There are many reasons that becoming an entrepreneur is attractive, rather than working for somebody else:
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You may be able to spend more time with your family as you can choose your own hours and holidays etc.
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You may gain a sense of achievement in creating your own business and seeing it mature;
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You are more independent and do not have to answer to anyone else.
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You can strive to achieve a certain income within a specified time scale
Duration: 100 hours
CONTENTS
Learn what it takes to be a successful entrepreneur!
There are 10 lessons in this module as follows:
1. Scope & Nature of Entrepreneurship
2. Is Entrepreneurship Right for You?
3. Assessing opportunities
4. The Role of Market Research
5. Intellectual Property
6. Legal & Ethical Concerns
7. Operating a Business
8. The Business and Financial Plan
9. Marketing
10. Launching a Venture
WHAT YOU WILL DO IN THIS COURSE
Collect and analyze different newspaper articles which refer either to:
- the impact of entrepreneurship on the economy
- or the impact of the economy on entrepreneurship.
Examine the articles to ascertain the influencing factors outlined in the articles, and list these under the headings, ‘positive factors’ and ‘negative factors’ (in your opinion).
Discuss with someone who has a business their opinion on these positive and negative factors.
Name the different kinds of entrepreneurial businesses and describe what each produces.
Name at least three famous entrepreneurs (living or deceased), and describe what they did and what impact they had on the economy.
Define the word entrepreneur. What do you think about when you think of someone who owns his or her own business?
List advantages and disadvantages of being (1) an employee (ii) an entrepreneur.
List factors that you might consider before deciding to become an entrepreneur.
AIMS
- Discuss the concept of entrepreneurship and identify the effect entrepreneurs can have on the economy.
- Identify requirements to become a successful entrepreneur.
- Clarify personal expectations, values, skills and experience.
- Identify methods of investigating business opportunities that are in line with personal and business interests and values.
- Discuss the importance of market research in order to understand potential customer requirements and market needs for a product and/or service.
- Explain the legal and ethical aspects of ownership of ideas, designs, etc.
- Explain and have the knowledge of relevant legislation and regulations affecting entrepreneurs.
- Identify and explain all factors and costs that need to be considered in starting up and managing a venture.
- Explain the essential elements of a business plan and the importance of financial planning.
- Explain the key concepts of marketing to enable the student to develop and plan marketing strategies relevant to his or her entrepreneurial venture.
- Describe various means available that can be used to launch and publicise a new venture.
Are You Suited to Entrepeneursip?
People become entrepreneurs for many reasons. Some want to leave the fast-paced corporate environment. Others want to be at home but still earn an income. Others want to pursue a personal dream. The reason you might become an entrepreneur may be completely different from these. Most people dream of running their own business. They would like to become entrepreneurs.
Entrepreneurship can be exciting, but running your own business is difficult. In fact, many companies started by entrepreneurs go out of business. This is often caused by poor planning, lack of business knowledge or entrepreneurial characteristics, or choosing the wrong business.
Entrepreneurship is not for everyone. Some people lack the qualities needed to become successful entrepreneurs. Others lack the aptitude needed to run a business. For others, the benefits of entrepreneurship do not outweigh the disadvantages. However, if you have some of the qualities and skills required to be a successful entrepreneur, all is not lost. You can always learn new skills if you have enough determination. Skills and knowledge will also be acquired naturally as your business grows. The most important characteristics you will need to become a successful entrepreneur are: determination – you must be very determined to get your business off the ground. A lacklustre approach will almost certainly be a key to failure rather than success; self-discipline – if you are to work alone, you must have a large amount of self-discipline. Often extra work will tend to be done on an evening or at weekends and as well as self-discipline, you will need time management skills; responsibility - you must be able to take full responsibility for your own actions. After all, if you are to work alone, there is no-one else to blame if things don’t go to plan. Being responsible does not have to be a negative factor, it can also provide motivation and a sense of achievement; innovation – you will always need to have your wits about you. You will often be required to be pro-active and think of ways to improve efficiency and customer satisfaction if things become stagnant. You will be constantly be required to think of new ideas; enthusiasm – when this runs out, so does the business. If even you aren’t enthusiastic about the service you provide, neither will your staff and customers.
Success as an entrepreneur requires a strong commitment to a business and a lot of energy. To be able to commit yourself fully to a business, you should choose a field that interests you and that will provide you with an experience you will enjoy.
Alternatively, check out our bookshop for related text books:
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Want to be the next Richard Branson?
Discover how to develop the entrepreneur in you! Learn how to be more innovative in business, find opportunities and develop them!
There are many opportunities for entrepreneurs in each type of business. Entrepreneurship is a process of looking at things in such a way as to make solutions to problems and perceived needs. Maximise your chances of business success by enhancing your ability to apply entrepreneurial principles to business.
