ENTREPRENEUR by Pastor Happiness

An entrepreneur is a person who identifies a problem in a particular environment and creates an opportunity or value out of that need. He is also able to build a structure for that opportunity he creates and as well identifies the risks involved. Entrepreneurship creates jobs and opportunities for people. 

CHARACTERISTICS OF ENTREPRENEURS

1. They are passionate

2. They are good observers.

3. They are dreamers and they are optimistic people. They see opportunities in problems, when others are seeing problems, they are seeing opportunities.  

TYPES OF ENTREPRENEUR

1. Necessity Entrepreneur

2. Opportunity Driven Entrepreneur

3. Social Entrepreneur

4. Serial Entrepreneur 

ENTREPRENEURIAL PROCESS

Before you start any business you need to identify business lapses that will in turn create opportunities.

1. You need to have a desire to start a business.

2. You need to have conscious attention to your environment

3. Interest and readiness to act

4. Identify a gap

5. Generate Ideas that can match the gap you’ve identified.

6. Evaluate your business idea to know if it is viable.

7. Identify your competitors and find out what gives you an advantage over your competitors

8. Consider your location

9. Look into your finance 

10. Consider the legality of the business

DEVELOPING YOUR BUSINESS PLAN

1. Executive Summary

2. Background information

3. Your products and services

4. Your supplier power

5. Marketing strategy 

SOURCING FOR FUNDS FOR BUSINESS

1. Start saving for your business

2. Source fund from family and friends

3. Every money you put into the business should be documented. These will add up what you have contributed to the business.

4. Don’t take short term loans, look for long term loans.