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Entrepreneurship Development

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An entrepreneur runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale rather than just working as an employee for an organization.

Traditionally, an entrepreneur has been defined as a person who starts, organizes and manages any enterprise, and a business. Entrepreneurial spirit is characterized by innovation and risk-taking.

According to Hisrich and Peters (2002), “Entrepreneurship is the process of creating something new with value of devoting the necessary time, effort, assuming the accompanying financial, physical and social risk and receiving the resulting rewards of monetary and personal satisfaction and independence.”

So what are the factors needed for a successful entrepreneurship development?


At first you need to have a fresh idea which will be the core concept of entrepreneurship. You can have different types of innovation.

  • Innovation of new product
  • Innovation of new process of production methods
  • Exploration of new markets
  • Searching for the new sources and supply
  • Innovation of industrial reconstruction method

The Business Plan

You need a business plan. Without planning success is very rare.

At the very beginning you need some basic things.

  • Name and address of your business
  • Name and address of the entrepreneur
  • Nature of the business
  • Statement of financing need
  • Statement of confidentiality of report


You need to have a clear outlook of what you are going to do.

Production plan

  • Manufacturing process
  • Physical plant
  • Machinery and equipment
  • Name of supplier of raw materials
  • Marketing plan
  • Pricing
  • Distribution
  • Promotion
  • Product forecast

Organizational plan

  • Form of ownership
  • Identification of partners or shareholders
  • Authority principals
  • Management team background
  • Roles and responsibilities of the members of the organization

Financial Plan

  • Pro forma income statement
  • Cash flow projection
  • Pro forma balance sheet
  • Break even analysis
  • Sources and applications of funds

Risk Analysis

There are always some risks in entrepreneurship. Risk can lead your business to failure. So, risk analysis is very important.

  • Evaluate weakness of business
  • New technologies
  • Contingency plans

Business plans are the helping hand for an entrepreneur. The business plans are designed to guide the entrepreneur through the first year of operations. Many entrepreneurs have the tendency to avoid planning. But without proper planning it is hard to exist in the long run. Planning is an important part of any business operations. Without good planning the entrepreneur is likely to pay an enormous price. Without good planning the employees will not understand the company’s goals and how they are expected to perform in their jobs. Planning is like a motivation. It will motivate you to hold your breath at the tough times and will increase your pace during the rising situation.


Entrepreneurship is a big deal. It helps capital formation, generation of employment, improvement in per capita income, reduces concentration of wealth, balanced regional development, resource mobilization, improvement in standard of living, national self-reliance, backward and forward linkages and many more. By following plans and with proper motivation Entrepreneurs can become milestones. But before all of these you should have a strong mental preparation for facing failure and keep in mind that failure is the pillar of success.

The Entrepreneurial Skills You Need to Have Before Jumping in

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Someone who exercises initiative by organizing a venture to take benefit of an opportunity and as the decision maker, decides what, how and how much of a product or service will be produced.

An entrepreneur supplies risk capital as a risk taker and monitors and controls the business activities. The entrepreneur is usually a sole proprietor, a partner or the one who owns majority of shares in an incorporated venture.

According to economist Joseph Alois Schumpeter, “Entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring achievement or success.”

There are some ups and downs in the field of entrepreneurship. And there are some skills which are necessary for an entrepreneur.

While the debate was going on, do the entrepreneurs are born or made, one thing can’t be disputed, polishing certain skills can help you to become a better entrepreneur. But what are those skills?

Sales skills

Being able to sell is something that is the key to every entrepreneur. Even those that tell you they’re not natural sales-people have the capability to sell or they wouldn’t get to where they are. It’s necessary to sell your idea and also yourself.


It’s easy to think about the right-now aspect of your business, because the results are easy to watch. But what you will say about bigger picture? At the time of facing long term goals and challenges it becomes a must to have some skills, because at that stage skill talks. Without skill you are going to face lots of problems.

Without having a constant eye on your strategy and assessment of that strategy in terms of the industry and your competition, you can’t hope to grow it over time and remain competitive in the marketplace.

Decision Making

If you are asking people what about decision making, then they will obviously tell you that it’s the most important criteria for an entrepreneur. The right decision at the right time is the key to success for an entrepreneur. When a problem arrives the most important thing at that time is to manage that situation with a cool brain. That’s what will lead you to your goal.

A Motivator

For being an entrepreneur at first you have to become a good motivator. There will be lots of crisis moments when nothing can help other than motivation. An entrepreneur needs to motivate and inspire his colleagues and sub-ordinates always specially at the hard times. Often you have to motivate yourself! But never lose your hope.

Business Planning

You need to know how to plan for a well-established business, and need a business plan for the long run. You may not have the ability to roll in the long run at this moment but never stop planning.


We are now living at a fast paced world where surviving is very hard. And at the marketplace it is much harder for an entrepreneur to survive. Have preparation for surviving in the changing condition. If you can’t adapt, you will never survive. And you will never be able to work effectively with a diverse group of peers and executives, either.


Skills are your trusted friends. Without skills you can run for sometimes, but not for long. Prepare yourself before taking part in the race.

This guest post comes courtesy of Ben Eisenhut from Oasis Building Rectification And Maintenance who specialist in Building Restoration Gold Coast and Surrounding Areas.

Being an entrepreneur; Things to keep in mind

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A person organizes and operates a business and takes a great financial risk to do so. An entrepreneur is like an inventor; s/he invents business ideas and invests his/her time and money in it. Entrepreneur also solves social problems with the help of their business.

Becoming an Entrepreneur

Being an entrepreneur is a big deal. There are certain things you need to keep in mind before taking the decision of becoming an entrepreneur.

Success Rate

Who doesn’t want success in this competitive world? But success doesn’t come in an easy way. Moreover in the field of entrepreneurship success rate is close to fifty percent. There is always a chance of failure which you can never neglect.


Supports from the people around you will not always the same. Whatever the situation is you need to hold your hope.


Feedback is very important when you are doing something new. But you will not always receive positive feedback. So, there is always a chance of demotivation which is very bad for you.


Nobody will listen to you unless you have something to show. Talk less, show more. By showing off you are giving them a reason to pay attention.


No employee, even with the same equity will care as much as you. Your care is a must for your start-up.

Smart Steps

Take small steps, but take it smartly. Your smart steps will lead you to your destination.

Area of Emphasis

Give effort. But not in the area of your weakness. Give your efforts in the fields where you are strong enough.

Market Research

Do a market research. Without it you will not be able to compete with other competitors of you in the market.


Marketing is another key ingredient of success. For buying you products, customers need to know about them.

Target Market

Find your target market, know their taste and budget. After selecting target market think about your next step, which is how to grab their attention.

Raising Fund

Raising fund is one of the toughest jobs for an entrepreneur. At first you don’t have anything, neither success nor failure. Investors do not invest in such a new field which has an average success possibility.

Give up Control

It sounds a bit awkward. But if you try to control everything your business will not spread. Your employees will only follow but they won’t work for the company. As a result, nothing new will come out.

Brand Name

Brand name has always a huge impact on the common people. Choose it wisely and cleverly. A name can change your complete business scenario.


Always be confident about what you are doing. If you do not have confidence, what other people are going to have!

Customer Satisfaction

Work for customer satisfaction. If your customers are satisfied with you, you will never fall down.


Lock down your focus. Love what you are doing. Never think that without working hard success will show up on its own. Your passion will lead you to success. So, never lose your passion!

Thinking about being an entrepreneur?

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The Seven movies every entrepreneur should watch

So many people aspire to be an entrepreneur. This is because entrepreneurship makes you your own boss. You are able to make your own decisions without any one monitoring you. Despite this, being an entrepreneur comes with both advantages and disadvantages. Below is a list of the advantages and disadvantages of being an entrepreneur:

i. Gives you freedom.
When working for a boss someone or a company, you have to meet some specified requirements. This gives you very little freedom. You are not required to make some decisions without consulting your boss. This is not the case when you start your own business. With your own business you are able to set up your own schedule and make independent decisions as you wish. You are thus able to dictate everything that happens in your business.

ii. It can be exciting.
Most employees claim that they hate their jobs. This is because they end up being dragged into careers that they don’t like just for the sake of looking for money. This is normally not the case for an entrepreneur. Most entrepreneurs indulge in ventures that excite them. They are faced with new opportunities and challenges every day. Therefore, monotony is not very common in entrepreneurship.

iii. Rational income
When you become an entrepreneur, your income becomes directly proportional to your effort. There is no fixed income like in a job where no matter how hard you work your salary doesn’t change. In a job the only way to have your income increased is through a promotion. These promotions don’t come easily.

iv. Self-fulfillment and Recognition

Every human being desires recognition from his family, friends and the entire society in general. Being an entrepreneur is the best way of achieving this. This is because entrepreneurs help create jobs thus changing people’s life. You are able to have self-fulfillment when you do something good for the society.


i. Requires a lot time dedication
When starting a business, you have to dedicate a lot of time to ensure that it picks. This is a big challenge to many people. The more time you dedicate to your business the faster it grows. You have to be ready to go for extra hours. This requires a lot of personal discipline that many people lack.

ii. High level of competition.
Competing with other businesses is never easy. An entrepreneur has to stay highly competitive in order to survive in the market. This simply means that you should make your business unique from the rest. This requires a lot of creativity and sometimes extra financing. If you make your goods or services unique from the rest you are able to have a solid customer base and remain profitable.

iii. No guarantee for success.
There is never a guarantee that your business will succeed. Therefore entrepreneurship is all about risk taking. That is why majority of people prefer jobs since the risk involved is minimal. Economic and political changes causes a lot of uncertainty when it comes to businesses. Changes in market demands and technological advancements can also make you run out of business. You must thus prepare for the worst case scenario as an entrepreneur.

Being an entrepreneur

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An entrepreneur also known as a self-employed person enjoys becoming his/her boss and coming up with his/her business regulations. In addition to that, they become stable and gain control that may not be achieved by regular employees. In case you’ve been thinking of being self-employed, you should know the merits and demerits of taking this role.


The ability to be innovative.

One can create new ideas and products to meet the needs of an existing market niche a process called innovation. By being innovative, one develops new profitable industries. This almost guarantees that people will stand in line to give the self-employee his or her money so that they can have their needs satisfied.

Setting your price.

Another advantage of being a self-employee is the ability to set one’s price. Since entrepreneurs can develop new products that never existed before, they can also determine their price.

Flexibility regarding income and lifestyle.

Because the employee has the potential to set his/her price for his goods and services, he can determine the kind of revenue and lifestyle he/she wishes to maintain.

There is an option to diversify.

He/she can create one or many different businesses. This is the best reason for being self-employed. One can create a business to meet the needs of a particular market. Once you have the business up and running, you move on to creating another business model. This allows these self-employees to create as many income streams as possible.

Disadvantages of these employees;

There is No Regular Salary.

Once you initiate a business, you ought to be ready to leave behind the security of having a paycheck each month. Even successful self-employees experience lean months when all financial resources are being taken up by the new business.

Work Schedule.

Despite having the luxury of flexible schedules, this self-employed person also sacrifices his/her time especially during circumstances that need him/her to work for long hours.

Poor administration.

Since this is his/her boss, all the main decisions are made by him/her. This is a burden and handling such responsibility is quite difficult.

The advantages and disadvantages of being an entrepreneur

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Entrepreneurs appreciate the flexibility of settling on their own business choices and turning into their own particular managers. What’s more, they likewise pick up the solidness and control that would never be accomplished as a standard worker. In the event that you have been longing for getting to be distinctly one of these business people, you ought to discover the disadvantages and advantages of going up against this part.

Advantages of Entrepreneurs

Energy: contrasted with being normal representatives, business people appreciate much fervor starting from the planning phase of the business up to advancement and acknowledgment. Adrenaline junkies clearly love being business visionaries as they are presented to a lot of hazard. You ought to always remember, that all business hazards that you concede to taking, ought to be computed.

Pay Potential: a great many people who are utilized for the most part feel that they are not being adjusted for the work they do. Furthermore, they should take after the pay structure set by their managers. Business visionaries, then again, procure cash that is equivalent to their fences Ipswich

Adaptability: having control of work routines and duties makes the life of these business visionaries fortunate. They can take excursions anytime and invest much quality energy with their families.

Freedom: for individuals who cherish not being answerable to anyone else but rather themselves, turning into a business person would most likely be great. They would have the capacity to settle on choices without the weight of getting let go.

Disadvantages of Entrepreneurs

No Regular Salary: when you begin a business, you ought to be set up to desert the security of having a paycheck every month. Indeed, even fruitful business people encounter lean months when every single financial asset are being taken up by the new business.

Work Schedule: in spite of the fact that they have the advantage of an adaptable calendar, business people likewise make gives up particularly amid circumstances that oblige them to work longer hours. Not at all like customary representatives who are not stressed a lot over the status of the business, business people must ensure that everything is going great.

Organization: since they possess the business, every real choice are made by business people. This is a significant weight and handling such obligation is very troublesome. Each choice specifically influences the eventual fate of their organizations and maintaining a strategic distance from expensive slip-ups is basic.

Subsequent to contrasting the advantages and disadvantages, you should choose in the event that you can reasonably handle every one of the duties of owning your own business beside being set up for every one of the dangers you need to take. In any case, on the off chance that you look carefully, being a business visionary is still alluring particularly with the feeling of satisfaction and achievement they pick up from beating all chances and defeating all difficulties. For whatever length of time that you have energy and duty, you will have the capacity to handle these disadvantages wonderfully.

Those settling on the choices may not know as much about the issue, economic situations and so on as they think they do. While they settle on speedy choices, they are not really the best choices, and it might be better for the business to have a pro manager set up who is a specialist in a specific territory.

It might likewise not be a reasonable organizational structure if the business develops, as the leaders have essentially excessively numerous choices to make. As expressed before, choices can be made rapidly in an entrepreneurial business structure. In any case, if there are so many choices to be made bringing on postponements as various representatives sit tight for answers, it might really be faster to choose a manager and delegate obligation to them for settling on specific choices.


Check out this video on 50 entrepreneurs giving out advice. Its awesome