Submitted To:

Sir Umar Usman

Submitted By:
Hamza Bari

Roll No:
2k16-BBA-09

Subject:
Entrepreneurship

Date:
25/02/2019
Entrepreneurship Process:
The entrepreneurship process is a process of
pursuing a new venture that involves more than just problem solving in a typical
management position. An entrepreneur must find, evaluate, and develop an
opportunity by overcoming the forces that resist the creation of something new.

Characteristics of Successful Entrepreneur:

1. Absolute clarity of purpose:

Without exception they are totally clear on why they are here and their big
picture reason for existing. It varies among them, some have the purpose of
making money (a lot of money) and others are here to use their influence to
change the world. There is no judgment here on the actual purpose, but the
importance of knowing their purpose cannot be understated.

2. They believe in themselves – totally:

This is an interesting characteristic. Again each and every one of the world-class
entrepreneurs that I've worked with has an incredible sense of self-belief. They
back themselves completely, even if no one else will. To me this is the toughest of
all the characteristics because it means overcoming doubt, fear, self worth and
self esteem issues and going against the tribe, something that is very hard for
most of us to do on a purely biological level.

3. They are very good at finding needs and niches:

I sometimes think that successful entrepreneurs have a pair of "opportunity

glasses". They somehow seem able to identify opportunity in just about every
situation. This opportunity tends to be in the niches, and as the old saying goes,
the riches are in the niches. Once they find a niche they are even better at solving
problems for people in that niche.
4. Ability to focus on the most important things first:

Brian Tracy wrote the excellent book called "Focal Point" where he explains his
process in getting focused and staying focused. I think that this characteristic
exists among the successful entrepreneurs. They have the ability to control their
thoughts and actions and be totally present and focused with whatever is in front
of them (and important) at the time.

5. A contribution culture:

These leaders all have an incredibly generous nature. It is a what we call a

contribution culture and it is their way of leaving a legacy, making a difference,
sharing their success and much more. For many it becomes their purpose for
being, but I tend to think that it always was but they now have the resources to
do it.

6. An open mind:

The most impressive of these world-class entrepreneurs to me are the oldest and
the youngest. The oldest have achieved things way beyond what most people
could dream of, yet they still have an open mind. They don't rest on their laurels,
instead they are always looking for ways to learn more about what they are doing
and most importantly how they could do it better.

7. Invest in themselves on all levels:

The elite entrepreneurs understand that they need to grow their skills, take care
of themselves physically and mentally and take time out to recharge their
batteries on a regular basis. This is not an optional activity, this is an essential
activity.

8. They constantly challenge themselves:

I certainly see this characteristic in this entrepreneurial group - they challenge

themselves all the time, in every way possible. They are big learners, they do
things that are way out of their comfort zones, they push themselves physically,
they work hard, and they play hard. This attitude that encourages self-challenge
makes them strong. It makes them better able to deal with the issues that we all
face in life. It keeps their minds active, their bodies fit and their attitudes positive.

9. They believe in technology:

Interestingly enough many of these incredible entrepreneurs are techno

Neanderthals, but that doesn't stop them believing in the importance of it. Nor
does it stop them investing vast sums of money into technology to do what they
do better. It is that belief that is more important than their own individual skills.
As new technology become available they will try it, invest in it and see how it can
make their business and their life more on par with what they want to achieve.

10. A millionaire mindset:

Having the right mindset, one that embraces abundance and opportunity is often
the difference between a rich entrepreneur and poor entrepreneur. I see so
many people struggling in business, they always have and they always will, simply
because their financial home base is to be broke. Anyone stuck in this zone needs
to start reprogramming their brain. Any limiting belief can be changed, we simply
need to have a strong enough desire to change. If you are sick of being broke,
develop your own millionaire mind.

Common Reason for Entrepreneurial Failure:

1.Not Smart Enough:

Not talking about IQ here. Entrepreneurial IQ (EIQ) is about holistic understanding

of situations. Many entrepreneurs understand their idea, but not the market that
will accept or reject the idea. Nor do they understand how accidental,
uncontrollable, unscheduled innovation actually works. Or who the real
competitors are. Often entrepreneurs have too little domain depth: they literally
do not know what they’re talking about (though they often talk a good game).
Many entrepreneurs fail because they’re not actually entrepreneurs but some
variation on the theme. Even worse are entrepreneurs who believe they’re terrific
at activities at which everyone else believes they’re horrible. If an entrepreneur is
incapable of seeing what everyone else sees, he or she is blind to success.

2.Not Knowing Who’s Who:

Entrepreneurs often fail because they cannot separate friends from enemies.
They cannot identify EIQ from fluff or bluff. They cannot find a good part-time
accountant and they have no idea how to assess the skills and experience of legal
counsel. They also fail because they cannot recognize smart loyal co-founders and
employees or how to optimize their contributions. They fail because they cannot
separate dumb Angel investors from disciplined ones. There’s a lot to know, and
many entrepreneurs just don’t know enough about the players.

3.Not Finding Enough (of the Right Kind of) Funding:

Entrepreneurs often fail because they cannot raise the right kind of funding at the
right time at the right valuation. They use too much of their own money and way
too much money from friends and family – which becomes a distraction every
time a friend or family member asks about how the company – and their
investment – is doing. Entrepreneurs fail because they do not know how to value
their company or phase investments along timelines designed to optimize
valuations. They fail to appreciate how much money it takes to meet milestones.
Or how to respect their investors who deserve professional communications on a
regular basis – especially if they plan to keep asking them for money.

4.Grandiose Expectations:

While it’s sometimes good to believe in miracles, it’s no way to run a start-up.
Entrepreneurs who fail often do so because they believe they will change the
world and if the world doesn’t welcome their authority, it’s the world’s fault, not
theirs. Entrepreneurs fail because they’re often self-delusional and greedy
believing that they’re just a sale away from revolutionizing an industry and
becoming filthy rich.

5.Horrible Soft Skills:

Entrepreneurs often fail because they’re not housebroken, because they speak
their minds no matter how inappropriate or inopportune the situation may be.
Some entrepreneurs are famously outspoken and controversial – we know who
they are – but they generally became that way after their first hit start-up. If an
entrepreneur cannot listen, is insecure, short-tempered and intolerant of
opposing opinions, he or she will fail. The worst entrepreneurs are the ones who
cannot accept responsibility for anyone and spend their days and nights looking
for someone – anyone – to blame for their mistakes.

6.Bad Partners:

Entrepreneurs often fail because they hang out with the wrong people. “Wrong”
here is a broad term. It includes colleagues who agree with everything the
entrepreneur says, “good guys” that others endorse but are unfamiliar to the
entrepreneur, channel partners who use the entrepreneur to channel their own
sales, legal counsel that rack up unnecessary fees and gurus that know just about
everything about anything. Good entrepreneurs have a purpose-filter through
which they pass their time: is this partner really worth my time? Entrepreneurs
who fail do not have this filter.

7.Ineffective Sales:

Entrepreneurs often fail because they cannot sell to the right clients at the right
time for the right price. Start-up sales are obviously fundamentally different from
the sales that established companies enjoy on an almost automatic pace. Good
entrepreneurs understand all forms and flavors of lighthouse sales processes,
logo hunting, how to buy the right early customers. Entrepreneurs who fail
shortchange sales in favor of competing activities, especially R&D.

8.Market Invisibility:

Entrepreneurs often fail because their companies are invisible to the world
because they cannot bear to spend money on marketing and PR. This is a huge
mistake that some entrepreneurs make when the money gets tight. Polishing
products and services until they shine brightly in the sunshine is a waste of
money. Smart entrepreneurs get the word out early and often via all available
media, especially digital media: if they cannot find you, they cannot buy you.

9.Pivot Paralysis:

Entrepreneurs often fail because they cannot adapt to unpredictable events and
conditions (as if any entrepreneurial events or conditions are predictable). All
start-ups require pivots. Unsuccessful entrepreneurs cannot pivot. Instead, they
stay their own courses – even when the entire world believes they’re severely off
course and about to crash into the side of a large mountain.

10.No Sense of the Inevitable Exit:

Entrepreneurs often fail because they cannot gauge their ultimate exit relatively
early in their journey. Call it instinct or judgment, the range of exit outcomes
begins to reveal itself once the products and services hit the market and once the
source and pace of competition clarifies. Is the exit an IPO or an acquisition? Is it
an acqui-hire or a recapitalization? Good entrepreneurs have a sense of how an
exit will occur (if one occurs at all) within a year of their launch. Bad ones believe
in miracles.

Social Entrepreneurship:
Social entrepreneurship is, at its most basic level,
doing business for a social cause. It might also be referred to as altruistic
entrepreneurship. Social entrepreneurs combine commerce and social issues in a
way that improves the lives of people connected to the cause. They don’t
measure their success in terms of profit alone – success to social entrepreneurs
means that they have improved the world.

Ethical challenges for Entrepreneurship:

1. Cash flow management.
2. Hiring employees.
3. Time management.
4. Delegating tasks.
5. Choosing what to sell.
6. Marketing strategy.
7. Capital.
8. Strapped budget.
9. Business growth.
10. Self-doubt