WEEK 1: Getting to Know You: As an Individual and not as an

Entrepreneur

Why You Must Really Know Yourself Before Starting a Business by Martin
Zwilling (2015)
1. Starting the right business requires knowing yourself.
2. Attracting the right team requires knowing what you don’t know.
3. Building a business requires confidence in yourself.
4. Being authentic and genuine gets the best from others.
5. Make better business decisions by playing to your strengths.
6. Know when to say "no" without guilt.
7. You won’t improve if you don’t know what needs fixing.
ENTREPRENEURIAL PROCESS
The process of starting and running one’s own business.
ENTREPRENEUR
An Entrepreneur is an individual who undertakes the risk associated with creating,
organizing, and owning a business.
STEPS IN ENTREPRENEURIAL PROCESS
1. Discovery
The stage in which the entrepreneur generates ideas, recognizes
opportunities, and studies the market. (Innovation & Opportunity)
Need to consider:
1. Consider your hobbies and skills.
2. Consider consumer needs and wants.
3. Conduct survey and questionnaires-test the market.
4. Study demographics.
2. Concept Development
Develop a business plan: a detailed proposal describing the business
idea.
Proof of concept:
1. Enterprise Idea
2. Marketing Concept
3. Financial Concept
3. Resourcing
The stage in which the entrepreneur identifies and acquires the financial,
human, and capital resources needed for the venture start-up. (Start-up
resources)
1. Identify potential investors.
2. Apply for loans, grants and assistance.
3. Hire employees.
4. Actualization
The stage in which the entrepreneur operates the business and utilizes
resources to achieve its goals/objectives.
1. Opening.
2. Day-to-day operations.
5. Harvesting
The stage in which the entrepreneur decides on venture’s future growth,
development, or demise.
1. What is your 5 year or 10-year plan?
2. Consider adding locations or providing different products/services.
3. Expansion