2. SESSION 2: ENTREPRENEURSHIP

3. Business start-up module Functional Integration Mindset

4. TOPICS COVERED Participants will produce a formal business plan that will include a component of each of the following: Week 1: Introduction Week 2: Entrepreneurship Week 3: Idea development Week 4: Marketing Week 5: Competitors and Organisational and legal structure Week 6: Technical developments and Risk assessment Week 7: Finance Week 8: Integrating and control Week 9: Guest speakers Week 10: Summary

5. Mind stretchers! Why have you enrolled for this module? Given the current economic climate, surely it must be madness to start your own business? Entrepreneurs are difficult people! What are the successful entrepreneurs doing right?

6. Entrepreneurs are not always creating blue prints of what they want to achieve – they are making up the rules as they go along!

7. Myths about entrepreneurship Born not made Creating a business is easy They do not calculate their risks They do not want to share They work incredible long hours and are highly stressed Money is the ultimate goal They are mostly young They hate rules The only thing needed to start a business is money

8. Important categories Motivation and mindset Entrepreneurial skills Business skills

9. Entrepreneur’s creed (1) Do what gives you energy – have fun Figure out what can go right and make it Say “can do”, rather than “cannot” Tenacity and creativity will triumph Anything is possible if you belief you can do it If you don’t know that it can’t be done, then you’ll go ahead and do it The cup is half-full, not half empty Be dissatisfied with the way things are Source: Timmons, J. and Spinelli, S. (2003) New Venture Creation.

10. Creed (2) Don’t take risk if you don’t have to – but take calculated risk when it’s the right opportunity Businesses fail; entrepreneurs learn Easier to beg for forgiveness than to ask for permission Make opportunity and results your obsession – not money Make heroes out of others Take pride in your accomplishments – it’s contagious Source: Timmons, J. and Spinelli, S. (2003) New Venture Creation.

11. Creed (3) Sweat the details that are critical to success Integrity and reliability equal long-run oil and glue Make the pie bigger – don’t waste time trying to cut smaller slices Play for the long haul – it is rarely possible to get rich quickly Only the lead dog gets a change of view Success is getting what you want: Happiness is wanting what you get Give back Source: Timmons, J. and Spinelli, S. (2003) New Venture Creation.

12. Exercise Identify a list of ten characteristics that you think are important being an entrepreneur. Compare yourself against this list. Identify ways and means of improving your entrepreneurial profile.

13. ANY QUESTIONS?