What it takes to be an EntrepreneurWhat it takes to be an Entrepreneur

DefinitionDefinition

entrepreneurentrepreneur

A A risk-takerrisk-taker who has the who has the skillsskills and and initiativeinitiative to to establish a business.establish a business.

Let’s look at a few entrepreneursLet’s look at a few entrepreneurs

Dinu Patriciu

Bill Gates

Michael Dell

Fred Smith

5 skills you 5 skills you MUST HAVEMUST HAVE to be a to be a successful Entrepreneursuccessful Entrepreneur

• Sales and marketing skillsSales and marketing skills. . • Financial know-how.Financial know-how. • Self-motivation skills.Self-motivation skills. • Time management skills.Time management skills. • Administration skills.Administration skills.

It is important that you have a It is important that you have a majority if not ALL these skills…majority if not ALL these skills…

WHY?WHY?

In the beginning it will probably In the beginning it will probably ONLY BE YOUONLY BE YOU who starts your who starts your

projectproject

Sales and marketing skillsSales and marketing skills..

• Once you have an idea and a visionOnce you have an idea and a vision • You have to promote it – only you know You have to promote it – only you know

WHYWHY this is a great ______ this is a great ______• In order to be successful - other people In order to be successful - other people

must join with you either as customers or must join with you either as customers or help you achieve your goalhelp you achieve your goal

• What is the best way to promote your What is the best way to promote your idea? Internet, TV, idea? Internet, TV, word of mouth*,word of mouth*, flyers, flyers, NETWORKING*. Other business’sNETWORKING*. Other business’s

• If you don’t have these skills you will have If you don’t have these skills you will have to hire itto hire it

Financial know-how.Financial know-how.

• You are in business to make money - You are in business to make money - Therefore, the most important skill you Therefore, the most important skill you must have is the ability to handle money must have is the ability to handle money well. well.

• The important thing is to always focus on The important thing is to always focus on the the bottom line.bottom line.

• Always ask yourself: “How much will this Always ask yourself: “How much will this contribute to my bottom line?” contribute to my bottom line?”

• If you don’t have these skills you will have If you don’t have these skills you will have to hire itto hire it

Self-motivation skillsSelf-motivation skills

• To succeed in business, you must be a To succeed in business, you must be a self-starter with a clear desired goal in self-starter with a clear desired goal in mindmind

• Only you are the BossOnly you are the Boss• It takes extra drive and commitment to It takes extra drive and commitment to

make sure that you are taking the make sure that you are taking the necessary steps to make your dream of a necessary steps to make your dream of a successful business a reality.successful business a reality.

• If you don’t have this skill you If you don’t have this skill you CANNOTCANNOT hire ithire it – – YOU WILL FAIL!YOU WILL FAIL!

Time management skills.Time management skills.

• You only have so many hours in a You only have so many hours in a day to devote to making your dream day to devote to making your dream a reality – DON’T WASTE THEMa reality – DON’T WASTE THEM

• You can never do all that has to be You can never do all that has to be done – Especially in the beginning done – Especially in the beginning when it is only youwhen it is only you

• You must PRIORITIZEYou must PRIORITIZE• If you don’t have this skill you If you don’t have this skill you

CANNOTCANNOT hire it hire it – – YOU WILL FAIL!YOU WILL FAIL!

Administration skills.Administration skills.

• You need to do all the work in terms of You need to do all the work in terms of billing, printing invoices, collecting billing, printing invoices, collecting payments, and managing your payments, and managing your receivables.receivables.

• You need to be RELENTLESS at follow up You need to be RELENTLESS at follow up …. Many times that alone makes the …. Many times that alone makes the differencedifference

• You must PRIORITIZEYou must PRIORITIZE• If you don’t have this skill you If you don’t have this skill you CANCAN hire it hire it

The more skills you have to hireThe more skills you have to hire

The harder it will be to be profitable The harder it will be to be profitable fastfast

The slower the journey to successThe slower the journey to success

ONE MORE THING!ONE MORE THING!

You have to have a skill, service or You have to have a skill, service or product that someone wants enough to product that someone wants enough to

pay you their hard earned moneypay you their hard earned money

What made these guys successful?What made these guys successful?

Dinu Patriciu

Bill Gates

Michael Dell

Fred Smith

Most of them did NOT do Most of them did NOT do something new….something new….

• They found a better way to do it …They found a better way to do it …which saved the consumer somethingwhich saved the consumer something

• TIME & less skill– Windows OSTIME & less skill– Windows OS• TIME - Federal ExpressTIME - Federal Express• Money – Michael DellMoney – Michael Dell• Networking Networking – Patriciu is chairman and – Patriciu is chairman and

CEO with Rompetrol petroleum group, CEO with Rompetrol petroleum group, and his fortune is estimated at $ 2.5 Bn. and his fortune is estimated at $ 2.5 Bn.

Find someone’s PAINFind someone’s PAIN

• A product is about reducing someone’s A product is about reducing someone’s pain…and is priced accordinglypain…and is priced accordingly

• A service is finding something that other A service is finding something that other people can’t do well…but you dopeople can’t do well…but you do

• Find enough of these people and you Find enough of these people and you have a businesshave a business

• Big opp – Government changes a lawBig opp – Government changes a law

Let’s do a little brainstormingLet’s do a little brainstorming

Let’s identify a pain and could we solve Let’s identify a pain and could we solve it with a businessit with a business

You tell meYou tell me

Being an Entrepreneur in the Being an Entrepreneur in the WorkplaceWorkplace

• So…you are going to work for someone and So…you are going to work for someone and NOT be an entrepreneur?NOT be an entrepreneur?

• What kind of an employee would your boss What kind of an employee would your boss rather have?rather have?• One who is innovative, pushes the One who is innovative, pushes the

company to new levels, creates excitement company to new levels, creates excitement and new ideasand new ideas

• Or one who just does only what is Or one who just does only what is expected of him and no more?expected of him and no more?

The Critical pieceThe Critical piece

• You can have all of these things: an You can have all of these things: an idea, an opportunity a vision, a plan, 5 idea, an opportunity a vision, a plan, 5 skillsskills

• But if you don’t have this last piece you But if you don’t have this last piece you will ultimately will ultimately FAILFAIL

• The last piece is…..The last piece is…..

IntegrityIntegrity

CustomersCustomers have to trust you and have to trust you and eventually your companyeventually your company

EmployeesEmployees have to trust you and have to trust you and eventually your companyeventually your company

SuppliersSuppliers have to trust you and have to trust you and eventually your companyeventually your company

ConclusionConclusion

• Find someone's pain Find someone's pain and then solve it and then solve it with your ideawith your idea

• Have a visionHave a vision• Develop your planDevelop your plan• Make sure you have Make sure you have

the 5 skills neededthe 5 skills needed• There There IS NO LUCKIS NO LUCK

to being successfulto being successful

ConclusionConclusion

• Luck is…Luck is…• Where opportunity Where opportunity

meets hard workmeets hard work• Integrity allows your Integrity allows your

idea/company to idea/company to grow and keeps the grow and keeps the company goingcompany going

Romanian ResourcesRomanian Resources

• http://http://www.internationalentrepreneurship.comwww.internationalentrepreneurship.com/european+entrepreneurship//european+entrepreneurship/romania_entrepreneur.asp?romania_entrepreneur.asp?countryid=77&contid=4countryid=77&contid=4