...Entrepreneurs must address three important aspects before starting a new venture. They should have clearly defined goals, a sound strategy and should check the feasibility whether the plan is executable or not. If entrepreneurs have clear goals they will be passionate about them, which greatly enhances their chances to succeed. The next action steps are always in lined with keeping the goal in mind. For example, the action steps might differ if someone wants to get into the restaurant business as compared to someone who wants to start his/her own clothing line. If the entrepreneur does not have a clear goal then he/she cannot formulate a successful business plan and strategy. While setting goals, entrepreneurs should set both long term and short term goals. For instance, short term goal of an entrepreneur might be to start a small restaurant specializing in serving a particular type of cuisine. The long term goal of the entrepreneur must help him/her to decide whether he/she wants to develop a chain of restaurants across locations specializing in serving the same type of cuisine or to transform the same restaurant into a multi-cuisine restaurant. The entrepreneur must also decide whether he/she wants to own the restaurant in the future or sell it at a handsome price earning larger profits and move on. The entrepreneur also needs to decide whether he/she plans to generate immediate higher revenues by setting the prices high during the initial stages or alternatively gain a loyal...
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...Planning a Start-up Business Introduction Starting a business can be scary; especially if you do not know what you are doing, or if you are doing it by yourself. It can also be an exciting experience if you have done the research, established a business plan, and stay committed. There are facilities where start-up business can go for help, advice, and services to help them in getting started. These are called business incubators. Business incubators can be located in a rural or urban location, and provide skilled services, technology such as internet, or phone lines, and minor assembly of products (Schermerhorn, 2013). Discussion Content The importance of a feasibility study and a business plan. When thinking about a feasibility study and a business plan, one may think that they are the same thing. They are not. A feasibility study is a study that determines whether a potential business will be able to operate successfully. A business plan formulates how and where the business will go and how it will be financed. Usually, one would execute a feasibility study, and then prepare a business plan. A feasibility study can be very helpful initially. It assists the entrepreneur in addressing an important question, “should we proceed with the proposed project idea?” (Hofstrand & Holz-Clause, 2009). By researching and contemplating different ideas in the study, a person can determine which course of action will be the best to adapt. A feasibility study develops into the foundation...
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...Business Name : Crazy Shirts Operates as a Sole Trader 1. ENTREPRENEURIAL QUALITIES Successful businesspeople have many traits in common with one another. They are confident and optimistic. They are disciplined self starters. They are open to any new ideas which cross their path. Here are ten traits of the successful entrepreneur. 1. Disciplined & Confident • These individuals are focused on making their businesses work, and eliminate any hindrances or distractions to their goals. They have overarching strategies and outline the tactics to accomplish them. Successful entrepreneurs are disciplined enough to take steps every day toward the achievement of their objectives. • The entrepreneur does not ask questions about whether they can succeed or whether they are worthy of success. They are confident with the knowledge that they will make their businesses succeed. They exude that confidence in everything they do. Crazy Shirts shows a lot of confidence and discipline the employer as well as the employees are well mannered they speak to each other in a respectable manner they also give each other hope and boost each others confidence. The business has a great chance to be highly successful as this kind of behaviour and confidence is hard to gain. The employees are confident and disciplined as they work with excellence in a team. Their teamwork is a great advantage to the business and this will help expand the ideas of the enterprise. 2. Open Minded & Creative ...
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...Presenting Business Plans Information American InterContinental University Abstract This paper is written on a business plan started up by an entrepreneur. In a business of entrepreneurship you have to have a set business plan along with a great management team to be successful and stay in business. In this paper I will explain the entire business plan and what it takes to be successful. If you’re going to start your own entrepreneurial business you have to have good beneficial methods and a good well-suited business plan. Your plan should include the description of your business, your marketing strategy, and your organizations objectives (Chron, 2012). The new entrepreneurial business will first explore its description. The description of a particular company gathered from a proprietary database via phone books/ phone surveys, ECT. The business description begins with a short description of the industry. When talking about the industry you should discuss the present outlook as well as future possibilities. You should include all the various markets within the industry and make sure you include all new products and developments that will benefit your business. All observations should be based on realistic events, reliable data, and dependable sources of information. If you’re seeking funding all these objectives are very beneficial. This is because investors will want to know how dependable your information is and what is at risk for them. Investors won’t risk...
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...QUALITIES AND SKILLS OF ONE OF MALAYSIA’S MOST SUCCESFUL ENTRPRENEUR 1. Think success. To attain the kind of success that we want, we need to dream big. Every success story starts with big dreams. We need to have big dreams for ourself - which we want to be somebody rich, famous or fulfilled. We need to have a clear vision of what we want to achieve. But it doesn't stop in dreaming alone. We should actively visualize success in our mind that we can almost feel it, touch it or it is within our reach. Play this image back at every opportunity. What does it feel to triple our current income? How will our life change? What will our business look like if we achieved the million-dollar mark? Successful entrepreneurs possess an attitude of openness and faith that we can have what we want if we can simply envision it as the first step on the path of action to acquiring it. Management gurus have taught us the power of visualization - seeing ourself in our mind as having accomplished our dreams. If we want to be a successful writer, envision ourself signing books for a throng of people who have lined up to have our autograph. If we want to be rich, picture ourself in luxurious surroundings holding a fat bank account. And the process of envisioning success for we should be a constant activity! We need to think that we are successful (or will be one) every single waking hour. A personal development coach shared me her secret to help her continuously visualize her goals for the moment:...
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...with the decision of what some of qualities of a successful businessman are, each person has his/her own opinion. From my point of view, I consider that common sense, specialized knowledge, and good communication skills are the qualities of a prosperous businessman. The primary characteristic which every entrepreneur needs to have in order to do well is common sense. It is defined as an ability to make judgments on the issues, which he/she encounter in every day situations. A good common sense often called as practical intelligence empowers he/she act more quickly and wisely, especially in many complex issues. Successful businessmen are always able to be aware of the dangers surrounding him, anticipate and make sensible decisions. The second most significant quality is specialized knowledge about his/her fields. The entrepreneur who is incompetent at his job will never become profitable. Worked out ambition and money invested are not enough to make the business an effective and flourishing one; he must always accumulate his needed knowledge before jumping into business world. What is more, it is indispensable to accomplish success without communication skills. Being able to gain customers’ confidence is an absolute art and entrepreneur who can do it is bound to be successful. Furthermore, good communication methods can lay an intellectual foundation for strong relationships with colleagues partly lead to succeed in business. A prosperous businessman is must not only an affluent...
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...become a productive individual in the future. A productive individual is one who is able to make a living for himself out of his own efforts, that is, without depending on others for his food, clothing, or shelter. Upon finishing school, you will want to join the ranks of productive citizens of the Philippines. You will be earning your own money to meet your personal needs. You can buy your own personal property. However, you must be prepared to face the fact that it will not be easy to go out there and get a job. So many others are out of work. Developing yourself for entrepreneurship will be one of your greatest projects in life. Your personality and character will help you immensely on the road to success, regardless of where you may be. A good thing about entrepreneurship is that it can cover a whole range of careers. For examples, different persons engaged in different occupations can practice their vocation entrepreneurially. One can be a doctor, a dentist, a lawyer, a dressmaker, a baker, a radio technician, or a midwife and be an entrepreneur in any one of these fields whether you go on to college or technical school or not at all does not matter. What matters is that you, as a person, will be capable of looking for and responding to opportunities for...
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...***GOVERNMENT INTERVENTION: Do laws and regulations always restrict or impede the efforts of business professionals, or can they actually help businesses? In addition to this, could you list some examples of laws or regulations that may have impeded business lately? Government laws and regulations protect not only the business, but the employees and consumers as well. These laws and regulations provide many different levels of support for businesses. This support includes helping the business follow all regulations in order not to be affected by a lawsuit (due to employee discrimination, etc.) and asset protection. Examples of laws and regulations: Environmental Protection Agency: This agency enforces environmental laws. This agency’s laws help in protecting our environment from hazardous and non-hazardous waste. Privacy Law: This law protects private information of employees and consumers. This includes financial information, medical information, and other sensitive information. Employment and Labor Laws: These laws enforce laws to protect employees. These laws help to prevent harassment and discrimination as well as enforcing wage laws. Bovee, Courtland L., Thill, J.V.; (2012). Business in Action, 6th Edition. [VitalSource Bookshelf Online]. Retreived from https://bookshelf.vitalsource.com/#/books/9781269588669. Learn about Business Laws, Retrieved on July 5, 2016 from https://www.sba.gov/starting-business/learn-about-business-laws. ***ENTREPRENEURSHIP...
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...UNIVERSITY OF SCIENCE & TECHNOLOGY BMET5103 Entrepreneurship Assignment Submitted by: Abdulsalam Al-Souhigi Academic No.201110007 To: Dr. Murad Al-Nashami Contents Introduction ................................................................................................................................................... 2 1 General Characteristics of an Entrepreneur .......................................................................................... 3 1.1 1.2 1.3 1.4 1.5 1.6 2 Passion and Risk Taking ............................................................................................................... 4 Strong Leadership Qualities .......................................................................................................... 4 Strong sense of basic ethics and integrity ..................................................................................... 4 Self-motivated ............................................................................................................................... 5 Self-Confidence ............................................................................................................................ 5 Creativity, Self-Reliance, and Adaptability .................................................................................. 5 Entrepreneurial Skills............................................................................................................................. 5 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8...
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...important concepts need to be addressed: Leadership and Entrepreneurship. Leadership is directing or inspiring people to attain organizational goals (Boone and Kurtz, 2011). An entrepreneur is a person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business (Boone and Kurtz, 2011). In the past 15 years researchers have tried to merge those two concepts into one concept Entrepreneurial Leadership .The common point of those researchers is that most defined some of the main elements of what they taught entrepreneurial leadership meant (Tarabishy, 2003). According to the research result of Ayman Tarabishy (2003) entrepreneurial leadership is one of an enterprising, transformational leader who operates in a dynamic market that offers lucrative opportunities. Entrepreneurial leaders are usually risk takers, driven, and can recognize when change will give an advantage. Entrepreneur leaders are engine of innovation, renewal, and job creation (Verheul, 2007). Entrepreneur leaders apply their talent in different situations and have different entrepreneurial approaches. Thesis Statement: In analyzing the importance of leading entrepreneurs to determine their entrepreneurial approaches one of each of the following categories will be addressed: (1) profit oriented, (2) social responsibility oriented; 3) personal approach and leadership style identified; and (4) tools available that would be the most useful to the type of business and entrepreneurial...
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...can be viewed as a function of the individual’s attitude towards the situation. Self Confidence Self-confidence is an essential trait in an entrepreneur because he is regularly called upon to perform tasks and make decisions that require great amounts of faith in himself. He needs to have a strong but realistic belief in himself and his ability to achieve the predetermined goals. Self Esteem Self-esteem of an entrepreneur represents his ability to develop healthy confidence and respect for himself. He feels confident for being capable for life, able and worth or to feel right to achieve happiness. An entrepreneur respects himself and defends his own interest and needs. - 39 - Dealing with Failures Entrepreneurship is about getting up whenever the business fails, and learning from that failure. An entrepreneur believes that failure is part of the entrepreneurial process, and often without it, success would not be possible. Further he is able to make mistakes, learn from them, and quickly recovers and changes his direction and moves into the future. Tolerance for Ambiguity In the entrepreneurial process tolerance for ambiguity refers to the ability of an entrepreneur to perceive ambiguous situation as desirable, challenging, and interesting and neither denies nor distorts their complexity of incongruity. Performance A successful entrepreneur perceives that his performance is different from others. He believes that it is...
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...combine the different theory and taking examples to support definition. The origin of entrepreneurship Entrepreneurship was developed from “entrepreneur”, with the development of economic, how to operate a firm and how to do better than a chief executive officer was consider in 16th century, economists made attempt to study in depth about chief executive officer and come up with “entrepreneur”. Although at that time, this word “entrepreneur” was not existent, economists still realized this phenomenon and tried to describe it. As a factor in microeconomics, entrepreneur, was study by several scholars and until the 1723, this word was represented by Cantillon (Muljadi Paul, 2000, p.5). The economic development promote to establish a company, therefore, the word “entrepreneur” was born. Cantillon (1755) indicated that entrepreneur is a risk taker and profit taker, they try their best to make profit by grabbing the opportunity. Cantillon was a pioneer of study entrepreneur and entrepreneurship: he distinguished the entrepreneur with board (Cantillon Richard, 1755). Back to entrepreneurship, the earliest historical study to entrepreneurship was a few years latter. Economists thought that there is an activity to combine creates profits in excess of the rate for labors, capital and land. This activity was advanced from the entrepreneur. However,...
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...5 characteristics that make me a successor in my business is: i) Passion The entrepreneur must have more than a casual interest in the business because there will be many hurdles and obstacles to be overcome. If there is no passion, or consuming interest, the business will not succeed. When people (entrepreneur) feel committed and to what they’re doing and when they care deeply about it, they have a chance of being successful at it. Passion is the enthusiasm, ambition, joy and zeal that emerge when entrepreneur are doing something that they feel is important and truly enjoy. This passion, it is an attitude that results in tenacity in the face of difficulty and a willingness to work hard. Entrepreneur does not give up easily. In fact, on most days they are confident of their ability to meet the challenges confronting them. Passion is one of the reasons that people start a business. ii) High Tolerance of Ambiguity Tolerance of ambiguity is means not getting upset when you don’t know the outcome of the situation. Ambiguity is a fact of life. A person with a high tolerance for ambiguity is one who finds ambiguous situations challenging, one who strives to overcome unstable and unpredictable situation in order to perform correctly. Entrepreneurs do not only work in uncertain environments, but they are also prepared to handle them. And in pursuit of their objectives undertake the unknown with patience. Entrepreneur who is more tolerant of ambiguity may view ambiguity as a...
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...sales turnover not exceeding RM25 million. Small and medium sized enterprise (SME) is the engine for economic growth. Development of SME brings technology development and employment creation. Michael and John (1998) have noted that relative to larger firms, SMEs are well prepared for facing the challenges of increasing competition and globalization of markets. Planning is usually done first by entrepreneur when decided to start a SME. This is because everything else will be depends on the planning makes by the entrepreneur. A business plan plays an important role in obtaining funds and as a blueprint for the enterprise operates towards success. As Peel and Bridge (1998) and George and Jonathan (2002) reported, there is a strong connection between the success of a SME and its long-term planning. In Malaysia, National SME Development Council (NSDC) was established in June 2004. It acts as the highest policy-making body to chart the direction and strategies comprehensive and coordinated development across all sectors of the economy. Some examples of successful SMEs in Malaysia are Unico Holdings (Unico) and Hockpin Precision Sdn Bhd (HP). A SME have better potential in creating new jobs faster than a larger firm. SME also able to eliminate faster when there is a relatively high failure rate. IMPORTANCE OF PLANNING IN SME According to Maureen (1998), as SMEs grow, they must accommodate their enterprise from aspect...
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...starting a business, a startup company or other organization. The entrepreneur develops a business plan, acquires the human and other required resources, and is fully responsible for its success or failure. Entrepreneurship operates within an entrepreneurship ecosystem. Entrepreneurship is the development of a business from the ground up — coming up with an idea and turning it into a profitable business. But while the definition of entrepreneurship may be simple, its execution is much more difficult. "Entrepreneurship is the journey of opportunity exploration and risk management to create value for profit and/or social good," said Ajay Bam, a lecturer at the Lester Center for Entrepreneurship at the University of California, Berkeley's Haas School of Business. "Most people think being an entrepreneur is all about coming up with an idea, but that's just one part," Amini told Business News Daily. "It's also important to know right from the start how you will reach interested customers in an effective and affordable way." "An entrepreneur is someone who can take any idea, whether it be a product and/or service, and have the skill set, will and courage to take extreme risk to do whatever it takes to turn that concept into reality and not only bring it to market, but make it a viable product and/or service that people want or need," Gottlieb said. Although there are no specific traits all entrepreneurs share, there are certain characteristics that most successful entrepreneurs possess...
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