Your Potential as an Entrepreneur

1. Your Potential as an Entrepreneur

2. 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?

3. List the Risks and Rewards

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

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

10. 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.

11. 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

12. Entrepreneurial Characteristics

13. Foundation Skills

14. 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.

15. 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

16. 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

17. 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.

18. 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.