Entrepreneurship 30 Characteristics/Skills/Self Assessment

Entrepreneurship 30Characteristics/Skills/Self

Assessment

Objectives:

Enterprising People

Identify and describe common characteristics of entrepreneurs

Identify and describe common entrepreneurial skills

Self assessment of entrepreneurial characteristics and skills

Goal Setting – SMART Goals

Enterprising People/EntrepreneursGUESS WHO?

Source: David Clare

What makes an Entrepreneur?

• Come up with a list of characteristics that would make an entrepreneur.

• Which characteristics do you possess?

• Entrepreneurs are agents of change

• They take calculated and controlled risks to increase their chance of success

• This requires them to step outside their comfort zone and challenge themselves

• They must set goals to help themselves stay on track

• To identify their goals, they look for something unique that will meet a need, satisfy a want, or solve a problem

• “What if?” or “Why not?”

Characteristics of Successful Entrepreneurs

• No two entrepreneurs are alike, but they share common traits

Self-Confident

• Realistic about what can be accomplished

• Believe in themselves and their ability to succeed

• Set attainable goals and approach them with confidence

Perceptive

• Intuitive – know what is going on

• Ability to identify problems as they arise and find creative solutions

Hard-Working

• Work long and hard hours

• Good physical and mental health

• Balance commitment to work, family and friends

Motivated

• Driven be internal need for accomplishment

• Seek opportunities for success

Able to Manage Risk

• See risk as a challenge to be overcome

• Will take a calculated risk – chance of success is greater than failure

Creative

• Look at the world in new and different ways

• Enjoy challenges• Do not sit and wait for

things to happen• Take charge

Goal-Oriented

• Once original goals are achieved, set new goals and begin the process again

• Personal satisfaction give them momentum to move forward

Optimistic

• Have a positive mental attitude

• Minor setbacks do not discourage them

• Enthusiastic about what the future holds

Flexible

• Able to adjust to the changing marketplace, technology, and competition

• If one idea does not work, they look for other options

Independent

• Freedom to make their own decisions and mistakes

• Do not like to be managed by others – often leave secure jobs

• Give them control over their own destiny

Visionary

• See how things should be in the future

• Allows them to continue step by step to their goal

• Able to communicate vision to others

Able to Get Along with Others

• Insight into the abilities and personalities of others

• Allows them to build an effective team

In addition to entrepreneurial characteristics, entrepreneurs require certain skills to ensure that success of their ventures. These skills can be learned!What are they?

Entrepreneurial Skills• Communicate – listen, speak and write• Generate ideas• Identify opportunities• Plan• Organize• Make decisions• Solve problems• Negotiate• Network• Market their ideas• Keep records• Lead others

Three classifications of skills:- Interpersonal skills- critical and

creating thinking skills

- practical skills

In starting and operating their own ventures, entrepreneurs may take on many roles:

Inventor – develop new ideas for products, processes, or servicesInnovator – improve existing products, processes or servicesManager – set goals, manage planAdministrator – implement plan to achieve goalsLeader – create vision and communicate to others

Entrepreneurial Characteristics and Skills

Do you have the characteristics and skills of an entrepreneur?

SWOT Analysis

Assignment: Venture (1 and 2)

SWOT Analysis

Online Assessment

Next slide – example of an individual’s mini SWOT analysis

In strategic planning for projects and business ventures, a SWOT analysis looks for Strengths, Weaknesses, Opportunities, and Threats. This format can be used for a personal SWOT analysis. Strengths and Weaknesses headings would list specific business relevant skills. Opportunities and Threats are personal issues as they relevant to your ability to do business. Although not defined as skills, these last two headings are included in most business plans. These pages are for your personal use, so be honest with yourself. Leave space for additions, modifications and action items so you can update your SWOT as your entrepreneurial skill-set grows. The following is a sample of the kinds of entries your SWOT may contain if you were thinking of opening a widget store.

STRENGTHS

Excellent written communication skills (useful to write ads, sales letters, etc)

Good with math (useful to quickly estimate cost, pricing, discounts, etc)

Good with customer relations (useful to gain loyal customers)

Excellent computer graphic design skills (useful to design ads, website, letterhead, etc) …etc…

WEAKNESSES

No bookkeeping knowledge (ACTION:check for local evening classes)

Procrastination / time management (ACTION:look for time management course and buy a day planner) …etc…

OPPORTUNITIES

Lots of social media friends (useful to help promote the widget store)

Billy’s friend Sue does the purchasing for Mega Industries Inc. (ACTION: get to know Sue)

Uncle Tim won the lottery (potential investor? ACTION: ask) …etc…

THREATHS

Unable to work store due to recurring knee problem …etc…

Source: http://communityfutures.com/cms/resources/business-planning/self-assessment/

Dragon’s Den and Case Studies AssignmentInterview or Profile Assignment

Dragon’s Den

Major Project – Entrepreneur Profile or Interview !!!!

Tour/Review and Intro

Downtown walk

Guests