T
O
P
I
THE ADVANTAGE OF
C ENTHUSIASM AND THE ROLE
2
OF EXPERIENCE
PREPARED BY:
A QU I NO - B A NA A G - B OR J A - B OR NA L E S - B U AMA
OBJECTIVES:
Develop knowledge of how limited resources transform into
simple solutions and successful ventures.
Learn how to use enthusiasm and overcome the problem of a lack
of experience to succeed.
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How are limited resources
transformed into simple solutions?
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Creative and Critical Thinker
An entrepreneur must be a creative thinker
who can think beyond what is possible. He is
not afraid to take risks, and even if
resources are limited, he/she can transform
it into an easy solution.
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Quality over Quantity
When you choose quality above quantity in all
of your resources, you are also prioritising
your customers and staff. It is more vital to
have a small amount of high-quality resources
than a large quantity of low-quality
resources.
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3. 4 5 6 7
Realistic Expectation
When running a business, you must be aware
of the realities. Do not expect to expand
rapidly or achieve things in a hurry; this is a
natural part of the process of evolving
limited resources into larger ones.
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4. 5 6 7
sustainability
It is crucial that your business grows while
the rest of the world suffers. therefore, it
essential that you recognise how to lessen
environmental impact when your resources
are growing.
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5.
4 6 7
efficient use of resources
All resources must be used efficiently. It
enables you to make the most of your
available resources. This can also allow a
business to develop and make more money
with less resources.
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6. 5 7
partnership building
Creating a cooperation with other businesses
allows you to reach your objective. This also
provides and directs you to more resource
options.
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7.
use of technology
The usage of technology has grown in
popularity, allowing you to effortlessly
communicate and distribute information
about your resources. This became an asset
in solving problems and making your limited
resources have an influence on the
community.
How are limited resources used
for successful ventures?
Be Creative With Your Funding
You need to be creative with your funding
especially if you do not have enough money to lend
for your business. There are several ways to be
creative with your funding, including crowdfunding,
looking for investors, or even starting your
company from scratch (bootstrapping).
Focus on your Core Product or
Service
It is necessary to pay attention to your primary
product or service when you are starting a business
with limited resources. Try not to attempt too
much at once. Instead, concentrate on honing and
improving your primary offering.
Build a Lean Team
Focus more on hiring only those people, such as
employees and contractors, that help you to
improve your business and keep running. Once you
established and expanded your business, you can
add more employees to your team.
Be Efficient with your Time
Focus more on hiring only those people, such as
employees and contractors, that help you to improve
your business and keep running. Once you established
and expanded your business, you can add more
employees to your team.
Stay Flexible
It is important to stay flexible when starting a business
with limited resources so that if there is anything that
goes out of plan you can immediately make an action or
adjustments about it. Your success will depend on your
capacity to shift course and adjust to new
circumstances.
Setting SMART Objectives
Planning the actions to accomplish the long-term objectives in your
grant through establishing specific, measurable, achievable,
relevant, and time-bound (SMART) objectives is an effective plan
of action. It helps you take your grant from ideas to action. Setting
SMART objectives keeps the project moving forward, helps with
accountability and timing, and lets you know that you are
accomplishing what you set out to accomplish.
Setting SMART Objectives
1. Specific – The objective explains what will be done and who will execute it in simple
terms so that everyone reading it can understand.
2. Measurable – The objective also specifies how the action will be measured. It is
possible to determine your development by measuring your objectives. It helps you
stay on plan and course.
3. Achievable – Setting appropriate objectives helps ensure the project's success
because they are realistic regarding the challenges faced in the community.
4. Relevant – A relevant primary objective makes sense when it corresponds to the
project's vision, the grant's purpose, and the community's culture and organization.
5. Time-bound – There is a fixed deadline for completing each goal.
Creating a Business Plan
The business plan is a formal document used for the long-term
planning of the operations of a business. It usually consists of
background data, financial data, and an overview of the company. A
business plan is likely to outline the company's long-term goals and
objectives along with the business and industry, market tactics,
sales potential, and competitive analyses. By putting down some
"what-if" situations and considering your potential responses, you
can use your business plan as a backup plan as well.
tab 1 tab 2 tab 3 tab 4 tab 5
How can entrepreneurs overcome the
lack of experience through
enthusiasm?
tab 1 tab 2 tab 3 tab 4 tab 5
1.) Understand Personal Habits
One of the earliest challenges to overcome is you. Learn to be self-
aware and understand your personal habits. For example, if you’re
someone who isn’t receptive to new ideas or open to listening, this will
cause issues for your business, internally and with partners.
tab 1 tab 2 tab 3 tab 4 tab 5
2.) Let go of Excessive Control
Your big ideas won’t stop once your business is off the ground. Not every
idea you have will work, and even though you push hard for an initiative
to come through doesn’t mean it’s right. You’ll need to learn to allow
processes to play out without excessive involvement. With a great team
and valued partners by your side, some projects might unfold even
better than you had hoped, even if it’s not at your desired pace.
tab 1 tab 2 tab 3 tab 4 tab 5
3.) Manage your Motivation
Not every day is a success, but each day is part of the process.
While it might be tempting to feed off the highs you get from your
successes, you’ll need to learn to stay motivated consistently by
appreciating the failures as opportunities. If the only way to
motivate yourself is the occasional adrenaline rush, it will pose a
problem. Train yourself to be active and engaged, especially on the
days that seem ordinary.
tab 1 tab 2 tab 3 tab 4 tab 5
4.) be an Ambassador For your own
Understanding your brand inside and out is only half the challenge. With
modern technology, any news about your business is sure to spread
quickly. You’ll need to learn how to address negative reactions or
misinformation.
tab 1 tab 2 tab 3 tab 4 tab 5
5.) Remember to be Present
It would be easy to take your work with you in all aspects of your
life. The difficult part is remembering to be present and putting
your work aside. Be of service in each role that you play in your life:
an entrepreneur, yes, but also as a parent, a mentor, a coach and so
on. When you’re able to switch to your other roles wholeheartedly
and without ulterior motives, you’re able to come back to being an
entrepreneur refreshed and stronger.
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