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Chapter 3 Assessing Your Entrepreneurial Potential.

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Presentation on theme: "Chapter 3 Assessing Your Entrepreneurial Potential."— Presentation transcript:

1 Chapter 3 Assessing Your Entrepreneurial Potential

2 Young Entrepreneurs Atlantic Cirque's president Anais Guimond wins BDC Young Entrepreneur of the Year 2011 – 1.38 min Young entrepreneur – 4.10 min

3 Young Entrepreneurs Young Entrepreneur: fashion boutique owner – TU 4.26 min TU Young Entrepreneur: Jewellery Maker – as&feature=relmfu 4.54 min as&feature=relmfu

4 Over 100,000 businesses are started in Ontario each year with youth entering the marketplace at three times the rate of entrepreneurs over 45. Almost a third of Canada’s youth-owned enterprises are located in Ontario.


6 Challenges Facing Young Entrepreneurs Experience Knowledge Funds –No credit history –No collateral

7 CHALLENGES FACING YOUNG ENTREPRENEURS Lack of money Lack of experience and knowledge Confidence Credit history Collateral No track record Red tape Energy Adults’ attitude (not taking you seriously) Skills Peer pressure Accurate self-assessment Establishing goals

8 How can an entrepreneur get experience? Part-time Summer work Volunteer School leadership positions

9 HOW TO GAIN EXPERIENCE BENEFITS FOR YOUR FUTURE BUSINESS - part-time job - summer job - volunteer work - school leadership positions - learn about infrastructures - develop contacts - networking - savings - firsthand knowledge

10 What skills have your learned in your past? Create a team of four people Find a spot at the black board Write down all the skills you have learned in your past experiences (combined list) The team with the longest, creative list wins…..


12 Define…. Wish vs Goal ? Stepping Stone vs Milestone ?

13 Wish vs Goal

14 Stepping Stone vs Milestone

15 Goals What are SMART goals???? –Specific –Measurable –Attainable –Relevant –Time-Bound –Worthwhile

16 IntentionSpecificMeasurableAttainableRelevantTime Bound What is it that you want to achieve? Who? What? Why? Where? When? How much? How often? How many? Achievable?Is it important to what you want to achieve ultimately? By when? Lose weight 5 pounds Eat a healthy diet at home and at school Eat three healthy meals a day. No snacks between meals. Yes 2 months


18 Goal Activity Prepare a wish list of as many things as you can think of that you would like to have or do. Rank your wishes in order of priority and set a target date for the achievement of each Cross out all those impossible to attain Write a SMART goal for two of those left Hand in your two SMART goals.

19 Smart Goals: YouTube: How to set SMART goals – YouTube:How to Write a SMART Goal –

20 Why set goals ??? The future eventually arrives in the present, whether you plan for it or not.


22 Can you change a Fault Finder to a Good Finder ? Zig Ziglar - Attitude Makes All The Difference – 9.28 min

23 Attitude "The longer I live, the more I realize the impact of attitude on life. Attitude, to me, is more important than facts. It is more important than the past, than education, than money, than circumstances, than failures, than successes, than what other people think or say or do. It is more important than appearance, giftedness or skill. It will make or break a company... a church... a home.

24 The remarkable thing is we have a choice every day regarding the attitude we will embrace for that day, We cannot change our past. We cannot change the fact that people will act in a certain way. We cannot change the inevitable. The only thing we can do is play on the one string we have, and that is our attitude. I am convinced that life is 10% what happens to me and 90% how I react to it. And so it is with you. We are in charge of our Attitude."...Anonymous

25 ATTITUDE SURVEY The following survey will help you to assess your attitude toward others and toward situations in which you might find yourself. 5 = yes 4 = Usually yes 3 = sometimes yes / sometime no 2 = usually no 1 = no

26 1.Are you friendly and outgoing? 2.Do you avoid being a complainer? 3.Can you be optimistic when others are depressed? 4.Do you refrain from boasting or bragging?

27 5.Do you have a sense of duty and responsibility? 6.Do you control your temper? 7.Do you speak well of your employer? or your parents?

28 8. Do you feel well most of the time? 9. Do you follow directions willingly, asking questions when necessary? 10. Do you keep promises? 11. Do you organize your work and stay on schedule?

29 12. Do you readily admit your mistakes? 13. Can you be a leader without being bossy? 14.Is it easy for you to like most people? 15.Can you stick to a tiresome task without being prodded?

30 16. Do you know your weaknesses and attempt to correct them? 17. Can you stand being teased? 18. Do you avoid feeling sorry for yourself? 19. Are you courteous to others?

31 20. Are you neat in your personal appearance and work habits? 21. Do you respect the opinions of others? 22. Are you a good loser? 23. Can you adapt to new and unexpected situations readily?

32 24. Are you tolerant of other people’s beliefs? 25. Do you refrain from sulking when things go differently than you’d like? 26. Are you a good listener? 27. Are you the type of friend that you expect others to be?

33 28. Can you disagree without being disagreeable? 29. Are you punctual? 30. Do you plan on driving carefully? 31. Do you generally speak well of others?

34 32.Can you take criticism without being resentful or feeling hurt? 33.Are you careful to pay back all money, however small? 34.Do you generally look at the bright side of things? 35.Does your voice sound cheerful?

35 36. Can you work with people you dislike? 37. Are you pleasant to others even when you feel displeased about something? 38. Do you show enthusiasm for the interests of others? 39. Do you tend to be enthusiastic about whatever you do? 40. Are you honest and sincere with others?

36 Attitude Scoring Total your score and rate your yourself according to the following scale. 175 - 200You’re terrific 150 - 174Your attitude toward others is admirable 110 - 149Your attitude needs polishing in certain areas Below 110Take a close look at your attitude. You might need to pay particular attention to those

37 QUESTION How can negative attitudes be changed to positive attitudes? Give some examples. Taken from Success in the Workplace: A student guide

38 SWOT Analysis

39 SWOT Analysis: How to perform one for your organization 5.22 min How to Do a SWOT Analysis [] 6.59 min



42 SWOT Analysis Read page 53 of textbook Complete SWOT analysis –Page 54, 55 and top of 56 –Complete all questions


44 Go into the following website and complete the Myers-Briggs Typology test for yourself. Online test based on Jung - Myers-Briggs typology Online test based on Jung-Myers-Briggs personality approach provides your type formula, type description, and career choices.Online test based on Jung - Myers-Briggs typology As you answer the questions, read carefully and watch the wording. If you do not know what a word means, ask. Assignment When finished, PRINT: - your type description - your career indicator (Famous Personalities like you are on the bottom of this sheet)

45 Discuss What kind of personality type are you? Look at the careers your personality type would well in. If you have a boyfriend/girlfriend, have them do the test also, to see if your personalities are compatible.

46 Discussion Move into groups with other people of your personality type Discuss what you learned about yourself Are you amazed that people are so different but yet so much alike?



49 What is your personal thinking style? Go to the following website and do the test to determine your thinking style Print your results

50 What is your personal thinking style? Go to the following website and do the test to determine your thinking style k.html#Top

51 Discussion Move into groups with other people of your personality type Discuss what you learned about yourself Are you amazed that people are so different but yet so much alike?

52 Look at the careers your personality type would work well in. Discuss with others in your personality type whether you agree with the findings. If not, do you think you answered all questions honestly and correctly. If not, your end result will be wrong.

53 Discussion Move into groups with other people of your thinking style Discuss what you learned about yourself Are you similar? Why or why not? What did you learn from this assignment?

54 Examples to two different thinking styles

55 Thomas Edison developed light bulb incremental problem solving logical step-by-step process – used existing knowledge and improving it –Like a person who buys a business and improves it

56 Albert Einstein theory of relativity “out-of-the-box” thinking often not proven by experiments immediately has great ideas but may not follow through very creative doesn’t like detail E=mc² Though Einstein did not invent the atomic bomb, this equation laid the theoretical background for it.

57 Assignment: p 57work with a partner#1, #3 Individual work#4 Are you an Einstein or an Edison? How? Why?

58 Assessing your Skills

59 Assessing Your Skills My ActivitiesMy Skills Think about everything you did today. Now determine what skill you used to complete that activity. Decided what to wearProblem solving skill Asked for help when I did not understand what the teacher was wanting us to do Learn continuously Examples on page 58, text Complete ten.…..Complete ten ……

60 Classifying your skills from textbook p 58 Interpersonal Skills –willingness and ability to talk to others –(all races) –listen and understand what others say –motivate and encourage others –negotiate and resolve conflicts –caring for self and others

61 Critical-Thinking and Creative-Thinking Skills –solve problems with various solutions –make decisions, then act –set goals, work to achieve them –record-keeping –being accountable for all actions undertaken –generate ideas –identify opportunities

62 Practical Skills –use tools to perform task

63 Assignment: Classify the skills in Table 3.1 (2 nd column) on p 58 –as interpersonal skills –critical or creative-thinking skills –or practical skills ??

64 Assignment Identify one interpersonal skill, one thinking skill and one practical skill that you would like to improve. Briefly list strategies you could use to improve each one.


66 1.Think first PLAN Think before you act! Consider the problem from all perspectives This allows you to anticipate and overcome obstacles before they arise Impulse decisions can be bad decisions

67 Show the Power Point Slide Show entitled: –Memory Test for the Aging

68 2.Believe in Yourself Resist pressure to conform. Be confident in your own abilities Entrepreneurial insight is a unique way to see opportunities.

69 3.Know Yourself consider your abilities character traits skills goals

70 4.Enjoy the Challenge A venture should be: –Challenging –allow you to be creative –suit your personality –be compatible with your goals

71 Assignment Do You Mean Me?

72 #1 List 10 things that you think you’re good at. Include items such as personal qualities (helping others, cheering people up, being reliable, working hard, etc.), abilities at school, work, or extra-curricular activities, talents, etc. Don’t show this list to any of your classmates.

73 #2 -- need paper & paperclip On a sheet of lined paper, print your name neatly across the bottom. Hand the page to the student behind you. Each classmate is write down one positive comment about what they think you’re good at. No negative comments are allowed. After each comment has been written, the paper must be folded over so that the next writer cannot read the previous comment. Hold it down with the paperclip

74 #3 -- return sheet to owner Read silently through the list of comments about you. How do you feel about the comments that have been made? What have you learned about how others see you?

75 #4 -- compare #1 with #2 Compare the list you made in question 1 with the list of your classmates’ comments. How many items on your list are similar to their list of comments? Keep this sheet and read it on a day you feel down.

76 YouTube Ephren Taylor City Capital CEO on CNBC's Big Idea Best Millionaire Secrets Real Youngest Millionaires Teen Entrepreneur Advice From Perry Belcher AMERICAN INVENTOR LA Winner Ricky Derennaux HT Racers RC

77 End of Chapter Review Lessons Learnedp63 #1,2,4,9,10 Venturing Outp64 #4 to be handed in for marking

78 Unit Test for Chapters 1 & 2 & 3 (if you are going to be away, make sure you arrange to write the test after school)

79 Movie: “Annick Press Ltd.” (Frontrunners Series: Ontario Communications Authority) Identify the entrepreneurial characteristics and skills demonstrated by the partners in this video. Discuss personal motivations these individuals had to wanting to start an enterprise.

80 Unit 1 -- Culminating Activity Self Reflection See handout



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