Do You Have What it Takes to be an Entrepreneur?

Entrepreneurs try to identify and meet a need for a product or service. Entrepreneurs come from all types of backgrounds, may be of any age, and create all kinds of businesses. Some own tiny craft shops, while others own huge construction companies. Entrepreneurs try to identify the needs of the marketplace and to meet those needs by supplying a service or product. When they succeed, their businesses flourish and the profits go to them. When they fail, their companies decline and they may have to go out of business.

Entrepreneurship is a process of looking at things in such a way as to make solutions to problems and perceived needs. Such as, is this idea feasible? Will this idea work?

It is also the willingness to take risks involved with the starting and managing of a business. It is also the qualities needed to function effectively in a business, profit-making context, that is, the ability to identify business opportunities and make deals. Entrepreneurship also refers to the ability to take risks on your own initiative and be able to work in a cost effective way to make a profit.

There are many opportunities for entrepreneurs in each type of business. Manufacturing businesses actually produce the products they sell. Using resources and supplies, they create everything from automobiles to paper. Wholesaling businesses sell products to people other than the final customer. Retailing businesses sell products directly to the people who use or consume them. Service businesses sell services rather than products. They include hotels, hairdressers and repair shops.

Entrepreneurship benefits the economy by filling unmet needs and increasing productivity. It also benefits the economy by providing employment to local inhabitants, paying taxes to government and council and often buying materials from other local businesses, which

circulates money around the geographical area. In many cases, the most successful entrepreneurs started businesses that are today large corporations.

 There are 10 lessons in this course:

1. Scope & Nature of Entrepreneurship

• What is a Entrepreneur
• Types of Entrepreneurs
• Factors Affecting Entrepreneurial Success
• Sources for Business Ideas
• Intrepreneurs
• Ethics
• Entrepreneurial Process

2. Is Entrepreneurship Right for You

• Reasons for Becoming an Entrepreneur
• Skills Needed by Entrepreneurs
• Determining How Suited You are to Being an Entrepreneur

3. Assessing opportunities

• Questions To Consider
• Assessing Opportunities
• Entrepreneurial Lifecycles (Opportunity Recognition, Opportunity Focussing, Resource Commitment, Market Entry, Full Launch and Growth, Maturity and Expansion, Liquidity Event)

4. The Role of Market Research

• Obtain, Analyse, and Interpret the information necessary
• Who Will Buy Your Products and/or Services
• What Do They Want
• Market Research Steps
• Types of Market Research (Market Research, Product Research, Promotions Research, Sales Research, Company Research)
• Gathering Data (Primary Data, Secondary Data)
• What Needs Research (Physical Attributes, Behavioural Characteristics of Customers, entifying Best Prospects)
• The Research Process
• Statistics
• Researching Competitors
• Tracking Trends
• Staying Ahead of Trends
• Questionnaires

5. Intellectual Property

• Copyright
• Contract Law
• Public Domain
• Right to Privacy
• Law & the Internet
• Electronic Publishing
• Patents
• Designs
• Trademarks

6. Legal & Ethical Concerns

• Types of Business (Sole Trader, Partnership, Private Limited Companies, Public Limited Companies)
• Terminology
• Legal Obligations

7. Operating a Business

• Goals and Objectives
• Resources –Premises, Equipment, etc
• Stock & Suppliers
• Identifying Business Functions
• Thinking About Expenses & Costs
• Dealing with Fluctuations in Demand

8. The Business and Financial Plan

• What is a Business Plan
• Venture Capital
• Forcasting
• Setting Goals
• Policies
• Scheduling
• Budgeting
• Developing Procedures
• What to include in a Business Plan

9. Marketing

• Gathering Information
• Identifying Key Issues
• Developing Strategies and Actions
• Market Opportunity Analysis
• Determine a Target Market
• Engineer a Target Market
• Market Objectives

10. Launching a Venture

• Launching
• Start Up Assistance
• Being Prepared for Change
• Prepare Contingency Plans in Advance
• Using Assets Well
• Think Laterally
• Core Business Focus
• Taking Calculated Risks

Each lesson culminates in an assignment which is submitted to the school, marked by the school's tutors and returned to you with any relevant suggestions, comments, and if necessary, extra reading.

• 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.