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Entrepreneurship 101 Chapter One. Teen Millionaires... How Did They Do It 8.11 min Teenage Millionaires.

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Presentation on theme: "Entrepreneurship 101 Chapter One. Teen Millionaires... How Did They Do It 8.11 min Teenage Millionaires."— Presentation transcript:

1 Entrepreneurship 101 Chapter One

2 Teen Millionaires... How Did They Do It 8.11 min Teenage Millionaires

3 Self-made millionaire at age 14. &feature=relatedhttp://www.youtube.com/watch?v=1C9tTUuWSfU &feature=related 8.45 min Quirky's Pivot Power 38 sec

4 Entrepreneur One who organizes, manages and assumes the risks of a business or enterprise One who takes a risk and starts a business to solve a problem OR take advantage of an opportunity

5 Robert Fournier, 16, get's ready to take his sister Laura for a spin around the block on one of his rickshaws in Smith Falls.

6 It was a gutsy decision for Rachel Hill-Campbell, but one made easier to stomach through the help of entrepreneurial friends. Eight years ago, Hill-Campbell started her St. Catharines mobile eyeglass-selling venture called Personal Optical. She made use of the Niagara College Business Development Centre, which provides in-house training, business mentorship and provincial government funding for qualified people starting new businesses.

7 School project turns into small business opportunity for Fort Erie teen Lakeshore Catholic high school student Gaetano Letizia didn’t have to go knocking on doors to find a summer job for himself. The 17-year-old Fort Erie resident created one for himself.

8 Cassie Rempel, 22, is the owner of Bark Fur Joy grooming salon. Rempel’s business specializes in providing quality dog and cat grooming, with extra love and affection for people's furry friends. The owner of three pooches herself, she learned her craft during an intensive training course at a St. Catharines dog grooming school. She studied business at Hamilton's Mohawk College where she learned how to make a business plan. Now she employs and trains several staff members at the busy salon that also serves as a doggy daycare for owners who drop their pets off for a "day at the spa".

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11 Entrepreneur

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15 The meaning of entrepreneurship? What is Entrepreneurship? Write down as many characteristics about an entrepreneur as possible. Also, read between the lines.

16 Characteristics of an entrepreneur?

17 Characteristics of an entrepreneur Innovative Determine Self-confident Resilient Driven Adventurous Don’t accept failure – Look at it as a challenge Persistent

18 Characteristics of an entrepreneur Energetic Motivated Opportunistic Brave Flexible Confident Creative

19 Characteristics of an entrepreneur Experimental Intelligent Common Sense Knowledgeable Adaptive Take initiative Self-starter

20 Characteristics of an entrepreneur Personable Organized Risk Taker Trust in self and others (self confident) Trustworthy Understanding Hussel

21 Characteristics of an entrepreneur Visualization Hard work -- insane amount of work

22 Characteristics of Entrepreneurial Ventures

23 YouTube Sarah Blakely interviewed on NY 360 Sara Blakely, Speaker, Entrepreneur & Founder of SPANX RdVLheI

24 1. For-Profit / Not-for-Profit For-Profit - make money Not-for-Profit - offer something for society - not make a profit (Charities, United Way...)

25 FOR-PROFIT American Eagle Sport Chek Canadian Tire Black’s Cameras Dell Computers Radio Shack General Motors Donegan’s Haulage Pizza Hut Drains Are Us Plumbing NOT-FOR-PROFIT Salvation Army Big Sisters United Way Boy Scouts of Canada Rotary Club Arthritis Society Girl Guides Cancer Society Canadian Red Cross Canadian Diabetes Association

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27 Is this a “for-profit” or a “not-for- profit” business????

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30 2. Large Scale / Small Scale international vs local

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32 3. Goods versus A Service Goods = $ value Tangible (can touch) Service = $ value Intangible (can see the result of)

33 Do these business provide goods or services????

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36 SERVICE / GOODS ServicesGoods Bender’s Auto ServiceToyota Corp. Hair ConnectionSpinrite Yarns Ltd. Dr. Betty FergusonBauer Sports Ltd. Abacus Computer TrainingMicrosoft Corp. Zebroski Chartered AccountantGeneral Electric Ltd.

37 4. Physical / Virtual shopping malls, car dealerships e-commerce (no store front)

38 5. Local /Provincial /National /International local = one community provincial = within one province national = includes several provinces international = includes world

39 CANADIAN LOCAL, NATIONAL, INTERNATIONAL, BUSINESSES LOCAL – (list some local business) NATIONAL BUSINESSES –Canadian Tire-Radio Shack –Root’s-Hudson Bay –Canada Trust-Intrawest INTERNATIONAL BUSINESSES –NHL-CIBC –McCain’s Foods-Bombardier Corp. –Tim Horton’s-Nortel

40 List three advantages and three disadvantages to selling a product in each type of market. MarketAdvantagesDisadvantages Local Provincial National International

41 Definitions you need to know

42 Globalization: make, sell, trade around the globe

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44 Gross National Product (GNP) the total monetary value of all the goods and services produced in Canada in one year

45 Trade Agreements: GATTGeneral Agreement on Tariffs & Trade NAFTA North American Free Trade Agreement

46 Downsizing is the “conscious use of permanent personnel reductions in an attempt to improve efficiency and/or effectiveness”

47 Rightsizing to reduce (as a workforce) to an optimal size

48 Outsourcing means taking some specific, but limited, function that your company was doing in-house – and having another company perform that exact same function for you and then reintegrating their work back into your overall operation.

49 Offshoring is when a company takes one of its factories that it is operating here and moves the whole factor offshore – to another country

50 Assignment: List five ways in which technology has changed the lives of Canadians over the past 20 years. Explain the positive or negative impact of each change. The first one has been done for you. ChangePositive or negative Impact SEE EXAMPLE ON NEXT SLIDE

51 ChangePositive or negative Impact The invention and proliferation of cell phones Positive impact: Cell phones allow individuals to be accessible anywhere in the world at any time of day, which results in quicker decisions and quicker responses to emergencies. Negative Impact: The use of cell phones in cars has caused many traffic accidents.

52 Supply and Demand

53 MediaNet Supply and Demand (AD0504,SV) S 2000 Streaming Video 29 min

54 Demand: –is the quantity of a good / service that consumers are willing and able to buy at a particular price –i.e., iPad, High-Def TV

55 Supply: –is the quantity of a good/service that businesses are willing and able to provide within a range of prices that people would be willing to pay. i.e., limited edition prints (1/250) versus millions of iPads

56 Conditions that create demand: 1.Interest 2.Ample supply 3.Reasonable, competitive price 4.Accessibility

57 Factors that affect demand: 1.Income increases »you can afford more 2.Change in consumer’s tastes »need the latest in fashion, music 3.Change in expectations of future conditions »buy now or gone

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59 Conditions that affect supply 1.Change in number of producers 2.Price of related goods 3.Change in technology 4.Change in expectations 5. Cost of production

60 Price:is determined by: Supply, Demand, Cost of production

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62 Using basic economics to explain high gas prices min

63 YouTube My Blackberry Is Not Working funny –http://www.youtube.com/watch?v=kAG39jKi0l Ihttp://www.youtube.com/watch?v=kAG39jKi0l I

64 An Entrepreneur’s Impact on the Community

65 1. Job Creation has a multiplier effect 

66 2. New Ideas Invention Innovation

67 Invention or Innovation? QUICKIES: sticky notes of 21st Century min History of Post-it Notes See Wikipedia -- Post-it Note

68 market niche –Unique …. Only you sell the product

69 3. Economic Benefits competition lowers prices thereby improving standard of living

70 4. Political Benefits we have strong financial & legal institutions –money, education & training is available – regulations protect and trade exists compared to communism

71 Demographics

72 Data about groups of people including age, ethnic origin, religion, family size, income...

73 Demographics is the study of people in a population. Some frequently used demographic variables are: Age Sex / Gender Race/ Ethnicity Location of residence Socioeconomic status (SES) Religion Marital status Ownership (home, car, pet, etc.) Language Mobility Life cycles (fertility, mortality, migration)

74 Entrepreneurs who study the demographics of their customers will find it easier to predict what these customers will want to purchase. Look at: spending power attitudes careers / education

75 Demographic -- Age See next page

76 CohortYear of birth Age in 2012 Avg Number of births per year Size Silent Generation before Relatively small Baby Boomer ,000Very large Baby buster Gen X ,000Relatively small Children of the boomers Gen Y ,000Relatively large Children of the buster cohorts 1996 on ,000Relatively small

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78 Video –MultiGen Workforce, Generation X Karen McCullough Loves Generation X –http://msgenevieve.typepad.com/enterprisingemployee/ 5 minhttp://msgenevieve.typepad.com/enterprisingemployee/ –MultiGen Workforce, The Baby Boomers

79 What is Generation Y? Hmm, I've always wondered this myself. Now I know.? - The Silent generation, people born before The Baby Boomers, people born between 1946 and Generation X, people born between 1960 and Generation Y, people born between 1980 and Why do we call the last one generation Y? ……….>

80 Y should I get a job? Y should I leave home and find my own place? Y should I get a car when I can borrow yours? Y should I clean my room? Y should I wash and iron my own clothes? Y should I buy any food? and….

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82 They call this the The entitled generation The techno savvy generation The Y generation

83 YouTube.ca Demographics Explained 3.34 min What the speaker lacks in charisma, she gives in knowledge of her topic Generation Y 4.04 min HRiu40&feature=related

84 The Enterprising Person

85 How Does an Entrepreneur Differ from an Enterprising Person?

86 Enterprising people have most of the characteristics and skills of an entrepreneur but work for a company, not themselves. Reason: They often do not want to take the financial risk to own their own business.

87 Examples of Enterprising People Terry Fox – Run for Cancer June Callwood – Home for Abused Women Herb Carnegie – Future Aces Rick Hansen – World Motion Tour for Handicapped Arthur Fry – 3M post-it Lee Iacocca – Chrysler mini van Sarah McLachlan – Lilith Fair Tour Peter Dalglish – Street Kids International

88 Work Environment More and more corporations are encouraging employees to be enterprising people in order to become more competitive, improve their productivity, or keep pace with changing markets, technology, and new opportunities.

89 Ways a Corporation can Encourage Employees to be Enterprising People.  Suggestion box e.g., High Schools, General Motors, Honda  Profit sharing e.g., Chez Piggy’s restaurant – Kingston, E.D. Smith  Team concept e.g., 3M – creative groups for new ideas  Stock purchase plan e.g., Canadian Tire  Pay for courses employees take to upgrade skills  Encourage Professional Development  Innovative and fun work environment

90  Provide support for enterprising people  Evaluate ideas  Reward efforts and results  Provide freedom from constraints (flex hours)  Encourage passion and commitment  Share power  Reward commitment and innovation  Build teams and collaborative problem solving  Lead by example  Celebrate achievement  Recognize efforts  Establish a system to accept ideas and invest in idea generation

91 How do Employers Support Enterprising Employees

92 Create a workplace culture where employees feel their input is valued and where the employee can learn from his or her mistakes Provide tools needed to achieve desired results Provide them with meaningful work opportunities

93 Provide alternative work arrangements: flex-time; telecommuting Support employees with benefit packages that are tailored to the needs of the employee

94 Intrapreneurship

95 Intrapreneurship is the practice of entrepreneurial skills and approaches within a company –See article Great Intrapreneurs in Business History –By Jake Swearingen /great-intrapreneurs-in-business-history/

96 Enterprising employees engage in special projects within a larger firm and behave as entrepreneurs even though they are employees and have the resources and capabilities of the larger firm to draw upon –trying things until successful –learning from failures –attempting to conserve resources May work as a small team

97 Provides an environment for creative thinking Maintains a high level of satisfaction A level of excitement is maintained and greater achievement results

98 Starting a Business Approaches to Entrepreneurship What kind of business should it be ???

99 How starting a business may change your life. Less time for friends and family More responsibility Feel more independent and in charge of your life Feel successful Respect Sense of accomplishment May lose your savings and other assets May make a lot of money May have the stress of carrying a lot of debt May have to sacrifice weekends and holidays Feel challenged

100 Choices in starting a business 1.Start the business from nothing 2.Buy an existing business 3.Modify an existing business 4.Buy a Franchise

101 Create the following table. List as many adv/disadv as possible. ChoiceAdvantagesDisadvantages Start a business from scratch Buy an existing business Modify an existing business Buy a franchise

102 Are Entrepreneurs Born or Made ???

103 Are Entrepreneurs made or born???

104 YouTube The Call of the Entrepreneur 3.58 min

105 you are more likely to start a business IF your parents have a business?? must have vision for the future and a willingness to take a risk may inherit basic traits

106 Quote: Herb Kelleher current chairman & past CEO of Southwest Airlines In a conversation some years ago I asked Herb to discuss whether he believed that entrepreneurs were born with their notable qualities or whether they were made through training and experience. Are Successful Entrepreneurs Born Or Made? We asked Herb whether he felt there were any natural born characteristics that a person would need to achieve entrepreneurial success. In answering he indicated that his experience taught him that there were six personal attributes that are important contributors to entrepreneurial success that cannot be trained into people. These include:

107 a reasonable intelligence, good health, optimistic disposition, lengthy attention span, perseverance, and a love of people. ATTITUDE is the most important!!! Six personal attributes that are important contributors to entrepreneurial success that cannot be trained into people.


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