CHAPTER 1: OVERVIEW OF ENTREPRENEURSHIP

I.THE RELEVANCE OF ENTREPRENEURSHIP IN GENERAL & ECONOMIC

IMPORTANCE
(https://online.maryville.edu/blog/importance-of-entrepreneurship)

Economies are power-driven by innovation. Much of that innovation derives from

forward-looking individuals who possess the drive, skills, and background to turn a business
vision into reality. The importance of entrepreneurs extends beyond the effect those
individuals have on their own companies, however. They impact their broader communities,
and, in some cases, even the world.

Entrepreneurs have played a pivotal role in the growth of some country since the 19th
century. They spur industry transformations, create entirely new markets, and help to build
resilient communities. Investopedia describes four ways entrepreneurs benefit society:

 Economic growth: The success of the products and services created and sold by
entrepreneurs’ cascades to other businesses and markets.

https://www.google.com/url?sa=i&url=https%3A%2F%2Ffairmontequities.com%2F7-indicators-showing-economic-growth

 Wealth generation: Entrepreneurs frequently target new markets and tap audiences
outside the focus of established firms. This creates new sources of revenue and profits.
 https://www.google.com/url?sa=i&url=https%3A%2F%2Fguardian.ng%2Fbusiness-services%2Fexperts-chart-path-to-wealth-creation

 Social change: The innovative goods and services entrepreneurs offer reduce dependence
on outdated processes and technologies. One example is the way smartphones have
affected how businesses communicate with customers, employees, and partners.

 https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.unicef.org%2Fnorthmacedonia%2Fstories%2Fsocialization-new-
Community Development: Entrepreneurs foster a sense of community among people
with common goals and interests, whether in a single neighborhood or across continents.
normal
Their products and services contribute to the communities’ social and economic well-
being.
 https://www.google.com/url?sa=i&url=https%3A%2F%2Fph.linkedin.com%2Fcompany%2Ffoundation-for-community-develompent-and-empowerment

The companies that entrepreneurs found tend to mirror their founders’ personalities.
Entrepreneurs come from every economic and social background. To prepare for the
challenges of translating innovation into rewarding business ventures, entrepreneurs rely on
the training and experience they receive from programs such as the Master of Arts in
Management and Leadership degree.

Successful entrepreneurs make their dreams and the dreams of others come true. They are
able to match their personality, skills, and creativity with customer needs and market
opportunities. This guide explains the importance of entrepreneurship, presents the various
types and styles of entrepreneurship, and describes the skills that are most essential for
reaching your entrepreneurial goals.

II.WHO IS AN ENTREPRENEUR?

An entrepreneur is an individual who creates a new business, bearing most of the risks
and enjoying most of the rewards. The process of setting up a business is known as
entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas,
goods, services, and business/or procedures. (https://www.investopedia.com/terms/e/entrepreneur.asp)
 https://www.google.com/url?sa=i&url=https%3A%2F%2Fmyasirarslan.blogspot.com%2F2017%2F11%2Fwho-is-entrepreneur.html

Entrepreneurs play a key role in any economy, using the skills and initiative necessary
to anticipate needs and bringing good new ideas to market. Entrepreneurship that proves to be
successful in taking on the risks of creating a startup is rewarded with profits, fame, and
continued growth opportunities. Entrepreneurship that fails results in losses and less
prevalence in the markets for those involved. (https://www.investopedia.com/terms/e/entrepreneur.asp)

WHO IS AN ENTREPRENEUR?

“The word entrepreneur is derived from the French “entreprendre”, meaning ‘to
undertake’ and Joseph Schumpeter (a pioneer of entrepreneurship and innovation) accounts
entrepreneur “a person who creates innovation”

By: Solow, Robert (2007) “Heavy Thinker”, Review of Prophet of Innovation: Joseph Schumpeter and Creative
Destruction, by Thomas K. McCraw. The New Republic, May 21, 2007, pp. 48-50.

“Entrepreneur is the word's three syllables ‘entre, pre, and neurto’ their Latin roots.
Entre means enter; pre means before; and neur means nerve center therefore, an
entrepreneur "as someone who enters a business-any business-in time to form or change
substantially that business's nerve center."

By: Lloyd E. Shefsky (1994) “Entrepreneurs are Made… Not Born”, McGraw-Hill Inc., 1994, pp. 206

“Entrepreneur is an individual who take initiative to bundle resources in innovative

ways and is willing to bear the risk and/or uncertainty to act” and further to an economist,
“an entrepreneur is one who brings resources, labour, materials, and other assets into
combinations that make their value greater than before and also one who introduces
changes, innovations, and a new order”.
By: D. Hisrich, Robert, P. Peters. Michael, a. Shepherd. Dean, (2010). Entrepreneurship. 8th ed. pp.6, McGraw-
Hill, Singapore
(Source: https://myasirarslan.blogspot.com/2017/11/who-is-entrepreneur.html)

https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.intelligenthq.com%2Fblockchain-boosts-the-p2p-
economy

III.KEY CONCEPTS OF COMMON AND CORE COMPETENCIES IN

ENTREPRENEURSHIP

Three levels of competencies, which all entrepreneurs need:

(deasforleaders.com/ideas/three-competencies-every-entrepreneur-should-develop)

Personal Competencies: Personal competencies are personal traits and abilities that affect your
results in the workplace and in life. According to the University of Pennsylvania Law School,
personal competencies include self-awareness, drive, relationship skills and confidence. The sum of
these skills is a good indicator that you will be successful as a manager or as an employee or as an
entrepreneur.
(https://woman.thenest.com/improve-personal-competencies-9345.html)

 Creativity
 Determination
 Integrity
 Tenacity
 Emotional balance and;
 Self-criticism
 https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.seekpng.com%2Fipng%2Fu2y3q8a9r5o0t4w7_it-is-
very-easy-for-scientists-engineers-medical

Interpersonal competencies: Interpersonal skills are the skills required to effectively communicate,
interact, and work with individuals and groups. Those with good interpersonal skills are strong verbal
and non-verbal communicators and are often considered to be “good with people”. Whether they’re
used in your career or personal life, these skills are important for success.
(https://corporatefinanceinstitute.com/resources/careers/soft-skills/interpersonal-skills/)

 Communication
 Engagement/charisma
 Delegation
 Respect

https://cdn.corporatefinanceinstitute.com/assets/interpersonal-skills-1200x749.jpg
Business competencies: Business competency is a set of particular abilities and knowledge that sets a
company apart from its competitors. Certain combinations of qualities and characteristics, often called
core competencies, can allow a company to thrive in its market segment and greatly outpace its
competitors in terms of earnings and customer satisfaction. In highly successful companies, core
competencies have most likely developed in areas where they add the most value to products.
(https://yourbusiness.azcentral.com/examples-business-competency-9072.html)

 Business vision
 Resource management
 Networking
 Negotiating skills

https://img-aws.ehowcdn.com/560x560/photos.demandstudios.com/getty/article/171/156/87580620.jpg
Previous research has also highlighted other competencies that make up the ‘ingredients’ of a
successful entrepreneur, including INITIATIVE, AMBITION and even LUCK.
(Source: deasforleaders.com/ideas/three-competencies-every-entrepreneur-should-develop)

IV.ENTREPRENEURSHIP and EMPLOYMENT

(Source: https://usveteransmagazine.com/2019/03/15-differences-employees-entrepreneurs/)

Ever wondered what it takes to make the leap from employee to entrepreneur? It takes some
key shifts in mindset, habits, and comfort levels–resulting in some key differences between the types
of people who thrive as employees and succeed as entrepreneurs.

Some people generalize employees as followers, and entrepreneurs as leaders. Yet there are
entrepreneurial employees, and there are entrepreneurs who know when it’s time to follow someone
else’s lead. The difference between these two types of people isn’t always clearly defined.
 So, what are some key differences between employees and
entrepreneurs?

https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.nateleung.com%2Fthe-difference-between-being-an-
entrepreneur-vs-being-an-employee
1. Employees seek direction while entrepreneurs create a path.
Employees tend to seek help when a problem arises at work. Entrepreneurs create the solutions that
keep the organization moving forward.

2. Employees do while entrepreneurs listen.

It’s the employees who get most of the work done in any organization. But in order for them to do it
well, the entrepreneur at the helm has to listen to their needs and ensure they maintain a productive
and positive work environment for staff.

3. Employees take fewer risks while entrepreneurs live for them.

While doing things the safest way can actually be good for an organization, it takes a risk-tolerant
entrepreneur to believe in and build the organization in the first place.

4. Employees are often specialists while entrepreneurs are generalists.

Entrepreneurs need to know a little bit about a lot of things, in part so they can empower the specialist
employees who work for them. In fact, a Swiss-German study found that specialists tend to be
employees for life, and in fact prefer that role.

5. Employees get paid for their role while entrepreneurs get paid for results.
Entrepreneurs are sometimes the last to get paid in a company, because their compensation is tied
directly to performance and profit.

6. Employees love holidays because they get the day off while entrepreneurs do because they
can work all day with few interruptions.
A lot of entrepreneurs rejoice when holidays come along, not because they’re taking well-deserve
time off, but because they can be productive all day without being disrupted or distracted.

7. Employees appreciate steady employment while entrepreneurs are comfortable without job
security.
Entrepreneurs know that it’s risky to build a business and that they must sacrifice steady employment
in order to build the company.

8. Employees follow rules while entrepreneurs break them.

It’s a strange paradox, but to create a successful business an entrepreneur has to disrupt something,
break a rule, or change the game. But in order to keep the entrepreneur’s company going, the
employees need to be there to uphold the new status quo.

9. Employees are responsible for some decisions while entrepreneurs are responsible for them
all.
Whether positive or negative, the entrepreneur is ultimately burdened with the impact of decision-
making at all levels of the organization.

10. Employees execute tasks while entrepreneurs plan.

An employee can take work day by day, whereas an entrepreneur has to consider how well the tasks
are being performed relative to the long-term plan for the business.

(Source: https://usveteransmagazine.com/2019/03/15-differences-employees-entrepreneurs/)

https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.flickr.com%2Fphotos%2F184981276%40N07%2F48897241912
Chapter 2: The Marketing Plan

What Is a Marketing Plan?

https://www.slideshare.net/Bloominari/understanding-the-marketing-plan
A marketing plan may be part of an overall business plan. Solid marketing strategy is the
foundation of a well-written marketing plan so that goals may be achieved. While a marketing plan
contains a list of actions, without a sound strategic foundation, it is of little use to a business.
(https://en.wikipedia.org/wiki/Marketing_plan)

Seven Essential Components of a Marketing Plan:

(https://www.inc.com/theupsstore/seven-essential-components-to-a-marketing-plan.html)

1. Market research
Market Research is the backbone of the marketing plan. It Identifies consumer buying habits in
the industry, market size, market growth or decline, and any current trends.

Components of Market Research

(https://businessingambia.com/conducting-market-research/)

Market consist of customers whereas industry consist of sellers and you meet the competitors in
both the market and industry. Therefore the Research report generally focus on the market and
industry factors.

1. Customers - people who will buy your product or service.

 Who are your customers?

 What are your customers buying decision?
 Targeted geography, demographic etc.
 Any customer expectation that is still unmet?
 What are the potential demand in the target market? Potential demand is the estimated number
of customers x frequency of purchase x price.
 What are the various market segments?
 Trends in target market – growth trends, trends in consumer preferences, and trends in product
development and delivery.
  What are the potential barriers to entry in this market and of course how do you intend to
overcome them.
 You need to really establish that there is a market for you. Remember customer is the real
boss.

2. Suppliers - Where to get your input products and services to enable you serve the customers.

 Who will supply you the good or service?

 Possible logistic arrangement to get the goods?

3. Competitors - any business that sells a similar product and service or substitute to your own
product.

 Who are the other suppliers in the market?

 What are their strengths & weaknesses e.g. service delivery, pricing etc.?

4. Economy - An idea about some economic indicators can help. For example:

 GDP – Gross Domestic Products

 Inflation rate and trend
 Rates – interest and currency
 Unemployment etc.

These indicators impact business operations, for example importation becomes more expensive
when exchange rates move up against the local currency.

5. Industry - group of productive enterprises or organizations that produce or supply goods,

services, or sources of income

 Trends
 Business climates etc.
 Regulations

6. Technology - All industries uses technology, but it is a must have investment in some
sectors such as financial services.

 What are the impacts of technology on your business?

 How do you intend to use technology to acquire or serve your customers?

2. Target market
A target market is a group of customers within a business's serviceable available market at which
https://www.google.com/url?sa=i&url=http%3A%2F%2Fbuytheway.ascjclass.org%2Fconsumer-research
a business aims its marketing efforts and resources. A target market is a subset of the total
market for a product or service.
Three (3) Elements to define target market:
(https://www.rubhusocial.com/3-elements-to-consider-while-defining-your-target-audience/)

1. Geographic
2. Demographic
3. Psychographic

Geographic’s is your target region. In some cases, it might be only to a specific country or state
(province) in one country. In some cases, it might be global. But demographics & psychographics of
your market will be different with each region.

For example: If you are a business selling clothes in India, the target market geography changes
according to the climatic conditions. Also, demographics like gender and age, psychographics like
interests and buying habits play an important role in grouping your products and targeting them.

https://www.marketing91.com/geographic-segmentation-segmenting-geography/
Demographics can be defined as quantifiable characteristics of your ideal customer. It comprises of:

1. Age
2. Gender
3. Income
4. Education
5. Family size
6. Race/religion
7. Ethnicity
 8. Language
9. Marital Status
10. Profession

All the factors of demographics might not be required for every business. It depends on the business
type. But defining demographics is very important. Let us look into different examples to understand
its importance.

Example: A company selling baby products. The consumer of this company might be of age group 0
to 5 years, but the decision maker usually will be between the age group of 22 to 40. Monthly spend
on the products depends on their income level.

Example: E-commerce site selling different products can customize, group the products according to
gender.

Example: Insurance Company will have different packages serving to different needs of people.
Family insurance packages might be targeted only to married people.

https://www.mbaskool.com/business-concepts/marketing-and-strategy-terms/2005-demographic-segmentation.html

Psychographics are personality traits and lifestyles of your target audience. It is the most important
segmentation in defining your target market. It reveals many insights & behaviors of your audience
which helps you to understand your consumer deeply.

https://www.mbaskool.com/business-concepts/marketing-and-strategy-terms/16967-psychographic-segmentation.html
Example: If their age, gender & profession demographics tell you what they wear, their interests &
lifestyle psychographics can tell you their buying habits like frequency, monthly spend…etc. Their
interests can help you come up with relevant marketing campaigns to keep your audience engaged and
top of mind recall.

There can be many psychographic factors to segment and understand the audience. To name a few
their likes & dislikes of TV shows, favorite actors, reading habits, their hobbies, digital devices they
use, buying habits…etc.

All these segmentations in defining the target market is to come up with better-focused marketing
strategy. Which again helps in measuring the ROI or impact on sales.

3. Brand Positioning
Positioning refers to the place that a brand occupies in the minds of the customers and how it is
distinguished from the products of the competitors and different from the concept of brand
awareness.

https://www.marketing91.com/brand-positioning/
Seven (7) Elements of Brand Positioning:

1. Mission
A mission statement is a short statement of why an organization exists, what its overall
goal is, identifying the goal of its operations: what kind of product or service it
provides, its primary customers or market, and its geographical region of operation.
(https://en.wikipedia.org/wiki/Mission_statement)

2. Vision
A vision statement is an inspirational statement of an idealistic emotional future of a
company or group. Vision describes the basic human emotion that a founder intends to
be experienced by the people the organization interacts with, it grounds the group so it
can actualize some existential impact on the world.
(https://en.wikipedia.org/wiki/Vision_statement)

3. Market Segmentation
 Market segmentation is the research that determines how your organization divides its
customers or cohort into smaller groups based on characteristics such as, age, income,
personality traits or behavior. These segments can later be used to optimize products
and advertising to different customers.
(https://www.qualtrics.com/au/experience-management/brand/what-is-market-segmentation/)

4. Customer pain points

Pain points are specific problems faced by current or prospective customers in the
marketplace. Pain points include any problems the customer may experience along
their journey. (https://www.gartner.com/en/sales/glossary/pain-points)

5. Product differentiation
Product differentiation is a process used by businesses to distinguish a product or
service from other similar ones available in the market.

6. Brand identity
Brand identity is the collection of all elements that a company creates to portray the
right image to its consumer. Brand identity is different from “brand image” and
“branding,” even though these terms are sometimes treated as interchangeable.

The term branding refers to the marketing practice of actively shaping a distinctive
brand. Brand is the perception of the company in the eyes of the world.

7. Product positioning statement

A statement or set of statements specifically used to create an image in the mind of
your customers. It is how you want them to visualize your product in relation to the
market and competition.

4. Competitive Analysis or Competitor Analysis

https://henrybusinessblog.blogspot.com/2019/02/competitor-analysis-in-strategic.html

Competitive analysis in marketing and strategic management is an assessment of the strengths

and weaknesses of current and potential competitors. This analysis provides both an offensive
and defensive strategic context to identify opportunities and threats (SWOT).
 A competitor analysis is the process of identifying businesses in your market that offer similar
products or services to yours and evaluating them based on a set of predetermined business
criteria. A good competitor analysis will help you see your business and competitors through
your customers' eyes to pinpoint where you can improve. (https://www.businessnewsdaily.com/15737-business-
competitor-analysis.html)

"A competitor analysis focuses on identifying market participants positioned to encroach on your
opportunity and isolates each participant's operational strengths, substantive weaknesses, product
offerings, market dominance, and missed opportunities," David M.M. Taffet, CEO of Petal, told
business.com.

10 Components of Competitive/Competitor Analysis

(https://www.businessnewsdaily.com/15737-business-competitor-analysis.html)

1. Feature matrix: Find all the features that each direct competitor's product or service has.
Keep this in a competitor insight spreadsheet to visualize how companies stack up against
one another.

2. Market share percentage: This helps to identify who your main competitors in your market
are. Don't exclude larger competitors completely, as they have much to teach about how to
succeed in your industry. Instead, practice the 80/20 rule: 80% direct competitors
(companies with similarly sized market shares) and 20% top competitors.

3. Pricing: Pinpoint how much your competitors charge and where they fall on the quantity vs.
quality spectrum.

4. Marketing: What type of marketing strategy does each competitor employ? Look at
competitors' websites, social media presence, the type of events they sponsor, their SEO
strategies, their taglines and current marketing campaigns.

5. Differentiators: What makes your competitors unique, and what do they advertise as their
best qualities?

6. Strengths: Identify what your competitors are doing well and what works for them. Do
reviews indicate they have a superior product? Do they have high brand awareness?

7. Weaknesses: Identify what each competitor could be doing better. Do they have a weak
social media strategy? Do they lack an online store? Is their website outdated? This
information can give you a competitive advantage.

8. Geography: Look at where your competitors are located and the regions they service. Are
they brick-and-mortar companies, or is the bulk of their business done online?

9. Culture: Evaluate your competitors' objectives, employee satisfaction and company culture.
Are they the type of business that advertises the year it was established, or are they modern
startups? Read employee reviews for insight into company culture.

10. Customer reviews: Analyze your competitors' customer reviews, recording both pros and
cons. In a 5-star system, look at 5-star, 3-star and 1-star reviews.

5. Marketing Strategy
 https://www.marketing91.com/7-key-elements-marketing-strategy/
Marketing strategy is a process that can allow an organization to concentrate its limited resources
on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.
(https://www.investopedia.com/terms/m/marketing-strategy.asp)
Elements of Marketing Strategy
(http://changingminds.org/disciplines/marketing/marketing_strategy/elements_strategy.htm)

1. Segments

The first big decision is who should be our customers and who should not. In other words, what
customer segments will be addressed.

This is based first on the overall strategic intent of the firm, for example to be a high-end
exclusive and low-volume provider, or to compete in mass markets where price is critical.

The decision is also based on research that indicates the profitability of different customers
groups and how well the company is able to compete in each segment.

2. Brand

The brand is the overall intended message of the company, its products and services. It describes
what customers and others should think and feel whenever they encounter the company or its
products and services.

Brand is influenced by and influences the strategic intent of the firm and helps focus all other
communications, products and interactions.

Brand is fragile in that it is what customers think and feel rather than what the company
communicates. This makes shaping decisions about brand critical.

3. Competition

An important marketing decision is the nature of competition, for example whether to compete
on quality, price, service, etc.

Decisions here will be affected by brand and will shape further activity such as the approach
towards promotion, the use of advertising, the response to competitive action, and so on.
 4. Products

Having understood and selected customers, marketing strategy should have a significant
influence on the products created.

This not only includes the overall functionality but also the focus on quality, features, price
points and so on, in order to produce products that align with the brand and complete effectively
in the marketplace.

5. Price

While the exact price may not decided in strategic planning, the price ranges should be
understood particularly in terms of what the target customers are willing and able to pay, and
also what price breaks are important to be able to compete in the markets being addressed.

6. Promotion

Promotional strategy includes decisions about what approaches to promotion will be used, for
example TV advertising, direct marketing and so on.

Promotion can be extremely expensive, so a key part of the strategic decision here is in the
amount of budget that is being allocated.

7. Communication

Related to brand and promotion, the way that communications with customers and other
stakeholders (such as the media) needs to be decided.

This includes broadcast information about products, one-to-one and things in between. It also
includes how service conversations will be conducted, for example using web interfaces or direct
phone conversation.

8. Outsourcing

A big decision that can be applied within any of the above is the 'make or buy' choice of whether
to do things in-house, bring in external experts or pass on the work to third party suppliers.

Two key factors in the outsourcing decisions are first the ability of the company to do the work
in comparison with suppliers, and secondly the costs of doing this.

The impact on brand should be a key consideration also. Many companies who outsource such as
service calls have suffered huge brand damage from suppliers who do not deliver brand values.

6. Budget

A budget is a financial plan for a defined period, often one year. It may also include planned
sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash
flows.
 A budget is an estimation of revenue and expenses over a specified future period of time and is
usually compiled and re-evaluated on a periodic basis. Budgets can be made for a person, a
group of people, a business, a government, or just about anything else that makes and spends
money.

http://thetimesweekly.com/news

Elements of a Budget
(https://www.hfpllc.com/basic-elements-of-a-budget/)

1. Income: The most basic element of all budgets is income. You should keep track of how
much you make and from which sources. Make a note of both pre- and post-tax income.

2. Fixed expenses: Fixed expenses are those expenses over which you have little control or are
unchangeable. For example, your mortgage is a fixed expense; your Netflix account is not.
Once you subtract the value of your fixed expenses from your income, you’ll have a better
understanding of the third basic element: flexible expenses.

3. Flexible expenses: Flexible expenses refer to things that you want to spend money on but
don’t necessarily need. Entertainment is an example of a flexible expense, as is going out to
dinner, buying new clothes, or buying concert tickets.

4. Unplanned expenses and savings: Your budget should also consider two other critical
pieces: UNPLANNED EXPENSES or EMERGENCY EXPENSES (like your car breaking
down or having to replace a part in your stove) and savings. These should be two separate
accounts. Savings shouldn’t be dipped into if you can help it, even for emergencies.

7. Metrics

Marketing metrics are a quantifiable way to track performance and are an important marketing
measurement tool for gauging a campaign's effectiveness. The most appropriate marketing
metrics vary greatly from one campaign to the next, but in general they measure the effects of
your campaign on audience actions. (https://advertising.amazon.com/)
 https://www.worldservicesgroup.com/

The five (5) essential marketing metrics

(https://www.articulatemarketing.com/blog/5-essential-marketing-metrics)

1. Revenue

Looking at how much revenue each channel is actually generating gives you a
more objective way of identifying your most effective channels. (Don't forget,
revenue differs from profit. Profit is your net revenue after expenses.)

Tracking revenue means you can begin to justify your continued investment in
successful channels and allows you to reroute funds from less successful ones to
experiment with other tactics.

2. Cost per lead

Rather than using this as a general figure, filter it down to establish the cost per
lead for each channel and identify which are the most cost effective.

You shouldn't, however, cut back a channel simply because it costs more per lead;
you might find that customers from that channel spend more or more often than
customers from another, less costly channel.
It's also important to remember that a lead might convert through a particular
channel, but they've likely touched many other channels before that point of
conversion.

3. Website traffic to lead ratio

Page views and unique visitor numbers might look good in a report but, while
they're important to help you measure authoritativeness and thought leadership,
they can't tell you much.
Look to see where visitors are actually coming from – direct, referral or organic –
what they're doing when they arrive and how many are converting into leads and
customers.
 If you want to break it down further, define your marketing-qualified leads (MQLs)
and sales-qualified leads (SQLs) to establish the quality and readiness of the leads
you're generating.

4. Landing page conversion rates

This helps you establish whether your content and landing pages are resonating
with your personas.

You can then tinker with them, changing each bit at a time to see what clicks – is it
the wrong offer? Could the wording and layout be improved? Should the
'download' button be more obvious? You can then breakdown your leads based on
which offer/s they've completed.

5. Customer lifetime value and churn rate

Knowing how many customers you have is all well and good, but how much and
how often are they buying? And for how long do they remain a customer?

To calculate the lifetime value of a customer, follow HubSpot's step-by-step

instructions in this blog post.

If you’re losing customers or they’re only making one-off purchases, you need to
work on your post-purchase nurturing. Content marketing means more than just
buttering up leads.

Converting analytics into action

Of course, stats mean nothing if you don't do something with them. Measuring these
metrics should be an integral part of your marketing strategy. Getting to the people and
journeys behind the numbers delivers insights that help you to patch up the leaky
funnel and direct investment into the most successful methods more intelligently.

The Marketing mix (7Ps) in relation to the business opportunity and vice-versa:

1. Product

2. Place

3. Price

4. Promotion

5. People

6. Packaging
7. Process

Chapter 3: Product Development, Operations and Financial Plan

1. Understand the fundamentals

a. Develop a product or service description.
b. Create a prototype of the product or service.
c. Test the product prototype.
d. Validate the service description of the product with potential customers to determine
its market acceptability.
2. Describe the 4Ms (Method, Manpower, Machine, Materials) of operations in relation to
the business opportunity.
a. Select/pinpoint potential suppliers of raw materials as well as technology/machine
requirements and other inputs necessary for the production of the product or service.
b. Discuss the value/supply chain in relation to the business enterprise.
c. Recruit qualified people for one’s business enterprise.
3. Create the company’s five-year projected financial statements.

Chapter 4: Implementation of Marketing Plans and Strategies

1. Implement marketing plans and strategies.

2. Sell the product or service to the primary and the secondary target market.
3. Manifest an understanding of starting and operating a simple business.

Chapter 5: Implementation of Business Operations Plan

1. Manifest an understanding of starting and operating a simple business following the

operations plan and strategies.
2. Demonstrate the knowledge on how to implement the business operations plan using the
4Ms.
Chapter 6: Financial Analysis and Overall Interpretation of Business Results

1. Manifest an understanding of staffing and operating a simple business following the

proper financial accounting practices, standards, and reporting.
2. Identify the reasons for keeping business records.
3. Perform key bookkeeping tasks.
4. Interpret financial statements (balance sheet, income statements, cash flow projection and
summary of sales and cash receipts).
5. Prepare an income statement and a balance sheet,
6. Generate an overall report on the activity.
7. Interpret business results and devise a strategic direction.