Entrepreneurship and Innovation talk

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On 7th October 2011, I was invited at KCA University to deliver a talk on Entrepreneurship, investments and innovation. I focused on the following:

What is entrepreneurship, Who can be an entrepreneur, How do you start, Finances; How to invest; Need for Innovation; Entrepreneurship as a student; How can students start becoming entrepreneurial .
If you like the presentation, kindly contact me on wabulwenyi@gmail.com or aggrey@eventsanatomy.com . I would gladly prepare similar talks for enhancement and motivation of your employees, students, workmates, current and prospective small business people.
With incisive delivery, real life situation approach devoid of complex jargon, oratory gift and ability to connect and read the audience. Together, we can create a more determined human populace! ENJOY.

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Entrepreneurship and Innovation talk

  1. 1. ENTREPRENEURSHIP<br />
  2. 2. Quote<br />” There are quite a lot of people who think it’s not possible. That’s a good thing! We don’t really need to worry about those people very much, because since they don’t think it’s possible they won’t take us very seriously and they will not actually try to stop us until it’s too late!”<br />PayPal billionaire Peter Thiel reacting to critics about his plans to build a floating sovereign nation in the open seas off the San Francisco coast.<br />What is entrepreneurship?<br />The word entrepreneur has its origin from the French word Entreprendre which means “to undertake”. The word entrepreneur thus in essence means “one who undertakes”.<br />In a business context, an entrepreneur is one who starts a business. The dictionary presents the definition of an entrepreneur as one who organizes, manages, and assumes the risks of a business or enterprise.<br />From the definition, venturing out or stepping out is the key aspect. An entrepreneur treads on territory others will not.<br />Do what you love<br />
  3. 3. Who can be an entrepreneur?<br />Anyone with any of the following characteristics is already an entrepreneur<br /> Entrepreneurs are:<br />Driven by an inner force to start a business and unwilling to take “no” for an answer<br />Convinced that, against all the odds, they will be able to turn their dream into reality<br />Strongly attached to their companies. They habitually talk about “their babies”<br />Consistently bold when making “hot” or risky decisions <br />Hate giving up control of their companies, even if they are no good at management<br />Do what you love<br />
  4. 4. How do you start?<br />Successfully starting a business requires two things: leap of faith and reasonedanalysis. You must have a clear idea of what you are getting into. Learn the crucial aspects that you need to know before you start your own business.<br />Technical aspects of the business<br />Know everything there is to know about your business<br />Financial management and record keeping<br />Be familiar with the concepts of budgets, accounting and profit margins<br />Legal and regulatory requirements of the business <br />Register your company and obtain information on licenses and permits<br />Operational requirements of running your business<br />Consider obtaining professional assistance from accountants, lawyers etc.<br />Marketing the business <br />Take steps to ensure your potential customers know about your business<br />Do what you love<br />
  5. 5. What sources of finance are available for an aspiring entrepreneur?<br />The choice of financing is an important part of being an entrepreneur and the ability to raise cash when you have no or limited business history takes skill and creativity.<br />The suitability of the available sources of funding depends on what stage you are at, and will change as the company matures from stage to stage.<br />The most typical forms of finance are:<br />Yourself, family and friends<br />Strategic partner who understands and shares in your vision<br />Venture capital firms - Provide financial as well as professional operational assistance<br />Bank – Require an elaborate business plan<br />Banks at times restrict lending to already existing entrepreneurs<br />Do what you love<br />
  6. 6. How can I as a student become entrepreneurial?<br />Identify your skills and build on them <br />Associate with peers who have similar skills and more importantly passion for personal growth and development<br />Use resources at your institution to carry out research on the field you’d want to venture in<br />Develop fiscal consciousness – Manage your finances however small. <br />Maintain a culture of saving. Though your savings may not be enough to start your business, the financial discipline you’ll have developed will be invaluable when your business takes off. <br />Identify young entrepreneurs as mentors…focus on how they made it and see yourself succeeding too!<br />Do what you love<br />
  7. 7. Young successful entrepreneurs in Kenya<br />Davidson Ngibuini<br />Age 26<br />Founder 254 entertainment<br />Industry media production and experiential marketing<br />Client portfolio: Coca cola, Airtel, Cadburys, Malta Guiness…<br />Do what you love<br />
  8. 8. Enjoy the journey to your success<br />Delight in what you do and success will dawn on you like the morning sun<br />The end<br />

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