starting a business the entrepreneur learning objectives: to have knowledge of several entrepreneurs...
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Starting A BusinessThe Entrepreneur
Learning Objectives:• To have knowledge of several
entrepreneurs• To have knowledge of skills and
qualities necessary• To have some understanding of why
many businesses fail
What do these people all have in common?
• They are all Entrepreneurs. What does the word Entrepreneur mean?
• Can you think of any other examples of famous Entrepreneurs?
An Entrepreneur is someone who makes a business
idea happen either by their own effort or by organising
other people to do the work
Can anyone be an Entrepreneur?
• In pairs think about what skills/qualities/attitudes you think a successful entrepreneur needs
A successful entrepreneur needs• Understanding of the marketKnowing what customers want and how well current businesses are meeting them
• InitiativeSeizing opportunities , this requires confidence and the ability to be a risk taker
• CreativityThe ability to come up with new and unique ideas
• DeterminationKeep on going even when the going gets tough
• PassionThe drive and enthusiasm to achieve something
• Persuasive abilities• Risk Taking
What is Enterprise?
• Enterprise is the set of skills and attitudes that help an individual turn an idea into reality
Why do people start businesses
• What do you think are the key motivations for people to start their own business?
• Think about both financial and non-financial reasons to start up a business
Reasons why people start their own business
Spotting a gap in the market
To become wealthy
To be their own boss
Flexible Working Hours
To use a hobby or talent
Redundancy/windfall
Unable to find a job
Commitment to aIdea/product
New Businesses
What do you think your chances of success would be if you opened your own business?
• Over 30% of new businesses fail within 2 years• More than half will fail within 5 years
WHY?
Leading 10 Reasons for Failure• No Business Plan• Under Funded• Not setting goals or objectives• Running out of money (cash flow)• Not understanding the market and customers• No differentiation• Bad Marketing• Underestimating competition• Not cost competitive• Poor People management skills