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Common characteristics of an entrepreneur are being independent, responsible, goal oriented, self‐confident, creative, and willing to take calculated, controllable risks. A deficiency in one of these main characteristics can limit entrepreneurial success unless the entrepreneur employs people who excel in one of the areas he/she is lacking. One of the most significant characteristics of an entrepreneur is self‐confidence. This is a belief in oneself; a belief that one can do it. Entrepreneurs must believe in their idea and develop it into a success. In order to do this he/she must overcome many obstacles. Many believe the traits needed to be a successful entrepreneur can be developed. The skills can be obtained through education, on‐the‐job training, internships, and mentors. Self‐reflection is a critical skill for entrepreneurs. The capacity to evaluate their own abilities, strengths, and weaknesses will help them pursue ventures that compliment their strengths and to know when to get help from others. *Adapted from the Master Curriculum Guide, Economics and Entrepreneurship, Lesson 2.

Time Required 2 class periods Vocabulary Entrepreneur: an individual who recognizes market opportunities (wants or problems) and uses resources to implement innovative ideas in order to create new thoughtfully planned ventures.

Human Capital: the productive capacities of human beings as income‐producing agents in the economy.

PREPARE:

Materials: • Handout 2.1: Characteristics of a Successful Entrepreneur • Visual 2.2: Characteristics of Entrepreneurs • Handout 2.3: My Entrepreneurial Traits • Review Activity: Crossword Puzzle • Extension Activity: Any of the following children’s books

Alexander, Lloyd. The Fortune Tellers. Dutton, 1992. Anderson, Hans Christian. The Emperor’s New Clothes. Scholastic, 1997. Barbour, Karen. Little Nino’s Pizzeria. Harcourt Brace, 1987. Schwartz, Ellen. Mr. Belinsky’s Bagels. Talewinds, 1997. Charlip, Remy. Fortunately. MacMillan, 1987. Dooley, Norah. Everybody Cooks Rice. First Avenue Editions, 1991. Dunrea, Oliver. The Painter Who Loved Chickens. FSG, 1995.

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Evaluation: 1. Discuss with the students how they would develop or compensate for the traits in which

they are lacking or have weak skills. 2. Ask the students what entrepreneurial skills they can work on at school. Encourage

students to find a teacher they admire ‐‐‐ someone they can connect with and who can help them develop their entrepreneurial traits and interests.

3. Give each student a crossword puzzle worksheet. Have the students complete the crossword puzzle to see if they have learned some of the basic terminology from the lesson.

CONNECT:

Graphing: Using Handout 2.1, instruct the students to pick 5 of the entrepreneurship traits from Handout 2.1 to create a pie graph. Writing: Using Handout 2.3, have students write the 5 traits on which they gave themselves the highest rating at the top of the page. Instruct the students to use the 5 traits to write a paragraph on how they would use the traits to be a successful entrepreneur. The paragraph should be no less than 10 sentences. Art: Have the students draw a self‐portrait and creatively list the traits from Handout 2.3 on which they gave themselves the highest rating.

Standards: Content Standard 14: Profit and the Entrepreneur Students will understand that entrepreneurs are people who take the risks of organizing productive resources to make goods and services. Profit is an important incentive that leads entrepreneurs to accept the risks of business failure.

• Grade 4: Entrepreneurs are individuals who are willing to take risks, to develop new products, and start new businesses. They recognize opportunities, like working for themselves, and accept challenges.

• Grade 8: In addition to profits, entrepreneurs respond to other incentives including the opportunity to be their own boss, the chance to achieve recognition, and the satisfaction of creating new products or improving existing ones. In addition to financial losses, other disincentives to which entrepreneurs respond include the responsibility, long hours, and stress of running a business.


Handout 2.1

Characteristics of a Successful Entrepreneur

Rate the traits below in terms of how important you think they are for entrepreneurial success by circling the number you think corresponds with how important the trait is.

1 being the least important and 5 being most important

Quality or trait 1 2 3 4 5 Not important Very important

1. a high level of energy 1 2 3 4 5

2. good health 1 2 3 4 5

3. ability to be a leader 1 2 3 4 5

4. a willingness to take risks 1 2 3 4 5

5. a strong desire to pursue a goal 1 2 3 4 5

6. a need to closely associate with others 1 2 3 4 5

7. a strong desire for money 1 2 3 4 5

8. a willingness to ask for help 1 2 3 4 5

9. an ability to get along with employees 1 2 3 4 5

10. being well organized 1 2 3 4 5

11. ability to depend on ones self 1 2 3 4 5

12. a need for recognition 1 2 3 4 5

13. ability to learn from failure 1 2 3 4 5

14. competitiveness 1 2 3 4 5

15. realistic about ones capabilities and goals 1 2 3 4 5

16. self‐confidence 1 2 3 4 5

17. a high energy level 1 2 3 4 5

18. ability to identify problems and find solutions 1 2 3 4 5

19. innovativeness 1 2 3 4 5

20. ability to be creative 1 2 3 4 5


Visual 2.2 Traits Named by Entrepreneurs as Important

• independent, • responsible, • goal oriented, • self‐confident, • creative problem solver • willing to take calculated risks • self‐confidence

Class Survey of Important Traits: 1) 2) 3) 4) 5)

Bessie Moore Center for Economic Education

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Entrepreneur Characteristics Created by Heather Grosze with EclipseCrossword – www.eclipsecrossword.com

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ACROSS 1. A strong need to achieve. 3. A need to closely associate with others. 5. Ability to do many things. 6. Reliance on one’s own powers and resources. 8. A willingness to take risks. 10. A desire to be creative. 12. Ability to see a problem and find the solution. 14. An advantage of entrepreneurship is that entrepreneurs can make lots of _______. 15. The need for power, control, or status. 16. The ability to be unwavering, clear, and definite. 17. Ability to lead effectively. 19. Desire and willingness to take the initiative. 20. Good physical health. 21. Willingness and ability to do something untried.

DOWN 2. A person who owns, operates, and takes the risk of a business venture. 4. To strive to outdo another or to do your best. 7. Being well organized. 9. Faith in one’s own judgment and ability. 11. Sticking to something difficult. 13. The ability to be calm and tolerant and not give up on an idea. 18. A high level of energy.


Entrepreneur Characteristics ‐ Answers Created by Heather Grosze with EclipseCrossword – www.eclipsecrossword.com

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ACROSS 1. Highachiever ‐ A strong need to achieve. 3. Social ‐ A need to closely associate with others. 5. Versatility ‐ Ability to do many things. 6. Selfreliance ‐ Reliance on one’s own powers and resources. 8. Risktaker ‐ A willingness to take risks. 10. Creativity ‐ A desire to be creative. 12. Problemsolver ‐ Ability to see a problem and find the solution. 14. Money ‐ An advantage of entrepreneurship is that entrepreneurs can make lots of _______. 15. Powerful ‐ The need for power, control, or status. 16. Determined ‐ The ability to be unwavering, clear, and definite. 17. Leader ‐ Ability to lead effectively. 19. Selfstarter ‐ Desire and willingness to take the initiative. 20. Healthy ‐ Good physical health. 21. Innovativeness ‐ Willingness and ability to do something untried.

DOWN 2. Entrepreneur ‐ A person who owns, operates, and takes the risk of a business venture. 4. Competitive ‐ To strive to outdo another or to do your best. 7. Organization ‐ Being well organized. 9. Selfconfident ‐ Faith in one’s own judgment and ability. 11. Perserverance ‐ Sticking to something difficult. 13. Patience ‐ The ability to be calm and tolerant and not give up on an idea. 18. Energetic ‐ A high level of energy.

Documents

By: Heat her Grosze Hog Wild ab out En trepr eneur ship ... · Vocabulary Entrepreneur: an individual who recognizes market opportunities (wants or problems) and uses resources to