DIP - Entrepreneur Lim Sei cK

Introduction Q: Are entrepreneurs SUPERMAN or BATMAN? NO. So who can be an entrepreneur? Much research has been done to examine the personality and other characteristics of successful entrepreneurs to see if there is a proven method or route to success.

Successful entrepreneurs tend to have one or more of the following characteristics: Passionate about their product or service and about getting things right for the customer. Visionary – they have faith in what they are trying to do. Energetic and driven – prepared to work consistently long hours, especially in the early stages.

Successful entrepreneurs tend to have one or more of the following characteristics: Calculated risk-takers – not reckless; they are prepared to take a risk in order to maximize the rewards. Multi-tasker – able to take on more than one role (product development, selling, recruitment) Resilient and determined – able to handle problems and overcome hurdles.

Successful entrepreneurs tend to have one or more of the following characteristics: Persuasive – entrepreneurs are good at bringing other people and businesses “along with the idea” Self-starting and decisive – they do not wait for others to take decisions. Entrepreneurs tend to take the initiative, spotting opportunities early and taking decisions quickly Focused – sets clear goals and self-imposed high standards

The important thing to remember about the list is that an entrepreneur is unlikely to possess all these characteristics! Anyone who starts a business has strengths and weaknesses. However, the sentrepreneur recognizes where his/her weaknesses lie and takes steps to address them (e.g. recruit someone with the right skills).

Who is an entrepreneur? There are many definitions of what is meant by an entrepreneur, but they tend to say the same thing, which is that an entrepreneur is…

ENTREPRENEUR Someone who takes a risk by starting a business An entrepreneur is someone who is enterprising.

ENTREPRENEUR? A : Takes the initiative in trying to exploit a business opportunity B : Takes time to understand and calculate the risks involved C : Makes an investment to set up the business D : Goes ahead, despite the risk that the business venture might fail

ENTREPRENEUR? A : Takes the initiative in trying to exploit a business opportunity √ B : Takes time to understand and calculate the risks involved √ C : Makes an investment to set up the business √ D : Goes ahead, despite the risk that the business venture might fail √

Critical questions before making decisions: Do I have a clear idea about the vision for the business? Am I really determined and committed to making the business work? Do I appreciate and accept the personal challenges and sacrifices that I will have to make? Can I afford to fail? What are the financial implications if the business does not succeed?

Critical questions before making decisions: Will customers really buy the product, assuming that I get it right? Who already provides this product (or something similar) and can I do it better or cheaper? Is my business plan sufficiently realistic, particularly in terms of cash flows and likely start-up losses? Can I access the resources (cash, supplies, distribution) that are needed to make the idea work?

Entrepreneurs play an important role in society. They make a major contribution to economic activity. Imagine how many jobs are created by the thousands of new businesses that are set up every year and by the small businesses that prosper and take on more staff.

Entrepreneurs encourage innovation through investment and risk-taking. Many of the products and services you use every day have been developed through entrepreneurial activity rather than in the research laboratories or board-rooms of large multinationals.

However, it is important to realize that starting a business is rarely glamorous. In fact it is nearly always very hard work. For every success story there are almost certainly many more business failures or businesses that do not meet the expectations of the people who set them up.

Class Activity Assess and evaluate own potential as a successful entrepreneur. What are you good at and what are your weaknesses?

Your holiday assignment You are to research about an entrepreneur. The entrepreneur can be someone local or otherwise. NOTE: This is a group task! (MAXIMUM 3 STUDENTS/ GROUP)

Requirements You and your team are to compile a report of a successful entrepreneur. The Report should be in the form of report writing of 500 to 1000 words EXCLUDING your reference sources. They should be typed with font size 12 (Times New Roman) and 1.5 spacing. Format: Introduction Content Conclusion References DUE: 10 th January 2015 (SATURDAY)