Assignment No 1

Assignment No.
1. Personal Entrepreneurial Characteristics
1. Self-Confident
Self Confidence is a key part of success in business. It is the difference between having
faith in our self and feeling scared out of our wits. It is about having trust in what we
know and our abilities to handle the unexpected events that life puts in our path.
Another way it is also a belief that you are the one in control of your life and your goals.
In addition, self-confidence varies depending on whether we do something for the first
time or it is something we know well. It can vary due to environment as well.
As an Example A.Y.S.Gnanam who is the founder of St.Anthony's Group of Companies
which I’m working to, He was started the steel business with self-confidence at a tender
age and he has succeeded in his carrier and he was able to give 1000’s jobs for job
seekers. The first step in building self-confidence is giving our permission to not give up
no matter what the outcome. The key is, to do our best in any given situation regardless
of our knowledge or the end result. When this happens, then each small step of
progress increases confidence.
2. Risk Taking Ability

As an Entrepreneur we need the ability of risk taking. Because when we starts a business
at first time below mention risk will be there for the first time and we need to take these
risks when we need to become an Entrepreneur.
1. Abandoning the steady paycheck.
2. Sacrificing personal capital.
3. Relying on cash flow.
4. Estimating popular interest.
5. Trusting a key employee.
6. Betting on a crucial deadline.
7. Donating personal time (and health).
3. Patience & a sense of critical awareness

When we are going to start a Business as an Entrepreneur we need to have patience as
without patience we cannot improve our business & also we need to be caution on
following mention points.
1. When looking for new opportunities
2. While developing your team
3. When building relationships
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4. When deal with competitors

Also as an example when we need to start a business without sufficient money we need
to have loans from banks and it will take time so that we need patience.
As an example for sense of critical awareness, we all know when we start a business we
have competitors and they are threat to us. At this time we need to have patience and
critically aware of what is happening around us.
4. Ability to take decisions

As an entrepreneur we need to have the ability of taking decisions. In this characteristic
we should know at which stage which decision to be made. As an entrepreneur when
we take decisions it will affect not only us also many others. We need to be able to
make the correct decision at below mention points.
1. Whether to turn your idea into a reality
2. Whether to expand or keep the status quo
3. Whether to give up
4. Outsourcing or hiring in-house.
5. Product or service pricing
Also when approaching in decision making process need to follow below mention steps:
1. Discover the problem/distraction
2. Analyze the problem or situation
3. Define possible solutions
4. Analyze all possible solutions
5. Select the best solution for application
6. Implement the decision
5. Inherently Creative
As an Entrepreneur we need this trait and we need to be able to not only come up with
ingenious ideas, but also turn those ideas into profits. When we have new ideas and
doing new things there will be less competitors and we can provide new products or
services to our customers.
6. Adaptable and Flexible
We need to be passionate and dedicated, but being inflexible about client or market
needs will lead to failure. We need to mind an entrepreneurial venture is not simply
about doing what we believe is good, but also making a successful business out of it.
Successful entrepreneurs welcome all suggestions for optimization or customization
that may enhance their offering and satisfy client and market needs.
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7. Sociability
Entrepreneurs have strong communication skills, and it’s this strength that enables
them to effectively sell their product or service to clients and customers. They’re also
natural leaders with the ability to motivate, inspire and influence those around them.
As an Entrepreneur we may have to work with people of all sorts. If we can deal with
our customers & own employees in a friendly manner we can be a good entrepreneur.
8. Goal-oriented
Entrepreneurs are all about setting goals and putting their all into achieving them;
they’re determined to make their business succeed and will remove any encumbrances
that may stand in their way. They also tend to be strategic in their game plans and
always have a clear idea in mind of exactly what they want to achieve and how they
plan to achieve it.
9. Passionate and Positivity

Passion is perhaps the most important trait of the successful entrepreneur. They
genuinely love their job and are willing to put in those extra hours to make their
business grow; they get a genuine sense of pleasure from their work that goes way
beyond just cash.
10. Committed to the business

Entrepreneurs are not easily defeated; they view failure as an opportunity for future
success, and if they don’t succeed the first time, they’ll stay committed to their business
and will continue to try and try again until it does succeed. A true entrepreneur doesn’t
take ‘no’ for an answer.
(Source: Internet & Entrepreneurship Volume 1)
2.Major reasons for stagnation of Business
1. Lack of Information
As an Entrepreneur If we don’t understand exactly what our customers want and work to
fulfill those needs, our business growth can stall. Also we need to have conversations with
our customers to find out what the things we do right are and what needs they are having
met by our competitors. We also need to get information about our competitors and also
new products & services related to our business.
2. Lack of Management Skills

Some small-business owners they do not have formal education in business management &
never let go of the startup mindset that they have to do everything, and they never
delegate work to others or hire additional help. But as a business grows, it will require
different skill sets that you as the owner may not have. For instance, hiring your first
employee is one thing, but as your business grows and you hire more staff, it will require
management that can appropriately lead that staff to success. The same is true for other
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areas, such as finance, marketing, purchasing and managing inventory, website creation and
maintenance, and fraud prevention. If the business has stalled, need to take a look at our
business operations.
3. Lack of Capital and Inability to Manage Cash Flow

To growth of business it needs a better cash flow, and if our profits aren’t sufficient to fund
that growth, we won’t be able to take advantage of opportunities as they arise. This can
negatively impact our business in many ways, such as the inability to hire new staff to
support growth, being unable to launch a new product that is in demand in our industry, or
not having the capital to open a second location in an area that is showing potential for
growth.
4. Lack of Planning
If we don’t have a clear picture of where we want to go with our business, we’ll have a
difficult time getting there. A true understanding of where our business falls in the
marketplace is crucial to growth because without it, we can’t set realistic short-term, mid-
term, and long-term goals. Also most entrepreneurs are reactive and do not have pre plans.
Entrepreneurs should have proactive behaviors.
5. Lack of Training
As an entrepreneur our employees are an important part of our business, but if they aren’t
properly trained, they could be holding us back. For example, they might not be giving your
customers the level of service they want, or your salespeople may not be equipped to bring
in the amount of business you expect. As the owner, it’s up to owner to provide them with
the tools and training they need to be the best at their jobs.
(Source: Internet & Entrepreneurship Volume 2)
15 Interview Questions for the owner of stagnating business
IT Services providing company / Accounting Services providing company
1. What is the concept for starting this business and what is your vision & mission of this
business?
2. How many employees working for this company & how about their contribution for the
growth of this company?
3. What kind of services you are providing to your consumers & how many customers you have
in your customer base?
4. How you are advertising your business and what are the steps you have taken to increase
your customer base?
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5. To what do you attribute your success?

6. What are the actions you have taken to keep your customers satisfaction & keep good
customer relationship with them?
7. What are the steps you have taken to keep your employees to be happy and get the
maximum output from them?
8. How about your success in this business throughout last 3 years?
9. What are your future plans and what are the movements you have taken to achieve it?
10. What is unique about your business?
11. Does your company help the community where it is located?
12. How about the competition you have from your competitors?
13. Have you given any new or creative products or services to your consumers?
14. How about your investment to the company and how about the profit you get from the
business as a percentage?
15. Why your customers need to choose your company to get services or any product?

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Assignment No.

1. Personal Entrepreneurial Characteristics

2. Risk Taking Ability

3. Patience & a sense of critical awareness

4. When deal with competitors

4. Ability to take decisions

9. Passionate and Positivity

10. Committed to the business

2.Major reasons for stagnation of Business

2. Lack of Management Skills

3. Lack of Capital and Inability to Manage Cash Flow

15 Interview Questions for the owner of stagnating business

IT Services providing company / Accounting Services providing company

5. To what do you attribute your success?

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