Realities of Entrepreneurship
1. Entrepreneur are Inventor:
Entrepreneur is one who also the business on basis of invention:Bang entrepreneur is not the guarantee of sucess.
Entrepreneur is Contagious:
once you become entrepreneur it because contagious in you.Audience response either in positivity or negativity this will trigor your creativity.
Entrepreneur never by an existing business:
Purchased existing business and innovate by creativity then its entrepreneur.
Measure of success of an entrepreneur is growth:
Either offering new products.Or attributing old one as new.
Every one be entrepreneur:
Your willingness
personality Attributes of an Entrepreneur:
Dreamers:One can't lead entrepreneur skills hr can not be entrepreneur.
What is Dream?
Concept of product that comes in your mind accidentally and makes you realize that this is the one. The business idea you have a conviction.
• Negative reactions
• Creative thinking
• Theory of attraction
Consumption is equal to less Utility:
Todays Market is about exists.Types of entrepreneur:
Parallel: Simultaneously run more than one market.
Serial: Launch a unique idea and the exist it on a particular time and then launch with believe on launcher and getting from it and coming with something new.
Thinkers:
Left side of your brain is taken into action and you began to think what you are going to do and create a business on paper and generate a feasibility of your idea and this is what which gives you the path that your idea is launch able on basis of facts.Story tellers:
Extra ordinary communication.Why this necessary to them?
Because they have to interact with multiple audience.
Audience:
Investors
Employees or team members
Customers
Suppliers
Regulators
How entrepreneur communicate?
They first communicate then impress and at last inspire.
What is difference between inspire and impress?
This attribute help the entrepreneur to trigor there activity by inspiring and impression you lead team.
Communication comprise:
• Motivation• Guidence
• Teaching
If you want the audience to persuade with you than you have to impress of inspire them.
Leadership Unions:
In entrepreneur those business began from 0.2 - 0.3 percent.evolution is greater 1 Billion dollar their value.
Uber value is 40 Billion.
According to research the avei return of business is 2.2 times.
Maximum business gives 70 percent return about 5 percent gives up to 1000 times.
Conclusion: There are many businesses which getsm Hope but if you develop a chemistry it will provide you a ride advantage.
Status of Entrepreneur In Pakistan:
Sole ownership base not work in Partnership.Problems: Maximum control, Maximum profitability, Liberty of decision making
Conclusion: Limited Creativity, Financial depth
Age entrepreneur Business:
Average age of entrepreneur is 42 (too late).Average age of business is 12 (this healthy because shows market has demand).
Educational Level:
School 60 percent.
Intermediate 30 percent.
Universities or professional 10 percent.
Social background based Business decision:
Cast can be related to specific business.
Average startup investment:
Nearly 60,000 PKR.
Growth and profit Potential:
Small and medium Enterprise has growth and profit Potential higher than large scale industry.Innovation entrepreneur:
Something new or something seems nee something significant is innovation. Make it sound like it is not available.Incremental innovation (little better): Short term beneficial, Change interms of performance.
Discontineous Innovation (largely better): Long term beneficial, Large interms of solution to provide the that discontinue already existing solution.
• It is rare Innovation; high resource incentive all vice versa.
• It is common Innovation; low resource incentive or less research is required.
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General Knowledge