Entrepreneurship
T
Entrepreneurship is the acceptation of the risks of starting and running your own business.
Reasons for entrepreneurship
Proft
Independence
Be your own boss
Challenge
Take Moderate, calculated risks
Characteristics of an Entrepreneur
Self-Nurturing
Optimism and belief in one's ideas are driving force for success
Self-Directed
Self-discipline and responsibility are necessary to thrive for owner is also boss
Action-Oriented
Based on the ambition of the owner and entrepreneur
Highly Energetic
Emotional, Mental, and Physical control of self. Channel energies for the greater good of the company
Tolerate insecurities
Accept risks and work with them
Skilled at organizing
Keep an overview. Focus on big picture and extended growth
Entreprenuerial Teams
Group of experienced and skilled people from different business areas who are taking the entrepreneurial challenge together
Micropreneur
An entrepreneur who starts a business that stays small
Allows for them to keep a balanced life style
Home based businesses because it can be a way to combine a career and family
Bigger firms often outscore work to smaller, home-based businesses
Growth of home based projects
Computer allows home-based businesses to look and act as big one
New tax laws have loosened the restrictions regarding deductions for home offices
Challenges faced by the Micropreneur
Trouble acquiring customers
Difficult to manage time wisely because it takes a great amount of self-discipline
Combination of family and business life
Government may restrict certain types of business in the community
Ensure insurance allows business related activities in one's home
Intrepreneur
An entrepreneur working n an entrepreneurial centre within an already existing company to develop new innovative ideas
Encourage Entrepreneurship through
Enterprise Zones.
A specific geographic area to which governments try to attract private business investment by offering lower taxes and other support.
Incubators
Provides assistance in the critial stage of early development of companies
Center that offers new business low-cost offices with basic business services
Starting Business
Privately owned and operated
Not dominant in its market and meets certain standards of size in terms of a certain amount of employees and annual receipts
Relevant Sections
Planning
Financing
Marketing
HMR (Management)
Accounting
Ask for help from
Lawyers
Accountants
College professors
Consultancy firms
Helps you to learn the basic managerial knowledge.
Become an Entrepreneur by
Starting own business
Work for a company and take over the established firm after some time.
Business Plan
Planning part of starting a business
Begins with writing a business plan
Create statement consisting of 25-50 pages which details every aspect of company
Detailed written statement that describes
The nature of the business
The advantages the business will have in relationship to the competition
The target markets
The resources and qualification of the owner(s)
Good Business Plan
Executive Summary
Company Background
Management Team
Financial Plan
Capital Required
Marketing Plan
Location Analysis
Manufacturing Plan
Appendix
Initial Capital
Relatives
Savings
Former Employers
Banks
Government Agency
Finance Company
Venture Capital Organization
Angel Investors
Private individuals who invest their own money in potentially new, successful companies before they go public.
Venture Capitalist
An individual or company that invests in new businesses in exchange for partial ownership of those businesses.
Going Global
Difficulties in financing
Time-Consuming Bureaucracy
Cultural Differences