Assessing Self Employment Skills for Success. Lesson Goals: For current and potential business...

Assessing Self Employment Skills for Success

Lesson Goals:

• For current and potential business owners to:– Identify personal and business skills– Examine business ideas and interests– Assess entrepreneurial and management skills– Learn how to succeed in home-based or micro

businesses

Assessing Self Employment Skills for Success

Assessing Self Employment Skills for Success

Three Types of Skills Needed to Run a Business

Assessing the Advantages & Disadvantages of Launching a Home-Based or Micro Business

Assessing Self Employment Skills for Success

Advantages of Home-Based or

Micro Business

Assessing Self Employment Skills for Success

Assessing Self Employment Skills for Success

• Seeking and setting personal goals

• Having more control over one’s life

• Increasing personal fulfillment

• Having control over the quality of work

• Working independently of supervision

• Enhancing creativity

• Controlling working conditions

• Remaining in a community or moving with spouse to a new community when jobs are scarce or not available

• Reducing commuting problems

• Meeting family obligations while generating income

• Working flexible hours

• Reducing overhead cost

• Testing a business idea with a minimum of financial risk

Advantages of Home-Based or Micro Business

Disadvantages of Home-Based or

Micro Business

Assessing Self Employment Skills for Success

Disadvantages of a Home-Based or Micro Business

Assessing Self Employment Skills for Success

• Need to know a lot of information

• Financial risk

• Conflict in ownership of time

• Lack of guaranteed employee fringe benefits

• Many competing roles and responsibilities

• Lack of job security

• May require long, hard hours

• Zoning laws

• Lack of a “business” address

• Home is no longer a refuge from the work place

• No opportunity to escape home environment

• Loss of social and business contacts, feedback, ideas

• Household distractions

• Family members and friends

• Family conflicts can arise

• Work discipline

• Insurance Coverage and Liability

Choosing a Business Type

Product-Oriented Service-Oriented– Self-made– Manufactured

Assessing Self Employment Skills for Success

Assessing Self Employment Skills for Success

• Age

• Years of education or training

• Favorite school subjects

• Types of informal education

• Current and/or previous jobs and duties

• Reason for leaving each job

• Favorite recreational activities

• Job(s) enjoyed the most

• Hobbies

• Community work enjoyed

• Environment preferred– Indoors or outdoors

– City or rural area

– Personal goals

Determining or Confirming a Business Idea Points to Consider

Rate Yourself – Are You Ready

to Start a Business?

Assessing Self Employment Skills for Success