4. What is an entrepreneur anyway?
For an economist, an entrepreneur is that person
that brings resources labor, materials, and other
assets into combination that make their value greater
than before, and also introduces
changes, innovation, and a new order.
To a psychologist such a person is typically driven by
certain forces – the need to obtain or attain
something, to experiment, to accomplish, or perhaps
to escape the authority of others.
To a businessman , an entrepreneur appears as a
threat, an aggressive competitor, whereas to another
businessman the same entrepreneur may be an ally, a
source of supply, a customer, or someone who creates
wealth for others, as well as finds better ways to
utilize resources, reduce waste, and produce
jobs, others are glad to get.
5. Common behaviors for entrepreneurs
Although being an entrepreneur
mean different things to different
people, there is a common
agreement that all of them are driven
by 3 common behaviors:
1. Initiative taking
2. Organizing and reorganizing of
social and economic mechanisms
to bundle resources in innovative
ways
3. Accepts risks, uncertainty, and/or
potential for failure
7. Power of a business
Mantra behind every successful
business venture is repetitively
simple: find a need or desire after
which identify a way through which
you can fill that need or desire at a
price that the beneficiary is willing to
pay.
Or even simpler then that find a pain
(need or desire) and then offer the
antidote (business venture offering) at
a price which the beneficiary is willing
to pay.
8. Power of a business
Don’t be like 95% of wannabe
entrepreneurs who think they have
a great idea and jump into business
without careful planning.
10. Who am I?
Starting and running a business is a lot like running a marathon. There will be highs and
lows, and the prospects are both exciting and scary. To maximize your chances, analyze
your strengths and weaknesses.
In order to be able to run a business you need
determination, persistence, creativity, flexibility and a steep learning curve. Will you be
able to develop and strengthen these characteristics. How does your business idea fit your
personal skills and goals?
12. What business am I in?
Carefully define and detail what your
product and/or service are.
You can use these simple questions:
• What problems do I solve?
• What benefits do I provide?
• Who are my target customers that
would buy my product or service?
• Consumers? Organizations?
• Where are they located?
• How will I reach them?
14. Is my business idea viable?
In order to find out, market research is
essential so that you can answer such
questions as:
• Who will buy my product?
• Are there enough potential customers for
me to make a profit?
Identify and analyze what your competitors are
doing, and how what you offer is sufficiently
different to attract customers.
16. What is my market niche?
• What is unique about me and my business?
• What do I want to be known for?
Hint
Having a niche does not mean offering the
lowest price. Any competitor can charge less. A
market niche is what makes your business
stand out from the pack.
18. How will my market my business?
The marketing strategy you choose must do
two things:
1. Reach your target customers
and
2. Fit your business because you must
continually market your business
Hint:
- When you start your marketing
activities focus your activities on
those clients that are easier and
cheaper to reach
- Count the clients to whom you can
get free, or almost free, and test
them as being your first market.
20. How will I finance my business?
The flip side of the question, “Will I make
enough money?” is “Do I have enough money
to get started?” In order to make generate some money you
need to have a good product or service, and a
real market for it.
In order to sell your offering you need to ask
for a price, in order to do that you should
analyze:
Similar product or services (ie. Different
umbrella brands)
Competing solutions (ie. Umbrellas, capes
and raining hats)
Substitute products or services (ie.
Accessories, boots, etc.)
For all the goods or services that you are
offering you need to calculate the value of
what you are offering to your clients
through what they would lose if they
wouldn’t buy your offering
22. Why do I need a business plan?
Now that you’re decided to go into business and you
have done your research, you are ready to write a BP.
Planning ahead can mean the difference between
success and failure.
24. Will I go into my own business?
Are you going to run the marathon? Answering the above questions carefully will
help you make a well informed decision.
Remember: Even though there are obstacles along the way, a marathon always has a
well-planned course to follow.
25. 5 myths about going into
business for yourself
Couple of myths about entrepreneurial ventures
26. Myth no. 1
I’ll try it out and see how it
goes?
Many people who are between jobs decide it’s as good a time as any to start a
business.
However, choosing to go solo by default is not a wise idea. Starting a business is very
demanding and includes long working hours, financial investment, and, of course, no
regular paycheck.
27. Myth no. 2
When I’m own boss, I’ll avoid
corporate politics
Just because you’re
the boss doesn’t mean
you don’t have anyone
to answer to.
You will have many
more bosses than you
ever did as an
employee – bosses
called
“customers”, “corporat
ions”, or “investors”
28. Myth no. 3
I’ll have more free time and
flexible work hours
If you think you will have time to spend on your
hobbies, play tennis a couple of days a week, and
schedule time off whenever you want, think again.
The first few years you will most likely spend sixty to
eighty hours per week getting your business
running.
29. Myth no. 4
All I need is a good idea
There are many wonderful ideas and products that have never seen the light of day. It’s
much easier to come up with ideas than to implement them.
30. Myth no. 5
After a few years, I’ll make a
lots of money
Unless you are lucky or backed by a venture capital, you probably won’t get rich quick.
- In the first year of business, you may only make approximately 20% of your most recent
salary
- By years three or five, your profits can begin to grow substantially
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