Chapter 2: Your Potential as an Entrepreneur Business Management Mrs. Deady

Ch. 2.1 Why Be an Entrepreneur? Objectives Describe the rewards of going into business for yourself Describe the risks of going into business for yourself

Definitions Competition – the rivalry between businesses for consumer dollars Investment – the amount of money a person puts into his or her business as capital Capital – necessary items such as the buildings, equipment, tool, and the money to buy them

Reward of Entrepreneurship Being your own boss Doing something you enjoy Having the opportunity to be creative Having the freedom to set your own schedule Having job security Making more money Being recognized in the community

Risks of Entrepreneurship Working long hours Having an uncertain income Being fully responsible for everything Risking your investment

Ch 2.2 What Does It Take to Be an Entrepreneur? Objectives Identify the background, characteristics, and skills of successful entrepreneurs Explain techniques that will improve your potential for becoming an entrepreneur

Definitions Role model – a person whose attitudes and achievements are worth copying Foundation skills – skills used when setting up and running a business Profile – set of characteristics or qualities that identify a type or category of person Achiever – a person with a record of success

Who becomes an Entrepreneur? 47% were under the age of 35; 16% were under 25 40% have a high school diploma or less 27% have some college; 33% have a college degree Many worked when they were young (paper routes, lawn care service, babysitting) 62% had parents or close relative who owned their own business

12 Characteristics of Successful Entrepreneurs Persistent Creative Responsible Inquisitive Goal-oriented Independent Self-demanding Self-confident Risk-taking Restless Action-oriented Enthusiastic

10 Essential Entrepreneurial Skills Communication Math Problem-solving Technology, computer Decision-making Organizing and planning Teamwork Social Adaptability Basic business

Acting Like an Achiever Set out to be the best at whatever you do Set your sights on accomplishing the extraordinary Write your goals down on paper Pursue your goals with confidence and commitment View difficulties as opportunities to learn and grow

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 get the results you want. If not, determine how you can improve and apply what you have learned