ENTREPRENEURSHIP TRAINING.ppt for graduating class (1).ppt

entreprenuership training for graduating students

1. DEVELOPING
ENTREPRENEURIAL
SKILLS

2. WELCOME
AND
CONGRATS!

3. Entrepreneurship Training for
Graduating Students
Mekelle University
July 12-16, 2019

4. Introduce yourself
Why are you here
What do you wish to gain or
learn from this training ?

5. ENTREPRENEURSHIP
DEFINITION:
It is the practice of starting new
organizations, particularly new
businesses generally in response to
identified opportunities
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6. ENTREPRENEURS: SELECTED DEFINITIONS
Entrepreneurisapersonwhointroduces
innovativechanges.Entrepreneurisanintegral
partofeconomicgrowthandisafundamental
sourceofeconomicdisequilibria(Schumpeter).
FrancisA.Walkerobservedthatthetrue
entrepreneurisonewhoalwayssearchesfor
change,respondstoit,andexploitsitasan
opportunity.
RobertD.Hisrichsaidentrepreneuristhe
personwhoestablishesanewbusinessventure
andisavisionaryleader—apersonwho
dreamsgreatdreams.

7. ENTREPRENEURS: SELECTED DEFINITIONS
Entrepreneurispersonwhohastheabilitytosee
andevaluatebusinessopportunities,togatherthe
necessaryresourcestotakeadvantageofthem,
andtoinitiateappropriateactiontoensuresuccess
(Meredith,1982).
Entrepreneurissomeonewhoisspecializedin
takingjudgmentaldecisionsaboutthecoordination
ofscarceresources(Casson).
Entrepreneurisapersonwhoowns,organizes,
managesandrunsanenterpriseassumingtherisk
ofabusiness(NIESBUD,1994).
AnEntrepreneurisanindividualwhoconceives
anddevelopsvisions(Filion).

8. ENTREPRENEURS: SELECTED DEFINITIONS
•Entrepreneur is an individual who:
#Has the ability to identify and pursue a
business opportunity
#Undertake a business venture
#Raises the capital to finance it
#Gathers the necessary resources
#Sets goals for him/herself and others
#Assumes all or a major portion of the
risk

9. HOW DO ENTREPRENEURS BEHAVE???
Attribute to themselves and to their behavior the
causes of their successes and failures, and take
personal responsibility for their outcomes.

10. Deconstructing Entrepreneurs: Core
Competences
•Entrepreneurs have some competences,
which distinguish them from the general
population and even from hired
professional manager.
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11. 1. Goal Setting
•A Goal -is a general direction, or long-
term aim that you want to accomplish. It is
not specific enough to be measured. It is
large in scope, not necessarily time-
bound, and is something that people strive
for by meeting certain objectives which will
hopefully add up to eventually achieving
the goal.
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12. Goal setting……
•An entrepreneur must have a goal and an
objective which is specific, measurable,
attainable relevant, and time bound
(SMART).
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13. Goal Setting
Activity
Set a goal for the next;
1. year
3. years
5. years
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14. 2. Planning
•Planning is making a decision about the
future in terms of what to do, when to do,
where to do, how to do, by whom to do
and using what resources. An effective
entrepreneur therefore usually plans
his/her activities and accounts as best as
they can for unexpected eventualities.
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15. Planning……
Activity:
•The facilitator will ask the participants
whether they have a plan for their
businesses and encourage those who do
to share their experience.
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16. 3. Opportunity Oriented
•: Entrepreneurs start by finding a need
and quickly satisfying it. Successful growth
minded entrepreneurs focus on
opportunities rather than on resources,
structure, and strategy. They look for and
take action on opportunities.
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17. 3.Opportunity seeking
•Activity;
•1.list possible problems/unsatisfied needs
•2. identify underutilized resources
•3. create a business opportunity by
combining no. 1 and 2.
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18. 3. Commitment and Determination
:Entrepreneursarehighlycommittedinthat
theyexerttheirutmostefforttomaketheir
ventureareality.Theyoftenimmerse
themselvescompletelyintheirbusinesses.It
isoftensuggestedthatmanyentrepreneurs
areworkaholics.Mostentrepreneurshavea
strongappetiteforhardwork.

19. 4. Calculated Risk Taking
:Entrepreneursarecalculated/moderaterisk-
takers.
Risktakingisaninherentpartofbusiness
ownership.Stayingsaferarelypaysoffinthe
longrun.
Risksarenottakenblindly,carefulresearchand
previousexperiencearetakenintoaccount.
Withthisinconcern,theycarefullythinkabout
thesefourformsofrisks:Financialrisk,career
risk,familyrisk,andpsychicrisk.
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20. 5. Information Seeking
: Entrepreneurs take action on own to get
information to help reach objectives or clarify
problems. They do personal research,
consult experts for business and technical
advices and use their personal networks for
the same.
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21. 6.Persistence and
Commitment
entrepreneursarenotintimidatedby
difficultsituations.Theyattackproblems/
obstaclesthatareimpedingtobusiness
operations.Theytakerepeatedactionto
overcomeobstacles.Iftasksareextremely
easy/unsolvableones,theydon’twarrant
theirtime.
Example:thomasedison…..
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22. Thomas Edison
•Whenhewasyoung,ThomasEdison’s
parentstookhimoutofschoolafterhis
teachersdeclaredthathewas‘stupid’and
‘unteachable.’Edisonspenthisearlyyears
workingandbeingfiredfromvariousjobs,
culminatinginhisfiringfromatelegraph
companyattheageof21.Despitethese
numeroussetbacks,Edisonwasnever
discouragedfromhistruecallinginlife:
inventing.Throughhiscareer,Edison
obtainedmorethanonethousandpatents.
Andalthoughseveraloftheseinventions-
suchasthelightbulb,stockprinterand
alkalinebattery…weregroundbreaking
innovations.NowEdisonisfamousfor
sayingthatgeniusis‘1%inspirationand
99%perspiration.’

23. 7.Persuasion and networking
•Persuasion is
•a way of convincing someone to get
something or make a decision in your
favour
•Inducing or taking a course of action or
embracing a point of view by means of
argument, reasoning, or entreaty; to
convince
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24. 7.Persuasion and networking………….
•Networking is an extended group of
people with similar interests or concerns
who interact and remain in informal
contact for mutual assistance or support.
Activity;
Evaluate your strengths and weaknesses
with regard to your persuasion and
networking skills
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25. Derivetoachieve:Entrepreneursareinternally
drivenbyastrongdesiretocompete,toexcel
againstselfimposedstandards.
Besides,theyhavethedesiretoachieve
somethingthattheycanbeproudof.
Individualswithalowneedforachievement
arethosewhoseemtobecontentedwiththeir
presentstatus.
Ontheotherhand,individualswiththehigh
needforachievementliketocompetewithsome
standardofexcellenceandprefertobe
personallyresponsibletotheirownassigned
tasks.

26. InitiativeandResponsibility:entrepreneurs
takeactionthatgoesbeyondjobrequirement.
Theydothingsbeforebeingaskedorforced
byothers/events.Theymorally,legallyand
mentallyaccountablefortheirventures.

27. SeekingFeedback:“Howarewedoing?”
Thequestioniseverpresentinthe
entrepreneursmind.Unlikeotherpeople,
entrepreneurshaveastrongdesiretoknow
howwelltheyaredoingandhowtheyare
goingtoimprove.
InternalLocusofControl:Successful
entrepreneursbelievesuccessandfailureof
theirventurewillbecontrolledandgoverned
bytheiraccomplishmentandtheybelievethat
theycaninfluencetheiroutcomesand
actions.

28. CreativityandInnovation:Theabilityto
createnewideas,newconcepts,andnewwaysof
viewingproblemsisattheheartofsuccessful
entrepreneurs.Theabilitytoseeanopportunity
insteadofaproblemandasolutioninsteadofa
dilemmaisafundamentalskillassociatedwith
manyentrepreneurs.
ToleranceforFailure:Entrepreneursdonotget
disappointed,distressedordiscouragedby
failures.Rather,theyusefailureasalearning
experience.Entrepreneurslearnmorefromtheir
failuresthantheirsuccesses.Theyusetheir
willpowertoconquerthebarriersthatstandintheir
way.Japaneseproverb,“Fallseventimes;stand
upeight.”

29. Independence: Entrepreneurs want to be
their own bosses. They don’t wish to be
commanded by others. They don’t like to be
ordered by others. They have a high need for
autonomy.
Persuasion: Successful entrepreneurs
persuade others. They are good at
convincing others.
Convinces someone to buy a product
Convinces someone to provide financing
Convinces someone to do something else
that he would like that person to do.

30. Teambuilding:entrepreneursaregoodat
creatingteamswhichcomprisesofhighly
qualifiedandwellmotivatedemployeesto
ensuretheestablishmentofsuccessful
businessventures.
Visionary: entrepreneurs have an
enthusiastic vision, the driving force of an
enterprise. They know where they want to go.
They do have a concept of what their firm can
be in some years to come.

31. HighEnergylevel:Entrepreneursaremore
energeticthantheaverageperson.Thatenergy
maybeacriticalfactorgiventheincredible
effortsrequiredtolaunchastart-upcompany.
Buildingacompanyrequiresagreatdealof
stamina.Itisobviousthatentrepreneursare
engagedinextraordinaryworkloadandstressful
dedicationthatrequiregreatdealofenergy.
Successfulentrepreneursfine-tunetheirenergy
levelbycarefullymonitoringwhattheyeat,drink,
andknowwhentogoawayforrelaxation.

32. SelfConfidence:Individualswhopossess
self-confidencefeelthattheycanmeetthe
challengeswhichconfrontthem.Theyhave
thesenseofmasteryoverthetypesof
problemsthattheymightencounter.
Entrepreneurshaveastrongbeliefinselfand
ownabilities.
Optimism:theylivebythephilosophythat
thisisthebestoftimes,andthatanythingis
possible.

33. Flexibleandabletoadapttochange:one
hallmarkoftrueentrepreneursistheirabilityto
adapttothechangingdemandsoftheir
customersandtheirbusinesses.Entrepreneurs
understandthatinthisrapidlychangingworld
economy,rigidityoftenleadstofailure.
Dynamicleaders:entrepreneursaredynamic
leadersinthesensethattheytransformthe
patternofproductionordistributiontofocuson
catchingupwiththechangingdemandsofthe
environmentandthemarket.Theyaremoreof
transformationalleadersthantransitionalones.

34. Timemanagement:Entrepreneurs
knowthattimeisfinite.Theyknowhowto
managetheirtimeeffectivelyinthatthey
wouldbeabletolivetheirlives,performthe
tasksthattheyneedtoaccomplish,and
enjoylives.
Concern forHighqualitywork:
Entrepreneursacttodothingsthatmeetor
beatexistingstandardsofexcellence.They
havehighdesiretoproduceofworkofhigh
quality.

35. Roles of Entrepreneursin anEconomy
•Entrepreneurshipraisesproductivitythrough
technicalandotherformsofinnovation.
•Entrepreneurshipispowerfultoolofjob
creation.
•Entrepreneurshipfacilitatesthetransferof
technology.
•Entrepreneursplayastrategicrolein
commercializinginventionsandproducts.
•Entrepreneursplayacriticalrolein
restructuringandtransformationofeconomy.

36. Roles of Entre….Con’td
•Entrepreneurshipandentrepreneurialbehavior
canbreathevitalityintothelifeoflarge
corporationsandgovernmententerprises.
•Entrepreneursmakemarketsmorecompetitive
andtherebyreducebothstaticanddynamic
marketinefficiencies.
•Entrepreneursimprovethesocialwelfareofa
countrybyharnessingdormant,previously
overlookedtalent.
•Entrepreneurscreatenewmarketsandfacilitate
expansionintointernationalmarkets.

37. Entrepreneurial Aptitude Quiz
Answer all questions by selecting
one of the following that best
describes you.
Yes
May Be
No

38. •Succeeding is very important to me.
•Once I set a goal, I see it through.
•I am self-confident.
•I do not like to be told what to do.
•I am determined.
•I will take a chance when I think an idea
has promise.
•I like being in charge.
•I enjoy continually learning new things.
•When I set my mind on something, I am
persistent.

39. •I am inventive.
•I consider the cup half full, not half
empty.
•I don’t get tired easily when I am
interested in a project.
•I am a risk-taker.
•Others have called me hardheaded.
•I would like to set my own hours and
working conditions.
•I prefer my own way of doing things.
•I view emotional challenges as
opportunities for personal growth.

40. •I work well by myself.
•I view problems as obstacles to
overcome.
•I prefer thinking out of the box and being
innovative.
•I am flexible.
•I enjoy figuring things out.
•I often trust my instincts.
•I would like to have control over my
earning and growth potential.
•I view mistakes as learning opportunities.

41. Evaluating the Results
•Value for each alternative:
–Yes = 4 points
–May be = 2 points
–No = 0 points
•Multiply the points by the value for
each question
•Add all the values

42. Evaluating the Results
•Ifyouscoredbetween100and81,youshowstrong
aptitudeforself-employment.
•Ifyouscoredbetween80and61,youhavepotentialbut
maywanttoimproveyourskillsinyourweakerareasby
seekingtrainingorhiringsomeonewiththeneeded
skills.
•Ifyouscoredbetween60and41,youmaynotwantto
startabusinessalone.Youmaywanttolookfora
businesspartnerwhocancomplimentyouintheareas
whereyouareweak.
•Ifyouscoredbelow40,self-employmentmaynotbefor
youbutyoustillhavethechancetoimproveyourskills
andpursuetheentrepreneurialcareer.

43. Writing my
Business Plan

44. Why Prepare a Business Plan?
•Clarifies what the business opportunity is
•Explains why opportunity exists AND
how you may be able to seize it
•Can be a valuable guide during start-up
•Way of reducing risks
•Can be an effective tool for
communicating your business idea

45. A Business Plan…….
•Leads to a sound business
structure
•Produces a marketing plan
•Clarifies financial needs
•Identifies management
pathways
•Serves as a communication tool

46. Questions a Business Plan should answer
•What is the product or service to be sold?
•Who will buy the product or service?
•What is the best way to produce the product
•Who will manage the enterprise?
•What are the significant risks and problems
involved in starting the enterprise?
•What is the long term profit prospect?
•What are the business’s financial and cash
flow requirements?

47. WHAT IS A BUSINESS PLAN
•Essentially a road map for reaching a
set goal in business
•A map for success
•A living document

48. First impressions
How does your business plan read?
–Is it a solid business idea?
–Is the market large enough for the
business to survive profitably?
–Are the financial projections realistic?
–Is the management of the company
capable and experienced?
–Is it clearly defined how the investors or
lenders will get back their money?

49. •Size of the Business Plan -Content of
B/Plan -should be between 15-35 pages.
•Period covered by the B/Plan –3-5 years
projection. Include historical performance
information if valid
•Appropriate language for success –
intelligent, knowledgeable, prudent or naive
and inexperienced. Transmit realistic
optimism and entrepreneurial enthusiasm
•Credibility

50. •Design-intimidate less, use blank spaces. Use
short sentences and paragraphs -6-8 lines, and
double space lines
•Type of Fonts –Times or Times New Roman
size 10-12. Titles –Arial or Univers12-16 bold
face, italics or underlined.
•Bullets –Highlight important information with
bullets. Reduce your sentences, use direct
language and separate information into
paragraphs
•Images –colourful graphic, photograph, graphs
and tables

51. Contents of a Business Plan
1.Executive Summary-The most important part
of the B/Plan
2Company Description
–Legal Register Name
–Owners/Directors
–Location
–Stages of Development
Concept Phase
Start-up
Expansion
Repositioning
Consolidating
–Economic and Financial Situation
–Products and services
–Patents and Licenses

52. 3.The Business Concept
4.The Mission Statement
5.Analysis of the industry sector
•In what context does your company
operate
•Size and growth of your sector
•Maturity of the sector
•Seasonality
•Technological change
•Regulations
•Entry of new competitors
•Pressure from substitutable goods

53. 6.Target Market
Specific
Meaningful
Ample
Reachable
•Market Orientation
•Demographic Description
•Geographic Description
•Lifestyle or Business style
Description
•Description of Purchasing Methods
•Market size and trends

54. PRODUCTS/SERVICES
–Description
–Stage of Development
–Property rights
–Comparing your products and
services

55. The Competition
Identify and know your competitors
Compare yourself with the
Competition
Distribution of the shared Market
Show your share of the Market
Future Competition

56. MARKETING
•Marketing Plan
Advertising
Sales structure
Sales Forecasts
•What do Customerswant
Functionality
Economy
Efficiency
Feelings
Future

57. Marketing Media
Printed material-leaflets, fliers
Publications-Newspaper ads
Media –Radio TV, Internet
Merchandising Material-calendars, gifts
Direct Mailing-catalogues, leaflets
Free Samples-Free distribution of
products
Informal Activities-Attend conferences,

58. Marketing Tactics
Advertising in the media
Marketing adapted to the
Customer
Strategic Alliances
Customer-based Marketing

59. SALES STRUCTURE
•The Sales Team
Knowledge about product and application
Responsibilities of sales team
Commission or incentives
Training and supervision of team
•Sales Procedure
Telephone Contact
Productivity
Orders
Follow up
•Distribution Channels

60. SALES FORECASTS
•Forecasting your income
Units sold and price determine income
Your own research
Comparison with similar businesses
Your experience
Commitments to buy

61. SALES FORECAST CONT’D
•Price Policy
Costs
Customer perception
Leading Prices
Prestige price
•Competition

62. OPERATIONS
•Premises
•Location
•Size and services
•Rent

63. OPERATIONS CONT ’D
•Production
1.Production plans
Labourforce
Productivity
Capacity
Quality control
2. Technology

64. OPERATIONS CONT’D
•Inventory Control
•Supplies and Distribution
•Fulfilling Sales orders and customer
service
•Research and Development

65. ORGANIZATION AND
MANAGEMENT
•Management Team
Experience
Achievements
Education
Strengths
Areas to Develop

66. ORGANIZATION AND
MANAGEMENT
•Consultants and Specialists
•Structure and Management Style
•Lines of Authority

67. FINANCIAL FORECASTS
•Generate the necessary funds to
take care of any payments that may
pop up (Operational and Financial)
•Get an attractive profitability for
your self, your partners and
investors, maintaining a healthy
economic financial situation.

68. FINANCIAL FORECASTS
Include:
•Projected profit and Losses
•Cash Flow Projections
•Projected Balance
•Support tables to explain concepts and
values
•Time Frame

69. FINANCIAL FORECASTS
Some useful tips:
Be Conservative
Be honest
Be Consistent
Be Specific
Get Help

70. Characteristics of an
Entrepreneur
•Entrepreneur has enthusiastic
vision
•Vision is supported by specific ideas
and may not normally be available on
the market
•The overall blueprintto realize the
vision is clear
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71. Characteristics, Cont’d
•With persistence and determination , the
entrepreneur develops strategies to change
the vision into reality
•The Entrepreneur takes the initial
responsibilityto cause a vision to become
successful
•The Entrepreneur takes prudent risks
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72. Characteristics, Cont’d
•Entrepreneur promotes the vision
with enthusiastic passion –Follow
your heart
•The entrepreneur is usually a critical
thinker and a decision maker
•He seeks informationto enable him
take decisions
•He commitshimself to completing
his tasks
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73. Not every one is up to it
•Need to be organized
•Need to set achievable goals
•Systematic planner
•Confident
•Persistent
•Work hard
•Self-starter
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74. EVERYONE CAN BE A
SUCCESSFUL
ENTREPRENEUR
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75. ……….but you will need:
•Motivation
•Dedication
•Passion
•Energy
•Inspiration
•Innovation
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76. WHO IS SELF-EMPLOYED
•A situation in which an individual
works for himself or herself instead
of working for an employer that pays
a salary or a wage.
•A self-employed individual earns
his/her income through conducting
profitable operations from a trade or
business that he/she operates
directly.
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77. Self Employment -Advantages
•You are your own boss
•Job security
•Outlet for creativity
•Independence
•Flexibility in work
schedule
•Potentially unlimited income
•Paid what you are worth
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78. TAKE ADVANTAGE
OF YOUR YOUTH
Start a business while you are young
and stay the course
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79. START SMALL
You might not need as much money
as you think
Taking the first step is the key to
achieving impact!
START SMALL
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80. JUST GO OUT AND
START
SOMETHING
Start early, stay
the course
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81. DON’T BE
AFRAID TO
STUMBLE
•Forget about fear.
•Face fear and use it as a fuel
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82. Failure is a Function of
Trying
•If you haven’t failed yet, chances
are you aren’t trying very hard.
•Failure is the blacksmith’s
hammer that tempers the sword
of success.
•If you want to get really good at
something, you have to fail at
least a few times.
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83. Success Lies in Seeing
Failure as a Tool
•What brought about the failure?
•How much of it is in my realm of
influence?
•How can I use my influence to turn
failure into success?
•What steps do I need to go through to
try again?
•What can I do every day to ensure
that my next try is done more
intelligently?
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84. Failure Builds Character
•Discover failure as the
biggest motivator
•Character makes you
consistently test yourself and
learn from failed attempts
•Failure will forge your career
and your personality
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85. FAILURE
IS
A
MAGNIFICENT
TEACHER
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86. DON’T LOOK BACK
Focus on your goal and not what
might go wrong
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87. FORTUNE
DOES FAVOUR
THE BRAVE
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88. KNOW YOUR LIMITS
Identify your weaknesses and find
people that you can work with who will
make up for that.
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89. YOU MAY NOT HAVE
TO GO IT
ALONE
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90. PICK THE RIGHT PARTNERS
You have to understand
each other, and be able to work
together
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91. FIGHT
INEXPERIENCE
WITH
EXPERT ADVICE
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92. LEARN AS YOU GO
Never underestimate knowledge
Entrepreneurship is a process and
not an event
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93. EXPECT TO GROW
•It’s great to have a Business Plan
•Winners plan and control the
game they play
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94. SEE THE GLASS HALF FULL
•Celebrate the little successes when
they happen, and not to worry about
failures all the time.
•Be proud of where you have come from
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95. CONFIDENCE
BREEDS
SUCCESS
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96. BE HONEST WITH
YOURSELF
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97. TRUST YOUR INSTINCTS
“You don’t always have to
listen to what others say”
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98. •SUCCESS DOES NOT COME
SUDDENLY
•SUCCESS COMES THROUGH
WORKING HARD
•WORKING SMART AND
•USING THE EXPERIENCE YOU HAVE
GAINED ALONG THE WAY
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99. “WE ARE WHAT WE
REPEATEDLY DO.
EXCELLENCE, THEN, IS
NOT AN ACT, BUT A
HABIT”
Aristotle
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100. BEING A WINNER
OR A LOSER, IT’S
YOURDECISION,
AND YOURCHOICE
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101. •GET OUT OF YOUR
COMFORT ZONES AND
•CHALLENGE YOURSELF TO
ACT TOWARDS ACHIEVING
ENTREPRENEURIAL
SUCCESS
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102. WE EITHER MAKE
OURSELVES MISERABLE,
OR WE MAKE OURSELVES
HAPPY. THE AMOUNT
OF WORK IS THE SAME
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103. Put the past awaywhere it belongs…..
….right on the trash…
….then move on to the future
self employment →
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104. GO OUT AND ACT
NOW!!!
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105. THANK YOU
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Centre, MU
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