2Enterprising: What does it mean? The enterprising children opened a lemonade stand.Enterprising:showing initiative and willingness to undertake new projects; ready to undertake important, difficult or new projects, energetic in carrying out an undertakingAre enterprising people also entrepreneurs?Are entrepreneurs enterprising?
3Enterprising/Entrepreneurial Opportunities Market-pulled opportunitiesDeveloping a solution to a problem and taking advantage of itE.g., Bombardier snowmobileProduct-driven opportunitiesDeveloping an idea first and then looking for a marketing opportunityE.g., 3M post-it notes
5Who are Entrepreneurs? What do entrepreneurs look like? Age?Sex?Marital status?Nationality?Background?Born or made?Let’s do some research!
6Desirable Skills of Entrepreneurs NumeracyLeadingLiteracyStress managementFinancial managementRecord keepingTime managementCommunicationDecision makingNegotiationOrganizationPlanning
7Desirable Characteristics of Entrepreneurs Willing to take a riskBe goal orientedPositive attitudeBe innovative, creative and versatileStrong sense of commitmentBe persistentHardworking and energeticStrong need to achieve and seek personal accomplishmentHave spirit of adventureSelf-confident and self- reliant
8Undesirable Characteristics for Entrepreneurs InvulnerabilityBeing machoBeing anti-authoritarianImpulsivenessPerfectionistsKnow-It-All
9Contributions of Entrepreneurs to Society Create new ventures that provide new, improved products and servicesFind new ways of making products and services available to more peopleCompete with each other to be the “best” which improves production (product quality) and keeps prices downCreate jobs in the community through their new venture
10Social Responsibility Doing things to contribute to the “common good” or contribute positively in the communityGoal of socially responsible business is to have a positive impact on societyIn the past, company’s success was measured only by net incomeNow, society demands moreBusinesses must consider social and community consequence of their actions
11Contributions of Entrepreneurs to Society Increase the quantity of products and services we produce in our economy be creating new venturesCreate new opportunities for others through their initiatives and innovationsProvide communities with a spirit of energy, initiative and potential for progress
12Social Responsibility Investors, customers and employees want to know that companies they invest in, buy from and work for positively impact society while achieving financial success
13How does a business act socially responsible? Treats employees fairlyMakes decisions that help protect environmentContributes to charitiesContributes to community developmentCan you build a socially responsible business?usiness.html
14The Entrepreneur’s Dozen Examines needs, wants and problems for which he/she feels there is something that can be done
15Narrows the possible outcomes down to one specific opportunity
21Evaluates the risks and possible rewards and makes a decision
22Never hangs on to an idea if research shows it won’t work
23Employs the resources necessary if the decision is made to go ahead with the venture
24Understands that any entrepreneurial venture will take a great deal of long, hard work
25Realizes a sense of accomplishment from successful ventures and learns from failed ones to achieve success in the future
26Advantages of Entrepreneurship Be your own bossEntrepreneurs control their own destiny.Choose a business that interests youCombine hobbies and interestsBe creativeImplement creative ideas you haveMake lots of moneyEntrepreneurs can make lots of money if their business succeeds.
27Disadvantages of Entrepreneurship Entrepreneurship is riskyAll entrepreneurs face the possibility of failure, going out of business or losing business.Uncertain and irregular incomeYou won’t know for sure how much money you’ll have each month.Long hoursEvenings and weekends are often work hours. Entrepreneurs do not get paid for time off.Make all decisions yourselfYou are responsible for everything
28Entrepreneur Quiz True or False? Entrepreneurs are born, not made.Entrepreneurs are gamblers.Entrepreneurs are completely independent.Entrepreneurs face greater stress than corporate managers.Most new businesses end in failure within five years.Money is the most important startup ingredient.Entrepreneurs are born, not made.False. While there is some debate, the skills and characteristics necessary for entrepreneurial success can be developed.Entrepreneurs are gamblers.False. Entrepreneurs are not gamblers, they are calculated risk-takers.Entrepreneurs are completely independent.False. They are not completely independent, they enlist the help and advice of other professionals: bankers, mentors, etc.Entrepreneurs face greater stress than corporate managers.False. Both have levels of stress. The entrepreneur's stress level may be less than the corporate manager because they love what they do.Most new businesses end in failure within five years.True.Money is the most important startup ingredient.False. Money is very important but the idea is the most important.False.
29True or False?Talented entrepreneurs achieve success within the first year.Most entrepreneurs do not complete high school.Entrepreneurs thrive on accomplishment more than power.Entrepreneurs are generally young (25 and under)and full of energy.Talented entrepreneurs achieve success within the first year.False. Even talented entrepreneurs do not usually achieve success in the first year. It usually takes 3- 5 years to be successful.Most entrepreneurs do not complete high school.False. Most entrepreneurs complete high school and often post-secondary education.Entrepreneurs thrive on accomplishment more than power.True.Entrepreneurs are generally young (25 and under)and full of energy.False. They are full of energy but usually between 25 and 40 years of age.