Business Report

Unit 1 вЂ" The Age of the Entrepreneur

“Entrepreneurship is a state of mind.” вЂ" Richard Branson, Chairman of Virgin Group

Entrepreneurs have shaped and are continuing to shape society and industry in the world we live in today. Businesses like Microsoft, Virgin, the Body Shop etc have all been started by a single person with an idea and the strength to do well in an industry. Bill Gates has pioneered the computer world which we use today, and that so many businesses strive on to keep them going. Richard Branson started out as a small record stall, and now has various business ventures including airlines, trains, media (including telecommunications), money etc.

Characteristics of an Entrepreneur

To become an entrepreneur you must have characteristics to succeed and a drive to do well in industry. William D Bygrave, professor for Entrepreneurial Studies at Babson College in Boston, suggests that entrepreneurs must possess the 10 D’s:

Dream: - Entrepreneurs must have a strong vision of the future for they’re idea and business, as well as being able to do what it takes to make this dream a reality.

Doers: - They must be able to make things happen with they’re business as they see fit.

Dedication: - Entrepreneurs must be dedicated to they’re business and have the will for it to do well, sometimes causing tension in relationships between friends and family. They sometimes have to work for 12 hours a day, 7 days a week to get their business on it’s feet.

Details: - They must have and understand all the details when it comes to running they’re business, as it is essential to making the correct business decisions.

Determination: - A strong will is needed to keep the business from going under, as they must make decisions with total commitment, and make every effort to get round any problems on the way.

Decisiveness: - They cannot hesitate to make decisions and must make them confidently.

Devotion: - Entrepreneurs love what they do, and it is this that drives them to succeed in industry.

Distribute: - Ownership may be distributed to employees who are critical to the successful running of the business.

Dollars: - To entrepreneurs, money is not the biggest motivator, it is merely a measure of how successful they are.

Destiny: - They like to be in control of they’re future, not at the hands of an employer.

Franchising

If you are starting your own business for the first time, franchises can provide valuable experience without the huge risk factor. They offer the expertise of the company, training and support, and also the success and reliability of the brand name. In return, a fee is paid to the company, as well as a percentage of the revenue. It is becoming more widely known in the UK, but has been a good option in the USA for years. An example of a franchise could be the fast-food chain McDonalds, which is well known and a successful brand name.

Unit 2 вЂ" Opportunity Vs Idea