Entrepreneurs Characteristics and Contributions 1

Characteristics of Entrepreneurs After learning about the Canadian and American entrepreneurs what are some of the characteristics that they exhibit? After learning about the Canadian and American entrepreneurs what are some of the characteristics that they exhibit? Work with a partner and using your handout brainstorm some characteristics of entrepreneurs Work with a partner and using your handout brainstorm some characteristics of entrepreneurs

Characteristics of Entrepreneurs Self-confident Perceptive Hard working Motivated Resourceful Able to manage risk Creative Achievement oriented Optimistic Flexible Independent Visionary Able to get along with others Goal-oriented Enjoys helping others Determined

Difference between an Entrepreneur and an Enterprising Person Entrepreneur - identify opportunities and take calculated risk to satisfy the needs and wants of others by starting up a business to make a profit. Entrepreneur - identify opportunities and take calculated risk to satisfy the needs and wants of others by starting up a business to make a profit. Enterprising Person - respond to needs and wants in order to help the company they work for or to improve the lives of others or to contribute to the community. Enterprising Person - respond to needs and wants in order to help the company they work for or to improve the lives of others or to contribute to the community.

Entrepreneurial Failures The Ford Edsel The Ford Edsel The Ford Edsel The Ford Edsel Introduced September 4, 1974 Introduced September 4, 1974

The Edsel Months before the release date the car was kept “under cover” to the public Months before the release date the car was kept “under cover” to the public The public believed something radical was coming out, but it resembled many other cars of the time The public believed something radical was coming out, but it resembled many other cars of the time Market timing was off, large cars were no longer popular Market timing was off, large cars were no longer popular Economy was slowing down Economy was slowing down Every Day Something Else Leaks Every Day Something Else Leaks

Entrepreneurial Failures ThirstyDog & ThirstyCat ThirstyDog & ThirstyCat Introduced in 1994 Introduced in 1994 Developed by Developed by veterinarian professor

ThirstyDog & ThirstyCat Target market was too small – looking to sell to very wealthy pet owners Target market was too small – looking to sell to very wealthy pet owners Price was too high Price was too high General public not interested in product General public not interested in product Thousands of dollars wasted on advertising campaign Thousands of dollars wasted on advertising campaign No market opportunity for product No market opportunity for product Product was carbonated Product was carbonated

McPizza The McDonald’s McPizza The McDonald’s McPizza Introduced in 1990 Introduced in 1990

McPizza People did not associate McDonald’s with Pizza People did not associate McDonald’s with Pizza The pizza was considered bland by money The pizza was considered bland by money The Pizza took too long to be ready The Pizza took too long to be ready The company took major losses with all of the expensive equipment developed and purchased The company took major losses with all of the expensive equipment developed and purchased

New Coke The New Formula The New FormulaNew for Coke Introduced in 1985 Introduced in 1985

New Coke Initially Sales of New Coke were quite level with the previous product Initially Sales of New Coke were quite level with the previous product However, a small group of consumers were extremely upset with the change and were not afraid to share their opinions However, a small group of consumers were extremely upset with the change and were not afraid to share their opinions Executive were fighting over whether to reintroduce the old coke Executive were fighting over whether to reintroduce the old coke The old formula was introduced and the new formula was taken off the market The old formula was introduced and the new formula was taken off the market In short: “If it ain’t broke, don’t fix it” In short: “If it ain’t broke, don’t fix it”

What Makes a Venture Successful Think for a moment about what makes a business successful: Think for a moment about what makes a business successful: Financial planning Financial planning Providing a product or service that is in demand Providing a product or service that is in demand Excellent customer service Excellent customer service Business planning Business planning Having good employees Having good employees Positive business relationships Positive business relationships Managing expenses appropriately Managing expenses appropriately

Business Venture Effects Workers Workers Community Community Other Businesses Other Businesses Environment Environment Economy Economy Politics Politics

Obsolete Products Review Obsolete Products Handout Review Obsolete Products Handout

Venture Profile  Read page 14 from your text  Complete questions 1 – 4