ENTREPRENEURSHIP

Unlocking Your Minds Potential

Entrepreneur
Who is an entrepreneur?

Entrepreneur
creates value by offering a product or
service in order to obtain certain
profit.
take risks, but only calculated ones.
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Entrepreneurship
Whats there to gain?
Personal Gains
Enormous personal financial gains.
Flexibility to exercise your creativity
and innovation
Self-employment, offering more job
satisfaction and flexibility of the
work force.
Income generation and increased
economic growth.
Freedom from the dependency on
the jobs offered by others.
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Entrepreneurship
Whats there to gain?
Societal Gains
Development of more industries.
Employment for others, often in
better jobs.
Encouragement of the processing of
local materials into finished goods
for domestic consumption as well as
for export
Healthy competition thus
encourages higher quality products.
More goods and services available.
Development of new markets.
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Characteristics of an
Entrepreneur
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Self-starter

Able to determine risk and has the
courage to take risks but is not a gambler

Focuses his/her attention on the chances
of success rather than the chances of
failure

Not easily discouraged


Characteristics of
Entrepreneurs
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Likes to work for him/herself and be in
control

Good health, has lots of energy and can
handle stress

Motivated by a strong desire to achieve
and attain financial success


Why Entrepreneurship?
1. I want freedom from the 8-5 grind:
Most entrepreneurs work more than 40 hours a
week to be successful.
Many times you will work when it is right for your
customer.

2. I want to make a lot of money (fast):
Success does not happen overnight.
Most business owners need to keep putting their
initial profits back into the business as it grows.
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Why Entrepreneurship?
3. I want to turn my hobby into a business:
Producing a product is only a small part of the
business.
You may end up needing to spend more time on
sales than on creating the product.
Will you still enjoy your hobby when it is your
business?

4. I want to be my own boss:
In a job role you may have one, two or three
bosses.
Your each customer will be your boss.

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Facts About Entrepreneurs
DEMOGRAPHICS








1. Education: 95.1% had earned bachelors degrees, and 47% had
more advanced degrees.
2. Background: Less than 1% came from extremely rich or extremely
poor backgrounds.
3. Siblings: 15.2% had a sibling that previously started a business.
4. The average age of company founders when they started was 40.
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Facts About Entrepreneurs
FAMILY DYNAMICS









5. Marital Status: 69.9% were married when they started their
first business. 5.2% were divorced, separated, or widowed.
6. Children: 59.7% had at least one child when they launched
their first business, and 40.3% had two or more children.
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Facts About Entrepreneurs
MOTIVATING FACTORS








7. Wealth: 74.8% indicated desire to build wealth as an important
motivation in becoming an entrepreneur.
8. No Jobs: Only 4.5% said the inability to find traditional
employment was an important factor in starting a business.
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Facts About Entrepreneurs
PERSONAL PROFILE

9. Entrepreneurs are usually better educated than their
parents.

10. Entrepreneurship doesnt always run in the family. More
than half (51.9%) were the first in their families to launch
a business.

11. The majority of respondents (75.4%) had worked as
employees at other companies for more than six years
before launching their own companies.
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Five Myths About
Entrepreneurs
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1. The Risk Taking Myth:
Most successful entrepreneurs take wild,
uncalculated risks in starting a company.

2. The High-Tech Invention Myth:
Most successful entrepreneurs start their
companies with a break-through invention
(usually technological in nature).

3. The Expert Myth:
Most successful entrepreneurs have strong
track records and years of experience in
their industry.
Five Myths About
Entrepreneurs
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4. The Strategic Vision Myth:
Most successful entrepreneurs have well-
considered business plan and have
researched and developed their ideas
before taking action.

5. The Venture Capital Myth:
Most successful entrepreneurs start their
companies with millions in venture capital
to develop their idea, buy supplies and hire
employees.

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Leadership

Leadership is the process of
getting people fully and willingly
committed to a course of action,
to meet commonly recognized
goals
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Leadership & Management
Organizations are over-managed
and under-lead

Effective Managers are not
always good leaders
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Leadership & Management
Managers Leaders
Handle day-to-day tasks Set the direction (vision)
Behavior is rational, analytical &
impersonal
Behavior is inspirational,
motivational and interpersonal
Promote stability Promote useful change
Do things right Do the right things
Always appointed Appointed or Emerge from group
Exert formal authority Influence people
Have subordinates who company
with normal levels of positional
requirements
Have followers who go above
and beyond the call of duty
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Effective Leader
Vision
Motivator / Role Model
Self-Confident
Competent
High EQ
Effective Team Player
Crisis Management
Trust Worthy
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Effective Leader
Assumes Responsibility
Empowerment
Accountability
Credit
Integrity
Respect
Communication Skills
Good Listener
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Leadership Grid
1, 9
Country-club
Management
9, 9
Team
Management
1, 1
Improvished
Management
9, 1
Task
Management
5 , 5
Middle of the Road
Management
Low 1
High 9
High 9
Concern for Production
C
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f
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Leadership Grid Styles
Authority Compliance (9,1)
Country Club (1,9)
Improvished (1,1)
Middle of the Road (5,5)
Team Management (9,9)

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Situational Leadership
Directing
High direction / low support

Coaching
High direction and support

Supporting
High support / low direction

Delegating
Low support & direction
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THANK YOU