1.02 Participate in career-planning to enhance job-success potential.

 Entrepreneur: ◦ An individual who identifies an opportunity to create new value, develops and offers a unique product ◦ Assumes the risks of starting and building a business  Small Business Owner: ◦ An individual who owns a business venture to generate income without intentions of growing or expanding the business.  Manager: ◦ An individual responsible for the coordination of resources in order to accomplish an organization’s goals.

 Personal satisfaction  Make a difference in the lives of others  Pursue their passions  To become more independent  To be more creative  To have a flexible work schedule  To supplement existing income or gain financial independence  To experience the adventure and excitement of business ownership

 Technology  Available Resources  Financing  Legislation

 Tremendous advancements in technology, particularly with the Internet, have changed the way we can do business.

 There are many resources and support systems available to help entrepreneurs in developing ideas for their businesses. ◦ These resources include:  Books  Magazines  Web sites  Specialized government agencies  Small business development centers  Private foundations devoted to entrepreneurship

 There are many ways you can obtain financing for your business start-up. ◦ You can borrow money from traditional sources, such as banks, family, or friends. ◦ You can secure funding through government agencies, professional associations, corporate sponsors, angel investors, and scholarships. ◦ Tax advisors and business start-up agencies can provide you with information about grants or loans.

 U.S. legislative reforms have created opportunities by providing small businesses with tax breaks. ◦ Tax deductions allow a business owner to take the tax savings and invest them back into the company. ◦ Tax deductions are available for:  Home offices  Supplies and equipment  Mileage  Travel  Insurance premiums

 According to the U.S. Small Business Administration, around 50% of all small businesses fail within the first five years.   Factors that can contribute to the failure of a new business: ◦ Poor management ◦ Poor planning ◦ Insufficient capital ◦ Dismal sales ◦ Overexpansion ◦ Lack of experience

 Financial Concerns  Sole Responsibility  Personal Commitment

 Successful entrepreneurs look for gaps between what is currently being done and what needs to be done.  Latest Trends Include:  An aging population  The growth of e-commerce  The increasing number of dual wage-earner families  The government’s focus on terrorism and homeland security  Environmental protection

 As an entrepreneur, you should continue to seek training and education throughout your career.

 Self-Awareness  Passion  Creativity  Innovation  Determination  Confidence  Optimism  Enthusiasm  Organization  Willingness to take risks  Open-mindedness

 Necessary entrepreneurial skills include: ◦ Risk-management skills ◦ Sales and marketing skills ◦ Financial skills ◦ Administrative skills ◦ Time-management skills ◦ Technical skills ◦ Communication skills ◦ Leadership skills ◦ Decision-making and problem-solving skills