your potential as an entrepreneur. why be an entrepreneur? rewards of entrepreneurship being your...
TRANSCRIPT
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Entrepreneurship: Ch 2Your Potential as an Entrepreneur
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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
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Why Be an Entrepreneur?Rewards of Entrepreneurship
Doing Something You EnjoyDerive special satisfaction from creating and developing the enterprise around a special interest
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Why Be an Entrepreneur?Rewards of Entrepreneurship
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
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Why Be an Entrepreneur?Rewards of Entrepreneurship
Having the freedom to set your own scheduleOption of working at home, at the
business, or at whatever location
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Why Be an Entrepreneur?Rewards of Entrepreneurship
Having job securityEmployees are not guaranteed job
securityEntrepreneurs control their own
destiny
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Why Be an Entrepreneur?Rewards of Entrepreneurship
Making more moneyBusiness owners earnings are limited
only by the potential of the businessBeing recognized within the Community
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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
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Risks of EntrepreneurshipHaving an Uncertain Income
Business owners can make more money then their employees make
No guarantee pay check
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Risks of EntrepreneurshipBeing Fully Responsible
Entrepreneur must be willing to take on a wide variety of task and see them through to competition
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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)
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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
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What does is it take to be an EntrepreneurWho are Entrepreneurs
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
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What does is it take to be an EntrepreneurWho are Entrepreneurs
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
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What does is it take to be an EntrepreneurWho are Entrepreneurs
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
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What does is it take to be an EntrepreneurWho are Entrepreneurs
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
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What does is it take to be an EntrepreneurWho are Entrepreneurs
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
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What does is it take to be an EntrepreneurWho are Entrepreneurs
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
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What does is it take to be an EntrepreneurWho are Entrepreneurs
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
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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
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What does is it take to be an EntrepreneurBuild your Potential as an Entrepreneur
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
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What does is it take to be an EntrepreneurBuild your Potential as an Entrepreneur
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
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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
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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