spend time, effort and money to make this
product or service.
 WEEK 5
BUSINESS PLAN • Direct/ indirect competitor - For you to
• A comprehensive paper that outlines the basic understand these concepts better, let’s take this
concept underlying a business and describes how example:
Amihan, Alena and Danaya are selling swords while
the concept will be realized--- specifically, what
Pirena is offering shields.
problem will be solved. A business plan is an
This is due to the following reasons:
entrepreneur’s game plan to take the startup - Direct competitors offer the same products/ services.
plunge. The business plan should lay out your basic - Indirect competitors don’t offer exactly the same
idea for the venture, where you are now, where product type but still compete with the business
you want to go and how you intend to get there. indirectly.
• The blueprint to keep the entrepreneur on the • Customer requirements - are specific features
right track. It gives a sense of purpose to the and characteristics that the customers need from a
business. It provides guidance, influence, product or service.
leadership and communication of ideas, goals and Customers are the lifeblood of the business for
means to the partners, employees and others. without them, no business can thrive. You can sell
the best-tasting food, most fashionable apparels or
VALUE PROPOSITION
latest gadgets but without your customers, you
• States why a customer should buy a certain
cannot grow.
product or avail a service.
Customer is always right is a mantra in business
• It is the major driver in customer purchase for
because their thoughts, feelings and experiences
service availment.
shape the business.
• It needs to be direct in addressing the problems
of the customers and should differentiate itself
from the competitors.
WEEK 6
MARKET SEGMENTATION - the process of
Tips on Creating Effective Value Proposition
grouping similar or homogeneous customers
a. Make your value proposition straight to the point.
Must be concrete/specific with no complications. according to demographic, psychographic,
b. Highlight the value of your product/ service. geographic (location) and behavior. It is an
c. Adapt to the language of your market. Ensure that entrepreneurial strategy designed primarily to
your target market understands clearly what you are divide the whole market into smaller segments.
trying to say. 1. Demographic Segmentation
d. Add credibility-enhancing elements. Include
– also called socioeconomic segmentation.
testimonials from customers, partners or stakeholders.
– process of grouping customers according to
UNIQUE SELLING PROPOSITION relevant socioeconomic for business venture.
• Refers to how you will sell the product or service – most widely used and easiest method to segment
to your customers. After creating your value the market.
proposition, you have to figure out how to • Age • Income and Social class
advertise or promote your product/ service. • Religion • Occupation
• You can do this in promotion strategies, pricing,
physical attributes or human resources. 2. Psychographic Segmentation
Tips on Creating Effective Unique Selling – process of grouping customers acc. to their:
Proposition • Perception - process where an individual receives an
external stimulus using the five senses: seeing, hearing,
a. Identify and rank the uniqueness of the product/
smelling, touching and tasting.
service attribute. This will compel customers to buy
from you and not from your competitors. • Way of life is also a variable. You can live simply with
b. Be very specific. Emphasize what makes your the basic things around you or the other way around.
product/ service a different and a better one. By being • Motivation goes to the roots of customer’s needs and
specific and honest, you don’t give your customers the wants. This can either be physiological or psychological.
feeling that they are being fooled. • Customers’ inclinations involve preferring one
c. KISS. Keep It Short and Simple. product over another as a result of gaining a refreshing
experience when using the product.
KNOWING YOUR CUSTOMERS
• Marketing research - a comprehensive process 3. Geographic Segmentation
of understanding the customer’s intricacies and – grouping customers according to their locations.
the industry they revolve in. – critical analysis of the target market
• Market size - the size of the area where the • It can be as small as street, a barangay, a town, city,
entrepreneur’s business will play. It is the province or region. Area of residence affects how
approximation of the total number or buyers and people buy goods and/or avail services.
sellers in a particular market.
4. Behavioral Segmentation The FGD includes the following:
– grouping customers according to their actions a) objectives (purpose on why the FGD is
– these behaviors are instigated by: conducted);
• Occasions massively affects our buying behavior. As b) participants (what is the total number and on
Filipinos, we are fond of celebrations. why market segment do they belong);
• Using customer’s desired benefits helps the c) venue and logistics (where will the FGD be
entrepreneur determine the exact needs of the conducted and what food/resources needs to be
customer. Wash and dry services are old. Wash, dry and
prepared)
press is the new normal.
d) moderator (who will conduct the FGD).
• Loyalty is the result of maintain satisfied customers.
An entrepreneur’s goal is to inform, persuade, and OBSERVATION
remind customers to buy the good/ avail the service - one of the preferred and practical methods of
consistently. generating ideas
• Usage of products or availment of service describes
to the entrepreneur how often a product is being used Observation is reliable because it allows the
or the service is being availed. entrepreneur to see the real and actual behavior
• Market aggregation happens when an entrepreneur of the customers rather than hearing what they
prefers to deal with a broader market because the need to say. This can be performed by the human
product/ service he offers such as rice, bread, fruits, or machine observer.
vegetables, haircut and transportation is suited for an
undifferentiated market. Human Observation - human observer records the
information as it occurs with the use of the five senses.
WEEK 7 Examples of Human Observation:
TALKING TO YOUR CUSTOMERS • Customer purchase patterns - this observation
- allows you to validate the products/ services you technique aids the entrepreneur in understanding the
want to offer. This will help the entrepreneur buying behavior of customers.
avoid the most common problem of them all: • Mystery shopping - a common practice of service
spending time, resources and efforts building businesses today where the researcher pretends as a
something nobody needs/ wants. customer of his own business or the competitor’s.

• Qualitative research includes identifying the Machine Observation – a machine that observes info
written or spoken opinions of customers. Examples of Machine Observation:
• Quantitative research involves analyzing the • Video cameras/Closed-Circuit Television (CCTV) - are
customer’s preferences by using statistics (such as positioned within the business premises and records
those in surveys). the customers in their purchase or service behavior.
(gym business: the machine observer will record as to what
THE INTERVIEW gym equipment are used often by gym members.)
- the most reliable and credible ways of getting • Traffic counters - used to determine foot traffic and
relevant information vehicular traffic in a certain area. It focuses on the flow/
• A structured interview employs a specific set of movement of people. The entrepreneur will locate
questions such as questionnaires answerable by sensibly the placement of a tarpaulin, signage or
yes or no, multiple choice and choose-the-best. billboard for marketing purposes. (convenience store: this
helps determine what kinds of people are passing by the area)
• An unstructured interview is an informal type of
interview and does not follow a specific set of • Web analytics - an online tool that tracks the
performance of a web site as to the number of visitors,
questions. The interviewer is guided with pre-
the contents they usually access, geographical locations
defined list of issues and may ask all possible of the visitors and the number of hours they spend on
questions until he is satisfied. the web site. (online stores: As the entrepreneur already
THE FOCUSED GROUP DISCUSSION (FGD) have an idea as to the number of visitors, the contents they
- form of group interviewing in which a small group usually access, geographical locations of the visitors and the
number of hours they spend on the web site)
- usually 10 to 12 people, is led by a moderator. It
is commonly used to capture qualitative results. • Barcode scanners - help researchers in understanding
the purchase behavior of customers by reading the
• With FGD, the entrepreneur is able to gather
product codes and generating relevant sales
customers’ views towards a good impression on information. (supermarket: through the information
new product, innovations of older product, or gathered by barcode scanners)
suggestions on promotions and pricing and initial
• GPS (Global Positioning System) Technology - allows
feedback on advertisements. tracking of pedestrians and vehicles exposed to out-of-
• The FGD is led by a moderator whose task is not home advertisements (fast food restaurant- owners will
that of an interviewer who asks questions rather strategically locate their signages)
he encourages the participants to talk about listed
topics prior the FGD.
SURVEY
- very simple and practical to run it requires
preparation of predetermined questions
answerable by definite responses using equitable
scales.
• Traditional surveys are done via telephone, face-
to-face interaction or mail/ postal service. These
are the surveys hand out by businesses to the
public or through mail.
• Modern surveys are done using the Internet via
emails, web sites and social media sites.

A sample is a percentage of a population carefully

chosen by the researcher to generally represent
the said population.
Sampling error is a range of inaccuracy to which
the sample might vary from the particular
population.

Tips in the creation of questionnaire blueprint:

1. Be specific. - questions must be direct and the
answers are concrete.
2. Be flexible with the respondent’s convenient
way in accomplishing the questionnaire. - as a
researcher, you must be ready on floating your
questionnaire. While some can do it online, others
prefer the traditional one.
3. Each question is necessary and not repetitive.
– exclude irrelevant questions. Ascertain that all
questions intend to accomplish the objectives of
the survey.
4. Put yourself in the shoes of the respondents.
- respect begets respect.
5. Questions are coherent. - the questionnaire is
systematic/ organized. General questions first
followed by specific questions. If you want to ask
about pricing, ask necessary questions on pricing.
6. The questionnaire should look professional.
- The questionnaire is neatly presented, divided
into strategic parts and properly numbered. This is
to ensure that respondents take the questionnaire
seriously and that as a researcher, you really mean
business.
Market surveys help businesses make better
decisions about the types of products and services
they offer, prices, how to deal with competitors
and whether to enter or exit markets. Analysis of
market surveys can prevent a business from
making a costly mistake such as launching a new
product or service that does not fulfil a need in the
market, getting into a market that is saturated
with competitors and setting prices too high or too
low.
Survey questionnaires must be well-crafted and
consumers must answer truthfully so that it can
help the entrepreneur assess the viability of new
ideas.