__ Ch 2

Entrepreneurship: Ch 2
Your Potential as an Entrepreneur
Why 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 operation
Why Be an Entrepreneur?
Rewards of EntrepreneurshipDoing Something You EnjoyDerive special satisfaction from creating and developing the enterprise around a special interest
Why 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 it
Why Be an Entrepreneur?
Rewards of EntrepreneurshipHaving the freedom to set your own scheduleOption of working at home, at the business, or at whatever location
Why Be an Entrepreneur?
Rewards of EntrepreneurshipHaving job securityEmployees are not guaranteed job securityEntrepreneurs control their own destiny
Why 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 Entrepreneurship
There 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 entrepreneur’s ability to make timely decision
Risks of Entrepreneurship
Having an Uncertain IncomeBusiness owners can make more money then their employees makeNo guarantee pay check
Risks of Entrepreneurship
Being Fully ResponsibleEntrepreneur must be willing to take on a wide variety of task and see them through tocompetition
Risks of Entrepreneurship
Risking One’s 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 Entrepreneur
Who are EntrepreneursBackground47% 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
What does is it take to be an Entrepreneur
Who 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 goals
What does is it take to be an Entrepreneur
Who 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 reckless
What does is it take to be an Entrepreneur
Who are EntrepreneursEntrepreneurial characteristicsRestless – Looking for new challenges once they’ve achieved their goalsAction-Oriented – Doers not speculatorsEnthusiastic – Energetic and passionate about their pursuits
What does is it take to be an Entrepreneur
Who 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 statement
What does is it take to be an Entrepreneur
Who are EntrepreneursFoundation skillsProblem 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 many
What does is it take to be an Entrepreneur
Who are EntrepreneursFoundation skillsOrganizing and Planning skills – Requires logical thinking and good time-managementTeamwork skills – Coordinate and manage work teamsSocial skills – Interact well with employees, customers, and vendors
What does is it take to be an Entrepreneur
Who are EntrepreneursFoundation skillsAdaptability skillsBasic 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 Entrepreneur
Build 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 characteristics
What does is it take to be an Entrepreneur
Build 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 problems
What does is it take to be an Entrepreneur
Build 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 grow
What does is it take to be an Entrepreneur
Build 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 wanted
What does is it take to be an Entrepreneur
Build your Potential as an EntrepreneurDevelop Technical and Business SkillsYou can develop technical skillsIn schoolThrough work experienceReadingObtain employment in a similar or related business