Most entrepreneurs have some college education and use personal funds to start businesses. Over half of business owners who have employees work overtime. The majority of business owners are over 35 years old, with one-third over 55. Minority and women business ownership has significantly increased over time. Successful entrepreneurs demonstrate traits like courage, creativity, and determination as well as skills in areas such as communication, problem-solving, and working with people. Studying entrepreneurship can help develop an entrepreneurial mindset regardless of whether one starts a business.

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