aiding big businesses job creation ENTREPRENUERIAL PROCESS: decision to become an entrepreneur do you have the necessary skilld and abilities resources do you have them – opportunities and ideas above average chance idea will work – feasibility feasibility analysis – business plan proceed with implementation SKILLS REQUIRED: strategy organise and understand business as a whole – planning skill consider future might offer – marketing skill image of business – financial skill manage money – project management skill organise projects etc – human relations skill ability to dela with people – resources are financial resources, human resources, and operating resources or – physical resources. NEW VENTURE IN THE ENVIRONMENT: Trenad in the environment include economic ,political and social trends. Economic trends low exchange rate etc, social trends inemployment rate, violent crimes etc. – – REQUIREMENTS FOR A GOOD INVESTMENT OPPURTUNITY: must be a market need for product opportunity foucsed – sustainable competitive advantage potential to grow opportunity must be rewarding to investor and entrepreneur timing of the opportunity must be right BUYING AN EXISITNG BUSIENSS: Several advantages , image of businesses ,if business making money new owner will break even quicker than with a new business, planning can be based on previous financials, inventory equipment already in place. FRANCHISING entrepreneur starts a business that has been proven in the marketplace. – Entrepreneur becomes the franchisee. The franchisor the franchisee the right to operate a business using the franchise companys name.
aiding big businesses job creation ENTREPRENUERIAL PROCESS: decision to become an entrepreneur do you have the necessary skilld and abilities resources – do you have them opportunities and ideas – above average chance idea will work feasibility – feasibility analysis business plan proceed with implementation SKILLS REQUIRED: strategy – organise and understand business as a whole planning skill – consider future might offer marketing skill – image of business financial skill – manage money project management skill – organise projects etc human relations skill – ability to dela with people resources are – financial resources, human resources, and operating resources or physical resources. NEW VENTURE IN THE ENVIRONMENT: Trenad in the environment include economic ,political and social trends. Economic trends – low exchange rate etc, social trends – inemployment rate, violent crimes etc. REQUIREMENTS FOR A GOOD INVESTMENT OPPURTUNITY: must be a market need for product – opportunity foucsed sustainable competitive advantage potential to grow opportunity must be rewarding to investor and entrepreneur timing of the opportunity must be right BUYING AN EXISITNG BUSIENSS: Several advantages , image of businesses ,if business making money new owner will break even quicker than with a new business, planning can be based on previous financials, inventory equipment already in place. FRANCHISING – entrepreneur starts a business that has been proven in the marketplace. Entrepreneur becomes the franchisee. The franchisor the franchisee the right to operate a business using the franchise companys name.