COURSE OVERVIEW:

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bringing good new ideas to market. Entrepreneurship that proves to be successful in taking on the risks of creating a start-up is rewarded with profits, fame, and continued growth opportunities. Entrepreneurship that fails results in losses and less prevalence in the markets for those involved.

An entrepreneur is commonly seen and perceived as an innovator. The skills required for successful entrepreneurship are innovation and ability to be creative to generate new ideas for a business venture. An entrepreneur must have the quality of leadership and a strong sense of unified teamwork to gain maximum benefit.

In economics, entrepreneurship connected with land, labour, natural resources and capital can generate a profit. The entrepreneurial vision is defined by discovery and risk-taking and is an indispensable part of a nation’s capacity to succeed in an ever-changing and more competitive global marketplace.

Importance of Entrepreneurship:

• Creation of Employment. Entrepreneurship generates employment. It provides an entry-level job, required for gaining experience and training for unskilled workers.

• It is the hub of innovation that provides new product ventures, market, technology and quality of goods, etc., and increase the standard of living of people.
• Impact on Society and Community Development. A society becomes greater if the employment base is large and diversified. It brings about changes in society and promotes facilities like higher expenditure on education, better sanitation, fewer slums, a higher level of homeownership. Therefore, entrepreneurship assists the organisation towards a more stable and high quality of community life.
• Increase Standard of Living. Entrepreneurship helps to improve the standard of living of a person by increasing the income. The standard of living means, increase in the consumption of various goods and services by a household for a particular period.
• Supports research and development. New products and services need to be researched and tested before launching in the market. Therefore, an entrepreneur also dispenses finance for research and development with research institutions and universities. This promotes research, general construction, and development in the economy.

This course lays out what have become the most important principles and rules for entrepreneurs. They have been established through practice, refined through failure and proven under pressure – and all stem from a few bedrock principles that entrepreneurs have learned and carried with them through their many years in business.

The rules are the individual tactics of successful entrepreneurialism, and the principles represent the overarching strategies behind them. The principles are a summary of the rules that make up this course – wisdom gained from years of starting and running businesses in good years and in the bad years.

The rules themselves show how to implement the principles in a practical everyday way. Taking inspiration from them should allow you to learn from others mistakes without having to incur the pain of committing too many of them, and to build on success by following what has, after much effort, been found to work – and work well.

LEARNING OUTCOMES:

By the end of this course, you will be able to understand:

• What are the types of entrepreneurship?
• The small business entrepreneurship
• The scalable start-up entrepreneurship
• The large company entrepreneurship
• The social entrepreneurship
• The characteristics of entrepreneurship
• The importance of entrepreneurship
• The principles of successful entrepreneurs
• The rules of successful entrepreneurs
• How to learn from your mistakes?
• Why you should never blame the market?
• Why you should know your weaknesses, your personal management potential and your strengths?
• How to measure success properly?
• What is the greatest asset you have? And how to preserve and enhance it?
• Why you should not keep normal office hours?
• How and when to judge your business?
• How to make your passion your business?
• Why the money should be secondary?
• Why you should never work to ‘save jobs’?
• Why proper profit is profit margin?
• Why sustainability should be the second goal of business?
• How to set a business-sale goal?
• Why avoid the ‘sell for $x’ shareholder goal?
• Why set an expiry date for business or shareholder goals?
• Why sell your business when you are winning awards?
• How to use the dividend cash flow to value your business?
• Why focus on cash-flow forecasts?
• How to use win/win negotiation?
• Why reject all long-term agreements that aren’t win/win?
• The walk-away negotiation rule
• How to deliver your promises up-front?
• Why hire freelancers?
• Why constantly question whether you have the right people in the right roles?
• Why you should not tolerate bad (or average) performance?
• Why grow only as fast as your resources allow?
• Why recruit before growth?
• The problem of panicking managers
• Why hire hunger (humble and hardworking), not the best (proud and expensive)?
• Why you should never over-promote?
• Why quality team equals low stress levels?
• Why never offer to raise the salary to keep staff?
• Why measure team performance?
• How to make the KPIs solid?
• Why promote anyone who makes their job redundant?
• Why pay out some profits as dividends for directors?
• Why build your brand?
• How to establish clear ownership of code, content and process?
• How to own your clients?
• Why measure resolutions as well as complaints?
• Why know your business’s economic engine?
• How to build your professional network?
• Why control credit?
• How tough decisions are the right ones?
• Why marketing comes first, design second?
• How to solve problems with three-way conversations?
• Why debt is like a disease?
• What are the three stages of a business?
• Why cease trading before it is too late?

COURSE DURATION:

The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.

COURSE REQUIREMENTS:

You must have access to a computer or any mobile device with Adobe Acrobat Reader (free PDF Viewer) installed, to complete this course.

COURSE DELIVERY:

Purchase and download course content.

ASSESSMENT:

A simple 10-question true or false quiz with Unlimited Submission Attempts.

CERTIFICATION:

Upon course completion, you will receive a customised digital “Certificate of Completion”.