power point-ed

8/7/2019 POWER POINT-ED

1/26


2/26

1. It is usually less costly to make your first

mistakes on paper.

2. The business idea and concept will undergomodifications.

3. Those entrepreneurs needing financial

assistance.


3/26

Insufficient turnover

Poor management and supervision

Lack of proper accounting Competition

Not enough capital

Bad debts

Excessive remuneration to the owners


4/26

` Nothing new to say

` Lack of expertise

` Cash flow crises

` No management accounts

` Falling out


5/26


6/26

` Your previous experiences in business

` Your hobbies and interests

` Your own skills

` Your experience as customer` Your existing business relationships and network

` A new invention or technology

` Copy something that already exists


7/26

There follows a step-by-step guideline for using

brainstorming:

1. Start by defining the question as closely as you can

2. Write out the question concisely

3. Give yourselves a time limit

4. Appoint one person to record the ideas5. Everyone else shouts out their ideas

6. It is sometimes useful to give people other items or

words from which to spark ideas.


8/26


9/26

The biggest advantage of buying a business is that

the business is already established.

Buy the whole business Buy some of the assets of the business

Buy a part of the business

Management Buy-Out (MBO)

Management Buy-In (MBI)


10/26


11/26

Broad characteristics of entrepreneurs

A lot of commitment and hard work

Acceptance of uncertainty

Good health Self-discipline

Self confident all-rounders

Innovative skills

Goal setting

Self-evaluation for prospective entrepreneurs


12/26

If the statement is rarely true, score 1; if 'usually

true', score 2;and if nearly always true', score 3

1. I know my personal and business objectives.

2. I get tasks accomplished quickly.

3. I can change direction quickly if marketconditions alter.

4. I enjoy being responsible for getting things done.

5. I like working alone and making my own

decisions.6. Risky situations dont alarm me


13/26

7. I can face uncertainty easily.

8. I can sell my self and my business ideas.

9. I dont take time off sick.

10. I can set my own goals and targets and then get

on with achieving them.

11.M

y family are right behind me in this venture-and they know it will mean long hours and hard

work.

12. I welcome criticism- there is always something

useful to learn from other people.13. I can pick the right people to work with me.


14/26

14. I am energetic and enthusiastic.

15. I dont waste time.

On my own or with a team?

There are several advantages of the teamapproach including:

You are likely to have complementary skills.

You have more resources from the outset.

You may have complementary characteristics.

You can provide support and encouragement toone another.


15/26

You can cover for one another for sickness and otherabsence.

Disadvantage of the team approach such as: You are carrying a bigger overhead from day one. You will need to be clear from the outset about roles,

responsibilities, ownership shares, etc. Y

ou may fall out with one another and thus put thebusiness at risk. Decision- making may take longer since you will need

to agree key decisions with the other members of theteam.

For some entrepreneurs, whose need for control isgreat and whose primary driver is to be their ownboss, being part of a founding team may feel like theprecise opposite of what they are looking for.


16/26

Common motivations for starting a business

Being my own boss Being able to make my own decisions Having satisfaction in my own work and achievements Making a lot of money (i.e. capital growth) Being able to capitalize on specialist skills Earning my money when I want

Having flexible working hours for existing or familycommitments


17/26

Taking a calculated risk on my own abilities

Reducing existing stress and worry

Working without having to rely on others Creating something which is mine

Changing the way things are done

Having a business to pass on to the next generation.

Creating employment for the family


18/26

Personal satisfaction ( fun )

Wealth creation ( making money)

Disadvantage of running your own business

You are totally responsible for the success or failure of

your business.


19/26


20/26


21/26

` Vision statements and objectives are important in twomain ways: They concentrate your own and your (future) employees

efforts in a specific market

And they concentrate attention on problems to be solved.

` Which business you are in, and your purpose.

` What you want to achieve over the next one to threeyears

` How you will achieve your goals, your values and yourstandards.


22/26

` The purpose of practical DIY market research

1. To build credibility for the business idea

2. To develop a realistic market entry strategy

Your customers

Your competitors

Your product or service

Which promotional material is needed

Sales and distribution channels

location


23/26


24/26

Field research or primary data collection

Questionnaire design

Defining your research objectives

Who are the customers to sample

How are you going to undertake the research

1. Keep the number of questions to the minimum.

2. Start by asking for straightforward.

3. Where possible, the answers should be either

yes/No/Dont Know

4. Avoid ambiguity

5. Make sure that at the beginning you have a cut-out

question to eliminate unsuitable respondents


25/26

Telephone interviewing

Postal surveys

Face to face interviewing Online survey

Sampling sizes

Validation


26/26

` How should you define your competition?

` Why should you study the competition?

` What are the key things you need to know about

the competition?

What is the range of competitive offering

For each one, what are their strengths and weaknesses

` How do you obtain information about the

competition?

power point-ed

Documents