SME SEMINAR. THE ENTREPRENEUR’S JOURNEY FACILITATOR: GENEVIEVE PEARL DUNCAN 25TH MAY,2019.

WELCOME Purpose: Introduction to work environment - physical and cultural; create a sense of belonging; understanding duties and responsibilities; information on company policies and other relevant procedures; overview of expectations (incl. performance and appraisal);

WHO IS AN ENTREPRENEUR? AN ENTREPRENEUR: A PERSON WHO IDENTIFIES A BUSINESS OPPORTUNITY AND ORGANIZES,MANAGES,AND ASSUMES THE RISKS OF STARTING AND OPERATING A BUSINESS. ENTREPRENEURSHIP : IS THE PROCESS OF RECOGNIZING THE OPPORTUNITY,TESTING IT IN THE MARKET AND GATERING THE RELEVANT RESOURCES TO GO INTO THE BUSINESS.

BEING AN ENTREPRENEUR Starting your own small business is a big, scary step into the unknown, but just by considering the option, you’re one step ahead You’ve never done this before, you’re a little bit terrified, and everyone around you probably assumes that you’re crazy Being an entrepreneur certainly isn’t easy, and comes loaded with risks. You’ve probably heard the scary stats about business failure. But for those who are willing to take the chance, there’s also a lot of reward at the end of the tunnel.  HAVE THE RIGHT ATTITUDE AND MINDSET AND YOU WILL SUCCEED!!!! Purpose: Introduction to work environment - physical and cultural; create a sense of belonging; understanding duties and responsibilities; information on company policies and other relevant procedures; overview of expectations (incl. performance and appraisal);

ATTRIBUTES OF SUCCESSFUL ENTREPRENEURS BELIEVE IN THEIR VISION PASSIONATE WISDOM DON’T ENTERTAIN FEAR OPEN MINDED CREATIVE THINKERS PERSISTENT SELF DRIVEN CONSISTENT AND FULL OF TENACITY HUNGRY TO LEARN(KNOWLEDGE IS KEY)

STARTING RIGHT EVALUATE YOURSELF (WHY DO YOU WANT TO START A BUSINESS?) THINK CRITICALLY OF YOUR BUSINESS IDEA(IS IS FEASIBLE,HAS A REVENUE GENERATION MODEL?) DO A MARKET RESERCH(DON’T JUST FOLLOW THE CROWD) GET FEEDBACK (YOU CAN DO A PILOT/PROTOTYPE) START WITH THE BASIC STRUCTURES(REGISTER THE COMPANY,BOOK KEEPING ,INVENTORY MANAGEMENT,RIGHT TEAM ETC) FINANCE YOUR BUSINESS (SELF,PITCH TO FAMILY & FRIENDS,REQUEST FOR A GRANT/LOAN,VENTURE CAPITAL/STRATEGIC ALLIANCES/PARTNERS) DEVELOP YOUR PRODUCT OR SERVICE HIRE THE RIGHT PEOPLE BE CUSTOMER CENTRIC

START UP CAPITAL/CAPITAL INJECTION When you start a new business, you need money ­to get it off the ground. You need the money to rent or purchase space for the business, furniture and equipment, supplies, professional fees such as legal and accounting, as well as continuing the research and development of your product or service. You may also need money to pay employees. Startup capital can be said to be a financial investment in the development of a new company or product. Types of Startup Capital Personal investment Friends and family Banks Venture Capital

GROWING YOUR BUSINESS AS ENTREPRENEUR “Growth is never by mere chance; it is the result of forces working together.” James Cash Penney, founder, JC Penney Growth is crucial to the long-term survival of a business. It makes it easier to acquire assets, attract new talent and fund investments. It also drives business performance and profit. And as such growth is generally perceived as a good goal for businesses because it is an important measure of business success and a key driver to the creation of wealth, employment, and economic development in every country around the world “Business growth is merely a measure of choice”. So what does business growth mean to you? S. Tips: “Set Realistic Expectations”

HOW TO SUCCESSFULLY GROW YOUR BUSINESS STAY TRUE TO YOUR VISION(Be focused, and avoid detractors) BE INNOVATIVE (THINK CREATIVELY) BE CUSTOMER CENTRIC BUILD SYSTEMS AND STRUCTURE HAVE STRATEGIC PARTNERS(ADVISORS/CONSULTANTS,BANKERS,ACCOUNTANTS,&INVESTORS) BE CONSISTENT BE COST EFFICIENT INVEST IN YOURSELF & TEAM DELEGATE AND GET THE CHANCE TO BUILD OTHER BUSINESSES BE ADAPTIBLE

SOME FORMS OF BUSINESS GROWTH Business Management Creativity and innovation Creativity is the ability to develop new ideas and to discover new ways of looking at problems and opportunities. Innovation is the ability to apply creative solutions to those problems and opportunities. Ways of being creative and innovative as an entrepreneur can be through The use of technology Using analytical tools Communication Open mindedness This deals with organizing and co ordinating of activities of a business in order to achieve defined objectives. Some business management tips Hiring the right people Delegating Separate Your Personal & Business Finances Supervise

SOME KEY CHALLENGES FACING ENTREPRENEURS IN GHANA ACCESS TO FUNDING UNDER UTILIZATION OF INFORMATION AND COMMUNICATION TECHNOLOGY(ICT): here,some entrepreneurs are just not interested or have very little knowledge. ACCESS TO RIGHT/SKILLED TALENTS/LABOUR LIMITED ACCESS TO RESEARCH & DEVELOPMENT(NON EXISTENCE OF FUNDS TO BE ALLOCATED FOR R & D) STRATEGIC PARTNERS

HOW TO STAY RELEVANT BE TRUE TO YOUR BRAND(KEEP TO YOUR BRAND PROMISE) BE VISIBLE (Market yourself right) USE BASIC CUSTOMER ENGAGEMENT MODELS BUILD YOUR ONLINE PRESENCE(WEBSITE /BEST USE OF SOCIAL MEDIA BUILD YOUR BUSINESS WITH WORD OF MOUTH GO MOBILE/VIRTUAL(HAVE SERIOUS ONLINE PRESENCE) RETAIN YOUR BEST EMPLOYEES THE ULTIMATE IS TO BE IN THE MINDS OF CONSUMERS:- INCREASE YOUR MARKET SHARE & IMPACT YOUR BUTTOM LINE

UTILIZING SOCIAL MEDIA CHOOSE WHAT IS BEST FOR YOUR TARGET MARKET

TAKE AWAY I think anything is possible if you have the mindset and the will and desire to do it and put the time in”. Roger Clemens

QUESTIONS & ANSWERS