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WHY DO YOU WANT TO START

A BUSINESS?

Basic reasons:

1. You may be a person who prefers


meeting challenges single-
handedly.
2. You believe that you have
practically full control over your
future.
3. You want to stay away from
employment, from routine
assignments and from mere
following orders.
4. You have the means.
So, you want to be an
Entrepreneur?

DO YOU KNOW
WHAT IT TAKES
TO BECOME
AN ENTREPRENEUR?
From the economist’s point
of view, the individual who
mobilizes all resources
(land, labor and capital)
of the enterprise is called the
ENTREPRENEUR.

Collectively, the activity of


the entrepreneur
is called
ENTREPRENEURSHIP.
ENTREPRENEURSHIP
The ability of individuals to
perceive the kind of products or
services that others need and to
deliver these
at the right time
to the right place
to the right people and
at the right price
is what is generally referred
to as entrepreneurship.

Source: Introduction to Entrepreneurship


A publication by the Small Enterprises and
Development Foundation and the UP
Institute for Small-Scale Industries
THE CONCEPT OF
ENTREPRENEURSHIP:

The organization
and
assumption
of the corresponding
responsibility of a
business enterprise
in order to make profits.

Source: The Pocket Webster School and


Office Dictionary
THE 8 BASIC
ENTREPRENEURIAL
FUNCTIONS:
The entrepreneur:

1.Perceives opportunities in
the environment.
2. Takes risks to make use of
these opportunities.
3. Mobilizes capital for
business.
4. Introduces innovations.
5. Organizes labor and
production.
6. Makes decisions.
7. Plans ahead.
8. Sells his products at a profit.
IMPORTANCE OF PROFIT IN
ENTREPRENEURSHIP

Profit is a concrete indicator of how


well an entrepreneur has managed
his business from the start.

Profit shows how the market


accepted or rejected his product.

Profit is both the reward and


motive of entrepreneurship.
(Without profits, there will be no
entrepreneurs).
BASIC PERSONAL
CHARACTERISTICS OF AN
ENTREPRENEUR

Information and opportunity seeker


Creative
Committed to work
Risk-taker
Demanding in terms of quality and
efficiency
Goal setter
Persistent
Has good planning and monitoring
Confident
Practical and has lots of common sense
Law-abiding
ARE
ENTREPRENEURS

BORN
OR
MADE?
3 MOST EFFECTIVE WAYS OF
DEVELOPING THE
ENTREPRENEURIAL SPIRIT

1.) FORMAL TRAINING (through


seminars and workshops or
formal school)

Academic
Skills
Managerial

2.) HANDS-ON TRAINING AND


EXPOSURE

3.) ACTUAL EXPERIENCE


HELPFUL TIPS IN
ACQUIRING THE
ORIENTATIONS,
HABITS, and ATTITUDES
WHICH ARE IMPORTANT
IN
ENTREPRENEURSHIP
1.
Set your own goals
and objectives.
S = SPECIFIC
M = MEASURABLE
A = ATTAINABLE
R = REALISTIC
T = TIME-BOUND

W
W = Well – defined
= Written
?
?
If you are not attaining
the progress which
you think you are
capable of attaining, it
is simply because your
goals are
not clearly defined.
In goal-setting,
remember the following:
• Be realistic and precise
with what you want.
• Select those goals which
are important to you and
allow you to perform
your best.
• Focus on positive
objectives.
2.
Once you have set your
goals, do the following:
• Constantly review your
performance.

• Learn from your


mistakes.

• If you failed, understand


why and improve your
performance.
3.
Believe in yourself.
• Look at your qualities in
a realistic manner.

• Emphasize your
strengths and play down
your weaknesses.

• Take care of yourself


physically to build up
confidence in pursuing
your goals.
4.
Guard your thoughts.

• Control your mind and


focus on productive and
profitable ideas.

• Think big to accomplish big


things.
Sow a thought you reap an act.

Sow an act and you reap a habit.

Sow a habit and you reap


a character.

Sow a character and you reap


a destiny.
5.
Aim to learn and grow.
• Grow personally and
professionally.

• Engage in positive and


productive activities.

• Be self-reliant.
• Try out new ideas.

• Accept changes.

• Remember that
there is always
“a first time.”
6.
Use your time wisely..
• Develop good
habits that make
different and
effective use of
time.

• Do time and work


analysis.

• Know your priorities.


• Do the difficult
tasks first
because you are
most productive
at the start.

• Minimize back
tracking. Plan,
organize and
execute
systematically.
• Reduce the effects of
interruptions and
write reminders.

Don’t spend more


time in meetings,
visits and
socializing than
necessary.

• Avoid gossiping
and talking non-
sense.
• Try to relax while
you work.

• Get used to
listing schedules
and things to do
and stick to
this listing.
• Set a deadline.

• Reflect regularly
on the way to
use your time
and improve your
way of using it.
7.
Be creative.
• Try to find ways of
getting the most out
of limited time and
resources.

• Do away with
unprofitable
traditional methods
and adopt new
improved ways.
8.
Be a winner.
• Aim to succeed rather
that just to avoid failure.

• Focus on maximizing
gains rather that
minimizing losses.

• Focus on achievements
rather than rewards.
• Be self - motivated.

• Be action - oriented.

• Always take the


initiative to find or
maintain a favorable
environment.

• Be a finisher.
9.
Be a leader.
• Develop appropriate
leadership qualities and
behavior.

• Work well with people


and take responsibility
for the
accomplishments of
your group.
10.
Learn from
enterprising men.
• Learn more about
entrepreneurship and
associate with
successful
entrepreneurs.

• Pattern your lifestyle,


values and habits after
them.
11.
PRACTICE
ENTREPRENEURSHIP.

• Experience is the
best teacher.

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