Skills Required To Succeed as an Entrepreneur
Entrepreneur.. “An
entrepreneur is the person who takes risks and start something new.”
Entrepreneurship entrepreneurship is the process of identifying and starting a new business venture, sourcing and organizing the required resources, while taking both the risks and rewards associated with the venture.
What are the Entrepreneurial Characteristics, skills‌
Characteristics of an Entrepreneur… Flexibility • Flexible • Adaptive • Change is an opportunity • Tolerates ambiguity
Confidence • Risk taker • Self confident • Positive • Persuasive Competition • Competitive • Takes initiative • Goal-driven Drive • Highly motivated • High energy • Determined • Persevering
The farmer entrepreneur
Core values • Trustworthy • Honest
Problem-solving • Problem solver • Creative • Innovative • Imaginative • Learns from failure
Entrepreneurial skills
Ability to plan
Marketing
Interpersonal skills
Personal effectiveness
Team building skills
Leadership skills
Communication skills
Self confidence, etc.
Personal Qualities of Successful Entrepreneurs Leadership Need for Achievement 10.4 %
12.5 %
Risk Taking 16.7 %
Energy 43.8 %
Personality 10.4 % Creativity 6.2 %
6
STAGES OF EFFECTIVE ENTREPRENURIAL DEVELOPMENT
Empowerment Learn from direct experience Business planning Vision building Acceptance Awareness
STAGES OFEFFECTIVE ENTREPRENURIAL DEVELOPMENT Stage of development
In this stage, the farmer
Awareness
Examines who he is, clarifies his values, personality, motivations, capabilities and personal resources. He becomes consciously aware of who he is and what he has.
Acceptance
Identifies, recognizes and accepts his strengths and weaknesses
Vision building
Sets long-term goals for himself and his farm business
Business planning
Develops a business plan and action plan to achieve his vision
Learn from direct experience
Implements the plan, reflects on the results to learn from the direct experience
Empowerment
Becomes empowered; the competencies acquired match his personal strengths and weaknesses and his goals
ENTREPRENEURIAL SKILLS DEVELOPMENT PROGRAMMES Personal Development Goal Setting
Time Management
Team Building
Goal Setting :
Goal setting is a powerful process for thinking about your ideal future, and for motivating yourself to turn your vision of this future into reality.
Time Management: Time management is the act or process of planning and exercising conscious control over the amount of time spent on specific activities, especially to increase effectiveness, efficiency or productivity
Team Building:
Ability to identify and motivate individual employees to form a team that stays together, works together, and achieves together.
Business Development Setting out the Critical Path Managing the Process and Reducing Risk Business Planning Setting out the Critical Path: Longest sequence of activities in a project plan Managing the Process and Reducing Risk: Managing the whole process & taking precautionary measures to reduce the likelihood of a loss, or to reduce the severity of a possible loss, for example, installing a security system.
Business Planning
Testing the viability of a project or organization by predicting income and expenditure over a period of time.
Marketing Principles Market Research Market Segmentation Product, Price, Place & Packaging Market Research:
The process of assessing the viability of a new product or service through techniques such as surveys, product testing and focus groups.
Market Segmentation: Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and priorities, and then designing and implementing strategies to target them.
Product, Price, Place & Packaging:[4P] Four major controllable factors of any marketing mix.
Finance
Calculating Start-Up Needs
Need of Capital
Cash flow & Profitability Issues
Calculating Start-Up Needs: This calculator will tabulate your business startup costs including legal fees, office supplies and equipment, marketing costs. Need of Capital:
Factors of production that are used to create goods or services and are not themselves in the process.
Incomings and outgoings of cash, representing the operating Cash flow & Profitability Issues: activities of an organization. And Profitability is the primary goal of all business ventures. Without profitability the business will not survive in the long run.
Technology & Quality Introduction to E-Business IT for Start-Ups Quality Standards Introduction to E-Business:
IT for Start-Ups:
e-Business is the term used to describe the information systems and applications that support and drive business processes, most often using web technologies.
The ability to pursue rapid, profitable growth is essential to start-up or spin-off businesses.
Quality Standards: Quality control, or QC for short, is a process by which entities review the quality of all factors involved in production.
Compliance with Legislation
Business Structures
Taxation & Returns
Business Structures:
Taxation & Returns:
A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers or to other businesses.
a declaration of personal income made annually to the tax authorities and used as a basis for assessing an individual's liability for taxation.
Barriers to Entrepreneurship
Poor or absent infrastructure Lack of training facilities
Social barriers
Unsupportive legal & regulatory framework Marketing constraints
Lack of support services & trained extension staff
Lack of financial support
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