CHAPTER 6 OPPORTUNITIES, IDEAS & THE ENTERPRISING WORK ENVIRONMENT Entrepreneurship

Problems and Pitfalls of Entrepreneurship 1. The entrepreneur does not understand the market to whom he/she is selling his or her product or service. This can lead to errors in pricing, advertising and distribution of the goods/service, thus losing many potential customers. 2. Failing to plan. 3. Starting without enough money to keep going until sales start to be made. 4. Mismanaging finances of the business, leaving it short of cash and high on inventory or capital equipment.

Problems and Pitfalls of Entrepreneurship 5. Failure to arrange for “back-up” money to tide the business over if it is needed. 6. Failure to negotiate terms with the supplier for payment. 7. Growing too quickly. 8. The entrepreneur is not totally committed to the venture. This is evident in the lack of time and energy he/she is devoted to the business. 9. The assumption that the business is doing well today and so it will continue to do well in the future. Time changes everything and the entrepreneur should be aware of that and adjust his/her business concept accordingly.

Problems and Pitfalls of Entrepreneurship 10. Lack of experience. 11. Family pressure that place demands on the entrepreneur when he/she needs to devote the majority of time to the business to ensure its success. 12. Inability to recruit competent employees. 13. Dishonest – it will always lead to trouble in the end. 14. Lack of communication between the entrepreneur and the employees.

MISSION STATEMENT Venture Plan

Question? If this song were to be about your life mission, what would your mission be?

Reach (Gloria Estefan) Some dreams live on in time forever Those dreams, you want with all your heart And Ill do whatever it takes Follow through with the promise I made Put it all on the line What I hoped for at last would be mine If I could reach, higher Just for one moment touch the sky From that one moment in my life I’m gonna be stronger Know that I’ve tried my very best Id put my spirit to the test If I could reach Some days are meant to be remembered Those days we rise above the stars So Ill go the distance this time Seeing more the higher I climb That the more I believe All the more that this dream will be mine

If I could reach, higher Just for one moment touch the sky From that one moment in my life I’m gonna be stronger Know that I’ve tried my very best Id put my spirit to the test If I could reach If I could reach, higher Just for one moment touch the sky I’m gonna be stronger From that one moment in my life I’m gonna be so much stronger yes I am Know that I’ve tried my very best Id put my spirit to the test If I could reach higher If I could, If I could If I could reach Reach, Id reach, Id reach Id reach Id reach so much higher Be stronger

Mission Statement A statement describing the purpose and goals of the organization. Meant to capture the attention and interest of people who may be able to help you in your venture.  Identifies the type of venture.  States the products/services it will deliver.  Overall philosophy or purpose that has guided its development.  Explains how the venture will meet the needs and wants of prospective customers.

Mission Statements To provide a disciplined climate enhanced by mutual support, and to graduate students who are lifelong learners and ready for the world of work.

Mission Statements To bring inspiration and innovation to every athlete in the world.

To make people happy.

Mission Statements To refresh the world... To inspire moments of optimism and happiness... To create value and make a difference.

Mission Statements To be the most successful premium manufacturer in the industry.

Mission Statements When you care enough to send the vary best.

Mission Statements To … be our customers' favourite place and way to eat.

Venture Plan Need to create a mission/vision statement for your business. It must do the following: 1. Identify the type of venture. 2. State the product/service it will deliver. 3. State the overall philosophy or purpose of the venture. 4. Explain how your business will meet the needs of the customers.