Youth Entrepreneur Prepared by: L. Robert Barber, Roland Quitugua & Ilene Iriarte For: Guam Cooperative Extension Service & Guam Department of Agriculture Funding provided by: United States Department of Agriculture Natural Resources Conservation Service, Western Region Sustainable Agriculture Research and Education, Administration for Native Americans,, & Sanctuary Incorporated

What is an Entrepreneur? An entrepreneur is a person who formulates a new idea & carries it successfully into the economy An Entrepreneur: Becomes aware of a need for a product or service Creates a business enterprise to fulfill that need

Entrepreneurs Do new things or do old things in new ways, or where they are not being done The entrepreneur: Estimates importance of a product or service Estimates consumer demand (desire) for the product or service Knows how to produce the product or service Plans how to deliver the product or service

Characteristics of Entrepreneurs The ability & willingness to take risks Desire to compete Able to handle stress Can make work fun Creatively solve problems Recognizes opportunities Dedicated Goal oriented (Sets goals or targets) Has realistic optimism

4 Types of Entrepreneurs Technical Entrepreneurs Organization Builders Deal makers Inventors “and their combinations”

Types of Entrepreneurs Technical Entrepreneurs These individuals have a strong technical orientation. They love inventing things and developing ideas for new products. To develop new markets or even new industries based on state-of-the-art technologies are generally the goal of those with technical orientation. The creation of an organization is merely the means to achieving their goals, not an end in itself.

Types of Entrepreneurs Organization Builders Some entrepreneurs start their own businesses because they like to build organizations. These organization builders generally have skills in developing people, systems and structures. Such entrepreneurs also generally enjoy working with people and using power and influence, in contrast to the technical entrepreneur, who often prefers working alone and dislikes “playing politics.”

Types of Entrepreneurs Deal makers Deal makers enjoy making the initial deal to start a new venture and often enjoy some start-up activities. However, unlike the organization builders, they dislike having to manage and commit themselves to an organization over the long run.

Types of Entrepreneurs The Inventor as Entrepreneur Being a successful entrepreneur goes beyond inventing something. It includes new ways of doing business or managing processes Coming up with an invention to solve a problem or improve a product or process

Benefits of Entrepreneurship Independence: Many people want to be their own boss Money: Increase household income Family: Spend more time with family Personal Satisfaction: Create a job that makes you happy & provides personal fulfillment

Business Ownership Falls into two categories: Providing a service Providing products Must become a creative thinker

Business Ideas Match your business to your: Background Interests Experiences Skills Talents If you enjoy your work you are most likely to do an outstanding job, and succeed.

Business Possibilities Develop a list of the types of business ideas you might consider Sort out the ones you don’t qualify for & the ones you will not enjoy doing To make your final selection: Talk to people in the same or similar business Check success or failure rates. Ask professional advise Share your thoughts with family, friends, or associates (make sure they can be honest with you) Make the final decision yourself

Assignment: Due Friday Find and interview a successful Entrepreneur and find out what it takes to succeed! What kind of Entrepreneur are you and what would you do?