Ideal Entrepreneur

Entrepreneurship
1
Characteristics of Successful
Entrepreneurs
Recall personal characteristics and skills needed

for a successful entrepreneur.
2
What is an Entrepreneur?
An individual who undertakes the

risk associated with creating, organizing,
and owning a business.
3
Personal Characteristics of
Successful Entrepreneurs
•Persistent •Goal-oriented
•Creative •Independent
•Responsible •Self-confident
•Inquisitive •Risk taker
4
Skills Needed by Successful
Entrepreneurs
•Communication skills
•Human relations skills
•Math skills
•Problem-solving & Decision-making skills
•Technical skills
•Basic Business skills
5
Entrepreneurship and the
Entrepreneurial Process
Understand entrepreneurship
and the entrepreneurial process.
6
Entrepreneurship vs. Entrepreneurs
Entrepreneurship Entrepreneur
 The process of starting and  An entrepreneur is an individual
running one’s own business who undertakes the risk
 This involves a considerable associated with creating,
organizing, and owning a
amount of risk.
business.
7
5 Steps of the
Entrepreneurial Process
1. Discovery
2. Concept Development
3. Resourcing
4. Actualization
5. Harvesting
8
Step 1: Discovery
The stage in which the entrepreneur generates ideas,

recognizes opportunities, and studies the market.
Entrepreneurs consider the following:

 Hobbies or Skills
 Consumer Needs and Wants
 Conduct Surveys and Questionnaires
 Study Demographics
9
Step 2: Concept Development
Entrepreneurs prepare the following in this

step:
 Develop a Business Plan
 A detailed proposal describing the business idea
 Choose Location for the Business
 Is the business online or does it have a physical location for customers
to visit to purchase products, services or combinations.
 Decide if the idea will need a Patent or Trademark
 Patent –
 Trademark -
10
Step 3: Resourcing
 The stage in which the entrepreneur identifies

and acquires the financial, human, and capital
resources needed for the venture startup, etc.
Entrepreneurs contemplate the following:

 Identify Potential Investors
 Apply for loans, grants and financial assistance
 Hire employees
11
Step 4: Actualization
 The stage in which the entrepreneur

operates the business and utilizes resources
to achieve its goals / objectives
Entrepreneurs prepare for the following:

 Grand Opening of the Business
 Day to Day Operations of the Business
12
Step 5: Harvesting
The stage in which the entrepreneur decides on

venture’s future growth, development, or
demise.
Entrepreneurs consider the following:

 Future Plans for the Business:
 Expansion to additional locations
 Company to change structure
13
3.03
Starting a Business
Understand the procedures and requirements

for starting a business.
14
Starting a Business
1. Develop a Business Plan

2. Acquire Finances
3. Meet Legal Requirements
15
Develop a Business Plan
A Business Plan is a detailed proposal

that describes a new business.
Business Plans are:

 Presented to potential investors and lenders
 Most business plans are 30+ pages
16
Purposes of a Business Plan
Business Plans are used to:

 Obtain Financing
Banks and Potential Lenders require a business plan
 Helps organize and analyze data critical to new business.
 Provides a start-up proposal

Provides and outline to follow when starting the business.
17
(1-3)
Components of a Business Plan
Executive Summary:
 Brief one to two page description of the key points of each section of the
business plan
Product/Service Plan:
 Presents Product or Service being offered
 Unique features of the Product or Service
Management Team Plan:
 Qualifications of the Entrepreneur
 Qualifications of any Partners who may be involved in the business venture
18
(4-6)
Industry/Market Analysis:
 Analyzes the: Customers / Competition / Industry / Demographic / Geographic
and Economic data
Operational Plan:
 Includes all processes involved in producing and/or delivering the product or
service to the customer
Organizational Plan:
 Management philosophy of the business
 Key management personnel
 Key employment policies
19
(7-9)
Marketing Plan:
 Describes how the business will make its customers aware of its products/ services.
 The Market being served / Marketing Strategies / Promotional Plan / Marketing Budget
Growth Plan:
 Presents plan for future expansion of the business
Financial Plan:
 Includes financial statements that will help forecast the future financial health
of the business.
20
Finance the Business
 Identify Potential Investors

Examples:
 Family and Friends
 Other Businesses
 Employees
 Contact Financial Agencies for loans, grants and financial assistance:
 Small Business Administration
 Banks / Credit Unions
 Insurance Companies
21
The Legal Environment
 Additional Legal Requirements for some businesses:

Permits, Certifications or Licenses:
 an official document giving someone authorization to run their business under the extension of the direction of the
Local, State and Federal Laws.
Contracts:
 a written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be
enforceable by law.
Zoning Laws:
 specify the areas in which residential, industrial, recreational or commercial activities may take place.
Taxes:
22
 a enforced contribution of funds to state revenue, levied by the government on workers' income and business profits or
added to the cost of some goods, services, and transactions.
Protecting Your Business
 More Legal Documents to Protect Your Business:

Trademarks:
 Protects a business’ name / logo.
Patents:
 Protects the invention of products or processes from theft.
Copyrights:
 Protects Creative Works: Literary, Musical, Dramatic, Artistic works
For More Information visit: 23

https://www.uspto.gov/trademarks/basics/trade_defin.jsp

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Entrepreneurship

Recall personal characteristics and skills needed

An individual who undertakes the

The stage in which the entrepreneur generates ideas,

Entrepreneurs consider the following:

Entrepreneurs prepare the following in this

 The stage in which the entrepreneur identifies

Entrepreneurs contemplate the following:

 The stage in which the entrepreneur

Entrepreneurs prepare for the following:

The stage in which the entrepreneur decides on

Entrepreneurs consider the following:

Understand the procedures and requirements

1. Develop a Business Plan

A Business Plan is a detailed proposal

Business Plans are:

Business Plans are used to:

 Helps organize and analyze data critical to new business.

 Provides a start-up proposal

 Identify Potential Investors

 Additional Legal Requirements for some businesses:

 More Legal Documents to Protect Your Business:

For More Information visit: 23

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