Post on 16-Dec-2015
transcript
Entrepreneur
Someone who takes risks and starts a venture to solve a problem or to take advantage of an opportunity
Someone who provides an innovative product or service to meet a consumer want or need
Characteristics of an Entrepreneur
Entrepreneurs have most of these characteristics:
Risk Taker Goal-settingPerceptive HardworkingCurious Self-confidentImaginative FlexiblePersistent Independent
Risk-Taker
Many entrepreneurs take on a high degree of risk
Higher risk = Greater reward To be successful, an entrepreneur
must minimize and manage risk Not possible to eliminate it completely
Perceptive
View problems as opportunities or challenges
Tackle problems head-on Do not avoid them
e.g. Cott Corporation Had to compete against soft-drink
giants Coca-Cola and Pepsi Developed a new distribution system
and private-label soft drinks that could be packaged under a retailer’s label, e.g. PC
Curious
Entrepreneurs like to know how things work
They are interested in many aspects of the business from production to marketing and sales
Imaginative
Entrepreneurs are creative They come up with new ideas, new
products and/or imagine solutions to problems
They have a vision They can see where they want to
get to
Persistent
There are many challenges with setting up a new business including: Red tape Finding enough money (especially
during start-up) Stress Misreading the market
Entrepreneurs will stick with their ideas and keep trying
Goal-setting
Many entrepreneurs are motivated by the excitement of starting up new ventures
Once a goal is achieved, they need a new one to work toward
Hardworking
Many entrepreneurs work long hours even after their business is open and successful
They are driven to succeed e.g. J.M. Schneider worked in a button
factory during the day and made sausages in the evening
Self-confident
Entrepreneurs believe in themselves They must be convinced that their
ideas are worth the effort May have doubts, but their
confidence will help them overcome their doubts
Flexible
The only constant is change Products change, consumer tastes change
An entrepreneur looks at change as an opportunity
Must be flexible to adapt to changing trends, technology, markets, rules and regulations, economic developments
Independent
Most entrepreneurs want independence They don’t like to be told what to do They want control
They like to make their own decisions and generally don’t thrive in a controlled environment
Entrepreneurial Skills
Skill The ability to do something specific or to
translate knowledge into action e.g. knowing how to cook, knit, woodworking skills
It is easier to learn a skill than a characteristic
Enables you to translate knowledge into action
To succeed, you must have a variety of skills including: research, management and relationship skills
Research Skills
Need to be able to complete marketing and accounting tasks, as well as selling activities
Must identify what you need to know, and then use research to find it
Must be able to learn or acquire the knowledge you need
First step in obtaining knowledge is to ask a good question
Gathering Information
There are many sources of information including: books, periodicals (magazines), indexes, databases, school, professionals (lawyers and accountants)
Federal government websites are also helpful for obtaining information on various industries and markets
Using Information
Not all information can be used Information gathered must be
sorted through to answer your initial question
The answer may lead to additional questions and answers will become more specific and focused as the business develops
Management Skills
Remember that management performs four functions: planning, organizing, directing and controlling
An entrepreneur achieves goals by applying management skills to their personal, financial and material resources
Must be careful not to overplan Must organize your time and
empower staff