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1. Unit II Introducing the Entrepreneur

2. Who is an Entrepreneur? An entrepreneur is  an individual who starts their own business based on an idea they have or a product they have created while assuming most of the risks and reaping most of the rewards of the business .

3. Myths of an Entrepreneur Myth#1: entrepreneurs stick to their project We all grew up being told that if you want to be successful in your life then never quit. But not every successful person follows this unspoken rule. If you know that your business is not going to work then you should end that project and start again with a new one. But when you are walking toward your success then you should not quit. Sometimes ending a project leads toward greater opportunities. If you are sure that you are walking towards your success then ‘quit’ is not an option for you. Myth#2: Invest in something if you want to be successful You must invest in something if you want to become a successful entrepreneur. That is a very wrong statement. Entrepreneurship is not about investing something, it’s about inventing something. But all entrepreneurs are not inventors. Invention comes from creativity and to find solutions for the problems. Sometimes solutions are already out there; you just have to find a better one. Most entrepreneurs came with a solution for public welfare.

4. Myth#3: success depends on luck So many people tell the successful entrepreneurs that, ’you are lucky’. But this is not true. To become successful you need to do lots of research, read a lot of books, invest each minute, and do hard work. There is no overnight success. There are hundreds of failures before success. You have to invest your time and your money in a project and give it your 100% to make it successful. After achieving success it is more important to maintain it. There is a lot of hard work and patience before becoming a successful entrepreneur. Myth#4: entrepreneurs live a very easy life Indeed, entrepreneurs don’t have to report to superiors. Once you enter the entrepreneurship world, you will find that it is a very demanding job. Sometimes you have to work 12 to 15 hours a day. You can’t take any leave because it’s your own business and you can’t afford the loss. You have to work harder than those who work 9-5 jobs.

5. Myth#5: entrepreneurs need a proper plan while starting a business Some entrepreneurs may have a clear goal or plan, but the majority of entrepreneurs have no idea how to start a business. Many times they don’t know what they may end up in. entrepreneurship is a flexible and never-ending process. As an entrepreneur, you have to create your future. Myth#6: entrepreneurs are born not made Most people stick to their job even if they hate doing it and refuse to start their own business. They just say, ‘I am not born an entrepreneur. Entrepreneurs start from zero and become billionaires. A person who has an open mind, courage, desire to change the world, convert a problem into an opportunity can become an entrepreneur. Myth#7: entrepreneurs need a big idea Most people drop their idea just because they think it is not big enough. Amazon, Facebook, etc. were not very big ventures when they started, they started small and grew to as big as they currently are. Always keep in mind small stuff leads to big business. You have to work hard to make it a big success.

6. Myth#8: entrepreneurs need money to start Many would-be entrepreneurs think that you need enough cash stacked aside before starting a business. Some businesses need huge cash but others only require a few thousand to start a business, especially online business. So many entrepreneurs start their business in their room without any cash Myth#9: entrepreneurs are job-hoppers This is not entirely correct because entrepreneurs and job-hoppers are different things. If you are always moving from one job to another, that doesn’t mean you are an entrepreneur. It would be more accurate to call yourself a restless soul that hasn’t found its place. If you want to be an entrepreneur you have to stay in a field longer to become an expert. Myth#10: entrepreneurs do not have a boss This myth is half true. Technically you do not have a boss above you but entrepreneurs still have at least three bosses they have to report to. If you borrowed money from an investor then you have to send him reports every month related to your progress. Your creditors, bankers are going to be your bosses. Your most important boss is your customer. You have to create a strong relationship with them by providing valuable things.

7. How does one become an Entrepreneur? Step 1 Find the right business for you. Entrepreneurship is a broad term, and you can be an entrepreneur in just about any area. However, you will have to pick a field to work in and business to start. Find a business that won't only be successful, but is something that you are passionate about. Entrepreneurship is hard work, so you want to focus your attention on something you care about. Step 2 Determine if you should get an education You don't need to have any type of formal education to be an entrepreneur, but that doesn't mean you should ignore education entirely. If you want to start a tech company, experience in business, computer programming and marketing could all be valuable. Also, some industries will likely require some type of education, such as your own accounting or law firm.

8. Step 3 Plan your business Before you begin your business, you need to have a business plan. A business plan lays out any objectives you have as well as your strategy for achieving those objectives. This plan is important for getting investors on board, as well as measuring how successful your business is. Step 4 Find your target group/audience Not every business appeals to everyone. The age, gender, income, race and culture of your target group will play a large role in determining where you open up shop – or if you even need to have a physical address for business. Research which group fits your business model best, and then gear everything to attract that demographic. Step 5 Network While networking is important in all fields, it may be most important for entrepreneurs. Networking is how you meet other people that might have skills you can use in your business. You can also find potential investors through networking to help get your business model off the ground. Your network can also support your business once you open, helping send new customers your way. Step 6

9. Step 6 Sell your idea Consumers want products, but they don't always know which product to pick. Your job as an entrepreneur is to convince people that whatever you're selling is the best option available. You'll have to find out what makes your product unique and then sell it based off the value it adds. Step 7 Market You should be focused on marketing before, during and after you start your business. You may have the best restaurant in the city, but nobody will visit if they don't know it exists. Marketing is tricky, but if you should be able to focus your marketing efforts on your target audience. For example, millennials may be more likely to see an ad on social media than on a billboard downtown.

10. Are Entrepreneurs Born or Made? What is an Entrepreneur? Entrepreneurs are judged by three elements:  talent ,  mindset  and  skills . Entrepreneurial Talent Talent may be the hardest one to fake. The good news is that every person on the planet has their own set of talents. Having said that, not all of them are entrepreneurial. In the end you will have two options: adapt your talents to create a business or make your talents available for someone else's business. The rule is this : while talent  can't  be taught, it  can  be enhanced. Founder Mindset The mindset of an entrepreneur is developed in two directions simultaneously: to flow along smoothly, but also charge ahead fiercely. An entrepreneur balances stress management and time management, but also drive and passion. Both are keenly related to one's personality. The rule is this:  a mindset  can't  be taught, but  can  be adapted through inspiration and practice.

11. Startup Skills Skills, whether technical, business, design, or any range of the early startup necessities, at the hammer and the bolts for entrepreneurs. Regardless of whether you are a hacker, designer or hustler, skills become the most important operational resource inside the company.  The rule is this : skills can be learned, and can be taught to your hires. But you aren't born with them. Are Entrepreneurs Born or Made?  Both . Here's the takeaway: Talent is up to you, as most things in life. Mindset, you should get involved with your local, regional, international startups communities, ecosystems and you should cold email founders, potential mentors and invest a good amount of time in figuring out if you do have the right mindset. Last but not least, skills can be taught at universities, high schools and online learning platforms. This should be the only element you should focus on. You cannot teach neither talent nor mindset, so every time you see a course, program or methodology promising to teach that, you can be sure they will not. Spend your time among founders doing great work, and learn everything you can to fill in your skill gap.

12. Functions of an Entrepreneur 1. Initiating and leading business activities Initiating and growing a business to its maturity is a traditional role for entrepreneurs. As societies progress, people regularly develop new needs that an entrepreneur can satisfy with their business ideas. This business idea can provide either services or products that would benefit the community. Identifying a gap and planning how to address it helps entrepreneurs initiate new business ventures at any opportunity. They must understand every aspect of the business, including making critical decisions, setting a good example for employees and resolving conflicts. 2. Allocating employees' duties From the onset of a business, an entrepreneur needs to allocate their employees' responsibilities effectively. Hiring qualified and competent staff requires a great deal of care, especially for small businesses. An entrepreneur is also responsible for organizing a business structure and environment that helps each employee maximize their potential. The success of a business venture often relies on its employees' contributions. Therefore, defining your team's role and responsibilities is a vital entrepreneurial role to exercise for maximum business productivity. Allocation of duties also minimizes team conflicts, maximizes production and helps boost employee morale.

13. 3. Forecasting business changes Most businesses face some kind of uncertainty as they develop. An entrepreneur's role in this aspect is to anticipate any challenges and address them as quickly as possible. Forecasting is important because it helps the entrepreneur make decisions such as reducing or increasing stock for a product, procuring updated software or making credit acquisition decisions. 4. Creating jobs When an entrepreneur sets up or expands a business, they decide which employees they need to hire. Entrepreneurs consider factors such as who oversees processes and who can fulfill administrative tasks. Even when an entrepreneur does not directly employ staff to work in a physical location, they may still need to consider people who can work as a service provider, a software salesperson or a programmer.

14. 5. Identifying business opportunities Entrepreneurs regularly seek out opportunities that can grow or boost sales for their business. They identify which product to add and which market to expand to. An entrepreneur should listen to their potential clients and find opportunities to develop tailored products that cater to their clients' needs. By doing a little competitive analysis, an entrepreneur can find out what other businesses in the area are doing and how they are succeeding. This process might include a physical survey or reading publications about trends in a specific industry. Talking to customers also makes it easier to identify their frustrations and experiences, which an entrepreneur can use to improve their business. 6. Creating and sharing wealth Starting a business involves a network of activities. Whether an entrepreneur runs a small business operator or an established company, many spend money from savings and gain capital from family, friends or banks when they start out. Investors often look forward to investing in small but potentially viable businesses, while lenders grow their own businesses by earning interest from capital extended to entrepreneurs. The cycle of such fund mobilization can help the local economy build wealth.

15. 7. Improving the standard of living Economies are used to measure living standards. These living standards can improve through the developments or services that an entrepreneur brings through their business. Innovations that can reduce the cost of creating a product also reduces the product's price while allowing the business to maintain the same profits, which allows customers' to spend less money. When people save money by acquiring a product at a cheaper price, they can use the savings for other purposes. This is an indication of an improved standard of living. 8. Taking up and reducing business risk When entrepreneurs start a business, they spend time analyzing and researching to make sure their ideas succeed. An entrepreneur's role is to eliminate the risk of business failure by taking measures to reduce as much risk as possible.

16. 9.Building strategic partnerships An entrepreneur must create a business environment where partnerships can thrive, which helps their business succeed. Generating and closing new business leads is an essential entrepreneurial skill. An entrepreneur should maximize their marketing capacity, spend time talking to qualified potential partners and regularly call every prospect. Creating strategic partnerships can help entrepreneurs make better decisions for their company and even obtain more capital. 10. Digitalizing business operations Because technology evolves so quickly, a business product or service can be rendered obsolete due to new technology's entry. An entrepreneur is responsible for continuously updating the technology they use in their business processes or activities. Entrepreneur roles regarding technology include: Researching the most recent methods of reducing production cost Disposing of equipment that is not improving profitability Organizing training for staff to help them familiarize themselves with the latest technological programs in the market to improve efficiency Using the most popular and recent marketing medium to ensure you reach your target group

17. Common mistakes made by an Entrepreneurs 1. Not spending enough money or spending too much money. As a new entrepreneur, money is likely to be one of your biggest concerns. Pre-launch cash flow is likely to be close to nil, so making and saving money will usually take priority over everything else. 2. Thinking you have no direct competitors. The excitement about a new product or business can often lead new entrepreneurs to think they really have no direct competition, or that their product is so head-and-shoulders above those of their rivals that they're in a category of their own. In reality, it's extremely rare to have no direct competitors. Unless you've invented a completely new product, there will be someone who already has market share in your niche. Do your due diligence to find out what these companies are and how you can differentiate your business.

18. 3. Making hiring decisions based on cost. This is closely tied to number one, but is so important it deserves to be mentioned separately. When funds are tight, it's tempting to skimp on the cost of new hires. The problem with this strategy, however, is that you'll end up paying in the long run. Low-cost employees and consultants are usually low-cost for a reason -- they are more likely to be inexperienced, unskilled or unreliable (or all three). 4. Not setting attainable goals. New entrepreneurs can be so enraptured by their "big idea," they work without a solid plan. But the reality is you  must  set realistic and attainable goals in order to succeed. Make a point of setting both short- and long-term goals, and make sure they're specific. Don't just say, "I want to make $1 million this year." Set a reasonable goal, and then determine what specific steps you need to take to reach it.

19. 5. Not thinking about marketing. "If you build it, they will come." This is a common belief (sometimes conscious, sometimes not) among new entrepreneurs. They think that their products are so revolutionary that they can just rely on free PR and word of mouth. In reality, the vast majority of startups will need to  invest heavily in marketing . This may include SEO, content marketing, PR and paid advertising. Take a look at  where your competitors are spending their marketing dollars , and ask yourself how you can compete and differentiate yourself. 6. Having too small margins. Having a healthy profit margin will be critical to your success. Setting it too low now will make life infinitely more difficult for you in the future -- your customers likely won't be thrilled when you need to raise your prices later on. Take a look at your production and operating costs, and determine how much flexibility there is. Can you reduce these costs in the future if necessary? If not, choose a higher profit margin now to accommodate these costs.

20. 7. Thinking you can do it all yourself. In the beginning, it's common to think that no one can do the job as well as you can. You know your products inside out, and are the only one who truly has the passion to make the business succeed. But this is not only a recipe for burnout, it can actually significantly  impede  your success. Having a knowledgeable, experienced consultant or mentor can give you much-needed objective perspective on your business and market. 8. Being incapacitated by fear of "what if's." Robert F. Kennedy said, "Only those who dare to fail greatly can ever achieve greatly." Starting a new business is scary, and isn't for the faint-hearted. Being scared of failure and rejection is understandable, but letting yourself become incapacitated by this fear can significantly hinder your progress. 9. Putting your product first and people last. When creating your product and determining your business model, it's critical that you have a customer-first mentality. Yet many new entrepreneurs are so concerned about making money (understandably) that they forget the key to having a sustainable business -- having satisfied, loyal customers who will buy over the long term.