This document discusses entrepreneurship and innovation for developing countries. It provides characteristics of successful entrepreneurs such as being visionary, motivated, risk-taking, and passionate. It notes that many people have great ideas but few see them implemented due to the blood, sweat and tears required between conception and execution of a business. Key factors for business success include having a strategy, good product/service, motivation, determination, luck, financial and accounting support, attitude, management ability, and start-up capital. Stages of small business growth are also outlined, from minimal resource startups reliant on owners to more established businesses with different problems. Common small business sins like pricing too low, excessive expenses, lack of controls, and growing too fast

1. Entrepreneurship
and
Innovation
The Way Ahead
for
Developing Countries

2. An Entrepreneur
• Macquarie Dictionary states:
• One who organises and manages any
enterprise, especially one involving
considerable risk
• An employer of productive labour
• Enterprise
• A Project undertaken, especially one that
requires boldness or energy

3. • Vision
• Motivated + Driven
• Risk takers
• Passionate
• Hungry for Success
Characteristics of Entrepreneurs

4. THE WORLD IS FULL OF
PEOPLE WITH
GREAT IDEAS

5. MOST OF THESE IDEAS WILL NEVER SEE
THE LIGHT OF DAY

6. BETWEEN
INCEPTION (of an idea)
& IMPLEMENTATION
LIES A LOT OF
Blood, Sweat & Tears

7. RUNNING A BUSINESS IS…
• Full of challenges
• Ups & Downs
• Lots of hurdles

8. The Must-haves for Success
• A strategy
• A good product or service
• Motivation – a passion for what you
are doing
• Determination
• Luck – lots of it
• A good bank manager
• A great accountant
• Attitude
• Single-mindedness
• An ethic of hard work

9. The Must-haves for Success
• An understanding partner and family
• Foresight
• Management ability
• Calmness under pressure
• Some start-up capital

10. The QCOOL Steps to Success
• Strategise
• Systemise
• Synergise
• Supervise
• $Wise and Succeed

11. STAGES OF GROWTH OF SMALL BUSINESS
• Small Businesses start up with minimum
resources
• They rely heavily on the owner initially
• As they grow, the role of the owner changes
• The problems and issues of businesses in the
Startup Phase and the Established Business
are generally radically different

12. PROF. PRICER’S SEVEN DEADLY SINS FOR SMALL BUSINESS
1. Pricing Too low – Not enough focus on
GP
2. Excessive Operating Expenses
3. Excessive Owner compensation
4. Lack of Financial Controls
5. Inadequate Inventory Control
6. Poor Location
7. Growing too fast

13. Entrepreneurs – Are they born or made?
The Final Thought