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    Be Your Own BOSS

    Welcome to our online introductory course on ENTREPRENEURSHIP. We are hoping to take you through a practical course on setting up, managing and succeeding in your business. We have simply given you a 'taste ' of what we offer.

    Content
    1.Starting Up a Business
    2.Planning for the Business
    3.Marketing the Business
    4.Pricing the Product or Service
    5.Business Records
    6.Selling and the Customer
    7.Business Staffing and Leadership Business Communication




    BECOME YOUR OWN BOSS:

    Starting a business can be the most exciting and yet frightening experience of your life. In fact , most people shy away from starting their own businesses due to the FEAR FACTOR.

    As with everything in life, from attending school, to learning to drive to buying your first car … there are rules and regulations that MUST be followed in order to make your goal a success.

    1. IDENTIFYING A PROBLEM OR A NEED
    You have identified a problem or a need in your community, country or indeed in the world that needs to be fixed or attended to. This is called FINDING a GAP in the market.

    A concept or a business idea has developed in your mind based on what you have identified as a need. This could be something from collecting cans from households to recycle or setting up a mobile pet grooming service to selling a product.

    Sometimes identifying or recognizing a need or problem can happen purely by ‘co-incidence’, meaning your friend’s parents are going out for the evening and need a babysitter and cant find one at short notice. This could give you the idea that there is a need for more babysitting services in your area! This could be the start of your idea. On the other hand, identifying a problem or a need could take research in looking for a ‘business opportunity’.


    2. SOWING THE SEED: START THINKING ABOUT STARTING A BUSINESS
    YOU start thinking about starting a business!

    That’s great!

    You are thinking about the freedom of making money on your own terms and being independent.

    To me, if you are bold enough to consider getting into a business, then you are an Entrepreneur at heart.

    Once you start thinking about the wonderful opportunities there are, you have excited your mind and your mind will want to explore every opportunity and will be racing with lots of different ideas and opportunities associated with your initial business concept. This is only natural… BUT you must be very careful not to run away with a lot of ideas. As we continue with the course, we will discuss what a (MVP) minimal viable product is and how to choose this.


    3. START SMALL, VISION BIG :
    I am certain that you have heard of the old saying of ‘ walk before you can run?

    Well, there is a lot of truth to that especially when starting a business for the firsttime!

    This is a very important factor and YOU must train your mind to stick by your rules, that is your own Business Plan.

    As your business begins to take off, you will invariably be faced with problems that need to be dealt with. This is the trial period of your business and normally this is where mistakes are made and problems are dealt with. This must be expected in any new business and is an important part of your business. If your business deals with people interaction , then listening to your future clients and their comments and feedback is very import.

    So remember, it is best to always start small.

    This has many benefits.·

    - You will learn how the business works and master it. In this way you will run your business and not let your business run you.·

    - Mistakes made at this level will be generally overlooked by most people as they know that you are starting a business.·

    - When you are a small business, many bigger businesses do not see you as a threat and may give you advice and sometimes even help you.


    4. ANALYSING YOUR BUSINESS IDEA:
    The next questions will determine whether your idea will succeed.

    So, what is your next step after forming your business idea?

    You will need to think about and write down a list of Pro’s and Con’s. So, what does this mean? You need to consider the advantages (strengths) and disadvantages (weaknesses) of the business. Further on, we will discuss this further and in detail. For this stage, all you need to do is write down the strengths and weaknesses of your business idea.

    It would not be wise of you to consider just one side of getting into a business. In other words, your business idea might be great BUT can you succeed and will it make you money?

    Some ideas are great but may not be good income earners.

    ECONOMIES OF SCALE
    Have you heard the term economies of Scale?

    Well! What is it and how does it or should affect you and your business? In the previous paragraph, we mentioned, start small but vision big. Economies of Scale simply means the benefits derived from producing a product on a largescale (meaning many of the same product or products). This makes the average cost of producing an item cheaper. A good example which may include you confirming this with your parent.

    I recently went to a printer to get cards printed for my business. The printer gave me two quotes, one significantly more expensive than the other. He advised me that if I wanted 500 cards printed the price would be Euro 250 but if I wanted 1000plus cards printed the cost would drop and he would charge me Euro 300. He said that it costs him the to make the printer block, which is the expensive bit and once he has that the cost would go down as he can then print more for less.

    A further more explicit example is a car manufacturer. If the car manufacturer build more cars, the average cost of his cars would fall as opposed to him only building a single car. Why? If he builds a single car, he still has to pay for the same bills, rental, managers, mechanics etc. However, if he built more cars, thesame cost that he would have to allocate to the single car would then be spread across all the cars he builds. This means that instead of him allocating Euro100.00 for rental to a single car as he has to cover his costs, he can now spread that cost over 10 cars, which would bring down the cost for each car to Euro 10.00.

    TYPES OF ECONOMIES OF SCALE:
    The best way to explain is by way of example:

    Imagine a store such as KFC. Now imagine a small corner shop selling fried chicken etc. This small store is owned independently by a single owner.

    Right , now consider the following:
    • MANAGERIAL Employ specialist managers e.g. accountants.
    • FINANCIAL Easier to get a loan from the bank
    • DIVERSIFY Sell a range of products. Reduces the risk of failure.
    • ADVERTISING They can afford to advertise nationally on TV
    • BULK BUYING This is cheaper per good for the business
    • MASS PRODUCTION Helps spread fixed costs


    5. UNDERSTANDING YOUR BUSINESS IDEA:
    The next step is what I refer to as one of the most important steps in determining whether your business will succeed.

    It is very important to think about, understand and analyse your business idea. It is always good to get a second opinion and generally a parent, friend or relative will give you a pretty honest opinion about your business concept.

    One of the important ways to determine the success of your idea is to try and answer the questions listed below:

    Get a book and start writing down the answers and later once you have finished, you can put them together and in doing so, your thoughts will also come together.

    1. Why do I want to start my own business?
    2. Can I do this on my own or do I require a partner?
    3. Do I have the time and patience to get my Business started? Am I committed?
    4. What type of business is it?
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