Overview of Entrepreneurial Process | My Assignment Tutor

BUS322ENTREPRENEURSHIPENTREPRENEURIALOPTIONOverview of Entrepreneurial Process Entrepreneursees a Consumer’sComplaints orUnsatisfied Need Find theOpportunityfrom theComplaints Come upWith anInnovative Idea Plan & DesignProduct fromInnovative Idea Make neededAdjustments andFinalize theProduct Design & RunMVP(s)To test theProduct & Market FormTheCompany Plan for theNeededResources Acquire &AllocateResources DevelopMarketingAnd OperatingStrategy DevelopDetailOperation Plan Daily OperationDevelopVision & MissionStatements GainFinancialSupport DevelopDetailOperation Plan EntrepreneurUnderstandNeeded Skills &Knowledge • The inventor• The unfulfilled manager• The displaced manager• The young professional• The careerist• The excludedWhat do they have in common?Passion, Eagerness for achievement, Commitment,Complaint, Unsatisfied Need……Who becomes an Entrepreneur?Let’s start by viewing this video:https://www.youtube.com/watch?v=aozlwC3XwfYWho becomes an Entrepreneur?An entrepreneur is who..• See a need (and come with an innovativeidea)• Willing to take a financial risk• To start a new business to fulfill the needWho becomes an Entrepreneur?• Hard work• Self-starting• Setting of personal goals• Resilience/elasticity• Confidence• Receptiveness to new ideas• Assertiveness• Information seekingCharacteristics of successful entrepreneur(Continue from previous slide…)• Eager to learn• Attuned to opportunity• Receptive to change• Commitment to others• Comfort with power• A risk takerCharacteristics of successful entrepreneur• Strategy skills – ability to see the whole picture• Planning skills – ability to find what need to be done to reach goals• Marketing skills – ability to see customer’s needs and to past thefirm’s offerings to attract customers• Financial skills – ability to manage money, not only to trackrevenue and expenditure, but also to assess potential and risks• Project management skills – ability to organize projects to ensurethat necessary resources are in right place at right time• Time management skills – ability to use time productively and toprioritize jobs in order to get things done on schedule.Entrepreneurial skills neededFactors influencing Entrepreneurial PerformanceMoving from conventional jobto EntrepreneurshipComparing Conventional job to Entrepreneurship

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