ENTREPRENEURS UNIVERSITY OF KENTUCKY E-DISCOVERY

ENTREPRENEURS… Are people that start their own businesses or organizations and work for themselves Can be both owners and employers Are responsible for the success or failure of their business or organization Have a “can-do” attitude Often provide an answer to a problem or a need in society ListenObserveThink

WHY IS ENTREPRENEURSHIP IMPORTANT? Small business makes up more than 99.7% of all employees The 22.9 million small businesses in the US are located in virtually every neighborhood Small businesses employ about 50% of all private sector workers Home-based businesses account for 53% of all small businesses Small businesses make up 97% of exporters and produce 29% of all export value Four years after start-up, half of all small businesses with employees remain open The latest figures show that small businesses create 75% of the net new jobs in our economy

RISKY BUSINESS Def: the possibility of damage, injury or loss Starting a business=assume risk –Intention is to make money, but you can lose money as well –Good planning helps reduce risks Risks for all businesses –Competition –Price changes –Customers –Changes in economic conditions –Embarrassment (what if it doesn’t work?)

ETHICS Def.: standards of a business or of a person that help earn trust and respect How do you think others feel about you? If you tell someone that you will do something, be somewhere at a certain time, or keep their confidence, do you follow through? Do you think they will understand if you don’t? How do you feel when others don’t follow through on promises? Can others trust you? Do you keep your word? If you sell a product and it becomes defective in a short period of time, what do you do?

CHARACTERISTICS OF AN ENTREPRENEUR Driven Can-do attitude Visionary Confident Persuasive Understanding Adaptable Competitive Risk taker Disciplined Honest Perseveres Organized

ATTITUDE The longer I live, the more I realize the impact of attitude on life. Attitude, to me is more important than facts. It is more important than the past, than education, than money, than circumstances, than failures, than successes, than what other people think or say or do. It is more important than appearance, giftedness or skill. It will make or break a company… a church… a home. The remarkable think is we have a choice every day regarding the attitude we will embrace for that day. We cannot change our past… we cannot change the fact that people will act in a certain way. We cannot change the inevitable. The only thing we can do is play on the one string we have, and that is our attitude… I am convinced that life is 10% what happens to me and 90% how I react to it. And so it is with you… we are in charge of our attitudes. From Strengthening Your Grip by Charles R. Swindoll (Word Publishing, 1998)

WHAT IS YOUR DREAM? What motivates you? What is your dream for your future? Is something holding you back? –Procrastination—”I’ll think about that tomorrow.” –Do you take “down time” every day to think and dream? –Are you constantly on the go and believe you need to fill every minute with doing something? –Are you “tied” to electronic devices? Take time to think, to dream. Face you fears! What’s the worst that can happen? Challenge yourself to be the best you can be in whatever you do. You may surprise everyone, including yourself!

INTERVIEW AN ENTREPRENEUR Examine your own career interests and interview someone that practices that career Make an appointment with the entrepreneur for minutes Pick questions from the handout to ask Dress appropriately to present yourself well Do not chew gum during the interview Cell phone should be turned off; give them your undivided attention Listen to the entrepreneur and take notes Be prepared to answer a few questions of theirs Thank them for the time they gave you Use your notes to prepare a paper highlighting the key points you learned during the interview. Due: 2 weeks from tomorrow: January 19