1. The Entrepreneurial Process: It For You? All kinds of people become entrepreneurs

2. 1. Identify and address problems within society Entrepreneurs: What do they do?

3. 2. Identify the needs for products or services

4. 3. Generate ideas - how to solve the problem - how to meet the need for products and services

5. 4. Evaluate - ideas represent an opportunity - problem, want or need represents an opportunity

6. 5. Evaluate ideas and opportunities for the development of a venture 6. Develop a plan of action 7. Implement the plan

7. MOTIVATION 1. Need for Independence 2. Need for Achievement 3. Need for Power 4. Need for Affiliation

8. University of Regina: study “The Saskatchewan Entrepreneur Reasons: personal sense of accomplishment be one’s own boss freedom Women and young people increasing Women & young require more external financing Under half prepared business plans Only 11% were university graduates

9. Decision-Making Attitudes Dependence: entrepreneurs not dependent Delaying: not procrastinators Agonizing: not agonizers (What ifs) Apathy: not apathetic Impulsiveness: not impulsive

10. Entrepreneurs tend to be: Decisive Independent Active Confident Caring Careful

11. Keys to Entrepreneurial Success Ability to: develop a good knowledge of market information develop a well planned and prepared venture plan develop a plan for the management of finance develop good working relationships with suppliers develop a good system of inventory management develop a plan for expansion and growth

12. Entrepreneurial Success: è have a commitment to success è hire and maintain staff of competent workers

13. REASONS FOR FAILURE Belief that hard work can make up for any skill or attitudinal deficiences Focus on consequences of failure rather than benefits of success Lack of basic business skills, particularly in the financial areas

14. KNOW YOURSELF Major factors in the career-planning process Work Interests Personal Values Work Experience Education