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DIP - Entrepreneur

DIP - Entrepreneur. Lim Sei Kee @ cK. What are the characteristics of successful entrepreneurs?. 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.

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DIP - Entrepreneur

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  1. DIP - Entrepreneur Lim SeiKee @ cK

  2. What are the characteristics of successful entrepreneurs? • 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. • You will find many lists of “what is takes to be an entrepreneur”, but they tend to say similar things.

  3. 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

  4. 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. Setting up a business is difficult and time-consuming

  5. Results-orientated – take pleasure from achieving targets and setting the bar higher. • Persuasive – entrepreneurs are good at bringing other people and businesses “along with the idea” • Leadership – an entrepreneur leads his or her own business (often working alone in the early stages).  As the business develops, the skills of leading others become even more important

  6. Self-starting and decisive – they don’t 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

  7. 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 savvy entrepreneur recognizes where his/her weaknesses lie and takes steps to address them (e.g. recruit someone with the right skills).

  8. 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…

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

  10. 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

  11. 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√

  12. 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 handle the inevitable feeling of isolation and insecurity that a start-up brings?

  13. Critical questions before making decisions: • Can I afford to fail?  What are the financial implications if the business does not succeed? • 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? • How will I know if the business is succeeding or failing?

  14. Critical questions before making decisions: • 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? • Do I need to obtain legal protection for the idea?

  15. 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.  

  16. Entrepreneurs encourageinnovationthrough 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.

  17. 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.

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

  19. For next session • You are to research about an entrepreneur. • The entrepreneur can be someone local or otherwise. • Each and everyone is required to spend a short time sharing the success story about the entrepreneur. • NOTE: This is an individual task!

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