Presentation on theme: "BDI3C RATZ Entrepreneurs and Enterprising People Unit Notes."— Presentation transcript:
BDI3C RATZ Entrepreneurs and Enterprising People Unit Notes
BDI3C RATZ Enterprising: 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 undertaking Are enterprising people also entrepreneurs? Are entrepreneurs enterprising?
BDI3C RATZ Enterprising/Entrepreneurial Opportunities Market-pulled opportunities Developing a solution to a problem and taking advantage of it E.g., Bombardier snowmobile Product-driven opportunities Developing an idea first and then looking for a marketing opportunity E.g., 3M post-it notes
BDI3C RATZ Enterprising vs. Entrepreneur
BDI3C RATZ Who are Entrepreneurs? What do entrepreneurs look like? Age? Sex? Marital status? Nationality? Background? Born or made? Let’s do some research!
BDI3C RATZ Desirable Skills of Entrepreneurs Numeracy Literacy Financial management Time management Decision making Organization Planning Leading Stress management Record keeping Communication Negotiation
BDI3C RATZ Desirable Characteristics of Entrepreneurs Willing to take a risk Positive attitude Strong sense of commitment Hardworking and energetic Have spirit of adventure Self-confident and self- reliant Be goal oriented Be innovative, creative and versatile Be persistent Strong need to achieve and seek personal accomplishment
BDI3C RATZ Undesirable Characteristics for Entrepreneurs Invulnerability Being macho Being anti-authoritarian Impulsiveness Perfectionists Know-It-All
BDI3C RATZ Contributions of Entrepreneurs to Society Create new ventures that provide new, improved products and services Find new ways of making products and services available to more people Compete with each other to be the “best” which improves production (product quality) and keeps prices down Create jobs in the community through their new venture
BDI3C RATZ Social Responsibility Doing things to contribute to the “common good” or contribute positively in the community Goal of socially responsible business is to have a positive impact on society In the past, company’s success was measured only by net income Now, society demands more Businesses must consider social and community consequence of their actions
BDI3C RATZ Contributions of Entrepreneurs to Society Increase the quantity of products and services we produce in our economy be creating new ventures Create new opportunities for others through their initiatives and innovations Provide communities with a spirit of energy, initiative and potential for progress
BDI3C RATZ Social 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
BDI3C RATZ How does a business act socially responsible? Treats employees fairly Makes decisions that help protect environment Contributes to charities Contributes to community development Can you build a socially responsible business? usiness.html
BDI3C RATZ E xamines needs, wants and problems for which he/she feels there is something that can be done The Entrepreneur’s Dozen
BDI3C RATZ N arrows the possible outcomes down to one specific opportunity
BDI3C RATZ T hinks of an innovative idea
BDI3C RATZ R esearches the opportunity and idea thoroughly
BDI3C RATZ E nlists the best source of advice and assistance
BDI3C RATZ P lans the venture and looks for possible problems that may arise
BDI3C RATZ R anks the risks and possible rewards
BDI3C RATZ E valuates the risks and possible rewards and makes a decision
BDI3C RATZ N ever hangs on to an idea if research shows it won’t work
BDI3C RATZ E mploys the resources necessary if the decision is made to go ahead with the venture
BDI3C RATZ U nderstands that any entrepreneurial venture will take a great deal of long, hard work
BDI3C RATZ R ealizes a sense of accomplishment from successful ventures and learns from failed ones to achieve success in the future
BDI3C RATZ Advantages of Entrepreneurship Be your own boss Entrepreneurs control their own destiny. Choose a business that interests you Combine hobbies and interests Be creative Implement creative ideas you have Make lots of money Entrepreneurs can make lots of money if their business succeeds.
BDI3C RATZ Disadvantages of Entrepreneurship Entrepreneurship is risky All entrepreneurs face the possibility of failure, going out of business or losing business. Uncertain and irregular income You won’t know for sure how much money you’ll have each month. Long hours Evenings and weekends are often work hours. Entrepreneurs do not get paid for time off. Make all decisions yourself You are responsible for everything
BDI3C RATZ Entrepreneur Quiz True or False? 1.Entrepreneurs are born, not made. 2.Entrepreneurs are gamblers. 3.Entrepreneurs are completely independent. 4.Entrepreneurs face greater stress than corporate managers. 5.Most new businesses end in failure within five years. 6.Money is the most important startup ingredient.
BDI3C RATZ True or False? 7.Talented entrepreneurs achieve success within the first year. 8.Most entrepreneurs do not complete high school. 9.Entrepreneurs thrive on accomplishment more than power. 10.Entrepreneurs are generally young (25 and under)and full of energy.