STRATHMORE BUSINESS CLUB

1. STRATHMORE BUSINESS CLUB “Developing Entrepreneurship resilience” By: Kochei Albert –B.COM,MA,CPA(K) 30th September 2011

2. The Power of Association • The association you keep in life will determine your accomplishment. Most of the time, what makes our children’s to succeed in their education; is not just the school they went to neither the teachings, but the friendship they keep. • Based on my research, I came across this article “Good Read Quote” by Gen. Colin Powell talking about associations. I decided to share it; I guess it will be a guide for you to choose right association. They are: • Don’t follow anyone who’s not going anywhere, with some people you spend an evening: with others you invest it.

3. The Power of Association cont… • The less you associate with some people, the more your life will improve. • Any time you tolerate mediocrity in others, it increases your mediocrity. • An important attribute in successful people is their impatience with negative thinking and negative acting people. • As you grow, your associates will change. Some of your friends will not want you to go on; they will want you to stay where they are. Friends that don’t help you climb will want you to crawl. • Your friends will stretch your vision or choke your dream. Those that don’t increase you will eventually decrease you.

4. The Power of Association cont… • Be careful where you stop to inquire for directions along the road of life • Wise is the person who fortifies his life with the right friendships. • If you run with wolves, you will learn how to howl but, if you associate with eagles, you will learn how to soar to great heights. Thus, I want to say that, the outcome of who you are, the goals you achieve, the dreams you accomplish, the destiny you fulfill, they all has its root either as a result of the associations you keep or maybe you personally. Finally, let’s look for a good association because; they will determine your accomplishment.

5. Youth Entrepreneurship. • Business, governments, and other sectors of society are increasingly recognizing that supporting young entrepreneurs can be a highly effective way to reduce youth unemployment and stimulate growth in local communities. Five key messages • It is an economic and social imperative to address the youth unemployment challenge– especially at a time of economic slowdown •  Boosting youth enterprise delivers • substantial benefits both for the entrepreneur and for the wider economy and society

6. Youth Entrepreneurship cont…. • Entrepreneurship is not for everybody, but for many it can provide a long-term route out of poverty • Making entrepreneurship work is not the responsibility of one sector alone; it requires dedicated actions from all sectors of the community • Young people need to be encouraged and supported to take advantage of the opportunities of entrepreneurship

7. Seven Key Qualities of Successful Entrepreneurs Becoming an entrepreneur is not an easy task! There are certain qualities that are absolutely necessary if you would like to become successful in your business ventures. Some of these qualities are built-in parts of your inherent personality, and some of them get developed over time. Knowing these characteristics and identifying your weak ones - those, which need strengthening - will, eventually, help you become a successful entrepreneur.

8. Seven Key Qualities of Successful Entrepreneurs 1.Common Sense • Good judgment depends on acquired knowledge and past experience. The combination of these two creates necessary prerequisites in developing common sense in a person. Common sense allows you to understand complex issues in simpler terms and get into the core of a problem.

9. Seven Key Qualities of Successful Entrepreneurs 2.Specialized Knowledge of your field • It is easier to start a successful business, if you have deep knowledge of the business field that you decide to pursue. About half of all home-based start-ups are launched by people who decide to use the knowledge, which they gained from their previous work experience of a particular niche area.

10. Seven Key Qualities of Successful Entrepreneurs 3. Self-confidence • Self confidence is a key entrepreneurial skill for success. It is easy to become demoralized, frustrated and resentful if you lack self-confidence. • Self-confidence is concerned with how a person feels about his ability. A successful entrepreneur believes in his abilities. He is not scared to explore un-chartered territories, take risk and take difficult decisions.

11. My Personal story…. “Don’t just sit, be engaged” Welcome…

12. Seven Key Qualities of Successful Entrepreneurs 4. Ability to get things done • Successful entrepreneurs are persistent and hardworking. They master self-discipline to such extent that if a work is important and related to their goals, they will, eventually, complete it. This requires a self-control that many people simply fail to develop in them

13. Seven Key Qualities of Successful Entrepreneurs 5. Creativity • Creativity is the ability to use your insights and come up with new solutions to old problems, get things done in a different way or find a totally different approach for conventional things to work together. Entrepreneurs need creative thinking ability virtually in everything. Each new product, each new marketing method, each business decision - all these are fertile ground for creative thinking.

14. Seven Key Qualities of Successful Entrepreneurs 6. Ability to lead • Successful entrepreneurs are capable of leading people and get work done by them. They use a combination of various methods - effective motivation, planning, coaching and evaluation - to lead people. They are concerned about the wellbeing of others and easily get along with people.

15. 7. Self reliance • Successful entrepreneurs try to take full responsibility for their actions. They know that what they are today, and what they are going to be tomorrow, depend solely on themselves, as it is the outcome of their own choices and decisions. They are proactive people, who set goals, walk an extra mile to achieve them and rely, primarily, on their own resources and abilities.