Entrepreneur PDF

ENTREPRENEUR ENTREPRENEURAL COMPETENCIES AND CHARACTERISTICS DEFINITION OF ENTREPRENEURSHIP Initiative AND ITS BENEFITS - The entrepreneur should take According...

ENTREPRENEUR ENTREPRENEURAL COMPETENCIES AND CHARACTERISTICS DEFINITION OF ENTREPRENEURSHIP Initiative AND ITS BENEFITS - The entrepreneur should take According to Economists initiative in learning their industry - An entrepreneur is willing to they belong to, go the extra mile, bear and take the risk of and do more than what is expected creating a new venture if there is from them. An entrepreneur a substantial potential for growth always looks for new and better and profit ways of doing things, getting In Books ahead of others and aims to lead - It is described as the process of in their chosen industry or line creating something new whether of business. it is a product or a service that Sees and acts on opportunities brings benefit by devoting the time - An entrepreneur always has the and energy needed to consider the eyes open for new opportunities financial, psychological and social and most importantly acting on risks, and achieving the possible them. incentives for financial and Persistence personal satisfaction and freedom. - In today's business world, there are a lot of competitors that are Joseph Schumpeter (1883-1950) trying to take a share of the pie or Entrepreneurs are motivated to look, the so called market. The innovate, and create new and better entrepreneur's main job when it ways of doing business. comes to competition is to be able Peter Drucker (1909-2005) to persist in aiming and taking One who searches for change, responds actions for the firm's growth by to it by researching and taking new ideas getting the greatest number of and trends, and exploits these changes as customers. an opportunity to create and deliver Information Seeking something better. - It is very essential for an entrepreneur to make sure that BUSINESSMAN VS ENTREPRENEUR he/she gets the appropriate and is an individual is an individual significant information, the who operates or with an exclusive quickest time possible. starts a business idea to initiate and Concern for Work Quality with the same old establish a new - Each entrepreneur started an business idea. venture. enterprise because of an idea, but Market Player Market Leader it does not end there. The entrepreneur should always Makes his place Creates a Market strive to improve and enhance in the market the products or service to deliver the best work for its Less Creates a Market customers. Profit To Make a Life Commitment to Work Contract Easier - Starting a business is one, but to execute and deliver on time to Extremely High Low customers is another. An  entrepreneur should always have Persuasion in mind that a company's - Persuasion means influencing reputation builds by delivering others to reach company goals. great products and service to Great entrepreneurs are great customers and delivering on time salespeople. Finding resources is is very important. a tough task that requires guts in Efficiency Orientation proving oneself that a certain - To succeed, an entrepreneur must business will work and grow to get always find ways of doing things approval for loans. more efficiently and effectively, Use of Influence Strategies Developing with fewer resources and at a - A great relationship with other lower cost as possible. businesspeople is a very Systematic Planning important task of an - As the saying goes, "Failing to entrepreneur. Collaboration is one Plan is Planning to Fail. There great way of expanding a business are a lot of individuals that started and great networking as sure-fire businesses and just closed of becoming a success in a shop after a few months business. As an entrepreneur, because of lack of careful and one must learn to work with systematic planning. The influential people to reach entrepreneur should develop a business. logical, timely, step-by-step plan to reach the company goals CHARACTERISTICS OF AN Problem Solving ENTREPRENEUR - Business problems are Ambition inevitable. There will always be - A successful businessman is something that an entrepreneur motivated to make something out can do to minimise the impact of a of himself. He knows what he problem to continue in operation. wants, and he is setting a The point is, it is a requirement for course for achieving it. an entrepreneur to know how to Enthusiasm solve problems if he wants the - Every successful businessman business to be in the market for a has a positive outlook which long time. gives him the energy to pursue Self-Confidence his endeavors. An entrepreneurial - To become a successful project will gradually wither away entrepreneur, one must have a into inactivity and failure without strong belief in self and own enthusiasm abilities. Creativity Assertiveness - You can rely on imagination to help - As an entrepreneur, you must you out when problems occur. have the courage in looking for Successful entrepreneurs will solutions, and find resources, find motivation in the process, and even people who can help in and also find ways to tum those tough times. roadblocks into opportunities. Decision-making can be divided into primary and - An entrepreneur with poor secondary target markets. decision-making skills will see his RECOGNIZING THE TARGET MARKET company placed in a state of - To build a solid foundation for a inactivity and degradation; good business, the entrepreneur must decision-making skills, on the identify first the business’ target other hand, will ensure the best market. possible steps are applied in RESEARCH THE COMPETITION setting up the firm - By knowing the competitor, an Perseverance entrepreneur will be able to - Maybe the most significant of all compare themselves to see what entrepreneurs' characteristics is things that are effective and work their ability to withstand the for the other companies in the troubles that come with starting industry. a company. Starting a new BARRIERS TO ENTRY company is an incredibly 1. INVESTMENT challenging experience and as an 2. TECHNOLOGY entrepreneur, if you want your 3. BRAND venture to be a success, you'll 4. REGULATION have to stick through 5. ACCESS TO RESOURCES 6. LOCATION RECOGNIZE A POTENTIAL MARKET MARKET ANALYSIS is a quantitative PRODUCT LIFE CYCLE and qualitative assessment of a market INTRODUCTION ability to respond positively. - Establishing branding and 1. DEMOGRAPHIC assuring the market of the SEGMENTATION quality of the new product. An 2. TARGET MARKET initial low pricing policy to get into 3. RECOGNIZING THE TARGET the market, though with little MARKET competition, price may be high 4. RESEARCH THE COMPETITION initially to recoup development costs. DEMOGRAPHIC SEGMENTATION GROWTH - Dividing the total people in the - Maintaining the quality of the market based on the customer product and adding any extra demographics. Demographic services or support that becomes segmentation portions the arket on obvious during introduction. parameters like age of the Keeping the price at a good level customer, gender, income, to maintain sales growth. family life cycle, educational MATURITY qualification, socioeconomic - Adding features that will make status, religion, etc. the product differ from the TARGET MARKET inevitable competitors that enter - A target market is a group of the market. Cutting prices to customers that a business has counter competition. decided to aim its marketing DECLINE efforts towards. Target markets - Keeping the product on the market but adding or removing  features or finding new uses for A SWOT analysis is used to determine it. Reducing costs and production your internal abilities as well as and keeping it just for a niche external factors that may impact your segment of the market. performance. LEVELS OF PRODUCT PROFITABILITY AND GROWTH TANGIBLE PRODUCT PROFITABILITY AUGMENTED PRODUCT The net profit of a corporation is the GENERIC PRODUCT income after deducting all the expenditures related to the manufacture, TYPES OF PRODUCT distribution, and selling of the goods.Profit is "money in the bank." This goes GOODS directly to a company's owners or DURABLE GOODS shareholders or is reinvested in the NON-DURABLE GOODS business. Profit is the primary aim for any company, and for a company that doesn't SERVICES have investors or funding at first, profit RENTED-GOODS SERVICES may be the sole resource of the business. OWNED-GOODS SERVICES NON-GOODS SERVICE Profit is a financial gain, especially the difference between the amount earned CONSUMER PRODUCTS and the amount spent in buying, STAPLES operating, or producing something. IMPULSE GROWTH INDUSTRIAL PRODUCTS It is important to assess and SPECIALTY PRODUCTS concentrate a company's productivity ACCESSORY EQUIPMENT RAW at the beginning, or start-up. Growth is MATERIALS INDUSTRIAL basically an expansion for a company, SUPPLIES COMPONENT making the business larger, growing its MATERIALS NON-PORTABLE demand, and eventually making it more GOODS FABRICATED PARTS successful. It is possible to calculate growth by looking at certain specific RECOGNIZE THE POTENTIAL MARKET figures, such as total revenue, number of part 2 employees, market share and turnover. THE BOTTOM LINE When it comes to market success, productivity and development all go together. Income as a corporate organisation is vital to basic financial survival while growth is vital to income and long-term success. Investors should consider any factor that relates to a company.