Your Potential as an Entrepreneur: Exploring the Rewards and Risks of Starting Your Own Business

Slide1Chapter 2: Your Potential asan Entrepreneur Business Management Mrs. Deady

Slide2Ch. 2.1 Why Be an Entrepreneur?Objectives  Describe the rewards of going into business for yourself  Describe the risks of going into business for yourself

Slide3Definitions Competition – the rivalry between businesses for consumer dollars  Investment – the amount of money a person puts into his or her business as capital  Capital – necessary items such as the buildings, equipment, tool, and the money to buy them

Slide4Reward of Entrepreneurship Being your own boss  Doing something you enjoy  Having the opportunity to be creative  Having the freedom to set your own schedule  Having job security  Making more money  Being recognized in the community

Slide5Risks of Entrepreneurship Working long hours  Having an uncertain income  Being fully responsible for everything  Risking your investment

Slide6Ch 2.2 What Does It Take to Be anEntrepreneur? Objectives  Identify the background, characteristics, and skills of successful entrepreneurs  Explain techniques that will improve your potential for becoming an entrepreneur

Slide7Definitions Role model – a person whose attitudes and achievements are worth copying  Foundation skills – skills used when setting up and running a business  Profile – set of characteristics or qualities that identify a type or category of person  Achiever – a person with a record of success

Slide8Who becomes an Entrepreneur? 47% were under the age of 35; 16% were under 25  40% have a high school diploma or less  27% have some college; 33% have a college degree  Many worked when they were young (paper routes, lawn care service, babysitting)  62% had parents or close relative who owned their own business

Slide912 Characteristics of SuccessfulEntrepreneurs  Persistent  Creative  Responsible  Inquisitive  Goal-oriented  Independent  Self-demanding  Self-confident  Risk-taking  Restless  Action-oriented  Enthusiastic

Slide1010 Essential Entrepreneurial Skills Communication  Math  Problem-solving  Technology, computer  Decision-making  Organizing and planning  Teamwork  Social  Adaptability  Basic business

Slide11Acting Like an Achiever Set out to be the best at whatever you do  Set your sights on accomplishing the extraordinary  Write your goals down on paper  Pursue your goals with confidence and commitment  View difficulties as opportunities to learn and grow

Slide12Gain 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 get the results you want.  If not, determine how you can improve and apply what you have learned