Entrepreneurship vs Employment

How Employees and Entrepreneurs Differ

• Risk is the chance of losing something, and entrepreneurs take more risks than employees.
• Employees work for someone else, while entrepreneurs work for themselves.
• Employees risk losing their job, but still get paid, whereas entrepreneurs risk not being able to pay their employees or themselves if the business is slow.

Big Business versus Small Business

• The Small Business Administration (SBA) defines a small business as having fewer than 100 employees (or 500 for manufacturing).

Internships and Apprenticeships

• Internships and apprenticeships are short-term programs (a few weeks to a year) that provide on-the-job training in a business setting, and may or may not be paid.

Rewards of Being an Entrepreneur

• Making your own rules
• Doing work you enjoy
• Creating greater wealth
• Helping your community

Risks of Being an Entrepreneur

• Potential business failure
• Unexpected obstacles
• Financial insecurity
• Long hours and hard work

Personal Characteristics of Entrepreneurs

• Courage
• Creativity
• Curiosity
• Determination
• Discipline
• Empathy
• Enthusiasm
• Flexibility
• Honesty
• Patience
• Responsibility

Essential Skills for Entrepreneurs

• Business skill
• Communication skill
• Computer skill
• Decision-making and problem-solving skills
• Mathematical skill
• Organizational skill
• People skill

Increasing Your Potential

• Six specific areas to increase your business and entrepreneurial potential:
  • Business knowledge
  • Financial skills
  • Career exploration
  • Community awareness
  • Education
  • Relationships

Thinking like an Entrepreneur

• Involves observing, listening, and thinking skills
• Develop a vision for your life

Vocabulary

• Business: an organization that provides products or services
• Employee: someone who works in a business owned by someone else
• Entrepreneur: someone who creates and runs a business
• Internship: on-the-job training in a business setting
• Apprenticeship: technical or trade skill is taught
• Entrepreneurship: the process of being an entrepreneur
• Green Company: uses business strategies to protect and improve the environment
• Self-assessment: evaluating your strengths and weaknesses
• Aptitude: naturally good at a particular type of work/task
• Attitude: a way of viewing/thinking about something that affects how you feel about it
• Skill: ability to learn through training and practice
• Mentor: experienced people who volunteer to share their knowledge
• Intrapreneurship: giving employees opportunities to think like an entrepreneur
• Vision: a "picture" of what you want to be in the future