Entrepreneurship and

Innovation

The Way Ahead

for

Developing Countries

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 WORLD IS FULL OF PEOPLE WITH

GREAT IDEAS

MOST OF THESE IDEAS WILL NEVER SEE THE LIGHT OF DAY

BETWEENINCEPTION (of an idea)

& IMPLEMENTATIONLIES A LOT OF

Blood, Sweat & Tears

RUNNING A BUSINESS IS…

• Full of challenges

• Ups & Downs

• Lots of hurdles

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

The QCOOL Steps to Success

• Strategise• Systemise• Synergise• Supervise• $Wise and Succeed

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

Entrepreneurs – Are they born or made?

The Final Thought