Chapter 5: The Right

Product For The Right

Market
 The Entrepreneurial Mind
 Refers to a specific state of mind which
orientates human conduct towards
entrepreneurial activities and outcomes.
Individuals with entrepreneurial mindsets are
often drawn to opportunities innovation and new
value creation.
 3 Kinds Of The Entrepreneurial Mind
The Creative Mind
• Conceptualizes and designs
a product that consumers
find some use for.
• Pleasing to see, touch, smell,
hear and taste.
• Personal expression of the
consumer.
The Technical Mind
• Technology Originator.

• Technology Adaptor.

• Technology Renderer.
The Business Mind
• It harnesses the potentials of new products by
creating the market space for them.
• It also organizes sufficient forces and resources
to develop, launch, and commercialize the new
product in order to maximize its market value.
• The business mind also manages the external
and internal business environment of the new
product development process itself.
Case Example 5: The Lampturn
Product Conceptualization and the Creative Mind
• Using the lampturn example, let us examine how the
entrepreneurs employed the creative mind, technical mind
and business mind in order to come up with a viable new
product. First, let us take a look at how they achieved the
creative mind’s three product levels of appeal.
• The purpose of the lamp was to create mood and
ambience, to delight and fascinate viewers and to “ serve
as a centerpiece for rooms with its theatrical display of
images.” It could be used as a night lamp, a child pacifier ,
or a decorative and conversational piece.
• The sensorial- emotional appeal of lampturn was
heightened by the use of light amidst darkness, the
highly colorful and moving shapes, and the images
and the mood- evoking scenery. Lampturn is
supposed to make people feel good.
• The aesthetic appeal of Lampturn is obvious. How
the 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, which the lamp should produce.
Product Development and the Technical Mind
o 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.
o For a better grasp of these technical specifications,
the following is the list that the entrepreneurs came
up with as they consult these experts.
First:
o Use of 25-watt bulbs
o Use of fan-bladed domes
o Use of BIC ballpens to support and allow the dome to rotate
smoothly
o Use of natural sanded wood
o Use of fish and butterfly design
Second:
o Use of high-impact plastic paper
o Use of strong wooden frames
Third:
o Use of size that is not more than 16
inches in height and 10 inches wide

o Use of quality electrical supplies

o The entrepreneurs had to tap the technical
minds of electricians, engineers, artisans,
and artist to develop the Lampturn.
Prototypes were fashioned, critiqued and
discarded until the entrepreneurs became
satisfied with a final prototype.
Product Launch and the Business Mind
o The Business Mind brings the product from the prototype
stage to the production phase, and finally, to its ultimate
destination, the marketplace. The product must be made
shop-ready for commercial purposes.
o 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
.
The fourth and fifth technical specification
were addressed as follows:

Fourth: Use of subcontractors, namely, Tahanang

Walang Hagdan.

Fifth: Entrepreneurs supplied the materials to the

subcontractors including the pre- assembled
electrical contraption.
o As the entrepreneurs approved the final
prototype, the next step was to test market the
product prototype.
o The test was conducted in two phases. The first
phase consisted of the two group dimensions
(FGD) and selling activities at Christmas bazaars
. The second phase involved the placement and
selling of the lantern at alternative outlets to
determine their price threshold and potential
sales volume.