W HY B E AN E NTREPRENEUR ? Unit 1- Chapter 2

R EWARDS 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 with in the community

R ISKS Working long hours Having an uncertain income Being fully responsible Your Investment

The biggest risk of being in business is the risk of losing one’s investment. Investment- the amount of money a person puts into his or her business Capital- includes the buildings equipment, tools and other goods needed to produce a product or the money used to buy these things.

W HO ARE E NTREPRENEURS ? Entrepreneurs are important to the nation’s economy. Are Entrepreneurs born or made? Research has been conducted and produced interesting results. Research shows that a variety of people become entrepreneurs Variety in ages, educational backgrounds and personal histories Common life experiences and other factors that may lead people toward entrepreneurships

R ESEARCH F OUND Nearly half (47%) were under the age of 35 when they started their business, 16% were under 25 40% had a high school diploma or less 27% had some college, 33% had a college degree Many were independent from an early age Many worked when they were young Paper routes, yard care services, babysitting, etc) 62% had parents or close relatives who owned a business Many were influenced by a role model

A CTIVITY With a partner you will work together to come up with 5 questions you would want to ask an entrepreneur? Keep these in your learning log- you may need to use them for future guest speakers.

12 C HARACTERISTICS OF S UCCESSFUL E NTREPRENEURS Persistent Creative Responsible Inquisitive Goal-oriented Independent Self-demanding Self-confident Risk-taking Restless Action-oriented Enthusiastic

10 E SSENTIAL E NTREPRENEURIAL S KILLS Communication skills Math skills Problem-solving skills Technology and computer skills Decision-making skills Organizing and planning skills Teamwork skills Social skills Adaptability Basic business skills- economy, finance, marketing and management

D O YOU HAVE WHAT IT TAKES ? You can build potential by building the character and skills now If you don’t have these skills don’t worry you can work to obtain them by being 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 goal with confidence and commitment View difficulties as opportunities to learn and grow

4 W AYS TO STRENGTHEN YOUR C HARACTERISTICS 1. Read- read articles and books about entrepreneurs and their activities 2. Write- write about your goals and aspirations 3. Watch- shows about successful business people, athletes, and others who are achievement-oriented 4. Solve- put yourself into role-play situations to understand how others and yourself would respond.

K EEP D EVELOPING YOUR SKILLS Learn the techniques needed to use a specific 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’ve learned