5 Characteristics of Entrepreneurship

@ Think about how many dreams (and businesses) failing to take action has killed. @ You must gain the ability to look at a problem or situation, @ Your ability as a decision-maker will make or break your future successes.

@ You learn to act with _______, the second characteristic of the entrepreneurial mindset. And one of the most important qualities of an entrepreneur. @They weren’t born knowing how to speak confidently, launch successful products, or write excellent books

@ The entrepreneurial mindset comes from taking responsibility for your actions and outcomes.

@ As an entrepreneur, you will need to learn to deal with making mistakes and failing. They are inevitable and a part of your growth.

@ is freedom from pride or arrogance, and it ties all of the characteristics of entrepreneurship. @ From decisiveness to confidence, _______ will keep you focused and centered.

Is all about attracting followers and considering their needs beyond the leader’s immediate self-interests.

Is based on the exchange of rewards for achieving results. Also called autocratic or authoritative leadership.

Is a type of leadership that focuses on common shared values, beliefs, ethics, and attitudes.

Motivates others to come up with innovation and creativity.

Is based on painting that vision for the future and inspiring others to follow.

Entrepreneurial Leadership Skills: @Someone with an open mind enjoys trying new things, hearing alternative views, meeting strangers, and learning new methods.

Entrepreneurial Leadership Skills : @ A leader who takes responsibility finishes his tasks and follows through to the final detail. @ It can be troublesome for the more entrepreneurial individuals as they embrace opportunity and end up doing something different.

Entrepreneurial Leadership Skills : @ Working with people can be tiresome because it takes time to understand each other properly.

Entrepreneurial Leadership Skills : @ The business owner can have a clear vision for the future, an entrepreneurial strategy, and the required business and industry knowledge.

Entrepreneurial Leadership Skills: @ Adapting to fast-changing situations, especially in tiring times like the Covid-19 era. @ It requires that you need to be able to think and draw conclusions quickly. It can be a temporary detour without losing sight of your vision.

Entrepreneurial Leadership Skills : @ It is more important for the business leader to create an atmosphere where people can be creative.

Entrepreneurial Leadership Skills : @ The _________ is a broader concept than managing the entrepreneurial team to improve the lives of others. Instead, it is execution power to turn big ideas into reality.

Entrepreneurial Leadership Skills : @ ________ means being able to understand the needs of others, as well as being aware of their thoughts and feelings.

Entrepreneurial Leadership Skills : @ An intensely felt mission gives them the drive to go and work hard for their company every day. @ The ________ is the concrete image of a point in time in the future, an attractive future picture of a beautiful reality where the lives of others have been improved.

Entrepreneurial Leadership in an Organization Organization: • Entrepreneurship and management are very distinctive from each other. Entrepreneurship is seeing possibilities and exploiting them to create value for the business’ clients and co- workers. • Management is controlling the processes towards value creation. The organization is a broader concept than managing the entrepreneurial team to improve the lives of others. Instead, it is execution power to turn big ideas into reality.

Business Plan Preparation: 1. Draft an Executive Summary; A good executive summary is one of the most crucial sections of your plan— it’s also the last section you should write. The executive summary’s purpose is to distill everything that follows and give time-crunched reviewers (e.g., potential investors and lenders) a high-level overview of your business that persuades them to read further.

Business Plan Preparation: 2. Describe Your Company; This section of your business plan should answer two fundamental questions: who are you, and what do you plan to do? Answering these questions provides an introduction to why you’re in business, why you’re different, what you have going for you, and why you’re a good investment bet.

Business Plan Preparation: 3. Perform a Market Analysis; No matter what type of business you start, it’s no exaggeration to say your market can make or break it. Choose the right market for your products— one with plenty of customers who understand and need your product— and you’ll have a head start on success. If you choose the wrong market, or the right market at the wrong time, you may find yourself struggling for each sale.

Business Plan Preparation: 4. Outline Management and Organization; The management and organization section of your business plan should tell readers about who’s running your company. Detail the legal structure of your business. Communicate whether you’ll incorporate your business as a corporation or create a limited partnership or sole proprietorship.

Business Plan Preparation: 5. List your Products and Services; Your products or services will feature prominently in most areas of your business plan, but it’s important to provide a section that outlines key details about them for interested readers.

Business Plan Preparation: 6. Perform Customer Segmentation; • Where they live • Their age range • Their level of education • Some common behavior patterns • How they spend their free time • Where they work • What technology they use • How much they earn • Where they’re commonly employed • Their values, beliefs, or opinions

Business Plan Preparation: 7. Define a Marketing Plan; Most marketing plans include information on four key subjects. How much detail you present on each will depend on both your business and your plan’s audience. • Price. How much do your products cost, and why have you made that decision? • Product. What are you selling and how do you differentiate it in the market? • Promotion. How will you get your products in front of your ideal customer? • Place. Where will you sell your products?

Business Plan Preparation: 8. Provide a Logistics and Operations Plan Cover all parts of your planned operations, including; • Suppliers. Where do you get the raw materials you need for production, or where are your products produced? • Production. Will you make, manufacture, wholesale or dropship your products? How long does it take to produce your products and get them shipped to you? How will you handle a busy season or an unexpected spike in demand? • Facilities. Where will you and any team members work? Do you plan to have a physical retail space? If yes, where? 8. Provide a Logistics and Operations Plan Cover all parts of your planned operations, including:

Business Plan Preparation: 9. Prepare a Financial plan; No matter how great your idea is, and regardless of the effort, time, and money you invest, a business lives or dies based on its financial health. At the end of the day, people want to work with a business they expect to be viable for the foreseeable future. Business Plan Preparation