Entrepreneurs and enterprise skills

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An overview of the characteristics of successful entrepreneurs

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Entrepreneurs and enterprise skills

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