Principles of Entrepreneurship: Leveraging on the Heats and the Thrills

PRESENTED BY SIKIRU SALAMI ACA, ACSI

Outline
A Short Test of Entrepreneurial Quotient

Who is an Entrepreneur?
The Making of an Entrepreneur Why Embrace Entrepreneurship Entrepreneurial Heroes Price of Entrepreneurship Important Entrepreneurial Decisions Start-up Financing Strategies

Contents of Business Plan

Q&A

1. Perception: What do you see?

2. Perception: What do you see?

Whos an Entrepreneur?
An entrepreneur is one who is willing to bear the risk of a

new venture if there is a significant chance for profit.

Entrepreneurs develop new goods or processes that the

market demands and are not currently being supplied or not adequately provided.

An entrepreneur is someone who actually searches for

change, responds to it, and exploits change as an opportunity.

What makes a successful entrepreneur?

Drive and energy Intense competitive urge A clear long-term vision The belief that you can control your own destiny A clear way of keeping score High but realistic achievable goals Readiness to learn from mistakes and failures Ability to get others to work with you and for you Confidence to take carefully calculated risks Resilience and Tenacity Street Smart

Why Embrace Entrepreneurship?

It offers greater financial rewards.

It assures career freedom.

It offers sweet thrills of ownership prestige. It offers financial independence.

It offers greater socio-economic exposure

It offers opportunity to influence peoples lifestyle Rise to fame and economic stardom

Entrepreneurial Heroes: You too can join the list

Entrepreneurship: Joke apart, its a Grind

At What Price: Career Risk

At What Price: Time at Risk

Saint Vitus Cathedral Prague
Building started in 1344 Finished in 1929 Duration 600 years !

At What Price: Financial Risk

Trans-Alaska Pipeline
Budget 900 millions Final account 8,500

millions

Occasional Falls and Failures

Important Entrepreneurial Decisions

Do you truly want to be responsible for a business? Are you ready for the initial rigors and pains? What product or service should be the basis of your

business? What is the market, and where should it be located? Is the potential of the business enough to provide a living wage for its employees and the owner? How can you raise capital to get started? Should you work full or part time to start your dream business? Should you start alone or with partners? To start a new venture or acquire an existing firm?

Almost all Entrepreneurs have Start-up Capital Worries

You always have a choice

Pain of Regret

Pain of Discipline

You need a Mentor, however smart you think you are

And with discipline, tenacity and resilience comes the glory

Start-up Financing Strategies

Personal Savings and family supports Credit purchases Government grants or assistance (e.g YOUWIN) Partnership with financially stable colleagues Venture capital financing Angel Investors Franchise or dealership Bank loans (BOI loan)

Do you need a Business Partner?

Picking a Business Partner is as difficult as picking a husband or wife. What to look for in a co-founder: Complementary skills Ability to pull their weight too. They are co-founders not employees Undying faith in you and vice versa Complementary personality type Strong entrepreneurial drive Good conflict resolution skills

No matter what, You need a Business Plan

The hope of starting your own business remains a pipe dream, until you pencil it down. The Plan affirms the viability of the business and your confidence therein. And you may not need a business plan wizardry to do it yourself The basic elements of a standard business plan include:

Title Page Table of Contents Executive Summary Company/Firm Description Product/Service Market and Competition Marketing and Selling Strategy Operating Plan Management/Organization Financing Plan and Projected Financials Supporting Documents

A Start-up CEO does everything at first

Business Dev. Recruiting HR

Mkting Product Mgmt Raising Capital Customer

Accounting Tech

But his Job Description changes with time

Sweat equity (own physical effort) creates a personal bond between the founder and the company, that is vital to its existence in the early years. But this same personal bond limits growth in the long term. You must change as your company grows. Ironically to stay in control, you must turn over large amounts of control to others. By the time your company reaches maturity, your job description will have changed completelyPaul McClure

There will never be a better and easier time to go for it. If not NOW, when?

Knowing is not enough; we must apply. Willing is not enough ; we must do.- Johann Von Goethe

THANK YOU