Entrepreneurship: Ch 2

Entrepreneurship: Ch 2Your Potential as an EntrepreneurWhy Be an Entrepreneur?Rewards of EntrepreneurshipBeing your own bossBiggest reward of owning a businessGives them the freedom to make their own business decisionsFinal word on all aspects of the operationWhy Be an Entrepreneur?Rewards of EntrepreneurshipDoing Something You EnjoyDerive special satisfaction from creating and developing the enterprise around a special interestWhy Be an Entrepreneur?Rewards of EntrepreneurshipHaving 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 itWhy Be an Entrepreneur?Rewards of EntrepreneurshipHaving the freedom to set your own scheduleOption of working at home, at the business, or at whatever locationWhy Be an Entrepreneur?Rewards of EntrepreneurshipHaving job securityEmployees are not guaranteed job securityEntrepreneurs control their own destinyWhy Be an Entrepreneur?Rewards of EntrepreneurshipMaking 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 businessCompetitionRivalry amongst businesses for consumer dollarWorking long hoursDuring start-up, the survival of the new business depends on the entrepreneurs ability to make timely decisionRisks of EntrepreneurshipHaving an Uncertain IncomeBusiness owners can make more money then their employees makeNo guarantee pay check

Risks of EntrepreneurshipBeing Fully ResponsibleEntrepreneur must be willing to take on a wide variety of task and see them through to competition

Risks of EntrepreneurshipRisking Ones InvestmentInvestment 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 EntrepreneursBackground47% of entrepreneurs are under the age of 3540% of entrepreneurs have high school diplomas16% were started under the age of 2537% have had some college 33% completed collegeMany were influenced by a role modelWhat does is it take to be an EntrepreneurWho are EntrepreneursEntrepreneurial characteristicsPersistent work until a job is doneCreative Look for new ways to solve old problemsResponsible Do not pass the buckInquisitive Conduct research and ask questions to solve problemsGoal-Oriented Set and achieve goalsWhat does is it take to be an EntrepreneurWho are EntrepreneursEntrepreneurial characteristicsIndependent Want to make their own decisionsSelf-Demanding High expectations for themselvesSelf-Confident Believe in themselves and trust their own abilitiesRisk-Taking Take calculated risks, but they are not recklessWhat does is it take to be an EntrepreneurWho are EntrepreneursEntrepreneurial characteristicsRestless Looking for new challenges once theyve achieved their goalsAction-Oriented Doers not speculatorsEnthusiastic Energetic and passionate about their pursuitsWhat does is it take to be an EntrepreneurWho are EntrepreneursFoundation skills Skills that entrepreneurs use regularly in setting up and running a businessCommunication skills Need person to person, telephone, written, and electronic communication skills. Need listening skillsMath skills Basic math skills are needed to budget, make initial purchase decision, calculate potential profit, and put together financial statementWhat does is it take to be an EntrepreneurWho are EntrepreneursFoundation skills Problem solving skills Come up with ideas to solve problemsTechnical and Computer skills Important for setting up the processes and technology of the businessDecision-making skills Be able to choose the best option from among manyWhat does is it take to be an EntrepreneurWho are EntrepreneursFoundation skills Organizing and Planning skills Requires logical thinking and good time-managementTeamwork skills Coordinate and manage work teamsSocial skills Interact well with employees, customers, and vendorsWhat does is it take to be an EntrepreneurWho are EntrepreneursFoundation skills Adaptability skills Basic Business skills Have an understanding how the economy works and understand the fundamental concepts of finance, marketing, and managementWhat does is it take to be an EntrepreneurBuild your Potential as an EntrepreneurProfile set of characteristics or qualities that identifies a type or category of personStrengthen your entrepreneurial characteristicsDetermine the current strengths of your entrepreneurial characteristicsThinks of the characteristics as habits you can improveDevelop your weak characteristicsWhat does is it take to be an EntrepreneurBuild your Potential as an EntrepreneurStrengthen your entrepreneurial characteristicsReading Articles and books about entrepreneursWriting Brief essays about living or historical figures who overcome obstacles to achieve successObserving Watch films or videos about successful individualsSolving Solve case problemsWhat does is it take to be an EntrepreneurBuild your Potential as an EntrepreneurThink 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 growWhat does is it take to be an EntrepreneurBuild your Potential as an EntrepreneurDevelop Your Entrepreneurship SkillsTo be successful you need to develop foundation skillsThree step process to gain competency in foundation skillsLearn the techniques needed to use the skillPut the skill to work in real world situationsAsk yourself whether you got the results you wantedWhat does is it take to be an EntrepreneurBuild your Potential as an EntrepreneurDevelop Technical and Business SkillsYou can develop technical skillsIn schoolThrough work experienceReadingObtain employment in a similar or related business