January 14, 2010

Objectives: Students will identify their personalities, strengths, and

weaknesses in relation to Entrepreneurship.

Your Objectives

• Why do you want to start a business?– Be your own boss– Build a future– Follow the American dream– Earn lots of money

• Two main schools of thought:1.Choose a business with great profit potential. 2.Choose a business that you love.

Exploring Business Ideas

• Take a look at your hobbies, volunteer experience, and leisure activities.

• Sell what you know– Consider equipment you may already have the

could help you will your business.

• An inventive entrepreneur can develop a new product or improve an existing one. – “find a need and fill it”

Identifying Skills, Interests, & Personal Qualities

• A careful evaluation of your skills, interests, and personal qualities can help you determine the business you are best suited for. – Skills: the ability to use your knowledge and

training proficiently.– Interests: those things you enjoy doing and the

bring you pleasure.– Personal qualities: those traits and characteristics

that make you unique.

Personal Assessment Worksheet 1

• Complete the first columns FIRST!• Once you have completed your skills,

interests, and personal qualities you can use this information to determine types of businesses you may be suited for.

Skills Interests Personal Qualities Business Ideas

Organized

Computer Skills

Writing Skills

Public Speaking

Phone Skills

Communication Skills

Sports

Fly-fishing

Reading

Outdoor Activities

Enjoy Meeting New People

Independent

Self-confident

Good Work Ethic

Enjoy Learning

Decision Maker

Sporting Goods Store

Teach Classes

Conduct Travel Tours

Write Sports Column

Evaluating Strengths and Weaknesses

• You don’t need to be an expert to start a business but you need a realistic understanding of your strengths and weaknesses.

• Expertise can be acquired (taking classes, hiring staff, using consultants)

• Just as you look at your strengths and weaknesses as a business owner you must also look at the strengths and weaknesses of your business idea.

Questions to Ask Yourself• Do you have the skills needed to run this business?• Do you know what help you will need and where you will find that

help?• Do you have the time required to learn what you need to know?• Can you afford the money needed to hire staff or pay consultants?• Are you genuinely interested in this particular business?• Are you committed to the business’ success?• Are you willing to devote the time needed to develop a successful

business?• Does this business fill an unmet need?• Is there a sufficient consumer demand to support your business?• Can you effectively compete in the marketplace?• Will you be able to understand you business financial statements

such as cash flow, profit and loss, and balance sheet?• Are you developing a business plan that you can use throughout

the life of your business?

Strengths Weaknesses Action Plan Cost Time

Retail store experience

Managerial experience

Customer service experience

Recognized community athlete

Tour guide experience

Teaching experience

Lack of knowledge of business financials

Don’t enjoy financial work

Lack of knowledge of marketing products

Lack of knowledge of writing a business plan

Take basic accounting at community college

Purchase Keeping the Books by Linda Pinson

Use an accountant

Attend SBA Workshops

Attend Marketing class at community college

Work with counselor from SCORE

$239.50

$22.95

$75 per month

$30

$239.50

Free

11 wk 4 hours per wk

2 hours per mo

4 hours

11 wk 4 hours per wk2 hours per wk

Homework• Complete Personal Assessment Worksheets 1 &

2. – Worksheet will require some research for the cost

and time. • Show a minimum of 3 examples for each

category • The final personal Strengths and Weaknesses

identified should be at a higher level• Tip: Look back at your SBA and E-Type

assessments to help identify already know, or new traits

• For this assignment you will type directly into the text box within Angel, so you can complete the worksheets without an electronic copy.