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ENTREPRENEURS (Characteristics of an Entrepreneur (Visionaries, Passionate…
ENTREPRENEURS
Characteristics of an Entrepreneur
Visionaries
Passionate
Goal-oriented
Creative and innovative
Adaptive and flexible
Persistent and persevering
Risk takers
Possesses the required skills
Knowledge of the market
Confidence
Hard working
Advantages and Disadvantages of Different Types of Businesses
Sole proprieterships
Partnerships
Cooperatives
Corporations
Limited liability companies
Private unlimited companies
Public limited companies
Syndicates
Joint ventures
Franchises
Features of a Business Plan
Presentation
Appendix
Financial information
Operation plan
Organisational structure
Executive summary
Goals and objectives
Mission statement
Executive summary
Business description
Key Features of a Buisness
Production department
Finance and accounting department
Marketing department
Human resources department
Purchasing department
Customer service department
Legal department
Research and development (R & D) department
Reasons for Establishing a Business
Financial independence
Being your own boss
Use of skills and knowledge for themselves
Self-actualisation and self-fulfillment
Job security
Creation of employment opportunities
Steps in Establishing a Business
Step 1: Conceptualisation
Step 2: Market research
Step 3: Identification of resources
Step 4: Creation of a business plan
Step 5: Acquisition of funds
Step 6: Operation of a business
Sources of Capital
Personal savings
Angel investors
Venture capital
Loans
Collateral
Relationship between the Planning and the Operation of a Business
Short-term plans
Long-term plans
Medium-term plans
Operations
Regulatory Practices for the Establishment of a Business
Registration of the business name
Registration of different businesses
Registration of professionals and tradespeople
International regulations
Business Ethics
Meaning of business ethics
Ethical issues
Employee issues
Environmental issues
Product and marketing issues
Corruption
Causes of unethical behaviour
Consequences of unethical behaviour
Entrepreneurship
Historical perspective on entrepreneurship in the Caribbean region
Role of entrepreneurs
Conceptualising
Planning
Organising
Operating
Evaluating the business
Bearing risks
Entitlement to profits and losses of the business
Sources of Information for Conducting a Business
Primary sources of information
Secondary sources of information
Feasibility Study
Components of a feasibility study
Purpose of a feasibility study