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IMLPDNIGERIA
INSTITUTE OF MANAGEMENT LEADERSHIP &
PRODUCTIVITY DEVELOPMENT, NIGERIA
WEEK 3

STRATEGIC PARTNERSHIP ON ENTREPRENEURIAL

MINDSET AND ENTERPRISE DEVELOPMENT
TRAINING FOR STUDENTS OF TRINITY
UNIVERSITY

Strengthening Manpower through Mind Power Development

Session ONE

THE CHARACTER OF ENTREPRENEURS

Some basic characteristics of entrepreneurs
include: Ambition; Optimism; Achievement
orientation; Independent mindedness; Goal
orientation; Individualism; Future
orientation; Self-confidence;
Open-mindedness and Tolerance for
ambiguity.
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CHARACTERISTICS
ESSENTIAL FOR ENTREPRENURS

1. CONFIDENCE
Not all of us are born with confidence,
but that does not mean we are not
capable of it. Many confident women
and men gain their sense of self esteem
and faith in their ability to greet
challenges by acting—even
when they lack the confidence—and
then gaining strength and belief in
themselves by seeing the results
and gaining the praise and
respect of others.
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CHARACTERISTICS
ESSENTIAL FOR ENTREPRENURS

2. Sense of Ownership
Rather than viewing a problem as
someone else’s, the entrepreneur sees
it as his or her own and takes pride in
finding a solution, leaving things in
better shape than they were before
encountering them, and improving
upon situations rather than leaving
them unattended.
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CHARACTERISTICS
ESSENTIAL FOR ENTREPRENURS

3. Communication ability
Entrepreneurs recognize that the most
important part of any business is the human
element. Human resources—whether in the
form of clients, employees, or strategic
partners—are what makes or breaks a
business, and communication is key to
successful relationships with people. The
entrepreneur works to hone communication
skills, whether those are written, spoken, or
non-verbal messages conveyed
through body language.
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CHARACTERISTICS
ESSENTIAL FOR ENTREPRENURS

4. Continuous Learning
Entrepreneurs, due to their passion, are
less prone to keep repeating mistakes
arising from arrogance,
ego, or blindness to one’s own faults,
shortcomings, or errors in judgment.
To teach is to learn. And to lead, train,
and impart experience to others, the
entrepreneur is constantly striving to
learn more and get better educated.
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CHARACTERISTICS
ESSENTIAL FOR ENTREPRENURS

5. Teamwork Ability
Successful
entrepreneurs
leverage teamwork to
get the heavy lifting
done without
breaking stride.
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CHARACTERISTICS
ESSENTIAL FOR ENTREPRENURS

6. System Oriented

Designing, implementing,
and perfecting systems is
one of the most useful and
rewarding skills of an
entrepreneur.
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CHARACTERISTICS
ESSENTIAL FOR ENTREPRENURS

7. Dedication
Regardless of what the effort might
involve, an entrepreneur brings a single-
minded dedication to the task by being
committed to a positive outcome and
ready and willing to do the needful. No
matter what that might mean in terms
of rising to meet a challenge or acting
above and beyond the call of duty,
the entrepreneur shows
steadfast dedication.
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CHARACTERISTICS
ESSENTIAL FOR ENTREPRENEURS

8. Leader by Example
Entrepreneurs not only lead
themselves through self-motivation
as self-starters who jump into tasks
with enthusiasm, but they are also
skilled at leading others. They know
the importance of teamwork, and
they understand the need to
appreciate others, support them,
and reward them accordingly.
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CHARACTERISTICS
ESSENTIAL FOR ENTREPRENEURS

9. Not Afraid of Risk

Entrepreneurs are not
immune to fear. But they
prioritize their approach
to life so that the fear
of failure, frustration,
boredom, drudgery,
and dissatisfaction far
outweighs the lingering
fear of success.
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The Concept of
Franchising
Buying a franchise involves buying the rights and support
systems to own and operate a business that has been designed
by someone else. It is a common way of establishing a business.

Many fast food outlets such as McDonalds’s, Tantalizers, Burger King

and Kentucky Fried Chicken (KFC), Mr. Biggs, Big Treat, Domino's Pizza,
and companies like: Firestone, Ralph Lauren, General Motors, Major
League, Gucci, Rolls-Royce, Guinness, McDonald's, Mercedes-Benz,
BMW, Mitsubishi Shell, Burger King, Harley-Davidson, Mobil, Sheraton,
Heineken, Chevrolet, Chrysler, Texaco, Big Treat, Coca-Cola, Honda,
Toyota, Johnson's, Volkswagen, Pepsi-Cola, Volvo, Pizza Hut, Shell, 7-
Up, Mitsubishi, etc. are franchise operations.
Session TWO
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FEASIBILITY STUDY
AND
BUSINESS PLAN
 FEASIBILITY STUDY

A feasibility study is the process of determining whether an

entrepreneur’s idea is viable for creating a successful
business. Its purpose is to determine whether a business idea
is worth pursuing.

A feasibility study is not the same as a business plan; both

play important, but separate, roles in the start-up process.

A feasibility study answers the question, “Should we

proceed with this business idea?” Its role is to serve as a
filter, screening out ideas that lack the potential for building a
successful business, before an entrepreneur commits the
necessary resources to building a business plan.
 IMLPNIGERIA

BUSINESS PLAN
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THE BUSINESS PLAN

Many people compare a business plan to a set of blueprints.
An architect would not build a house without a set of plans,
or a blueprint.
A business plan provides a complete description of a
business, explaining its products or services, marketing and
sales strategies, the management team, operations
and predictions of financial forecasts.

A document that conveys the exciting prospects and growth potential of

your company. It might be best viewed as a selling document. It sells the
business to potential financial and other backers. By effectively selling
the business as a whole, a business plan makes a strong case for specific
projects. For instance, a plan may be used to seek funding to cover the
expenses associated with developing and marketing a new product.

Many potential entrepreneurs have an idea but don’t really have a plan to sell it.
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WHY BUSINESS PLAN?

1. It helps determine how much money you will be able to make
from your company’s products or services.
2. It helps to research your competitors and potential customers-
by helping to determine how much of a profit margin you can
afford to add on and still remain competitive.
3. It helps you define and fine-tune your products or services.
4. It helps you realize your goals and projected profits.
5. It helps entrepreneurs measure their products’ performance,
determine appropriate business strategies, and implement
changes to achieve short-, medium-, and long-term goals.

FOR BUSINESS OWNERS

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Characteristics of a good business idea

1. The Quality of the business idea

• Is it actually the solution to a problem?

2. The Size of the Market

• If it is a solution to a problem, how many persons have that
problem and are willing to pay to have it solved?

3. The Quality of the Team

• Does the team have the capacity and mix to make this
happen?
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Types of BUSINESS PLAN

1. Summary Plan
A summary plan of 10-to-15 pages works
best for companies without an extensive
history—a company in the early stages of
development. There is not a lot of history to
report, and existing operations are small. A
summary plan can also be used by a more
established company interested in testing
the investment waters; if found to be
inviting, a more complete
business plan can be assembled.
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Types of BUSINESS PLAN

2. Comprehensive Plan
The more traditional business
plan of 20-to-40 pages—typically
for financing purposes—spells
out a company’s operations and
projections in much detail. This
type of plan becomes more
desirable as the amount of
money being sought increases.
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Types of BUSINESS PLAN

3. Operational Plan
For established companies, a business plan
can be an important source of guidance to top
managers. It serves as a blueprint for company
operations. It also ensures that all managers
understand the company’s direction and their
respective roles in achieving company goals.
Almost of necessity, an operational business
plan must be lengthy — typically well in excess
of 40 pages and sometimes as long as 100.
The greater the detail, the more likely that
individual managers will understand
their roles and achieve their goals.
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Contents of a BUSINESS PLAN

1. TITLE PAGE

Considered your title page, you should include

• Name, registration number, address, and
phone number of your company
• Date-month and year your plan was
prepared
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Contents of a BUSINESS PLAN

2. The Executive Summary

Explain in a short one- or two-page overview the content of the
business plan. Outline your management style, strengths,
objectives, and why you think your business will succeed. Your
goals should be clear and interesting to the reader. If applying for
a loan or financing credit, the executive summary should state
why you are looking for financing, the proposed amount, and
how you intend to repay the loan or investor. Since it
summarizes the entire business plan, the executive summary is
always written last, after all the other elements of the
plan are completed.
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Contents of a BUSINESS PLAN

3. The Company
The goal here is to introduce the business in more detail, outlining
your type of business, giving its history (if you are purchasing an
existing business) or an outline of the new business’s products or
services. The company’s history may also include: When was the
company founded? Or why it is being founded? IF it is a business
that is already existing, and looking forward to expansion, as
reason for the plan, such questions as, “What have been its
chief accomplishments? How has its direction
changed?” may be very important.
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Contents of a BUSINESS PLAN

4. Product and Services

Product Description, Cost of Sales, their
benefits, and how they fill a need in the
marketplace. Show your advantage over
the competition and the volume you can
output. Describe your business’s
developmental stage. List potential or
current contracts. Refer
to any letters of intent from
prospective clients and include
these in the appendix.
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Contents of a BUSINESS PLAN

5. Marketing Strategies
A concise and honest appraisal of your
competition will lend a great deal of
credibility to your business plan.

It will also address the following:

1. The current competition, their

size, and market share
2. Future competition
3. The strengths and weaknesses of
the competition
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Contents of a BUSINESS PLAN

6. Operational and Financial

Information
The viability of your new venture
will culminate when you prepare
projections of income, expenses, and
cash flow, and when you review how
much money you may require. Even if
you are not borrowing money,
projections and cash flows will
help facilitate the making of
many future decisions
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Contents of a BUSINESS PLAN

7. Funding Requirement
This section is devoted to
the sum you need to borrow,
how you expect to repay it,
and over what time period.
Your projections and cash flow
forecasts should have indicated
how much the business needs
and can afford to repay.
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Contents of a BUSINESS PLAN

8. Appendix and Exhibits

Any additional, detailed or confidential information that
could be useful to the readers of the business plan but is not
appropriate for distribution to every one receiving the body of
the plan can be presented here. Accordingly, appendices and
exhibits should be bound separately from the other sections of
the plan and provided on an as-needed basis to readers.