Entrepreneurship concepts
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This document defines entrepreneurship and describes the key aspects of starting a business. It defines an entrepreneur as someone who organizes a business venture to take advantage of an opportunity. There are different types of entrepreneurs, including idealists, optimizers, hard workers, jugglers, and sustainers. The document also outlines characteristics of successful entrepreneurs like being a hard worker, risk taker, and innovator. It discusses the importance of developing a business model and business plan. A business model shows how a business makes money while a plan provides details on goals, operations, management, and finances.
Entrepreneurship concepts
- 1. ENTREPRENEURSHIP CONCEPT DEFINITON OF AN ENTREPRENUESHIP Is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses. OR is the process of innovating and creating a business venture for the sake of profit. Note: A business venture is the system which consist of set of interrelated activity which intended to achieve extend
- 2. ENTREPRENEURSHIP CONCEPT DEFINITION OF AN ENTREPRENEUR Someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced. Gottlieb idea : “An entrepreneur is someone who can take any idea, whether it be a product and/or service, and have the skill set, will and courage to take extreme risk to do whatever it takes to turn that concept into reality and not only bring it to market, but make it a viable product and/or service that people want or need,"
- 3. TYPES OF ENTREPRENEUR A. Idealist is the most common type of entrepreneur shown . He/She likes innovation and enjoys working on something new or creative or something personally meaningful. B. Optimizer The optimizer entrepreneur comes in a close second and is content with the personal satisfaction of simply being a business owner. I think everyone would have some sort of satisfaction being a business owner but if that’s what mostly feels important then I guess you fall here
- 4. TYPES OF ENTREPRENEUR C. Hard Worker The hard workers entrepreneur category includes persons who enjoy putting in long hours to build a larger more profitable business. They like the challenge it presents and of course reap the most rewards if the business turns out to be a multi- million dollar enterprise. Hard work comes with all businesses but as we now see not everyone works hard for the business to grow as this group of entrepreneurs does.
- 5. TYPES OF ENTREPRENEUR D. Jugglers The juggler entrepreneur likes the concept that the business gives them a chance to handle everything themselves. They are usually people with lots of energy and exist on the pressure of meeting deadlines, paying bills and of course making payroll.
- 6. TYPES OF ENTREPRENEUR E. Sustainer The sustainers entrepreneur category consists of people who like the thought of balancing work and a personal life. Most often they do not wish the business to grow too large where it will cut into their personal life too much. These guys just need enough to survive. No big hopes and dreams of a multinational corporation or interviews on “The Big Idea”
- 7. CHARACTERISTCS OF AN ENTREPRENEUR Starting and growing your own business requires many skills to be successful. Take a look at the business personality types and find out what you need to succeed. Your business personality type are the traits and characteristics of your personality that blend with the needs of the business. There are 9 key types of personality and understanding each will help you enjoy your business more and provide your company with what it needs to grow
- 8. CHARACTERISTCS OF AN ENTREPRENEUR 1:The Improver: If you operate your business predominately in the improver mode, you are focused on using your company as a means to improve the world. Your overarching motto is: morally correct companies will be rewarded working on a noble cause. Improvers have an unwavering ability to run their business with high integrity and ethics. Personality Alert: Be aware of your tendency to be a perfectionist and over critical of employees and customers. Entrepreneur example : Hello food
- 9. CHARACTERISTCS OF AN ENTREPRENEUR 2. The Advisor: This business personality type will provide an extremely high level of assistance and advice to customers. The advisor's motto is: the customer is right and we must do everything to please them. Companies built by advisors become customer focused. Personality Alert: Advisors can become totally focused on the needs of their business and customers that they may ignore their own needs and ultimately burn out. Entrepreneur example:Eric Shigongo &Global Publisher
- 10. CHARACTERISTCS OF AN ENTREPRENEUR 3. The Superstar: Here the business is centered around the charisma and high energy of the Superstar CEO. This personality often will cause you to build your business around your own personal brand. Personality Alert: Can be too competitive and workaholics. Entrepreneurial example: Donald Trump, CEO of Trump Hotels & Casino Resorts, Diamond Platinum
- 11. CHARACTERISTCS OF AN ENTREPRENEUR 4. The Artist: This business personality is the reserved but highly creative type. Often found in businesses demanding creativity such as web design and ad agencies. As an artist type you’ll tend to build your business around the unique talents and creativities you have. Personality Alert: You may be overly sensitive to your customer’s responses even if the feedback is constructive. Let go the negative self-image. Entrepreneur example : Edwin Shayo (smartcodes)
- 12. CHARACTERISTCS OF AN ENTREPRENEUR 5. The Visionary: A business built by a Visionary will often be based on the future vision and thoughts of the founder. You will have a high degree of curiosity to understand the world around you and will set-up plans to avoid the landmines. Personality Alert: Visionaries can be too focused on the dream with little focus on reality. Action must proceed vision. Entrepreneurial example: Bill Gates,. Joseph Kusaga
- 13. CHARACTERISTCS OF AN ENTREPRENEUR 6. The Analyst: If you run a business as an Analyst, your company is focus on fixing problems in a systematic way. Often the basis for science, engineering or computer firms, Analyst companies shine at problem solving. Personality Alert: Be aware of analysis paralysis. Work on trusting others. Entrepreneurial example:Dr Mwaka
- 14. CHARACTERISTCS OF AN ENTREPRENEUR 7. The Fireball: A business owned and operated by a Fireball is full of life, energy and optimism. Your company is life-energizing and makes customers feel the company has a get it done attitude in a fun playful manner. Personality Alert: You may over commit your teams and act to impulsively. Balance your impulsiveness with business planning. Entrepreneurial example: Emelda Mwamanga (BangMagazine)
- 15. CHARACTERISTCS OF AN ENTREPRENEUR 8. The Hero: You have an incredible will and ability to lead the world and your business through any challenge. You are the essence of entrepreneurship and can assemble great companies.Personality Alert: Over promising and using force full tactics to get your way will not work long term. To be successful, trust your leadership skills to help others find their way. Entrepreneurial example: Reginald Mengi (IPP)
- 16. CHARACTERISTCS OF AN ENTREPRENEUR 9. The Healer: If you are a Healer, you provide development and harmony to your business. You have an mysterious ability to survive and persist with an inner calm. Personality Alert: Because of your caring, healing attitude toward your business, you may avoid outside realities and use wishful thinking. Use scenario planning to prepare for pandemonium. Entrepreneurial example:
- 17. CHARACTERISTCS OF AN ENTREPRENEUR OTHERS CHARACTERISTICS ARE:- Hard worker Risk taker Innovate Aggressive Creative
- 18. BUSINESS MODEL It’s a set of things which are develop before having a business plan business model establishes how your business makes money. It identifies the services that your customers value and shows the interchange of funds for the services your small business renders to your customers
- 19. BUSINESS MODEL
- 20. BUSINESS MODEL How to prepare good business model Core strategy Strategic resource Partnership network Customer interface
- 21. BUSINESS MODEL Core strategy Here we look on how you develop your business mission, product/market scope and basis of differentiation Strategic resource Its all about core competencies and strategic assets
- 22. BUSINESS MODEL Partnership network here you should consider on how you increase a number of friends who :- a. Suppliers b. Partners c. Other key relationships provide critical skills
- 23. BUSINESS MODEL Customer interface In basis on how you interact with your customer, Target customer Fulfill and support Pricing structure a. competitive price b. psychology price c. cost price
- 24. BUSSINESS PLAN Definition business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals Or A business plan is a written statement of your business; what you want to achieve with it and how you will do that. It should outline the structure of your business, the product or service, the customer, the growth potential and the financials.
- 25. BUSSINESS PLAN The business plan provides the details of your business. It takes the focus of the business model and builds upon it. It explains the equipment and staff needed to meet the details of the business model. It also explains the marketing strategy of your small business, or how your business will attract and retain customers, and deal with the competition.
- 26. BUSSINESS PLAN Furthermore, the business plan explains the financial stability of your small business at a particular point in time, as well as in the forecasted future. Overall, the business plan supports the business model and explains the steps needed to achieve the goals of that model
- 27. BUSSINESS PLAN Business Plan Template A simple business plan template consist :- a. Introduction b. Marketing plan c. Operational plan d. Management plan e. Financial plan
- 28. BUSSINESS PLAN COMPONENT A:Introduction Also know as description of the organization which include Background information Vision and mission Location Organization structure Capital structure ( ownership )
- 29. BUSSINESS PLAN COMPONENT Marketing plan Nature of product Product feature (bland content ) Demand analysis Competitors Promotion Target market Uniqueness
- 30. BUSSINESS PLAN COMPONENT Operational plan Material for production Kind of human resource needed Equipment and facilities Transportation
- 31. BUSSINESS PLAN COMPONENT Management plan Here its all about your organizational structure, describe who is who and what his/her job description. However you should put experience which every one come to put ass effort on your business.
- 32. BUSSINESS PLAN COMPONENT Financial plan The financial plan consists of a 12-month profit and loss projection, a cash flow projection, a projected balance sheet. Together they constitute a reasonable estimate of your company's financial future. More importantly, however, the process of thinking through the financial plan will improve your insight into the inner financial workings of your company
- 33. Prepared by Dr. John Heshima 0655925556