RESEARCH ON ENTREPRENEUR MINDSET PART ONE

INTRODUCTION TO ENTREPRENEURS MINDSET 4th Jan 2019/20th May 2019

*To start a business , it need  business mindset - entrepreneur mindset.
*Any amount of money is enough to start a certain type of business
*A developing business idea should be able to pay on capital invested and earn profit for business growth and expansion.

*Always expect shortcomings  example: losses in the business as profits.
*Mostly Technology affects the growth and development of a certain business
*Right business idea with the right mindset and Capital in beneficial to an entrepreneur.

*Location and security in a business are factors that lead to business success.
*Too much withdrawal by the owner leads to huge losses
*Managerial skills are also necessary to acquire for any entrepreneur.
**Business lifestyle is best compared with employment lifestyle.

LADDER OF SUCCESS STARTS IN THE THOUGHTS OF YOUR MIND.

PROS OF BEING AN ENTREPRENEUR 6th September 2019

~Opportunity to gain control over ones own destiny
~Opportunity to reach ones full potential
~Opportunity to develop financially
~Opportunity to contribute to society and be recognized for ones efforts

CON'S OF BEING A ENTREPRENEUR 6th September 2019

~Uncertainty if income
~Risk of losing your entire investment capital
~Long working hours and hard work
~Lower quality of life until the business gets established
~Complete responsibility

FACTORS TO CONSIDER WHEN SETTING UP A BUSINESS  10th April 2019

~Location of the business (Environment)
~Assets and equipment
~Security in the area
~Capital required to start
~Availability of Market (Target customers)
~Availability of Business Gap
~Government Policies

OBJECTIVES FOR EVERY BUSINESS 6th September 2019

~Financial - Obtain growing business and solid customers
~Market - Beating Competitors
~Social - Strong customers

RESEARCH TO OBTAIN EVERY INFORMATION REQUIREMENTS 6th September 2019

~About legal issues
~Possible industrial trends
~Target market
~Financial institutions

WAYS OF OBTAINING CAPITAL  10th April 2019

~Partnership
~Borrowing from friend
~Credit sales
~Bank Loans
~Chamas and merry Go rounds
~Family inheritances
~Owner's Equity and savings

WAYS TO ENHANCE CUSTOMERS RELATIONS. 6th June 2019

~After sale service
~Selling on Credit
~Personal etiquette
~Requesting for  customers feedback

STEPS FOR FINANCIAL  SUCCESS 13th March 2019

~Be accountable and responsible
~Plot your course
~Understand your income
~Open a check account
~Start saving and investing?
~Create a personal budget
~Borrow smart
~Manage your credit cards wisely
~Review and understand reports
~Protect self from identity theft
~Understand tax liability
~Know when to ask for help

ICEBERGS THAT CAN SINK YOUR PROJECT 13th March 2019

~Unclear Goals
~Insufficient Details
~Scope Creep
~Wrong People For The Job
~Accountability Issues
~Inconsistent Processes
~Poor Communication
~Unrealistic Deadlines
~Risk Management
~Stakeholder Apathy

GOOD BUSINESS PRACTISES 4th September 2019

~Be polite to your customers greet and receive customers with a smile and good will.
~Be punctual and adhere to delivery schedules
~Be honest in your business dealings  - charge reasonably and prompted payment to suppliers
~Pay dues and taxes in time
~Pay reasonable salaries to your staff
~Try to explore new business opportunities; diversify your business example: Mpesa services

[END OF RESEARCH ONE]