Your Potential As An Entrepreneur. Why Be an Entrepreneur? Objectives: 1. Identify the rewards of going into business for yourself. 2. Recognize the risks.

Your Potential As An Entrepreneur

Why Be an Entrepreneur?Objectives:

1. Identify the rewards of going into business for yourself.

2. Recognize the risks of going into business for yourself

The Main IdeaWhen you consider going into business for yourself, an important first step is to analyze the advantages and

disadvantages of entrepreneurship.

Rewards/Advantages of Entrepreneurship BEING YOUR OWN BOSS *MAKING ALL DECISIONS

DOING SOMETHING YOU ENJOY *BEING RECOGNIZED IN THE COMMUNITY

BEING CREATIVE

SETTING OWN HOURS/SCHEDULE

HAVING JOB SECURITY

KEEPING ALL THE PROFITS

Risks/Disadvantages of Entrepreneurship WORKING LONG HOURS

UNCEERTAIN INCOME

LONELINESS

BEING FULLY RESPONSIBLE

RISKING YOUR INVESTMENT

SOLE LIABILITY

RISKING ONE’S INVESTMENT

Because of intense Competition, business ownership can be a difficult undertaking

RISKING ONE’S INVESTMENTThe biggest risk of being in a business is the possibility of losing your investment.

What Does It Take To Be An Entrepreneur?Objectives:

Identify the background, characteristics, and skills of successful entrepreneurs

Explain techniques that will improve your potential for becoming and entrepreneur

What Does It Take?Main idea: Before going into business, you should determine the

characteristics and skills needed to reach your goal of being successful.

Who Are Entrepreneurs?They are important to a nation’s economy. Why?

Researchers have done studies to see if they have any similar traits, experiences and skills.

BackgroundMany entrepreneurs were influenced early in life by a Role Model.

Twelve Characteristics of Successful Entrepreneurs

Section 2.2 What Does It Take to Be an Entrepreneur? 12

persistent

creative

responsible

inquisitive

goal-oriented

independent

self-demanding

self-confident

risk-taking

restless

action-oriented

enthusiastic

Ten Essential Entrepreneurial SkillsResearchers have identified 10 foundation skills

needed to be a successful entrepreneur.

Ten Essential Entrepreneurial Skills

Section 2.2 What Does It Take to Be an Entrepreneur? 14

communication

math

problem-solving

technology and computer

decision-making

organizing and planning

teamwork

social

adaptability

basic business

Build Your Potential As An EntrepreneurSuccessful Entrepreneurs Often Fit a Certain Profile

Strengthen Your Entrepreneurial Characteristics• Reading• Writing• Observing• Solving

Develop Your Entrepreneurial Skills

Section 2.2 What Does It Take to Be an Entrepreneur? 17

Learn the techniques needed to use the skill.

Put the skill to work in real-life situations.

Ask yourself if you get the results you want; if not, determine how you can improve.