1722942382_Characteristics_of_a_successful_Cyberpreneur_WK_2.pdf

Characteristics of a successful Cyber preneur > CHANGE, EVERYDAY What are the characteristics of a successful cyberpreneur? > CHANGE, EVERYDAY Characteristics of a Successful Cyberpreneur 1. Creative and Innovative Entrepren...

Characteristics of a successful Cyber preneur > CHANGE, EVERYDAY What are the characteristics of a successful cyberpreneur? > CHANGE, EVERYDAY Characteristics of a Successful Cyberpreneur 1. Creative and Innovative Entrepreneurship starts with an idea. To be successful, you need to always be thinking of new ideas and better ways of doing things. Cyberpreneur think outside the box and look for opportunities to come up with new solutions. 2. Passionate Entrepreneurs love what they do and are extremely dedicated to the businesses they create To be successful, you must be confident in yourself and your business, and you must be proactive with what you do and how you do it > CHANGE, EVERYDAY Characteristics of a Successful Cyberpreneur 3. Motivated In an interview, the late Apple founder Steve Jobs said, "I'm convinced that about half of what separates the successful entrepreneurs from the non successful ones is pure perseverance” Cyberpreneur need to put in the long hours and hard work which is required to launch and run a successful new business. 4. Optimistic Entrepreneurs when they are confronted with challenges, they don't see them as problems; they see them as opportunities. Challenges fuel entrepreneurs and make them reach higher and do more. > CHANGE, EVERYDAY Characteristics of a Successful Cyberpreneur 5. Future-oriented Cyberpreneurs are focused on moving forward, they are always looking toward the future. They are very goal oriented and know exactly what they want. They set their goals and everything they do is aimed at achieving those goals. Having a strong vision helps propel entrepreneurs toward accomplishment. 6. Flexible Entrepreneurs know how to adapt to unfamiliar situations. If their business requires that they learn how to build a website or send an invoice, they'll do it They always approach things with an open mind and are willing to change course if they need to. > CHANGE, EVERYDAY Characteristics of a Successful Cyberpreneur 7. Resourceful Cyberpreneurs know how to make the most of what they have. Time, money and effort are never used haphazardly. Everything has a plan and a purpose. 8. Decisive There is no room for procrastination in business Entrepreneurs know what needs to be done and don't hesitate to make the decisions that will lead them to success. They don't let opportunities pass them by instead, they seize the day and get the job done. > CHANGE, EVERYDAY What are the different skills that a Cyberpreneur need to have!! Group Activity : Think & Jot down – 5 mins Share with your group – 5 mins Pick a speaker from your group – 3 mins Share with class – 5 mins > CHANGE, EVERYDAY Skills of a Successful Cyberpreneur As a successful entrepreneur, you'll have to work closely with people The types of interpersonal skills you will need include: ( Interpersonal Skills ) 1. Leadership and Motivation: As a successful entrepreneur, you will have to depend on others to get beyond a very early stage in your business. A good leadership is a must to properly direct teams. 2. Communication Skills: You need to be able to communicate well to sell your vision of the future to investors, potential clients, team members, and more. 3. Listening: Your ability to listen can make or break you as an entrepreneur. Make sure that you are skilled at active listening and empathetic listening. 4. Personal Relations: The higher your emotional intelligence, the easier it will be for you to work with others. The good news is that you can improve your emotional intelligence. > CHANGE, EVERYDAY Skills of a Successful Cyberpreneur (Cont..) 4. Negotiation: Not only do you need to negotiate keen prices, you also need to be able to resolve differences between people in a positive, mutually beneficial way. 5. Ethics: Deal with people based on respect, integrity, fairness, and truthfulness. Critical and Creative Thinking Skills 1. Creative Thinking: Entrepreneurs are able to see situations from a variety of perspectives and come up with original ideas 2. Problem Solving: Entrepreneurs are good at coming up with sound solutions to the problems they are facing. 3. Recognizing Opportunities: Entrepreneurs recognize opportunities when they present themselves. They can spot a trend and create a plan to take advantage of the opportunities they identify. > CHANGE, EVERYDAY Skills of a Successful Cyberpreneur (Cont..) Practical Skills As an entrepreneur, you also need the practical skills and knowledge needed to produce goods or services effectively, and run a company. Some of the practical skills are: 1. Goal Setting: Entrepreneurs set regular goals, create a plan to achieve them, and then carry out that plan. 2. Planning and Organizing: Entrepreneurs have the talents, skills, and abilities necessary to achieve his goals. They make well thought business plans and financial forecasts 3. Decision Making: Entrepreneurs make decisions based on relevant information and by weighing the potential consequences 4. Knowledge: Entrepreneurs have knowledge in several areas when starting or running a business. E.g business knowledge, Information Technology, Entrepreneurial knowledge, Opportunity-specific knowledge, Venture specific knowledge > CHANGE, EVERYDAY Overview of cyberpreneurial Process The Cyberpreneurship Process can be expressed as a set of procedures and methodologies that are followed by entrepreneurs for establishing a new business or venture Hisrich & Peters(2002)articulate four stages of the entrepreneurial process: 1. Identification and evaluation of the opportunity 2. Development of the Business Plan 3. Determination of required resources 4. Management of the resulting enterprise > CHANGE, EVERYDAY 1. Identification and evaluation of the opportunity Evaluation of the opportunity allows the entrepreneur to assess whether the specific product or service has the returns needed compared to the resources required. The opportunity is identified by using input from consumers, business associates, channel members, or technical people, each opportunity must be carefully screened and evaluated. The evaluation process involves looking at the length of the opportunity, its real and perceived value, its risks and returns, its fit with the personal skills and goals of the entrepreneur, and its uniqueness or differential advantage in its competitive environment > CHANGE, EVERYDAY 2. Development of the Business Plan A good business plan must be developed in order to exploit the defined opportunity It is considered as an outline for your business A Business plan is a document which includes information about your goals, strategies, marketing, sales plans and financial forecasts. Just as a business plan is important, a development plan is necessary to make the business grow and companies must have a valid development plan. A development plan is the most important factor in the growth of the business A development plan changes with time as the business grows and allows to measure success as per the set standards > CHANGE, EVERYDAY 3. Determination of required resources Gartner et al 1999 considers the acquiring of resources to be important and in the absence of the key resources the entrepreneurial process is likely to result in failure. Examples of Resources: 1. Technical know-how, which assists in the production of a quality product or offering of a service 2. Finance including equity, cash and borrowing power 3. Physical assets including buildings, equipment, machinery and vehicles 4. Human resources including motivated employees with skills, training, experience, 5. Intangible resources including information, networks, protected patents, unique technology and brand reputation > CHANGE, EVERYDAY 4. Management of the Resulting Enterprise Some entrepreneurs have difficulty managing and growing the venture they created The operational problems of the growing enterprise must also be examined. This involves implementing a management style and structure, as well as determining the key variables for success. A control system must be established, so that any problem areas can be quickly identified and resolved > CHANGE, EVERYDAY Timmons Model of Entrepreneurship Process The Timmons Model considers opportunities, teams and resources as the three critical factors available to an entrepreneur and concludes that success depends on the ability of the entrepreneur to balance these critical factors > CHANGE, EVERYDAY Timmons Model (Cont..) As per the model, the entrepreneur defines the opportunity to start a new venture Then, a team is developed to manage the resources of organization and all the resources required in successful operations of business are identified for opening up the new venture ( Mazzarol Reboud 2019) If the entrepreneur is equipped with the right skills and knowledge, he will be able to pull the right people together (founding team), search for relevant and ample resources tackle the opportunity he sees in he market, shapes it well and turns it into potential business venture > CHANGE, EVERYDAY Timmons Model (Cont..) https://www.youtube.com/watch?v=6kobfq8f9Ws&t=99s > CHANGE, EVERYDAY Start Planning For Revision For Your Next Class Test 18th June 2024 Lectures 1 to 3 > CHANGE, EVERYDAY Any Questions? > CHANGE, EVERYDAY