Your Potential As An Entrepreneur VHS

Key Objectives Describe the rewards of going into business for yourself. Describe the risks of going into business for yourself. Describe the characteristics of successful entrepreneurs Identify your own characteristic

Key Objectives..con’t Develop characteristics that will help you in business Train yourself to think positively

The Main Idea When you are considering owning your own business, an important first step is to analyze the advantages and disadvantages of entrepreneurship.

Rewards of Entrepreneurship

Rewards Being your own boss Doing something you enjoy Being creative/decision making Setting your own schedule Having job security Keep the profits Being recognized in the community

Risks/Drawbacks of Entrepreneurship

Risks/Drawbacks Working long hours Job security Loneliness Being fully responsible Take all the losses Give up other activities

Risks One of the biggest risks is the possibility of losing one’s investment.

Risks Another risk is the amount of intense competition that is out there.

Enough with the negatives Researchers have identified ten foundational skills needed to be a successful entrepreneur. (not everyone has all of these skills)

Ten Essential Skills 1. communication 2.Math 3.Problem solving 4.Technology and computer 5.Decision making 6.Organizing and planning 7.Teamwork 8.Social 9.Adaptability 10.Basic business

How to Develop These Skills Learn techniques needed to use the skill Put the skill to work in real situations Ask yourself if you get the desired results, if not, determine how you can improve.

Characteristics of Successful Entrepreneurs

Adaptability The ability to cope with new situations and find creative solutions to problems

Competitiveness A willingness to compete with and test yourself against others.

Confidence the belief that you can accomplish what you set out to do.

Drive The desire to work hard to achieve one’s goals

Honesty a commitment to refrain from lying; to be truthful and sincere in dealings with others.

Organization the ability to structure your life and keep tasks and information in order.

Persuasiveness the knack for convincing people to see your point of view and to get them interested in your ideas.

Discipline the ability to stay focused and adhere to a schedule and deadlines.

Perseverance The refusal to quit; willingness to keep goals in sight and work toward them, despite obstacles.

Risk Taking The courage to expose yourself to possible losses.

Understanding An ability to listen to and empathize with other people.

Vision The ability to see the end results of your goals while working to achieve them.

Self Esteem Have a positive attitude about oneself.