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:
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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