An Entrepreneur Readiness Initiative The Context Entrepreneurs play a key role in the economy. It’s important to know what their readiness and needs are, whether it be to access the correct training, support, mentoring, funding, resources, networking opportunities, etc. Making the decision to become an entrepreneur is a major commitment, with huge implications for skills and lifestyle. Yet there is no standardized testing or certification required or available to help decide if potential exist to ascertain if a good fit for entrepreneurship, or entrepreneurship is right for “budding wanna-be entrepreneurs” The Business Innovation workshops that we have been conducting brought to light the stark realization that there are plenty of ideas out there but with very little knowledge of the challenges of starting a business. The key purpose of The Entrepreneur Readiness Initiative is to identify new business startup and existing ideas and with the help of proficient adjudicators to interactively interrogate and evaluate its potential based on overall the presentation, originality, ability to answer questions, viability and provide a series of tools and questionnaires that help to identify entrepreneurial readiness factors. We develop a process during the interaction of identifying the challenges and moving innovative ideas to development and business stages, provide the expertise, tools and essential references in order for the business to secure maximum success and viability. The Entrepreneur Initiative is designed to provide a series of indicators of preparedness that can be related to entrepreneurial effectiveness. Our tools assess how an individual is likely to approach a series of specific factors that have been proven as essential to entrepreneurial success. Organizational background UKUNIKA EDUCATIONAL TRUST is a non-profit organization rooted in entrepreneurial education with a focus on school leavers and youth. Our Mission Ukunika works to advance economic opportunity for young people, businesses, and communities in order to address the demand side of job creation Injecting an entrepreneurial culture into the earliest stages of the value-creation chain of start up initiatives; and encourage the sustainable development of SMMEs Assisting entrepreneurs to explore the commercial potential of their ideas by providing essential resources, education, advice and network of partnerships Translating entrepreneurial innovations into business plans that are capable of attracting investors and securing the funding necessary for entry into the marketplace Methodology of Workshop Each participant is required to pitch their business idea or startup in three minutes to a panel of adjudicators who act as “The Investors ” The participant conclude in what they require in terms of support e.g. support, funding, mentorship etc. in order to grow their idea or business to a level to secure maximum viability and acceptance in the marketplace. The process is videotaped At the end of the 3 minute pitch, a panel of proficient and experienced adjudicators interrogates the ideas, seeking clarity and highlight the missing data needed to be added to the proposal in order to gain a better understanding. Participants from the audience are also allowed to join in with the interaction and pose questions. Adjudicators and participants provide input to expand on the understanding and highlight the challenges that will face any entrepreneur. A series of tools and questionnaires help to identify entrepreneurial readiness factors. Adjudicators then evaluate and score the various pitches and ideas based on a set of judging criteria The score is discussed with the participants who in turn are allowed to self evaluate their overall readiness to take the idea or business to the next level or to re-think the process A Readiness Tool in the form of a 10 point checklist is provided at the end of the process. Outcome In an unthreatened environment the business ideas are analyzed and brainstormed for viability and entrepreneur readiness and the participants are made to comprehend the implications and challenges of the industry they are entering The process is solely focused on delivering a business readiness program giving applicants a real understanding of the business environment and its challenges and what channels, workshops and training is needed. This tool is an essential mechanism as an Entrepreneur Ready Initiative. The adjudicators work to ensure that every entrepreneur has an equal chance to complete the pitch and express their dreams and desires and decide for themselves if they are ready or not to proceed to the next step. The process is designed to ensure that all candidates are best equipped to devise realistic plans that can be successfully implemented with a long-term vision in mind. Twenty years of research studies have consistently shown the following as essential for entrepreneurial readiness: Mind-Set Independent Minded, Risk Tolerant, Innovator, Individual Achievement, Optimistic Dealing with Others Initiating, Exploratory Oriented, Expansive Their Business Orientation Opportunistic, Strategic, Proactive Self-Management Action Oriented, Analytical, Multi-Tasking, Stress Tolerance Personality /Work Orientation Self-Directed, Knowledge Seeking, Challenges The results of the scores serve as a launching pad for assessing and developing entrepreneurial readiness, ideas, opportunities and support for the entrepreneurs. It helps them identify whether they are : self starters, highly motivated, risk takers, and hard workers. Issues that are addressed Are they self-starters? Are they risk takers? Are they disciplined? Can they get the job done (complete tasks)? Are they hard workers (able to work twelve to fourteen hours per day?) Are they organized? Can they persevere despite the odds? Do they have a good support network (spouse, relatives, friends, etc.) Are they problem solvers? Are they decision makers? Are they good communicators? Do they have managing and product knowledge experience? Are they good at record keeping? Can they manage finances? Do they have any money saved? Essential to what is emphasized in every interaction is What is new about their product or service How do their approach differ from that of other businesses How will they reach out to their target markets? Why should people choose their products and services over your competitors' and Most of all, present prospective investors with a fresh take on whatever industry, they have chosen Conclusion At the close of the self evaluation process participants realize whether or not their ideas are fully researched or not and hence whether it lacks the needed knowledge on the subject at hand and whether they posses the profile to succeed as an entrepreneur The process of The Entrepreneur Readiness Initiative should be the first step before entrepreneurs approach the NYDA and bankers for funding. This would reduce the high rate of failure and offer less risk of futile loans unable to be repaid by entrepreneurs not ready. The first workshop was well received and ideally there should be another round whereby the same participants are given a second chance after watching the video and self evaluating After reflecting and doing the necessary research and preparation their overall performance a second time round would be much improved with “more readiness” to move to the next level. The presentations are videotaped and available to all participants. While your genes may influence whether or not you become an entrepreneur, experience matters, too. Genes don't determine anything you do; they merely influence what you do in the same way your life experiences do. Just as receiving a financial windfall increases your odds of starting a business, so too does having a particular genetic makeup. But just as some people without a cent to their name start a business, so too can people without the genetic make-up associated with entrepreneurship……...Watch this space…… The Entrepreneur Initiative is designed to provide a series of indicators of preparedness that can be related to entrepreneurial effectiveness. Our tools assess how an individual is likely to approach a series of specific factors that have been proven as essential to entrepreneurial success. Key factors and objectives to our model Budget This 5 hour interaction workshop working with 7-10 participants and any number of an audience who also gain from the interaction. Cost R50.000 includes: Facilitation, venue, delegate kit, catering, sound and video equipment and vidoegrapher and adjudicators. Presented by Vivian Stoffels, CEO of Ukunika Education 08 December 2011 Mobile: +27 (0) 82 974-1105 Print Top