1. Chapter 3 Assessing Your Entrepreneurial Potential Reminder: October 2, Ent Presentation-October 9 Business for a Day

2. Most Desirable Professions Entrepreneur Entrepreneur Filmmaker, artist, musician Filmmaker, artist, musician Executive at a large company Executive at a large company Teacher Teacher Lawyer Lawyer Doctor Doctor Director of a not-for-profit venture Director of a not-for-profit venture Stockbroker Stockbroker Politician Politician Commissioned salesperson Commissioned salesperson http://www.careercast.com/jobs-rated/2012- ranking-200-jobs-best-worst http://www.careercast.com/jobs-rated/2012- ranking-200-jobs-best-worst

3. Challenges Facing Young Entrepreneurs Lack of experience and knowledge Lack of experience and knowledge No credit history No credit history No collateral No collateral

4. The Value of Experience If you plan to launch your own venture, working part-time or full-time in a related industry will give you the opportunity to: If you plan to launch your own venture, working part-time or full-time in a related industry will give you the opportunity to: Learn about the infrastructure Learn about the infrastructure Develop a positive reputation in the industry Develop a positive reputation in the industry Build a network of contacts Build a network of contacts Earn money you can save for the future Earn money you can save for the future Learn firsthand about the industry Learn firsthand about the industry

5. Setting Goals A goal is the purpose of your work – the objective you wish to reach A goal is the purpose of your work – the objective you wish to reach Goals should always follow the SMART principle Goals should always follow the SMART principle Simple Simple Measurable Measurable Achievable Achievable Realistic Realistic Timely Timely

6. Classwork: Prepare a wish list of 10 things that you would like to have or do. Make sure that they follow the SMART principle. (Simple, Measureable, Achievable, Realistic, Timely) Prepare a wish list of 10 things that you would like to have or do. Make sure that they follow the SMART principle. (Simple, Measureable, Achievable, Realistic, Timely) Rank your wishes in order of priority and set a target date for the achievement of each. Rank your wishes in order of priority and set a target date for the achievement of each. Go through the list and cross out the ones that you think are impossible to attain and state why. Go through the list and cross out the ones that you think are impossible to attain and state why. Set the goals on a timeline, starting from now until 50 years in the future. Set the goals on a timeline, starting from now until 50 years in the future.

7. Classifying Your Skills Interpersonal skills: Interpersonal skills: Willingness and ability to talk to others, especially those different from ourselves Willingness and ability to talk to others, especially those different from ourselves Ability to listen and understand what others are saying Ability to listen and understand what others are saying Ability to motivate and encourage others Ability to motivate and encourage others Skills for negotiating and resolving conflicts Skills for negotiating and resolving conflicts Caring for yourself and others Caring for yourself and others

8. Classifying Your Skills…con’td Critical-and-Creative Thinking Skills: Critical-and-Creative Thinking Skills: Ability to solve problems by evaluating a variety of solutions Ability to solve problems by evaluating a variety of solutions Having the confidence to make a decision and act on it Having the confidence to make a decision and act on it The ability to set goals, plan how to achieve them, and carry out the plan The ability to set goals, plan how to achieve them, and carry out the plan Keeping records and being accountable for all actions undertaken Keeping records and being accountable for all actions undertaken The ability to generate ideas and identify opportunities The ability to generate ideas and identify opportunities

9. Classifying Your Skills…con’t Practical skills: Practical skills: The ability to use special tools designed for a specific job The ability to use special tools designed for a specific job Ex. a mechanic, a plumber, a construction worker, a translator, an accountant Ex. a mechanic, a plumber, a construction worker, a translator, an accountant