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Entrepreneurship Training

The document outlines the process of entrepreneurship, defining it as the creation and expansion of businesses through personal entrepreneurial competencies. It details the characteristics of successful entrepreneurs, categorized into achievement, planning, and power clusters, emphasizing traits such as goal setting, persistence, and networking. Additionally, it discusses the importance of feasibility analysis and business planning in developing viable business ideas and outlines the standard contents of a business plan.

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ayele
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21 views30 pages

Entrepreneurship Training

The document outlines the process of entrepreneurship, defining it as the creation and expansion of businesses through personal entrepreneurial competencies. It details the characteristics of successful entrepreneurs, categorized into achievement, planning, and power clusters, emphasizing traits such as goal setting, persistence, and networking. Additionally, it discusses the importance of feasibility analysis and business planning in developing viable business ideas and outlines the standard contents of a business plan.

Uploaded by

ayele
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Entrepreneurship Training o

Entrepreneurship
It is the process of business activities that
creates business idea to start a new business
or to expand the existing one by
implementing entrepreneurial competencies
and personal entrepreneurial characteristics
to generate wealth / income/.
Entrepreneur
Entrepreneur is a person who creates
business idea to start a new business or to
expand the existing one by implementing
entrepreneurial competencies and personal
entrepreneurial characteristics to generate
wealth / income/.
Entrepreneurship Motivational points
Personal Entrepreneurial
characteristics (PEC)
Successful Entrepreneurs
fulfill the following 10 basic
personal entrepreneurial
competencies
The 3 cluster areas of 10 characteristics

1. ACHIEVEMENT
CLUSTER
2. PLANING CLUSTER
3. POWER CLUSTER
Planning cluster
It includes the following characters
Goal setting
Information seeking
. Systematic planning and monitoring
Goal setting
Sets goals and objectives which are
personally meaningful and challenging

Articulates clear and specific long-


term goals

Sets measurable short-term objectives


Information seeking
Personally seeks information from
customers, suppliers and
competitors

Does personal research on how to


provide a product or service
Consults experts for business or
technical advice
Systematic planning and monitoring
Plans by breaking large tasks
down into sub-tasks with clear
time-frames
Revises plans in light of feedback
on performance or changing
circumstances
Keeps financial records and uses
them to make decisions
ACHIEVEMENT CLUSTER

It contains 5 characteristics of successful


personal characteristics of entrepreneurs as;
1.Opportunity seeking and initiative
2.persistence
3.Fulfilling commitments
4. Demand for efficiency and quality
5. Taking calculated risks
1.Opportunity seeking and initiative

Does things before being asked


or forced to by events
Takes action to extend the
business in to new areas,
products or services
Seizes unusual opportunities to
start a new business, obtain
financing, equipment, land work
space or assistance
2.persistence
Takes action in the face of significant
obstacles and challenges

Takes persistent actions, or switches to an


alternative strategy, to meet a challenge or
to overcome an obstacle

Takes personal responsibility for the


performance necessary to achieve goals
and objectives
3.Fulfilling commitments
Strives to keep customers
satisfied and places long-
term good will above short–
term gain
Pitches in with employees,
or takes their place if
needed, to get a job done
Makes a personal sacrifice
and extraordinary effort to
4. Demand for efficiency and quality
Finds ways to do things better,
faster and cheaper
Acts to do things that meet or
exceed standards of excellence
Develops and uses procedures to
ensure that work is completed on
time and that work meets agreed
upon standards of quality
5. Taking calculated risks
Deliberately calculates risks and
evaluates alternatives
 Takes action to reduce risks
and/or control outcomes

Places oneself in situations


involving a challenge or moderate
risk
Power cluster
 Persuasion and networking
Independent and self-confidence
Persuasion and networking
Uses deliberate strategies to influence and
persuade others
Uses key people as agents to achieve own
objectives
Takes action to develop and maintain a
network of business contacts
Independent and self-confidence
Seeks autonomy from the rulers and/or
control of others
Attributes the causes of success and failures
to oneself and to one’s own conduct
Expresses confidence in own ability to
complete a difficult task or to face a
challenges
Developing Business
Planning
For Standard Business plan
The concept of business planning
The entrepreneurial process consists of four
steps:
Step 1: Deciding to become an entrepreneur
Step 2: Developing successful business ideas
Step 3: Moving from an idea to an
entrepreneurial firm
Step 4: Managing and growing the
entrepreneurial firm
Feasibility analysis
is the process of determining if a business
idea is viable. the most effective businesses
emerge from a process that includes
 (1) recognizing a business idea,
 (2) testing the feasibility of the idea,
 (3) writing a business plan, and
(4) launching the business.
for conducting a feasibility analysis by
describing its four key areas:

product/service feasibility
 industry/market feasibility
organizational feasibility
and financial feasibility.
f Feasibility Analysis in Developing Successful Business Ideas
feasibility analysis requires both primary and
secondary research
Primary research is research that is collected by
the person or persons completing the analysis. It
normally includes
Talking to industry experts, obtaining feedback
from customers, conducting focus groups, and
administering surveys.
Secondary research probes data that is already
collected. The data generally includes industry
studies, through library and Internet research.
Business Plan
A business plan ;
is a written document prepared by the individual
entrepreneur or partners that describes the goals
and objectives of the business along with steps
necessary to achieve those goals. It is also referred
to as a proposal, a prospectus, or game plan.
Business plan
The most important part of the business plan is
the market survey. The survey will show if the
business idea can be transformed into a
business opportunity.
 Another important element of the business
plan is the cost side.
 An underestimation of the start-up costs and
the running costs may show a good profit
margin on paper.
 Once the business has started it can turn out
that the revenues don’t cover the costs.
Standard Business Plan
Contents of Business Plan
Executive Summary, Business Idea and Market ,
Marketing Plan Product .,Marketing Plan Price

Marketing Plan Place, Marketing Plan Promotion


Legal Form , Start-up Capital

Sources of Start-up Capital ,Organization and


Staff ,
 Business Operation and Costs

Cash Flow Plan ,Profit Margin ,Opening Balance


Business plan
A realistic estimation of this cost
aspect is required and in addition a
certain percentage for unforeseen costs
should be calculated.
At the end of the elaboration process the
business plan will show whether the
business idea is viable or not.
Appendix
Any material that does not easily fit into the
body of a business plan should appear in an
appendix
résumés of the top management team, photos
or diagrams of product or product prototypes,
certain financial data, and market research
projections. The appendix should not be bulky
and add significant length to the business
plan. It should include only the additional
information vital to the plan but not
appropriate for the body of the plan itself.
The Standard Business Plan format
 The Standard Business Plan format you can
get from the internet KAB module 9.

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