Starting A BusinessThe Entrepreneur

Learning Objectives:• To have knowledge of several

entrepreneurs• To have knowledge of skills and

qualities necessary• To have some understanding of why

many businesses fail

Who are these people??

Can you recognise them?

Anita Roddick

Founder of ‘The Body Shop’

Richard Branson

Founder of ‘Virgin’

Bill Gates

Founder of ‘Microsoft’

Alan Sugar

Founder of ‘Amstrad’

Duncan BannatyneFounder of ‘The Bannatyne Group’ and Dragons

Den judge

What do these people all have in common?

• They are all Entrepreneurs. What does the word Entrepreneur mean?

• Can you think of any other examples of famous Entrepreneurs?

An Entrepreneur is someone who makes a business

idea happen either by their own effort or by organising

other people to do the work

Can anyone be an Entrepreneur?

• In pairs think about what skills/qualities/attitudes you think a successful entrepreneur needs

A successful entrepreneur needs• Understanding of the marketKnowing what customers want and how well current businesses are meeting them

• InitiativeSeizing opportunities , this requires confidence and the ability to be a risk taker

• CreativityThe ability to come up with new and unique ideas

• DeterminationKeep on going even when the going gets tough

• PassionThe drive and enthusiasm to achieve something

• Persuasive abilities• Risk Taking

What is Enterprise?

• Enterprise is the set of skills and attitudes that help an individual turn an idea into reality

Why do people start businesses

• What do you think are the key motivations for people to start their own business?

• Think about both financial and non-financial reasons to start up a business

Reasons why people start their own business

Spotting a gap in the market

To become wealthy

To be their own boss

Flexible Working Hours

To use a hobby or talent

Redundancy/windfall

Unable to find a job

Commitment to aIdea/product

Key motivators

New Businesses

What do you think your chances of success would be if you opened your own business?

• Over 30% of new businesses fail within 2 years• More than half will fail within 5 years

WHY?

Leading 10 Reasons for Failure• No Business Plan• Under Funded• Not setting goals or objectives• Running out of money (cash flow)• Not understanding the market and customers• No differentiation• Bad Marketing• Underestimating competition• Not cost competitive• Poor People management skills

Your Turn – Bright Idea Time

• Please confirm your groups.• Log onto Haiku and look at BRIGHT IDEA page

– there are some inspiring stories and ideas• Next week finalise your proposal and give to

me.