Your Potential as an Entrepreneur. Why Be an Entrepreneur? Rewards of Entrepreneurship Being your own boss Biggest reward of owning a business Gives them

Entrepreneurship: Ch 2Your Potential as an Entrepreneur

Why Be an Entrepreneur?Rewards of Entrepreneurship

Being your own bossBiggest reward of owning a business

Gives them the freedom to make their own business decisions

Final word on all aspects of the operation


Doing Something You EnjoyDerive special satisfaction from creating and developing the enterprise around a special interest


Having the opportunity to be creativeEntrepreneurs are able to shape a

business in ways employees can notWhen business owners have a

creative idea, they can act on it


Having the freedom to set your own scheduleOption of working at home, at the

business, or at whatever location


Having job securityEmployees are not guaranteed job

securityEntrepreneurs control their own

destiny


Making more moneyBusiness owners earnings are limited

only by the potential of the businessBeing recognized within the Community

Risks of EntrepreneurshipThere is a number of costs and risks associated with starting your own businessCompetition

Rivalry amongst businesses for consumer dollar

Working long hoursDuring start-up, the survival of the new business depends on the entrepreneur’s ability to make timely decision

Risks of EntrepreneurshipHaving an Uncertain Income

Business owners can make more money then their employees make

No guarantee pay check

Risks of EntrepreneurshipBeing Fully Responsible

Entrepreneur must be willing to take on a wide variety of task and see them through to competition

Risks of EntrepreneurshipRisking One’s Investment

Investment – amount of money a person puts into their business as Capital (includes building, equipment, tools, and other goods needed to produce a product)

What does is it take to be an EntrepreneurWho are Entrepreneurs

Background47% of entrepreneurs are under the age of

3540% of entrepreneurs have high school

diploma’s16% were started under the age of 2537% have had some college 33%

completed collegeMany were influenced by a role model


Entrepreneurial characteristics1. Persistent – work until a job is done2. Creative – Look for new ways to solve old

problems3. Responsible – Do not pass the buck4. Inquisitive – Conduct research and ask

questions to solve problems5. Goal-Oriented – Set and achieve goals


Entrepreneurial characteristics6. Independent – Want to make their own

decisions7. Self-Demanding – High expectations for

themselves8. Self-Confident – Believe in themselves and

trust their own abilities9. Risk-Taking – Take calculated risks, but

they are not reckless


Entrepreneurial characteristics10. Restless – Looking for new challenges

once they’ve achieved their goals11. Action-Oriented – Doers not

speculators12. Enthusiastic – Energetic and

passionate about their pursuits


Foundation skills – Skills that entrepreneurs use regularly in setting up and running a business1. Communication skills – Need person to person,

telephone, written, and electronic communication skills. Need listening skills

2. Math skills – Basic math skills are needed to budget, make initial purchase decision, calculate potential profit, and put together financial statement


Foundation skills 3. Problem solving skills – Come up with ideas

to solve problems4. Technical and Computer skills – Important

for setting up the processes and technology of the business

5. Decision-making skills – Be able to choose the best option from among many


Foundation skills 6. Organizing and Planning skills –

Requires logical thinking and good time-management

7. Teamwork skills – Coordinate and manage work teams

8. Social skills – Interact well with employees, customers, and vendors


Foundation skills 9. Adaptability skills 10. Basic Business skills – Have an

understanding how the economy works and understand the fundamental concepts of finance, marketing, and management

What does is it take to be an EntrepreneurBuild your Potential as an Entrepreneur

Profile – set of characteristics or qualities that identifies a type or category of person

Strengthen your entrepreneurial characteristicsDetermine the current strengths of your

entrepreneurial characteristicsThinks of the characteristics as habits you can

improveDevelop your weak characteristics


Strengthen your entrepreneurial characteristicsReading – Articles and books about

entrepreneursWriting – Brief essays about living or historical

figures who overcome obstacles to achieve success

Observing – Watch films or videos about successful individuals

Solving – Solve case problems


Think like an achieverAchiever – Person with a record of successesEntrepreneurs are motivated by a need for

achievementSet out to be the bestWrite your goals downPursue your goals with confidence and commitmentSet your sights on accomplishing the extraordinaryView setbacks as opportunities to learn and grow

What does is it take to be an EntrepreneurBuild your Potential as an

EntrepreneurDevelop Your Entrepreneurship Skills

To be successful you need to develop foundation skills

Three step process to gain competency in foundation skills1. Learn the techniques needed to use the skill2. Put the skill to work in real world situations3. Ask yourself whether you got the results

you wanted

What does is it take to be an EntrepreneurBuild your Potential as an

EntrepreneurDevelop Technical and Business Skills

You can develop technical skillsIn schoolThrough work experienceReading

Obtain employment in a similar or related business

Documents

Your Potential as an Entrepreneur. Why Be an Entrepreneur? Rewards of Entrepreneurship Being your own boss Biggest reward of owning a business Gives them