Economic Empowerment
Business Start Up & Development Dynamics
TRAITS OF AN ENTREPRENUER
1) capacity for abundance
2) Risk taker
3) Creative and initiating ideas
4) Planner
5) Controller
6) Co-ordinator
7) Responsible - Self Supervision
8) Goal oriented
9) Self Confident
10) Persistent - Does not give up easily
11) Creative
12) Be positive
13) Be sure everything in correct ( Exellence)
14) Determine purpose
15) Choose the approach
16) Strategic
ACCESSING YOUR ENTREPRENUERSHIP CAPACITY
QUESTIONS
· DOES YOUR FAMILY GO ALONG WITH YOUR DESIRE TO START A BUSINESS?
· ARE YOU THE KIND OF PERSON WHO ACTS QUICKLY WHEN YOU SEE AN OPPORTUNITY, OR ARE YOU GENERALLY A PROCRASTINATOR?
· HAVE YOU SAVED MONEY, MADE BUSINESS CONTACTS, TAKEN SPECIAL COURSES, OR READ PARTICULAR BOOKS FOR THE PURPOSE OF PREPARING YOURSELF FOR BUSINESS OWNERSHIP?
· HAVE YOU HAD TRAINING OR EXPERIENCE IN YOUR PROPOSED LINE OF BUSINESS OR IN ONE SIMILAR TO IT?
· ARE YOU EASILY DISCOURAGED?
· ARE YOU WILLING TO WORK HARDER IN YOUR OWN BUSINESS THAN AS AN EMPLOYEE?
· ARE YOU WILLING TO RISK THE UNCERTAINTY OR IRREGULARITY OF YOUR SELF-EMPLOYMENT INCOME DURING THE EARLY YEARS OF THE ENTERPRISE?
· CAN YOU SURVIVE FAILURE?
· HAVE YOU CAREFULLY CONSIDERED & LISTED DOWN ALL THE REASONS WHY YOU WANT TO ENTER BUSINESS ON YOUR OWN?
· HAVE YOU COMPARED THE INCOME THAT YOU WILL EARN FROM YOUR NEW BUSINESS WITH WHAT YOU COULD MAKE WORKING FOR SOMEONE ELSE?
· HAVE YOU DISCUSSED YOUR PROPOSITION WITH COMPETENT ADVISORS WHO ARE IN DIFFERENT OCCUPATIONS OR WHO HAVE DIFFERENT VIEW POINTS?
· IF YOUR BUSINESS WILL BE BASED ON AN ENTIRELY NEW IDEA, HAVE YOU ATTEMPTED TO SECURE ACTUAL CONTRACTS OR COMMITMENTS FROM POTENTIAL CUSTOMERS INSTEAD OF MERELY GETTING THEIR POLITE APPROVAL OF YOUR IDEA?
· MOST FIRST TIME BUSINESS PEOPLE MAKE THE MISTAKE OF BELIEVING EVERYBODY THEY TALK TO, EVEN WHEN SUCH PEOPLE ARE NOT BEING COMPLETELY HONEST. PEOPLE MAY SAY THAT WHAT YOU ARE GOING INTO IS GREAT, BUT THE QUESTION WITH WHICH YOU HAVE TO COME TO TERMS IS: WILL THEY BUY?
· DO YOU KNOW HOW MUCH MONEY YOU WILL NEED TO GET THE BUSINESS STARTED?
· HAVE YOU SAVED ENOUGH MONEY TO START THE BUSINESS ON YOUR OWN?
· DO YOU HAVE SUFFICIENT INCOME TO LIVE ON FOR SIX MONTHS TO ONE YEAR DURING YOUR START-UP PERIOD?
· IF YOU PLAN TO SECURE MUCH OF YOUR INITIAL CAPITAL FROM FRIENDS AND RELATIVES, ARE YOU CERTAIN THAT YOUR BUSINESS WILL REMAIN FREE OF "FRIENDLY" DOMINATION?
· ARE YOU AWARE OF MONEY SOURCES THAT WILL HELP FINANCE YOUR BUSINESS IN THE EVENT THAT YOU EXHAUST YOUR INITIAL CAPITAL?
· HAVE YOU CONSIDERED ALL THE FACTORS FOR AND AGAINST EACH LEGAL FORM OF ORGANIZATION (I.E. SOLE PROPRIETORSHIP, PARTNERSHIP, LIMITED LIABILITY COMPANY)?
· HAVE YOU PLANNED A SYSTEM OF RECORDS THAT WILL KEEP TRACK OF YOUR INCOME AND EXPENSES, WHAT YOU OWE OTHER PEOPLE, AND WHAT OTHER PEOPLE OWE YOU? WILL YOU BE ABLE TO HIRE EMPLOYEES LOCALLY WHO POSSESS THE SKILLS YOU WILL REQUIRE?
· IF YOU PLAN TO EMPLOY YOUR FRIENDS AND RELATIVES, ARE YOU SURE THE FAMILY WILL NOT GET IN THE WAY OF THE BUSINESS?
· HAVE YOU DECIDED ON THE FORMULA OR METHOD YOU WILL USE IN PRICING EACH CLASS OF GOODS AND SERVICES?
· HAVE YOU CONSIDERED THE PROBABLE REACTION OF COMPETITORS TO YOUR PRICING PRACTICES?
· HAVE YOU PLANNED DEFINITE WAYS TO BUILD AND MAINTAIN SUPERIOR CUSTOMER RELATIONS?
· HAVE YOU DEFINED YOUR POTENTIAL CUSTOMERS SO PRECISELY THAT YOU COULD DESCRIBE THEM IN WRITING?
· HAVE YOU GIVEN CAREFUL THOUGHT TO THE ADVERTISING VALUES OF THE PROPOSED NAMES FOR YOUR BUSINESS?
· DO YOU KNOW HOW MUCH CREDIT YOU CAN GET FROM YOUR SUPPLIERS, THE PEOPLE YOU WILL BUY FROM?
· HAVE YOU PLANNED THE BASIC PROCEDURES YOU WILL ALWAYS FOLLOW BEFORE EXTENDING CREDIT TO ANY APPLICANT?
· DO YOU KNOW WHAT SALES VOLUME IS NECESSARY TO BREAK EVEN?
· HAVE YOU DETERMINED WHAT ARE USUALLY THE LARGEST ITEMS OF EXPENSE FOR YOUR TYPE OF BUSINESS AND MADE DEFINITE PLANS FOR CONTROLLING THESE EXPENSES FROM THE VERY BEGINNING OF THE BUSINESS?
· HAVE YOU ASCERTAINED FROM RELIABLE SOURCES ALL REGULATION THAT MUST BE COMPLIED WITH IN YOUR BUSINESS?
1) capacity for abundance
2) Risk taker
3) Creative and initiating ideas
4) Planner
5) Controller
6) Co-ordinator
7) Responsible - Self Supervision
8) Goal oriented
9) Self Confident
10) Persistent - Does not give up easily
11) Creative
12) Be positive
13) Be sure everything in correct ( Exellence)
14) Determine purpose
15) Choose the approach
16) Strategic
ACCESSING YOUR ENTREPRENUERSHIP CAPACITY
QUESTIONS
· DOES YOUR FAMILY GO ALONG WITH YOUR DESIRE TO START A BUSINESS?
· ARE YOU THE KIND OF PERSON WHO ACTS QUICKLY WHEN YOU SEE AN OPPORTUNITY, OR ARE YOU GENERALLY A PROCRASTINATOR?
· HAVE YOU SAVED MONEY, MADE BUSINESS CONTACTS, TAKEN SPECIAL COURSES, OR READ PARTICULAR BOOKS FOR THE PURPOSE OF PREPARING YOURSELF FOR BUSINESS OWNERSHIP?
· HAVE YOU HAD TRAINING OR EXPERIENCE IN YOUR PROPOSED LINE OF BUSINESS OR IN ONE SIMILAR TO IT?
· ARE YOU EASILY DISCOURAGED?
· ARE YOU WILLING TO WORK HARDER IN YOUR OWN BUSINESS THAN AS AN EMPLOYEE?
· ARE YOU WILLING TO RISK THE UNCERTAINTY OR IRREGULARITY OF YOUR SELF-EMPLOYMENT INCOME DURING THE EARLY YEARS OF THE ENTERPRISE?
· CAN YOU SURVIVE FAILURE?
· HAVE YOU CAREFULLY CONSIDERED & LISTED DOWN ALL THE REASONS WHY YOU WANT TO ENTER BUSINESS ON YOUR OWN?
· HAVE YOU COMPARED THE INCOME THAT YOU WILL EARN FROM YOUR NEW BUSINESS WITH WHAT YOU COULD MAKE WORKING FOR SOMEONE ELSE?
· HAVE YOU DISCUSSED YOUR PROPOSITION WITH COMPETENT ADVISORS WHO ARE IN DIFFERENT OCCUPATIONS OR WHO HAVE DIFFERENT VIEW POINTS?
· IF YOUR BUSINESS WILL BE BASED ON AN ENTIRELY NEW IDEA, HAVE YOU ATTEMPTED TO SECURE ACTUAL CONTRACTS OR COMMITMENTS FROM POTENTIAL CUSTOMERS INSTEAD OF MERELY GETTING THEIR POLITE APPROVAL OF YOUR IDEA?
· MOST FIRST TIME BUSINESS PEOPLE MAKE THE MISTAKE OF BELIEVING EVERYBODY THEY TALK TO, EVEN WHEN SUCH PEOPLE ARE NOT BEING COMPLETELY HONEST. PEOPLE MAY SAY THAT WHAT YOU ARE GOING INTO IS GREAT, BUT THE QUESTION WITH WHICH YOU HAVE TO COME TO TERMS IS: WILL THEY BUY?
· DO YOU KNOW HOW MUCH MONEY YOU WILL NEED TO GET THE BUSINESS STARTED?
· HAVE YOU SAVED ENOUGH MONEY TO START THE BUSINESS ON YOUR OWN?
· DO YOU HAVE SUFFICIENT INCOME TO LIVE ON FOR SIX MONTHS TO ONE YEAR DURING YOUR START-UP PERIOD?
· IF YOU PLAN TO SECURE MUCH OF YOUR INITIAL CAPITAL FROM FRIENDS AND RELATIVES, ARE YOU CERTAIN THAT YOUR BUSINESS WILL REMAIN FREE OF "FRIENDLY" DOMINATION?
· ARE YOU AWARE OF MONEY SOURCES THAT WILL HELP FINANCE YOUR BUSINESS IN THE EVENT THAT YOU EXHAUST YOUR INITIAL CAPITAL?
· HAVE YOU CONSIDERED ALL THE FACTORS FOR AND AGAINST EACH LEGAL FORM OF ORGANIZATION (I.E. SOLE PROPRIETORSHIP, PARTNERSHIP, LIMITED LIABILITY COMPANY)?
· HAVE YOU PLANNED A SYSTEM OF RECORDS THAT WILL KEEP TRACK OF YOUR INCOME AND EXPENSES, WHAT YOU OWE OTHER PEOPLE, AND WHAT OTHER PEOPLE OWE YOU? WILL YOU BE ABLE TO HIRE EMPLOYEES LOCALLY WHO POSSESS THE SKILLS YOU WILL REQUIRE?
· IF YOU PLAN TO EMPLOY YOUR FRIENDS AND RELATIVES, ARE YOU SURE THE FAMILY WILL NOT GET IN THE WAY OF THE BUSINESS?
· HAVE YOU DECIDED ON THE FORMULA OR METHOD YOU WILL USE IN PRICING EACH CLASS OF GOODS AND SERVICES?
· HAVE YOU CONSIDERED THE PROBABLE REACTION OF COMPETITORS TO YOUR PRICING PRACTICES?
· HAVE YOU PLANNED DEFINITE WAYS TO BUILD AND MAINTAIN SUPERIOR CUSTOMER RELATIONS?
· HAVE YOU DEFINED YOUR POTENTIAL CUSTOMERS SO PRECISELY THAT YOU COULD DESCRIBE THEM IN WRITING?
· HAVE YOU GIVEN CAREFUL THOUGHT TO THE ADVERTISING VALUES OF THE PROPOSED NAMES FOR YOUR BUSINESS?
· DO YOU KNOW HOW MUCH CREDIT YOU CAN GET FROM YOUR SUPPLIERS, THE PEOPLE YOU WILL BUY FROM?
· HAVE YOU PLANNED THE BASIC PROCEDURES YOU WILL ALWAYS FOLLOW BEFORE EXTENDING CREDIT TO ANY APPLICANT?
· DO YOU KNOW WHAT SALES VOLUME IS NECESSARY TO BREAK EVEN?
· HAVE YOU DETERMINED WHAT ARE USUALLY THE LARGEST ITEMS OF EXPENSE FOR YOUR TYPE OF BUSINESS AND MADE DEFINITE PLANS FOR CONTROLLING THESE EXPENSES FROM THE VERY BEGINNING OF THE BUSINESS?
· HAVE YOU ASCERTAINED FROM RELIABLE SOURCES ALL REGULATION THAT MUST BE COMPLIED WITH IN YOUR BUSINESS?