new business module

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38 BUSINESS SKILLS Entrepreneurs are unlikely to completely define and develop their business ideas at this stage. On the path towards their own business they will probably collect new information that will require them to adapt their ideas. This is not a problem. Defining a business idea is a process. What is important is that they consider the new information and adapt their business accordingly. As stated earlier, the business idea is part of the business plan. It explains what the business is about.
DEFINING AND ASSESSING A BUSINESS IDEA 39 Session 2: Entrepreneurial capabilities 8 This session describes and discusses the importance of entrepreneurial capabilities. Participants are provided with a simple tool to help them to assess their respective entrepreneurial capabilities. 2.1 Capabilities needed to run a business Not everyone has the skills and abilities to succeed at every type of business. It is therefore important for entrepreneurs to identify their trade according to their skills, abilities and interests, the three factors that are usually of critical importance for the success of a business endeavour. Different studies have revealed that the entrepreneur’s qualities are an important factor of business success. Some of the capabilities that are generally considered to have a positive impact on an entrepreneur’s business success are listed below. 9 • Moderate risk-taker: A business is an uncertain endeavour. It does not necessarily work out as planned and there is always the possibility of loss. Successful entrepreneurs take moderate calculated risks in which their skills and capabilities play a major role (e.g. an entrepreneur will carefully judge his investment and not put all his assets at risk). • Self-confident: Successful entrepreneurs have confidence in themselves and are confident about their capabilities. If you do not believe in yourself, how can others believe in you? • Goal setter: Successful entrepreneurs plan their work. They define where they want to go and how they want to get there. • Curious and analytical: Successful entrepreneurs are open-minded, interested, and alert to any information regarding their business field. Moreover, they have the 8 Based on BDS (2008, p. 4), ILO (2009a) and UNESCO (1999, pp. 82) [the UNDP reference is not in the list of references]. 9 See ILO (2009a) for a more detailed discussion of the qualities of successful entrepreneurs.
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ESTIMATING INCOME, COST AND PROFIT
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100 BUSINESS SKILLS Hussein Al Sead
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102 BUSINESS SKILLS Once entreprene
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106 BUSINESS SKILLS expenses of run
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108 BUSINESS SKILLS Session 3: Sour
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110 BUSINESS SKILLS Homework Estima
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MODULE 7: KEEPING RECORDS AND MANAG
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KEEPING RECORDS AND MANAGING FINANC
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126 BUSINESS SKILLS Zelimkhan Mesto
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128 BUSINESS SKILLS Module 8 presen
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130 BUSINESS SKILLS LIST OF REFEREN
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132 BUSINESS SKILLS Organization wi
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