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An Entrepreneur
• Macquarie Dictionary states:• One who organises and manages any
enterprise, especially one involving considerable risk
• An employer of productive labour
• Enterprise• A Project undertaken, especially one that
requires boldness or energy
• Vision• Motivated + Driven• Risk takers• Passionate• Hungry for Success
Characteristics of Entrepreneurs
The Must-haves for Success
• A strategy• A good product or service• Motivation – a passion for what you
are doing• Determination• Luck – lots of it• A good bank manager• A great accountant• Attitude• Single-mindedness• An ethic of hard work
The Must-haves for Success
• An understanding partner and family• Foresight• Management ability• Calmness under pressure• Some start-up capital
STAGES OF GROWTH OF SMALL BUSINESS
• Small Businesses start up with minimum resources
• They rely heavily on the owner initially• As they grow, the role of the owner changes• The problems and issues of businesses in the
Startup Phase and the Established Business are generally radically different
PROF. PRICER’S SEVEN DEADLY SINS FOR SMALL BUSINESS
1. Pricing Too low – Not enough focus on GP
2. Excessive Operating Expenses
3. Excessive Owner compensation
4. Lack of Financial Controls
5. Inadequate Inventory Control
6. Poor Location
7. Growing too fast