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Entrepreneurs and enterprise skills

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An overview of the characteristics of successful entrepreneurs

An overview of the characteristics of successful entrepreneurs

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  • 1. Entrepreneurs & Enterprise Skills
  • 2. What is an entrepreneur? “ A person who organises, operates, and assumes the risk for a business venture” “ A person who takes the risk in starting a new business ”
  • 3. Questions that Entrepreneurs ask (1)
    • Do I have a clear idea about the vision for the business?
    • Am I really determined and committed to making the business work?
    • Do I appreciate and accept the personal challenges and sacrifices that I will have to make?
    • Can I handle the inevitable feeling of isolation and insecurity that a start-up brings?
    • Can I afford to fail? What are the financial implications if the business does not succeed?
  • 4. Questions that Entrepreneurs ask (2)
    • Will customers really buy the product, assuming that I get it right?
    • Who already provides this product (or something similar) and can I do it better or cheaper?
    • How will I know if the business is succeeding or failing?
    • Is my business plan sufficiently realistic, particularly in terms of cash flows and likely start-up losses?
    • Can I access the resources (cash, supplies, distribution) that are needed to make the idea work?
    • Do I need to obtain legal protection for the idea?
  • 5. Important enterprise skills
    • Planning
    • Leadership
    • Making connections
    • Decision-making
  • 6. Planning
    • Put together a thoughtful, realistic business plan
    • Have an honest view of the business strengths and weaknesses
    • Anticipate future problems & risks
    • Have some contingencies in place (things do go wrong)
    • Revise plans to take account of actual events
  • 7. Leadership
    • Need to be seen to be leading from the front
    • Persuasive and decisive
    • Need to convince others – new employees, investors
    • Good judgement also a key part of leadership
  • 8. Making connections
    • Important to think through the implications of key decisions
    • One decision or idea leads to another – e.g. new product = more marketing
    • Mind maps useful way of capturing the thinking
  • 9. Decision-making
    • Little room for being indecisive
    • Decisions often taken using incomplete information & gut feel
    • Important to be able to recognise when things are going wrong and act
    • Not much room for committee-style decisions; entrepreneur is often alone
  • 10. Successful entrepreneurs are
    • Passionate
    • Visionary
    • Energetic and driven
    • Self-starting and decisive
    • Calculated risk-takers
    • Multitasker s
    • Resilient
    • Focused
    • Results-orientated
    Will King(King of Shaves) Sophi Tranchell (Divine Chocolate)
  • 11. Keep up-to-date with business stories, resources, quizzes and worksheets for your business course. Click the logo!