Entrepreneurs & Enterprising People Chapter 2 Entrepreneurs & Enterprising People

Characteristics of a Successful Entrepreneur Self-confident Perceptive Hard-working Motivated Resourceful Able to Manage Risk Creative Goal-Oriented Optimistic Flexible Independent Visionary Able to get Along with Others

Entrepreneurial Skills Communicate – listen, speak and write Generate Ideas Indentify Opportunities Plan Organize Make Decisions Solve Problems Negotiate Network Market their Ideas Keep records (financial and others) Lead Others

Non-Entrepreneurial Skills Invulnerability This thought pattern leads people to feel that nothing can happen to them is disastrous. They are likely to take unnecessary changes and unwise risks. Being Macho This describes people who try to prove themselves by taking large risks and exposing themselves to danger. When combined with overconfidence, it is sure to be a recipe for disaster.

Non-Entrepreneurial Skills Being Anti-Authoritarian These people resent their actions being controlled by outside authorities. This mind patter will never succeed when teamwork and feedback is necessary. Impulsivity When faced with a decision, these people feel that they must do something, do anything, and do it quickly. Do not review alternatives before acting.

Non-Entrepreneurial Skills Out of Control These people feel that there is little if anything they can do to control the situation. Perfectionist Time and cost implications of perfection are very high, with opportunities being passed-by because another project is not yet “perfected”. Important not to confuse perfectionism with having high standards.

Non-Entrepreneurial Skills Know-it-all These people actually have very few answers, and fail to recognize, that they do not know the answer.

Portrait of an Enterprising Person Pick ten items that are characteristics or skills of an entrepreneur that you feel you are the strongest. Create a collage of those ten items using the Internet that incorporates all ten qualities, skills or characteristics. Title the page “Portrait of an Enterprising Person” Be Creative! Use a variety of Pictures. Be Professional! Organize your page in an easy to see format. Be Responsible! Hand in your assignment by tomorrow.

Quote of the Day: Wisdom comes from good judgment. Good judgment comes from experience. Experience come from mistakes. Mistakes come from bad judgment. Chinese Proverb This quote is in the text… I thought it was interesting. What do you guys think?

Roles of Entrepreneurs Inventor – Develop new ideas for products, processes, or services. Innovator – Improve existing products, processes or services. Manager – Set goals and develop a plan to achieve them. Administrator – Implement the plan to achieve the goals. Leader – Create the vision and communicate it to others.

What Motivates You to Excel? An abundance of research tells us that employee recognition is a key factor in motivating employees. Receiving recognition helps you feel good about yourself, increases your confidence, and encourages you to do a good job. Self-esteem is an internal motivator. Something within a person that spurs the person on toward the achievement of a goal.

What motivates you to excel? Money is an external motivator. Something outside the individual that causes the individual to act, such as a salary increase. Trade-off – a compromise people make when they choose between two or more options.

Success Employers that wish to contribute to the success of their enterprising employees need to: Create a workplace culture where employees feel their input is valued and where it is safe to make and learn from mistakes. Provide the tools needed to achieve desired results. Offer meaningful work that adds value to society.

Success Provide alternate work arrangements so employees can balance their work with other aspects of their lives. Support employees with benefit packages that meet the needs at various life stages.

Are you a Born Entrepreneur? Go to the following link: http://www.forbes.com/2005/11/15/entrepreneur- personality-quiz_cx_bn_1116quiz.html Read the Forbes article “Are you a Born Entrepreneur? After you have read the article take the Entrepreneurial Personality Quiz that is at the end of the article. Copy the quiz answer to WordPerfect. Do you agree with it? Explain you answer in the form of a short paragraph, then place it in the hand-in folder.

Enterprising vs. Entrepreneurial What do you think the difference is between an enterprising person & an entrepreneurial person?

Enterprising vs. Entrepreneurial Similarities Differences Self confident Perceptive Goal-oriented Creative Hard-working Optimistic motivated Do not want to take financial risk Agents of social change Agent of social change… what does this mean? A person whose presence or thought processes cause a change from the traditional way of handling or thinking about a problem. Examples: Angelina Jolie – third world adoption (brings awareness) Madonna Barack O’Bama - first African American president, health care reform in the US Matt Damon – Onexone charity (water, healthcare, hunger, education, play) Oprah

What is an agency of social change? A person whose presence or thought processes cause a change from the traditional way of handling or thinking about a problem. Agent of social change… what does this mean? A person whose presence or thought processes cause a change from the traditional way of handling or thinking about a problem. Examples: Angelina Jolie – third world adoption (brings awareness) Madonna Barack O’Bama - first African American president, health care reform in the US Matt Damon – Onexone charity (water, healthcare, hunger, education, play) Oprah

Kids Caring 4 Kids http://www.youtube.com/watch?v=7uCjE0EDq9A

What about you? How can you engage in enterprising activities in your school and community? How can you be an agent of change? - Fundraising (Terry Fox Run), eco club, volunteering to coach elementary sports…

Terry Fox Read the case entitled “The Marathon of Hope” on page 33 of textbook. Think about the following questions and be prepared to discuss with the class: What characteristics did Terry display? What was his vision? How did he communicate it to others? How can we engage in enterprising activities? Can we be agents of change?

Niagara Volunteer Connection Go to the following website: http://niagara.cioc.ca/volunteer/ Click on “Search: Step 1” Select “Grimsby/Lincoln/West Lincoln” Select “General Areas of Interest” Select “Specific Areas of Interest” Review opportunities Why volunteer? Good for the community, need public service hours to graduate, looks good on the resume, meet lots of different people, make connections … give blood

SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)

SWOT Analysis Strengths, weaknesses, opportunities, and threats Strengths and weaknesses are internal factors Opportunities and threats are external factors Analysis is first stage of planning and helps marketers to focus on key issues

Should I try out for cheerleading? Strengths Weaknesses Really energetic Good at gymnastics Not a strong dancer

Should I try out for cheerleading? Opportunities Threats Would be able to meet lots of new people Already really busy with Glee Club, school and soccer Possible scheduling conflicts?

Venture Plan Work period (pages 4 – 7)