Entrepreneurship

Nature of Entrepreneurship, Leadership, and Management

Focus

• Entrepreneur

  • Their primary focus is recognizing opportunities and acting on them

  • They are the visionaries who see potential where others may not

• Leader

  • Their role revolves around adapting to and navigating through changes, whether in the market, business or team dynamics

• Manager

  • They bring order and stability to operations, ensuring that processes are organized and smooth

Role

• Entrepreneur

  • They create value through innovation and sure a compelling vision drives the business forward

• Leader

  • They inspire and motivate people, fostering a positive culture within the business

• Manager

  • They are responsible for developing and allocating resources efficiently while keeping the team motivated to achieve goals

Mindset of an Entrepreneur

It’s a way of thinking, reasoning, and acting

• Opportunity obsessed

  • Constantly focused on identifying and leveraging opportunities

• Holistic in approach

  • Looking at the bigger picture, considering various factors and their connections

• Leadership balanced

  • Combining a visionary outlook with the ability to inspire and guide others

Mindset prioritized both creating and capturing value, meaning not only innovating but also ensuring the benefits are realized

Core Attributes

• recognizing or creating opportunities

  • Entrepreneurs are attuned to spotting gaps in the market or coming up with fresh, innovative ideas

• Having the will and innovative ideas

  • It’s not enough to see opportunities

  • They take bold steps to make them a reality, demonstrating drive and determination

Roles Diagram

• Management

  • Ensures everything stays organized and within control

  • Where you need to be on the road (boundaries or framework)

• Leadership

  • Progress and direction

  • Guide the team towards its goals

  • Navigate the path forward, inspire movements, and ensure the journey aligns with the vision

• Entrepreneurship

  • Innovation and risk-taking

  • Step outside the framework, explore new opportunities, ideas, and directions

Shifting Focus Diagram

• Doing

  • Where a person begins

  • Focusing on specific tasks and technical skills

  • Directly responsible for completing the work themselves

• Zones of crisis (1st)

  • May face challenges adjusting tot new repsonsiblities

  • Shifting focus from technical work to managing and supporting others

  • Skills needed for technical skills are not the same as those needed for leadership

• Leading teams

  • Focus on managing teams

  • Have to pan, coordinate, and sure the team’s success

• Zone of crisis (2nd)

  • Requires developing strategic and entrepreneurial skills

• Leading team leaders

  • Leads team leaders rather than individual workers

  • Focus shifts to strategic decision-making, creating vision, and driving innovation while still managing organizational operations

Characteristics

• Self directed

  • Ability to take initiative and work independently without constant supervision

• Self nurturing

  • Focusing on personal growth and staying motivated, even in challenging situations

• Action oriented

  • Ready to take decisive actions and turn ideas into results

• Energetic

  • Bringing enthusiasm and stamina to drive tasks and inspire others

• Learn quickly

  • Adapting fast to new info, challenges, and opportunities

• Tolerant of uncertainty

  • Staying composed and focused when faced with unpredictability

• Risk taker (Calculated)

  • Willing to take risks but with careful consideration and planning

Business Plan

• Concept

  • Main idea behind the business like the product or service offered

• Marketing

  • Strategies to attract and retain customers

  • Ex. Advertising, social media campaigns, and promotions

• Operations

  • How the business will function daily like production, logistics, supply chain management

  • Ex. Setting up a bakery schedule, sourcing ingredients, and delivering products

• H.R.

  • Managing people, hiring staff, and maintaining a positive work culture

• Finance

  • Managing money like budgeting, expenses, and revenue generation

  • Ex. Calculating the costs of ingredients and setting competitive prices to ensure profitability

• Management team

  • Group of individuals responsible for leading and overseeing the business