B2 - Proven Idea Abilities and Skill Development

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B2 - Proven IdeaAbilities and Skill Development

• Self Knowledge

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B2 Self Knowledge

• Aim To undertake reflective activities to
  explore the knowledge, skills and abilities
  needed to take a proven idea towards business
  start up.
• Learning Outcomes Develop an appreciation of own
  fears, concerns, limitations, motivations and
  constraints.

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Review Activity

• REVIEW Look at the questions in the next slides
  to explore whether you should start up a venture
• Consider
• Yourself
• Your circumstances
• Then compare your fears against the potential
  benefits

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About you

• Are you a self starter?
• Do you enjoy taking responsibility?
• Are you organised?
• Can you sell, and accept the inevitable rejection
  selling involves?
• Does the idea of managing change excite you?
• Can you make decisions quickly?

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Your circumstances

• Are your friends family behind you?
• Can you survive financially
• Can you cope with a variable income?
• Do you have the time available?

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Fears of setting up in business

• How would you overcome them?
• What is the market potential for your business
  idea?
• How would you exploit the market?
• What are the critical success factors for your
  business?
• How would you convince people to buy your goods
  or services?
• How much money do you need? What type of profits
  are you going to make?

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Reasons to start your own business

• Ditch the rat race and make your own way in the
  world
• Work to the hours deadlines you set for
  yourself
• Experiment with ideas youve always had
• You are the boss (now get back to work!)
• You earned the money!
• Take holiday when you want to
• Decide who you do business with and what values
  you represent

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Reasons not to start you own business

• Hard work will mean little or no social life at
  first. There is no alternative.
• Your income will be low or very low initially,
  and maybe for some time.
• You and you family/friends will be under
  considerable strain. You will need their support.
• You will probably need to learn some new skills
  that you may not enjoy e.g. book keeping, sales.
• You will have demanding new masters, including
  customers and the bank.

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What skills do you need to start up a new
business?

• Look at the following statements and determine
  whether
• They typify you
• Whether they are true in your case
• Then explore the qualities, knowledge and
  attributes identified by business support
  professionals (2004) as essential for a potential
  graduate start up
• REVIEW AGAINST YOURSELF

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Is this you?

• I dont need anyone to tell me what to do.
• I am good at planning ahead.
• I meet deadlines come what may.
• I can get on with anybody.
• I am good at picking out the pieces of
  information that interest my audience.
• I enjoy the chase of the deal
• I like to take charge and see things through.
• I am happy to make decisions without knowing
  exactly how things will work out.
• I rarely waste tie regretting my choices.

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Requirements for starting?

• I am very willing to work hard for something I
  want and without making everyone's life
  miserable.
• I can be sure that my family understands the
  risk.
• I am good at separating my business and private
  life.
• I accept that starting my own business is likely
  to be as stressful as any job I have had.
• I have realistic expectations about my new
  lifestyle and income.

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