ENTREPRENEURSHIP: PRODUCING SIMPLE PRODUCTS
Entrepreneurship:
Producing Simple Products
by: PJ MIANA
_____________________________________________________________
Entrepreneurship is the process of
creating, developing, and managing a business venture with the aim of making a
profit. As a young person, you may be interested in starting your own business
but may not know where to start. One way to start is by producing simple
products.
Simple products are
those that are easy to make and do not require a lot of resources or expertise.
Examples of simple products include handmade crafts, baked goods, and homemade
jewelry.
Here are some tips on
how to produce simple products:
1) Identify your product:
The
first step is to decide what product you want to produce. Think about your
interests, hobbies, and skills. What can you create that others may find
valuable or appealing?
2) Research: Once you have
identified your product, research similar products in the market. Look at their
prices, quality, and target audience. This will help you determine the
viability of your product.
3) Materials and Tools: Determine the
materials and tools needed to produce your product. Consider the cost of the
materials and the tools needed to create your product.
4) Practice and Refine: Before you start
selling your product, practice making it several times. This will help you
refine your skills and make improvements to your product.
5) Pricing: Determine the price of
your product. Consider the cost of materials, the time it takes to make the
product, and the profit you want to make.
6) Promotion: Once you have your
product ready, it's time to promote it. Use social media platforms to showcase
your product, create a website or online store, and network with people who may
be interested in your product.
In conclusion,
producing simple products is an excellent way to start a business as a young
entrepreneur. With some research, practice, and dedication, you can create a
product that is valuable and appealing to others. Remember, entrepreneurship is
about taking risks and being creative. So go ahead and take the leap!
REFERENCES:
·
"Entrepreneurship and Economic Development" by Peter
N. Thompson, The Journal of Economic Perspectives, vol. 28, no. 3 (2014):
21-48. DOI: 10.1257/jep.28.3.21
·
"Entrepreneurship: Productive, Unproductive, and
Destructive" by William J. Baumol, Journal of Political Economy, vol. 98,
no. 5, Part 1 (1990): 893-921. DOI: 10.1086/261712
·
"The Art of Simple Product Creation" by Joe Vitale,
Entrepreneur, March 19, 2009. (https://www.entrepreneur.com/article/200520)
·
"The Simplest Business Model of All: Producing a
Product" by Tim Berry, Forbes, June 6, 2013.
(https://www.forbes.com/sites/timberry/2013/06/06/the-simplest-business-model-of-all-producing-a-product/)
·
"How to Make and Sell Simple Products for Profit" by
Ajaero Tony Martins, Profitable Venture, June 2, 2018. (https://www.profitableventure.com/simple-products-for-profit/)
·
Entrepreneurship 101: What is Entrepreneurship?
(https://www.shopify.com/encyclopedia/entrepreneurship)
·
Simple product ideas for new business owners
(https://www.startupnation.com/start-your-business/plan-your-business/simple-product-ideas/)
·
How to Start a Business
(https://www.sba.gov/business-guide/10-steps-start-your-business/)
·
How to Create a Marketing Plan
(https://www.entrepreneur.com/article/217838)
COMPREHENSION QUESTIONS:
Direction:
Write the letter of the correct answer.
1) Which of the
following is the best definition of entrepreneurship?
a. The process of
making a profit.
b. The process of
creating, developing, and managing a business venture with the aim of making a
profit.
c. The process of
creating a product.
d. The process of
marketing a product.
2) Which of the
following is an example of a simple product?
a. An advanced computer
program
b. A handmade craft
c. A luxury car
d. A sophisticated
piece of machinery
3) What is the first
step in producing a simple product?
a. Determine the price
of the product.
b. Identify your
product.
c. Research similar
products in the market.
d. Determine the
materials and tools needed to produce the product.
4) Why is it important
to research similar products in the market?
a. To determine the
viability of your product.
b. To determine the
price of your product.
c. To determine the
cost of materials needed to make the product.
d. To determine the
target audience for your product.
5) What is the best way
to promote a simple product?
a. Use social media
platforms to showcase the product.
b. Create a complex
website.
c. Host a launch party.
d. Distribute flyers in
the community.
6) Which of the
following is an example of determining the materials and tools needed to
produce a simple product?
a. Deciding on the
target audience.
b. Deciding on the
price.
c. Determining the cost
of the materials.
d. Researching similar
products in the market.
7) What is the benefit
of practicing and refining a simple product?
a. It helps determine
the price of the product.
b. It helps improve the
quality of the product.
c. It helps determine
the target audience for the product.
d. It helps with
marketing the product.
8) What is the best way
to determine the price of a simple product?
a. By determining the
cost of the materials and the time it takes to make the product.
b. By copying the price
of a similar product in the market.
c. By charging a flat
fee.
d. By charging whatever
the customer is willing to pay.
9) What is the target
audience for a simple product?
a. Everyone in the
community.
b. Only friends and
family.
c. People who are
interested in the product.
d. People who are not
interested in the product.
10) What is the best
way to create a successful business venture as a young entrepreneur?
a. Taking risks and
being creative.
b. Copying other
businesses in the market.
c. Relying on others to
do the work for you.
d. Investing a lot of
money in the business.
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