BBS204 Entrepreneurship

Entrepreneurs from all around the world are continually starting up new businesses. Some succeede, others fail.

How do they decide what business to operate? How can you learn about the business opportunities available to you? What kind of goals should be set for a new business?

When considering becoming an entrepreneur, it is important to distinguish between an idea and an opportunity. A colleague once said “an opportunity is something you can do that someone else is prepared to pay for’.

When you take the plunge into entrepreneurship, you may be putting all of your worth at risk. Your life may become unbalanced, with increased working hours which take away time spent with your family and leisure time. The stress levels you may find yourself under may be much higher than when you were an employee.

QUESTIONS FOR THE PERSON THINKING ABOUT BECOMING AN ENTREPRENEUR

Before you even start looking for business opportunities, as yourself the following questions. Use a checklist.

1. Why do you want your own business?

'Because I hate my current boss' isn't enough to become an entrepreneur. Is it because you prefer to be your own boss, because you think you can make more money working for yourself, because you want more flexibility in your working hours, because you have a great idea for a service or particular goods? You need to be really clear on your motivations for running your own business.

2. Are you prepared for the demands of owning a business? Can you handle pressure, people, hard work, etc? Could you cope with the needs of an expanding business?

3. Do you understand the nature of business?

Don't go into business because you think it’s easy. If you think “I could do much better than that business owner”, be careful. Chances are that you might not understand what is involved, or the difficulties and demands of being an entrepreneur.

4. What are your chances for success?

Do you have relevant skills and/or knowledge, or can you easily get them? How much are you willing to learn and change? What characteristics and habits do you have that might hinder or help you as a business person? What can you offer that will improve your chances of success?

5. Can you afford to start?

Have you the capital, the proposed income, etc? Do you have a fall back option if the business does not prosper (e.g. your partner or spouse has an income)? Can you cope with short term financial losses and hold out until the situation improves?

Want to become an entrepreneur and maximise your chances of business success?

This course shows you how.




Lesson Structure

There are 9 lessons in this course:

Scope & Nature of Entrepreneurship
What is a Entrepreneur
Types of Entrepreneurs
Factors Affecting Entrepreneurial Success
Sources for Business Ideas
Entrepreneurs
Ethics
Entrepreneurial Process
Is Entrepreneurship Right for You
Reasons for Becoming an Entrepreneur
Skills Needed by Entrepreneurs
Determining How Suited You are to Being an Entrepreneur
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)
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, Identifying Best Prospects)
The Research Process
Statistics
Researching Competitors
Tracking Trends
Staying Ahead of Trends
Questionnaires
Intellectual Property
Copyright
Contract Law
Public Domain
Right to Privacy
Law & the Internet
Electronic Publishing
Patents
Designs
Trademarks
Legal & Ethical Concerns
Types of Business (Sole Trader, Partnership, Private Limited Companies, Public Limited Companies)
Terminology
Legal Obligations
Operating a Business
Goals and Objectives
Resources -Premises, Equipment, etc
Stock & Suppliers
Identifying Business Functions
Thinking About Expenses & Costs
Dealing with Fluctuations in Demand
The Business and Financial Plan
What is a Business Plan
Venture Capital
Forecasting
Setting Goals
Policies
Scheduling
Budgeting
Developing Procedures
What to include in a Business Plan
Marketing
Gathering Information
Identifying Key Issues
Developing Strategies and Actions
Market Opportunity Analysis
Determine a Target Market
Engineer a Target Market
Market Objectives
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.
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.