RISKS & REWARDS, STRENGTHS & WEAKNESSES

• ENTREPRENEURIAL RISKS:

  • MARKET RISK

  • FINANCIAL RISK

  • COMPETITIVE RISK

  • TECHNOLOGY RISK
• REWARDS OF ENTREPRENEURSHIP

  • CAREER FULFILLMENT

  • WORK-LIFE BALANCE

  • LEADERSHIP EXPERIENCE

  • COMPANY CONTROL
• STRENGTHS

  • BOLD

  • RATIONAL AND PRACTICAL

  • ORIGINAL

  • PERCEPTIVE

  • DIRECT

  • SOCIABLE
• WEAKNESSES

  • IMPATIENCE

  • RISK-PRONE

  • UNSTRUCTURED

  • DEFIANT
• INTUITION - knowing something that we don't know
• PERCEPTIVE -This originality is helped by Entrepreneurs’ ability to notice when things change and when they need to change!
• INNOVATOR - Entrepreneurs usually or normally create new products, services or offerings out of the existing ones.
• ENTREPRENEURIAL SKILLS -This refer to the set of cognitive, technical and interpersonal skills required in the practice of entrepreneurship
• SKILLS -are considered as

  the personal abilities to do

  things wells. They come from

  the totality of the knowledge,

  practice or experience, and

  aptitude of a person.
• COGNITIVE SKILLS -Refer to the mental ability of the entrepreneur to learn new things, generate new ideas, and express knowledge in both oral and written forms
• HUMAN BRAIN -is responsible for the development of cognitive skills, which are essential in making systematic

  and effective plans and monitoring them
• SCIENTIFIC APPROACH IN SOLVING BUSINESS PROBLEMS:

  1. Defining the real problem 2. Gathering information about the problem 3. Formulating alternative solutions 4. Evaluating alternative solutions 5. Selecting and implementing the optimal solution 6. Evaluating the decision
• The technical skills of an entrepreneur include proficiency and ability, among others, in the following areas:

  1. Information and Technology 2. Feasibility study and business plan preparation 3. Technical writing skills 4. Marketing 5. Management and finance
• INTERPERSONAL SKILLS - basically about the relationship and interaction of the entrepreneur with the workers, suppliers, creditors, prospective customers, and other members of the business community
• The interpersonal skills of an entrepreneur may include, among others, the following:

  Skills in:

  • Verbal Communication

  • Non-verbal communication

  • Leading

  • Negotiating

  • Listening
• COMPETITIVE RISKS -the chance that their offerings won’t be able to gain market share because of alternatives
• TECHNOLOGY RISK -include privacy and security concerns, such as the potential for a data leak or IT breach, as well as risks related to money if the company needs to invest heavily in technology to remain competitive in the market
• BOLD -strengths of an entrepreneurs which are assertive and brave enough to face any challenges that come there way in the process of doing entrepreneurship.
• DIRECT -entrepreneurs doesn’t waste time. They no longer consider beating around the bush, instead, they go directly in solving a certain issue or concern
• TRUE -IMPATIENCE may lead to RISK-PRONE
• UNSTRUCTURED -entrepreneurs see an opportunity to fix a problem, to advance, to have fun and seize the moment, often ignoring rules and social expectations in the process. This may get things done, but it can create unexpected social fallout