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Entrepreneurship: Ch 2

Entrepreneurship offers unique rewards and challenges that make it an appealing career path. As an entrepreneur, you gain the freedom to be your own boss, set your schedule, and make impactful business decisions. The satisfaction of building a venture around your passion is unmatched, and it presents opportunities for creativity and innovation. However, entrepreneurship also involves risks, such as uncertain income and significant responsibilities. Understanding both the rewards and challenges is vital to harness your potential and thrive in the entrepreneurial world.

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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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