Entrepreneurship 30 (1b)

Objectives:  Enterprising People  Identify and describe common characteristics of entrepreneurs  Identify and describe common entrepreneurial skills  Self assessment of entrepreneurial characteristics and skills  Goal Setting – SMART Goals

Enterprising People/Entrepreneurs GUESS WHO?

What makes an Entrepreneur? Come up with a list of characteristics that would make an entrepreneur. Which characteristics do you possess?

Entrepreneurs are agents of change They take calculated and controlled risks to increase their chance of success This requires them to step outside their comfort zone and challenge themselves

They must set goals to help themselves stay on track To identify their goals, they look for something unique that will meet a need, satisfy a want, or solve a problem “What if?” or “Why not?”

Characteristics of Successful Entrepreuners No two entrepreneurs are alike, but they share common traits

Self-Confident Realistic about what can be accomplished Believe in themselves and their ability to succeed Set attainable goals and approach them with confidence

Perceptive Intuitive – know what is going on Ability to identify problems as they arise and find creative solutions

Hard-Working Work long and hard hours Good physical and mental health Balance commitment to work, family and friends

Motivated Driven be internal need for accomplishment Seek opportunities for success

Able to Manage Risk See risk as a challenge to be overcome Will take a calculated risk – chance of success is greater than failure

Creative Look at the world in new and different ways Enjoy challenges Do not sit and wait for things to happen Take charge

Goal-Oriented Once original goals are achieved, set new goals and begin the process again Personal satisfaction give them momentum to move forward

Optimistic Have a positive mental attitude Minor setbacks do not discourage them Enthusiastic about what the future holds

Flexible Able to adjust to the changing marketplace, technology, and competition If one idea does not work, they look for other options

Independent Freedom to make their own decisions and mistakes Do not like to be managed by others – often leave secure jobs Give them control over their own destiny

Visionary See how things should be in the future Allows them to continue step by step to their goal Able to communicate vision to others

Able to Get Along with Others Insight into the abilities and personalities of others Allows them to build an effective team

In addition to entrepreneurial characteristics, entrepreneurs require certain skills to ensure that success of their ventures. These skills can be learned! What are they?

Entrepreneurial Skills Communicate – listen, speak and write Generate ideas Identify opportunities Plan Organize Make decisions Solve problems Negotiate Network Market their ideas Keep records Lead others Three classifications of skills: -Interpersonal skills -critical and creating thinking skills -practical skills

In starting and operating their own ventures, entrepreneurs may take on many roles: Inventor – develop new ideas for products, prcesses, or services Innovator – improve existing products, processes or services Manager – set goals, manage plan Administrator – implement plan to achieve goals Leader – create vision and communicate to others

Entrepreneurial Characteristics and Skills  Do you have the skills of an entrepreneur?  SWOT Analysis

Dragon’s Den and Case Studies Assignment Interview or Profile Assignment  Dragon’s Dent  Work in groups of three  Interview !!!!  Research Project

Tour/Review and Intro  Downtown walk