1. Entrepreneurship

2. Outline Definition of entrepreneurs and entrepreneurship
Factors considered when preparing to be self employed
Generation and sources of business ideas
Choosing a product and a market
Qualities of a good business opportunity
Business plan development
Factors that determine enterprise success

3. Introduction
Entrepreneur: is one who is willing to bear the risk of a new venture if there is a significant chance for profit
Peter Drucker ( ) took this idea further, describing the entrepreneur as someone who actually searches for change, responds to it, and exploits change as an opportunity.
Entrepreneurship is the process of starting a business or other organization. 

4. Entrepreneurial Characteristics
Creativity
Involves continuous learning, questioning and thinking
Dedication
Planning must be joined by hard work to succeed
Determination
Includes persistence and the ability to bounce back after rough times (Success is the motivator; money is a reward)
Flexibility
Ability to move quickly in response to changing market needs
Leadership
Ability to create rules, set goals and capacity to follow them to fruition
Passion
What gets somebody started and keeps them there!
Self Confidence
Comes from thorough planning, expertise and gives entrepreneur ability to listen without being swayed

5. Generation and sources of business ideas
Invite everyone in the quest for new ideas.
Friends, family, colleagues e.t.c
Involve customers in the process of generating ideas
The traditional focus group needs more focus. Form advisory boards of key customers to serve as sounding boards for ideas. Identify customers who tend to buy the latest versions of your products. These “lead adopters” can provide you with insights about where the market may be headed and how your organization can best position itself.
Involve customers in new ways
 Look outside your own field or industry for ideas on how to get customer input

6. Generation and sources of business ideas
Focus on the needs that customers don’t express
Learn from customers by observing what they are not doing, listening to what they are not saying. Recognize the sources of their frustration and find potential ways of eliminating it
Seek ideas from new customer groups
Look at your customers’ customers and your competitors’ customers and ask how do I meet their needs?
Involve suppliers in product innovation
think of your organization as your supplier’s customer. You, too, have unarticulated needs. Try articulating them and get your supplier’s idea-generating capacity working in concert with yours.
Benchmark idea-creation methods.
Innovation-adept firms invest in ideation sessions, read books, attend seminars, and constantly seek to improve their skills

7. Why become and entrepreneur
idiosyncratic entrepreneurship; those choosing self- employment regardless of opportunity and fit with professional background for ‘other reasons’;
market-facing opportunity entrepreneurship; those choosing self-employment because of perceived external opportunity, but contrary to prior professional background;
professional entrepreneurship; those choosing self- employment to join professional partnerships and establish a professional practice;
family entrepreneurship; those choosing self-employment to join family businesses, some of which may be professional in nature;

8. Why become and entrepreneur
independence-seeking entrepreneurship; those actively attracted to self-employment by a desire for independence, not associated with economic necessity;
Lifestyle entrepreneurs; those, particularly women and younger people, who choose self-employment because it offers improved ability to balance work and family commitments, but not associated with economic necessity;
reward-seeking entrepreneurship; those younger people voluntarily leaving paid employment to pursue actively financial reward and improved working conditions.

9. Choosing a product and a product
An existing good or service for an existing market
Difficult approach for a start up operation due to high costs and uncertain profits
A new good or service for a new market
Riskiest strategy for a new firm coz product and market unknown
A new good or service for an existing market
Expanded to include modified goods/services
An existing good or service for a new market
Moderate risk which can be reduced through market research

10. Entry strategies for new ventures
Differentiation
An attempt to separate the new company’s product or service from that of its competitors e.g. through improved operations, features, portability e.t.c
Nice specification
An attempt to provide a product or service that fulfills the needs of specific subset customers
Innovation
Pioneering or radical innovation embodies a technological breakthrough or new-to-the-world product. Incremental innovations are modifications on existing products

11. Qualities of a good business opportunity
Demand
There must be significant demand for a product or service or a gap in the existing
Return on investment
Potential of a venture to bear fruit in a set of time and which cover the capital
Availability of Resources
Sufficient resources to take business opportunity before competitors
Skills
You need the right skill to tap into a business opportunity
Scalability
Ability to grow gradually over time and adapt to changing environments
Health profit margin
Does the business has substantial profit margin to guarantee sustainability while meeting the market gap
Customer retention
Keeping customers buying from you as long as possible

12. Enterprise success factors
Get your service out of your head and down on paper. 
If you can’t quantify or document your service for repeatability and new employee training, you will kill yourself trying to grow the business.
Start with a service you know and love.
A successful services business, more than a product business, comes from a skill or insight that you have honed from experience. Now all you have to do is pass it to the many new members as you grow your team.
Don’t let your service be viewed as a commodity.
You need to highlight how your service is more innovative and of higher value to your target customers.

13. Be a visible and available expert in your domain.
Be accessible on social media, write a blog or articles for industry publications, and participate in conference panels and speaking engagements
Recruit only the best people, with the right base skills
Make sure they bring solid base skills, so your training can focus on the innovative and unique elements that your service brings to the arena.
Practice being a good communicator.
Make sure everyone understands your vision and values both employees and customers
 The customer experience is more than the service
Make sure that every interaction with every customer is positive

14. Business plan components
Basic information
People involved
Product or service
Marketing
Production/delivery of your service
Legal Issues
Financial issues
Other information

15. THANK YOU