Module 2 Entrepreneurship PDF

1. Self-awareness is crucial for starting a business based on expertise and enjoyment in a specific field. He knows who he is, what he is good at, and what he likes to do. 2. Self-motivation is a crucial trait for successful entrepreneurs, driving them to keep going, upgrade skills, and develop new...

1. Self-awareness is crucial for starting a business based on expertise and enjoyment in a specific field. He knows who he is, what he is good at, and what he likes to do. 2. Self-motivation is a crucial trait for successful entrepreneurs, driving them to keep going, upgrade skills, and develop new promotional techniques. It gives them tenacity and confidence to call on potential clients despite initial rejection. 3. Courage is a crucial trait for success, as it allows individuals to take risks and hope for positive responses. A successful person's ability to raise capital through phone calls is not solely attributed to luck. 4. Confidence is a key factor in success, as it demonstrates one's ability to succeed and attracts clients. Positive thinking, which involves believing in one's capabilities and ability to accomplish challenging tasks, is essential for entrepreneurs to achieve this confidence. 5. Entrepreneurs are positive thinkers who focus on success and its bright sides, leading to success. Wealth often comes to those who think money. Success begets success. Dr. Charles Flory, a noted American psychologist. 6. Patience. Owning a business can be challenging, especially when suppliers are slow to fulfill an important order or customer demands are unrealistic. Despite hurried supplier progress, it's crucial to remember that customers are always right. 7. Decisiveness. Business involves making rapid decisions, often on the spot, requiring quick intuition and trust in one's decision-making abilities. 8. Experience. Lack of business experience is a major reason for businesses to fail within a few years of start-up, regardless of its direct relevance to the business. 9. Knowledge of business basics, product/service, industry, competition, and local markets is crucial for success in any business venture. 10. Information-Seeking. The entrepreneur seeks market, client, supplier, and competitor information to achieve their goals, and seeks expert advice on business and technical matters. 11. Perseverance is crucial for entrepreneurs, as it is 90% of the battle to succeed. Despite the challenges, perseverance and belief in the product or service are essential. As the saying goes, "through perseverance the snail reached the ark." 12. Drive. Successful businesspeople view obstacles as challenges, believing in their goals and being determined to succeed. Commitment and long hours are crucial, especially in the beginning, and working with someone else is better. 13. Entrepreneurs are known for their risk-taking nature, preferring tasks with challenges and calculated risks. They avoid low-risk situations, as they don't know the possibilities for success. Risky situations involve uncertain results, such as success or failure in business. 14. Innovative. Entrepreneurs are creative, experimenting with new methods, markets, and raw materials to explore the unknown and drive progress in their businesses. 15. Opportunity-Seeking. Entrepreneurs identify opportunities to improve their businesses, act on them, and seize unusual sources of financing, equipment, land, workspace, or business information. 16. Demand for efficiency and quality. The entrepreneur sets high standards for efficiency and quality, striving to improve processes faster, cheaper, and at a lower cost to maintain these standards. 17. An entrepreneur uses systematic planning and monitoring to set short-term and long-term goals, assessing how daily activities contribute to achieving these goals. They continuously monitor progress to ensure they are on the right track. 18. Persuasion and networking. Entrepreneurs are persuasive individuals who easily establish personal and business contacts, recognizing the need for power to achieve business objectives and quickly identifying sources of power. SUCCESS is not final. FAILURE is not fatal. It is the COURAGE to continue that counts.”