THE RIGHT PRODUCT FOR THE RIGHT MARKET

Entrepreneurial Mind refers to a specific state of mind which orientates human conduct towards
entrepreneurial activities and outcomes. Individuals with entrepreneurial mindsets are often drawn to
opportunities, innovation and new value creation.

Three Kinds of Entrepreneural Mind

1. Creative Mind

2. Technical Mind

3. Business Mind

Creative Mind - Conceptualize and designs a product that consumers find some use for. Pleasing to see,
touch, smell, hear and taste. Personal expression of the costumer.

Technical Mind

• Technology originator

• Technolpgy adaptor

• Technology renderer

Business Mind - harnesses the potential of new product by creating the market space for them. It
organizes sufficient forces and resources, to develop, launch, and commercialize the new product in
order to maximize it's own value.

PRODUCT CONCEPTUALIZATION AND THE CREATIVE MIND

Example: Lampturn

- To create mood and ambiance

- To delight and fascinate viewers

- To serve as a centerpiece for rooms with its theatrical display of images

Sensorial Emotional Appeal

- Use of light amidst darkness

- Highly colorful and moving shapes

- Images and the mood evoking scenery

Aesthetic Appeal

- How the lamp could be elevated ro self actualization would largely depend on the meaning of the lamp
images

- It would also depend on the desired state of the self

PRODUCT DEVELOPMENT AND TECHNICAL MIND

The entrepreneurs needed to do was to fit the existing technology according to their product concept.
This is the point where entrepreneurs encountered several challenges while they were searching for
their their product concept.

PRODUCT LAUNCH AND THE BUSINESS MIND

The business mind brings the product from the prototype stage to the product phase, and finally, to its
ultimate destination, the market place. The product must be made shop ready for the commercial
purposes. It must also determine the best way to maximize product sales to its target market. The right
distribution and salespeope should be tapped and deployed.

THE NEW IMPROVED PRODUCT

There were many existing products in the market that are serving the needs and wants of the costumers
but not that well. The existing products are being tolerated because there are enough features and
attributes to make tha customer want to buy the product. However there are enough "dissatisfiers" in
the product to warrant the introduction of new, improvised versions, or modifications of the product.