What is entrepreneurship The act of identifying opportunities

What is entrepreneurship? The act of identifying opportunities and taking calculated risk to satisfy the needs and wants of others.

What is an entrepreneur? SOMEONE WHO HAS AN IDEA AND MAKES IT HAPPEN

CANADIAN HALL OF FAME ENTREPRENEURS William & Alfred Billes – Canadian Tire Armand Bombardier – Bombardier George Cohon – Mc. Donald’s Canada Timothy Eaton – Eaton’s K. C. Irving – Irving Empire Lord Thompson – Hudson Bay & Thompson Empire Wallace & Harrison Mc. Cain – Mc. Cain Foods Ed Mirvish – Honest Ed’s Frank Stronach – Auto Parts Garfield Weston - Weston’s Guy Laliberte & Guy Caron – Cirque du Soleil Mac Voison- M&M Meats Christine Magee – Sleep Country Canada

Intrapreneurs – people who are entrepreneurial or enterprising within a corporation or organization. The Enterprising Person Enterprising People – are people who demonstrate many of the characteristics of entrepreneurs. They can make things happen. They may pursue their visions as intrapreneurs, or they may try to accomplish their goals in their spare time. Many enterprising people are agents of social change. They respond to needs and wants in order to improve the lives of others or to contribute to the community.

Ways a Corporation can Encourage Employees to be Enterprising People. ØSuggestion box • e. g. , High Schools, General Motors, Honda ØProfit sharing • e. g. , Chez Piggy’s restaurant – Kingston, E. D. Smith ØTeam concept • e. g. , 3 M – creative groups for new ideas ØStock purchase plan • e. g. , Canadian Tire ØPay for courses employees take to upgrade skills ØInnovative and fun work environment

Ways a Corporation can Encourage Employees to be Enterprising People. ØProvide support for enterprising people ØEvaluate ideas and Reward efforts and results ØProvide freedom from constraints (flex hours) ØEncourage passion and commitment ØShare power ØReward commitment and innovation ØBuild teams and collaborative problem solving ØLead by example ØCelebrate achievement and Recognize efforts ØEstablish a system to accept ideas and invest in idea generation

Difference between an Entrepreneur and an Enterprising Person Entrepreneur - identify opportunities and take calculated risk to satisfy the needs and wants of others by setting 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.

Get involved in your school Ways in which you can be Enterprising. clubs - teams -student council -yearbook school newspaper - spirit days -helping others start a club -start a band - fund raising Get involved in your community volunteer - contribute - help a senior listen for problems there may be an opportunity look for ways to do things better create your own summer job talk to local entrepreneurs

üSelf-confident üPerceptive üHard working Entrepreneurial Characteristics üMotivated üOptimistic üFlexible üIndependent üVisionary üResourceful üAble to get along with others üAble to manage risk üGoal-oriented üCreative üEnjoys helping others üAchievement oriented üDetermined

How independent are you? A. very B. somewhat C. not at all Is perseverance part of your personality? ARE YOU AN ENTREPRENE UR A. yes B. sometimes C. no Does risk and unpredictability unsettle or excite you? A. Yes, it really excites me, I embrace challenging life situations. B. Yes, it excites me, but I often favour predictability and security. C. No. It unsettles me and I like predictability.

Would you say you’re focused, and achieve dreams? A. really B. somewhat C. not at all When opportunities knock, do you open their doors? A. always B. often, but depends on situation and opportunity C. not usually Are you a creative thinker? A. very B. moderately C. not at all How much stamina do you have? A. a lot B. much C. not much Is self-confidence one of your strongest traits? A. yes B. not sure C. no Have you a special background related to your dream venture? A. yes B. somewhat C. not really Do you competently meet deadlines/commitments? A. always B. usually C. often

YOUR SCORE Score, 8 A’s or more: Congratulations! You’re a natural entrepreneur. You’ve got the dynamic personality needed to succeed as an entrepreneur. Go for it! 8 B’s or more: Although you possess the basic entrepreneurial character traits, you’re unsure of yourself yet. Unleash your creativity. Embrace your challenges. Empower yourself. 8 C’s or more: The entrepreneur career doesn’t fit you at all right now but that can change as you grow and mature.

CHALLENGES FACING YOUNG ENTREPRENEURS üLack of money üLack of experience and knowledge üConfidence üCredit history üCollateral üNo track record üRed tape üEnergy üAdults’ attitude (not taking you seriously) üSkills üPeer pressure üAccurate self-assessment üEstablishing goals

Risks and Rewards of Entrepreneurs

Rewards of Being an Entrepreneur Your own boss Doing work you enjoy/interests you Can be creative Possibility of greater wealth – if business is successful owner reaps the benefits Helping your community

Risks of Being an Entrepreneur Risky – potential failure Face uncertain and irregular incomes Work long hours and hard work Must make all the decisions Financial insecurity