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Foundations Course by Mind Map: Foundations Course

1. Defintions

1.1. Entrepreneurs

1.1.1. Entrepreneurship

1.2. SMME

1.3. Business

2. Why do ppl enter business

2.1. Make Money

2.2. Support family

2.3. Support the community

2.4. Cant find work

3. Types of Businesses

3.1. Sole Prop

3.2. Partnership

3.3. Close Coportation "cc"

3.4. Private Co. (Pty) Ltd

3.5. NPO

4. Types of Entrepreneurs

4.1. Traditional

4.2. Social

4.3. Green

4.4. Copy Cat

4.5. Innovative

4.6. Know it all!

4.6.1. Every Entrepreneur thinks he / she has all the answers! We don't. Ask, get help, learn

5. Job

5.1. Fixed income

5.2. Supply > Demand

5.3. Apply / Interview / Placement

5.4. Unemployment = 60% Youth

5.5. Fixed Working hours

5.6. Report to someone - do what they want you to do

5.7. Clear career path

6. Own Business

6.1. Income not guaranteed

6.2. Requires Capital (Time / money)

6.3. Own Boss

6.4. Dont stop working (even if its in ur head)

6.5. Much more rewarding

6.6. Exposure to all aspects of business management

6.7. Career path depends on your business

6.8. Does not mean the money the business makes = your spending money

6.9. Separate entity - You work for your business

6.10. Draw a salary - not all the money in the bank acc

7. In the day of an Entrepreneur

7.1. ID a Need / idea

7.2. Brainstorm an idea

7.2.1. find a solution

7.3. Start his / her own business

7.3.1. Never sleep again

7.3.1.1. 6 months no sleep and stress

7.3.1.1.1. Small salary

7.3.2. > 6months, Salary increases = input

7.3.3. After yr 1, ROI real and you settle into the rythm of your business

7.3.3.1. Compared to a job guy, you know EVERYTHING about business

7.3.3.1.1. You can add real value to your business

7.3.3.2. Still never sleep

7.3.3.2.1. But now you get paid for overtime

7.3.4. 75% of SME's in South Africa fail in Yr 1

7.3.4.1. Poor knowledge, support and guidance

7.4. His Business = his passion

7.4.1. Not really work - you end up WANTING to do more

7.5. Think of your business as your new born baby and you are the parent

7.5.1. You do what you have to, to make it happy

7.5.2. You invest your time and love

7.5.3. It relies on you for everything

7.5.4. You love it, they love you

7.5.5. You get to watch it grow

7.5.5.1. As it grows you experience everything first hand

7.5.6. It might be a pain in ur ass sometimes, but trust me, you will love it and give everything to make it happy - reward is that makes you happy

7.5.7. You cant tell the baby when to sleep...

7.5.7.1. As it grows, the less, the Baby relies on you and you can get some sleep and let the child grow into a happy, successful adult - still part of you and shows everything you taught it...reflection on you :))))

7.5.7.1.1. Now, you are making real money!

7.6. Illustrate the "and now after it all" concept :)

8. Rewards of Entrepreneurship

8.1. See YOUR business - the logo u chose, the website you created, the products with your brand on, the satisfaction from ur customer, the money in your bank

9. 5 Pillars of Success as an Entrepreneur

9.1. Vision

9.1.1. Target Market

9.1.2. Know before anyone else

9.1.3. Dont get caught by surprise

9.1.4. Visualise your goals and how you achieve them - see you biz as a success

9.2. Action

9.2.1. GOYA

9.2.2. easy to dream...takes a true Entrepreneur to make it happen

9.3. People

9.3.1. Face of your business

9.3.2. You cant do it alone - coaches, consultants

9.3.3. Staff - you need a strong team to back u up

9.4. Be there!

9.4.1. Wherever the business needs you

9.4.1.1. At the office

9.4.1.1.1. At the client

9.5. Profit

9.5.1. Let the business start making a profit before you pick it clean

9.5.1.1. Biz Profit is more important than the new BMW you plan buying

10. In the day of the Business Owner

10.1. Wake up (if u slept)

10.2. GO TO WORK - not the coffee shop

10.3. 15 min staff meeting

10.4. Get your hands dirty - tidy the office (ur not to important to not do that)

10.5. Review figures

10.6. Meeting with clients, suppliers, partners

10.7. Sales! Sales! Sales!

10.8. Staff mentoring / coaching

10.9. General management and leadership of biz