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Entrepreneurship: Ch 2

Entrepreneurship: Ch 2. Your Potential as an Entrepreneur. Why Be an Entrepreneur?. Rewards of Entrepreneurship Being your own boss Biggest reward of owning a business Gives them the freedom to make their own business decisions Final word on all aspects of the operation.

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Entrepreneurship: Ch 2

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  1. Entrepreneurship: Ch 2 Your Potential as an Entrepreneur

  2. Why Be an Entrepreneur? • Rewards of Entrepreneurship • Being your own boss • Biggest reward of owning a business • Gives them the freedom to make their own business decisions • Final word on all aspects of the operation

  3. Why Be an Entrepreneur? • Rewards of Entrepreneurship • Doing Something You Enjoy • Derive special satisfaction from creating and developing the enterprise around a special interest

  4. Why Be an Entrepreneur? • Rewards of Entrepreneurship • Having the opportunity to be creative • Entrepreneurs are able to shape a business in ways employees can not • When business owners have a creative idea, they can act on it

  5. Why Be an Entrepreneur? • Rewards of Entrepreneurship • Having the freedom to set your own schedule • Option of working at home, at the business, or at whatever location

  6. Why Be an Entrepreneur? • Rewards of Entrepreneurship • Having job security • Employees are not guaranteed job security • Entrepreneurs control their own destiny

  7. Why Be an Entrepreneur? • Rewards of Entrepreneurship • Making more money • Business owners earnings are limited only by the potential of the business • Being recognized within the Community

  8. Risks of Entrepreneurship • There is a number of costs and risks associated with starting your own business • Competition • Rivalry amongst businesses for consumer dollar • Working long hours • During start-up, the survival of the new business depends on the entrepreneur’s ability to make timely decision

  9. Risks of Entrepreneurship • Having an Uncertain Income • Business owners can make more money then their employees make • No guarantee pay check

  10. Risks of Entrepreneurship • Being Fully Responsible • Entrepreneur must be willing to take on a wide variety of task and see them through to competition

  11. Risks of Entrepreneurship • Risking One’s Investment • Investment – amount of money a person puts into their business as Capital (includes building, equipment, tools, and other goods needed to produce a product)

  12. What does is it take to be an Entrepreneur • Who are Entrepreneurs • Background • 47% of entrepreneurs are under the age of 35 • 40% of entrepreneurs have high school diploma’s • 16% were started under the age of 25 • 37% have had some college 33% completed college • Many were influenced by a role model

  13. What does is it take to be an Entrepreneur • Who are Entrepreneurs • Entrepreneurial characteristics • Persistent – work until a job is done • Creative – Look for new ways to solve old problems • Responsible – Do not pass the buck • Inquisitive – Conduct research and ask questions to solve problems • Goal-Oriented – Set and achieve goals

  14. What does is it take to be an Entrepreneur • Who are Entrepreneurs • Entrepreneurial characteristics • Independent – Want to make their own decisions • Self-Demanding – High expectations for themselves • Self-Confident – Believe in themselves and trust their own abilities • Risk-Taking – Take calculated risks, but they are not reckless

  15. What does is it take to be an Entrepreneur • Who are Entrepreneurs • Entrepreneurial characteristics • Restless – Looking for new challenges once they’ve achieved their goals • Action-Oriented – Doers not speculators • Enthusiastic – Energetic and passionate about their pursuits

  16. What does is it take to be an Entrepreneur • Who are Entrepreneurs • Foundation skills – Skills that entrepreneurs use regularly in setting up and running a business • Communication skills – Need person to person, telephone, written, and electronic communication skills. Need listening skills • Math skills – Basic math skills are needed to budget, make initial purchase decision, calculate potential profit, and put together financial statement

  17. What does is it take to be an Entrepreneur • Who are Entrepreneurs • Foundation skills • Problem solving skills – Come up with ideas to solve problems • Technical and Computer skills – Important for setting up the processes and technology of the business • Decision-making skills – Be able to choose the best option from among many

  18. What does is it take to be an Entrepreneur • Who are Entrepreneurs • Foundation skills • Organizing and Planning skills – Requires logical thinking and good time-management • Teamwork skills – Coordinate and manage work teams • Social skills – Interact well with employees, customers, and vendors

  19. What does is it take to be an Entrepreneur • Who are Entrepreneurs • Foundation skills • Adaptability skills • Basic Business skills – Have an understanding how the economy works and understand the fundamental concepts of finance, marketing, and management

  20. What does is it take to be an Entrepreneur • Build your Potential as an Entrepreneur • Profile – set of characteristics or qualities that identifies a type or category of person • Strengthen your entrepreneurial characteristics • Determine the current strengths of your entrepreneurial characteristics • Thinks of the characteristics as habits you can improve • Develop your weak characteristics

  21. What does is it take to be an Entrepreneur • Build your Potential as an Entrepreneur • Strengthen your entrepreneurial characteristics • Reading – Articles and books about entrepreneurs • Writing – Brief essays about living or historical figures who overcome obstacles to achieve success • Observing – Watch films or videos about successful individuals • Solving – Solve case problems

  22. What does is it take to be an Entrepreneur • Build your Potential as an Entrepreneur • Think like an achiever • Achiever – Person with a record of successes • Entrepreneurs are motivated by a need for achievement • Set out to be the best • Write your goals down • Pursue your goals with confidence and commitment • Set your sights on accomplishing the extraordinary • View setbacks as opportunities to learn and grow

  23. What does is it take to be an Entrepreneur • Build your Potential as an Entrepreneur • Develop Your Entrepreneurship Skills • To be successful you need to develop foundation skills • Three step process to 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 got the results you wanted

  24. What does is it take to be an Entrepreneur • Build your Potential as an Entrepreneur • Develop Technical and Business Skills • You can develop technical skills • In school • Through work experience • Reading • Obtain employment in a similar or related business

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