1. The Foundations of Entrepreneurship “Luck is that point in time when preparation meets opportunity.” ~~ Unknown “Opportunity is missed by most people because it is dressed in overalls, and looks like work.” ~~ Thomas A. Edison

2. Characteristics of an Entrepreneur  Desire for Responsibility  Preference for moderate Risk  Confidence in their ability to succeed  Desire for immediate feedback  High level of energy  Future orientation  Skill at organizing  Value of achievement over money  High degree of commitment  Tolerance for ambiguity  Flexibility  Tenacity

3. Characteristics of an Entrepreneur Are you ready? http://www.dramatispersonae.org/ECQTest/ECQ(ns)TestAuto.htm

4. The Good, The Bad and The Ugly

5. The Good  Create your own destiny  Make a Difference  Reach Your Full Potential  Reap Impressive Profits  Contribute to Society and Recognition  Do What you Enjoy Opportunity to...

6. The Bad  Uncertainty of Income  Risk of Losing Your Entire Investment  Long Hours and Hard Work  Lower Quality of Life until the Business Gets Established  High Levels of Stress  Complete Discouragement  Discouragement

7. Diversity of Entrepreneurship  Anyone can be an Entrepreneur  Part-Time Entrepreneurs  Home-Based Businesses  Family Businesses  Corporate Castoffs / Dropouts  Social Entrepreneurs

8. Group Exercise Issue #1 What are reasonable ground rules for a Part- Time Entrepreneur who has a full-time employer in running his/her business operation? Issue #2 What is an individual’s responsibility/obligation to an employer who trains and educates him/her on an industry, technology, process and/or job function?

9. Failure All Entrepreneurs Fail ! !  Know Your Business  Develop a solid Business Plan  Manage Financial Resources  Understand Financial Statements (Metrics)  Learn to Manage People Effectively  Keep in Tune with Yourself Avoiding Failure “In preparing for battle I have always found that plans are useless, but planning is indispensable.” -- Dwight D. Eisenhower