Entrepreneur’s Resources

to Transform Idea and

Pursuit of Knowledge
Business and
Entrepreneurship Dept.
1. Know about the
business resources
and ideas for an
entrepreneur
2. Discuss on
entrepreneurship
ideas in action
Objectives
3. Identify the pursuit of Entrepreneur’s Resources to Transform
knowledge for Idea and Pursuit of Knowledge
entrepreneurs Business and
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Entrepreneurship
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1. Pursue the Passions and
Interests.
2. Build positive relationships
and reach out when
necessary.
3. Think About What Needs
Improvement in Your
Industry.
4. Keep an Open Mind.
5. Have Capacity for Growth.
6. Draw Inspiration from
Brands and Companies You
Learnings from Launching
Respect.
7. Avoid Perpetual Planning. START UP BUSINESS
8. Don’t Let the Fear of
Failure Hold You Back. Business and
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Entrepreneurship
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The benefits of being
an entrepreneur are
being one’s own boss
and having the
freedom and flexibility
Become an
to directly handle
problems ENTREPRENEUR
and be creative.
Business and
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Entrepreneurship
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Entrepreneurs occupy a
central position in a market
economy. For it’s the
entrepreneurs
who serve as the spark plug
in the economy’s engine,
activating and stimulating all
economic activity. The
economic success of nations
worldwide is the result of
ENTREPRENEURS in
encouraging
and rewarding the MARKET ECONOMY
entrepreneurial instinct.
Business and
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Entrepreneurship
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 SUCCESS FACTORS
1. Money Management
2. Planning ENTREPRENEUR
3. Adaptation
Business and
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Entrepreneurship
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Money is what keeps a
business venture afloat. It
is an essential part of
buying inventory, paying
employees, marketing the
business, buying or
repairing business tools
and paying his own salary.
MONEY MANAGEMENT
A successful entrepreneur
knows how to manage his SUCCESS FACTORS
money.
Business and
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Entrepreneurship
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Planning is essential to starting
and running a successful
business. From the early stages
-market research and business
plan writing-to later stages-
hiring, firing and sustaining-a
successful entrepreneur
must think ahead, analyze
every single business decision
and constantly compile data.
PLANNING
Another aspect of planning is
setting goals, outlining how to
achieve them and achieving
SUCCESS FACTORS
them. Business and
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Entrepreneurship
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Adaptation is essential in an
entrepreneur’s success.
ADAPTATION
This essential factor comes in
several different forms and is
vital to the beginning and life SUCCESS FACTORS
of a new company.
Business and
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Entrepreneurship
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Business plan is an integral part
of the management of a
financial institution.

It should build the institution’s

aims and objectives. It is a
documented conclusion of how BUSINESS PLAN
the business will create its
resources to achieve its goals
and how the institution will ENTREPRENEURS
evaluate progress.
Business and
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Entrepreneurship
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Operations management refers
to running the day-to-day
operations of a given business.
It can differ dramatically
depending on the type of
business being run and the
operations undertaken. Such
management can also be OPERATIONS MANAGEMENT
performed by in-house
employees or can be
outsourced, depending on the ENTREPRENEURS
circumstances.
Business and
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Entrepreneurship
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Generally, the most complex
types of operations management
exist in the manufacturing
industry. When goods are
manufactured, a lot of different
steps go into the operation of the
plant or company
doing the manufacturing. For
example, parts must be ordered
and purchased and delivered to OPERATIONS MANAGEMENT
employees; employees must be
hired, trained and supervised; and
goods must be packaged and
shipped or distributed to resellers
ENTREPRENEURS
or end users. Business and
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Entrepreneurship
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Within manufacturing, operations
management involves taking care
of all of these individual steps.
The manager of operations may
also take measures to institute
cost control procedures or to
improve system efficiency using
systems analysis.

Techniques such as total quality

management, which involve
focusing on ensuring quality at
OPERATIONS MANAGEMENT
each step of the production
process, are used in order to
successfully manage such large
ENTREPRENEURS
and complex processes. Business and
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Entrepreneurship
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In other environments, operations
management takes on a very
different meaning. In a law office, for
example, management may primarily
relate to hiring and overseeing
support personnel for attorneys. An
office manager may be hired to
ensure that paralegals, legal
secretaries and clerks and other
support staff are available. Other
duties of an operations manager may
include ordering office supplies
and/or contracting with telephone OPERATIONS MANAGEMENT
service providers, Internet service
providers, technicians for copy
machines and other personnel and
services necessary to keep an office
ENTREPRENEURS
running smoothly.
Business and
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Entrepreneurship
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Human resource management
(HRM) is based in the efficient
utilization of entrepreneur to
achieve two main goals within
an organization.

The first is to effectively make

use of the talents and abilities HUMAN RESOURCE MANAGEMENT
of each employee to meet the
operational objectives that are
the ultimate aim of the ENTREPRENEURS
organization.
Business and
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Entrepreneurship
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Risk management is a logical
process or approach that seeks
to eliminate or at least minimize
the level of risk associated with a
business operation.

Essentially, the process identifies

any type of situation that could
result in damage to any resource
within the possession of the RISK MANAGEMENT
company including personnel,
then take steps to correct
factors that are highly likely to ENTREPRENEURS
result in that damage.
Business and
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Entrepreneurship
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1. Strategic Risk TYPES OF RISKS
2. Compliance Risk
3.
4.
Operational Risk
Financial Risk
BUSINESS RISKS
5. Reputational Risk
Business and
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Entrepreneurship
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Everyone knows that a successful
business needs a comprehensive, well-
thought-out business plan. But it’s also
a fact of life that things change, and
your best-laid plans can sometimes
come to look very outdated, very
quickly.

This is strategic risk. It’s the risk that

your company’s strategy becomes less
effective and your company struggles
to reach its goals as a result. It could be
due to technological changes, a STRATEGIC RISK
powerful new competitor entering the
market, shifts in customer demand,
spikes in the costs of raw materials, or
any number of other large-scale
BUSINESS RISK
changes.
Business and
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Entrepreneurship
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Are you complying with all the
necessary laws and regulations that
apply to your business?

But laws change all the time, and

there’s always a risk that you’ll face
additional regulations in the future. COMPLIANCE RISK
And as your own business expands,
you might find yourself needing to
comply with new rules that didn’t BUSINESS RISK
apply to you before.
Business and
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Entrepreneurship
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Operational risk refers to an
unexpected failure in your
company’s day-to-day operations. It
could be a technical failure, like a
server outage, or it could be caused
by your people or processes.

In some cases, operational risk can

also stem from events outside your
control, such as a natural disaster,
or a power cut, or a problem with
OPERATIONAL RISK
your website host. Anything that
interrupts your company’s core
operations comes under the
BUSINESS RISK
category of operational risk.
Business and
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Entrepreneurship
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Most categories of risk have a
financial impact, in terms of extra
costs or lost revenue. But the
FINANCIAL RISK
category of financial risk refers
specifically to the money flowing in
and out of your business, and the
BUSINESS RISK
possibility of a sudden financial loss.
Business and
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Entrepreneurship
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If your reputation is damaged,
you’ll see an immediate loss of
revenue, as customers become
wary of doing business with you.
But there are other effects, too.
Your employees may get
demoralized and even decide to
leave. You may find it hard to hire
good replacements, as potential
candidates have heard about your
bad reputation and don’t want to
join your firm. Suppliers may start REPUTATIONAL RISK
to offer you less favorable terms.
Advertisers, sponsors or other
partners may decide that they no
longer want to be associated with
BUSINESS RISK
you.
Business and
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Entrepreneurship
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ThankYou

Business and
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Entrepreneurship
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