1. Entrepreneurship 30 Characteristics/Skills/Self Assessment

2. 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

3. Enterprising People/Entrepreneurs GUESS WHO? Source: David Clare

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

5. 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

6. 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?”

7. Characteristics of Successful Entrepreneurs
No two entrepreneurs are alike, but they share common traits

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

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

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

11. Motivated Driven be internal need for accomplishment
Seek opportunities for success

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

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

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

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

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

17. 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

18. 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

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

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

21. 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

23. In starting and operating their own ventures, entrepreneurs may take on many roles:
Inventor – develop new ideas for products, processes, 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

24. Entrepreneurial Characteristics and Skills
Do you have the characteristics and skills of an entrepreneur?
SWOT Analysis
Assignment:
Venture (1 and 2)
Online Assessment
Next slide – example of an individual’s mini SWOT analysis
In strategic planning for projects and business ventures, a SWOT analysis looks for Strengths, Weaknesses, Opportunities, and Threats. This format can be used for a personal SWOT analysis. Strengths and Weaknesses headings would list specific business relevant skills. Opportunities and Threats are personal issues as they relevant to your ability to do business. Although not defined as skills, these last two headings are included in most business plans. These pages are for your personal use, so be honest with yourself. Leave space for additions, modifications and action items so you can update your SWOT as your entrepreneurial skill- set grows. The following is a sample of the kinds of entries your SWOT may contain if you were thinking of opening a widget store.

25. STRENGTHS
Excellent written communication skills (useful to write ads, sales letters, etc)
Good with math (useful to quickly estimate cost, pricing, discounts, etc)
Good with customer relations (useful to gain loyal customers)
Excellent computer graphic design skills (useful to design ads, website, letterhead, etc) …etc…
WEAKNESSES
No bookkeeping knowledge (ACTION:check for local evening classes)
Procrastination / time management (ACTION:look for time management course and buy a day planner) …etc…
OPPORTUNITIES
Lots of social media friends (useful to help promote the widget store)
Billy’s friend Sue does the purchasing for Mega Industries Inc. (ACTION: get to know Sue)
Uncle Tim won the lottery (potential investor? ACTION: ask) …etc…
THREATHS
Unable to work store due to recurring knee problem …etc…
Source: urces/business-planning/self- assessment/

26. Dragon’s Den and Case Studies Assignment Interview or Profile Assignment
Major Project – Entrepreneur Profile or Interview !!!!

27. Tour/Review and Intro
Downtown walk
Guests