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The Entrepreneurial Spirit

The Entrepreneurial Spirit. Creativity and Innovation The Ability to Organize Resources The Willingness to Accept Risks and Failures. Entrepreneur – Advantages. Be Your Own Boss – You Make the Rules Unlimited Income Potential If Successful, Access to Unique People and Places

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The Entrepreneurial Spirit

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  1. The Entrepreneurial Spirit Creativity and Innovation The Ability to Organize Resources The Willingness to Accept Risks and Failures

  2. Entrepreneur – Advantages • Be Your Own Boss – You Make the Rules • Unlimited Income Potential • If Successful, Access to Unique People and Places • Satisfaction of Creating and Building Something Unique • Life Long Learning – Always Learning Something New and Interesting

  3. More characteristics … • Achievement motivation • Opportunistic • Alert to business opportunities • Innovative and creative, ideas person • Utilize a variety of sources of finance • High profile image-maker • Restless, adventurous • Intuitive • Agent of change, proactive • Self-reliant • Strong sense of self-belief • Analytical, assesses risks realistically • Good communicator

  4. Creativity Blockers • The Right Answer • That’s Not Logical • Follow the Rules • Be Practical • Avoid Ambiguity • To Err Is Wrong • Play is Frivolous • That’s Not My Area • Don’t Be Foolish • I’m Not Creative.

  5. Opportunity Selection Funnel

  6. Entrepreneurial Misconceptions • Most Businesses Do Not Succeed • You Need a Lot of Money to Start a Business • Webvan – Started With $375 Million and Is Now Out of Business • John McConnell Started Worthington Industries With $500 and Built a Successful Fortune 500 Company

  7. What Does It Take to Succeed? • Extreme DeterminationNever Give Up! • Good Sales Skills • Recruiting Employees • Gaining New Customers • Persuading Partners and Suppliers to Do What You Want • New Businesses That Fail Usually Fail Because of Lack of Revenue • Good Financial Controls • Ability to Build and Motivate a Team

  8. How to Get Started • Pick a Business • Should Be in a Growing Industry • It Helps If You Already Know Something About It – but This Is Not Critical • Go to Work for a Similar Business • Learn Everything You Can About the Business and the Industry • Consider a Franchise for First Business or Pick a Partner That Has Some Business Experience • Go Ahead and Do It – Worst That Can Happen – You Can Fail but Learn a Lot – Then Start Another One

  9. Steps to start a business • Choose a Business Idea (mainstream, niche, or entrepreneurial?) • Evaluate the Business Idea • Pre-existing business idea • Preliminary environmental analysis • Business idea established • Clearly define business idea • Assess Business Opportunities • Define Business Objectives • Prepare the Feasibility Study

  10. Steps to start a business (2/2 • Environmental Information: factual evidence about existing and likely future supply and demand conditions • EI collected from primary and secondary research • Defining the business: • Business activity description • Customer geographic area • Broad business offer (product, price, distribution, image, promotion) • Competitive advantages

  11. Assessing Business Opportunities • Choose a Business Location (4 steps) • Size of premises • Aspects: floor space, dimensions, shape • Components: stock, display, reception, staff amenities, office, production, parking • Type of Premises (home, industrial, commercial) • Select general area • Convenience (target, labour, transport, supply, home) • Economic condition (growth, stability, diversity, competition, population, wealth) • Image (housing conditions, civic facilities, attractiveness) • Select specific site address • site history, business neighbour compatibility, access, visibility and exposure, legal, size, condition, internal facilities, cost)

  12. Choose an Entry Method • Starting up • Increasing business activity and demand • Undersupply of goods/services • New product or service • Buy existing business • Increasing business activity and demand • Increasing customer demand • Obtain franchise outlet • Estimate Establishment Costs • Furniture & fittings, equipment, office machines, vehicles, repairs, renovations, preparations, utilities • Borrowed = Tot. est. cost – Tot. available personal cap. • Estimate Borrowing Requirements

  13. Mind Mapping

  14. References • Dollinger, M.J., Entrepreneurship: Strategies and Resources, 2nd Ed., Prentice-Hall, NJ, 1998. • Ebert, R.J., Business Essentials, Prentice-Hall, New Jersey, 2000. • Kuratko, D.F., Entrepreneurship: A Contemporary Approach, 4th Ed., Dryden Press, Or, 1998. • Peters, R.D., Entrepreneurship, 4th Ed., McGraw-Hill, USA, 1998. • Thomas, R.J., New Product Success Stories: Lessons from Leading Innovators, JWS, NY, 1995. • Timmons, J.E., New Venture Creation : A Guide to Entrepreneurship, 2nd Ed., Irwin, Ill, 1985

  15. Terima Kasih • Salam sukses untuk kita semua. • Dodi Setiawan Riatmaja • Dodi_setiawan1983@yahoo.com

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