Starting a small business

Unit 17

Lesson Objectives

• Understand entrepreneur skills

• Analyses how skills can be developed to improve a business

What is an Entrepreneur?

Do you recognise any?

Card Sort Activity

Match the entrepreneur skills to their description

Entrepreneur Skills

• Self-confidence - a self-belief and passion about your product or service - your enthusiasm should win people over to your ideas.

• Self-determination - a belief that the outcome of events is down to your own actions, rather than based on external factors or other people's actions.

• Being a self-starter - the ability to take the initiative, work independently and to develop your ideas.

• Judgement - the ability to be open-minded when listening to other people's advice, while bearing in mind your objectives for the business.

• Commitment - the willingness to make personal sacrifices through long hours and loss of leisure time. 

• Perseverance - the ability to continue despite setbacks, financial insecurity and exposure to risk.

• Initiative - the ability to be resourceful and proactive, rather than adopting a passive "wait and see" approach.

Entrepreneur Skills

Kirsty Henshaw

www.bbc.co.uk/dragonsden

Watch Kirsty Henshaw deliver her pitch to

the dragons. Can you identify any of the

skills above?

Use your cards to identify which skills you think Kirsty demonstrates

Your task

Pass

•You are now going to think about the skills that you have and need to run your business and how you can improve them over time.

Merit (working towards)

•Its important for the merit task that you explain practical things that you could do maybe in your spare time to develop skills.

Fill in the table!!

• Pick four of the skills we have looked at in todays lesson– Some that you think you already have and some that

you know you need to improve. • You will need to complete the descriptions of each in your

own words and explain how the skills will help you run your business.

• Finally rate yourself on each skill and then explain what you could do to improve the skill and how this will help you and your business

Fill in the table based on you and your business idea.

Lesson Objectives

• Understand entrepreneur skills

• Analyses how skills can be developed to improve a business

Skills audits and Quiz's

• You are now going to complete a series of small quiz’s to identify what skills you have and which you are good at and which you need to improve.

• As you complete each quiz you will need to complete a small write up.

Are you an Entrepreneur?

Entrepreneur's Quiz from IBIS

The results Score 180: You and your group are too perfect! Get someone else to analyse your strengths and weaknesses

Score 110-178: You and your group have the mix of the right qualities to become and entrepreneur. But remember that this is only the start of a long and difficult journey.

Score 82-110: You have many of the right qualities to become an entrepreneur, but there are gaps which need strengthening. Think about building a team to help you achieve the balance of attitudes and skills that you need in an effective business.

Score 36- 80: Becoming an entrepreneur is probably not for you. Sit back and think about the demands that it will place upon you and your family

Your Task – Part 1

• In your introduction explain that you have completed an entrepreneur skills audit.

– Insert a copy of the test in your work

• Write a summary of the skills that you have identified and the feedback given as a result of the test.

Entrepreneur Skills Audit

Entrepreneur Skills Audit

The results

“If your score is over 100, you are a good candidate to consider entrepreneurship as a career. But here's the surprise: if you scored less than 100, you may also be a good candidate. Remember, there is no set formula for who can and cannot be a successful business owner. The purpose of this quiz is to help you explore your interests and abilities for future entrepreneurship.”

Your task – Part 2

• Insert a copy of the quiz

• What feedback did the quiz give you?

• What does this tell you about how you might have to improve in order to run your business successfully?

Now do the second part of the quiz

Your task - Part 3

• If your score is 70 or over, you already have many of the key skills needed to be a successful entrepreneur.

• If your score is 6 or less on any skill, you can chose to work to improve in that area. With determination, you can develop all of the skills necessary to be a successful business owner.

• Explain how you could improve on four of the

skills you scored less than 6 on.

Analyse the development needed to run the business

successfully

M2

Next Task – Merit

• Identify skills that need further development prior to the business launch

• Understanding what can be done to improve these skills

Personal Development Plan

• If you were to your business you would certainly need to undertake further personal development.

• Look at the list of skills below and analyse which three you need to develop further.

• State how you could develop it further– Training?– Work Experience?– Course?

Entrepreneur Skills

• Able to plan effectively

• Good Verbal Communication

• Necessary writing skills

• Necessary reading skills

• Positive achiever

• Good at selling a product

• Relate well with others

• Able to manage resources

• Team-builder• Strong leadership

ability

Analyse• Analyse means to explain why… and build a chain of

argument…

Example - Able to manage resourcesBeing able to manage resources is important in business, it means youcan manage staff, stock and communication effectively. I would need todo this in my business to make sure I always have enough stock and every body knows what they are doing at all times. I have limitedexperience of this skill although I am good at managing my school life effectively. To developthis further I could get some work experience over the summer holidays to develop these skills. This will mean I am ready for the launch of my business idea in….

Advantages and Disadvantages of Methods

Training Course• Can be expensive and

time consuming• Can give you the

qualifications you need• You may learn better on a

training course• Is there a training course

available for your needs?• When will you fit it in? part-

time, full-time, distant learning course?

Work Experience• You can get this prior to

the launch of the business• This will give you fist hand

experience• Can you find somewhere

to get the experience? (Will they really want you sealing ideas?)

• Inexpensive

You can use other methods to develop your skills but you must discuss the advantages and disadvantages of each method.

Your Task – Personal Development

Pick three areas of development. For each area answer thefollowing:• Describe the skill and explain how important it is to you and your

business (What would happen to you and your business without it?)

• Explain what you can do to develop this skill further. Be specific on what you are going to do i.e. training – Can you find a course, training program or potential work experience placement using Google to include in your work?

• What are the advantages and disadvantages of the method you have chosen to develop your still?

• Describe the time frame you intend to set to develop the skill. How long will it take and when you intend to do it? Before you launch the business or during?

Use the example above to help you

Well Done!