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Entrepreneurship

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by

Umar Ir

on 10 December 2015

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Transcript of Entrepreneurship

Entrepreneurship is
Challenging
but
Exciting!
Introduction to Entrepreneurship
Entrepreneurship and what it entails

Identifying Opportunities

Evaluating Opportunities

The Five Stages of Growth
Introduction to Entrepreneurship
An Entrepreneur:
One who organizes and manages an enterprise, especially one involving considerable risk
An employer of productive labour
An Enterprise:
A project undertaken, especially one that requires boldness or energy
Macquarie Dictionary States:
Characteristics of Entrepreneurs
Vision

Motivated + Driven

Risk Takers?

Passionate

Hungry for Success
The World is Full of People With Great Ideas!

But
Most of These Ideas
Will Never See
the Light of Day
Between Inception and Implementation lies alot of
Blood,
Sweat
&
Tears
(of an idea)
Running a business is...
Full of challenges
Ups and Downs
Lots of Hurdles
The Must Haves For Success
The Must Haves For
Why is Running a Business so Hard?
Strategic Issues
Got a bright idea - Think about this:
Why should people do business with you?
Competitive Advantage Once Achieved Must be Maintained
How do you determine whether
a business idea is a feasible
one or not?
It may seem counter-intuitive,
but some poor ideas succeed
beyond logic and reason while some great ones fail....
Examples of some amazingly ridiculously ideas that have
made it big...
Burgers that taste like cardboard,
served out with a bucket full of oil
A beverage that looks like
motor oil, has too man addictive
ingredients, preservatives, massive amounts of sugar and caffeine
Examples of some amazingly ridiculous ideas that have made it big...
Other such crazy ideas and examples...
Reptillian cartoon characters with phenomenal ninja skills and an old sewage dwelling rat for a Sensei...
Success means different
things to different people
Not every small business wants to turn into a big business
Stages of Growth of a Small Business
Stage - 1 - Existence
Existence
Just getting started
Concerned with small issues
Stage 4 - Takeoff
Stage 3 - Success
Phase 1 Phase 2 Phase 3 Phase 4 Phase 5
Whether or not a business progresses through
these phases depends on:

A Wise Man Once Said:
"In your own business, your personal and
business affairs are intertwined"

The Entrepreneurship Insights
Why did you start your own business?
A supportive family
Foresight
Management ability
Calmness under pressure
Capital
Stages of Growth of Small Business
Stage 2 - Survival
Stage 5 - Resource Maturity
Prof. Pricer's 7 Deadly Sins for Small Businesses
Strategic Issues
Think about your exit strategy even before you begin
FOCUS ON STRATEGY

You need to focus on strategy and determine:

If your products/ services are distinctive
Are your products/service profitable?
How do they compare to your competitors?
STRATEGY

Strategic Positioning
Aim to achieve a competitive advantage
Performing different activities from the rivals; or
Performing similar activities in different ways
BUT
Full transcript