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Creativity and Innovation The Ability to Organize Resources The Willingness to Accept Risks and Failures The Entrepreneurial Spirit.

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Presentation on theme: "Creativity and Innovation The Ability to Organize Resources The Willingness to Accept Risks and Failures The Entrepreneurial Spirit."— Presentation transcript:

1 Creativity and Innovation The Ability to Organize Resources The Willingness to Accept Risks and Failures The Entrepreneurial Spirit

2 Entrepreneur – Advantages Be Your Own Boss – You Make the Rules Unlimited Income Potential If Successful, Access to Unique People and Places Satisfaction of Creating and Building Something Unique Life Long Learning – Always Learning Something New and Interesting

3 More characteristics … Achievement motivation Opportunistic Alert to business opportunities Innovative and creative, ideas person Utilize a variety of sources of finance High profile image-maker Restless, adventurous Intuitive Agent of change, proactive Self-reliant Strong sense of self-belief Analytical, assesses risks realistically Good communicator

4 Creativity Blockers The Right Answer That’s Not Logical Follow the Rules Be Practical Avoid Ambiguity To Err Is Wrong Play is Frivolous That’s Not My Area Don’t Be Foolish I’m Not Creative.

5 Opportunity Selection Funnel

6 Entrepreneurial Misconceptions Most Businesses Do Not Succeed You Need a Lot of Money to Start a Business Webvan – Started With $375 Million and Is Now Out of Business John McConnell Started Worthington Industries With $500 and Built a Successful Fortune 500 Company

7 What Does It Take to Succeed?  Extreme Determination Never Give Up!  Good Sales Skills Recruiting Employees Gaining New Customers Persuading Partners and Suppliers to Do What You Want  New Businesses That Fail Usually Fail Because of Lack of Revenue  Good Financial Controls  Ability to Build and Motivate a Team

8 How to Get Started  Pick a Business Should Be in a Growing Industry It Helps If You Already Know Something About It – but This Is Not Critical  Go to Work for a Similar Business  Learn Everything You Can About the Business and the Industry  Consider a Franchise for First Business or Pick a Partner That Has Some Business Experience  Go Ahead and Do It – Worst That Can Happen – You Can Fail but Learn a Lot – Then Start Another One

9 Steps to start a business  Choose a Business Idea (mainstream, niche, or entrepreneurial?)  Evaluate the Business Idea Pre-existing business idea Preliminary environmental analysis Business idea established Clearly define business idea  Assess Business Opportunities  Define Business Objectives  Prepare the Feasibility Study

10 Steps to start a business (2/2  Environmental Information: factual evidence about existing and likely future supply and demand conditions  EI collected from primary and secondary research  Defining the business: Business activity description Customer geographic area Broad business offer (product, price, distribution, image, promotion) Competitive advantages

11 Assessing Business Opportunities  Choose a Business Location (4 steps) 1. Size of premises Aspects: floor space, dimensions, shape Components: stock, display, reception, staff amenities, office, production, parking 2. Type of Premises (home, industrial, commercial) 3. Select general area Convenience (target, labour, transport, supply, home) Economic condition (growth, stability, diversity, competition, population, wealth) Image (housing conditions, civic facilities, attractiveness) 4. Select specific site address site history, business neighbour compatibility, access, visibility and exposure, legal, size, condition, internal facilities, cost)

12  Choose an Entry Method Starting up Increasing business activity and demand Undersupply of goods/services New product or service Buy existing business Increasing business activity and demand Increasing customer demand Obtain franchise outlet  Estimate Establishment Costs Furniture & fittings, equipment, office machines, vehicles, repairs, renovations, preparations, utilities Borrowed = Tot. est. cost – Tot. available personal cap.  Estimate Borrowing Requirements

13 Mind Mapping

14 References Dollinger, M.J., Entrepreneurship: Strategies and Resources, 2nd Ed., Prentice-Hall, NJ, 1998. Ebert, R.J., Business Essentials, Prentice-Hall, New Jersey, 2000. Kuratko, D.F., Entrepreneurship: A Contemporary Approach, 4th Ed., Dryden Press, Or, 1998. Peters, R.D., Entrepreneurship, 4th Ed., McGraw-Hill, USA, 1998. Thomas, R.J., New Product Success Stories: Lessons from Leading Innovators, JWS, NY, 1995. Timmons, J.E., New Venture Creation : A Guide to Entrepreneurship, 2nd Ed., Irwin, Ill, 1985

15 Terima Kasih Salam sukses untuk kita semua. Dodi Setiawan Riatmaja

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