1. Youth Entrepreneur Prepared by:
L. Robert Barber, Roland Quitugua & Ilene Iriarte
For:
Guam Cooperative Extension Service & Guam Department of Agriculture
Funding provided by:
United States Department of Agriculture Natural Resources Conservation Service, Western Region Sustainable Agriculture Research and Education, Administration for Native Americans,, & Sanctuary Incorporated

2. What is an Entrepreneur?
An entrepreneur is a person who formulates a new idea & carries it successfully into the economy
An Entrepreneur:
Becomes aware of a need for a product or service
Creates a business enterprise to fulfill that need

3. Entrepreneurs
Do new things or do old things in new ways, or where they are not being done
The entrepreneur:
Estimates importance of a product or service
Estimates consumer demand (desire) for the product or service
Knows how to produce the product or service
Plans how to deliver the product or service

4. Characteristics of Entrepreneurs
The ability & willingness to take risks
Desire to compete
Able to handle stress
Can make work fun
Creatively solve problems
Recognizes opportunities
Dedicated
Goal oriented (Sets goals or targets)
Has realistic optimism

5. 4 Types of Entrepreneurs
Technical Entrepreneurs
Organization Builders
Deal makers
Inventors
“and their combinations”

6. Types of Entrepreneurs
Technical Entrepreneurs
These individuals have a strong technical orientation. They love inventing things and developing ideas for new products. To develop new markets or even new industries based on state-of-the-art technologies are generally the goal of those with technical orientation. The creation of an organization is merely the means to achieving their goals, not an end in itself.

7. Types of Entrepreneurs
Organization Builders
Some entrepreneurs start their own businesses because they like to build organizations. These organization builders generally have skills in developing people, systems and structures. Such entrepreneurs also generally enjoy working with people and using power and influence, in contrast to the technical entrepreneur, who often prefers working alone and dislikes “playing politics.”

8. Types of Entrepreneurs
Deal makers
Deal makers enjoy making the initial deal to start a new venture and often enjoy some start-up activities. However, unlike the organization builders, they dislike having to manage and commit themselves to an organization over the long run.

9. Types of Entrepreneurs
The Inventor as Entrepreneur
Being a successful entrepreneur goes beyond inventing something. It includes new ways of doing business or managing processes
Coming up with an invention to solve a problem or improve a product or process

10. Benefits of Entrepreneurship
Independence:
Many people want to be their own boss
Money:
Increase household income
Family:
Spend more time with family
Personal Satisfaction:
Create a job that makes you happy & provides personal fulfillment

11. Business Ownership Falls into two categories:
Providing a service
Providing products
Must become a creative thinker

12. Business Ideas Match your business to your:
Background
Interests
Experiences
Skills
Talents
If you enjoy your work you are most likely to do an outstanding job, and succeed.

13. Business Possibilities
Develop a list of the types of business ideas you might consider
Sort out the ones you don’t qualify for & the ones you will not enjoy doing
To make your final selection:
Talk to people in the same or similar business
Check success or failure rates.
Ask professional advise
Share your thoughts with family, friends, or associates (make sure they can be honest with you)
Make the final decision yourself

14. Assignment: Due Friday
Find and interview a successful Entrepreneur and find out what it takes to succeed!
What kind of Entrepreneur are you and what would you do?