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Introduction to Entrepreneurship

Introduction to Entrepreneurship. Entrepreneurs and Enterprising People. Entrepreneurs. Person who starts a venture to solve a problem or take advantage of an opportunity Venture – a business enterprise involving some chance of risk and some chance of gain Example: Donald Trump.

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Introduction to Entrepreneurship

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  1. Introduction to Entrepreneurship Entrepreneurs and Enterprising People

  2. Entrepreneurs • Person who starts a venture to solve a problem or take advantage of an opportunity • Venture – a business enterprise involving some chance of risk and some chance of gain • Example: Donald Trump

  3. Enterprising Person • A person who displays entrepreneurial characteristics, but to “other businesses” • Example: NOMA Icicle lights guy

  4. Entrepreneurial Characteristics

  5. Risk Takers • Risk Taking is the ability to take “good” chances • Entrepreneurs are able to assess and manage risk • They know how to mitigate risk in their favour STORY: • Terry and John • Michael Dell • Chris and Larry

  6. Perceptive • Entrepreneurs are able to see opportunities • They are able to see things “outside of the box” • Example • 1-800-GOT-JUNK • John Rockefeller – Oil Tycoon

  7. Three Subliminal Messages Sign up for SHSM VOTE FOR BRIANNA Stephanie: Sandals are not considered uniform shoes

  8. Imaginative • Entrepreneurs are able to create new ideas from scratch • They can come up with creative solutions to problems • Story: • Cirque de Soleil • Also Recommended  Jeff Bezos

  9. ROMAN BAKERIES

  10. ROMAN BAKERIES

  11. Persistent • Entrepreneurs are able to continue to strive for goals even in the midst of failure • They are motivated to continue to achieve • Story: KFC • Water Displacement (displaces water, lubricates, degreases, prevents rust)

  12. Hard Working • Entrepreneurs are extremely hard working • They often times sacrifice other aspects of life in order to complete daily work • Entrepreneurs will often work 80 hours for themselves rather than work 40 hours for someone else. STORY: • Ipaska • Kleanol Distribution

  13. Self Confident • Entrepreneurs are confident in their skills and abilities • They are optimistic that they will succeed • Donald Trump – Ice Rink (I can make it work) • Grocery Gateway • All Highly successful business people admit to failing at least 3-4 times – what kept them in the game?

  14. Flexible • Entrepreneurs are able to adapt to their situation • They do not avoid change, they welcome it • Story: • Kleanol Distribution (Green Shirts?) • E-Bay going to PayPal

  15. Independent • Entrepreneurs are able to work on their own • They are self motivated and can set their own goals • Story: James Gosling Sun Microsystems

  16. Goal Setting • Entrepreneurs continuously set goals for themselves • When they reach a goal, they create a new one Story: • Daewoo – Electronics company • Roots – shoes, clothing, accessories, home décor, airline, designer vitamins

  17. Curious • Entrepreneurs continuously ask questions • They try to find out what people want and then provide it for them • Story: • Sugar, Walnuts, Bananas, Egg Yolks, Coconut Oil, Cocoa, Concentrated Lemon Juice, Guar Gum, Milkfat, Soy • Ray Kroc – The Multimixer Man

  18. Summary of Entrepreneurial Characteristics: Entrepreneurs are: • Risk Takers • Perceptive • Imaginative • Persistent • Hard working • Self Confident • Flexible • Independent • Goal setting • Curious

  19. Homework: • Complete the entrepreneurial characteristics self assessment of yourself. For each characteristic, include what you would rate yourself out of ten for that characteristic and a story or reason why.

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