BUSINESS &
ENTREPRENEURSHIP
WORKSHOP
Delivered by Chinaemerem Nnenna
Iwuanyanu
INTRODUCTION
Entrepreneurship is about identifying prevailing needs in an
environment, community or society and providing plausible solution
to the identified needs.
Entrepreneurship involves time, efforts, assumption of risk with
the expectation of receiving an end reward.
The objectives of this workshop are to;
1. Explore the process of turning a business idea into a venture.
2. Understanding measures to adopt in designing a venture.
3. Identifying your target market.
4. Setting appropriate business goals.
5. Identifying the NINE building blocks of any venture.
6. Knowledge of success metrics.
IDEATION STAGE OF A VENTURE
Every business starts as an idea, in order to concretize
the idea it is advisable to do the following;
1. Draw your personal life map
2. Identify your passion
3. Identify your skills, both generic and acquired
4. Identify the problems your skills and passion can
solve
5. Identify individuals and organizations that are
solving the same problems
6. Identify your unique selling point and competitive
advantage
FROM IDEA TO A VENTURE
THE VENTURE
The diagram is a
representation of your
venture and the following
is the make-up of a
venture;
01 – Venture’s name
02 – Venture’s Vision
Statement
03 – Venture’s Mission
Statement
04 – Venture’s Core Value
THE VENTURE Cont’d
MAKE-UP OF A VENTURE
VISION STATEMENT: This is the long term commitment a
venture makes to its stakeholders. Vision statement explains why
the venture exists. Vision statement can be broad or narrow. It can
focus on the problem and/or the solution and/or the stakeholders
or combination of any of the three.
Here are few questions to answer when developing a vision
statement;
• Why is this venture necessary?
• What was the initial impetus for developing venture?
• What is the objective of this venture?
• What aspect(s) of the business model should never change?
There is no right or wrong vision statement, all that matters is if
your vision statement categorically indicates your long term
commitment.
MAKE-UP OF A VENTURE cont’d
MISSION STATEMENT: this provides stakeholders with clarity on
the direction of the venture. A Mission statement should be;
memorable, manageable, measurable and motivational.
An effective mission statement is one that conveys all the
necessary information and can be easily understood. Mission
statement can evolve, but generally endure for an extended
strategic cycle.
Mission statement should include four key elements;
WHY: Why are you doing it?
WHO: Who are the priority stakeholders you are serving?
WHAT: What is your intended outcome?
HOW: How will the venture achieve their intended outcome?
MAKE-UP OF A VENTURE cont’d
CORE VALUES: These are the beliefs and behavior boundaries of
organizations. Core Values are values that guide employees and inform
others/stakeholders on how the company will behave in pursuit of its goals.
Here are few questions to ask when selecting company values;
• Who are we?
• What don’t we want to be?
• What makes us proud?
• What makes us happy?
• What are we passionate about?
• What is in our hearts?
• What co-worker or company policy behaviors illicit a negative reaction?
• How should we do our work?
• What attitudes should our employees have?
• What do we want to tell our stakeholders about how we do our work?
ACCESSING YOUR TARGET MARKET
It is important after
developing your product
whether goods or services,
to identify more targeted
market thereby maximizing
your marketing return on
investment.
Identifying your target
market leads to successful
marketing, it determines
the following;
a. Who are you selling to?
b. Why should they buy
your product?
c. What do they stand to
gain?
ACCESSING YOUR TARGET MARKET Cont’d
DEMOGRAPHIC; market
segmentation of population using
metrics such as; age, sex,
education level, income level,
marital status etc.
GEOGRAPHIC; market
segmentation by area such as
cities, rural/urban areas,
regions, countries etc.
PSYCHOGRAPHIC; market
segmentation based on consumer
personality traits, values,
attitudes, interests & lifestyles.
BEHAVIORAL; market
segmentation based on customer
buying behavior such as, usage
frequency, brand loyalty etc.
ACCESSING YOUR TARGET MARKET Cont’d
Here are six points to note when defining your target market;
1. Understand the customer’s problem you are solving.
2. Paint a picture of your target market.
3. Which specific customer will benefit from your offer?
4. Carve your NICHE market.
5. What company expertise can you offer?
6. Who are your competitors?
Identifying your target market helps the growth of a venture through;
• Product development
• Identifying your venture’s niche market
• Expansion opportunities
• Marketing strategies to adopt
SUCCESS METRICS
SUCCESS METRICS Cont’d
CONCLUSION
Identifying a societal need and providing the solution is the
bedrock of entrepreneurship but most importantly is ensuring that
the process scales and is sustainable. Everything counts in attaining
scalability and sustainability, thus as an entrepreneur it is in your
best interest to pay apt attention to every aspect of your venture
to determine the growth pattern and adapt as need be.
THANK YOU!