Why Entrepreneur M2


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  • Why Entrepreneur M2

    1. 1. Module 2 Graham Royce 29 th October 2008
    2. 2. Some Starting Points… CEB EI TV etc etc etc; Dragon’s Den , The Apprentice , Last Millionaire Standing Enterprise Platform Programmes - Government Support - Yourselves Irish DRAGONS (FROM LEFT) SEAN GALLAGHER , SMARTHOMES; BOBBY KERR , INSOMNIA; SARAH NEWMAN , NEWMAC EQUITY; NIALL O'FARRELL , BLACKTIE; GAVIN DUFFY , DORLAND TRAINING.
    3. 3. <ul><li>Gavin Duffy a media consultant, and a founder of LM FM radio, who made millions from the Irish property market. Dorland Training Ltd </li></ul><ul><li>Bobby Kerr who spearheaded the popular Insomnia Coffee chain in Ireland. http://www.insomnia.ie/index.html </li></ul><ul><li>Sean Gallagher Smarthomes http://www.smarthomes.ie </li></ul><ul><li>Niall O’Farrell of Blacktie http://www.blacktie.ie </li></ul><ul><li>Sarah Newman , who sold her firm Needahotel.com in 2006 http://needahotel.com for $60m </li></ul>
    4. 4. <ul><li>Success </li></ul><ul><li>Fame </li></ul><ul><li>Money </li></ul><ul><li>Satisfaction </li></ul><ul><li>Necessity </li></ul>Grocery Store Manger Apple Stall Boy
    5. 5. <ul><li>Think of one enterprising organisation or famous entrepreneur </li></ul><ul><ul><li>What characteristics do they possess? </li></ul></ul><ul><li>F ocus – attention to the important, perseverance </li></ul><ul><li>A dvantage – ability to identify opportunities </li></ul><ul><li>C reativity – generate new ideas </li></ul><ul><li>E go – self-starter, seeking to make a difference </li></ul><ul><li>T eam – able to network and pick out the right people </li></ul><ul><li>S ocial – living to achieve a cause, mission driven </li></ul>Attributes
    6. 6. Where Do Entrepreneurial Ventures Begin. <ul><li>Startups through colleges & universities </li></ul><ul><li>Corporate Business Development </li></ul><ul><li>Franchising </li></ul><ul><li>Buying A Business </li></ul><ul><li>Revitalizing Troubled Business </li></ul><ul><li>Joint Ventures </li></ul><ul><li>Chatting at the Pub </li></ul>
    7. 7. My Model of the Entrepreneurial Process <ul><li>Opportunity Driven </li></ul><ul><li>Entrepreneur and Entrepreneurial Team Driven </li></ul><ul><li>Resourceful Economical and Creative </li></ul><ul><li>Financially Savvy </li></ul><ul><li>Visual grabs attention </li></ul><ul><li>Sustainable in idea and growth </li></ul>
    8. 8. Entrepreneur and Team Critical to Success <ul><li>An Entrepreneurial Leader </li></ul><ul><ul><li>Learns and teaches others </li></ul></ul><ul><ul><li>Deals with adversity, is resilient </li></ul></ul><ul><ul><li>Exhibits integrity, dependable, honesty </li></ul></ul><ul><ul><li>Builds entrepreneurial culture </li></ul></ul><ul><li>You need a quality Team </li></ul><ul><ul><li>Motivated to succeed </li></ul></ul><ul><ul><li>Creative, adaptable, committed </li></ul></ul><ul><ul><li>Relevant experience </li></ul></ul><ul><ul><li>Tolerant of risk </li></ul></ul>
    9. 10. 4. Compliance. Report your company’s incomes, expenses, and payroll accurately to the IRS. 5. Insight and Decision Making . Make informed decisions – based on good market research and price your product or service for profitability – with financial reports to guide the way 6. Funding. To be considered for a loan or investment, you’ll need complete financial statements. 1. Cash Flow. Track the money going in and out of your business. 2. Manage Sales. Know and understand your customers through consolidated records. 3. Production. Obtain goods and services. Apply for and establish credit with your vendors. YOUR BUSINESS 7. Planning & Roles Business Plans Marketing Plans Day to working plans Future
    10. 11. Communication Opportunity Resources Team ➨ Business Plan Central Ambiguity Creativity ➨ Exogenous Forces Leadership ➨ Uncertainty Capital market Entrepreneur Sustainability is the key to success originating outside the business Single most important factor Probable Start point
    11. 12. <ul><li>Any Questions </li></ul>
    12. 13. <ul><li>Thank you </li></ul><ul><li>Now over to you </li></ul><ul><li>Good Luck with your Venture </li></ul>