1. “Whether you think you can or you can’t you’re right.” – Henry Ford
Entrepreneurship 30 (1a)
“Whether you think you can or you can’t you’re right.” – Henry Ford

2. Videos
Entrepreneurship
Did you know

3. Overview
Spokes
Terminology (entrepreneur, needs, wants)
Entrepreneur/Enterprising People/Intrapreneur
Factors that Influence Entrepreneurs
Impact on Community

4. What does success mean to you?
Develop – might change – connect with goals/values
Success – means different things to different people - Family/friends/work/balance/ community/economy/treat employees
As we go through this class you will begin to formulate an answer to this question. Your notion of success will ikely change as your journey tworard your oals, but it will always be caligned closely with the things you value most.

5. The Successful Venture The Venture Plan
Handout
The success and failure of a venture depends on how well the entrepreneur at the hub performs the tasks represented by the spokes.
More spokes (all aspects of business plan)

6. Spokes
Self – who you are , effort, skill, persistence, strengths, gifts, needs, self-assessment
Intrapreneurship – deals with being an enterprising person even if you are not pursing a venture of your own
Ideas – generates and evaluate ideas, right side of the brain (?), creative thinker
Opportunities – identifies entrepreneurial opportunities by examine and tracing trends and changes in society that give rise to opportunity

7. Spokes
Marketing and Operations – day to day, vision, marketing and operations methods
Resources – mobilize and allocate resources (human resources and economic resources)
Management –Planning, organizing, leading, controlling, motivating, conflicts, ownership
Finance – how to organize a financial strategy, you must know your numbers!!!!

8. Entrepreneurs
Make things happen! Agents of change!
Enterprising person, how you are , $$ - pride/accomplishment

9. The meaning of Entrepreneurship
What does an entrepreneur do?
At what point in a business career would you consider someone to have become an entrepreneur?
Where do you find entrepreneurs?
Define Entrepreneur
Think Pair Share
Work in pairs to develop a consensus on the definition

10. Definition
Are people who take hold of opportunities/ideas when they see them; willing to assume calculated risks as they look for ways to satisfy the needs and wants of others through innovation.
Need – essential to human survival – real or psychological (emotional, security, shelter, food)
Want – human desires that go behind basics – make people feel good, or meet a goal
Entrepreneur is a person (attitude, vision) while entrepreneurship is a process (creation and building)

11. Reasons why someone would want to be an entrepreneur? Motivation?

12. Reasons/Motivation Money Security Meaningful work New skills Necessity
Freedom
Independence
Passion
Destiny
Legacy
Unlimited earning possibility/Success
Personality
Innovative
Lead
Control ……

13. Enterprising People/Entrepreneur/Intrapreneur

14. Enterprising People

16.
3. Massachusetts Department of Correction
Idea: A guard suggested a change in the way Massachusetts Department of Correction stored their inmate photos. Instead of taking pictures with film and storing them the old fashioned way, why not use digital cameras and use a database for image storing.
Benefit: The department has sixteen correctional facilities and in the first year of implementation alone it saved $56,000 dollars on film and most likely a lot of clerical headache. Side note—if you haven’t read Ideas are Free there are many examples like this one, small ideas can be just as beneficial as sweeping innovation efforts.
- See more at: examples-of-successful-intrapreneurship/#sthash.1pvwwqID.dpuf

17.
6. Google
Idea: Just like W.L .Gore, Google allows time for personal projects. Some of Google’s best projects come out of their 20 percent time policy. One of these is something you probably use multiple times a day, Gmail.
Benefit: Paul Buchheit, the creator of Gmail, started on the project in and worked up to its launch on April 1, 2004 (April Fools but not really.) Gmail became the first with a successful search feature and the option to keep all of your (hello 1GB of storage) instead of frantically deleting to stay under your limit. The initial launch was by invite only, quite the hot commodity. Now, it’s considered a faux pas not to have an address ending
- See more at: examples-of-successful-intrapreneurship/#sthash.1pvwwqID.dpuf

18. Industry experts believe that 30% of large companies now provide seed funds to finance intrapreneurial efforts.
One of the most notable successes comes from 3M, who created the “Bootlegging Policy,” which is a program that allows employees to spend 15% of their time at work doing creative projects. In 1987, Art Fry took advantage of this program to create the ultra profitable “Post-it Notes” product.
Skunkwork

19. Intrapreneurship
Definition: is entrepreneurship that occurs within an existing organization or corporation.
Goal: maintain and gain more market share (portion of your business/competition), and innovate – good business
Purpose: More and more organizations are encouraging intrapreneurial activity in order to become more competitive, improve their productivity, or keep pace with changing markets, technology, and new opportunities. Gain for the company, less personal/financial risk to employee, empowerment
Methods: smaller teams (new products, service or process), inviting customers to give them ideas, reward opportunities, stocks, suggestion box, teams, profit sharing, fun work environment, support, share power, reward, celebrate, system ….
Examples: Java, post-it notes, E.D. Smith (jams rewards with employees with bonus), Google (maps)

20. Other Benefits to Employee? Benefits to Business?
Which places of business typically do not encourage intrapreneural activity because of the nature of the work?
Government/bureaucracy
Not focused on how to improve
Are you protected if things go wrong
Racism, sexism, physical barriers
Benefits to employees: wide choice of careers and jobs, enthusiasm, energy, ability to accomplish tasks, ability to work for a company or opent heir own business, leading groups, committees, or organizations, supervising others,

21. Four Important Components to being an entrepreneur:
Organization – Arrange or facilitate the development of a working enterprise or operation. See something from the first idea to the final implementation.
Management – To handle or direct the operations of business or venture.
Responsibility – Means that an individual is liable to be called to account for the actions, operations or results of an enterprise.
Ownership – Inherent to the entrepreneur is that of ownership. Means that you are not only responsible for the actions of the enterprise, but that you reap the benefits of success or suffer the disappointments and penalties of failure.

22. Discussion: What makes an entrepreneurial venture?
Who are some of the entrepreneurs in our community?
In what ways have the contributed to the economic or cultural growth of our community?

23. Impact on Community Job Creation New Ideas Economic Benefits
Those employed by the business have money to buy goods and services.
Provided locally – people will spend their money there and more jobs will be created.
People move to the area.
New Ideas
Generate even more ideas and new ways of doing things. Innovation! (cell phones, smartphones, microwaves, fridges, etc.)
Economic Benefits
Competition – lowers prices; improve society’s standard of living; more wealth to distribute.
Discussion about wireless service – North America
Political Benefits
Recession – governments try to stimulate growth! Capital growth projects – Gardner Dam
Entrepreneurship needs a supportive environment (SK vs NDP)

24. Factors that Influence Entrepreneurs
Brainstorm list

25. Brainstorm a list!!!!!!

26. Factors – historically there has always been elements of risks and factors
The Economy:
Economy: activities related to the production and distribution of goods and services in a particular geographic region
Economic Cycle: Boom, Slow Down, Recession and Recovery
Supply and Demand – more info coming soon!

27. Markets Exists wherever buyers and sellers come together, exchange
Market share – advertising can expand or move market preference

29. Demographics:
refers to the composition of the population
Age, sex, ethnic origin, income group
Saskatchewan Stats Canada
Moose Jaw 2011 Stats Canada

33. Technology:
Is technology available to produce or support your idea/venture? New technology? Finance research and development? Production? Communication? E-Commerce, Ex: eBay/PayPal
Vanier Fees
Smartphones
Drones - amazon

34. Agricultural Diversification
SK – very important factor; diversifying operations; manufacturing; processing plants; Prairie Berry; McDougal Pulse partnership with overseas company

35. Environmental Concerns
Dragon’s Den Season 3 Episode 7 Time 17:48
Industrial revolution up to 1960s did not worry about the environment
Keystone Pipeline – US; Farming – Hunger, Plastic bags
Ten Tree Apparel - apparel-2.html
Failure to Recycle to be Punishable by $500 Fine in San Francisco

36. Availability of Financing
Can you afford to get your project up and running? Can you do it by yourself or will you have to raise capital from outside sources? (owner investment and/or borrowing)
Economic Cycle – relation to financing – interest rates!
Interest Rate:

37. Trends and Fads:
Both trends and fads influence consumer needs and wants
Trends: a general direction in society that may last for a long time. Major impact on consumer buying habits and on business (trend – women in the workforce, convenience foods, extended shopping and banking hours, flexible hours, technology, self help)
Fads: come and go – 2000s (can you guess any)
We will do more soon

38. Conclusion Anyone has the potential to be an entrepreneur.
On a personal level, if a person has an idea or sees an opportunity and is willing to take a risk, he or she can become an entrepreneur.
However, a number of factors needs to be considered to determine if your idea or plan has a chance for success.
Attitude, determination, commitment and willingness to learn can go a long way.
Entrepreneurship and small business has been a foundation for our province and country! Provides tonnes of benefits to our communities.