Chapter 1 presentation 3

Chapter 1Section 1.2 – Characteristics of Successful Entrepreneurs

Who are Entrepreneurs?

• 64% of all business owners had some college education.

• More than 60% of business owners used money of their own, or from families to start their business.

• Slightly more than 50% of the business owners who had employees worked overtime.

Who are Entrepreneurs?

• Business Statistics on Business Owners:

• 1/3 are over 55 years old • 29% were between 45-54• 24% were between 35-44• 12% were between 25-34• 2% were under 25

Who are Entrepreneurs

• Business Statistics of Business Owners:

• Minority Business Owners• Increased from 7% in 1982 to 18% in 2002

• Women Business Owners• Increased from 1.76 million in 1976 to 3.75 in 2000.

Characteristics

• Self Assessment – the art of evaluating your strengths and weaknesses. Helps you maximize your strengths and improve upon your

weaknesses.

• Aptitudes and Attitudes: Aptitude – is your natural ability to do a particular type of work or

activity well. Attitude – is a way of thinking about something that affects how you

feel about it.

• Even though you do not get the opportunity to select your aptitude, you can influence your attitude.

Personal Characteristics

• Courage willingness to take risks in spite of possible losses.

• Creativity inventing new ways of doing things; thinking outside of the box.

• Curiosity the desire to learn and ask questions.

• Determination refusing to quit in spite of obstacles.


• Discipline the ability to stay focused and follow a schedule to meet

deadlines.

• Empathy Being sensitive to the thoughts and feelings of others.

• Enthusiasm being passionate about something; the ability to see

problems and opportunities.


• Flexibility the ability to adapt to new situations.

• Honesty a commitment to being truthful and sincere with others.

• Patience Recognizing that most goals are not reached overnight.

• Responsibility being accountable for your decisions and actions; not passing the

buck.

Skills

• Skill• is an ability that’s learned through training and practice.

• Skills of Successful Entrepreneurs:

• Business Skills • understanding how to create and manage a business.

Skills of Successful Entrepreneurs

• Communication Skills the ability to listen well, write well, and speak well.

• Computer Skills the ability to use technology tools effectively.

• Decision Making Skills & Problem Solving Skills • Knowing how to apply logic, information, and past experiences

to new decisions and problems.

Skills of Successful Entrepreneurs

• Mathematical Skills using math to create budgets, keep accurate rate records, and

financial statements.

• Organizational Skills the knack of keeping tasks and information in order; the ability to

plan well and manage your time.

• People Skills the ability to persuade and motivate people; knowing how to be a

leader and work with a team.

Increasing Your Potential

• Business Knowledge • Make a habit of reading newspapers, searching the internet,

watch films and television programs about successful business entrepreneurs.

• Financial Skills • Strengthen your math skills by taking such courses as

accounting, personal finance and investing.


• Career Exploration Evaluate your strengths and weaknesses. Explore careers that interest you and match your aptitude

and attitude. Put together a career portfolio that summarizes your

achievements and lists your activities.

• Community Awareness Volunteer in your community Look for internships


• Education • Take advantages to learn new things. • Degrees, certifications, or diplomas all advance

opportunities.

• Relationships • Spend time with people who inspire you. • Mentors – provide free guidance, tutoring, and suggestions

for achieving your goals.

Why Study Entrepreneurship

• Owning a business is not for everyone, but the principles that you can obtain from entrepreneurship can factor positively in your life for the future.

• Think Like an Entrepreneur: • Observe• Listen• Think

Why Study Entrepreneurship

• Intrapreneurship • giving employees the opportunity to be creative and try out

new ideas, almost like being an entrepreneur within the company.

• Vision • a vision is a “picture” of what you want in the future to be.