Assessing Self Employment Skills for Success

Lesson Goals: For current and potential business owners to: –Identify personal and business skills –Examine business ideas and interests –Assess entrepreneurial and management skills –Learn how to succeed in home-based or micro businesses Assessing Self Employment Skills for Success

Three Types of Skills Needed to Run a Business Entrepreneurial TechnicalManagement

Assessing the Advantages & Disadvantages of Launching a Home-Based or Micro Business Assessing Self Employment Skills for Success

Advantages of Home-Based or Micro Business Assessing Self Employment Skills for Success

Seeking and setting personal goals Having more control over one’s life Increasing personal fulfillment Having control over the quality of work Working independently of supervision Enhancing creativity Controlling working conditions Remaining in a community or moving with spouse to a new community when jobs are scarce or not available Reducing commuting problems Meeting family obligations while generating income Working flexible hours Reducing overhead cost Testing a business idea with a minimum of financial risk Advantages of Home-Based or Micro Business

Disadvantages of Home-Based or Micro Business Assessing Self Employment Skills for Success

Disadvantages of a Home-Based or Micro Business Assessing Self Employment Skills for Success Need to know a lot of information Financial risk Conflict in ownership of time Lack of guaranteed employee fringe benefits Many competing roles and responsibilities Lack of job security May require long, hard hours Zoning laws Lack of a “business” address Home is no longer a refuge from the work place No opportunity to escape home environment Loss of social and business contacts, feedback, ideas Household distractions Family members and friends Family conflicts can arise Work discipline Insurance Coverage and Liability

Choosing a Business Type Product-Oriented Service-Oriented –Self-made –Manufactured Assessing Self Employment Skills for Success

Age Years of education or training Favorite school subjects Types of informal education Current and/or previous jobs and duties Reason for leaving each job Favorite recreational activities Job(s) enjoyed the most Hobbies Community work enjoyed Environment preferred –Indoors or outdoors –City or rural area –Personal goals Determining or Confirming a Business Idea Points to Consider

Rate Yourself – Are You Ready to Start a Business? Assessing Self Employment Skills for Success