THE ADMINISTRATOR AS AN ENTREPRENEUR

1. THE ADMINISTRATOR AS ANENTREPRENEUR Pauline A Reid

2. An entrepreneur is a person who undertakes and operates a new enterprise or venture and assumes some accountability for the inherent risks with the expectation that profits will be made. Entrepreneurship is often difficult, as many new ventures fail in the first year Entrepreneurship is the practice of starting, new businessesgenerally in response to identified opportunities. Entrepreneurship ranges in scale from solo proprietorships to major corporations) WHO IS AN ENTREPRENEUR?

3. THE OFFICE ADMINISTRATOR • Office administrators undertake a range of functions to make sure the administrative activities within an organization run smoothly. • An office administrator usually perform the following tasks: • supervise the day to day running of the office • interview job applicants • conduct orientation programs for new employees • be involved in staff training and development, the preparation of job descriptions, staff assessments and promotions • prepare annual estimates of expenditure, maintain budgetary and inventory controls and make recommendations to management • maintain management information systems (manual or computerized) • provide and maintain business premises and other facilities including plant and equipment • review and respond to correspondence • executive services for the company

4. SIMILARITIESOFFICE ADMINISTRATOR & THE ENTREPRENEUR • Oversee the overall administrative details of the organization • Must have a good grasp of the operations of the organization • Capable of multi-tasking • Be efficient • Team player • Be Creative • Meticulous and detailed…important ingredients for the success of any business

5. MAKING THE SWITCH • The economic advantages • A Calculated Decision – Assess Risks • The “ way out” of unemployment for many • A “Vision” a “dream” • “Forced” Entrepreneurship or a desire • Writing your own pay cheque • Making social, physical and mental

6. Can the Administrator Succeed as an Entrepreneur? • Do you have the passion to succeed? From the plain and humble beginnings of his family to becoming one of the richest men in America, Hershey’s passion for chocolate was matched by nothing except his love of children. Although he smoked between eight to ten cigars a day until his death in 1945, Hershey lived a long life, filled with both failure and success, lots of hard work and determination, and a concern for his fellow man. That was Hershey’s recipe for success

7. Where is Your Market? • Globalization - the absolute infinite and borderless market facilitated by the advancement in technology. • The CSME makes its easier to member countries for trading relations • Use it well • Your market “ the world ” is at your doorstep

8. STRATEGIC ENTREPRENEURSHIP • Strategic Vision-Entrepreneurial success depends on the ability to think strategically, have a clear strategic vision –What does the future direction of the business look like • Craft your Vision and Mission statement to embody the image of the business. Make sure that the mission is in sync with what your clients can expect of you. • What is needed and quite often ignored by entrepreneurs is a business strategy .....YOU must have a strategy… only way forward • Complete a strategic plan-Your strategy is a plan for interacting with the competitive environment to achieve your intended goals ...globalization, CSME • Identify your Long term and short term objectives • The Strategic Implementation –Putting it together to achieve the planned results.

9. HOW DO YOU STRATEGIZE • Uncover, identify, and know what creates and drives value in your business. • Understand how to clearly communicate your "value drivers" to your venture team and potential investors. • Understand the business planning process and the business plan, its importance, and uses. • Understand how to prepare your first value map that helps you find immediate sales traction in fast-changing marketplace. • Understand the types of different exit strategies, and identify the one that is best for your venture. • Understand how entrepreneurs are successfully getting ahead today, and how to get on the radar • Avoid sand traps, land mines, and instant deal killers with investors. • you need a roadmap to success for your business and a plan as to how to break into the market

10. THE WAY FORWARD • Creativity, Imagination, and Capitalizing on Opportunities • Opportunities arise from imagination and insight and lead to creative, valuable inventions and innovations.  • What creates opportunities?  • While we know much about INDIVIDUALcreativity, how does it contribute to the innovation process?  • To what extent is creativity an INHERITED characteristic, and what can we learn from the behavioral sciences about it?  • Is IMAGINATION a group process? What is organizational creativity? How are opportunities identified? • What is required to exploit opportunities?

11. ECONOMIC GROWTH • Entrepreneurship and Economic Growth • It is well-established that entrepreneurship plays an important role in job creation and therefore in economic growth and development of various geographic entities from villages to regions and even to entire countries. • Thus, to advance the level of growth and development at all geographic levels, some scholars believe we need to encourage, motivate, and support entrepreneurial activities.  • Look at what can be done through public policy formation to promote entrepreneurial activity? • What institutions have the greatest impact on entrepreneurship? • Do certain policies increase entrepreneurial firms’ ability to create jobs and create growth?

12. As the global environment moves faster, innovation and its partner, change, are requirements for survival and success. • The role of innovation has been much studied and some place it at the heart of success, certainly as a precursor to change.  • How does innovation arise? Can we understand the process that creates it?  Respond to the market • How can we identify and learn from potentially valuable innovations that never make it? INNOVATION

13. What resources are necessary to create innovation? • How can firms enhance the probability that innovations create value and advantage? • Why are some firms more innovative than others?  • Does innovation as an event or process differ in young, small organizations as opposed to large, established organizations? (absorb more shock)

14. THE BUSINESS OF WINNNING 1. Improve basic efficiency - all the time.2. Think as simply and directly as possible about what you're doing and why.3. Behave towards others as you wish them to behave towards you.4. Evaluate each business and business opportunity with all the objective facts and logic you can muster.5. Concentrate on what you do well.6. Ask questions ceaselessly about your performance, your markets, your objectives.

15. CONT’D • 7. Make money: if you don't, you can't do anything else.8. Economise, because doing the most with the least is the name of the game.9. Flatten the company, so authority is spread over many people.10. Admit to your failings and shortcomings, because only then will you be able to improve on them.11. Share the benefits of success widely among those who helped to achieve it.12. Tighten up the organisation whenever you can - because success tends to breed slackness.

16. JOB CREATION • Promoting a positive attitude towards entrepreneurship through education is increasingly becoming the policy of governments whose objective is to generate more employment through enterprise creation. • Many enterprise and entrepreneurship education programmes can be found in schools and communities around the world. • Through the encouragement of entrepreneurship we can put a handle on unemployment by creating well needed jobs • In order to move Jamaica forward it is important that we stop thinking that we should train our bright young minds for export

17. QUICK TIPS • Make the Most of Lucky Breaks. Embrace Change as a Way of Life. Develop Your Contacts. Use Your Time Wisely. Don't Put up with Mediocrity. Chase Quality, Not Dollars. Act Quickly in a Crisis. After a Fall, Get Back in the Saddle Quickly. • Find a Vacuum and Fill It. Do Your Homework. You Won't Be Committed if You're Not Having Fun. Work Hard, Play Hard. Set Goals (but go easy on the "vision" thing). Trust Your Intuition. Reach for the Sky (at least once). Learn to Sell. Become a Leader. Recognize a Failure and Move on.

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