Chapter 3

Assessing Your Entrepreneurial Potential

Reminder: October 2, Ent Presentation-October 9

Business for a Day

Most Desirable Professions Entrepreneur Filmmaker, artist, musician Executive at a large company Teacher Lawyer Doctor Director of a not-for-profit venture Stockbroker Politician Commissioned salesperson http://www.careercast.com/jobs-rated/

2012-ranking-200-jobs-best-worst

Challenges Facing Young Entrepreneurs

Lack of experience and knowledge No credit history No collateral

The Value of Experience

If you plan to launch your own venture, working part-time or full-time in a related industry will give you the opportunity to: Learn about the infrastructure Develop a positive reputation in the

industry Build a network of contacts Earn money you can save for the future Learn firsthand about the industry

Setting Goals

A goal is the purpose of your work – the objective you wish to reach

Goals should always follow the SMART principle Simple Measurable Achievable Realistic Timely

Classwork:

Prepare a wish list of 10 things that you would like to have or do. Make sure that they follow the SMART principle. (Simple, Measureable, Achievable, Realistic, Timely)

Rank your wishes in order of priority and set a target date for the achievement of each.

Go through the list and cross out the ones that you think are impossible to attain and state why.

Set the goals on a timeline, starting from now until 50 years in the future.

Classifying Your Skills

Interpersonal skills: Willingness and ability to talk to others,

especially those different from ourselves Ability to listen and understand what

others are saying Ability to motivate and encourage

others Skills for negotiating and resolving

conflicts Caring for yourself and others

Classifying Your Skills…con’td

Critical-and-Creative Thinking Skills: Ability to solve problems by evaluating a

variety of solutions Having the confidence to make a decision and

act on it The ability to set goals, plan how to achieve

them, and carry out the plan Keeping records and being accountable for all

actions undertaken The ability to generate ideas and identify

opportunities

Classifying Your Skills…con’t

Practical skills: The ability to use special tools designed

for a specific job Ex. a mechanic, a plumber, a construction

worker, a translator, an accountant