Presentation on theme: "Youth Entrepreneur Prepared by:"— Presentation transcript:
1 Youth Entrepreneur Prepared by: L. Robert Barber, Roland Quitugua & Ilene IriarteFor:Guam Cooperative Extension Service & Guam Department of AgricultureFunding provided by:United States Department of Agriculture Natural Resources Conservation Service, Western Region Sustainable Agriculture Research and Education, Administration for Native Americans,, & Sanctuary Incorporated
2 What is an Entrepreneur? An entrepreneur is a person who formulates a new idea & carries it successfully into the economyAn Entrepreneur:Becomes aware of a need for a product or serviceCreates a business enterprise to fulfill that need
3 EntrepreneursDo new things or do old things in new ways, or where they are not being doneThe entrepreneur:Estimates importance of a product or serviceEstimates consumer demand (desire) for the product or serviceKnows how to produce the product or servicePlans how to deliver the product or service
4 Characteristics of Entrepreneurs The ability & willingness to take risksDesire to competeAble to handle stressCan make work funCreatively solve problemsRecognizes opportunitiesDedicatedGoal oriented (Sets goals or targets)Has realistic optimism
5 4 Types of Entrepreneurs Technical EntrepreneursOrganization BuildersDeal makersInventors“and their combinations”
6 Types of Entrepreneurs Technical EntrepreneursThese individuals have a strong technical orientation. They love inventing things and developing ideas for new products. To develop new markets or even new industries based on state-of-the-art technologies are generally the goal of those with technical orientation. The creation of an organization is merely the means to achieving their goals, not an end in itself.
7 Types of Entrepreneurs Organization BuildersSome entrepreneurs start their own businesses because they like to build organizations. These organization builders generally have skills in developing people, systems and structures. Such entrepreneurs also generally enjoy working with people and using power and influence, in contrast to the technical entrepreneur, who often prefers working alone and dislikes “playing politics.”
8 Types of Entrepreneurs Deal makersDeal makers enjoy making the initial deal to start a new venture and often enjoy some start-up activities. However, unlike the organization builders, they dislike having to manage and commit themselves to an organization over the long run.
9 Types of Entrepreneurs The Inventor as EntrepreneurBeing a successful entrepreneur goes beyond inventing something. It includes new ways of doing business or managing processesComing up with an invention to solve a problem or improve a product or process
10 Benefits of Entrepreneurship Independence:Many people want to be their own bossMoney:Increase household incomeFamily:Spend more time with familyPersonal Satisfaction:Create a job that makes you happy & provides personal fulfillment
11 Business Ownership Falls into two categories: Providing a serviceProviding productsMust become a creative thinker
12 Business Ideas Match your business to your: BackgroundInterestsExperiencesSkillsTalentsIf you enjoy your work you are most likely to do an outstanding job, and succeed.
13 Business Possibilities Develop a list of the types of business ideas you might considerSort out the ones you don’t qualify for & the ones you will not enjoy doingTo make your final selection:Talk to people in the same or similar businessCheck success or failure rates.Ask professional adviseShare your thoughts with family, friends, or associates (make sure they can be honest with you)Make the final decision yourself
14 Assignment: Due Friday Find and interview a successful Entrepreneur and find out what it takes to succeed!What kind of Entrepreneur are you and what would you do?