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Entrepreneur and Entrepreneur Skills - Coggle Diagram
Entrepreneur and Entrepreneur Skills
Entrepreneur- a person who organises, operates, and assumes the risk for a business venture. A person who takes the risk in starting a new business
Questions that Entrepreneurs ask
Do I appreciate and accept the personal challenges and sacrifices that i will have to make?
Can i handle the inevitable feeling of isolation and insecurity that a start-up brings?
AM i really determined and committed to making the business work?
Can I afford to fail. What are the financial implications if the business does not succeed?
Do I have a clear idea about the vision for the business?
Questions that Entrepreneurs ask
How will I know if the business is succeeding or failing?
Is my business plan sufficiently realistic, particularly in terms of cash flow and likely start-up losses?
Who already provides this product and can i do it better or cheaper?
Can I access the resources (cash, supplies, distribution) that are needed to make the idea work?
Will customers really buy the product, assuming that I get it right?
Do I need to obtain legal protection for the idea?
Skills
Planning
Put together a thoughtful, realistic business plan
Have a honest view of thw business strengths and weknesses
Anticipate future problems and risks
Have some contingencies in place (things to go wrong)
Revise plans to take account of actual events
Leadership
Persuasive and decisive
Need to convince others - new employees, investors
Need to be seen to be leading from the front
Good judgements
Making connections
One decision or idea leads to another
Mind maps useful way of capturing the thinking
Important to think through the implications of key decisions
Decision-making
Decision often taken using incomplete information and gut feel
Important to be able to reorganise when things are going wrong and act
Little room to be indecisive
Not much room for committee-style decisions
Successful Entrepreneurs are
Calculated risk takers
Multitask-er
Self-starting and decisive
Resilient
Energetic and driven
Focused
Visionary
Result orientated
Passionate