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English For Business - Clases

The document discusses different business models and the entrepreneurial mindset. It defines various common business models like franchise, direct sales, e-commerce, subscription, retail, and manufacturing. It also outlines the key characteristics of an entrepreneurial mindset and compares a businessman to an entrepreneur. The second part of the document introduces design thinking as a problem-solving methodology and discusses its five stages of empathize, define, ideate, prototype, and test to create value for customers.
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0% found this document useful (0 votes)
32 views10 pages

English For Business - Clases

The document discusses different business models and the entrepreneurial mindset. It defines various common business models like franchise, direct sales, e-commerce, subscription, retail, and manufacturing. It also outlines the key characteristics of an entrepreneurial mindset and compares a businessman to an entrepreneur. The second part of the document introduces design thinking as a problem-solving methodology and discusses its five stages of empathize, define, ideate, prototype, and test to create value for customers.
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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MODULO 1: BUSINESS MODEL CONCEPT AND TYPES.

THE ENTREPRENEURIAL MINDSET

The business model outlines the ways in which an enterprise creates market value.

Business Model

- Market value
- Achieve objectives
- Target market
- Value offer

Example: Falabella is a multinational department store chain whose type of business model is
retail.

There are many types of business models. However the most common are:

- Franchise model: The franchise allows the franchisee to license its resources, Brand,
intelectual property and rights to sell its products and services in Exchange for royalty
payment.
The franchisee is the company that acquires the franchise. The advantages of this
business model is that it allows rapid growth, reduced risk, Access to economies of
scale, technology and know-how. Ex: McDonald’s, KFC, Burger King, Pizza Hut.
- Direct sales business model: These products are sold to the end costumer in a fase-to-
face conversation or in small meeting. The seller receives a portion of each sale. Ex:
AVON, Herbalife, Natura, Oriflame.
- E-commerce business model: It allows buyers and Sellers to connect and transact using
an online platform. E-commerce us often used to refer to the sale of physical products
online, but it can also describe any kind of comercial transaction that is facilitated
through the internet. Ex: Alibaba, OLX, Baby Infant, Mercado Libre, Linio, Ripley.com
- Subscription business model: Customers pay a fixed amount every month or year for
an specific service. It creates economies, retains customers and simplifies a lot of
business processes making them easier in the long run. Ex: El Comercio, Netflix,
Movistar, Claro, Entel.
- Retail business model. A retailer purchases products from a distributor or
manufacturer and then sells those products to the public. Retailer allows customers to
see what they are buying up close and they provide instant gratification, because the
costumer walks away with their purchases immediately. Ex:TOTTUS, SODIMAC,
PROMART HOMECENTER, PlazaVea, HIRAOKA.
- Manufacturing business model: A manufacturer takes raw materials and creates a
producto, or assembles pre-made components into a final product. Ex: Nestle,
CocaCola, Komfort, GoodYear, Molitalia.

The entrepreneurial mindset is a way of thinking that enables people to…

- Identify opportunities
- Overcome challenges
- Be decisive
- Succeed in different settings

Characteristics of the entrepreneurial mindset.


- They passionately seek new opportunities. They stay alert, always looking for the
chance to profit from change and disruption in the way business is done.
- They pursue opportunities with enormous discipline. Most maintain some form of
iventory, or register, of unexploited opportunities. They make investments only if the
competitive arena is attractive and the opportunity is ripe.
- They focus on execution. They execute – that is, they get on with it instead of analyzing
new ideas.
- They pursue opportunities with enormous discipline. They work with people -both
inside and outside the organization- in their pursuit o fan opportunity. They crate and
sustain networks of relationships rather than doing it alone.

Difference between businessman and an entrepreneur

BUSINESSMAN ENTREPRENEUR
- Individual who operates or starts a - Individual who has an exclusive idea
business with the same old business to initiate and establish a new
idea. venture and bring a change in the
- Chooses to do business that is high world.
in demand or gives him maximum - Highly creative and innovative, takes
profits in return. a risk and endures the
unpredictability of business.
- Integral parto f the operation, who
builds and deploys the other
functions of the operations (e.g.
labor, land, and capital).
- The business started by
entrepreneurs with a new concept
for the first time is known as startup.

Conclusions

- A business model is a framework to understand how the Enterprise delivers value to


customers.
- There are many types of business models. They can be: direct sales, e-commerce,
subscription, retailer, franchise and manufacturing.
- An entrepreneurial mindset is a set of beliefs, knowledge and thoughts that enable
people to identify opportunities, learn from setbacks and accept responsibility for your
outcomes in different settings.
- A businessman is one who operates or starts business with the same old business idea
and is oriented towards businesses in high demand, while an entrepreneur believes
and strives to develop an innovative idea, possibly still unique in the market and leads
almost all business operations.

MODULO 2: DESIGN THINKING

What is design thinking?

Generate and develop business ideas or complete business models. Comprehensive innovation
and costumer oriented.

PROBLEM SOLVING DESIGN  EMPATHY FOR THE USER


Design thinking can help your team or organization:

- Better understand the inmet needs of the people you’re creating for (customers,
clients, students, users, etc…).
- Reduce the risk associated with launching new ideas, products, and services.
- Generate solutions that are revolutionary, not just incremental.

Design Thinking is very important because it gives you the opportunity to take a look at
problems from a completely different perspective.

Design thinking is aplicable no matter your role or industry. Whether you work in business,
govermment, education, or nonprofit, design thinking can help you develop innovative
solutions based on the needs of your costomers. See case studies showcasing the impact of
design thinking across a variety of industries and practices.

Characteristics of a design thinker identified by Owen (2007)…

1. Human and environmental centered thinking. A good seign thinker must continuously
ponder on as to what and how should a producto be created that fulfills the human
needs. Together with the human considerations, they should also consider the
environmental interests and should design by keeping them as primary constraints.
2. Predisposition toward multifunctionality. Designers must be capable of providing
multiple solutions to a design problem. However, whil doing so they should also keep
in mind the related specifics.
3. Ability to use language for effective communication. Design thinkers must have the
potential ability to explain verbally the creative process, ultimately resulting in
invention. They should be able to explain different relationships that are not visible.
4. Avoiding the necessity of choice. Design thinkers often search for multiple solutions or
alternative solutions before approching towards final choice or decision making. New
configurations are always thought to come up with design solution. The process often
results in the combination of the best possible choices and avoids final decisions.
5. Ability to visualize. Designers must be able to visualize the design problem and hence
its solution effectively. They shoul be able to clearly depict their ideas.
6. Systemic visión. Design thinkers should consider the problem and the associated
opportunities as systemic; for example, the solutions should have arrived at by
consideration of different procedures and concepts. (Empathize, Define, Ideate,
Prototype, Test).

En la PPT de la clase. Caracteristicas of Design Thinking

Design thinkers must have the potential ability to explain verbally the creative process,
ultimately resulting in invention, it describes “ability to use language for effective
communication”

- Show it, don’t say it.


- Radical collaboration
- Culture of Experimentation
- Incitement to action
- People-centered
- Aware of the process

Design Thinking Methodology to create value for customers


Design Thinking is a methodology of five stages that allows you to move foward and backward
in each stage as many times as necessary, with the goal of finding the best solution to the
identified problem. These stages are:

1. Empathize: Think, feel, sea and understand the world as others to do identify their
problems, especially of a specific audience. Develop a Deep understanding of the
challenge.
2. Define the problem: The problem should be captured in human-centic terms rather
than just focusing on business goals. Clearly articulate the problema you want to
solve.
3. Ideate: Marks the transition from identifying problems to exploring solutions. Ideate is
one of the stages (methodology) of Design Thinking that consists in discovering how
to go beyond basic brainstorms early in the process to find potential solutions to
investigate.
4. Prototype: The goa lis to start with a low-fidelity versión of the intended solution and
improve it over time based on feedback. Design a protype (or series of prototypes) to
test all or part of solutions.
5. Test: To get feedback from users and to know if it will really solve the problem. Engage
in a continuous short-cycle innovation process to continually improve your design.

Conclusions

- Design Thinking is a process for creating problem solving.


- The characteristics of a design thinker are: human and environmental centered
thinking, predisposition toward multifunctionality, ability to use language for effective
communication, avoiding the necessity of choice, ability to visualize and sytemic visión.
- The steps of Design Thinking are: empathize, define the problema, ideate, prototype
and test.
- Instagram is an American photo and video sharing social networking service that
redesigns its app through Design Thinking and its methodology.
- The Thinking Hats is a role-playing model that serves as a team-based problema solving
and brainstorming.

Thinking Hats

The thinking hats is a role-playing model presented by Edward de Bono in 1986. It serves as a
team-based problema solving and brainstorming.

- White Hat – Facts.


 Information and data
 Neutral and objective
 What do I know?
 What do I need to find out?
 How will I get the information I need?
- Red hat – Feelings.
 Intuition, hunches, gut instinct
 My feelings right now
 Feelings can change
 No reasons are given
- Blue Hat – Process.
 Thinking about thinking
 What thinking is needed?
 Organizing the thinking.
 Planning for action
- Yellow Hat – Benefits
 Positives, plus points
 Why an idea is useful
 Logical reasons are given
- Black Hat – Cautions
 Difficulties, weaknesses, dangers
 Spotting the risks
 Logical reasons are given
- Green Hat – Creativity
 Ideas, alternatives, possibilities.
 Solutions to black hat problems.

MODULO 3: BUSINESS MODEL CANVAS

What is the Business Model Canvas?

Tool to quickly and easily define and communicate a business idea or concept. Document that
Works allowing an idea to be structured in a coherent way.

Why do we use a Business Model Canvas?

1. Understand the business idea.


2. Observe the decisions that customers make.
3. Have a clear idea of the business outcome.

How to use a Business Model Canvas?

1. The Value Proposition: Essential for any business/producto


 What is the problema I am solving?
 Why would anyone want to solve this problem?
 What is the underlying motivator for this problem?

Tips: Take a look at your customer segments and figure out where your
product/service solves the problem, according to Maslow.

2. Customer segmentation: It’s the practice of dividing a customer base into groups of
people who are similar in specific ways, such as age, gender, interests and spending
habits.
 Who are we solving the problema for?
 Who are the people who will value my value proposition?
 Are there another business?
 If so, what are the characteristics of those businesses?
 Does my value proposition attract men/women or both?
 Does it attract adults in their 20s or 30s or teens?
 What are the characteristics of the people looking for my value proposition?
3. Customer relationships: It refers to the way in which a company interacts with it
customers. So do you meet them in person? Oro ver the phone? Is your business
predominantly managed online, so would the relationship be online as well?
Some examples to use are:
 In person (one on one)
 External contractors
 Online
 Events (one to many)
 Phone
4. Channels: They are defined as the ways in which your customer comes into contract
with your business and becomes part of your sales cycle
 How are we going to inform our customer segment about our value
proposition?
 Where are our clients?
 Are they on social media?
 Are you driving your car and listening to the radio?
 Are you at an event or conference?
 Do you watch TV at 7pm on a Friday night?
5. Key activities: Actions that your business accepts to achieve the value proposition for
your customers.
Questions to ask:
 What activities does the company carry out to achieve the value proposition
for the customer?
 What resource is used?
 Time?
 Expertise?
 Product distribution?
 Strategy?
 Does it offer resources (human/physical)?

Some examples:

 Consultant
 Design
 Web development
6. Key resources: Practical resources are needed to accomplish key activities.
 Office space
 Computers
 People (staff)
 Internet connection
 Car
 Oven
 Electricity
7. Key partners: Key partners are represented in a list.
“If my company cannot achieve the value proposal on its own, who else should I trust
to do it?”
Example:
“If I sell groceries to customers, I may need a local baker to supply fresh bread to my
store”
8. Cost structure: Monetary cost of operating as a business.
Some good questions to ask are:
 How much does it cost to carry out the key activities of my business?
 What is the cost of my key resources and key partnerships?
 How much does it cost to achieve the value proposition for my clients or users?
 Are the additional costs to running a business?
 Legal?
 Insurance?
 What is the cost of my business?
 How much would it cost to hire you?
 What is the opportunity cost of running your business?
9. Revenue streams: Turn your value proposition or solution to the customer problema
into financial gain.
 Pay-per-use product (pay-per-view)
 Service charge
 Fixed interest rate
 Subscription

Conclusions

- The Business Model Canvas gives you a way to créate a pretty clear business model
using just a single sheet of paper. It can be used to describe any organization, from the
largest company in the world to a startup with just one employee.
- One of the reasons to use a Business Model Canvas is that it gives you the competitive
edge to launch a profitable business, not only through product innovation but also
through designing your business correctly.
- To understand how to use a Business Model Canvas, you must identify: value
propositions, customer segments, customer relationships, channels, key activities, key
resources, key partners, cost structure and revenue streams.

The Canvas is popular with entrepreneurs for business model innovation. Fundamentally, I find
it delivers three things:

1. Focus: Stripping away the 40+ pages of ‘stuff’ in a traditional business plan, I’ve seen
users of the BMC improve their clarify and focus on what’s driving the business (and
what’s non-core and getting in the way).
2. Flexibility: It’s a lot easier to tweak the model and try things (from a planning
perspective) with something that’s sitting on a single page.
3. Transparency: Your team will have a much easier time understanding your business
model and be much more likely to buy in to your vision when it’s laid out on a single
page.

MODULO 4 – WHAT IS A BUSINESS STRATEGY: MISSION, VISION AND SMART GOALS

Whar is a Business Plan?

- An organizing tool to simplify and clarify your business goals ans strategy.
- A selling document that sells your business idea and demonstrates that your product of
service can make a profit and attract funding and/or company resources.
Elements of a Business Plan

- Executive summary: Information about leadership, employees, operations and location


of the company
- Products and services: It can include prices, useful life of the product and benefits for
the cosumer.
- Market análisis: Good management of the industry in which it going to develop and of
its target market.
- Marketing strategy: How will the company attract its costumers, keep them and what
are its plans to reach those customers?
- Financial planning: The company must include its economic planning and future
projections.
- Budget: All good companies must start with a set budget in place.

MIssion, Vision and SMART goals

Mission: You must define the reason for being of the company and the products and services
that it offers.

For example, the misión of Microsoft Corporation is:

“Our mission is to empower all people and organizations on the planet to achieve more.”

Vision: It is a sentence or a short paragraph in which the long term objectives of a company are
described.

For example, the vision of Microsoft Corporation is:

“Help people and businesses throughout the world realize their full potential.”

SMART goal: A Smart goal is used to help guide goal setting. It is important to note that SMART
is acronym for Specific (What is the goal?), Measurable (How will I measure my progress?),
Achievable (Do I have the skils and the resources for it?), Realistic (Why is this goal important?)
and Timely (When will I achieve the goal I’ve set?).

For example:

“To achieve my goal of being in leadership, I will update my resume with relevant qualifications
so I can apply to three open positions for the manager of a development team at a tech startup
this week.”

For this example:

- Specific: Create a Tech start up.


- Measurable: Three stores.
- Achievable: I will update my resume with relevant qualifications.
- Realistic: To achieve my goa lof being in leadership.
- Timely: This week

What is a Business Strategy?

Is definined as the combination of all the decisions made and carried out by the company to
achieve business objectives and ensure a competitive position in the Market.

It’s the backbone of the business, a road map that leads to the desired objetives.
1. Decisions
2. Achieve business objetives
3. Backbone of the business

It can be defined in several paragrahs or written as a set of strategic statements.

- Why is the company in business?


- What is our core strength?
- Which costumers should we continue to serve or start serving?
- Which products/services should we stop offering, continue to offer or start offering?
- Why have we decided on these strategic directions?

Conclusions

- A business plan is a road map that provides directions so a business can plan its future
and helps it avoid bumps in the road. The time you spend making your business plan
thorough and accurate and keeping it up-to-date, is an investment that pays big
dividends in the long term.
- Developing a business plan without knowing the basic elements can be challenging.
You need to structure your document in a way that persuades potential lending
institutions and investors to finance your business. These basic elements are: Executive
summary, Products and services, Market analysis, Marketing strategy, Financial
planning and Budget.
- Vision is a big picture of what you want to achieve; Mission is a general statement of
how you will achieve the vision, and SMART goals are statements of the important
results you are working to accomplish.
- A business strategy refers to the actions and decisions that a company takes to reach
its business goals and be competitive in its industry.

MODULO 5 – EXTERNAL ANALYSIS. MACRO-ENVIRONMENT. PEST

External analysis

Benefits of external Analysis

- Business growth: It refers to promoting business growth in new areas. This, supported
by external analysis, can benefit the company by motivating them to be proactive in
managing their business.
Example: If a retail company sees a trend in free trade clothing among the public, this
could help them decide to expand their business model to include the sale of free
trade products.
- Adapt to change: It refers to helping, anticipating and adapting to changes. This,
supported by external analysis benefits to adapt within your industry that could sabe
your business, if necessary.
Example: A catering company changes the way the store their food products to comply
with new protocols. This helps them maintain their status as a catering service.
- Above competition: It refers to creating opportunities in order to overcome the
competition. This, supported by and external anylisis, helps companies to idenyify the
operating elements that could change or improve.
Example: A staffing solutions firm identifies that they provide the same staffing
solutions as their competitors: marketing, business administration and IT. However,
they could offer something different by expanding their business to include staffing for
the trade professions and healthcare facilities.

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