Module 1: You as an Entrepreneur

Definition

Learning Objective

Define entrepreneurship.

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Key Takeaway

Some people think entrepreneurship is just about business, while others see it more as a mindset—a willingness to take risks and create something new. Entrepreneurs are a big part of the economy. They bring fresh ideas, create jobs, and help things grow and improve.

The idea of an entrepreneur is really thinking out of the box and taking risks and stepping up to major challenges. You can be entrepreneurial even if you don’t want to be in business.
—Steve Case, founder of America Online

Learning

Learning Objective

Identify how learning about entrepreneurship connects with what you care about.

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Workbook

In your workbook, write about how entrepreneurship connects with what you care about in the Learning Section.

Key Takeaway

We learn what we care about. You connected learning about entrepreneurship with what you care about.

Potential entrepreneurs are outsiders. They are people who imagine things as they might be, not as they are, and have the drive to change the world around them.
—Anita Roddick,  founder of The Body Shop

Reason

Learning Objective

Recognize the reason for starting a business.

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Key Takeaway

The reason to start a business is to meet the need of a customer. Business depends on customers.

There is only one valid definition of business: to create a customer.
—Peter Drucker, Management Consultant

Skills

Learning Objective

Identify the entrepreneurial skills you currently have and those you will develop.

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The following skills are part of entrepreneurial success:

• Planning: Set goals, create action plans, forecast, evaluate results
• Marketing: Sales, promotions, pricing, public relations
• Financial: Accounting, bookkeeping, manage cash flow, budgeting
• Management: Recruitment, team building, motivation
• Organizational: Maintain records, set up systems, time management
• Negotiating: Take other perspectives, coordinate motivation, reach agreement
• Decision Making: Define problem, develop and analyze alternative solutions
• Communication: Speaking, writing, presenting

Workbook

In your workbook, identify the business skills you want to develop in the Skills Section.

Key Takeaway

Successful entrepreneurs have many skills. You may already have some of these skills, and others you will develop.

Work hard, be patient, and be a sponge while learning your business.
—Simon Cowell, Media Entrepreneur

Characteristics

Learning Objective

Assess your entrepreneurial characteristics.

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Workbook

In your workbook, assess your entrepreneurial characteristics in the Characteristics Section.

Key Takeaway

There is no standard entrepreneur personality, but there are some common entrepreneur characteristics. You may already have some of these characteristics and can develop others as you pursue your entrepreneurial purpose, vision, and values.

I think a great entrepreneur is learning every day. An entrepreneur is somebody that doesn’t take no for an answer — they’re going to figure something out. They also take responsibility. They don’t blame anybody else. And they’re dreamers in one sense but they’re also realistic and they take affordable steps when they can.
—Daymond John, CEO and Founder of FUBU

Thought Process

Learning Objective

Identify the unique way entrepreneurs think.

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Workbook

In your workbook, answer what problem(s) you would like to solve as an entrepreneur in the Thought Process Section.

Key Takeaway

Entrepreneurs solve problems. Businesses need to provide a product or service that will solve a problem.

Our product, knowledge, and service are what have kept us in business over the years.
—Mike Aragosa, Marty’s True Value Hardware

Passion

Learning Objective

Identify what you are passionate about.

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Workbook

In your workbook, respond to the questions in the Passion Section that will help you better understand what sparks your entrepreneurial passion.

Key Takeaway

Passion drives the desire to succeed. It results from deeply caring about something or someone.

Purpose

Learning Objective

Discover your entrepreneurial purpose.

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Workbook

In your workbook, complete the exercise in the Purpose Section that will help you discover your entrepreneurial purpose.

Key Takeaway

Your purpose is the reason you do something. It lies at the intersection of what you love, what you are good at, what the world (or your customer) needs, and what you can be paid for.

Vision

Learning Objective

Define your entrepreneurial vision.

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Workbook

In your workbook, write about what you envisioned during the video in the Vision Section.

Key Takeaway

To fulfill your purpose, you need to be able to envision what it would look like completed. You cannot create what you cannot envision.

The entrepreneur is essentially a visualizer and actualizer… He (or she) can visualize something, and when he (or she) visualizes it he (or she) sees exactly how to make it happen.
—Robert L. Schwartz, Writer and Entrepreneur

Values & Principles

Learning Objective

Identify your entrepreneurial values and principles.

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Michael Josephson of the Josephson Institute highlights 12 ethical principles to consider when operating a business:

• Honesty
• Integrity
• Promise-keeping
• Loyalty
• Fairness
• Caring
• Respect for others
• Law-abiding
• Commitment to excellence
• Leadership
• Reputation and morale
• Accountability

Workbook

In your workbook, complete the exercise in the Values and Principles Section to identify your entrepreneurial values and principles.

Key Takeaway

Principles are the standards upon which you base your actions. You should have a thoughtful set of ethical principles established for your business. These principles can guide your life and in turn your business choices.

Resource

Read more about the Josephson Insitute’s 12 business principles here.

Motivation

Learning Objective

Identify ways to stay motivated in your entrepreneurial journey.

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Here are some suggestions for maintaining your motivation as you work through the many challenges of starting a business.

• Remember why you decided to start the business
• Review your mission, vision, and values
• Inject some fun into what you are doing
• Give yourself incentives
• Reward yourself for accomplishments
• Recognize the progress you have already made
• Talk with your supporters
• Take a break
• Read about how others overcame challenges to achieve what you seek
• View inspirational movies
• Listen to inspiring music
• Vent your frustrations in a personal journal
• Take some small action toward your goal
• Build on small successes
• Focus on the end result rather than on the challenges
• Post pictures that represent your goal
• Replace negative self-talk with positive statements
• Don’t take yourself too seriously
• Look for the lessons in difficult times
• Smile even when you don’t feel like it
• Create something
• Play
• Take deep breaths
• Appreciate what you have
• Stay focused on the here and now
• Be an inspiration to someone else
• Sing in the shower
• Get some exercise
• Help someone else

Workbook

In your workbook, write down things you can do to boost your entrepreneurial motivation in the Motivation Section.

Key Takeaway

Running your own business will not always be easy, so it’s important to consider ways to stay motivated even when times are tough.

Successful and unsuccessful people do not vary greatly in their abilities. They vary in their desires to reach their potential.
—John Maxwell; Author, Coach, and Speaker

Success is not final, failure is not fatal: it is the courage to continue that counts.
—Winston Churchill, Former UK Prime Minister

Social Entrepreneurship

Learning Objective

Assess whether social entrepreneurship might be right for you.

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Here are some of the issues being addressed by social entrepreneurs: 

• Aging
• Animal Rights
• Child Abuse
• Criminal Justice
• Disabilities
• Discrimination
• Economic Development
• Education
• Energy
• Environment
• Equality
• Health
• Housing
• Human Rights
• Nutrition
• Pollution
• Poverty
• Substance Abuse
• Waste Management and Recycling
• Water Supply

Workbook

In your workbook, answer the questions in the Social Entrepreneurship Section to assess whether social entrepreneurship might be right for you.

Key Takeaway

Social entrepreneurs start businesses to address social issues. They’re driven by a desire to make the world a better place. If your main motivation is to create positive change rather than just making money, social entrepreneurship might be the right path for you.

Resource

The Skoll Foundation’s website has a wealth of information for and about social entrepreneurs

Mentors

Learning Objective

Identify potential mentors to help you begin your entrepreneurial journey.

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Below you’ll find more tips for identifying and approaching possible mentors, as well as how to work with a mentor.

Tips for Identifying Mentors

• Ask business advisors, teachers, relatives, or neighbors for individuals they would recommend.
• Inquire at the local chamber of commerce or business associations in the industry you might like to enter.
• Identify individuals in your community who are successful doing what you would like to do.

Tips for Approaching Mentors

• Have a mutual acquaintance introduce you.
• Write to your prospective mentor explaining your interest in meeting with them.
• Invite your prospective mentor to lunch for the purpose of learning how they achieved their success.
• Attend business association meetings and network with members.
• Volunteer to work a set amount of time for the individual in return for them teaching you what you seek to learn.

Tips for Working with Mentors

• Share your learning goals with the mentor and establish with which goals the mentor can assist you.
• Establish how you will communicate with each other—face to face, email, phone.
• Decide how frequently you will meet.
• Respect your mentor’s time by keeping appointments, following through on agreed actions, and limiting contact outside of scheduled meetings.
• Don’t ask your mentor to do what you should and can do yourself.
• Don’t use your mentor as a personal counselor or therapist.
• Keep confidential what your mentor shares with you.
• Don’t hesitate to ask what you may consider to be “silly” questions.
• Express your gratitude for your mentor’s help.
• Use your judgment in following your mentor’s advice. The responsibility for decisions made in your business is yours. 

Note: If you are unable to have a mentor work with you directly, you can turn to books and the internet. Read the biographies of successful entrepreneurs. Read books, blogs, and articles on entrepreneurship. Seek out business videos and podcasts.

Workbook

In your workbook, complete the questions in the Mentors Section to help you identify people who can help you begin your entrepreneurial journey.

Key Takeaway

A mentor is someone who has the expertise to help you successfully build a business and is willing to share their knowledge, skills, and experience with you. You identified potential mentors who may be able to guide you in your entrepreneurial journey.

A lot of people…are very curious about how to break into…business, but they don’t know how to ask the right questions.
—Malia Mills, Swimsuit Designer