This is National Entrepreneurship Week Feb 20-27, 2010. This year‘s theme is Entrepreneurial Literacy Empowers Everyone. This is a theme that I truly embrace.
Whether you are still working in corporate America, running a nonprofit, or leading the charge in your own small business – being able to evaluate things from a business perspective will always enable you to be more successful.
So What is Entrepreneurial Literacy?
The organizers of this week-long celebration in honor of Entrepreneurship in America define it as having some basic knowledge of how a business is created and managed.
I have a slightly different definition. When you are entrepreneurial literate, you are a student of small business. You do not just rest on your idea and marketing efforts. You constantly work to refine your business model. You are someone who makes sure your passion has a profit center.
Entrepreneurial Literacy is important because too many people who want to start small businesses lack critical understanding about financial matters including budgeting, taxes, balancing a checkbook, managing credit cards or lines of credit, and developing sales projections.
Here’s a fact: if you do not manage your household with a budget you are far less likely to manage your business with budget. The best business owners make business decisions based on up-to-date financial information that is tracked against a budget.
Your journey to become an entrepreneur starts from real experiences that test your knowledge and skills and motivations.
Pursuing entrepreneurial literacy is about the research you do as you prepare to start your business. The more you learn and grow, the better business leader you will be. Real entrepreneurial skills come from your work and industry experience, and your willingness to continue learning.
Entrepreneurial Literacy is a real necessity if you have plans to Become Your Own Boss. These are the skills that empower everyone to succeed in business and fuel the American economy with 60-80% of the net new jobs.
Here are 15 Questions for All Would-Be Entrepreneurs
- Do you have the career skills and experiences to become a successful entrepreneur?
- What personality traits are more likely to lead to success as an entrepreneur?
- What taxes do entrepreneurs pay?
- What items are part of a firm’s operating costs?
- How can an entrepreneur learn about what his/her customers want?
- How can computer skills help with business operations?
- How do small business owners deal with risk?
- How does personal financial literacy relate to business financial literacy?
- What factors determine where to locate a business?
- Why is branding important?
- How does competition affect entrepreneurship?
- What percent of American firms have no employees working for them? Why is this important?
- What are some sources of funding to start a business?
- What should you do if business drops off?
- What should an entrepreneur consider when hiring employees for the business?
National Entrepreneurship Week is sponsored by The Consortium for Entrepreneurship Education which believes that “Entrepreneurs are not born….rather they ‘become’ through the experiences of their lives.” (Albert Shapero – OSU) For more information http://www.nationaleweek.org/
Are there any other questions that need to go on this list? Please leave a comment.
WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:
Melinda Emerson “Smallbizlady” is a seasoned entrepreneur, professional speaker, and small business coach. Her areas of expertise include small business start-up, business development and social media marketing. Melinda hosts #Smallbizchat, a weekly talk show on Twitter. Melinda’s first book Become Your Own Boss in 12 months; A Month-by-Month Guide to Start a Business that Works is due out in March 2010 by Adams Media.
Hi Melinda, just read your quiz and reposted on Twitter. Great post! You might be interested in reading my recent blog posts on youth entrepreneurship vs. unemployment and the prison system. I firmly believe that laying the foundation of entrepreneurialism in our children’s education is the first step to changing the status quo. Would love to hear your feedback.
Thanks!
Anthony
.-= Anthony Delmedico´s last blog ..Youth Entrepreneurship vs. Unemployment in the U.S. =-.
Anthony—
Thank you for your comment. I completely agree with you that entrepreneurship needs to be taught in K-12 education just like civics. I too firmly believe that laying the foundation of entrepreneurialism in our children’s education is the key to keeping America as the leader of innovation in the free world.
My best to you.
Melinda
@smallbizlady
Love this post! Entrepreneurial literacy is something that definitely needs to be talked about in the world today. “Being able to evaluate things from a business perspective will always enable you to be more successful.” Very true!
.-= Angela Delmedico´s last blog ..Youth Entrepreneurship vs. Unemployment in the U.S. =-.
Angela–
Thanks for your comment. If you business isn’t making money–it doesn’t make any sense. Getting on top of your financials so that you can make sure you are making money with every sale is critically important.
Here’s to your continued success,
Best–
Melinda
Gaston– Thanks for the encouragement. If you pitch me a topic, I will consider it.
Best–
Melinda
@Smallbizlady
Hi there–
You have to stay tuned to this blog. I answers of the questions in that list every Monday when I post a fresh blog post. If you are a Twitter user perhaps we can talk about your being a guest on #Smallbizchat.
Best–
Melinda
@Smallbizlady