Challenges Encountered by Entrepreneurs in Provision of Pharmaceutical Services – PST06209 Entrepreneurship
NTA Level 6 • Semester 2 • PST06209 Challenges Encountered by Entrepreneurs in Provision of Pharmaceutical Services Entrepreneurship • Source Session/Topic 10 Full source-text version: all educational wording from the extracted learning source is retained; only presenter/tutor metadata and web-layout noise are removed, while formatting is improved for readability. Session 10: Challenges Encountered by Entrepreneurs in Provision of Pharmaceutical Services Total Session Time: 60 minutes Prerequisites • None Learning Tasks By the end of this session students are expected to be able to: • Define entrepreneurship challenges • List challenges faced by entrepreneurs • Explain ways to address challenges faced by entrepreneurs Resources Needed: • Flip charts, marker pens, and masking tape • Black/white board and chalk/whiteboard markers • LCD Projector and Computer SESSION OVERVIEW Activity/ Step Time Content Method 1 05 minutes Presentation Introduction, Learning Tasks 05minutes Presentation Definition of Entrepreneurship Challenges 2 Buzzing 20 minutes Presentation Challenges Faced by Entrepreneurs 3 Brainstorming 20 minutes Presentation Ways to Address Challenges Faced by 4 Entrepreneurs 5 05 minutes Presentation Key Points 6 05 minutes Presentation Evaluation __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 73 SESSION CONTENTS STEP 1: Presentation of Session Title and Learning Tasks (5 minutes) READ or ASK students to read the learning Tasks and clarify ASK students if they have any questions before continuing. STEP 2: Definition of Entrepreneurship Challenges (5 minutes) • Entrepreneurship challenges are the encounters faced by entrepreneurs in analyzing problems and risks o One of the critical skills needed by an entrepreneur o Encounters to identify and evaluate the risks associated with the new venture idea and to react to them by developing strategies to overcome or manage them. STEP 3: Challenges Faced by Entrepreneurs (20 Minutes) Activity: Brainstorming (5 minutes) Ask students to brainstorm on the following question: • What are the challenges faced by entrepreneurs? ALLOW few students to respond WRITE their responses on the flip chart/ board CLARIFY and SUMMARISE by using the content below • Cash flow management o Cash flow is essential to small business survival o Problem stems from delayed invoicing, which is common in the entrepreneurial world o Waiting to get paid can make it difficult to get by and when a customer doesn‘t pay, you can risk everything • Hiring employees o The hiring process can take several days of entrepreneur time: reviewing resumes, sitting through interviews, sifting through so many unqualified candidates • Time management o Time management might be the biggest problem faced by entrepreneurs o If entrepreneur only had more time, entrepreneur could accomplish so much more • Delegating tasks o Entrepreneur need to delegate or outsource tasks • Choosing what to sell o Entrepreneur could make a fortune if entrepreneur just knew what products and services to sell. You‘re just unsure how to pick a niche. • Marketing strategy __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 74 o Entrepreneur has to know the best way to market products and services: print, online, mobile, advertising, etc. o To maximize your return on investment with efficient, targeted marketing that gets results • Capital o Important prerequisite to establish an enterprise o Lubricant of the process of production • Strapped budget o Even though cash flow is fine, entrepreneur never has enough in their budget to market company to its full potential • Business growth o Enterprise can grow to the point at which entrepreneur can‘t take on any more work in current structure • Self-doubt o An entrepreneur‘s life is not enviable, at least in the beginning o It‘s extremely easy to get discouraged when something goes wrong or when you‘re not growing as fast as you‘d like o Self-doubt creeps in, and entrepreneurs feel like giving up STEP 4: Ways to Address Challenges Faced by Entrepreneurs (20 minutes) • Cash flow management o Proper budgeting and planning are critical to maintaining cash flow One way to improve cash flow is to require a down payment for products and services Your down payment should cover all expenses associated with a given project or sale as well as some profit for you o To require faster invoice payments o Invoice clients within 15 days, which is half the typical invoice period o In addition, more and more companies are requiring immediate payment upon project completion In digital age when customers can pay invoices right from their mobile phones, it‘s not a stretch to request immediate payment o Establish a good relationship with vendors and are a good customer • Hiring employees o Be exclusive In terms of what qualifications candidates must have, what the job duties are, what days and hours will be worked, and what wages and benefits will be paid Take the time to seek real references people who can honestly attest to their work ethic and potential • Time management __________________________________________________________________________________________ PST 06209 Enterpreneurship NTA Level 6 Semester 2 Facilitator Guide 75 o Make time. Here‘s how: Create goal lists: have a list of lifetime goals, broken down into annual goals, broken down into monthly goals, then broken down into weekly goals If any tasks do not mesh with your goals, eliminate them If any tasks do not absolutely have to be completed by you, delegate them Consistently ask yourself: ―Is what I‘m doing right now the absolute best use of my time?‖ • Delegating tasks o Find good employees and good outsourced contract help, for starters. o Be ultra-specific as to what you want done. o Don‘t make assumptions, and don‘t assume your help will be able to think for themselves • Choosing what to sell o Delegate the task to someone who is strong in this area. o You don‘t have to hire a huge, expensive marketing firm; rather, recruit a freelance researcher who has experience in whatever type of field you‘re considering entering (retail e-commerce, service industry, publishing, etc.). o Have them conduct market research and create a report with