Contemporary Entrepreneurship

You as an Entrepreneur

Contemporary Entrepreneurship

You as an Entrepreneur

Ron Runyan, Presenter

ROP Business and Computer Applications

The EntrepreneurThe Entrepreneur

Entrepreneurship -- the act of managing an enterprise that has potential to make a profit or incur a loss.

Entrepreneur -- an individual who is willing to take the risk of investing time and money in a business that has the potential to make a profit or incur a loss.

Why Become an Entrepreneur?Why Become an Entrepreneur?

Control of personal destiny

Freedom from direct supervision of a boss– still accountable to customers, bankers,

suppliers… Potential to achieve profits greater than a

salary– [More new small businesses fail than succeed…know

why and reduce the risks]

Successful EntrepreneursSuccessful Entrepreneurs

Confidence to make decisions

Determination and Perseverance

Creativity Need to Achieve

– Setting new goals Commitment to and

setting Personal goals

The Right EnvironmentCareer Anchors

The Right EnvironmentCareer Anchors

Technical Anchor–– To do a job correctly

– Technicians, surgeons

Managerial Anchor--

– Enjoy working with people and having many duties and responsibilities

– Chain store owners, manufacturers

Security Anchors—– Regular paycheck– Company benefits– Long-term employment– McDonald’s P-Hut

Creativity Anchor—– Unique ideas– Advertiser, merchandiser

Autonomy Anchor—– Free thinker, individualist– Inventor, writer, artist

A career anchor analysis allows an individual to properly identify areas of interest and satisfaction in choosing a vocation.

Asking the Right QuestionsAsking the Right Questions

Knowledge– Who, What, When, Where, How?– Describe

Comprehension- organization and selection of facts and ideas– Retell_______ in your own words– What is the main idea of _____?

Application- use of facts, rules, principles– How is _____ an example of ____?– How is _____ related to _____?– Why is _____________ significant?

Asking the Right QuestionsAsking the Right Questions

Analysis- separation of whole into component parts– What are the parts or features of ________?– Outline, diagram, web _____– How does _____ compare/contrast with _____?

Synthesis- combining ideas to form a new whole– What ideas can you add to ___________?– How would you create/design a new _________?– What might happen if you combine _______ with _______?

Evaluation- development of opinions, judgments, decisions– Do you agree __________________?– What do you think about ________________?– What is the most important ___________________?

VANEVANE

Values– Intangible beliefs of

inner conviction Attitudes

– How we feel about something

Needs– Tangibles-things we

see– Intangibles-things we

feel

Expectations– Minimum goals we

attempt to achieve

Perform your own VANE analysis…

Consider personal goals needed before opening a business?

Setting Personal GoalsSetting Personal Goals

In line with my governing values Time Dimensioned – measurable Clearly and specifically defined

– Written Owned – must be your own goals Realistic – doable, attainable Am I willing to pay the price?

Setting Personal GoalsSetting Personal Goals

Making Choices– Income– Personal satisfaction– Status

Type of Work Life-style Capabilities

– physical– psychological