Entrepreneurship Presentation; Caroline B. Bach 2.A

The presentation outline 1. Definition of entrepreneurship 2. Advantages and disadvantages 3. Skills and characteristics 4. Prepare for your business 5. Possible pitfalls 6. Definition of franchising 7. Pros and cons

Definition of entrepreneurship “Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. Entrepreneurships are characterized by innovation and risk-taking, and are an essential part of a nation’s ability to succeed in an ever changing and increasingly competitive global marketplace.”

Entrepreneurship Advantages Disadvantages In charge Achieve success Money earning Can require large sum of money Taking risks Responsibility

Characteristics and skills Brave Willing to take chances Innovative Great insight Motivation and passion Good at communicating Leadership

Prepare for your business Seven steps and research your business idea

Seven steps 1. Clarity 2. Competence 3. Constraints 4. Creativity 5. Concentration 6. Courage 7. Continuous action

Business idea 1. Idea stage – market research – potential market 2. Analysis – looking closer – SWOT analysis

Possible pitfalls Example: “A pitfall could be, that a company haven’t done enough research. They haven’t been able to match their marketing with their main target group, who are teenagers. They are advertising about videogames in the newspaper”

Definition of franchising “Franchising is an arrangement where one party (the franchiser) grants another party (the franchisee) the right to use its trademark or trade-name. The franchisee usually pays a one-time franchise fee plus a percentage of sales revenue.”

Pros and cons Seen from both the franchisor and the franchisee’s point of view

Franchisee Pros Cons Name recognition Tried and tested Design and décor Benefit from promotion Support Connections Costs Restrictions Out of business Bad reputation Share with Franchisor

Franchisor Pros Cons Obtain expansion capital Market awareness and brand name Big investment Conflicts

The end of the presentation Thank you for your attention