Your Potential as an Entrepreneur

Vu Thai Company: Efficient Lighting Thai started a company that manufactures fluorescent lamps and light fixtures that use 75% less energy and last up to ten times longer than traditional light fixtures.  His company is riding the wave of environmental consciousness. Besides creativity what are some other characteristics of successful entrepreneurs?

List the Risks and Rewards 1. 2. 3. 4. 5. 6. 7.

Rewards of Entrepreneurship Being Your Own Boss- biggest reward, gives you the most freedom to make your own decisions. You determine hours of operation, products offered, and direction for expansion. Doing Something You Enjoy- what do you like, can you turn it into a business? Having the Opportunity to Be Creative – work for others you merely follow procedures; entrepreneurs make them. Have a creative idea you have the power to act on it.

Rewards of Entrepreneurship 4. Having The Freedom to Set Your Own Schedule – you will experience time demands you can determine your own schedule. 5. Having Job Security – employees are not guaranteed job security from their employers. You can control your own destiny. 6. Making More Money – Owners income is only limited by the potential of your business.

Rewards of Entrepreneurship 7. Being Recognized within the Community – ownership has a certain amount of prestige. You make an economic contribution to the community through your investment in and creation of jobs.

Risks of Entrepreneurship Competition – rivalry among businesses for consumer dollars can make ownership a difficult undertaking. Consider the risks that occur in this competitive environment; long hours, uncertain income, responsibility, and potential loss of money. Working Long Hours – during start up of new business you will work long hours, sometimes 7 days a week because you can’t afford to hire others.

Risks of Entrepreneurship 3. Having an Uncertain Income – owners can make more money when the business is doing well, but during slow periods you may not make as much or no income. 4. Being Fully Responsible – your responsible for more than just decision making, you must see that everything gets done. While employees are responsible for assigned task 5. Risking One’s Investment – possibility of losing $. Investment is your money you put into the business as Capital. Capital includes building, equipment, tools, and other goods needed to produce a product.

What Does It Take to Be an Entrepreneur? Are entrepreneurs born or made?

Who Are Entrepreneurs? They’re important to the global economy They are featured in magazines, newspapers and blogs Best sellers and movies are written about them Some have become celebrities Research has been conducted to determine what if any traits, experiences, and skills entrepreneurs have in common.

Who Are Entrepreneurs? Background: a wide variety of people become entrepreneurs. A wide span of ages, educational backgrounds, and personal histories. Common life experiences 47% under the age of 35, 16% under 25 40% high school diploma or less 27% have some college, 33% completed degree Independent from an early age Worked when they were very young 62% parents or close relative owned business Influenced early in life by a role model

Entrepreneurial Characteristics Persistent Self - Confident Creative Risk-Taking Responsible Restless Inquisitive Action-Oriented Goal-Oriented Independent Self- Demanding Enthusiastic

Foundation Skills Communication Skills Organizing and Planning Skills Math Skills Teamwork Skills Problem-Solving Skills Social Skills Technical and Computer Skills Adaptability Skills Decision-Making Skills Basic Business Skills

Build Your Potential as an Entrepreneur Typical Entrepreneur fits a certain type of profile Profile is a set of characteristics or qualities that identifies a type or category of person.

Build Your Potential as an Entrepreneur If you don’t fit the profile don’t worry what’s more important is a can-do attitude and a genuine desire to go into business. Determine your current strengths for entrepreneur characteristics Its within your control to improve your entrepreneurial traits Develop your weak characteristics by practicing and acting though you have the traits you want to develop

Build Your Potential as an Entrepreneur Think Like an Achiever: a person with a record of successes Entrepreneurs are motivated by a need for achievement- an inner feeling of personal accomplishment To attain this same kind of mindset, strive to think and act like an achiever on a daily basis Set out to be the best at whatever you do Write your goals down on paper Pursue your goals with confidence and commitment Set your sights on not only accomplishing your goals, but on accomplishing the extraordinary View setbacks and other difficulties as opportunities to learn and grow

Build Your Potential as an Entrepreneur Reading: read articles and books about entrepreneurs Writing: write brief essays or stories about living or historical figures who overcame obstacles to achieve success Observing: watch fims or videos about successful business people, athletes, and other achievement oriented individuals Solving: solve case problems that call for identification of goal-oriented behavior, creativity, and moderate risk taking.

Develop Your Entrepreneur Skills Three-Step Process to gain competency in the foundation skills for entrepreneurs: Learn the techniques needed to use the skill Put the skill to work in real-world or simulated situations Ask yourself whether you got the results you want. If not, determine how you can improve and apply what you have learned.