Preparing as Entrepreneur and for Entrepreneurship. What does it take to prepare before starting a Business. This presentation can be a preparation starter kit for people looking to start their own venture.
3. “What is Entrepreneurship?”
Entrepreneurship is the act of being an entrepreneur, which is a French word meaning "one
who undertakes innovations, finance and business acumen in an effort to transform
innovations into economic goods.
38. Between you and Amitabh Bachan, He has Failed more,
But what matters is who wins more
39. Social Preparation.
People can't do something' themselves. They wanna tell you, you can't do it.
If you want somethin', go get it.
Don't ever let somebody tell you...
You can't do something.
42. Understanding Business Risk.
•
Misreading the Market
•
Unable to scale
•
Implementation
•
Planning
•
Investor risk
•
A high percentage of new businesses fail within the first few
years.
Overestimating the appeal of your product or service.
Inadequate initial financing.
Poor financial controls can sink a new business even if the
idea of the business is a good one.
The new business consumes the time you devote to family and
friends
•
•
•
•
43. Personal Financial Planning.
•
•
Strategies and timelines
for accomplishing your
goals.
Create and
review a
financial plan.
Managing risk is essential
to your long-term financial
security & protect you from
financial catastrophe.
Obtain
adequate
insurance.
•
•
Organize your
financial
records.
Evaluate where you're at
today and set the stage
for your goals and
priories going forward.
Don’t keep unnecessary
loans and credit card
debt
•
Reduce or
minimize
consumer
debt.
•
Have enough cash on hand to
cover three to six months of
basic living expenses .
Calculate your
net worth.
Build an
emergency
fund.
Establish a
spending plan.
•
This is simply a matter
of figuring out what
you own less what you
owe.
Have a balanced
spending plan
45. Spotting the Opportunity.
•
•
•
•
•
•
Start to believe you can.
Don’t focus on the problems, focus on
finding opportunities.
Think of what it is you want to
achieve.
Think about how you can accomplish
your goal.
Take different views of the situation.
Make it a habit, see every problem as
an opportunity.
59. I have many ideas,
which one should I begin with?
•
Take time to brainstorm about possible
ideas.
•
Start with the one you can begin today or
fastest.
•
Focus on customers and what their
needs / wants are.
•
Look for demand.
•
Review the competition.
•
Do you have the required Skills /
Resources / Time.
•
Do you feel confident you can execute
the idea.