ENTREPRENEURSHIP

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What is entrepreneurship?

The word entrepreneur has its origin from the French word Entreprendre which means “to undertake”. The word entrepreneur thus in

essence means “one who undertakes”.

Quote” THERE ARE QUITE A LOT OF PEOPLE WHO THINK IT’S NOT POSSIBLE. THAT’S A GOOD THING! WE DON’T REALLY NEED TO WORRY ABOUT THOSE PEOPLE VERY MUCH, BECAUSE SINCE THEY DON’T THINK IT’S POSSIBLE THEY WON’T TAKE US VERY SERIOUSLY AND THEY WILL NOT ACTUALLY TRY TO STOP US UNTIL IT’S TOO LATE!”

PayPal billionaire Peter Thiel reacting to critics about his plans to build a floating sovereign nation in the open seas off the San Francisco coast.

In a business context, an entrepreneur is one who starts a business. The dictionary presents the definition of an entrepreneur as one who

organizes, manages, and assumes the risks of a business or enterprise.

From the definition, venturing out or stepping out is the key aspect. An entrepreneur treads

on territory others will not.

Anyone with any of the following characteristics is already an entrepreneur

Entrepreneurs are:

Strongly attached to their companies. They habitually talk about “their babies”

Hate giving up control of their companies, even if they are no good at management

Consistently bold when making “hot” or risky decisions

Driven by an inner force to start a business and unwilling to take “no” for an answer

Convinced that, against all the odds, they will be able to turn their dream into reality

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Who can be an entrepreneur?

Financial management and record keeping

Operational requirements of running your business

Legal and regulatory requirements of the business

Successfully starting a business requires two things: leap of faith and reasoned analysis. You must have a clear idea of what you are getting into. Learn the crucial

aspects that you need to know before you start your own business.

Technical aspects of the business

How do you start?

Marketing the business

Know everything there is to know about your business

Be familiar with the concepts of budgets, accounting and profit margins

Register your company and obtain information on licenses and permits

Consider obtaining professional assistance from accountants, lawyers etc.

Take steps to ensure your potential customers know about your business

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Yourself, family and friends

Venture capital firms - Provide financial as well as professional operational assistance

Strategic partner who understands and shares in your vision

The choice of financing is an important part of being an entrepreneur and the ability to raise cash when you have no or limited business history takes skill and creativity.

The suitability of the available sources of funding depends on what stage you are at, and will change as the company matures from stage to stage.

What sources of finance are available for an aspiring entrepreneur?

Bank – Require an elaborate business plan

The most typical forms of finance are:

Banks at times restrict lending to already existing entrepreneurs

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Use resources at your institution to carry out research on the field you’d want to venture in

Develop fiscal consciousness – Manage your finances however small. Maintain a culture of saving. Though your savings may not be enough to start your business, the financial discipline you’ll have developed will

be invaluable when your business takes off.

Identify your skills and build on them

Associate with peers who have similar skills and more importantly passion for personal growth and development

How can I as a student become entrepreneurial?

Identify young entrepreneurs as mentors…focus on how they made it and see yourself succeeding too!

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Davidson Ngibuini

Young successful entrepreneurs in Kenya

AGE 26

Founder 254 entertainmentIndustry media production and experiential marketingClient portfolio: Coca cola, Airtel, Cadburys, Malta Guiness…

DO WHAT YOU LOVE

DELIGHT IN WHAT YOU DO AND SUCCESS WILL DAWN ON YOU LIKE THE MORNING SUN

Enjoy the journey to your success

The end