Entrepreneurship 101


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Entrepreneurship 101

  1. 1. Instructor Introduction Instructor: Jim and Jennifer Krigbaum Founders 2020 Development Company LLC
  2. 2. 2020DC Course Modules Entrepreneurship Workshop2020DC is a network of consultants synergizing our experiences from around theworld to enhance development through market based strategies taking agriculturalproducts from soil to shelf. Each consultant brings a unique set of skills to the groupthat allow us to build unique strategies and solutions for our clients.
  3. 3. Entrepreneur Workshop10 keys to success in International business Analyze your skills What business am I in?
  4. 4. Audience SurveyHow many are gatherers of shea nuts?How many are producers of shea?How many are traders/brokers?How many have exported before?How many have met their customers?How many have traveled to their markets? Middle East? Europe?Asia? USA?How many have attended a tradeshow? Where?How many work with “commodities” versus “value added products”?How many are government or NGO officials?
  5. 5. Objectives: After completing this course the participants will be able to: Define what is an entrepreneur  Analyze an entrepreneur to determine strengths and weaknesses  Build T-chart on individual, company and product strengths and weaknesses  Design a plan to build upon strengths and minimize the impact of weaknesses  Identify what business you should be in based upon your strengths and weaknesses  Learn the 10 keys to success in business  Identify a niche for your product that capitalizes upon your comparative and competitive advantages
  6. 6. What is an Entrepreneur? Define what is anA person who organizes, operates, and assumes the risk for a businessventure. EntrepreneurNaturally a risk taker and visionaryEntrepreneurs play a key role in any economy. These are the people whohave the skills and initiative necessary to take good new ideas to market andmake the right decisions to make the idea profitable. The reward for therisks taken is the potential economic profits the entrepreneur could earn.(Investopedia.com)An Entrepreneur is the individual most likely to survivor in a developingeconomy.Can an entrepreneur work within an existing business?
  7. 7. Discussion Key words used to define Entrepreneur Risk taker Visionary Leader Confident Survivor Skills Profit(loss)
  8. 8. Survival ModeWhen in “Survival Mode” most individuals becomeentrepreneurs out of necessity. They depend upon theirown skills to survive, they take calculated risks andnaturally gravitate to what they can do to survive.To survive in business people need tools to survive. Thebalance of this course will provide some of these tools.
  9. 9. 10 Keys toCharmin marketing success Dance and in life “CHARM DANCE”
  10. 10. Key # 1 Communications Respond to your customer immediately, or you will risk losing business!
  11. 11. Key #2 Honesty•Honesty + Integrity + Truth = Profit ⁼
  12. 12. Key #3 A consistent quality is essential • Products should be identical to other products with the same description • The customer needs full confidence that what they have purchased is what they will receive.
  13. 13. Rule #4 Risk - Know Your Acceptable Risk Level! Know your comfort level before you accept risk!
  14. 14. Rule #5 Markets - Know yourRule #5 Markets - Know your Markets! Investigate Markets! Markets Customers Customs Culture Competition
  15. 15. C - CommunicationsH - Honesty CHARMA - A consistent QualityR - RiskM - Markets
  16. 16. Key #6 Details, details, details! Pay attention to every detail. In business small details can cost you more than your job!
  17. 17. Key #7 Advantage Know Your product’sAdvantages Product Advantages: •Better Price •Better Quality •Better Packaging •Better Service Be prepared to answer the question: “Why should I buy your product over all others?”
  18. 18. Key #8 Networking is Key! Build personal and business relationships with: Customers Suppliers Brokers Middlemen Competitors Bankers Forwarders Freight Companies Everyone!
  19. 19. Rule #9 Customer RelationshipsYour customers are more thana source of income, they areyour partners and will becomeyour friends.Treat them as if they are yourbest friends.
  20. 20. Key #10 Excellent Visibility Unseen isUnsold! Your customer has to hear what you have to say about your product Your customer has to communicate their desires Your customer has to see your product to buy your product
  21. 21. “CHARM DANCE” C - Communications CHARM DANCE H - Honesty A - A consistent quality R - Risk M - Markets D- Details A - Advantages N - Network C - Customer relations E - Excellent visibility
  22. 22. Exercise 1.1 – Analyze Current BusinessPracticesDirections: Consider numbers 1-10 above and assess your currentbusiness practices to determine if you are ready to do businessinternationally. Rank your performance in each area on a scale of1-10 (one is best). For the bottom four finishers, identify how yourbusiness could improve performance in those areas.
  23. 23. What skills does anEntrepreneur need to achieve success?
  24. 24. Entrepreneur’s Skill AnalysisCharacteristic Strength Weaknes Action plan sCreative thinkingProductdevelopmentVisionaryCommunicationskillsSales/MarketingskillsAccounting/financialTime ManagementLegal understanding
  25. 25. Jim Krigbaum’s Skill AnalysisCharacteristic Strength Weakness Action planCreative thinking Yes Too many Prioritize ideas too little timeProduct development Fair Work with good development teamVisionary YesCommunication skills Yes Writing Take technical writing courseSales/Marketing skills YesAccounting/financial No Yes Hire accountingTime Management No Lack of Minimize distractions focusLegal understanding Fair Hire good legal assistance
  26. 26. Complete for yourselfCharacteristic Strength Weakness Action plan
  27. 27. Discussion Examples and discussionon local Entrepreneurs
  28. 28. Discussion limitations and hurdlesfor local entrepreneurs to overcome
  29. 29. Vision Vision is seeing the opportunity inside of the challenge.Are all business people visionary?Can you train someone to be a visionary?Give examples of good business visionaries.
  30. 30. Ask your self “What business am I in?”
  31. 31. Who is going to make more money? The fine artist or the house painter? Which style is right for your organization?
  32. 32. Competitive Advantages? Where Is Your Comparative Advantage? •Land? •Labor? •Capital? Identify where and why you are competitive. Plan to exploit these advantages.
  33. 33. What are your competitive advantages?
  34. 34. Key point often overlooked by producers….Produce what you can sell don’t sell what you produce!
  35. 35. Entrepreneur’s caveatDont let personality strengths that are the keys to entrepreneurial success turninto faults that can undermine it.Vision can become self-delusionConfidence can become arroganceWillfulness can become bullyingAnd ego (which overcomes skepticism) can become stubbornness (whichprevents you from accepting sound advice).Protect against these traps by consciously seeking out and heeding othersopinions.Dont let one individual dominate the business with single-minded strategy -even if that person is you.
  36. 36. Entrepreneur quote"An Entrepreneur is not finishedwhen hes out of money: hes finishedwhen he is out of ideas and lacks thedesire to get back up after he falls."