Entrepreneurship

1. ENTREPRENEURSHIP
TRAINING
2.11-2.15
9JUNE 2022

2. 2.1.1 ENTREPRENEURIAL TRAITS AND CHARACTERISTICS
• The reasoning behind this session on entrepreneurial traits is that it enables your
learners to explain what drives the individuals that have succeeded in enterprise
development. It also enables the learners assess their ability to venture into the
entrepreneurial career
• Entrepreneurs are not the same since they come from different background with
varying interests in business types. However, the similarities about entrepreneurs
are the common personality traits they share and apply to succeed in developing
a successful enterprise.

3. WHAT ARE ENTREPRENEURIAL TRAITS?
• Traits are a mixture of an individual set of qualities, including behaviour, nature,
needs, drive and main beliefs. These traits you are born with and other you get
them through informal and formal training.
• The traits are influenced by:
• Characteristics they born with;
• Culture of the community (society);
• Family, work and Education;
• Political and policy environment

4. THE ENTREPRENEURIAL TRAITS AND CHARACTERISTICS
LIST
SUCCESS IN BUSINESS AND ENTREPRENEURIAL TRAITS
• Like many nice things in life, owning and managing a business successfully is tough. Business is not for
the weak in body and mind. In business there are many dangers. You may lose your effort, time and
money you have put in the business. The entrepreneur to successfully own a business goes through
the following activities:
• Identifies and develops a business opportunity ( to be discussed in the next sessions)
• Develops a business strategy (way of doing business)
• Mobilize resources to start the business
• Start the business
• Expand the business

5. ENTREPRENEURIAL TRAITS APPLICATION TABLE
Numbe Entrepreneurial Traits Business Challenge Application of the Traits
1
2
3
4
5
6

6. 2.1.2: DISCOVERING YOURSELF
• An entrepreneur needs certain personal talents, skills and experiences to establish
and manage an enterprise. An entrepreneur is an individual who through
socialization and formal education and training has acquired knowledge and
skills that should be applied in the business. Discovery oneself also helps in
understanding your strong and weak points. It assists in realizing that one needs
the support of others to succeed in business.

7. IDENTIFYING PERSONAL ATTRIBUTES AND TALENTS
• It is useful to identify your personal attributes so that you will be able to decide on
what type of business is suitable you
• Do you like to work with machines and tools?’
Do you like to observe, learn, examine, analyze, and solve problems? Do you like to
use your imagination or creativity to solve problems? Do you like to work with people;
to inform, enlighten, help, train or develop them
Do you like to work with people to influence, persuade, lead, or manage for
organizational goals or economic gain?
Do you like to work with data?

8. APPLYING TALENTS AND ATTRIBUTES TO
ENTREPRENEURIAL SUCCESS
• Interpersonal Skills; As an entrepreneur you should have good people skills. Your
ability to freely mix with many people is a valuable asset that is worthy more than the
money you may have in the bank
• Networking Skills; Networking can be a useful business approach to establish build
partnerships and discover new business contacts.
• Leadership Skills; Leadership is the ability to influence. Once you are an entrepreneur
it means you have taken up a leadership role
• Managemnt Skills; Management skills mean planning, organizing, leading and
controlling activities that cover operation, employees, customer, suppliers, and
government agencies.

9. • Employee Relation Skills; Employees are the most important resource your business has. It
is essential that you manage this resource very carefully. It is a resource that can come in
today and walk out tomorrow
• Team Building Skills; You must build a team of essential professionals who you share the
same vision. You do possess all the needed skills and experience assembling a team of
employees, partners, accountants, your lawyers etc
• Marketing and Sales Skills; Marketing and selling skills are essential to bringing in
revenue. Unless the customer is aware of and interested in what you are selling they will
never buy.
• Financial Management skills; Understanding cash flow will save you business going under
faster than you can register it. The danger areas are poor working capital, cash withdraws
by the owner, credit mismanagement, and misunderstanding of cash surplus and profit.
• Time Management Skills; Time cannot be stored for future use. It cannot be bought from
a shop. It is not elastic. You can only use or misuse time available. Time is one of the
resources whose value is underestimated until it is too late

10. 2.1.3: POSITIVE THINKING
• Description of positive thinking
• If you expect to win you will win and conversely if you expect to lose you will
lose. It is a matter of your attitude. What is an attitude? It is a mental make-up,
usual frame of mind. Attitudes are part of the abilities. The ability to interact
socially requires certain attitudes

11. THE THINKING PROCESS
• The mind has tremendous power that can be used to make your life better. You mind can
be conditioned to think positively to bring desirable changes to your life. You as a human
being you are created with enough resources to be successful in the field of your choice.
• The mind is the mental power that enables you and me to: Think, Make choices,
Experience emotions
• The mind is the seat of intelligence and memory. The mind is divided into two parts of
activities known as: Conscious Mind, Subconscious Mind
• The conscious mind enables you to: Use numbers in calculations, Words in speech,
Controls muscular movements

12. • The subconscious mind on the other hand enables: Management of internal
organs workings such heartbeat, breathing, digestion and blood circulation
(touch the wrist – do feel the blood circulation).
Imagination (close your eyes and imagine you own the biggest bank in
Somaliland).
Reactions to emotional stimulation (do you remember the last time you laughed).

13. HOW DOES THE MIND WORK?
• Transforming Thoughts into Reality
• The Mind Does not Make Judgments
• The Mind sees No Difference between Real and Unreal
• The Mind Understands only Positive Instructions
• The Mind needs to know that your Goal is Possible
• The Mind Will Attract Everything to Meet Your Goals
• The Mind will answer All Your Questions

14. ENTREPRENEURIAL SUCCESS AND PROCESS OF POSITIVE
THINKING
• As an entrepreneur you must think positively and positive thinking is
communicable. People you will meet and those near you will pick your mental
moods and are affected accordingly. On your mind play around with thoughts of
happiness, good health and success, and you will cause people to like you and
want to help you, because they enjoy the positive vibrations that your positive
mind sends out.
• If you want to reap from positive thinking it is not enough to sparingly say few
positive words and spent much of your time crowding your mind with negative
thoughts. To successful apply positive thinking; your entrepreneurial goal has to
be your main mental attitude.

15. 2.1.4: IMAGINATION, INNOVATION, CREATIVITY OF AN
ENTREPRENEUR
• Imagination, creativity and innovation are the basis of entrepreneurship.
Successful entrepreneurs dream up new ideas that are unique and in an
innovative manner create value for a customer.

16. ACTIVITY
• Each Group should get 6 sticks and make a two triangles using the same 6 sticks
• Now each group make 4 triangles using the 6 sticks

17. • Imagination: Entrepreneurs use their imagination to create a picture of a successful
business delivering useful products and services to customers at a profit.
The term imagination comes from the Latin verb imaginari meaning "to picture oneself."
Imagination is a mental creation in the mind of ideas and pictures of things that are not real
or not heard, seen, smelt or touched
• Creativity: Creativity is the ability of coming up with new ideas and ways of solving
problems and exploiting opportunities. You and I can be creative. All of us have brains. It is
the brain that is the center of creative power. The brain has two sides, the left and the right
sides. The left side of the brain has a job of processing information in a step by step
fashion. The right side of the brain processes information intuitively all at once relying
more on images. As an entrepreneur you can use the left side to select one business idea
and use the right to generate as many ideas as possible.

18. • Innovation: Innovation is defining term for entrepreneurs. Innovation can be found in
business, political, social, and technological sectors. Taking up ideas, developing new
solutions to solve people‟s problems is innovation. Innovations can be found in the
technical and socio-economic field. The creations of insurance, banking, hire purchase,
micro finance, trade unions are socioeconomic innovation while the cell phone, email,
and internet are technical innovations.
• However, for an innovation to be successful it must be linked to the customer needs. No
matter how nice the innovation is, if it does not meet the customer's needs then freeze it.

19. 2.1.5 GOAL SETTING
• Entrepreneurs focus on goal setting. This enables them to focus one intention until it
becomes part of them. With such a focus, entrepreneurs learn to overcome challenges
and zoom on what he/she wants to achieve.
• Definition of Goals: A goal is an aim of what you want to achieve in life over a period of
time. Unless you know where you are going anything you do is a waste. Setting goals and
targets allows you to choose where you want to go in life. If you know what you want to
achieve then you will be able to focus on that goal.

20. HOW TO START TO ACHIEVE YOUR LIFETIME GOALS
• Once your goals are set, you must break them into specific, measurable,
achievable, realistic and time bound stages called objectives. The objectives can
further be broken into activities over a period of time and using known resources
(skills, information and time). Goals, objectives, and activities are positive
statements that must be written
• Summary: A goal is an aim of what you want to achieve in life over a period of
time. We looked at advantages of goal setting. We looked at what goals can be
set. We also outlined the steps to achieving the goals.