Entrepreneurship for beginners

ByAngela Ihunweze(Mrs)

ForAngela Itambo

Invite her to speak at your events (08033280453)

Topic• What is entrepreneurship• Difference between

entrepreneurship and small business• What do you need to succeed in

entrepreneurship• Stories of some successful

entrepreneurs• Final word of wisdom

What is entrepreneurship

• Entrepreneurship is the act which is a French word meaning "one who undertakes an endeavor".

• Entrepreneurs assemble resources including innovations, finance and business acumen in an effort to transform innovations into economic goods. ..

Difference between entrepreneurship and small business

Those who engage in entrepreneurship are called entrepreneurs. An entrepreneur is an individual with the following characteristics:-

• Who spots an opportunity in the marketplace • Assembles the required resources to take advantage of

this opportunity, most times his or her own funds is used as start up capital

• This opportunities may not be new to the market place, however what makes it different is that these individuals turns these ordinary opportunities into something extraordinary!

Difference between entrepreneurship and small business

part 2

• They are visionary and very observant and current about what goes on in the society to see where they can get their next big hit

• They are very patient and self motivated and are driven by the passion to give life to their business and see it succeed.

• They take careful calculated risks and this means they don’t just throw money on any idea that comes their way it must have a substantial market need.

Difference between entrepreneurship and small business

part 3Most small businesses are set up as lifestyle businesses to provide

immediate income for their families and a job for the owner manager, therefore the following are found:-

• There isn’t ingenuity in the choice of business idea, that is why there are a lot of copy cats, because Mr. x is making money then it means I can to

• This results to over saturation of a particular business and invariably some fail, because of the law of demand and supply

• There is no desire to expand, although most entrepreneurial ventures start small with limited funds and grow from that seed

• Owners don’t see any need to embark on any form of training or empowerment to improve on their business skills, and this leads to bad and unethical business practices.

• As a result of the fact that most of these businesses are created out of trends and momentary business opportunities any slight shaking in the market place can affect them adversely

Difference between entrepreneurship and small business

part 4• There is no desire to expand, although most

entrepreneurial ventures start small with limited funds and grow from that seed

• Owners don’t see any need to embark on any form of training or empowerment to improve on their business skills, and this leads to bad and unethical business practices.

• As a result of the fact that most of these businesses are created out of trends and momentary business opportunities any slight shaking in the market place can affect them adversely

What do you need to succeed in entrepreneurship

Have the right attitude• See it as a career• Be positive • Be ready for anything that may come

your way• Don’t despise small beginning• Be ready for smart and hard work

What do you need to succeed in entrepreneurship Part 2

Have a plan on the present and the future

• Your business should not be left to chance

• Have a plan on everything, from how much you will earn as salary, how much you safe, your business principle. In a nutshell plan your business

What do you need to succeed in entrepreneurship Part 3

Learn all you can about the technical aspect and business aspect of your business.

• Your competing with the world• The customer is king• To excel you need to continuously improve

your technical and business skills• It has nothing to do with educational

background

What do you need to succeed in entrepreneurship Part 4

Comply with the government rules and regulations.

• Know what is expected from you from the local government and state government especially payment of business permits and tax

• To be recognised as transacting a business will require you registering with the Federal Government, the body responsible for that is Corporate Affairs Commission. You don’t need a lawyer, you can do it on your own

Stories of some successful entrepreneurs

• Ibukun Awosika. A chemistry graduate with no prior training in carpentry, however after serving in a furniture showroom, decided to venture in that business. she is the founder of The Chair Centre, a market leader in the office furniture and banking security systems industry .

Final word of wisdom1. Be ready for the unexpected2. Be girdled with information, which means keep your nose to the

ground3. Financial indiscipline is the easiest ways to ruin your career,

that is why we suggest creating a nest egg and inculcating strict accounting practices, to check mate excesses

4. Be ready to seek help at all times5. Time management is paramount in avoiding failure, that why it is

ideal to either have a mentor or a business advisory professional on retainer ship

6. There is no substitute in the following; • Professionalism• Planning• Diligence• Networking• Reverence for your maker Almighty God

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