1. Your Potential as an Entrepreneur
Entrepreneurship: Ch 2
Your Potential as an Entrepreneur

2. Why Be an Entrepreneur? Rewards of Entrepreneurship
Being your own boss
Biggest reward of owning a business
Gives them the freedom to make their own business decisions
Final word on all aspects of the operation

3. Why Be an Entrepreneur? Rewards of Entrepreneurship
Doing Something You Enjoy
Derive special satisfaction from creating and developing the enterprise around a special interest

4. Why Be an Entrepreneur? Rewards of Entrepreneurship
Having the opportunity to be creative
Entrepreneurs are able to shape a business in ways employees can not
When business owners have a creative idea, they can act on it

5. Why Be an Entrepreneur? Rewards of Entrepreneurship
Having the freedom to set your own schedule
Option of working at home, at the business, or at whatever location

6. Why Be an Entrepreneur? Rewards of Entrepreneurship
Having job security
Employees are not guaranteed job security
Entrepreneurs control their own destiny

7. Why Be an Entrepreneur? Rewards of Entrepreneurship Making more money
Business owners earnings are limited only by the potential of the business
Being recognized within the Community

8. Risks of Entrepreneurship
There is a number of costs and risks associated with starting your own business
Competition
Rivalry amongst businesses for consumer dollar
Working long hours
During start-up, the survival of the new business depends on the entrepreneur’s ability to make timely decision

9. Risks of Entrepreneurship
Having an Uncertain Income
Business owners can make more money then their employees make
No guarantee pay check

10. Risks of Entrepreneurship
Being Fully Responsible
Entrepreneur must be willing to take on a wide variety of task and see them through to competition

11. Risks of Entrepreneurship
Risking 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)

12. What does is it take to be an Entrepreneur
Who are Entrepreneurs
Background
47% of entrepreneurs are under the age of 35
40% of entrepreneurs have high school diploma’s
16% were started under the age of 25
37% have had some college 33% completed college
Many were influenced by a role model

13. What does is it take to be an Entrepreneur
Who are Entrepreneurs
Entrepreneurial characteristics
Persistent – work until a job is done
Creative – Look for new ways to solve old problems
Responsible – Do not pass the buck
Inquisitive – Conduct research and ask questions to solve problems
Goal-Oriented – Set and achieve goals

14. What does is it take to be an Entrepreneur
Who are Entrepreneurs
Entrepreneurial characteristics
Independent – Want to make their own decisions
Self-Demanding – High expectations for themselves
Self-Confident – Believe in themselves and trust their own abilities
Risk-Taking – Take calculated risks, but they are not reckless

15. What does is it take to be an Entrepreneur
Who are Entrepreneurs
Entrepreneurial characteristics
Restless – Looking for new challenges once they’ve achieved their goals
Action-Oriented – Doers not speculators
Enthusiastic – Energetic and passionate about their pursuits

16. What does is it take to be an Entrepreneur
Who are Entrepreneurs
Foundation skills – Skills that entrepreneurs use regularly in setting up and running a business
Communication skills – Need person to person, telephone, written, and electronic communication skills. Need listening skills
Math skills – Basic math skills are needed to budget, make initial purchase decision, calculate potential profit, and put together financial statement

17. What does is it take to be an Entrepreneur
Who are Entrepreneurs
Foundation skills
Problem solving skills – Come up with ideas to solve problems
Technical and Computer skills – Important for setting up the processes and technology of the business
Decision-making skills – Be able to choose the best option from among many

18. What does is it take to be an Entrepreneur
Who are Entrepreneurs
Foundation skills
Organizing and Planning skills – Requires logical thinking and good time-management
Teamwork skills – Coordinate and manage work teams
Social skills – Interact well with employees, customers, and vendors

19. What does is it take to be an Entrepreneur
Who are Entrepreneurs
Foundation skills
Adaptability skills
Basic Business skills – Have an understanding how the economy works and understand the fundamental concepts of finance, marketing, and management

20. What does is it take to be an Entrepreneur
Build your Potential as an Entrepreneur
Profile – set of characteristics or qualities that identifies a type or category of person
Strengthen your entrepreneurial characteristics
Determine the current strengths of your entrepreneurial characteristics
Thinks of the characteristics as habits you can improve
Develop your weak characteristics

21. What does is it take to be an Entrepreneur
Build your Potential as an Entrepreneur
Strengthen your entrepreneurial characteristics
Reading – Articles and books about entrepreneurs
Writing – 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

22. What does is it take to be an Entrepreneur
Build your Potential as an Entrepreneur
Think like an achiever
Achiever – Person with a record of successes
Entrepreneurs are motivated by a need for achievement
Set out to be the best
Write your goals down
Pursue your goals with confidence and commitment
Set your sights on accomplishing the extraordinary
View setbacks as opportunities to learn and grow

23. What does is it take to be an Entrepreneur
Build your Potential as an Entrepreneur
Develop Your Entrepreneurship Skills
To be successful you need to develop foundation skills
Three step process to gain competency in foundation skills
Learn the techniques needed to use the skill
Put the skill to work in real world situations
Ask yourself whether you got the results you wanted

24. What does is it take to be an Entrepreneur
Build your Potential as an Entrepreneur
Develop Technical and Business Skills
You can develop technical skills
In school
Through work experience
Reading
Obtain employment in a similar or related business