Chapter 2 Reflection

In this chapter, we learned about the potential of an entrepreneur. In this chapter we covered the 12 characteristics of an entrepreneur, ten essential skills of an entrepreneur, and the rewards and risk of being entrepreneur. Before this chapter I had very little knowledge on what it took to be an entrepreneur even though my dad is an entrepreneur himself. In this chapter, I learned the twelve characteristics of a successful entrepreneurs which are persistent, creative, responsible, inquisitive, goal-oriented, independent, self-demanding, self-confident, risk-taking, restless, action-ordered, and ethusiastic. When an entrepreneur is persistent they are willing to work until the job is done. A creative entrepreneur is always looking for new ways to solve old problems which requires entrepreneur to be inquisitve about their product. An entrepreneur being goal-oriented means they have to set and achieve goals. This requires them to be responsible for their actions, self-demanding and have high expectations to achieve these goals, they have to be self-confident to achieve their goals, they also have to be willing to achieve their goals regardless of any new challenges that arises (restless), they have to be make decisions and act on their decisions (action-oriented), and last but not least they must be energetic in completing these goals (enthusiastic). Another thing i learned in this chapter is the ten essential skills of an entrepreneur which are foundation skills, communication skills, math skills, problem-solving skills, technology and computer skills, decision-making skills, organizing and planning skills, teamwork skills, social skills, adaptability skills, and basic business skills. These skills are very important in being an entrepreneur running a business. They are required skills that can either result in the success or failure of your business. Also, I learned the rewards and risk of being an entrepreneur. The rewards of being of an entrepreneur are that you can be your own boss, you can do something you enjoy, there is the opportunity to be creative, there is a freedom to set your own schedule, you have job security, you have the ability to make more money, and you can be recognized within the community. One of being an entrepreneur is being your own boss. Being your own boss has the ability to make all business decision pertaining to how the business is ran. Another reward is being creative. If you were an employee, there really isnt an opportunity to be creative. Being an entrepreneur gives you the opportunity to be creative and the power to act on it. Some risk of being an entrepreneur is competition, working long hours, having an uncertain income, being fully responsible, and risking one's investment. Having an uncertain income is a big risk that has to be taken when being an entrepreneur. The amount of income is based on the amount of business brought in. If there isn't a lot then the income of that entrepreneur will be low, vice versa. Another big risk is risking one's investment. This is the biggest risk for entrepreneur there is a chance you can lose your investment and all capital if the business doesn't succeed.