How to start a Business
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Transcript of How to start a Business
IntrospectionSubmitted by:
Joila N. AbaoKaren Mae S. Feguiras
Charisse Zianne N. LibresRodney L. Penafiel
Karen Grissel M. Ordialez
“Business is not about money.
It’s about making dreams come true for others and for
yourself.“—Derek Sivers
Why start a
business?
Dream come true
- to provea vision
Innovate & Create
- to developa product
peoplewanted but
couldn’t find.
Be your own boss
-See thedirect resultsof your labor
Risk Ahead
Every business potentially faces
challenges, hard works and risks.
The types of risk can vary from business to
business.Basically, risk means that there is a chance
that you won’t receive a return on your investment.
When you are in business,
you need to consider the kinds of events
that couldpose a risk to your business and take steps to mitigate
them.
The lists below are the most common threats or risks to start-up a business:
1. Strategic RiskResults directly from
operatingwithin a specific industry at a specific time.
The lists below are the most common threats or risks to start-up a business:
2. Compliance RiskAssociated with those
subject to legislative or bureaucratic rule andregulations, or those associated with best practices for investment purposes.
The lists below are the most common threats or risks to start-up a business:
3. Financial Risk Is an umbrella term for
multiple types of risk associatedwith financing, including financial transactions that include company loans in risk of default.
The lists below are the most common threats or risks to start-up a business:
4. Operational RisksThis results from internal failures.That is, your business’s internal processes, people or systems fail unexpectedly.
The lists below are the most common threats or risks to start-up a business:
5. Reputational Risk
Loss of a company’s reputation or community standing might resultfrom product failures, lawsuits or negative publicity. Reputations take time to build but can be lost in a day.
The lists below are the most common threats or risks to start-up a business:
6. Other RiskThis include health
and safety risks and risk from environment, such as natural disasters.
What is PECs?
It refers to the key characteristics that shouldbe possessed by successful entrepreneurs in order toperform entrepreneurial functions effectively.
3 Different clusters:
AchievementPlanningPower
3 Different clusters:1st Achievement Cluster
Opportunity Seeking
Coping with failure
3 Different clusters:2nd Planning Cluster
Goal-oriented Systematic
planning and monitoring
3 Different clusters:3rd Power Cluster
Self-confidence Demonstrating
initiative