SESSION 2: ENTREPRENEURSHIP

Business start-up module

TOPICS COVERED

Participants will produce a formal business plan that will include a component of each of the following:

Week 1: IntroductionWeek 2: EntrepreneurshipWeek 3: Idea developmentWeek 4: MarketingWeek 5: Competitors and Organisational and legal structureWeek 6: Technical developments and Risk assessmentWeek 7: FinanceWeek 8: Integrating and controlWeek 9: Guest speakersWeek 10: Summary

Mind stretchers!

• Why have you enrolled for this module?• Given the current economic climate,

surely it must be madness to start your own business?

• Entrepreneurs are difficult people!• What are the successful entrepreneurs

doing right?

Entrepreneurs are not always creating blue prints of what they

want to achieve – they are making up the rules as they go along!

Myths about entrepreneurship• Born not made• Creating a business is easy• They do not calculate their risks• They do not want to share• They work incredible long hours and are highly stressed• Money is the ultimate goal• They are mostly young• They hate rules• The only thing needed to start a business is money

Important categories

• Motivation and mindset• Entrepreneurial skills• Business skills

Entrepreneur’s creed (1)

• Do what gives you energy – have fun• Figure out what can go right and make it• Say “can do”, rather than “cannot”• Tenacity and creativity will triumph• Anything is possible if you belief you can do it• If you don’t know that it can’t be done, then you’ll go ahead

and do it• The cup is half-full, not half empty• Be dissatisfied with the way things areSource: Timmons, J. and Spinelli, S. (2003) New Venture Creation.

Creed (2)• Don’t take risk if you don’t have to – but take

calculated risk when it’s the right opportunity• Businesses fail; entrepreneurs learn• Easier to beg for forgiveness than to ask for

permission• Make opportunity and results your obsession – not

money• Make heroes out of others• Take pride in your accomplishments – it’s contagiousSource: Timmons, J. and Spinelli, S. (2003) New Venture Creation.

Creed (3)• Sweat the details that are critical to success• Integrity and reliability equal long-run oil and glue• Make the pie bigger – don’t waste time trying to cut smaller

slices• Play for the long haul – it is rarely possible to get rich quickly• Only the lead dog gets a change of view• Success is getting what you want: Happiness is wanting what

you get• Give backSource: Timmons, J. and Spinelli, S. (2003) New Venture Creation.

Exercise

• Identify a list of ten characteristics that you think are important being an entrepreneur.

• Compare yourself against this list.• Identify ways and means of improving your

entrepreneurial profile.

ANY QUESTIONS?