1. Chapter Two: Characteristics of Entrepreneurs
Visions and Ventures

2. Benefits of being an entrepreneur…(review)
You can:
be your own boss.
do the kind of work you enjoy.
set your own working hours.
set up your office or workshop the way you want it.
choose the people who work with you.
create jobs by hiring employees.
meet other people who share your interests.
increase your income if the business does well.
pride in what you have achieved.
help people in your community.

3. Analyzing Benefits
What do you think you would enjoy the most about owning and running your own business? Why do you think this?
What benefits of being an enterprising person would you like?

4. Risks of Entrepreneurship
If you make a bad decision, your employees could suffer.
You need to pay your bills and your employees before you pay yourself. There might be times when you earn less income than you would as an employee. You might not earn any income.
If business is slow, you may need to let some employees go.
A competing business may take customers away from your business.
Your business might not succeed.

5. How An Entrepreneur Can Benefit the Community
An entrepreneur who hires employees provides jobs for people in a community.
When people in a community have jobs, many people benefit.
People who have money to spend may be customers for other businesses.

6. What Entrepreneurs Contribute
provide venture capital
turn demand into supply
What Entrepreneurs Contribute
create
more wants
provide
jobs
promote
changes in society

7. There are three kinds of people…
Those who make things happen.
Those who watch things happen.
Those who wonder what happened.
What kind of student are you going to be in this course?

8. What is success? Write down one word that is a measurement of success.
Happiness
Enjoyment of life
Friends
Family
Security
Love

9. #1 reason for success in life
Explain the following sentence in your own words;
‘Attitude, not aptitude means altitude.’

10. Attitude Is a state of mind that you choose to see your life through.
You could have a positive attitude and see all the positive things in life, or you could have a negative attitude and see all the negative things in life.

11. Entrepreneur Characteristics
Successful entrepreneurs share common characteristics and skills.
These can be encouraged and developed.

12. Entrepreneur Characteristics
Successful entrepreneurs have certain personal characteristics.
Read the Management Team Plan.

13. Your Characteristics
From this list, write down four characteristics that you would use to describe yourself: 1. 2. 3. 4.
Now list four characteristics that you think you could develop:

14. The success of an entrepreneur is determined by ACE
Attitude
Character
Energy

15. Entrepreneurs need ENERGY
Write down in 1-2 sentences why you think entrepreneurs need a lot of energy to help them be successful?
Do entrepreneurs require luck to be successful?
Can you create your own luck?
Is your success dependent on destiny?
Or something else?
Write down in a paragraph how ACE will affect your upcoming business ventures in this class. Hand in when finished.

16. Vocabulary: Enterprising person: Persevere: Attitude: Employee:
a person who shows creativity, courage, and energy in starting and carrying out tasks.
Persevere:
keep trying to reach a goal, even when it is difficult.
Attitude:
how a person thinks, sees life, and reacts to situations.
Employee:
a person who works for a business.
Initiative:
the ability to set one’s own goals and work to achieve the goals

17. Not everyone is cut out to be an entrepreneur and own a business!
You might prefer to work for somebody that provides you with a good job, income, opportunity for advancement.
This however, does not mean that you need to stop being an enterprising person.
An enterprising person sets goals and works hard to achieve them.
Enterprising people persevere even when things are difficult.
Enterprising people usually have a positive attitude.
Initiative is a quality that helps enterprising people get things done.
They are often able to think of unusual or imaginative ideas.

18. Assignment: Finding ways to be enterprising
Who is the most enterprising person you know? Explain your choice.
Describe a time when you used initiative.
Describe a time when you had to persevere.
How will attitude affect your upcoming business ventures?

19. Vocabulary: Income: Salary: Hourly wage: Motivation:
money received by a person or business
Salary:
a regular payment for work
Hourly wage:
an amount of money paid for each hour of work
Motivation:
a reason to do something
Internal motivator:
a feeling or characteristic that motivates people from within themselves
External motivator:
a person or thing that motivates people from outside

20. How People Earn Income
An entrepreneur must decide whether to pay herself or himself a salary.
An entrepreneur may decide to keep the money earned by the business.
It may be necessary to spend the money on the business to help ensure its success.
Why might it be necessary to spend money on the business itself?
Most entrepreneurs work long hours every day in order to make their businesses successful.

21. Young Entrepreneurs
Young entrepreneurs may take more risks than adult entrepreneurs.
Why?
Many young people are happy to earn a small income from a business. They may have fewer personal bills to pay.
Youth have more time to earn money later.
They may have fewer personal responsibilities.

22. Challenges for Young Entrepreneurs
What do you think are some challenges for young entrepreneurs?
Young entrepreneurs may have less work experience.
Young entrepreneurs may have more difficulty getting financing. Fortunately, there are programs to help them get started in business.

23. Every Entrepreneur Must Know:
Many successful entrepreneurs have failed at some point.
Many entrepreneurs say they learned more from their failures than their successes.
Leaders can let you fail and yet not let you be a failure.

24. End of Chapter Two: Characteristics of Entrepreneurs