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Introduction To Entrepreneurship

An individual who undertakes the risk associated with starting and running their own business is called an entrepreneur. Successful entrepreneurs display personal characteristics like persistence, creativity, and risk-taking. They also possess important skills for business like communication, problem-solving, and basic business knowledge. The entrepreneurial process involves discovering opportunities, developing business concepts, acquiring resources, operating the business, and eventually harvesting or closing the venture. Starting a business legally requires developing a business plan, acquiring financing, and meeting all necessary legal requirements.

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21 views

Introduction To Entrepreneurship

An individual who undertakes the risk associated with starting and running their own business is called an entrepreneur. Successful entrepreneurs display personal characteristics like persistence, creativity, and risk-taking. They also possess important skills for business like communication, problem-solving, and basic business knowledge. The entrepreneurial process involves discovering opportunities, developing business concepts, acquiring resources, operating the business, and eventually harvesting or closing the venture. Starting a business legally requires developing a business plan, acquiring financing, and meeting all necessary legal requirements.

Uploaded by

sejalprajapat21
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
You are on page 1/ 20

An individual who undertakes the

Risk associated with creating,


organizing,
And owning a business.

1
Personal Characteristics
of Successful
Entrepreneurs
• Persistent • Goal-oriented
• Creative • Independent
• Responsible • Self-confident
• Inquisitive • Risk taker

2
Skills Needed by Successful
Entrepreneurs
• Communication skills
• Human relations skills
• Math skills
• Problem-solving
• Decision-making skills
• Technical skills
• Basic Business skills
3
Entrepreneurship and
the Entrepreneurial
Process

Understand
Entrepreneurship
And The Entrepreneurial
Process.
4
Entrepreneurship Entrepreneur

 The process of  An entrepreneur is an


starting and running individual who
one’s own business undertakes the risk
associated with
 This involves a creating, organizing,
considerable amount and owning a
of risk. business.

5
 Discovery
 Concept Development
 Resourcing
 Actualization
 Harvesting

6
Thestage in which the entrepreneur
generates ideas, recognizes
opportunities, and studies the market.

Entrepreneurs consider the


following:
Hobbies or Skills
Consumer Needs and Wants
Conduct Surveys and Questionnaires
Study Demographics

7
Entrepreneurs prepare the following in
this step:

 Develop a Business Plan


A detailed proposal describing the business idea
 Choose Location for the Business
 Is the business online or does it have a physical location
for customers to visit to purchase products, services or combinations.
 Decide if the idea will need a Patent or Trademark
 Patent –
 Trademark -

8
Thestage in which the entrepreneur
identifies and acquires the financial,
human, and capital resources needed for the
venture startup, etc.

Entrepreneurs contemplate the


following:
IdentifyPotential Investors
Apply for loans, grants and financial assistance
Hire employees

9
The stage in which the entrepreneur
operates the business and utilizes resources
to achieve its goals / objectives

Entrepreneurs prepare for the


following:
Grand Opening of the Business
Day to Day Operations of the Business

10
Thestage in which the entrepreneur
decides on venture’s future growth,
development, or demise.

Entrepreneurs consider the


following:
Future Plans for the Business:
Expansionto additional locations
Company to change structure

11
Starting a Business
Understand the procedures
and requirements
for starting a business.

12
 Develop a Business Plan
 Acquire Finances
 Meet Legal Requirements

13
ABusiness Plan is a detailed proposal
that describes a new business.

Business Plans are:


Presented to potential investors and
lenders
Most business plans are 30+ pages

14
Business Plans are used to:
Obtain Financing
 Banks and Potential Lenders require a business
plan

Helps organize and analyze data critical to


new business.

Provides a start-up proposal


 Provides and outline to follow when starting the
business.
15
Executive Summary:
Briefone to two page description of the key
points of each section of the business plan
Product/Service Plan:
Presents Product or Service being offered
Unique features of the Product or Service

Management Team Plan:


Qualifications of the Entrepreneur
Qualifications of any Partners who may be
involved in the business venture

16
Industry/Market Analysis:
Analyzes the:Customers / Competition /
Industry / Demographic / Geographic and
Economic data
Operational Plan:
Includes all processes involvedin producing
and/or delivering the product or service to the
customer
Organizational Plan:
Management philosophy of the business
Key management personnel
Key employment policies
17
Marketing Plan:
Describes how the business will make its customers
aware of its products/ services.
The Market being served / Marketing Strategies /
Promotional
Plan / Marketing Budget
Growth Plan:
Presents plan for future expansion of the business
Financial Plan:
Includes financial statements that will help forecast the
future financial health of the business.
18
Identify Potential Investors

Examples:
Family and Friends
Other Businesses
Employees
Contact Financial Agencies for loans, grants and
financial assistance:
Small Business Administration
Banks / Credit Unions
Insurance Companies

19
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