How To Handle Every Entrepreneurs Challenge With Ease Using These Tips
Marcellous Curtis
An entrepreneur is someone who takes a risk in starting a business to earn a profit.
Characteristics of Entrepreneurs
Must have a developed initial plan and desire to be your own boss Innovation and special skills are also necessary
Entrepreneurship is the process of starting, organizing, managing, and assuming the responsibility for a business.
What Does it Take?
Not all business owners are entrepreneurs Must have confidence and capability to turn an idea into a business Come from all genders, ages, ethnic groups (more are male but more even for young ent.). Must have an understanding of business operations, but doesn’t need to come from a degree Often ideas come from problems in daily life… Makin Bacon® example
Entrepreneurial Characteristics
Most entrepreneurs possess the following characteristics: 1. Risk Takers 2. Perceptive 3. Curious 4. Imaginative 5. Persistent 6. Goal-Setters 7. Hardworking 8. Self-Confident 9. Flexible 10. Independent
Successful entrepreneurs minimize and manage risk through proper business planning and assessment of the venture’s prospects for success.
Risk Taker
There is no sure thing in business. A failed business could mean bankruptcy or near bankruptcy. Not everyone can cope with that stress
Entrepreneurs do not avoid problems
Perceptive
Problems are perceived as opportunities to learn, improve, grow, create and develop new ideas
Entrepreneurs like to know: How things work? Could things work?
Curious
And answer questions such as: What if? And I wonder…
Entrepreneurs do the research to find out the answers
They have a vision (visionaries)
Imaginative
Entrepreneurs imagine solutions to problems and create new products or generate new ideas
Successful entrepreneurs do not give up.
Persistent
Successful entrepreneurs face constant challenges such as: 1. mistakes made 2. money and family stress 3. confronting criticism 4. unforseen events
1. setting new goals
2. mapping out the steps to take to reach their goals.
Goal Setter
Successful entrepreneurs are motivated by:
The road to excellence is not paved by a single act, but rather a series of acts.
Hardworking
No success comes easy. There is no easy way to be successful.
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Believe their efforts will pay off
Self-Con dent
Entrepreneurs believe in themselves – they have a postive self-worth (self-esteem), and selfimage
Flexible
Entrepreneurs view change as an opportunity
Must be able to be flexible and adapt to changing trends in the market, technology, economic environment and competitive environments.
The only constant in life and business is change
They don’t like to work in a controlled environment being told what to do.
Independent
Entrepreneurs have a need to be in control of their own destiny.
Skill means having the knowledge and ability to do something specific.
Entrepreneurial Skills
Skills are easier to develop than characteristics. Entrepreneurs have a variety of skills including:
1. Research 2. Leadership and Management Skills 3. Relationship Skills
One of the most important research skills is knowing what questions to ask.
1. Research Skills
The first step in acquiring knowledge and information is asking a good question.
Entrepreneurs may begin with questions such as: 1. “Why is that?” 2. “What if?” 3. “How does that work?” 4. “How could I make it easier to..”? etc
Research Skills
Research Process 1. Ask the questions 2. Gather the research 3. Organize the data collected 4. Analyze/Interpret data collected 5. Draw conclusions
6. Map out next steps
Entrepreneurship is a key part of the economy
Entrepreneurship and the Economy
Nearly one in ten of all Americans 18-64 is involved in some form of entrepreneurship More than 670,000 new businesses are created annually
Businesses with fewer than 500 employees are responsible for over 60% of new jobs created between 1993 and 2003
Thank You