Section 1 Why Be an Entrepreneur? Chapter 2 Your Potential as an Entrepreneur

Rewards 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

Being Your Own Boss Positives Negatives

Doing Something You Enjoy Positives Negatives

Having the Opportunity to Be Creative Positives Negatives

Having the Freedom to Set Your Own Schedule Positives Negatives

Having Job Security Positives Negatives

Making More Money Positives Negatives

Being Recognized in the Community Positives Negatives

Risks of Entrepreneurship Working Long Hours Having an Uncertain Income Being Fully Responsible Risking One’s Investment

Risks of Entrepreneurship Competition: The rivalry among businesses for consumer dollars. Investment: The amount of money a person puts into his or her business as capital. Capital: Includes the buildings, equipment, tools, and other goods needed to produce a product or the money used to buy these things.

Working Long Hours Advantages Disadvantages

Having an Uncertain Income Advantages Disadvantages

Being Fully Responsible Advantages Disadvantages

Risking One’s Investment Advantages Disadvantages

Section 2 What Does It Take to Be an Entrepreneur? Chapter 2 Your Potential as an Entrepreneur

Who Are Entrepreneurs? 47% Under the age of 35 16% started their business before 25 years of age Many Entrepreneurs were independent from an early age

Who Are Entrepreneurs? 40% Had a high school diploma or less 27% Had some College 33% had completed a college degree

Who Are Entrepreneurs? Many Entrepreneurs worked when they were young. 62% of Entrepreneurs had parents or relatives who owned a business Many Entrepreneurs were influenced by a role model Role Model: A person whose attitudes and achievements they tried to emulate.

Characteristics of Successful Entrepreneurs Persistent: Willing to work until a job is done. Creative: Look for new ways to solve old problems. Responsible: Do not pass the buck.

Characteristics of Successful Entrepreneurs Inquisitive: Want to know as much as possible about whatever affects their venture. Goal Oriented: Set and achieve goals. Independent: Want to make their own decisions.

Characteristics of Successful Entrepreneurs Self-Demanding: Have high expectations. Self-Confident: Believe in themselves. Risk-Taking: Take risks, but they are not reckless.

Characteristics of Successful Entrepreneurs Restless: After achieving goals, look for new challenges. Action-Oriented: Doers, not spectators. Enthusiastic: Energetic and passionate about their pursuits.

10 Essential Entrepreneurial Skills Communication Skills Math Skills Problem Solving Skills Technology and Computer Skills Decision-Making Skills Organizing and Planning Skills Teamwork Skills Social Skills Adaptability Skills Basic Business Skills

Strengthening Your Entrepreneurial Characteristics Profile: A set of characteristics or qualities that identifies a type or category of person. Achiever: A person with a record of successes.

Strengthening Your Entrepreneurial Characteristics Set out to be the best at whatever you do. Try to accomplish the extraordinary Write you goals down on paper Pursue your goals with confidence and commitment. View difficulties as opportunities to learn and grow.

Develop Your Entrepreneurial 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’ve learned)