27/10/2025
ENTREPRENEURSHIP APPLICATIONS IN MANUFACTURING, AND MERCHANDISING AND IN PROFESSIONAL CAREER PRACTICES.
A UNIQUE ENTREPRENEURSHIP MODULE FOR ANYONE WHO DESIRES TO ENGAGE IN BUSINESS MANUFACTURING OR MERCHANDISING OR BECOME A PROFESSIONAL PRACTITIONER WITH THEIR CHOSEN CAREER
A business or a career survives only with what it offers to its target market or its target consumers, or users of their goods or services. But you need to START it right, MANAGE it to grow well, and SUSTAIN its growth consistently, to keep your income steadily coming to your bank account.
How to start right
For anyone starting a new venture, whether selling products or offering professional services, the first step is to master what you offer.
A. For product sales, this means knowing every aspect of your product to effectively present its benefits to customers.
1. The products should be affordable but not cheap
2. The products should be beneficial which means that the product provides positive outcomes or value to a customer.
The most foundational benefit is solving a real, identifiable problem for the user. A product that makes a tedious process faster or eliminates a hassle provides clear value. For example, a stain remover that can effortlessly clean up pet hair is highly beneficial to a pet owner. The main difference between "affordable" and "cheap" is the perception of value relative to the price. An affordable product is seen as a good value for the money, offering decent or high quality at a manageable price point. A cheap product, conversely, is often associated with low quality, inferior materials, and a lack of durability, regardless of its low cost.
Affordable price
• Focuses on value: Affordability suggests that a product or service offers high value in relation to its price, making it accessible to a broader range of customers without sacrificing quality.
Affordable price
• Encourages loyalty: Brands perceived as affordable can build customer loyalty because buyers feel they are getting a good deal.
• Enhances reputation: When a product is described as affordable, it builds a positive brand image, positioning the company as customer-centric
Examples: An affordable car might be a new model with excellent gas mileage and a good warranty, priced within a typical family's budget. Affordable housing refers to good-quality homes that people with lower incomes can buy or rent.
Cheap price
• Focuses on cost: Cheapness emphasizes the low price point above all else, often neglecting the quality of the product.
• Discourages loyalty: A "cheap" reputation can attract customers who are not loyal and will simply switch to the next cheapest alternative, making customer retention difficult.
• Damages reputation: Positioning a brand as cheap can damage its reputation by suggesting its products are poorly made or will not last.
• Examples: A cheap car might be a used vehicle in poor condition that is prone to breaking down. Cheap shoes might fall apart after only a few weeks of wear
Perceptions of price vs. value
Consumer perception of price is a powerful driver of purchasing behavior. The price-quality-value model and other consumer psychology theories suggest that people may hold two contrasting beliefs: low prices can mean a good value, but they can also signal low quality. For this reason, businesses must be strategic about their pricing:
• Value-based pricing: Many companies use value-based pricing, which sets prices based on what customers believe the product is worth, to position themselves as affordable rather than cheap.
Economy pricing: Brands that focus on high sales volume with low production costs often use an economy pricing strategy. This is distinct from being cheap, as the focus is on a consistent low price rather than one that fluctuates with sales.
Discounting carefully: While discounts are a common tactic, companies risk appearing "cheap" if they discount too frequently, which can lower a brand's perceived value over time.
B. For a professional practice, This involves a deep, honest self-assessment of your abilities, the knowledge that supports them, and your overall professional conduct.
Starting a professional practice requires careful planning and legal registration to ensure a smooth and successful launch. In the Philippines, this includes navigating specific registration requirements from government agencies like the Bureau of Internal Revenue (BIR) and, for certain professions, the Professional Regulation Commission (PRC).
Business planning and strategy
• Define your services and target market. Identify your niche and the specific services you will offer. Research your target clientele to understand their needs and how your expertise can solve their problems.
• Create a detailed business plan. This document will act as your roadmap, outlining your business model, goals, strategies, and financial projections. Include a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) to help identify your competitive advantages.
• Develop a pricing strategy. Research industry standards and competitor prices. Your pricing should account for your costs, desired profit margin, and your target market's willingness to pay.
• Organize your finances. Plan for startup costs and set up a business bank account to keep your business and personal finances separate.
Legal and administrative requirements
• Choose a legal business structure. Common options include sole proprietorship, partnership, or corporation. Your choice will affect your liability, tax obligations, and administrative complexity.
• Register your business name. In the Philippines, a sole proprietor registers with the Department of Trade and Industry (DTI), while partnerships and corporations register with the Securities and Exchange Commission (SEC).
• Obtain a Professional Tax Receipt (PTR) and register with the BIR. Professionals must register their practice with the BIR and obtain a Certificate of Registration (COR). You will also need to secure a PTR annually from your local government unit.
• Secure a Mayor's or Business Permit. Your practice will need a local business permit to operate legally in the city or municipality where your office is located.
• Get professional licensure and accreditation. Depending on your field, you will need to apply for or update your license with the PRC. Certain professions, such as accountancy, may also require accreditation for public practice.
• Obtain professional indemnity insurance. This protects you from claims of negligence or malpractice and is a crucial part of managing your professional risk.
Marketing and client acquisition
• Build an online presence. Create a professional, mobile-friendly website to showcase your services, expertise, and client testimonials. A strong website is essential for generating leads and building credibility.
o Define and build your personal brand. Develop a clear "sound bite" to explain who you are and what you do. Use platforms like LinkedIn to share your expertise and build thought leadership.
o Build Better Connections. Attend professional events and join relevant organizations to connect with potential referral sources and clients.
o Create content. Publish articles, blogs, or host webinars to demonstrate your authority in your niche. This can help attract new clients and build your reputation as a visible expert.
o Offer low-cost promotions. Giving free talks or workshops can increase your visibility within the community and serve as a low-cost marketing tool.
Operations and growth
o Establish office procedures. Create a system for client intake, billing, and ensuring regulatory compliance to make administrative tasks run efficiently.
o Invest in the right technology. Choose essential software and tools, such as accounting or client management software, to help manage your practice.
o Build your team. As you grow, you will need to hire and train staff. Be prepared to act as a leader and scale your operations.
o Plan for business growth. Your initial business plan should be regularly reviewed and updated to reflect market changes and the growth of your practice.
Next: "HOW TO MANAGE AND SUSTAIN ITS GROWTH