Starting A Business The Entrepreneur Learning Objectives: To have knowledge of several entrepreneurs To have knowledge of skills and qualities necessary.

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Starting A Business The Entrepreneur Learning Objectives: To have knowledge of several entrepreneurs To have knowledge of skills and qualities necessary To have some understanding of why many businesses fail

Who are these people?? Can you recognise them?

Anita Roddick Founder of ‘The Body Shop’

Richard Branson Founder of ‘Virgin’

Bill Gates Founder of ‘Microsoft’

Alan Sugar Founder of ‘Amstrad’

Duncan Bannatyne Founder of ‘The Bannatyne Group’ and Dragons Den judge

What do these people all have in common? They are all Entrepreneurs. What does the word Entrepreneur mean? Can you think of any other examples of famous Entrepreneurs? An Entrepreneur is someone who makes a business idea happen either by their own effort or by organising other people to do the work

Can anyone be an Entrepreneur? In pairs think about what skills/qualities/attitudes you think a successful entrepreneur needs

A successful entrepreneur needs Understanding of the market Knowing what customers want and how well current businesses are meeting them Initiative Seizing opportunities, this requires confidence and the ability to be a risk taker Creativity The ability to come up with new and unique ideas Determination Keep on going even when the going gets tough Passion The drive and enthusiasm to achieve something Persuasive abilities Risk Taking

What is Enterprise? Enterprise is the set of skills and attitudes that help an individual turn an idea into reality

Why do people start businesses What do you think are the key motivations for people to start their own business? Think about both financial and non-financial reasons to start up a business

Reasons why people start their own business Spotting a gap in the market To become wealthy To be their own boss Flexible Working Hours To use a hobby or talent Redundancy/windfall Unable to find a job Commitment to a Idea/product

Key motivators

New Businesses What do you think your chances of success would be if you opened your own business? Over 30% of new businesses fail within 2 years More than half will fail within 5 years WHY?

Leading 10 Reasons for Failure No Business Plan Under Funded Not setting goals or objectives Running out of money (cash flow) Not understanding the market and customers No differentiation Bad Marketing Underestimating competition Not cost competitive Poor People management skills

Your Turn – Bright Idea Time Please confirm your groups. Log onto Haiku and look at BRIGHT IDEA page – there are some inspiring stories and ideas Next week finalise your proposal and give to me.