1. Chapter 2: Your Potential as an Entrepreneur
Business Management
Mrs. Deady

2. Ch. 2.1 Why Be an Entrepreneur?
Objectives
Describe the rewards of going into business for yourself
Describe the risks of going into business for yourself

3. Definitions
Competition – the rivalry between businesses for consumer dollars
Investment – the amount of money a person puts into his or her business as capital
Capital – necessary items such as the buildings, equipment, tool, and the money to buy them

4. Reward of Entrepreneurship
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 in the community

5. Risks of Entrepreneurship
Working long hours
Having an uncertain income
Being fully responsible for everything
Risking your investment

6. Ch 2.2 What Does It Take to Be an Entrepreneur?
Objectives
Identify the background, characteristics, and skills of successful entrepreneurs
Explain techniques that will improve your potential for becoming an entrepreneur

7. Definitions
Role model – a person whose attitudes and achievements are worth copying
Foundation skills – skills used when setting up and running a business
Profile – set of characteristics or qualities that identify a type or category of person
Achiever – a person with a record of success

8. Who becomes an Entrepreneur?
47% were under the age of 35; 16% were under 25
40% have a high school diploma or less
27% have some college; 33% have a college degree
Many worked when they were young (paper routes, lawn care service, babysitting)
62% had parents or close relative who owned their own business

9. 12 Characteristics of Successful Entrepreneurs
Persistent
Creative
Responsible
Inquisitive
Goal-oriented
Independent
Self-demanding
Self-confident
Risk-taking
Restless
Action-oriented
Enthusiastic

10. 10 Essential Entrepreneurial Skills
Communication
Math
Problem-solving
Technology, computer
Decision-making
Organizing and planning
Teamwork
Social
Adaptability
Basic business

11. Acting Like 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 goals with confidence and commitment
View difficulties as opportunities to learn and grow

12. Gain Competency in Foundation Skills
Learn the techniques needed to use the 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 have learned