CHAPTER 6

OPPORTUNITIES, IDEAS & THE ENTERPRISING WORK ENVIRONMENT

Entrepreneurship

Problems and Pitfalls of Entrepreneurship

1. The entrepreneur does not understand the market to whom he/she is selling his or her product or service. This can lead to errors in pricing, advertising and distribution of the goods/service, thus losing many potential customers.

2. Failing to plan.3. Starting without enough money to keep going

until sales start to be made.4. Mismanaging finances of the business,

leaving it short of cash and high on inventory or capital equipment.

Problems and Pitfalls of Entrepreneurship

5. Failure to arrange for “back-up” money to tide the business over if it is needed.

6. Failure to negotiate terms with the supplier for payment.

7. Growing too quickly.8. The entrepreneur is not totally committed to

the venture. This is evident in the lack of time and energy he/she is devoted to the business.

9. The assumption that the business is doing well today and so it will continue to do well in the future. Time changes everything and the entrepreneur should be aware of that and adjust his/her business concept accordingly.

Problems and Pitfalls of Entrepreneurship

10. Lack of experience.11. Family pressure that place demands on the

entrepreneur when he/she needs to devote the majority of time to the business to ensure its success.

12. Inability to recruit competent employees.13. Dishonest – it will always lead to trouble in

the end.14. Lack of communication between the

entrepreneur and the employees.

MISSION STATEMENT

Venture Plan

Question?

If this song were to be about your life mission, what would your mission be?

http://www.youtube.com/watch?v=RMs83vY2d34

Reach (Gloria Estefan)

Some dreams live on in time foreverThose dreams, you want with all your heart

And Ill do whatever it takesFollow through with the promise I made

Put it all on the lineWhat I hoped for at last would be mine

If I could reach, higherJust for one moment touch the skyFrom that one moment in my life

I’m gonna be strongerKnow that I’ve tried my very best

Id put my spirit to the testIf I could reach

Some days are meant to be rememberedThose days we rise above the stars

So Ill go the distance this timeSeeing more the higher I climb

That the more I believeAll the more that this dream will be mine

If I could reach, higherJust for one moment touch the skyFrom that one moment in my life

I’m gonna be strongerKnow that I’ve tried my very best

Id put my spirit to the testIf I could reach

If I could reach, higherJust for one moment touch the sky

I’m gonna be strongerFrom that one moment in my life

I’m gonna be so much stronger yes I amKnow that I’ve tried my very best

Id put my spirit to the testIf I could reach higher

If I could, If I couldIf I could reach

Reach, Id reach, Id reachId reach Id reach so much higher

Be stronger

Mission Statement

A statement describing the purpose and goals of the organization.

Meant to capture the attention and interest of people who may be able to help you in your venture. Identifies the type of venture. States the products/services it will deliver. Overall philosophy or purpose that has guided its

development. Explains how the venture will meet the needs and

wants of prospective customers.

Mission Statements

To provide a disciplined climate enhanced by mutual support, and to graduate students

who are lifelong learners and ready for the world of work.

Mission Statements

To bring inspiration

and innovation to every athlete in the world.

Mission Statements

To make people happy.

Mission Statements

To refresh the world...To inspire moments of optimism and

happiness...To create value and make a difference.

Mission Statements

To be the most successful premium manufacturer

in the industry.

Mission Statements

When you care enough to send the vary best.

Mission Statements

To … be our customers' favourite place and way to eat.

Venture Plan

Need to create a mission/vision statement for your business. It must do the following:

1.Identify the type of venture.2.State the product/service it will deliver.3.State the overall philosophy or purpose of the

venture.4.Explain how your business will meet the

needs of the customers.