PERSONAL ENTREPRENEURIAL CHARACTERISTICS

competencies you need to have to be a successful entrepreneur ENTREPRENEURSHIP Process of creatively converting ideas into goods and services which can be marked to obtain profit and to contribute in improving the peoples quality of life

ENTREPRENEUR People who have the ability to analyze and evaluate business opportunities An entrepreneur has to have certain cultivated and inherent qualities in him or her in order to make a success of his or her venture. Not any person can be a successful businessman or woman. Hard work and determination to win have made many successful business people to reach their aspired goals.

REWARDS OF GOING INTO BUSINESS OR ENTREPRENEURSHIP Having unlimited opportunity to make money. Being your own boss. Tapping your creativity Overcoming challenges and finding fulfillment. Helping others. Building an entrepreneurial legacy.

RISKS OF GOING INTO BUSINESS OR ENTREPRENEURSHIP 1. Possibility of Failure 2. Unpredictable business conditions 3. Long hours of work 4. Unwanted or unexpected responsibilities 3 CLUSTERS Achievement Planning Power

ACHIEVEMENT CLUSTER
1. PERSISTENCE does not give up easily Makes sacrifices Takes repeated action to solve problems Not overwhelmed by obstacles and barriers Maintains positive outlook

2. INITIATIVE individual's ability to turn ideas into action

- The entrepreneur should be able to take actions that go beyond his job requirements and to
act faster. He is always ahead of others and able to lead the business or industry.

3. SEIZING OPPORTUNITY

takes advantage of all business opportunities available you are after new advances to satisfy the consumers
4. COMMITMENT accepts full responsibility for problems encountered Helps employees to get the job done seeks to satisfy the customer

5. RISK TAKING

prefers situations involving moderate risks

6. CONCERN FOR QUALITY AND EFFICIENCY

always strives to raise standards

Aims excellence Strives to do things better, faster, cheaper

6. PROBLEM SOLVING - A successful entrepreneur identifies new and potentially unique solution to solve business problems which could affect the business objectives.

PLANNING CLUSTER
1. GOAL SETTING

sets clear long term goals

2. INFORMATION SEEKING personally seeks information on clients, suppliers and competitors Seeks expert for business and technical advice

3. SYSTEMATIC PLANNING AND MONITORING develop logical step-by step plan to reach goal Works into alternatives and weighs them Monitors and shifts alternative strategies when necessary to achieve goals

POWER CLUSTER
1. PERSUASION AND NETWORKING uses business and personal contact to accomplish objectives Employs deliberate strategies to influence or persuade others

2. USE OF INFLUENCE STRATEGIES - An entrepreneur is able to make use of influential people to reach his business goals. 3. SELF-CONFIDENCE believes in ones self - Expresses confidence in own ability to complete difficult task or challenges 4. ASSERTIVENESS - An entrepreneur confronts problems and issues with others directly.

BUSINESS PLANNING A business plan is a formal statement of a set of business goals, the reasons they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals. Successful business planning requires concentrated time and effort in a systematic approach that involves: assessing the present situation; anticipating future profitability and market conditions; determining objectives and goals; outlining a course of action; and analyzing the financial implications of these actions.

BUSINESS PLAN: Whats In It? There are certain objectives contained within any good business plan: Sets forth goals and how they will be achieved Defines obstacles and outline strategies to overcome them States the legal and organization structure of the business Quantifies financial needs and makes financial projections

COMPONENTS OF A BUSINESS PLAN Marketing Plan Technical and Organizational Plan Financial Plan

MARKETING PLAN Describe your products or service Identify your potential market Identify your competitors Consider your pricing policy Determine your marketing methods

TECHNICAL AND ORGANIZATIONAL PLAN Identify your material requirements and sources of supply Determine the process and equipment you will use to manufacture your product Determine your key personnel Identify your work force and support personnel

FINANCIAL PLAN Basically, the financial plan section consists of three financial statements, the income statement, the cash flow projection and the balance sheet and a brief explanation/analysis of these three statements.