Entrepreneur creates value by offering a product or service in order to obtain certain profit. take risks, but only calculated ones. 2 Entrepreneurship - Unlocking Your Mind's Potential Entrepreneurship Whats there to gain? Personal Gains Enormous personal financial gains. Flexibility to exercise your creativity and innovation Self-employment, offering more job satisfaction and flexibility of the work force. Income generation and increased economic growth. Freedom from the dependency on the jobs offered by others. 3 Entrepreneurship - Unlocking Your Mind's Potential Entrepreneurship Whats there to gain? Societal Gains Development of more industries. Employment for others, often in better jobs. Encouragement of the processing of local materials into finished goods for domestic consumption as well as for export Healthy competition thus encourages higher quality products. More goods and services available. Development of new markets. 4 Entrepreneurship - Unlocking Your Mind's Potential Characteristics of an Entrepreneur 5 Entrepreneurship - Unlocking Your Mind's Potential Self-starter
Able to determine risk and has the courage to take risks but is not a gambler
Focuses his/her attention on the chances of success rather than the chances of failure
Not easily discouraged
Characteristics of Entrepreneurs 6 Entrepreneurship - Unlocking Your Mind's Potential Likes to work for him/herself and be in control
Good health, has lots of energy and can handle stress
Motivated by a strong desire to achieve and attain financial success
Why Entrepreneurship? 1. I want freedom from the 8-5 grind: Most entrepreneurs work more than 40 hours a week to be successful. Many times you will work when it is right for your customer.
2. I want to make a lot of money (fast): Success does not happen overnight. Most business owners need to keep putting their initial profits back into the business as it grows. 7 Entrepreneurship - Unlocking Your Mind's Potential Why Entrepreneurship? 3. I want to turn my hobby into a business: Producing a product is only a small part of the business. You may end up needing to spend more time on sales than on creating the product. Will you still enjoy your hobby when it is your business?
4. I want to be my own boss: In a job role you may have one, two or three bosses. Your each customer will be your boss.
8 Entrepreneurship - Unlocking Your Mind's Potential Facts About Entrepreneurs DEMOGRAPHICS
1. Education: 95.1% had earned bachelors degrees, and 47% had more advanced degrees. 2. Background: Less than 1% came from extremely rich or extremely poor backgrounds. 3. Siblings: 15.2% had a sibling that previously started a business. 4. The average age of company founders when they started was 40. 9 Entrepreneurship - Unlocking Your Mind's Potential Facts About Entrepreneurs FAMILY DYNAMICS
5. Marital Status: 69.9% were married when they started their first business. 5.2% were divorced, separated, or widowed. 6. Children: 59.7% had at least one child when they launched their first business, and 40.3% had two or more children. 10 Entrepreneurship - Unlocking Your Mind's Potential Facts About Entrepreneurs MOTIVATING FACTORS
7. Wealth: 74.8% indicated desire to build wealth as an important motivation in becoming an entrepreneur. 8. No Jobs: Only 4.5% said the inability to find traditional employment was an important factor in starting a business. 11 Entrepreneurship - Unlocking Your Mind's Potential Facts About Entrepreneurs PERSONAL PROFILE
9. Entrepreneurs are usually better educated than their parents.
10. Entrepreneurship doesnt always run in the family. More than half (51.9%) were the first in their families to launch a business.
11. The majority of respondents (75.4%) had worked as employees at other companies for more than six years before launching their own companies. 12 Entrepreneurship - Unlocking Your Mind's Potential Five Myths About Entrepreneurs 13 Entrepreneurship - Unlocking Your Mind's Potential 1. The Risk Taking Myth: Most successful entrepreneurs take wild, uncalculated risks in starting a company.
2. The High-Tech Invention Myth: Most successful entrepreneurs start their companies with a break-through invention (usually technological in nature).
3. The Expert Myth: Most successful entrepreneurs have strong track records and years of experience in their industry. Five Myths About Entrepreneurs 14 Entrepreneurship - Unlocking Your Mind's Potential 4. The Strategic Vision Myth: Most successful entrepreneurs have well- considered business plan and have researched and developed their ideas before taking action.
5. The Venture Capital Myth: Most successful entrepreneurs start their companies with millions in venture capital to develop their idea, buy supplies and hire employees.
15 Entrepreneurship - Unlocking Your Mind's Potential Leadership
Leadership is the process of getting people fully and willingly committed to a course of action, to meet commonly recognized goals 16 Entrepreneurship - Unlocking Your Mind's Potential Leadership & Management Organizations are over-managed and under-lead
Effective Managers are not always good leaders 17 Entrepreneurship - Unlocking Your Mind's Potential Leadership & Management Managers Leaders Handle day-to-day tasks Set the direction (vision) Behavior is rational, analytical & impersonal Behavior is inspirational, motivational and interpersonal Promote stability Promote useful change Do things right Do the right things Always appointed Appointed or Emerge from group Exert formal authority Influence people Have subordinates who company with normal levels of positional requirements Have followers who go above and beyond the call of duty 18 Entrepreneurship - Unlocking Your Mind's Potential Effective Leader Vision Motivator / Role Model Self-Confident Competent High EQ Effective Team Player Crisis Management Trust Worthy 19 Entrepreneurship - Unlocking Your Mind's Potential Effective Leader Assumes Responsibility Empowerment Accountability Credit Integrity Respect Communication Skills Good Listener 20 Entrepreneurship - Unlocking Your Mind's Potential Leadership Grid 1, 9 Country-club Management 9, 9 Team Management 1, 1 Improvished Management 9, 1 Task Management 5 , 5 Middle of the Road Management Low 1 High 9 High 9 Concern for Production C o n c e r n
f o r
P e o p l e
21 Entrepreneurship - Unlocking Your Mind's Potential Leadership Grid Styles Authority Compliance (9,1) Country Club (1,9) Improvished (1,1) Middle of the Road (5,5) Team Management (9,9)
22 Entrepreneurship - Unlocking Your Mind's Potential Situational Leadership Directing High direction / low support
Coaching High direction and support
Supporting High support / low direction
Delegating Low support & direction 23 Entrepreneurship - Unlocking Your Mind's Potential THANK YOU