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Entrepreneurial Journey

Entrepreneurial Journey. A lifetime Venture!. What is entrepreneurship?. It’s about the process and activities undertaken by entrepreneurs

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Entrepreneurial Journey

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  1. Entrepreneurial Journey A lifetime Venture!

  2. What is entrepreneurship? It’s about the process and activities undertaken by entrepreneurs These are individuals who organize, operate and assume the risks associated with a business venture they establish (buy or take-over) in pursuit of an opportunity they (and others) have identified. The entrepreneurial process is directed at capturing the value associated with business opportunities.

  3. Can we profile the Entrepreneur? • Yes they do have some common traits • Good observers / dreamers • Passionate • Positive thinkers (the water in tumbler example) • Uncertainties / Resources do not deter them • Restless • Dissatisfied! (Creative rebels) • Can do People • Add yours

  4. Types of Entrepreneurs • Necessity Entrepreneurs • I have resource(s) and I am looking for what to do! • I just need to get out of this job that am doing or I just lost my job • I need to do something when I retire

  5. Types of Entrepreneurs • Opportunity-Driven Entrepreneurs • Spot and take advantage of opportunities • Create and take advantage of opportunities *** These are people that see opportunities and are prepared to exploit them irrespective of the resources at hand.

  6. Types of Entrepreneurs • Social Entrepreneurs • Societal Change Agents • Driven by mission / Triple Bottom-line *** These are people who wants to leave the world a better place than they met it! See CNN Heroes

  7. Are entrepreneurs born or made? • Richard Branson? John Momoh? • Howard Schultz? Raymond Dopesi? • Bill Gates? Ali Baba? • Will Smith? Nike Arts? • Otunba Gadafi?

  8. Changing trend of Entrepreneurs Employees Employees Employees Employees Employees Person-Centric Employees Employees Vision-Centric Employees Employees Employees Employees

  9. Changing Face • Person-Centric • I have all the ideas, I keep the secret formulation …and I die with everything! • Vision-Centric • I have all the vision, I share and entrench it in those with similar mindset, prepared to share risk and rewards, everyone wins!

  10. The Entrepreneurial Process – Basic Six Steps • Spot the GAP. • Generate Ideas (Business Concept) to meet GAP • Evaluate Venture Opportunity in Biz Concept • Develop a plan (Biz Plan). • Implement Plan but be flexible • Appraise and modify where necessary

  11. Spot the Gap • There must be need for the Product or Service • These Gaps are often derived from personal experience • Entrepreneurs can create Gaps when there is non and then provide for it!

  12. Generate Ideas (Business Concept) • Generate Ideas – Don’t limit the Dream • The “Best Idea” must match you! • The silliest ideas are really the ones that break new grounds. • Your ideas doesn’t have to be “New” it is the way you “deliver” that matters.

  13. Evaluate Venture Opportunity in Business Concept • Profitability of Business Venture. • Competition • Product / Service Alternatives • Market (Segment, Season, Direction, etc) • Barriers (entry & exit) • Location

  14. Evaluate Venture Opportunityin Business Concept Budget (Start up & Operational) Trade Licensing Issues Distribution

  15. Develop an A Plan: Business Plan • The Vision, Mission, Corporate Strategy, etc. • Environment (Operating Context) • Technology Plan • Marketing Plan (Target Market, Advert / Promo) • Functional Plan (Location, Admin/ Organization, Prod /Service plan – how, packaging, etc. • Financial Plan (Strategy, CMOP, Control Sys, Automation, Fin Statements, Critical Ratios, etc.)

  16. Define an Action(Implementation) Plan • What must be done - when and how - before, at and after commencement. • These milestones must be SMART! • Allow for Review & Be Flexible • Above all, Be Customer focused

  17. Appraisal and Modify (if Necessary) • Appraisal / Feedback is a good mechanism for Refocusing, Refining & Retuning. • Remember – be SMART! Helps you to be more objective than subjective • Keep to the overall plan but be flexible.

  18. ….On a Last Note Realizing your Business Concept depends largely on how passionate you are about the dream and how far you are ready to commit to making it successful!

  19. Thank You

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