Entrepreneurship In times of stress, uncertainty and rapid change, - PowerPoint PPT Presentation

Entrepreneurship In times of stress, uncertainty and rapid change, opportunity seeking, calculated risk taking and systematic pursuit will get entrepreneurs ahead In partnership with www.b3cmsme.org 1

Entrepreneurship • Entrepreneur • Someone who starts their own business, especially when this involves seeing a new opportunity • Entrepreneurial competencies matter (Cambridge dictionary) • One who organizes, manages and • Important to manage business, assumes the risk of a business or particularly in situations of uncertainty enterprise (Merriam Webster and risk Dictionary) • Recognize opportunity • Develop internal and external capacity and • Entrepreneurs are initiators, resources in rapidly changing environment creators of something new, they • Complement functional business skills create reality out of ideas including accounting, finance, marketing, legal, human resources • Acquired though practice • Not sole domain of owner or manager www.b3cmsme.org 2

Entrepreneurial Competencies Achievement Planning Power • Opportunity • Goal setting • Persuasion & seeking & initiative networking • Information seeking • Persistence • Independence & • Systematic planning self-confidence • Fulfilling & monitoring commitments • Demand for efficiency & quality • Taking calculated risks Enterprising as an art to mobilize and practice all competencies at any given time www.b3cmsme.org 3 3

Business Business Disruption Opportunity • Disrupted supply chain Information Mapping of supply chain, operations & business processes • Alternatives in supply chain • Plummeted demand • Alternative products & markets, with specifications • Decayed inventories & equipment seeking • Alternative cash flows, financing & business models • Negative cash flows & eroded • Alternative workplace arrangements working capital • Alternative staffing modalities • Changed operational & legal requirements www.b3cmsme.org 4 4

Opportunities Opportunities Opportunities RESTART RECOVER REVITALIZE to meet new to rebuild to apply core operational supply chains competencies requirements & strengthen for new (such as customer products & distancing, relationships markets hygiene etc.) intrapreneur entrepreneur www.b3cmsme.org 5 5

Rephrase for business continuity in face of uncertainty & change SPECIFIC Include assumptions & provisions for mid course correction • Detailed, meaningful and actionable MEASURABLE Quantifies drivers towards as well as performance itself • Goal is quantifiable to track progress to success ATTAINABLE Includes in-built contingency • Possible and realistic, and you have resources to achieve it RELEVANT Prepares for and contributes to business continuity • Aligned with your values and long term objectives TIMEBOUND Considers alternative, plausible scenarios • Your goal has a deadline www.b3cmsme.org 6 6

• Risk is a function of Probability and Impact of Hazard • Know all your hazards • Anything that has potential to harm your business • Understand probability and impacts impact • Reduce uncertainties to maximum possibility • Risk reduction through high low medium risk risk risk • Mitigation – measures to reduce the probability probability • Information, process and management controls • Preparedness – measures to reduce the impact • Procedures and capacities to respond www.b3cmsme.org 7 7

RESTART RECOVER Essential works for REVITALIZE reopening and start Debottleneck of operations operations, sales & Systematic supply chain to re- identification and establish earlier pursuit of new business business opportunities Goal Target Person in Charge Tasks/activity Progress Specifications Start Finish Plan Actual Plan Actual www.b3cmsme.org 8 8

Entrepreneurial Competencies Achievement Planning Power • Opportunity • Goal setting • Persuasion & seeking & initiative networking • Information seeking • Persistence • Independence & • Systematic planning self-confidence • Fulfilling & monitoring commitments • Demand for efficiency & quality • Taking calculated risks Enterprising as an art to mobilize and practice all competencies at any given time www.b3cmsme.org 9 9

Entrepreneurship In times of stress, uncertainty and rapid change, opportunity seeking, calculated risk taking and systematic pursuit will get entrepreneurs ahead In partnership with www.b3cmsme.org 10