EntrepreneurShip Decelopment

1. 2023 Academic Year
2nd Bimester
ENTREPRENEURIAL INNOVATION
(BUST08015)

2. RUNNING A BUSINESS
Topics To Be Covered:
• Meaning And Definition Of Business
• What Makes Business Successful?
• What Factors Can Impact Business Success?
• How To Run A Business?
• Tips For Running A Successful Business

3. What is Business
 A business is usually defined as a commercial enterprise
 Some are run by only one person who carry out all of the
required functions
 Others employ thousands of people and provide goods and
services to people all over the world
 Each business can be defined or described by its type of
ownership, the goods produced or services offered,
the types of jobs provided, or the functions
it performs in a community

4. DEFINITION OF BUSINESS
Various authors have defined business in different ways. Some of them are quoted below:
“Business is the exchange of goods, services, or money for mutual benefit or
profit.” – Skinner and Ivancevich
“Business may be defined as any form of commercial activity to satisfy the
economic wants of people at a profit.” – Keith Davis
“Business is any enterprise engaged in production and distribution of goods for
sale in a market or rendering services for a price.”- Professor Owen.

5. What makes a business successful
 Focus on the customer experience.
 A powerful business idea.
 Offering value to your target audience.
 Being flexible and quick to adapt.
 Bold decision-making and creative problem-solving.
 Paying attention.

6. Focus on the customer experience.
 Make customer experience a priority by gathering insights from everyone on your team
 Take steps to reduce friction and focus energy on what's most important to your customers
 Look at your product experience from their point of view
 Solve problems before they impact your audience
 Invest in training and supporting your customer service team
A powerful business idea.
A great business idea can be monetized and produce unlimited earnings. It poses a solution to a problem many
people face. A great business idea is clearly defined to the point where you can explain it to someone effortlessly.
Your great business idea is the foundation on which you can build a successful business.

7. Offering value to your target audience.
Customer value could come from your excellent business idea. But an idea isn't enough to build a
business. Honestly, it's easy to come up with a great idea. What's difficult is executing an idea so that it
does what it's meant to do, and does it well.
And no great product is ever finished. Many products will need constant updates from customer reviews
and internal feedback to continue to offer value.
Being flexible and quick to adapt.
Change is the only constant, and for your business to prosper, you'll need to shift with the times. Whether
you have to follow fashion trends or shift with regular tech updates, the ability to flex is essential.
And flexibility isn't just useful when you're adjusting your products or marketing. Employee expectations
and needs will change. Customer communications will swing. It might feel more comfortable for you to
stick with what you're used to and ask other people to change instead. But that approach could limit your
ability to succeed.

8. Bold decision-making and creative problem-solving.
Starting any business is a risk. But it's rarely the only bold action you'll take. More often than
not, running a successful business means big decisions and creative experiments.
Dynamic thinking sounds wild and dicey when you're talking about a company that supports
you, your family, and your team. But it's that creativity that creates a stable foundation for your
business.
Paying attention.
Running a business takes a lot of skill, effort, and time. When your batteries are running low, it's
tough to give your focus to the people and processes that need "extra" attention. But paying
attention is what will help your business survive and thrive. It can give you vital insights you
can use to grow your business over time.

9. What factors can impact business success?
 Market demand for products and services.
 Building the right team.
 Preparation for leadership.
 Network development.
 Competitive analysis.
 Choosing the right pricing.
 Long-term goals and vision.

10. Market demand for products and services.
A great service or product will get you nowhere if there's zero need for it. Due diligence and careful,
detailed market research are essential in the early stages of starting a business.
Building the right team.
The most successful business owners and entrepreneurs know to surround themselves with people
smarter than they are. If you decide to scale your business, you’ll need a strong team to help you do great
work. The only way to do this is by recruiting and hiring the best people.
Preparation for leadership.
Before anything else, develop the leadership qualities necessary to build your business's long-term vision.
Great leaders exhibit:
•Integrity
•Accountability
•Empathy
•Humility
•Vision
•Influence
•Organizational direction

11. Network development.
You'll need a strong community for your business to thrive. If you're just starting out, your network can connect you
to co-marketing, funding, and other vital opportunities. If you're continuing to run a business, your network can
shore up areas that need work or draw extra resources.
Competitive analysis.
Some ideas are so unique that there's little to no competition, but most businesses will be entering an already-
crowded market. If your market is full of established providers, you may be fighting an uphill battle. But if you
have a unique spin on your product or niche, you might be in the right place at the right time.
Choosing the right pricing.
Getting your pricing strategy right is important for your business's sustainability. If your prices are too high, you'll
struggle to sell; too low, you won't be able to cover your costs.
Setting your pricing is one of the first things to do when starting a new business. Pricing your products to sell is a
skill that may take some time to learn.
Long-term goals and vision.
People start businesses for many different reasons. Some want to make ends meet with a side gig, others want to
replace their full-time job and be their own boss. Whatever your reason is, decide upfront how you want your
business to scale. If you aren't thoughtful about your long-term plans, you won't be prepared for what could happen.

12. HOW TO RUN A BUSINESS
 Make great marketing and branding.
 Define clear KPIs
 Draft a business plan.
 Keep innovating.
 Develop a strong company culture.
 Focus on financial goals.
 Refine business processes.
 Use the right tools for your growth strategy.
 Develop a support system.

13. Make great marketing and branding.
If you build it, they may not come. The presence of a marketing strategy is one of the telltale signs of whether
or not a business will make it.
Marketing spans everything from finding prospects to upselling new products and services to loyal customers.
Marketing is about getting the right message to the right people at the right time.
Draft a business plan.
It's up to you whether you want to create a formal business plan or just document your professional goals. But if
you want to create a business that lasts, you need a space to record and share your plan for your business, one
that you're proud to share with every stakeholder.
Business plans vary but most will include most of the items below:
•Summary of your business idea
•Company description
•Products or services
•Market research
•A plan for marketing and branding
•Sales plan
•Legal requirements
•Financial expectations
•Starting budget

14. Define clear KPIs.
Without concrete goals, it will be difficult to tell how well your business is actually doing.
So, setting the right KPIs is essential.
KPI stands for key performance indicator. These are a way to track your business performance
against your goals. They can give your team a target to push toward, help you measure progress,
and improve your decision-making as your business grows.
Try not to set too many KPIs to start, and make sure each KPI is SMART:
•Specific
•Measurable
•Achievable
•Relevant
•Time-bound

15. Keep innovating.
Like bold decision-making, innovation is a must for business success. Regular attention to
invention and experimentation can keep your business from growing stagnant.
Refine business processes.
Many business processes come about organically. Sometimes a process sticks around because of
habits or resistance to change. Other processes evolve in response to outside forces.
To keep your business growing, effective processes are key. So, be intentional with planning and
strategy before creating the processes your team completes each day.
Develop a strong company culture.
Businesses often overlook the power that culture and employee engagement can have on all
fronts of the company. But culture makes an impact, from recruiting to exit interviews.
To build a solid culture, focus on your team.

16. Focus on financial goals.
Launching and building a business is expensive. You need financing — capital, investments,
loans, and revenue — to get you through the lean times.
For a business to be successful, it has to make enough money to sustain operations and turn a
profit that can be re-invested for future growth. A detailed budget can help you keep track of
revenue and expenses.
Use the right tools for your growth strategy.
The number of apps, products available is growing exponentially. Identify and use those tools
that can help you optimize your business.
Thanks to the ever-decreasing cost of technology, even small businesses have all the tools they
need at their fingertips (for instance, a free-forever, all-in-one CRM). But choosing the right
tools can be challenging.

17. 9 Tips For Running A Successful Business

18. 1. Get Organized
To achieve business success you need to be organized. It will help you complete tasks and stay
on top of things to be done. A good way to be organized is to create a to-do list each day.
2. Keep Detailed Records
All successful businesses keep detailed records. By doing so, you’ll know where the business
stands financially and what potential challenges you could be facing. Just knowing this gives
you time to create strategies to overcome those challenges.
3. Analyze Your Competition
Competition breeds the best results. To be successful, you can’t be afraid to study and learn
from your competitors. After all, they may be doing something right that you can implement in
your business to make more money.

19. 4. Understand the Risks and Rewards
The key to being successful is taking calculated risks to help your business grow. A good
question to ask is “What’s the downside?” If you can answer this question, then you know what
the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks
that can generate tremendous rewards.
5. Be Creative
Always be looking for ways to improve your business and make it stand out from the
competition. Recognize that you don’t know everything and be open to new ideas and different
approaches to your business.
6. Stay Focused
The old saying “Rome wasn’t built in a day” applies here. Just because you open a business
doesn’t mean you’re going to immediately start making money. It takes time to let people know
who you are, so stay focused on achieving your short-term goals.

20. 7. Prepare to Make Sacrifices
The lead-up to starting a business is hard work, but after you open your doors, your work has
just begun. In many cases, you have to put in more time than you would if you were working
for someone else, which may mean spending less time with family and friends to be successful.
8. Provide Great Service
There are many successful businesses that forget that providing great customer service is
important. If you provide better service for your customers, they’ll be more inclined to come to
you the next time they need something instead of going to your competition.
9. Be Consistent
Consistency is a key component to making money in business. You have to keep doing what
is necessary to be successful day in and day out. This will create long-term positive habits that
will help you make money in the long run.

21. END