VIBEKE RASMUSSEN ENTREPRENEURSHIP
ENTREPRENEURSHIP IS THE WILLINGNESS TO DEVELOP AND MANAGE A BUSINESS. Definition of entrepreneurship
Advantages Disadvantages Get paid for what you are worth You are your own boss Personal flexibility Requires a lot of capital There will go time before you will get paid Different income You have to be available 24 hours a day Advantages and disadvantages of being an entrepreneur
Skills and characteristics 7 things you need to become successful: Clarity Competence Constraints Creativity Concentration Courage Continuous Action
Clarity, competence and constraints Clarity: Know who you are, and what you want Have goals and plans Competence Be good at what you do Have passion and dedication Constraints Have ability to identify the important factor, to achieve your goals.
Creativity, concentration, courage, continuous action Creativity Innovation – find ways to produce and deliver product Concentration Stay focused on important things Courage Have the courage to continue Continous action Try new methods, if the one you started with aren’t working.
Prepare for your business Planning: Make a plan, in case of a disaster. Education: Have education within the same area as your business.
Pitfalls Typical pitfalls when starting your own business: Buying a job rather than a business Being great at working, but having no idea of running a business Taking on a business partner Starting a business from scratch Thinking the business idea will make the company Thinking too small Hiring cheap employees
THIS IS AN ARRANGMENT BETWEEN TWO PARTS. Definition of franchising
Pros Cons Fast expansion Gets a contribution to the business reputation Gets funds from franchisee Need a big capital to create a franchise- business Risk of giving confidential information to franchisees Pros and cons of franchising - Franschisor
Pros Cons Business will immediately be recognized Tried and tested products Promotion Pay the franchisor Not your own boss Pros and cons of franchising - Franschisee