Chapter 1: The Foundations of Entrepreneurship

Entrepreneurs are not paralyzed by the prospect of failure.

• Entrepreneurs are not paralyzed by the prospect of failure.
• Failure: a natural part of the creative process.
• Successful entrepreneurs learn to fail intelligently.

• 1 -

• 1 -

Know your business in depth

• Know your business in depth
• Build a viable business model – and test it
• Develop a solid business plan
• Understand financial statements
• Manage financial resources
• Learn to manage people effectively
• Set your business apart from the competition
• Maintain a positive attitude

• 1 -

The Ten Deadly Mistakes of Entrepreneurship:

• The Ten Deadly Mistakes of Entrepreneurship:
• Management mistakes
• Lack of experience
• Poor financial control
• Weak marketing efforts
• Failure to develop a strategic plan

• 1 -

6. Uncontrolled growth

• 6. Uncontrolled growth
• 7. Poor location
• 8. Improper inventory control
• 9. Incorrect pricing
• 10. Inability to make the “entrepreneurial transition”

• 1 -

Entrepreneurs:

• Entrepreneurs:
• Are an important part of the free enterprise system
• Are a diverse and talented group of people
• Represent a cross-section of society as a whole
• Are able to enhance the profitability of their businesses through acquiring additional knowledge and experience

• 1 -