January 14, 2010 Objectives: Students will identify their personalities, strengths, and weaknesses in relation to Entrepreneurship.

Your Objectives Why do you want to start a business? – Be your own boss – Build a future – Follow the American dream – Earn lots of money Two main schools of thought: 1.Choose a business with great profit potential. 2.Choose a business that you love.

Exploring Business Ideas Take a look at your hobbies, volunteer experience, and leisure activities. Sell what you know – Consider equipment you may already have the could help you will your business. An inventive entrepreneur can develop a new product or improve an existing one. – “find a need and fill it”

Identifying Skills, Interests, & Personal Qualities A careful evaluation of your skills, interests, and personal qualities can help you determine the business you are best suited for. – Skills: the ability to use your knowledge and training proficiently. – Interests: those things you enjoy doing and the bring you pleasure. – Personal qualities: those traits and characteristics that make you unique.

Personal Assessment Worksheet 1 Complete the first columns FIRST! Once you have completed your skills, interests, and personal qualities you can use this information to determine types of businesses you may be suited for.

SkillsInterestsPersonal QualitiesBusiness Ideas Organized Computer Skills Writing Skills Public Speaking Phone Skills Communication Skills Sports Fly-fishing Reading Outdoor Activities Enjoy Meeting New People Independent Self-confident Good Work Ethic Enjoy Learning Decision Maker Sporting Goods Store Teach Classes Conduct Travel Tours Write Sports Column

Evaluating Strengths and Weaknesses You don’t need to be an expert to start a business but you need a realistic understanding of your strengths and weaknesses. Expertise can be acquired (taking classes, hiring staff, using consultants) Just as you look at your strengths and weaknesses as a business owner you must also look at the strengths and weaknesses of your business idea.

Questions to Ask Yourself Do you have the skills needed to run this business? Do you know what help you will need and where you will find that help? Do you have the time required to learn what you need to know? Can you afford the money needed to hire staff or pay consultants? Are you genuinely interested in this particular business? Are you committed to the business’ success? Are you willing to devote the time needed to develop a successful business? Does this business fill an unmet need? Is there a sufficient consumer demand to support your business? Can you effectively compete in the marketplace? Will you be able to understand you business financial statements such as cash flow, profit and loss, and balance sheet? Are you developing a business plan that you can use throughout the life of your business?

StrengthsWeaknessesAction PlanCostTime Retail store experience Managerial experience Customer service experience Recognized community athlete Tour guide experience Teaching experience Lack of knowledge of business financials Don’t enjoy financial work Lack of knowledge of marketing products Lack of knowledge of writing a business plan Take basic accounting at community college Purchase Keeping the Books by Linda Pinson Use an accountant Attend SBA Workshops Attend Marketing class at community college Work with counselor from SCORE $ $22.95 $75 per month $30 $ Free 11 wk 4 hours per wk 2 hours per mo 4 hours 11 wk 4 hours per wk 2 hours per wk

Homework Complete Personal Assessment Worksheets 1 & 2. – Worksheet will require some research for the cost and time. Show a minimum of 3 examples for each category The final personal Strengths and Weaknesses identified should be at a higher level Tip: Look back at your SBA and E-Type assessments to help identify already know, or new traits For this assignment you will type directly into the text box within Angel, so you can complete the worksheets without an electronic copy.