Stepstones to be a successful entrepreneur!

1. Autopsy
of
Business Success

2. What is success?
• Definition of success
 Performance of a business
 The expectations of “the people” about the
venture

3. Major elements of business
success
• Sound business concept
• Solid business plan
• Experience
• Management skills
 Planning
 Control
• Controlled growth

4. What is failure?
• Definition of failure
 Discontinuance of a business for any reason
 Bankruptcy
 Failing to “make a go” on
 Product
 Marketing
 Market
 Funding

5. Major reasons of business
failure
• Poor business plan & strategy
• Poor preparation
• Poor people management
• Poor location
• Lack of expierence
• Management incompetency
• Poor financial control
• Lack of appropriate funding

6. Failure involves....
• For the people
 Loss of dreams, ambitions,…of the entrepreneur
 Loss of jobs of the employees
• Financial
 Capital (savings, FFF,…)
 Banks, lending institutions
 Suppliers

7. Basics of business success
• Dont start a business with the wrong motivation
• Fail to prepare is prepare to fail!
• Be persistant
• Learn to be a good manager
• Look for the adequate funding
• Planning!!

8. Wrong motivation to start a
business?

9. Stages in Entrepreneurial development

10. SUCCESSFUL
in
10
STEPS

11. Successful in 10 steps
• STEP 1
Be an Inspiring and Motivating
leader

12. Successful in 10 steps
• Step 2
Develop a clear vision
 Allows all members of the organisation to unite for a
common cause

13. Successful in 10 steps
• Step 3
Know your market!
 Environmental analysis
 Economic development
 Demographic evolution of the target market
 Social
 Technical
 Political, legal & tax

14. Successful in 10 steps
• Step 4
Your competitors?
 Who are your ‘real’ competitors?
 Potential competitors are all those fishing in
the same pond

15. Successful in 10 steps
• Step 5
Strategy
 Business Plan
 For starting or fundamentally
changing a business
 Game plan
 Is the translation of a business plan
for the “work floor”

16. Successful in 10 steps
• Step 6 :
Availability of Adequate Funds

17. Successful in 10 steps
• Step 7
Know the supply chain
 Is quality constant?
 Has supplier enough capacity?
 Is company stable?
 What about payment and delivery?

18. Successful in 10 steps
• Step 8 : USP
USP

19. Successful in 10 steps
• Step 9
Know Your Customer!

20. Successful in 10 steps
• Step 10
Decision Making System
o Describe the situation
o Frame the “right” problem
o Describe the end-state goals
o Identify and evaluate alternatives
o Identify and assess risks
o Decide
o Implement and evaluate

21. Entrepreneurial Consultants, Coaches & Trainers
2/F Chamber of Commerce Building
JP Laurel Av – Bajada
Davao City – Philippines
raf.vlummens@gmail.com - resty.antequin@gmail.com