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Topic 3: Courses Common to All Skilled Trades: Entrepreneurial Awareness

Topic 3: Courses Common to All Skilled Trades: Entrepreneurial Awareness. SCO 1.09. SCO. Students will be expected to: 1.09 understand the potential of entrepreneurial ventures versus regular employment. . Self-employment. Self-employment is a viable option to employment by companies.

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Topic 3: Courses Common to All Skilled Trades: Entrepreneurial Awareness

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  1. Topic 3: Courses Common to All Skilled Trades: Entrepreneurial Awareness SCO 1.09

  2. SCO • Students will be expected to: • 1.09 understand the potential of entrepreneurial ventures versus regular employment.

  3. Self-employment • Self-employment is a viable option to employment by companies. Let’s look at a little info on this…

  4. Self-employment in the Trades • While it may be a common perception that tradesworkers often run their own business or work independently, in 2007 they were self-employed slightly less often than workers in other occupations (15% and 16% respectively)

  5. Going Solo • A much higher proportion of the self-employed in the trades were without employees (92% in 2007) than those in other occupations (65%).

  6. Who’s employing? • Self-employment varied substantially by trade. • Electrical, telecommunications and stationary engineers and machinists were the least likely to be self-employed (7%); • those in other construction trades were the most likely (39%), • followed by masons and plasterers, and carpenters and cabinetmakers (32% and 25% respectively). • In each trade, very few had employees.

  7. What’s the trend? • Over the past two decades, self-employment has increased at a higher rate in the trades than in other occupations. • In 1987, only 9% of tradespersons were self-employed, compared with 15% in 2007, an increase of nearly 60%. This contrasts with the relative stability in other occupations.

  8. Mostly Solo • Among the self-employed, the proportion without employees increased significantly. For example, among self-employed carpenters, fully 94% did not have employees in 2007, compared with 75% in 1987.

  9. Summary of Self-employment of the Trades in Canada • http://www.statcan.gc.ca/pub/75-001-x/2008110/t/10710/5800471-eng.htm

  10. What does it take to become an entrepreneur? • Entrepreneurs have these identifiable characteristics: • Self-confidence • Energetic • Resourceful • Able to make decisions • Leaders • Determination • Ambition

  11. Also Required… • A good business plan is a must (business plan can be located at the RED board site) • Agencies available to assist in planning and funding include • Regional Economic Development Board • Atlantic Canada Opportunities Agency • Business Development Bank of Canada

  12. Let’s take a look at a sample business plan. • http://www.bizmove.com/starting/m1e2.htm

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