Chapter 3 Chapter 3

Assessing your PotentialAssessing your Potential

What do you want to be?What do you want to be?

What do you want to be?What do you want to be?

32% of youth want to open their own 32% of youth want to open their own businessbusiness

28% want to be movie or rock stars28% want to be movie or rock stars 27% want to be big executives27% want to be big executives

Biggest ChallengesBiggest Challenges

Lack of experienceLack of experience Lack of knowing how to run a businessLack of knowing how to run a business Getting financing- lots of paper work to fileGetting financing- lots of paper work to file No credit history- no way of proving to a No credit history- no way of proving to a

bank that you will pay off your loansbank that you will pay off your loans Cell phone contractsCell phone contracts

How to get experienceHow to get experience

Part-time jobsPart-time jobs VolunteeringVolunteering School teamsSchool teams Ideally if you can work in a related industry Ideally if you can work in a related industry

you will : you will : Build a network of contactsBuild a network of contacts Learn how the industry worksLearn how the industry works Learn how the business worksLearn how the business works

Once an entrepreneur has a business idea Once an entrepreneur has a business idea how do they turn that idea into something?how do they turn that idea into something?

Goal Setting?? Who cares?Goal Setting?? Who cares?

Why is goal setting important?Why is goal setting important?

SMART goal settingSMART goal setting

Everyone needs to have goalsEveryone needs to have goals

SSimple- ie graduate from highschoolimple- ie graduate from highschool MMeasurable- pass all courseseasurable- pass all courses AAchievable/chievable/RRealistic- goals should be ealistic- goals should be

challenging ie get a 75% averagechallenging ie get a 75% average TTimely- target date for achieving goalsimely- target date for achieving goals

Short-term goalsShort-term goals Goals you will achieve in the near future (e.g., Goals you will achieve in the near future (e.g.,

in a day, within a week, or possibly within a in a day, within a week, or possibly within a few months).few months).

Long-term goalsLong-term goals Goals you will achieve over a longer period of Goals you will achieve over a longer period of

time (e.g., one semester, one year, five years, time (e.g., one semester, one year, five years, or twenty years).or twenty years).

Don’t ProcrastinateDon’t Procrastinate

Don’t make excuses ie too busy, that is Don’t make excuses ie too busy, that is too far away for me to worry about…too far away for me to worry about…

set goals that answer the question:set goals that answer the question: Is this achievement important to me?Is this achievement important to me?

Get Down and Get busy!Get Down and Get busy!

Set a short term and a long term goal for Set a short term and a long term goal for

yourself. They should be related. In other yourself. They should be related. In other words. Your short term goal should help words. Your short term goal should help you reach your long term goal. you reach your long term goal.

Use the SMART principle for each of your Use the SMART principle for each of your goalsgoals