Introduction to Entrepreneurship

Introduction to Entrepreneurship

​What is an Entrepreneur

• ENTREPRENEUR: someone who owns, operates, and manages his or her own business.​

• ​ENTREPRENEURSHIP: the process of identifying an opportunity then setting up and running a business to address that opportunity

• ​An employee is someone who works for someone else; an entrepreneur works for himself or herself.

• ​A freelancer is someone who contracts his or her work for different companies to complete projects or assignments.

​What is an Entrepreneur

• There are over forty million Americans who work as freelancers or own a small business.

• ​Freelancers get paid by the hour, day, or project.

• ​A small business is a business that has fewer than 500 employees—that could be anywhere from 1–500.

• ​You can start and run your own business—yes you! Being an entrepreneur will require hard work, but the benefits can be fantastic.

​The Benefits of Working

for Yourself

• Working for yourself sounds like the best thing on Earth

• Working for yourself, however, requires discipline and motivation

• There are many positives when it comes to working for yourself.

• ​While there are a lot of benefits, you must also be aware of the risks.

​Traits of an Entrepreneur

• Entrepreneurs have a wide variety of skills, experiences, and desires.

• ​They may all measure success differently, you find very similar traits.

• ​List some core characteristics shared by most entrepreneurs

​Work Ethic

• What is work ethic?

• ​Having a strong work ethic involves several things such as:

  • ​Dependability

  • ​Professionalism

  • ​Dedication

  • ​Character

  • ​Gratitude

​Personal Management

• Personal management relates to setting short-term and long-term goals for yourself and your business.

• ​Personal management is important when you work for yourself—this includes doing freelance work for others.

​Personal Management

• You need to be able to manage your personal calendar and work schedule

• ​Personal management requires the ability to organize all of the activity associated with your business.

​Leadership Qualities

• A leader, by definition, is someone who leads—or has the ability to lead—others.

• ​The things we look for in a leader are also the things others expect to see from us.

​Leadership Qualities

• ​People who are the best leaders demonstrate these character qualities:

​Fundamentals of Communication

• ​Here are some of the most important characteristics of effective communication:

• ​Integrity — Be consistent in your actions, values, attitudes, principles, and methods; do the right thing in the right way; do what you say you are going to do when you say you are going to do it.

• ​Honesty — Always tell the truth, even when you make a mistake; people need to know they can count on you and trust what you say.

• ​Personal — When it’s important, make a phone call or a face-to-face appointment; sometimes an email or text is not the best way to handle a situation; don’t be afraid to talk to your customers and look them in the eyes.

​Fundamentals of Communication

• ​Use Names — Talk to customers by using their names; learning names and using them conveys respect and personal connection; a person’s name is an emotionally powerful word to them.

• ​Courtesy — Being courteous conveys respect; have a positive tone; say please, thank you, and you’re welcome; make sure to smile.

• ​Humor — Humor can lighten the mood and convey personality; be careful not to get sarcastic or offensive; don’t take yourself too seriously.

• ​Listening — Actively listen to how others respond so you can understand their concerns; attentive listening allows you to articulate the best response.

​Fundamentals of Communication

• Quick Response — Return phone calls and emails as fast as possible; responding quickly makes your customers feel important and appreciated, which earns you more business.

• ​Follow up — It’s always a good idea to follow up a conversation with a written reply of appreciation as well as restating what was discussed or decided to make sure it is correct.

• ​Ask Questions — Ask questions to gain clarification and avoid misunderstandings; don’t make assumptions.

​Dealing with Conflict

• It’s impossible to please everyone 100% of time.

• That’s why you need to know how to appropriately deal with conflict, instead of running away from it.

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​Dealing with Conflict

• ​Here are some ways to handle conflict rather than allowing it to hurt your business:

  • ​Take Responsibility — If a problem is your fault, own up to it and fix it; if a customer thinks a problem is your fault, do what you can to fix it. Acknowledging problems, rather than trying to hide them, is the best way to deal with your customers.

  • ​Identify Mistakes — If you notice a mistake, let your customer know. It is always best to be proactive instead of hoping they won’t notice. When you identify the mistake, let your customer know how you are going to fix it.

​Dealing with Conflict

• ​Stay Calm — When dealing with conflict, it’s important to remain calm . . . even if someone is really upset with you. Assure your customer that you will do everything you can (within reason) to take care of the situation.

• ​Listen Carefully — Pay attention to what your customer says. Acknowledge their feelings and repeat what you hear back to them to make sure you understand their needs.

• ​Commit to Resolution — Make a commitment to find a resolution by offering to do whatever you’re able to make the situation right.

• ​Follow Up — Follow up with your customer to make sure the situation was resolved or to express your regret if you could not reach a resolution. Thank your customer for bringing the issue to your attention.

What you Learn from Work!

• Life Skills

• Work Ethic

• Stick to a Task

• Showing up on Time

• Communication Skills

Lesson from Work Continued

• Technology Based Skills -Apps, Programs

• Organizational Skills

• Time Management Skills

• Prioritizing Tasks

• 
  

Communicate Clearly

Learning how to communicate clearly is important not only in business but also in your personal life.

Learn to Listen Better

• Looking Someone in the Eye

• Pay Attention to what they Say

• Repeat Back what you Hear

• Ask Questions

Avoid Filler Words

• Such as: Um, Ah and Like

• Gives your brain a pause

• Makes Communication Difficult

• Becomes a Distraction

Develop Entrepreneurial Traits

• Determined

• Fast Learner

• Risk Taker

• Passionate

• Creative Thinker

• Confident

• Independent