Entrepreneurship Development: Unveiling the Path to Success
Delve into the essence of entrepreneurship development in this comprehensive module, focusing on drafting business plans, evaluating financial projections, strategic planning, and attributes of successful entrepreneurs. Explore the pivotal role entrepreneurs play in businesses and uncover the key qualities necessary for entrepreneurial success.
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Module Two session one Entrepreneurship Development
Objectives of Module Two Become familiar with the contents of a simple business plan. Make realistic business assumptions and prepare quality short and long term business projections. Evaluate financial projections of income statements and cash flows and distinguish between them. Be able to make more informed financial choices of the assets to invest in, capital structure and on drawings and to relate the choices with business performance and health. At the end, each group will be expected to make a draft business plan for the case. Module 2: Session 1 2 10/5/2024
Recap of the overview of strategic planning 1) Conducted situational analysis of Munaku Contractors (internal and external in the current Ugandan context. 2) Carried out the competitive analysis of the road construction sector. 3) Identified the essential success factors in the road construction sector. 4) Drafted possible strategic intent for Munaku Contractors Ltd. Module 2: Session 1 3 10/5/2024
Session Objectives To appreciate the role of an entrepreneur to a business and To discuss attributes that lead to successful road construction entrepreneurship Module 2: Session 1 4 10/5/2024
Who is an entrepreneur? An entrepreneur is a person who: 1) Champions a business idea 2) Takes the risk of setting up an enterprise 3) Mobilizes resources to engage in delivery as a business 4) Ensures customer satisfaction and 5) Ensures business growth A new business succeeds only at the sacrifice and originality of its proprietor. Module 2: Session 1 5 10/5/2024
The Entrepreneurial Role in Business 1) Core role is to give strategic direction 2) Define the business setting the mission and vision 3) Set strategic objectives 4) Formulate strategy 5) Set values 6) Enthuse 7) Reward Module 2: Session 1 6 10/5/2024
Attributes of a successful entrepreneur Commitment to work and focus on goals 1) Take business as a fulltime job, 2) Have passion for the work 3) Be results oriented Module 2: Session 1 7 10/5/2024
Attributes of a successful entrepreneur Demand for quality and efficiency 1) Evolve competitive strategies 2) Aim to achieve excellence 3) Deliver value and avoid waste 4) Avoid repeat jobs. Calculated Risk taking 1) Assess feasibility, no gambles 2) Careful business planning 3) Care in job surveys and bidding 4) Validation of bids. Module 2: Session 1 8 10/5/2024
Attributes of a successful entrepreneur Persuasion and networking 1) Communication is key 2) Personal brand image 3) Joining others to increase synergy 4) UNABCEC Module 2: Session 1 9 10/5/2024
Attributes of a successful entrepreneur Initiative: Foresight and pre-emptive moves Taking action beyond demand of the situation Creativity: An inquisitive mindset Search for better Self confidence Desire to be own boss Conviction to do it. Module 2: Session 1 10 10/5/2024
Attributes of a successful entrepreneur Opportunity seeking- Explores keenly for opportunity Experiments on novel ideas Quick to see and seize opportunities, Acting before being forced by situation. Resilient sensitive and responsive to changes in the environment Optimism Hopeful that the future will be productive Module 2: Session 1 11 10/5/2024
Attributes of a successful entrepreneur Time management Self supervision Awareness that time is a resource that has a critical impact on profitability. Plans what to achieve over time Allows time for own needs and meditation Module 2: Session 1 12 10/5/2024
Attributes of a successful entrepreneur Ethics and integrity 1) Compliance with due process, 2) Transparent dealings, 3) Avoids corrupt tendencies, 4) Avoids irregular activities, 5) Delivers value for money. Module 2: Session 1 13 10/5/2024
Group activity 1. Identify entrepreneurship weaknesses in the case study and propose how they could have been handled. 2. Identify good attributes of Munaku as an entrepreneur and evaluate how these could enhance his business growth. 3. Evaluate Risk and integrity challenges in the case study and how they could have been controlled. 4. Identify the opportunities that may be taken advantage of and how you could have used them to enhance business growth and sustainability. Module 2: Session 1 14 10/5/2024
THE END Q & A Module 2: Session 1 15 10/5/2024
