Exercise What Motivates People To Seek Self Employment?

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1 Exercise What Motivates People To Seek Self Employment? September, Gaziantep TURKEY 1 / 23

2 Answers to What Motivates People To Seek Self Employment? Desire to make money To escape bureaucracy To see if they could run a business Frustration Knowing that there is a market not being satisfied. Faith in an idea Faith in own abilities and aptitude Turning a hobby into a business Following redundancy Being their own boss Controlling their own time September, Gaziantep TURKEY 2 / 23

3 Exercise What are the Rewards and Risks of Running a Business? Rewards Risks September, Gaziantep TURKEY 3 / 23

4 Answers to Rewards and Risks Rewards Pleasure not working for anyone else i.e. Own Boss Pleasure of doing what you enjoy i.e. Turning a hobby into business Succeed or fail by own efforts Not working within a large organisation. Financial security High income Opportunity to follow your own instincts. i.e. To do what you believe is right Risks Cash flow. Narrow customer base. Not being able to say no. Coping with paperwork. Dealing with suppliers. Loneliness. Stress No work no pay. Not enough time. Business grows to fast. How to let customers know your there. Insecurity. No sickness or holiday benefits September, Gaziantep TURKEY 4 / 23

5 Exercise- Why Do Business Fail? September, Gaziantep TURKEY 5 / 23

6 Answers to - WHY BUSINESSES FAIL No personal or business objectives Lack of forward business planning Poor marketing Over ambitious Poor standard of service Wrong product or service Under pricing Poor employees Poor after sales service Poor financial control Legislation and red tape Too many eggs in one basket Bad reputation Lazy or slack management Non flexibility External factors Taking to much money out of the business Lack of experience. Lack of capital Unplanned expansion. Ignoring the competition Wrong location. Unable to cope with the red tape September, Gaziantep TURKEY 6 / 23

7 Exercise What Makes A Successful Entrepreneur? September, Gaziantep TURKEY 7 / 23

8 Answer What Makes A Successful Entrepreneur Self-confident all round person The ability to keep bounce back from disappointment Creative and innovative skills Is driven by results A risk taker Total commitment to the business September, Gaziantep TURKEY 8 / 23

9 Exercise- How Do People Get business Ideas What skills do I need to run a business? September, Gaziantep TURKEY 9 / 23

10 Answers- How Do People Get business Ideas Spotting a gap in the market Developing a new type of product or service Buying an existing business Building on skills, hobbies or interests Copying or improving somebody else s successful idea Combing two existing business ideas in a new way September, Gaziantep TURKEY 10 / 23

11 20 questions to help you choose a business idea. 1. What skills do I have? 2. Could I adapt my existing skills? 3. Could I turn my hobby into a business? 4. What type of person am I? 5. Could I work from home? 6. What goods or services are needed locally? 7. What goods or services do local companies need? 8. Do colleagues at work have any ideas for businesses? 9. Are there any opportunities for tourism or leisure businesses in the area? 10. Can I identify any ideas in local universities? 11. What do large companies; local authorities and other public bodies buy in from outside the area? 12. Is there potential for import substitution in the area? 13. Could I sell goods made by other people? 14. Can I identify any new ideas? 15. Can I look at an existing idea in a new way? 16. Can I copy somebody else's idea? 17. Have I seen any new ideas mentioned in the newspapers? 18. Can I see opportunities for natural produce or organic food? 19. Do future changes in the law offer business opportunities? 20. Could I buy an existing business? September, Gaziantep TURKEY 11 / 23

12 What kind of business are you thinking about? 1. Are you are considering setting up as a manufacture? Yes No 2. Do you wish to set up an import/export business? Yes No 3. Are you are considering setting up in retail? Yes 4. Are you are considering setting up in wholesale? Yes No 5. Do you wish to set up a service industry? (i.e. an consultant) Yes No 6. Are you considering setting up in a leisure industry? (i.e. running a tourist agency) Yes No There are a number of ways of getting into business. What best suits your current situation. In your situation No What are the advantages What are the disadvantages 1. Buying an existing business 2. Buy the assets of a failed business 3. Start a new business 4. Start a co-operative 5. Take up a franchise September, Gaziantep TURKEY 12 / 23

13 Exercise What do you need to know about running a business? September, Gaziantep TURKEY 13 / 23

14 "What do I know about running business?" Indicate your level of knowledge of each of the areas listed below, by circling the appropriate number from 1 to 10, with 1 being little or no knowledge and 10 fully knowledgeable on the subject. SUBJECT SCORE General Business Planning Skills Personal Time Management The Market Concept Market Research Pricing Promotion Strategy Profit and loss Forecasting Cash Flow Forecasting Balance Sheets Finacial control Legal Structures Taxation Business Insurance Employing Staff The above will help you with your skills gap. The questions you now need to ask is: What is there training available to help me? Where do I need to go for the training? What other help can I get? September, Gaziantep TURKEY 14 / 23

15 To help you decide what business to go into and what skills you need the following exercises will help you. EXERCISE - A Analysing Your Own Skills Begin your self-analysis by undertaking the following activity. Think very carefully of all the skills you have acquired to date, no matter how irrelevant they seem to your business idea. Use the forms associated with these notes to complete this activity. List A List all personal skills and experiences For example you might include skills such as: o Book-keeping perhaps as a treasurer of a local club o Fundraising for a charity this involves administrative and marketing skills o Manual skills such as DIY and motorcar servicing Consult a family member or a friend to add to the list. List B Select the most relevant skills and experiences needed for the particular business you are thinking of starting. Discuss your choices with the friend or family member September, Gaziantep TURKEY 15 / 23

16 EXERCISE - B LIST A LIST B Your Skills Of use to the business Practical Experience. Of use to the business RELEVANT SKILLS Of use to the business RELEVANT EXPERIENCE Of use to the business September, Gaziantep TURKEY 16 / 23

17 EXERCISE - C(i) From the previous two exercises you have identified 1. Your knowledge level of various subjects associated with running a business 2. You have also identified yours skills that could help run your business. There will be a gap between what you can do and what your business needs. This can be overcome by employing people with the necessary skills, using family members or using outside professional people. This table will be able to help you list people with the skills you require. Skills of family, friends or professionals Family Skills Friends' Skills September, Gaziantep TURKEY 17 / 23

18 Other professional support September, Gaziantep TURKEY 18 / 23

19 EXERCISE - C(ii) From the previous exercises you can now establish the skills available to run your business. So to summarise all the skills fill in the form below My own relevant skills Skills available from Family and Friends Relevant services available from professional services September, Gaziantep TURKEY 19 / 23

20 EXERCISE - D Assessing Your Business Ideas In the table, list your business ideas in the left hand column, (you may only have one). Then rate each idea against the factors on the right hand side on a 1-10 scale as follows: if the factor is insignificant, rate it as 1. If it is of a slight significance, rate it as 2, and so on. Own skill level needed How vital are your skills to the business idea s success? E.g. if you intend to set up as secretarial services and you have spent 5 years as a secretary you will probably enter 10 in this column. Outside skill level needed To what extent will you rely on the skills of others? E.g. if you are not happy doing accounts you may need to rely on a bookkeeper. Level of financer needed How much money will you need to set-up your business? If you need to purchase a lot of capital equipment or stocks at the start of the business, this will be a very significant factor if you have very little cash at the beginning. Dependence on suppliers Does the success of your business idea depend on the supplies of goods or services from an outside supplier? E.g. if you intend to manufacture furniture you may be reliant on one supplier for some of the wood. Effects of market conditions Is your idea vulnerable to changes in demand due to market conditions? E.g. if you run a holiday hotel and the weather is very bad it will severely effect your turnover. Extent of competition Do you have many competitors? For instance, competition may be a significant factor if you are going to open a holiday hotel in a seaside town. Quality of competition Even if you do have lots of competitors, it will depend on their quality. If they have a good reputation you may have a problem getting established September, Gaziantep TURKEY 20 / 23

21 Assessing Your Business Ideas Business Idea Own skill level needed Outside skill level needed Level of funding required Dependence on suppliers Effect of market conditions What is the extent of the competition Quality of the competition TOTAL SCORE In the table above, list your business ideas. Then rate your business ideas against each factor on a scale of 1 to 10. If the factor is insignificant, rate it 1. If it is of slight significance, rate it as 2, and so on to rate 10. The higher the total score, the higher the risk for that type of business. Only you can access the risk that you are happy to accept September, Gaziantep TURKEY 21 / 23

22 A Simple Business Model Personal Goals and objectives Business Goals and objectives Operational Plans Market Research and Feasibility Study Product/service and selling strategy Financial Plans September, Gaziantep TURKEY 22 / 23

23 What should be in a simple business plan? Summary Introduction and Background Business Objectives Management Team External Advisers Description of Product or Service Who are your competitors Marketing and Selling Operations Financial Information Assumptions September, Gaziantep TURKEY 23 / 23

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