Entrepreneurs

• Entrepreneurs are strong driven forces that provide products and services and are seen as people who set up a business in order to gain experience and a profit
• An entrepreneur is someone who takes risks, has the ability to make decisions quickly and can be innovative
• some entrepreneurs are forced to start a business because of circumstances like unemployment
• they need to have good leadership skills in order to motivate the employees to not only achieve work goals but also their personal goals. this is known as invaluable assets
• an intraprenuer is someone who works within a company and develops ideas into profitable ventures
• they need to be involved in the POLC (planning, organising, leading and controlling)
• the difference between an intrapreneur and an entrepreneur is that an entrepreneur starts their business by using their personal capital and goes through risks whereas an intrapreneur doesn't use capital and operates within and existing organisation and doesn't like taking risks
• intrapreneur and entrepreneur share the same characteristics. they are both persistent, innovative and have goal driven
• Types of entrepreneurial qualities

  • Passionate visionaries
  • Creative thinkers
  • Risk takers
  • Good leaders
  • Independent spirit
  • Perseverance and commitment
  • Opportunists
• Passionate visionaries

  People who believe they can do something different that no one thought of
• Creative thinkers

  They challenge the conventional ways of the aspects of traditional businesses like products
• Risk takers

  People with positive attitudes that take their time money and resources in doing something they believe could work
• Good leaders


  People who persuade consumers into buying your business dreams (products)
• Independent spirit

  People who like to be in control and are motivated to work hard rather than having someone boss them
• Perseverance and commitment

  People who work hard
• Opportunists

  Right place right time
• Entrepreneurial skills are individuals with knowledge and expertise. They have skills that are learnt and involve elements like POLC and they need to be able to recognize their shortcomings and hire those that fulfill their roles
• different types of entrepreneurs:

  social entrepreneur-people who solves social issues rather than trying to make a profit, they just want to make the world a better place

  techno entrepreneur- they come up with original and unique ideas and usually start their ideas from a problem

  ecopreneur- they save the environment and has to make sure that their products don't harm the environment

  tenderpreneur: obtains tenders from the government and to the private business so they can provide a specific service
• environmental scanning: entrepreneurs must constantly be in touch with the world in order for the business to stay successful. they have the benefits to identify threats, keep up with the competitors, identify possible opportunities in the market, allow entrepreneurs to create both short and long term strategies to protect their business
• Entrepreneurs can identify social environmental and economical effects to analyze the factors behind in order to adject the planning.
• they are not limited to the triple bottom line (the framework of the three P's)
• the three P's: People, planet, profit
• entrepreneurs decide to start a business by looking at: the viability of the product or service, the strength of competitors, size of potential market to observe a player, stability of suppliers, staff, premises and fellow investors
• SMARTER GOALS

  Specific: goals need to be definable

  Measurable: goals must be quantifiable

  Achievable: Need to achieve goals

  Realistic: goals need to be real and have a bigger picture

  Time related: goals are achieved at its own time

  Ethical: what is right vs what is wrong

  Recordable: have a certain commitment that needs to come to a bold statement
• resourcing involves mobilizing necessary resources to be ready to take off, they include: fellow investors, raw materials, capital items, finances and staff
• preparation involves the opening of the business which could take weeks or months and it usually depends on the size of the business, but has ongoing days and sustainable trading. they include marketing, tiles and stationary, raw materials and premises.
• Action is the momentum meaning that it never stops and includes flames of innovation that is constantly fanned to keep it from going out and includes a new marketing, new ideas, new products that will grow the business
• evaluation is making sure the worker knows to evaluate and get feedback in the entrepreneurial business
• simple tool that can utilize one variable by arranging both past and expected future of events in chronological order

  able to identify which event is dependent on the previous ones

  
• includes info of timeline in chronological order of events

  estimate the time needed for task

  includes more info through colour coding and key to symbols

  show interrelatedness of tasks through advanced versions

  
• Action plan: A plan that sets out the steps that will be taken to achieve a goal.

  1. set goals
  2. gather info
  3. analyze assumptions of diff planning base
  4. choose a plan of action
  5. plan detail
  6. action
  7. review
• A work breakdown structure is a breakdown of elements of work that needs to be done on a specific project. The difference between a WBS and Gantt chart is that a WBS shows the work being done whereas the Gantt chart shows the time allocation in order to complete the work
• levels of management:

  top management makes strategic decisions that concerns the future of the business and are long term objectives that are defined and have long term decisions that needs to be mapped out as a whole
• middle management deals with the tactical decisions from the to management and turns decisions into action plans in order to help out the lower management
• Lower management is the front line that makes operating management decisions and routines the decision in according to the prescribed rules and regulations that are short in nature.
• Business functions

  • Purchasing
  • Production
  • Marketing
  • Financial
  • Administrative
  • Human resource
  • Public relations
  • Risk management
• Purchasing function

  Buying goods, materials and services in order to satisfy the consumers needs and wants and ensuring you have a good supplier
• Production function


  Making products to sell to your consumers and gain profit
• Marketing function

  Marketing your business by having promotions and advertisements
• Financial function


  The finance and deals with money and having investors to help the business grow and gain profit