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The Entrepreneur's Journey: Starting, Growing, and Staying Relevant in Business

Join Genevieve Pearl Duncan on May 25th, 2019 for a seminar on the entrepreneurial journey. Learn about the attributes of successful entrepreneurs, how to start and finance your business, strategies for growth, and staying relevant in a competitive market. Don't miss this opportunity to gain valuable insights and ask questions!

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The Entrepreneur's Journey: Starting, Growing, and Staying Relevant in Business

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  1. SME SEMINAR.THE ENTREPRENEUR’S JOURNEY FACILITATOR: GENEVIEVE PEARL DUNCAN 25TH MAY,2019.

  2. WELCOME

  3. WHO IS AN ENTREPRENEUR? • AN ENTREPRENEUR: A PERSON WHO IDENTIFIES A BUSINESS OPPORTUNITY AND ORGANIZES,MANAGES,AND ASSUMES THE RISKS OF STARTING AND OPERATING A BUSINESS. • ENTREPRENEURSHIP : IS THE PROCESS OF RECOGNIZING THE OPPORTUNITY,TESTING IT IN THE MARKET AND GATERING THE RELEVANT RESOURCES TO GO INTO THE BUSINESS.

  4. BEING AN ENTREPRENEUR • Starting your own small business is a big, scary step into the unknown, but just by considering the option, you’re one step ahead • You’ve never done this before, you’re a little bit terrified, and everyone around you probably assumes that you’re crazy • Being an entrepreneur certainly isn’t easy, and comes loaded with risks. You’ve probably heard the scary stats about business failure. • But for those who are willing to take the chance, there’s also a lot of reward at the end of the tunnel.  • HAVE THE RIGHT ATTITUDE AND MINDSET AND YOU WILL SUCCEED!!!!

  5. ATTRIBUTES OF SUCCESSFUL ENTREPRENEURS • BELIEVE IN THEIR VISION • PASSIONATE • WISDOM • DON’T ENTERTAIN FEAR • OPEN MINDED • CREATIVE THINKERS • PERSISTENT • SELF DRIVEN • CONSISTENT AND FULL OF TENACITY • HUNGRY TO LEARN(KNOWLEDGE IS KEY)

  6. STARTING RIGHT • EVALUATE YOURSELF (WHY DO YOU WANT TO START A BUSINESS?) • THINK CRITICALLY OF YOUR BUSINESS IDEA(IS IS FEASIBLE,HAS A REVENUE GENERATION MODEL?) • DO A MARKET RESERCH(DON’T JUST FOLLOW THE CROWD) • GET FEEDBACK (YOU CAN DO A PILOT/PROTOTYPE) • START WITH THE BASIC STRUCTURES(REGISTER THE COMPANY,BOOK KEEPING ,INVENTORY MANAGEMENT,RIGHT TEAM ETC) • FINANCE YOUR BUSINESS (SELF,PITCH TO FAMILY & FRIENDS,REQUEST FOR A GRANT/LOAN,VENTURE CAPITAL/STRATEGIC ALLIANCES/PARTNERS) • DEVELOP YOUR PRODUCT OR SERVICE • HIRE THE RIGHT PEOPLE • BE CUSTOMER CENTRIC

  7. START UP CAPITAL/CAPITAL INJECTION

  8. GROWING YOUR BUSINESS AS ENTREPRENEUR

  9. HOW TO SUCCESSFULLY GROW YOUR BUSINESS • STAY TRUE TO YOUR VISION(Be focused, and avoid detractors) • BE INNOVATIVE (THINK CREATIVELY) • BE CUSTOMER CENTRIC • BUILD SYSTEMS AND STRUCTURE • HAVE STRATEGIC PARTNERS(ADVISORS/CONSULTANTS,BANKERS,ACCOUNTANTS,&INVESTORS) • BE CONSISTENT • BE COST EFFICIENT • INVEST IN YOURSELF & TEAM • DELEGATE AND GET THE CHANCE TO BUILD OTHER BUSINESSES • BE ADAPTIBLE

  10. SOME FORMS OF BUSINESS GROWTH Business Management Creativity and innovation Creativity is the ability to develop new ideas and to discover new ways of looking at problems and opportunities. Innovation is the ability to apply creative solutions to those problems and opportunities. Ways of being creative and innovative as an entrepreneur can be through The use of technology Using analytical tools Communication Open mindedness • This deals with organizing and co ordinatingof activities of a business in order to achieve defined objectives. • Some business management tips • Hiring the right people • Delegating • Separate Your Personal & Business Finances • Supervise

  11. SOME KEY CHALLENGES FACING ENTREPRENEURS IN GHANA • ACCESS TO FUNDING • UNDER UTILIZATION OF INFORMATION AND COMMUNICATION TECHNOLOGY(ICT): here,some entrepreneurs are just not interested or have very little knowledge. • ACCESS TO RIGHT/SKILLED TALENTS/LABOUR • LIMITED ACCESS TO RESEARCH & DEVELOPMENT(NON EXISTENCE OF FUNDS TO BE ALLOCATED FOR R & D) • STRATEGIC PARTNERS

  12. HOW TO STAY RELEVANT • BE TRUE TO YOUR BRAND(KEEP TO YOUR BRAND PROMISE) • BE VISIBLE (Market yourself right) • USE BASIC CUSTOMER ENGAGEMENT MODELS • BUILD YOUR ONLINE PRESENCE(WEBSITE /BEST USE OF SOCIAL MEDIA • BUILD YOUR BUSINESS WITH WORD OF MOUTH • GO MOBILE/VIRTUAL(HAVE SERIOUS ONLINE PRESENCE) • RETAIN YOUR BEST EMPLOYEES • THE ULTIMATE IS TO BE IN THE MINDS OF CONSUMERS:- INCREASE YOUR MARKET SHARE & IMPACT YOUR BUTTOM LINE

  13. UTILIZING SOCIAL MEDIA • CHOOSE WHAT IS BEST FOR YOUR TARGET MARKET

  14. TAKE AWAY • I think anything is possible if you have the mindset and the will and desire to do it and put the time in”. Roger Clemens

  15. QUESTIONS & ANSWERS

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