Contemporary Entrepreneurship You as an Entrepreneur Contemporary Entrepreneurship You as an Entrepreneur Ron Runyan, Presenter ROP Business and Computer Applications

The Entrepreneur The Entrepreneur n Entrepreneurship -- the act of managing an enterprise that has potential to make a profit or incur a loss. n Entrepreneur -- an individual who is willing to take the risk of investing time and money in a business that has the potential to make a profit or incur a loss.

Why Become an Entrepreneur? Why Become an Entrepreneur? n Control of personal destiny n Freedom from direct supervision of a boss –still accountable to customers, bankers, suppliers… n Potential to achieve profits greater than a salary –[More new small businesses fail than succeed…know why and reduce the risks]

Successful Entrepreneurs Successful Entrepreneurs n Confidence to make decisions n Determination and Perseverance n Creativity n Need to Achieve –Setting new goals n Commitment to and setting Personal goals

The Right Environment Career Anchors The Right Environment Career Anchors n Technical Anchor– –To do a job correctly –Technicians, surgeons n Managerial Anchor-- –Enjoy working with people and having many duties and responsibilities –Chain store owners, manufacturers n Security Anchors –Regular paycheck –Company benefits –Long-term employment –McDonalds P-Hut n Creativity Anchor –Unique ideas –Advertiser, merchandiser n Autonomy Anchor –Free thinker, individualist –Inventor, writer, artist A career anchor analysis allows an individual to properly identify areas of interest and satisfaction in choosing a vocation.

Asking the Right Questions Asking the Right Questions n Knowledge –Who, What, When, Where, How? –Describe n Comprehension- organization and selection of facts and ideas –Retell_______ in your own words –What is the main idea of _____? n Application- use of facts, rules, principles –How is _____ an example of ____? –How is _____ related to _____? –Why is _____________ significant?

Asking the Right Questions n Analysis- separation of whole into component parts –What are the parts or features of ________? –Outline, diagram, web _____ –How does _____ compare/contrast with _____? n Synthesis- combining ideas to form a new whole –What ideas can you add to ___________? –How would you create/design a new _________? –What might happen if you combine _______ with _______? n Evaluation- development of opinions, judgments, decisions –Do you agree __________________? –What do you think about ________________? –What is the most important ___________________?

VANE VANE n Values –Intangible beliefs of inner conviction n Attitudes –How we feel about something n Needs –Tangibles-things we see –Intangibles-things we feel n Expectations –Minimum goals we attempt to achieve n Perform your own VANE analysis… n Consider personal goals needed before opening a business?

Setting Personal Goals n In line with my governing values n Time Dimensioned – measurable n Clearly and specifically defined –Written n Owned – must be your own goals n Realistic – doable, attainable n Am I willing to pay the price?

Setting Personal Goals Setting Personal Goals n Making Choices –Income –Personal satisfaction –Status n Type of Work n Life-style n Capabilities –physical –psychological