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Foundation for Women Entrepreneurs (Malta) – www.women.org.mt [email protected] Maryrose Francica [email protected]

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Page 1: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Maryrose Francica

[email protected]

Page 2: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Business schools teach it ………

Governments encourage it ..……

Women are good at it ………….

WHAT IS IT?

Page 3: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

ENTREPRENEURSHIP

Page 4: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Definition of Entrepreneurship

Entrepreneurship seeks to understand the opportunities to create something new, which are discovered or created by specific persons who then use various means to exploit or develop them, thus producing a wide range of effects.

Page 5: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

What makes a good Entrepreneur?

• A Businessperson who accepts both the risks and the opportunities involved in creating and operating a new business venture

Page 6: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

When does Entrepreneurship Happen?

When you get fired ? When you get tired of your boss ? When you get tired of making other people rich ? When you need a change in your life ? When you spot an opportunity?

Page 7: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

PUSH AND PULL FACTORS OF ENTREPRENEURSHIP

Push Factors

( Necessities) Pull Factors

( Opportunity)

•Unemployment •Independence

•Job insecurity •Achievement

•Disagreement with Management •Recognitions

•Does not fit into the organization •Personal Development

•No other alternatives •Personal Wealth

Page 8: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

BARRIERS FACING WOMEN ENTREPRENEURS

• Access to financial resources

• Lack of support

• Negative prevailing socio-cultural attitude

• Sex discrimination or gender-bias

• Lack of self confidence

• Personal difficulties

Page 9: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

CHARACTERISTICS OF ENTREPRENEURS

- Passion

- Locus of control

- Need for independence

- Need for achievement

- Risk taking and uncertainty

- Creativity and innovation

- Determination and persistence

Page 10: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Personal Attributes

• Self-directed

• Self-nurturing

• Action-oriented

• Highly energetic

• Tolerant of uncertainty

Page 11: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Your Personal Inventory

• Knowledge base

• Specific skills

• Motives

• Commitment

• Personal attributes

Page 12: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Reasons for Success

• Hard work, drive and dedication

• Market demand in a niche

• Customer focus

• Managerial competence

• Luck

Page 13: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

ROLE MODELS AND SUPPORT SYSTEMS

• Business Women’s Association

• Entrepreneurial networking

– Social networks

– Personal networks

– Extended networks

“Look Before You Leap” Is Truly Good Advice for Entrepreneurs

Page 14: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Some Advice For Start ups

• Work for somebody else first • accumulate capital • build relationships • research your market • learn to sell • Keep both personal and business overhead low • Remember that there is no easy money • Seek advice from people smarter than you, but trust your own

judgment • Mitigate risks, but take them • Keep your eyes open for opportunities

Page 15: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Three Key Processes

• Idea generation

• Creativity

• Opportunity recognition

Page 16: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Key Activities

• Identifying an opportunity

• Exploiting or developing this opportunity

• Running a new business successfully

Page 17: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

• Window of opportunity is open and remains open long

enough

• Entry into market with right characteristics is feasible and

achievable

• Economics of the venture are rewarding and allow profit

and growth potential

• Venture has or is able to achieve competitive advantage

An Idea is an Opportunity when:

Page 18: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Opportunity Recognition

Some people are more likely to recognize opportunities because:

• They have better access to certain kinds of

information

• They are able to utilize the information once

they have it

Page 19: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Financial Analysis Tools

• List of startup costs and use of proceeds

• Proforma financial statements

• Cash flow statements

• Breakeven analysis

Page 20: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Capital Questions

• How much money do I need?

• Where should I get that money?

• What type of arrangements do I need to make to obtain that capital?

Page 21: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Startup Costs

• All costs incurred to get the business off the ground

• Determine the capital you need

• Determine what you’ll do with the capital once you get it

Page 22: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Breakeven Analysis

• Calculate the amount of sales you need to achieve to cover your costs

• Determine the increase in sales volume you need to have in order to increase fixed costs

Page 23: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

A business plan is a selling document that conveys the excitement and promise of your business to any potential backers or stakeholders.

What is a Business Plan?

Page 24: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Business Plan

• A formal, written expression of the entrepreneur’s vision for converting ideas into a profitable, going business

• The entry card for serious consideration by venture capitalists, banks, and other sources of funding

Page 25: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

The business plan must answer these questions:

• What is the customer benefit?

• What problem does the business model solve?

• What is the market?

• How will it make money?

• How will you do this?

Page 26: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

A Business Plan is a Living Document

• A business plan changes often as a new business develops.

• Do just enough business planning to get the new company started.

• Refine the plan with information gathered from running the new venture

Page 27: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

A Successful Plan

• A serious document prepared by serious people

• Orderly

• Succinct

• Persuasive

Page 28: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Marketing Information

• Who are the potential customers?

• How will potential customers react to the new product of service?

• What can you learn about specific markets or geographic areas?

Page 29: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Crucial Information to be aware of

• Marketing information

• Government regulations and policies

• Laws

Page 30: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

May your dream come true and your venture is successful and profitable!

Good luck !!!

Page 31: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

“Much of our World’s progress has been the product of the individual who had an idea; pursued it; fashioned it; tenaciously clung to it against all odds; and then produced it, sold it and profited from it.”

--Hubert Humphrey, 1966

Page 32: Maryrose Francica maryrose@women.org 02, 2014 · •Creativity •Opportunity recognition . ... • Exploiting or developing this opportunity • Running a new business successfully

Foundation for Women Entrepreneurs (Malta) – www.women.org.mt – [email protected]

Thank you for your attention

Gateway Centre, Kappillan Mifsud Street, Hamrun HMR 1856 – MALTA

Tel: +356 21224900 / +356 79861168

Fax: +356 23331230 Web: http://www.women.org.mt Email: [email protected]