THE RIGHT PRODUCT
FOR THE RIGHT
MARKET
TO UNDERSTAND THE
ENTREPRENEURIAL MIND
AND HOW THEY DIFFER
FORM EACH OTHER.
TO BE ABLE TO
UNDERSTAND THE RIGHT
PRODUCT FOR THE RIGHT
THE ENTREPRENEURIAL MIND
Refers to a specific state of
mind which orientates human
conduct towards
entrepreneurial activities and
outcomes. Individuals with
entrepreneurial mind sets are
often drawn opportunities,
innovation and new value
creation.
3 KINDS OF ENTREPRENEURIAL
MIND
CREATIVE TECHNICAL BUSINESS MIND
MIND MIND
Creative mind
• Conceptualizes and designs
a product that consumers
find some use for
• Pleasing to see, touch,
smell, hear and taste
• Creates emotional
attachment and becomes
personal expression of the
Technical mind
Drives entrepreneurs to convert new knowledge
• Technology originator into something highly functional and operational
• Technology adaptor Uses old knowledge for new applications in
various fields of endeavour
• Technology renderer
Resolves and make a new product work for the
product creator by configuring and reconfiguring
the design of the product.
Business mind
• Harnesses the potentials of new
products 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 its market value
• Manages the external and internal
business environment of the new
product, which goes beyond the
product development process itself.
Product
conceptualization and
the creative mind
EXAMPLE: LAMP
• To create mood and
ambiance
• To delight and fascinate
viewers
• To serve as a
centrepiece for rooms
with its theatrical
display of images
Sensorial- emotional appeal
–Use of light amidst darkness
–Highly colourful and moving shapes
–Images and the mood evoking scenery
.
Aesthetic appeal
– How lamp could be elevated to 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 THE
TECHNICAL MIND
In order to convert the product concept into a
viable product, the technical mind must intervene
to provide the quality and performance
specifications through technology.
In the case of lamp , the product simply required
the application of existing technology.
The entrepreneurs needed to do was to fit that
existing technology according to their product
concept. This is the point where the
entrepreneurs encountered several challenges
while they were searching for the appropriate
technology for their product concept.
The entrepreneurs had to tap the technical
minds of electricians, engineers, artisans and
artists to develop the lamp. Prototypes were
fashioned, critiqued, and discarded until the
entrepreneurs became satisfied with a final
prototype.
PRODUCT LAUNCH
AND THE BUSINESS
MIND
The business mind brings the product from the
prototype stage to the production phase, and finally, to its
ultimate destination, the market place. The product must
be made shop-ready for commercial purposes.
The business mind must determine the best way to
maximize product sales to its target market. The right
distribution and salespeople should be tapped and
deployed.
CREATIVE MIND activated due to the products novelty. Intrigued
by the reflector/projector.
TECHNICAL MIND was challenge due to products’ fashion. This
challenged costumers to figure out how to make lamps turn, how to
make their screens and how to make the images mesmerizing.
BUSINESS MIND were test. Who would be the best target of the
market? How would they market the lamp? Could they produce the
lamp at a cost that would generate profits?
THE NEW
IMPROVE
PRODUCT
They are many existing products in the
market that are serving the needs and wants of
costumers but not well. The existing products
re being tolerated because there are enough
“dissatisfies” in the product to warrant the
introduction of new, improved versions , or
modifications of the product.
Thank you
