courses
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Session 1
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Characteristics of a Successful Entrepreneur
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Guts: Guts mean you must have an entrepreneurial instinct, which is an overwhelming desire to have your own business. You must have the guts and dedication to be completely devoted to your goal. Incidentally, devotion to your goal is much more likely if you have a love for your intended business. Life is too short to start a business that doesn't give you satisfaction and joy. And, through good times and bad times, you will stick with something you love. As Solomon said, "There is nothing better for men (and women!) than they should be happy in their work-so let them enjoy it now."
• Brains: While appropriate educational credentials are important, entrepreneurial "brains" means more than scholastic achievements. To become a successful entrepreneur, you should have a working knowledge about the business you plan to start before you start it. Common sense, combined with appropriate experience, is the necessary brainpower. Prudence, follow through and attention to detail are very important.
• Capital: Every business needs money of your own plus sufficient cash to maintain a positive cash flow for at least a year. In a future session operating entrepreneurs will learn how to forecast future cash requirements through cash flow control. Many businesses can be started on a very small scale with a small investment. Then, as the business grows and you gain experience, cash flow from your business can be used for growth. In some cases, you don't need starting capital to hire other people because you might start by doing everything yourself. The "do it yourself" start is a good way to learn everything about your business and also makes you better qualified to delegate work to others later on. You can control your risk by placing a limit on how much you invest in your business.
Selection Strategy اختيار الاستراتيجية
Operating the wrong business is the most frequent mistake that start-up entrepreneurs make. Here is a checklist to help you to evaluate if you are in a potentially successful one or to reassess the business you are in:
If you have not yet selected a business, take your time and wait for the business that is just right for you. You will not be penalized for missing opportunities. The selection process takes a lot of planning and your experience and complete knowledge is vital for your success.
Don't tackle or pursue businesses that may be too challenging. It is better to identify a one-foot hurdle than try to jump a seven-footer.
Try to identify a business that has long-term economic potential. Follow Wayne Gretzky's advice, "Go to where the puck is going, not to where it is."
A big mistake can be an error of omission. This means you may fail to see an opportunity that is right in front of you.
Keep in mind that as a general rule specialists do better than non-specialists. Wouldn't you be more inclined to take your sick cat to a veterinarian whose practice is limited to cats rather than to a general practitioner?
Operate a business that will grow in today's and tomorrow's markets. Many small retail stores are no longer in business because huge stores such as Wal-Mart and Home Depot provide more choices to the customer and often at a cheaper price.
Businesses to avoid are "commodity" businesses where you must compete entirely on price and in which you must have the lowest cost to survive. As Mr. Buffett has said, "In a commodity type business you're only as smart as your dumbest competitor."
Most service businesses have pricing power. Pricing power means that you will not need to have the lowest price in order to secure business. Your customers will be willing to pay a fair price for a better product or service.
Should you bet on a business you don't know when you can bet on a business you do know?
If you are manufacturing a product, consider the pros and cons of contracting out production to a low-cost supplier. In other words, operate a "hollow corporation." A "hollow corporation" is a company that subcontracts manufacturing and packaging.
Things to Watch Out For
Impatience
Do not let over confidence short-circuit you from analyzing your business carefully. You must not fear hearing the negative aspects; it is much better to be aware of them and face them early on.
The lure of high rewards. They will come if you have selected the right business and if you understand every aspect of the business before you open its doors.
Suggestions For People In Transition
More people than ever are victims, or are about to be victims, of downsizing: also known as "reduction in force", "made redundant", or "your job just went overseas". Scary questions begin to arise: Where do I go from here? How am I going to make my mortgage payment?
For a laid-off worker who doesn't have bright prospects for replacing his or her job, there is a possibility not to be overlooked - Why not go into business for yourself? For those still in jobs but fearful of losing them (the signs are usually evident), there is the possibility of starting a moonlight business now, while still working.
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