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  • 1. Chapter 1 Section 1.2 – Characteristics of Successful Entrepreneurs
  • 2. • 64% of all business owners had some college education. • More than 60% of business owners used money of their own, or from families to start their business. • Slightly more than 50% of the business owners who had employees worked overtime. Who are Entrepreneurs?
  • 3. • Business Statistics on Business Owners: • • • • • 1/3 are over 55 years old 29% were between 45-54 24% were between 35-44 12% were between 25-34 2% were under 25 Who are Entrepreneurs?
  • 4. • Business Statistics of Business Owners: • Minority Business Owners • Increased from 7% in 1982 to 18% in 2002 • Women Business Owners • Increased from 1.76 million in 1976 to 3.75 in 2000. Who are Entrepreneurs
  • 5. • Self Assessment – the art of evaluating your strengths and weaknesses.  Helps you maximize your strengths and improve upon your weaknesses. • Aptitudes and Attitudes:  Aptitude – is your natural ability to do a particular type of work or activity well.  Attitude – is a way of thinking about something that affects how you feel about it. • Even though you do not get the opportunity to select your aptitude, you can influence your attitude. Characteristics
  • 6. • Courage  willingness to take risks in spite of possible losses. • Creativity  inventing new ways of doing things; thinking outside of the box. • Curiosity  the desire to learn and ask questions. • Determination  refusing to quit in spite of obstacles. Personal Characteristics
  • 7. • Discipline  the ability to stay focused and follow a schedule to meet deadlines. • Empathy  Being sensitive to the thoughts and feelings of others. • Enthusiasm  being passionate about something; the ability to see problems and opportunities. Personal Characteristics
  • 8. • Flexibility  the ability to adapt to new situations. • Honesty  a commitment to being truthful and sincere with others. • Patience  Recognizing that most goals are not reached overnight. • Responsibility  being accountable for your decisions and actions; not passing the buck. Personal Characteristics
  • 9. • Skill • is an ability that’s learned through training and practice. • Skills of Successful Entrepreneurs: • Business Skills • understanding how to create and manage a business. Skills
  • 10. • Communication Skills  the ability to listen well, write well, and speak well. • Computer Skills  the ability to use technology tools effectively. • Decision Making Skills & Problem Solving Skills • Knowing how to apply logic, information, and past experiences to new decisions and problems. Skills of Successful Entrepreneurs
  • 11. • Mathematical Skills  using math to create budgets, keep accurate rate records, and financial statements. • Organizational Skills  the knack of keeping tasks and information in order; the ability to plan well and manage your time. • People Skills  the ability to persuade and motivate people; knowing how to be a leader and work with a team. Skills of Successful Entrepreneurs
  • 12. • Business Knowledge • Make a habit of reading newspapers, searching the internet, watch films and television programs about successful business entrepreneurs. • Financial Skills • Strengthen your math skills by taking such courses as accounting, personal finance and investing. Increasing Your Potential
  • 13. • Career Exploration  Evaluate your strengths and weaknesses.  Explore careers that interest you and match your aptitude and attitude.  Put together a career portfolio that summarizes your achievements and lists your activities. • Community Awareness  Volunteer in your community  Look for internships Increasing Your Potential
  • 14. • Education • Take advantages to learn new things. • Degrees, certifications, or diplomas all advance opportunities. • Relationships • Spend time with people who inspire you. • Mentors – provide free guidance, tutoring, and suggestions for achieving your goals. Increasing Your Potential
  • 15. • Owning a business is not for everyone, but the principles that you can obtain from entrepreneurship can factor positively in your life for the future. • Think Like an Entrepreneur: • Observe • Listen • Think Why Study Entrepreneurship
  • 16. • Intrapreneurship • giving employees the opportunity to be creative and try out new ideas, almost like being an entrepreneur within the company. • Vision • a vision is a “picture” of what you want in the future to be. Why Study Entrepreneurship