Entrepreneurial competencies

Making of an Entrepreneur……..!!!

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Dictionary Meaning:

"Entrepreneur is one who organizes and directs a business undertaking, assuming the risk for the sake of

profit.“

The term "Entrepreneur" was introduced by Richard Cantillon, a French economist, in

the 18th century


Understanding Entrepreneurial Competencies




Initiative

Acting out of choice rather than compulsion, taking the lead rather than waiting for others to start..!!!


Sees and Acts on Opportunities

A mindset where one is trained to look for business opportunities from everyday experiences


Leadership


ENTR

EPRE

NEU

RIAL

CO

MPE

TEN

CIES


Fundamentals of Small Business




1. Things investors look for in a startup


INVESTORS LOOK FOR


2. Lies Entrepreneurs Tell Investors

My idea is the greatest

I don't have any

competition

The competition

sucks

My domain expertise is

unparalleledOnce the idea is

launched, customers will

Hurry or you'll miss the bus

10 hiring mistakes made by Start-up businesses

1. Hiring too many employees because of miscalculated revenues & underestimated cost of hiring.

2. Taking on board someone just because you known them —family, friends, wife. They'd expect different treatment.

3. Hiring a jack-of-all-trades instead of specialists for a particular job. Startups need specialists in specific roles.

4. Not having clarity on what you are hiring for. Startups should clearly define roles for new hires.

5. Not knowing if you are looking for a follower or a leader. Every business needs a mix of both.

6. Giving someone equity just because you cannot pay a hefty salary. Then you get a partner not an employee.

7. Hiring just to help someone out.

8. Emphasizing too much on cost per hire rather than on quality of hire.

4 myths about Business Planning

Identifying Entrepreneurial Opportunity

Source : cartoonstock.com


What is An Opportunity?

An opportunity is a favorable set of circumstances that creates the need for a new

product, service, or business idea.

Most entrepreneurial firms are started in one of two ways:

– Some firms are internally stimulated. An entrepreneur decides to start a firm, searches for and recognizes an opportunity, then starts a business.

– Other firms are externally stimulated. An entrepreneur recognizes a problem or an opportunity gap and creates a business to fill it.


What is an Opportunity?

An opportunity has four essential qualities


Window of Opportunity

• Window of Opportunity

– The term “window of opportunity” is a metaphor describing the time period in which a firm can realistically enter a new market.

• Once the market for a new product is established, its window of opportunity opens, and new entrants flow in.

• At some point, the market matures, and the window of opportunity (for new entrants) closes.


Three Ways to Identify An Opportunity


First Approach: Observing Trends

• Observing Trends

• The first approach to identifying opportunities is to observe trends and study how they create opportunities for entrepreneurs to pursue.

• There are two ways that entrepreneurs can get a handle on changing environmental trends:

• They can carefully study and observe them.

• They can purchase customized forecasts and market analyses from independent research firms.


First Approach: Observing Trends

Environmental Trends Suggesting Business or Product Opportunity Gaps


Second Approach: Solving a Problem


Sometimes identifyingopportunities simply

involves noticing a problemand finding a way to

solve it.

These problems can bepinpointed through observing

trends and through more simplemeans, such as intuition,serendipity, or chance.

Some business ideas are clearlyinitiated to solve a problem.

For example, Symantec Corp. created Norton antivirus

software to guard computersagainst viruses.




Third Approach: Finding Gaps in the Marketplace

• Gaps in the Marketplace

– A third approach to identifying opportunities is to find a gap in the marketplace.

– A gap in the marketplace is often created when a product or service is needed by a specific group of people but doesn’t represent a large enough market to be of interest to mainstream retailers or manufacturers.

• This is the reason that small clothing boutiques and specialty shops exist.

• The small boutiques, which often sell designer clothes or clothing for hard-to-fit people, are willing to carry merchandise that doesn’t sell in large enough quantities for Wal-Mart, GAP, or JC Penney to carry.


Finding Gaps in the Marketplace

Bridging the gap between Job seeker and Recruiter

Connecting Traveler and Accommodation Providers

To empower the MBA aspirant community.

To provide good quality branded products


Personal Characteristics of the Entrepreneur

Characteristics that tend to make some people better at recognizing opportunities than others

Prior Experience Social Networks

Cognitive Factors Creativity

10 thoughts for the Entrepreneur

•If you live by the sword, get ready to die by bullets.

•There are no traffic jams in the extra mile you go for the customer.

•Don’t underestimate customer resistance to behavior change.

•Price the customer, not the product.

•Your customer’s perception is your reality.

•If you torture data enough, it will confess.

•Customer loyalty can be bought; brand loyalty must be built.

•Price pressure is an effect, not a cause.

•Profits vs. Growth: Where do angels fear to tread?

Copyright © 2011 The Other Home. All rights reservedCopyrigt © 2011 The Other Home. All rights reserved

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