Entrepreneurship & Business Management N4

Transcript:Entrepreneurship & Business Management N4:
Entrepreneurship & Business Management N4 www.futuremanagers.com INTRODUCTION An entrepreneur is a person who is able to recognise an unfulfilled need in the community, and use this opportunity to start a profitable business. Success is not guaranteed (uncertainty), but an entrepreneur is prepared to take the risk. Module 1: The entrepreneur www.futuremanagers.com Module 1: The entrepreneur (continued) ADVANTAGES AND DISADVANTAGES OF ENTREPRENEURSHIP The advantages: You reach your full potential; You reap profits; You contribute to society and are recognised for your efforts; and You gain control over your own destiny. The disadvantages and reason for failure: Management incompetence; Inexperience; Bad financial control; and Change in the business environment. www.futuremanagers.com NEEDS Keep these needs in mind when you consider your business idea. The ones listed first are those that we need on a daily basis. We cannot go without them. Just make sure that these needs are not already sufficiently satisfied in your community. Module 2: Creativity and idea generation www.futuremanagers.com Module 2: Creativity and idea generation (continued) INNOVATION AND CREATIVITY Creativity is that ability that helps us to do something new, original and different. Creativity also refers to the ability to do the same old thing in a new way. An entrepreneur knows the art of being on the look-out, listening to what people say and then doing something about it. www.futuremanagers.com Module 2: Creativity and idea generation (continued) CREATIVITY METHODS Various creativity methods can be used to identify a good business idea. Something new, different or simply something very practical or convenient. www.futuremanagers.com Module 2: Creativity and idea generation (continued) IS IT A GOOD BUSINESS IDEA? Do I have any knowledge or skills relevant to this idea? Which business contacts can I use? (name them) Will I be able to get enough money together to start this? (How?) What is/are the critical success factor(s) for this idea? In what way do I meet these requirements? How can I overcome them? (if you don’t meet them) Will I make a profit from this idea? www.futuremanagers.com Module 2: Creativity and idea generation (continued) PROTECTING YOUR IDEAS It is possible to protect your idea but it is neither easy nor cheap. This can be done by using the following: Secrecy; Patents; Trademarks; and Copyrights. www.futuremanagers.com Module 2: Creativity and idea generation (continued) COMPILE A PERSONAL SWOT ANALYSIS SWOT is the acronym for: Strengths, Weaknesses, Opportunities and Threat. Compiling a personal list of these