Description
Economists and business people differ in their definitions of what is entrepreneurship. Most, however,
agree that entrepreneurship is vital for stimulating economic growth and employment
opportunities in all societies. This is particularly true in the developing world, where successful
small businesses are the primary engines of job creation and poverty reduction. This course
introduces you to the fundamentals of entrepreneurship and how to become an entrepreneur. It discusses the essentials for building and running a business from the planning stages to marketing a product.
Entrepreneurial activity is "enterprising human action in pursuit of the generation of value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets.”
Entrepreneurship can come in various forms including starting a new business venture, purchasing a franchise, starting a charity or non-profit organization and inventing a new product. If you are interested in becoming an entrepreneur, consider the following steps:
Step One: Entrepreneurial Self-Assessment
Do you have what it takes to be an entrepreneur? Before you get started, it is critical to realistically assess your potential as an entrepreneur. To do this, consider:
Do you have the personal attributes needed to operate a successful business?
- Are you ready to use your managerial and leadership skills?
- Are you comfortable taking risks?
- Does an entrepreneurial lifestyle fit your current situation?
Step Two: Feasibility Study
While every opportunity starts with an idea, not every idea represents a viable business
opportunity.
- Does the idea solve or satisfy some consumer want or need?
- Will your idea actually work?
- Is there a demand? How much competition is there?
- Can the idea be turned into a business that will be profitable?
- Do you have the skills needed to take advantage of the opportunity? If you can find anyone who has tried this concept, what happened to them?
Step Three: Develop a Business Plan
A business plan is a detailed, written “action plan.”
- This will help you outline your future endeavor, and is required by most financial backers to prove you are likely to succeed
Step Four: Secure Finance/Funding Support
Finding sources of funding can be tricky, however, there are some resources available to help
get your small business off the ground. Some of the most popular resources include:
- Personal savings
- Friends and family
- Credit cards
- Banks
- Venture investors
- Government programs:
Who is the target audience?
- Anyone interested in starting their own business and becoming self-employed.
- Anyone interested in becoming an Entrepreneur or willing to understand the basic concepts of entrepreneurship.
- This course is probably not for you if you are an Entrepreneur seeking advanced skills to take your business to a higher level.
