The document discusses entrepreneurship and introduces key concepts:
1) Entrepreneurship is creating something new of value by devoting time and effort while accepting risks and potential rewards.
2) An entrepreneur actively starts and leads their own business to grow and prosper by recognizing opportunities and managing resources.
3) Entrepreneurship can lead to innovation, job creation, and economic growth through organizing resources and creating new products/services.
Entrepreneurs possess characteristics that help economies and societies. They take risks to innovate factors of production and shift resources to higher productivity. Definitions describe entrepreneurs as adventurers who organize businesses and assume risks. Successful entrepreneurs enjoy challenges but are careful planners who attribute success to hard work. As leaders, entrepreneurs have qualities like selfless dedication, purpose, vision, courage, conviction, enthusiasm, integrity, and tact. They are positive thinkers who make decisions by carefully identifying problems, gathering data, analyzing options, selecting solutions, and implementing them.
Entrepreneurship involves recognizing business opportunities, managing risk, and mobilizing resources to create value and bring a project to fruition. An entrepreneur undertakes the formation of an organization by identifying potential demand and transforming it into supply. Successful entrepreneurs search for and exploit changes as opportunities, believing in increasing value and customer satisfaction. Entrepreneurship provides employment, increases purchasing power, and promotes regional development. However, entrepreneurs face issues in selecting and financing their business, choosing an appropriate legal structure, locating it, and finding suitable manpower.
Chapter 2 Steps in entrepreneurial process(entrepreneurship)Afzaal Ali
The document outlines the 5 key stages in the entrepreneurial process:
1) Discovery - generating business ideas and recognizing opportunities
2) Concept Development - creating a business plan and choosing a location
3) Resourcing - identifying financial, human, and capital resources for startup
4) Actualization - operating the business and utilizing resources to achieve goals
5) Harvesting - deciding on the business's future growth, development or closure
The document discusses entrepreneurship and provides definitions and concepts related to entrepreneurship. It defines entrepreneurship as creating something new of value by devoting time and effort while accepting risks and rewards. An entrepreneur is an individual who actively forms or leads their own business. The key stages of entrepreneurship are identifying opportunities, developing a business plan, acquiring resources, and managing the new venture. The document also outlines benefits like independence and potential for high profits but also drawbacks such as uncertainty, risk of losing investments, long hours, and stress.
The document discusses definitions and characteristics of entrepreneurs and entrepreneurship from various scholars and perspectives. It defines entrepreneurs as innovators who recognize opportunities, take risks to start new business ventures, and realize rewards. Successful entrepreneurs have qualities like initiative, willingness to take risks, ability to learn from mistakes, self-confidence, motivation towards hard work, and ability to make timely decisions. Entrepreneurship is the process undertaken by entrepreneurs to establish new enterprises through creative innovation.
This document discusses various topics related to entrepreneurship including:
1. Entrepreneurs recognize opportunities where others see chaos, challenge the unknown, and create the future.
2. Successful entrepreneurship is more than just a great idea - it requires taking risks, perseverance, and having the skills to execute an idea.
3. Innovation, new startups, and job creation are important contributions of entrepreneurship to economic development.
4. Entrepreneurship involves identifying opportunities, forming ventures, and managing risks, while entrepreneurs tend to be driven, creative risk-takers focused on pursuing new ideas.
This document discusses entrepreneurial intentions and corporate entrepreneurship. It covers factors that influence entrepreneurial intentions like self-efficacy and desirability of outcomes. It also discusses entrepreneur characteristics like education, age, work history and role models. Finally, it outlines steps to establish corporate entrepreneurship in an organization, including securing commitment, identifying ideas, establishing a support structure and evaluating performance.
The document defines entrepreneurship as starting a new business by identifying opportunities, assembling resources, and taking on associated risks and rewards. An entrepreneur determines supply of capital, allocates resources, identifies opportunities, implements plans, and harvests rewards in a flexible manner. Their functions include risk bearing, organization, innovation, management, and decision making. An entrepreneur's performance is affected by factors like personality traits as measured by the Myers-Briggs Type Indicator, which sorts preferences into 16 types based on dimensions of extraversion-introversion, sensing-intuition, thinking-feeling, and judging-perceiving. The Trade Related Entrepreneurship Assistance and Development program aims to empower women through counseling, training,
The document traces the development of entrepreneurship from early periods through modern times. It discusses how entrepreneurs have evolved from signing contracts to taking on risks and rewards of new ventures. The key aspects of entrepreneurship discussed include identifying opportunities, developing business plans, obtaining resources, and managing new enterprises. Different types of startups like lifestyle firms and high-potential ventures are also outlined. Finally, the document examines the role of entrepreneurship in economic development and innovation.
Chapter 4 writing a business plan(entrepreneurship)Afzaal Ali
A business plan is a written document that describes a business, how it will achieve its goals, and its financial projections. It is typically 25-35 pages and serves as a tool to communicate the business idea to potential investors and obtain financing. The key sections of a business plan include an executive summary, company description, industry and market analysis, marketing plan, management team, operations plan, financial projections, and appendices. An effective business plan convincingly answers questions about the business opportunity, product or service, target market, costs, potential profits, investment needs, and risks.
Social responsibility of entrepreneursGemmar Lumot
Entrepreneurs have social responsibilities to their community, customers, and employees. As business owners, they must sell quality products at fair prices, treat employees and suppliers fairly, pay taxes, promote employee welfare, and observe business ethics. Entrepreneurs are also responsible for their environmental impact and should properly dispose of waste. They have a duty to create jobs and support their local communities. When managing employees, entrepreneurs must provide fair working conditions, health and safety, privacy, and comply with labor laws regarding wages and hours. Upholding ethics, transparency, and sound business practices are important responsibilities for entrepreneurs.
The document discusses the importance of entrepreneurship in the economy. It explains that entrepreneurs benefit local economies by purchasing supplies locally, hiring local employees, paying local taxes, and supplying goods and services to local consumers. Entrepreneurs also benefit from international trade by importing and exporting goods, though there are risks like currency exchange rates and cultural differences that must be considered. Overall, entrepreneurship is important as it drives economic activity at both the local and global levels.
Entrepreneurial Management (EM 01) - EntrepreneurshipSuhas Dutta
This deck covers the definition of Entrepreneurship and what is means according to various thinkers, and what implications it might have. This is the second deck.
Part of the course on Entrepreneurial Management that I taught at Bangalore University last Spring (2014).
Chapter 1 concept and nature of entrepreneurshipAlebachew Hailu
This document provides an overview of entrepreneurship including: the concept of entrepreneurship and importance of entrepreneurship; functions and characteristics of entrepreneurs; differences between entrepreneurs and managers; the entrepreneurial process involving identifying opportunities, developing a business plan, determining required resources, and managing the enterprise; and the ethics and social responsibility of entrepreneurship.
The document outlines the 5 key stages in the entrepreneurial process:
1) Discovery - generating business ideas and recognizing opportunities
2) Concept Development - creating a business plan and choosing a location
3) Resourcing - identifying financial, human, and capital resources for startup
4) Actualization - operating the business and utilizing resources to achieve goals
5) Harvesting - deciding on the business's future growth, development or demise
The Nature and Importance of Entrepreneursgohar321
This document summarizes key points from Chapter 1 of the textbook on the nature and importance of entrepreneurs. It defines what an entrepreneur is and discusses the entrepreneurial decision process. It describes the different types of startups such as lifestyle firms, foundation companies, and high-potential ventures. It also examines the role of entrepreneurship in economic development through innovation and commercializing new products and services.
Part One of Entrepreneurship Lecture Notes on Students Enterprise Club at www.studentsenterpriseclub.com.
This is a Study guide for intending Entrepreneurs.
This document discusses identifying and analyzing opportunities for domestic and international expansion of a venture. It covers several key areas: developing an opportunity assessment plan to evaluate new opportunities; various information sources for researching industries, markets, and competitors; differences between domestic and international entrepreneurship such as economic conditions, political environments, and cultural factors; motivations and strategic effects of going global; methods for selecting foreign markets and entry strategies; and tips for partnering with foreign entrepreneurs.
This document discusses various legal issues that entrepreneurs should consider, including intellectual property (patents, trademarks, copyrights, and trade secrets), selecting lawyers, patent types and processes, trademarks, copyrights, trade secrets, licensing, product safety and liability, insurance, the Sarbanes-Oxley Act, and contracts. It provides information on each topic and considerations for entrepreneurs.
This powerpoint presentation defines entrepreneurship and discusses its history and modern applications. It begins by defining an entrepreneur as someone who organizes and manages a business while taking on financial risk. It notes that agricultural students have been involved in entrepreneurship since the early 20th century through programs like raising livestock and growing crops. Today, agricultural entrepreneurship can involve many diverse activities beyond farming like custom harvesting or operating a small engine repair service. The presentation concludes by discussing characteristics of successful entrepreneurs and different types like social and lifestyle entrepreneurs.
The document discusses entrepreneurship, defining it as starting a new business and taking on the associated risks. It notes that entrepreneurs risk more than employees but also have more potential for reward. The pros of entrepreneurship are listed as making your own rules, enjoying your work, creating wealth, and helping your community, while the cons include potential business failure, unexpected obstacles, and financial insecurity early on. Successful entrepreneurs like Thomas Edison, P.T. Barnum, and Steve Jobs are mentioned. Characteristics of entrepreneurs like courage, creativity, and determination are also outlined.
This document provides an overview of entrepreneurship, defining entrepreneurs as risk-takers who start new businesses. It discusses the mindset of entrepreneurs, including traits like seizing opportunities and always improving. The document also outlines the different forms entrepreneurship can take and reasons why entrepreneurs are important, such as creating most new jobs and solving problems through innovation.
The document defines an entrepreneur as someone who creates a new business while taking risks and uncertainties in order to make a profit. It discusses various theories of entrepreneurship including economic, sociological, and psychological theories. It also covers characteristics, types, functions, and barriers of entrepreneurs. The stages of the entrepreneurial process include discovery, concept development, resourcing, actualization, and harvesting. Entrepreneurial culture and its components that promote entrepreneurship are also summarized.
Entrepreneurship, introduction to entrepreneurship, definition of entrepreneu...Jorge Saguinsin
Introduction to basics of Entrepreneurship covers topics such as social entrepreneurship, business entrepreneurship and various masteries needed. The subject matter covers examples from the Philippines. This a compilation of various learnings from various references. These slides are lectures at Agsb entrepreneurship elective and have been uploaded for the access and convenience of present and past students of the said elective
The document discusses entrepreneurship and the entrepreneurial process. It defines entrepreneurship as taking risks to create new value through time and effort. The key functions of entrepreneurs are innovation, risk taking, and organizing new businesses. The stages of the entrepreneurial process include opportunity analysis, planning, acquiring funding, implementing plans, and growing the business. A business plan is also essential, outlining the industry, product/services, marketing, finances, and risks of the new venture.
This document provides a syllabus for an Entrepreneurial Development course. It outlines 4 units that will be covered: (1) entrepreneur traits and types, (2) competing theories of entrepreneurship and entrepreneur development programs, (3) entrepreneur motivation and behavior, and (4) searching for business ideas and preparing feasibility reports. The syllabus also includes sample questions that will be asked to assess students, focusing on defining key terms and explaining concepts covered in the various units.
Opportunity Seeking In Entrepreneurship, Spotting Business OpportunitiesJorge Saguinsin
This is a lecture for entrepreneurship elective in Ateneo Graduate School in the Philippines, a leading school in MBA education. The presentation has been uploaded at slideshare for the convenience and ease of access of present and former students for the said elective. Since the presentation has been updated, the students get the newest and latest.
The most difficult part in any entrepreneurial venture is determine which business to get into. This is often stymied mostly, by seeming overcrowding and lack of opportunity in the market place. The presentation says that there are many ways to seek for those opportunities.
July 22 presentation - thoughts?
If need be, I can email directly (norris.krueger@gmail.com)
Or try: http://bit.ly/cUjzCo
Be sure to check out Monica's & Cornelia's great presentations also uploaded!
This document provides an overview of the Marketing Management - Entrepreneurship program at BCIT. It discusses what an entrepreneur is, the benefits and challenges of entrepreneurship. It outlines various job opportunities for graduates, including starting your own company or working for an existing business. The document highlights employment rates of graduates and success stories of alumni. It describes opportunities in the second year of the program, including working with local businesses. Extracurricular opportunities are also discussed, such as the student group SIFE which allows students to work on entrepreneurship projects. Famous entrepreneur quotes are included to inspire students.
This document provides an overview of health and safety in the workplace. It discusses why health and safety is important, highlighting hazards, costs of failures, and underlying principles. It outlines key aspects of managing health and safety such as having a system in place, identifying hazards, assessing risks, implementing control measures, and working together with employees. The document concludes with a case study about how Nestle reduced workplace accidents through early risk assessments in equipment and process design.
Mkt#210 lecture 2 factors affecting entrepreneurship developmentKawser Ahmad Sohan
The document discusses factors that influence entrepreneurial growth, including economic factors like capital, labor, raw materials, and market conditions, as well as non-economic factors like social conditions, psychological factors, and government actions. Economic factors promote entrepreneurship by providing resources for new businesses, while non-economic factors like social norms, individual motivations, and supportive policies can encourage or discourage people from becoming entrepreneurs. The document examines how each of these internal and external conditions impact entrepreneurial emergence and development.
This document discusses entrepreneurial competencies and skills needed to be an effective entrepreneur. It defines entrepreneurs as individuals who see business opportunities, identify needed products/services, and have the ability to deliver them. Entrepreneurs organize, manage, and assume business risks. Key competencies include being hardworking, confident, disciplined, committed, able to accept change, creative, taking initiative, and being profit-oriented. The document assess personal entrepreneurial competencies and traits necessary for entrepreneurs to perform their functions effectively.
This document discusses various musical forms including binary, ternary, rondo, and others. It explains that binary form has two sections, ternary has three, and rondo form repeats one section throughout. Letters are used to label sections, with uppercase for larger sections and lowercase for subsections. Repetition, contrast, and variation are key principles in determining musical form. Texture and melody can both be used to delineate formal sections within a piece of music.
This document provides an introduction to an entrepreneurship class. It discusses definitions of entrepreneurship from various scholars and economists. Entrepreneurship involves discovering and exploiting opportunities, and includes starting new businesses. The document also discusses why students should be interested in the class, including learning how to avoid business failures and gaining experience. It outlines benefits of entrepreneurship like independence and profit potential, and risks like uncertainty and stress. The class aims to help students understand entrepreneurship and protect against business risks.
The document summarizes the basic elements of music - melody, rhythm, harmony, texture, and form. It defines each element and provides examples. Melody is a succession of pitches that form phrases through cadences. Rhythm deals with musical movement through time defined by beats and meters. Harmony refers to the simultaneous sounding of pitches or tones to form chords and scales. Texture describes how melodic and harmonic elements are combined, such as in monophony, polyphony, homorhythm, and homophony. Form structures music through repetition, contrast, and variation in structures like binary and ternary forms.
The document provides an introduction to entrepreneurship, defining key terms like entrepreneurship, entrepreneur, and the entrepreneurial process. It discusses how entrepreneurship involves creating something new of value by committing time/effort while accepting risks and rewards. The entrepreneurial process has four stages - identifying opportunities, developing a business plan, acquiring resources, and managing the enterprise. The role of entrepreneurship in economic growth is also outlined, such as increasing output, innovation, job creation, and strengthening the private sector. Both the benefits and drawbacks of entrepreneurship are explained.
The document provides an overview of entrepreneurship including:
- Definitions of entrepreneurship as the process of creating something new while assuming risks and rewards.
- Potential outcomes of entrepreneurship such as innovation, organizing resources, creating new products/services, generating wealth, and job creation.
- The role of government in supporting entrepreneurship through creating a business-friendly environment and providing resources and support to entrepreneurs.
- Characteristics of entrepreneurs such as being innovative, risk-taking, and goal-oriented.
‘Let me tell you about the importance of Entrepreneurialism, and how vital it is to your success’ says Stephen Taylor, casually sipping on what just might be the world’s largest cup of coffee
The benefits of entrepreneurship extend beyond the businesses they establish. Entrepreneurs improve the lives of individuals and communities, as well as the overall economy. Entrepreneurs have been instrumental in spurring social change and improving the way people live and work. They help raise the standard of living for everyone by creating jobs and making products safer, less expensive, and more functional.
The document discusses the development of entrepreneurship theory from the 18th to 19th centuries. It mentions key theorists like Richard Cantillon, Jean Baptiste Says, and Joseph Schumpeter who contributed important concepts. It also defines what an entrepreneur is, lists their characteristics, and discusses the functions and essentials of entrepreneurship. The entrepreneurial process and components of entrepreneurship like opportunities, resources, and outputs are outlined.
This document discusses challenges and opportunities for entrepreneurs and small business owners in India. It outlines several challenges Indian entrepreneurs face, including lack of capital, high inflation, lack of family support, political instability, lack of skills/knowledge, and heavy regulation. However, it also notes opportunities for entrepreneurs such as unlimited income potential, becoming their own boss, and contributing to the country's economic development. The document provides context on the meaning of entrepreneurship and importance for a nation's industrial development.
Entrepreneurial skills involve turning ideas into actions through creativity, innovation, and risk-taking. The document discusses entrepreneurship, defining entrepreneurs as people who start businesses to make a profit. Key qualities of successful entrepreneurs are discussed, such as being disciplined, confident, and determined. The roles of entrepreneurs are also outlined, such as job and wealth creation. While entrepreneurship has risks like uncertain income, the rewards include being your own boss and having flexibility to be creative.
Entrepreneurs are one of the reason for countries economic growth. They have brought a massive positive contributions to the nations financial development and social advancement. Entrepreneurs play an important role in bringing in economic changes and advancements to a country's economy. Among the contributions are such as innovation and job creation. As entrepreneurship is synonymous with self employed, it is believed to be an effective procedure in dealing with the issue of employability, especially among the young people. In the dynamic society, the entrepreneurs predict the future and smell the undesirable consequences well in advance and at the same time they identify the business opportunities. The first step for a successful entrepreneur is to predict the future with all accuracy. The purpose of present study is to find out what exactly makes a successful entrepreneur. Che Mohd Zulkifli Che Omar ""What Makes a Successful Entrepreneur"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-4 , June 2019, URL: https://www.ijtsrd.com/papers/ijtsrd25154.pdf
Paper URL: https://www.ijtsrd.com/management/business-economics/25154/what-makes-a-successful-entrepreneur/che-mohd-zulkifli-che-omar
An entrepreneur is defined as someone who sets up a business or enterprise and takes risks in order to achieve profits and growth. They identify opportunities and assemble resources to capitalize on them. Key characteristics of entrepreneurs include a desire for responsibility, risk-taking, confidence, and a future orientation. Entrepreneurship provides employment, distributes wealth more widely, stimulates innovation and economic development. Factors that support entrepreneurship include education, infrastructure, access to financing, and policies that promote and protect new businesses.
An entrepreneur is an innovator who starts a business offering new products, services or processes. Successful entrepreneurship requires skills like leadership, management, team-building and motivation. Motivation is important for entrepreneurs to sustain their business in the face of challenges like competition, economic uncertainty and the need for innovation. Entrepreneurial traits like self-confidence, risk-taking, decision-making and creativity are also important. Starting a business involves writing a plan, obtaining funding, registering the business and acquiring necessary licenses.
Civic entrepreneurs are helping communities cooperate and compete in the information age by forging new connections across different sectors. These entrepreneurs help communities collaborate, organize their economic assets, and build productive relationships to benefit the community. Civic entrepreneurs work tirelessly on important issues and continue working overtime, which is a trait that allows them to provide continuity in their work.
Entrepreneurship involves starting new businesses and taking risks to create new products and services. The document discusses entrepreneurs and intrapreneurs, who work within large companies to drive innovation. It also discusses small business owners and the advantages and disadvantages of small businesses compared to large corporations. Key characteristics of successful entrepreneurs are outlined, including traits like creativity, risk-taking, and strong planning skills. The challenges of managing growth and transitioning a business to be more formalized or global are also summarized.
The document discusses various ways to classify entrepreneurs. They can be classified based on the type of business, such as business entrepreneurs, trading entrepreneurs, industrial entrepreneurs, corporate entrepreneurs, and agricultural entrepreneurs. They can also be classified based on their use of technology, such as technical entrepreneurs, modern technology-based entrepreneurs, and traditional entrepreneurs. The key classifications of entrepreneurs discussed in the document are based on the sector or industry they operate in and the level of technology they adopt.
This document discusses various topics related to entrepreneurship including what defines entrepreneurs and intrapreneurs, characteristics of successful entrepreneurs, planning a business, and challenges of business growth and managing family businesses. Key points covered include:
- Entrepreneurs notice opportunities and mobilize resources to create new products/services, while intrapreneurs do this within large companies.
- Common traits of successful entrepreneurs include being original thinkers, risk takers, and having technical skills and strong planning abilities.
- As businesses grow, entrepreneurs often feel pressure to formalize processes to facilitate focus, organization and profits, though this may compromise their entrepreneurial spirit.
- Managing family businesses poses challenges as families and friends can fight, especially over money
The document discusses various topics related to entrepreneurship including what entrepreneurs are, their common characteristics, how to plan to become an entrepreneur, challenges of business growth, managing a family business, and corporate intrapreneurship. Specifically, it notes that entrepreneurs notice opportunities and mobilize resources to create new products/services, they often have traits like risk-taking and self-confidence, planning involves considering one's motivations and market research, and growing businesses requires more formal structures while intrapreneurs can foster innovation within companies.
This document discusses various aspects of entrepreneurship including what entrepreneurs are, their common characteristics, how to plan to become an entrepreneur, dealing with business growth pressures, managing a family business, and corporate intrapreneurship. Specifically, it notes that entrepreneurs notice opportunities and mobilize resources to create new products/services, they often have traits like risk-taking and self-confidence, planning involves considering your motivations, market research, and costs, and growing businesses often require more formal structures while intrapreneurs can drive innovation within large companies.
There are several types of business organizations in Malaysia governed under various Acts. The main types are sole proprietorship, partnership, and private limited company.
A sole proprietorship is owned and managed by one individual and has unlimited liability but easy formation. A partnership has two or more partners who share profits and losses, and is governed by the Partnership Act 1961.
A private limited company is formed under the Companies Act 1965 and has a separate legal identity from its owners. It limits the liability of its shareholders to their share capital contribution.
The document discusses various ethical issues related to selling and sales management. It covers topics like what constitutes ethical behavior, ethics in dealing with salespeople and customers, and managing sales ethics. Some key points are:
- Sales managers have responsibilities to treat salespeople fairly regarding issues like pressure levels, territory decisions, and honesty.
- Unethical sales practices include misrepresentation, price discrimination, tie-in sales, and reciprocity.
- Managing sales ethics involves establishing codes of conduct, careful leader selection, and effective control systems.
The document discusses the importance of customer service and retention. It states that salespeople should maintain ongoing relationships with customers through follow-up and effective service in order to gain recurring sales and referrals. It emphasizes building trust with customers and addressing their expectations regarding product quality, price, availability and after-sales support. Regular communication and resolving complaints are seen as important aspects of customer retention.
The document provides guidance on when and how to close a sale. It advises closing a sale only when the buyer is in the "conviction stage" and ready to buy. It outlines buying signals that indicate readiness, such as repeating questions or asking for pricing. The document also discusses qualities of effective closers, techniques for closing, using visual aids, handling rejections professionally, and learning from successes and failures.
This document discusses sales objections and how to handle them effectively. It defines an objection as anything that slows down or stops the buying process. Objections should be viewed as opportunities to provide more information to prospects. The document outlines different types of objections including related to need, price, features, time, and source. It provides techniques for handling objections such as boomerang, chunking, conditional close, and LAARC. After addressing objections, salespeople should use a trial close to determine if further objections exist before proceeding to close the sale. If objections cannot be overcome, the presentation should be focused on key benefits before attempting to close.
The document discusses different types of sales presentations and their objectives, methods, and advantages/disadvantages. It describes memorized, formula, needs-satisfaction, and problem-solution presentation methods. Memorized presentations involve the salesperson doing most of the talking, while needs-satisfaction allows for more buyer-seller interaction to understand customer needs. The key is selecting the appropriate presentation style based on the customer and sales objectives.
The document discusses key aspects of sales call planning such as developing a customer profile, customer benefit plan, and sales presentation. It emphasizes understanding a customer's strategic needs, developing creative solutions, and achieving mutually beneficial agreements. Effective sales call planning helps build confidence, foster relationships, and increase sales by addressing the customer's needs.
The document discusses various aspects of prospecting, including defining prospects and leads, determining prospect qualification using the MAD criteria, the prospect's mental steps in the buying process, sources for finding prospects both externally and internally, developing a strategic prospecting plan, overcoming call reluctance, conducting sales interviews and appointments, and providing ongoing customer service and follow up to obtain referrals.
Sales knowledge is essential for salespeople to be effective. Formal sales training provides job skills, while on-the-job experience develops selling skills. A salesperson must also have knowledge of their company, products, customers and competitors. Understanding customers is vital for building long-term relationships and increasing sales. Product knowledge, pricing strategies and being aware of advertising and promotions also contribute to a salesperson's success.
The document discusses various aspects of communication between a salesperson and buyer that are important for building relationships and achieving business success. It covers elements like verbal communication, non-verbal communication, types of communication channels, factors that influence communication effectiveness, and barriers to communication. Effective communication involves understanding elements like tone of voice, body language, personal space, and properly interpreting verbal and non-verbal feedback from the buyer.
This document provides an overview of consumer buying behavior and psychology, including:
1. It discusses Maslow's hierarchy of needs and how physiological, safety, social, and personal needs drive consumer purchasing decisions.
2. It explains models of consumer decision making, including the stages of need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase evaluation.
3. It describes techniques salespeople can use to understand customer needs like FAB (features, advantages, benefits) selling and matching products benefits to the customer's important needs.
The document discusses various aspects of a career in sales including:
1) The sales career offers opportunities for personal advancement, power, independence, and standard of living as well as local, regional and international recognition.
2) There are numerous sales jobs available in retail selling, wholesale selling, and manufacturing. These include inside salespeople, outside salespeople, account representatives, and more.
3) Qualities of a successful salesperson include caring, patience, kindness, faith, fairness, and self-control. The sales job differs from others in requiring independent work with minimal supervision and meeting customer expectations.
The document discusses key concepts in personal selling. It defines personal selling as a process of persuading customers to buy products that satisfy their needs, with the salesperson's primary goal being to help the customer. It contrasts this with traditional selling, where the salesperson's goals are self-interested rather than customer-focused. The document also outlines different types of selling roles and responsibilities, as well as effective personal selling techniques like building long-term customer relationships and providing excellent service and support.
- Relationship marketing is about creating customer loyalty through maintaining and fulfilling customer needs over the long term using customer relationship management.
- Personal selling builds relationships and is important for generating revenue, providing customer service, and satisfying customers, which leads to customer retention and success in competitive markets.
- Effective relationship marketing involves salespeople maintaining direct, regular contact with customers to provide the right products and ongoing service to keep customers loyal over time.
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2. Introduction to Entrepreneurship What is Entrepreneurship? Entrepreneurship is the process of creating something new of value by devoting (giving) the necessary time and effort. By accepting and acknowledging the necessary financial, psychological, and social risks, and Finally receiving the resulting rewards be it monetary and personal satisfaction and freedom to do what you want. Robert D.Hisrich, M. Peters & D.A Shepherd
3. Introduction to Entrepreneurship Simple Definition Process of creating something new and assuming the risks and rewards. Robert D.Hisrich, M.P.Peters & D.A.Shepherd
4. Introduction to Entrepreneurship What is an Entrepreneur? He or she is an individual who actively form or lead their own business and nurture them for growth and prosperity. UiTM Entrepreneurship Study Group A person who creates and manages change by the recognition of opportunities (needs, wants, opportunities, problems, and challenges) and develops people and manages resources to take advantage of the resources to take the opportunity and creates a venture (profitable business). Eston Kimani, MIT
5. Introduction to Entrepreneurship What are the different outcomes of engaging in entrepreneurship ? Innovation or newness – product or service. Organizing resources – finance, people, physical and information resource. Creating new product or service. Generating wealth Taking risk in a business venture. Prepared to face uncertainty. Create job opportunity Increase the abundance of wealth generation for the nation.
6. Introduction to Entrepreneurship Characteristics or Personal Competency of an Entrepreneur . Initiative Sees and Acts on Opportunities Persistence Information seeking Concern for High Quality Work and Output – Increased Productivity. Commitment to Work Contract Efficiency Orientation Systematic and organized planning Problem Solving Self Confidence Assertiveness – Negotiation with suppliers & customers Persuasive & Influential – Peers and stakeholders Inspirational - employees Effective Communicator – external & internal of organization.
7. Introduction to Entrepreneurship The Role of Entrepreneurship in Economic Growth. In order for Entrepreneurs to thrive in a nation, the Government must play important role in creating the kind of business environment that create the basis for growth, stability and future success of entrepreneurs.
8. Introduction to Entrepreneurship The Role of Entrepreneurship in Economic Growth . This primarily involves the: Increasing the per capita output and income of the people of the country. Initiating and creating change in the structure of business and society. Further growth and increased output arises, thus to enable more wealth to be divided among the various participants ( stakeholders). Generation of innovation that leads to the creation of new product and service. Improvisation and modification on existing product to better suit market and customers’ needs. Creation of self employment and to cut back the dependency of potential employment of new workers in government sectors. Streamline of the private sector and encourage the inclusion of new technology that is less labor dependent. Increase in the national output which in turn lead to greater and stronger economic growth. Laying the seed bed for creating new entrepreneur in various new technologies such as Bio Technology, Bio Technology Medicine, Nano Technology , New Material Technology etc.
9. Introduction to Entrepreneurship The Role of Entrepreneurship in Economic Growth. This primarily involves the: Acting as a catalyst to nurture intrapreneurs and corporate entrepreneurs in a business organization. Providing Government grant and subsidy to existing and would be entrepreneurs to aid their business development. Providing Entrepreneurs in the SMI/SME various types of business loans to act as an impetus for business and economic growth in the nation. To facilitate this various business developments of entrepreneurs, Commercial Banks, SME Bank, Bank Pertanian Malaysia, EXIM Bank, and Bank Pembangunan Berhad provide the support. Government decision to engage both would be bumiputra and non-bumiputra in various entrepreneurship development schemes. Providing knowledge and information through seminars, conferences, exhibitions, various business, small business and entrepreneurial business e-portals. Providing of various financial, information resources support from various government agencies and national corporations such MDC,MARDI, FAMA, RISDA, FELDA, MATRADE, TELEKOMS MALAYSIA, TNB, MAS etc.
10. Introduction to Entrepreneurship The Entrepreneurial Process What is the Entrepreneurial Process? The process of pursuing (going after) a new venture or business, Whether it is a new product going into an existing market OR Existing product going into a new markets OR The creation of a totally new organization.
11. Introduction to Entrepreneurship First Entrepreneurial Process: Creation Process – creating something new of value. Second Entrepreneurial Process: Requires the commitment of the necessary time and effort. Appreciate and understand the importance of time and effort devoted to create something new and make it workable. Third Entrepreneurial Process: Involves the enjoyment of the rewards (Freedom, monetary) after the effort, followed by personal satisfaction.
12. Introduction to Entrepreneurship The Entrepreneurial Process – Four distinct process:- Identification and evaluation of the opportunity. Development of the Business Plan. Determination of the required resources Management of the resulting enterprise.
13. Introduction to Entrepreneurship The Benefits of Entrepreneurship: Opportunity to create your own destiny Owning a business provides an entrepreneurs the independence and the opportunity to achieve what is important to them. Entrepreneurs want to decide what they want in their lives, and they use their businesses to make their desire a reality (come true).
14. The Benefits of Entrepreneurship: Opportunity to make a Difference More and more entrepreneurs are starting businesses because they see this as an opportunity to make a difference in a route or way that is personally important to them. Opportunity to reach your full potential. Many people find their work not challenging and not exciting. For entrepreneurs there is little difference between work and play. Entrepreneurs see their business as a vehicle of self expression of personal desire and eventual self actualization of their personal goals – the pinnacle of their career success. Introduction to Entrepreneurship
15. The Benefits of Entrepreneurship Opportunity to reap extraordinary (luar biasa) profits. The profit earned by an entrepreneur are an important motivation and indication factor for further increased performance. Thus these could spur them to greater achievement and success. Introduction to Entrepreneurship
16. Benefits of Entrepreneurship. Societal Responsibility and Recognition. Small business owners are among the most admired, respected and trusted individuals of society. Customers have shown their trust and faithfulness over their years for their business. Help to contribute employment, business opportunity in a particular locality or area. Introduction to Entrepreneurship
17. Introduction to Entrepreneurship Benefits of Entrepreneurship. Opportunity to engage in work of their choice Small business owners tend to engage in business that gives them personal satisfaction. Though they may work long hours and engage in very industrious work that is beneficial to their organization and themselves. Most of all the work they engage in helps to benefits the community, society and the nation.
18. Introduction to Entrepreneurship The Drawbacks of Entrepreneurship: Uncertainty of Income Opening and a running a business provides no guarantee that an entrepreneur will earn enough money and survive. Engaging in the wrong business and not able gain an advantage in the short run and eventually in the long run can be disastrous. Great effort and proper and effective management need to used in beginning to ensure the organization success.
19. The Drawbacks of Entrepreneurship Risk of losing your entire Investment Small business have a high failure rate. Though is successful initially it faces financial difficulty within the next five years. Entrepreneurs must be prepared to face the consequence of failure. Entrepreneurs must have acute sense of observation and be able to detect the early signs of failure. If a business fails the entrepreneur must have a contingency plan to overcome a bankruptcy or personal failure. Introduction to Entrepreneurship
20. Introduction to Entrepreneurship Drawbacks of Entrepreneurship Long Hours and Hard Work Entrepreneurs tend to be generally workaholic, and under tremendous pressure to produce the result they expect. Entrepreneurs seldom find time to be away from the business but tend to pour all their effort and resources to achieve their personal entrepreneurial objective. Some even go to extent of making big sacrifice and deprive themselves of a personal life, wife and children and social and family associates.
21. Introduction to Entrepreneurship Drawbacks of Entrepreneurship Lower Quality of Life until the business get established. In order for the business to be successful the entrepreneur must engage himself to produce the kind of result he expects. He cannot rest on his laurels (take it easy) until and certain the business has stabilized and established.
22. Drawbacks of Entrepreneurship High level of stress Starting the business can be very rewarding experience, but it can be stressful. An entrepreneur have left the comfort and security of secured job to venture into their own business. Failure can bring about tremendous personal failure, and in turn creates intense levels of anxiety and stress. Financial burden may increase and the entrepreneur may face difficulty sustaining the business or may decide to call it for day and wind up the business for good. Introduction to Entrepreneurship
23. Drawbacks of Entrepreneurship Complete Responsibility Must be prepared to make decision that are unfavorable (swallow the bitter pill). Must make decision in areas that the entrepreneur is not familiar at all. Fear of making decision that can have a devastating effect on the business and its people. Tremendous pressure to perform as the entrepreneur is too deeply engaged in the business Introduction to Entrepreneurship
24. Drawbacks of Entrepreneurship Discouragement To undertake a business requires a lot of dedication, discipline and tenacity. During running the business they will face many difficulties, obstacles which may difficult to overcome. Further difficulties, discouragement and disillusionment are common emotions. Successful entrepreneurs escape through rough times or difficult times through sheer hard work, self confidence and full of optimisms. Introduction to Entrepreneurship
25. Introduction to Entrepreneurship Ten Deadly Mistakes of Entrepreneurship: Business entrepreneurship fail because:- Management Mistakes Lack of Experience Poor financial control Weak marketing efforts Failure to develop a strategic and effective plan Uncontrolled Growth Poor location Improper inventory control Incorrect or unsuitable pricing The inability of to move into entrepreneurial thinking mindset from the previous secured permanent managerial position held.
26. How to avoid failure in a Entrepreneurial business. Know your business in depth. Develop a good, effective and solid Business Plan. Manage your financial resources effectively. Have a thorough and complete financial statement. Learn hire and manage people effectively. Keep physically fit, consume healthy foods, and avoid addictive consumption cigarettes and alcohol. Introduction to Entrepreneurship