Entrepreneurs and Enterprising People

1. Entrepreneurs and Enterprising People Unit Notes

2. Enterprising: What does it mean? • The enterprising children opened a lemonade stand. • Enterprising: • showing initiative and willingness to undertake new projects; ready to undertake important, difficult or new projects, energetic in carrying out an undertaking • Are enterprising people also entrepreneurs? • Are entrepreneurs enterprising?

3. Enterprising/Entrepreneurial Opportunities • Market-pulled opportunities • Developing a solution to a problem and taking advantage of it • E.g., Bombardier snowmobile • Product-driven opportunities • Developing an idea first and then looking for a marketing opportunity • E.g., 3M post-it notes

4. Enterprising vs. Entrepreneur

5. Who are Entrepreneurs? • What do entrepreneurs look like? • Age? • Sex? • Marital status? • Nationality? • Background? • Born or made? • Let’s do some research!

6. Desirable Skills of Entrepreneurs • Numeracy • Literacy • Financial management • Time management • Decision making • Organization • Planning • Leading • Stress management • Record keeping • Communication • Negotiation

7. Desirable Characteristics of Entrepreneurs • Willing to take a risk • Positive attitude • Strong sense of commitment • Hardworking and energetic • Have spirit of adventure • Self-confident and self-reliant • Be goal oriented • Be innovative, creative and versatile • Be persistent • Strong need to achieve and seek personal accomplishment

8. Undesirable Characteristics for Entrepreneurs Invulnerability Being macho Being anti-authoritarian Impulsiveness Perfectionists Know-It-All

9. Contributions of Entrepreneurs to Society Create new ventures that provide new, improved products and services Find new ways of making products and services available to more people Compete with each other to be the “best” which improves production (product quality) and keeps prices down Create jobs in the community through their new venture

10. Social Responsibility Doing things to contribute to the “common good” or contribute positively in the community Goal of socially responsible business is to have a positive impact on society In the past, company’s success was measured only by net income Now, society demands more Businesses must consider social and community consequence of their actions

11. Contributions of Entrepreneurs to Society • Increase the quantity of products and services we produce in our economy be creating new ventures • Create new opportunities for others through their initiatives and innovations • Provide communities with a spirit of energy, initiative and potential for progress

12. Social Responsibility Investors, customers and employees want to know that companies they invest in, buy from and work for positively impact society while achieving financial success

13. How does a business act socially responsible? Treats employees fairly Makes decisions that help protect environment Contributes to charities Contributes to community development Can you build a socially responsible business? http://www.pbs.org/opb/thenewheroes/engage/business.html

14. The Entrepreneur’s Dozen Examines needs, wants and problems for which he/she feels there is something that can be done

15. Narrows the possible outcomes down to one specific opportunity

16. Thinks of an innovative idea

17. Researches the opportunity and idea thoroughly

18. Enlists the best source of advice and assistance

19. Plans the venture and looks for possible problems that may arise

20. Ranks the risks and possible rewards

21. Evaluates the risks and possible rewards and makes a decision

22. Never hangs on to an idea if research shows it won’t work

23. Employs the resources necessary if the decision is made to go ahead with the venture

24. Understands that any entrepreneurial venture will take a great deal of long, hard work

25. Realizes a sense of accomplishment from successful ventures and learns from failed ones to achieve success in the future

26. Advantages of Entrepreneurship • Be your own boss • Entrepreneurs control their own destiny. • Choose a business that interests you • Combine hobbies and interests • Be creative • Implement creative ideas you have • Make lots of money • Entrepreneurs can make lots of money if their business succeeds.

27. Disadvantages of Entrepreneurship • Entrepreneurship is risky • All entrepreneurs face the possibility of failure, going out of business or losing business. • Uncertain and irregular income • You won’t know for sure how much money you’ll have each month. • Long hours • Evenings and weekends are often work hours. Entrepreneurs do not get paid for time off. • Make all decisions yourself • You are responsible for everything

28. Entrepreneur QuizTrue or False? Entrepreneurs are born, not made. Entrepreneurs are gamblers. Entrepreneurs are completely independent. Entrepreneurs face greater stress than corporate managers. Most new businesses end in failure within five years. Money is the most important startup ingredient.

29. True or False? Talented entrepreneurs achieve success within the first year. Most entrepreneurs do not complete high school. Entrepreneurs thrive on accomplishment more than power. Entrepreneurs are generally young (25 and under)and full of energy.