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Why to start my own business?
Objectives & GoalsClick to read 
At the end of this module you will be able to:
 To give yourself an answer to the question Why to start my own business?
- You will know the qualities and motives that every female entrepreneur should have;
- What are the necessary knowledge and skills to start a business
To understand the path from the idea to the market
- You will know what are the necessary resources for starting a business,
- You will know how to analyze and evaluate business ideas
Motives and characteristics of female entrepreneursClick to read
| Starting own business requires money, many hours of hard work, persistence, steel will, a lot of patience, as well as the understanding that if you do not have sufficient and regular business income already in the first or second year of operation, your entrepreneurial adventure could soon be over. |
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Entrepreneur is:
- an adventurer
- an innovator
- a person who is ready to take risks for the success of a business.
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1.1.1. Motivation
Key factors that influence future female entrepreneurs are:
- Passion for a business idea - someone gets an idea for a new product or service, and there is no way to get that idea accepted in the market, except to start a new business.
- Financial need - owners of their own business usually have more control over their finances and career path.
- Business engagement - the entrepreneur wants to be part of the design, production, marketing and sale of a certain product or service (to be responsible for all aspects of business operations that are carried out)
- Greater freedom - need to make business decisions without the approval of a superior person.
SUCCESS formula = MOTIVATION x KNOWLEDGE x CONDITIONS
Motivation to start a business and the ability to recognize opportunities are key components, not money.
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1.1.2: Personality traits that an entrepreneur should have
- A successful entrepreneur is not born as such!
- Acquiring skills, knowledge and experience during business are key in business development.
- Successful female entrepreneurs come from different social backgrounds.
- Common skills and values should be understood as universal, developed and applied in business.
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Entrepreneurial qualities are important but not enough, especially when the business reaches a certain level of development!
It is necessary to have:
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a) General management skills:
- Strategic skills
- Planning skills
- Marketing skills
- Financial skills
- Project management skills
- Time management skills
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b) Specific personal management skills:
- Leadership skills
- Motivational skills
- Skills of delegating tasks/competencies to others in the organization
- Communication skills
- Negotiation skills
- Operational capability
- Creativity as the ability to think and conclude logically
- The ability to critically observe situations and relationships
- Analytical ability
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Take a self-assessment test: Am I an entrepreneur?
From the idea to the market
Identification of problems on the market and selection of ideasClick to read
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The first phase of the entrepreneurial journey involves a conceptual search for a suitable business idea that the entrepreneur will implement in practice. |
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The basic criteria by which an entrepreneur is guided when making a decision on the choice of business to be engaged in, are:
- reflecting the personality of the entrepreneur - it refers to the field of work in which the entrepreneur enjoys and in which she has certain knowledge and experience.
- whether that idea has market and profit potential - "Offer people what they want to buy, not what you want to sell."
The goal is to establish what the needs of potential users are and whether there is a need for your future products or services in the market where you plan to operate.
It is necessary to conduct market research before starting a business!!!
The focus is on the customer!
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2.1.1: Analysis and evaluation of ideas
It is necessary for a potential entrepreneur to be able to:
- listen,
- learn, and
- be engaged in creating value for customers, based on expressed needs.
Adequate preparation for entering the business and planning activities is necessary!
The entrepreneur should answer the following questions:
- Is there a need for my products/services on the market?
- How will potential customers know that I have started a business?
- What is the key factor for customers to choose my product/service, without going to a competitor?
- How will I keep my customers?
Finding and defining a competitive advantage and creating value for customers means survival or disappearance from the market for business beginners.
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Value is what customers are willing to pay for!
Take a business idea self-assessment tests:
1. Analysis of prerequisites for the realization of a business idea
2. CRITERIA FOR MACROSELECTION
Summing up
Summing upClick to read
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Am I an entrepreneur?
Do I have entrepreneurial qualities?
What motivates me to take such a step?
Important questions that a potential entrepreneur should ask herself before embarking on such an "adventure“.
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"Offer people what they want to buy, not what you want to sell!" „Customers don't buy what you like, they buy what they like!”
The most important law of marketing
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Acquiring skills, knowledge and experience during business are key in business development.
Entrepreneurial qualities are important but not enough, especially when the business reaches a certain level of development!
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Adequate preparation for entering the business and planning activities is necessary.
Competitive advantage comes from the value that an entrepreneur can create for customers
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