Opportunities, ideas

1
Entrepreneurship

• Chapter 6
• Opportunities, ideas the enterprising work
  environment

2
Problems and Pitfalls of Entrepreneurship

1. The entrepreneur does not understand the market
   to whom he/she is selling his or her product or
   service. This can lead to errors in pricing,
   advertising and distribution of the
   goods/service, thus losing many potential
   customers.
2. Failing to plan.
3. Starting without enough money to keep going until
   sales start to be made.
4. Mismanaging finances of the business, leaving it
   short of cash and high on inventory or capital
   equipment.

3
Problems and Pitfalls of Entrepreneurship

• Failure to arrange for back-up money to tide
  the business over if it is needed.
• Failure to negotiate terms with the supplier for
  payment.
• Growing too quickly.
• The entrepreneur is not totally committed to the
  venture. This is evident in the lack of time and
  energy he/she is devoted to the business.
• The assumption that the business is doing well
  today and so it will continue to do well in the
  future. Time changes everything and the
  entrepreneur should be aware of that and adjust
  his/her business concept accordingly.

4
Problems and Pitfalls of Entrepreneurship

1. Lack of experience.
2. Family pressure that place demands on the
   entrepreneur when he/she needs to devote the
   majority of time to the business to ensure its
   success.
3. Inability to recruit competent employees.
4. Dishonest it will always lead to trouble in the
   end.
5. Lack of communication between the entrepreneur
   and the employees.

5
Venture Plan

• Mission Statement

6
Question?

• If this song were to be about your life mission,
  what would your mission be?
• http//www.youtube.com/watch?vRMs83vY2d34

7
Reach (Gloria Estefan)

• Some dreams live on in time foreverThose dreams,
  you want with all your heartAnd Ill do whatever
  it takesFollow through with the promise I
  madePut it all on the lineWhat I hoped for at
  last would be mineIf I could reach, higherJust
  for one moment touch the skyFrom that one moment
  in my lifeIm gonna be strongerKnow that Ive
  tried my very bestId put my spirit to the
  testIf I could reachSome days are meant to be
  rememberedThose days we rise above the starsSo
  Ill go the distance this timeSeeing more the
  higher I climbThat the more I believeAll the
  more that this dream will be mine

8

• If I could reach, higherJust for one moment
  touch the skyFrom that one moment in my lifeIm
  gonna be strongerKnow that Ive tried my very
  bestId put my spirit to the testIf I could
  reachIf I could reach, higherJust for one
  moment touch the skyIm gonna be strongerFrom
  that one moment in my lifeIm gonna be so much
  stronger yes I amKnow that Ive tried my very
  bestId put my spirit to the testIf I could
  reach higherIf I could, If I couldIf I could
  reachReach, Id reach, Id reachId reach Id reach
  so much higherBe stronger

9
Mission Statement

• A statement describing the purpose and goals of
  the organization.
• Meant to capture the attention and interest of
  people who may be able to help you in your
  venture.
• Identifies the type of venture.
• States the products/services it will deliver.
• Overall philosophy or purpose that has guided its
  development.
• Explains how the venture will meet the needs and
  wants of prospective customers.

10
Mission Statements

• To provide a disciplined climate enhanced by
  mutual support, and to graduate students who are
  lifelong learners and ready for the world of work.

11
Mission Statements

• To bring
• inspiration
• and innovation
• to every athlete
• in the world.

12
Mission Statements

• To make people happy.

13
Mission Statements

• To refresh the world...
• To inspire moments of optimism and happiness...
• To create value and make a difference.

14
Mission Statements

• To be the most successful
• premium manufacturer
• in the industry.

15
Mission Statements

• When you care enough
• to send the vary best.

16
Mission Statements

• To be our customers'
• favourite place and way to eat.

17
Venture Plan

• Need to create a mission/vision statement for
  your business. It must do the following
• Identify the type of venture.
• State the product/service it will deliver.
• State the overall philosophy or purpose of the
  venture.
• Explain how your business will meet the needs of
  the customers.