Your Great Adventure Exploring Your Options chapter 1

Your Adventure begins. . . Chances are you will: ØOwn your own business, or

Chapter Overview Chapter 1 will: chapter 1 ØDefine entrepreneurship ØIntroduce the basic building blocks

Learning Opportunities chapter 1 ØIdentify the role, skills, and characteristics of successful Canadian entrepreneurs.

Learning Opportunities chapter 1 ØUse mind maps to help you decide on the life

CANADA = Entrepreneurial Hot Bed! • Canada has twice the percentage of self-employed people

CANADA = Entrepreneurial Hot Bed! • 40% of Canadians think being your own boss

Small Business: The Numbers • 2. 6 million Canadians are selfemployed • 35% female

Small Business: The Numbers • About 75% of small business employees work in the

Small Business Entrepreneurs Are. . . • Fuel for private enterprise ØVisionary self-starters ØPassionate,

The Down Side • 55% of small business owners work 50+ hrs per week

Successful Entrepreneurs Are… ü Passionate ü Opportunistic ü Persistent ü Visionaries ü Goal-oriented ü

Entrepreneurial Thinking Table¹ Typical Employee Thinking Master Entrepreneur® Thinking I need to. . .

Rev Up Action Step 1: Organize your personal & business ideas in a 24/7

The Social Entrepreneur • Start a business that does social good • Agents of

Enter the Intrapreneur • Down the road… ØYou may find yourself working for a

Enter the Intrapreneur Making change in a large company is called intrapreneurship. Intrapreneurs stimulate,

Inc. Yourself What does success means to you? Ø Think of yourself as a

Idea Generator: Mind Mapping Mind map: Øan idea-generating sketch Øcircled words connected by lines

Idea Generator: Mind Mapping Create your mind map: 1. Write your goals in the

What is Small Business? ØAn independently owned & operated firm, not dominant in its

Your Chances of Success ØSome small businesses fail ØSlightly more than 80% of small

What is a Business Plan? ØA written summary of: • Business goals • Resources

A Business Plan: Why Bother? A business plan is important because it: • Lays

Conducting Research Market Research Collection and analysis of data pertinent to an existing or

3 Research Approaches 1. Primary Research Involves interacting with the world through interviews, observation,

Business Plan Building Block Chapter 1 helps you inspire confidence in money lenders by

Checklist for Your Business Plan q Are you organized? Do you have a central

Checklist for Your Business Plan q Is your family or those you live with

Case Study Garrison Guitars, Part I Chris Griffiths has POP: he’s passionate, opportunity-seeking and

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Chapter Overview Chapter 1 will: chapter 1 ØDefine entrepreneurship ØIntroduce the basic building blocks of a business plan ØHelp you discover your entrepreneurial bent ØHelp you explore your career options Copyright © 2011 Nelson Education Ltd. 1 -3

Learning Opportunities chapter 1 ØIdentify the role, skills, and characteristics of successful Canadian entrepreneurs. ØDiscover why you might want to become an entrepreneur. ØIdentify your entrepreneurial quotient. ØUnderstand what it takes to be an entrepreneur and intrapreneur. ØUnderstand the meaning of the terms micro and small business. Copyright © 2011 Nelson Education Ltd. 1 -4

Learning Opportunities chapter 1 ØUse mind maps to help you decide on the life you want. ØDiscover what success means to you. ØUnderstand the rationale for a business plan and list the main components. ØImprove your research & info-gathering skills. Copyright © 2011 Nelson Education Ltd. 1 -5

CANADA = Entrepreneurial Hot Bed! • Canada has twice the percentage of self-employed people as the U. S. ! • Most of our self-employed (60%) have a post-secondary education • About 1/3 are serial entrepreneurs: Ø they own or have owned more than one business Copyright © 2011 Nelson Education Ltd. 1 -6

CANADA = Entrepreneurial Hot Bed! • 40% of Canadians think being your own boss is the most rewarding career decision • 80% of all entrepreneurs say that starting a business was their best career decision Copyright © 2011 Nelson Education Ltd. 1 -7

Small Business: The Numbers • 2. 6 million Canadians are selfemployed • 35% female vs. 65% male • 98% of employer businesses have fewer than 100 employees • 57% of employer businesses are micro businesses: • 1 to 4 employees Copyright © 2011 Nelson Education Ltd. 1 -8

Small Business: The Numbers • About 75% of small business employees work in the service sector • Almost 1/2 of our labour force work for small enterprises • Small business accounts for about 25% of our Gross Domestic Product (a key measure of economic production) Copyright © 2011 Nelson Education Ltd. 1 -9

Small Business Entrepreneurs Are. . . • Fuel for private enterprise ØVisionary self-starters ØPassionate, Opportunistic & Persistent • Agents of change: ØDoers who see a market need & satisfy that need by translating it into a successful business Copyright © 2011 Nelson Education Ltd. 1 -10

The Down Side • 55% of small business owners work 50+ hrs per week • Only half took 1 week vacation in 3 years • 90% say running a business is stressful But. . . Those who own their own businesses report highest life satisfaction. Copyright © 2011 Nelson Education Ltd. 1 -11

Successful Entrepreneurs Are… ü Passionate ü Opportunistic ü Persistent ü Visionaries ü Goal-oriented ü Independent thinkers ü Idea generators ü People-oriented ü Sharing ü Doers ü Moderate risk-takers . . . Are you? Copyright © 2011 Nelson Education Ltd. 1 -12

Entrepreneurial Thinking Table¹ Typical Employee Thinking Master Entrepreneur® Thinking I need to. . . I want to. . . Thank God it’s Friday! It’s Friday already? Why not? I stay in my comfort zone. . . I expand my comfort zone I need money to make money I create money with no money . . . Which kind of thinker are you? ¹ Source: www. Master. Entrepreneur. com, Copyright © 2006, 2009 Chris Castillo. Copyright © 2011 Nelson Education Ltd. 1 -13

Rev Up Action Step 1: Organize your personal & business ideas in a 24/7 Adventure Notebook Action Step 2: Find out why you want to be an entrepreneur Action Step 3: Assess your interests & abilities Copyright © 2011 Nelson Education Ltd. 1 -14

The Social Entrepreneur • Start a business that does social good • Agents of social change Ødoers with innovative solutions to society’s most pressing social challenges Copyright © 2011 Nelson Education Ltd. 1 -15

Enter the Intrapreneur • Down the road… ØYou may find yourself working for a large company or (better still) owning your own large company • Both require that you foster entrepreneurship Copyright © 2011 Nelson Education Ltd. 1 -16

Enter the Intrapreneur Making change in a large company is called intrapreneurship. Intrapreneurs stimulate, empower, and reward employees to be entrepreneurial, and: – – – Find opportunities Take risks Brainstorm for new ideas Set goals Take ownership Copyright © 2011 Nelson Education Ltd. 1 -17

Inc. Yourself What does success means to you? Ø Think of yourself as a product you want to create. Ø Create your own mind map—one that depicts the life you want. Ø Discover what success means to you. Ø Complete Action Step 5 Copyright © 2011 Nelson Education Ltd. 1 -18

Idea Generator: Mind Mapping Create your mind map: 1. Write your goals in the centre of a page. 2. Circle key words. 3. Use lines to connect themes. 4. Create a spider web of opportunity! Copyright © 2011 Nelson Education Ltd. 1 -20

What is Small Business? ØAn independently owned & operated firm, not dominant in its field ØAny venture with spirit ØAny business you want to start ØAny idea you want to bring to the marketplace ØEmployer of 1 to 20 employees • Like 85% of businesses in Canada Copyright © 2011 Nelson Education Ltd. 1 -21

Your Chances of Success ØSome small businesses fail ØSlightly more than 80% of small businesses survive their first year ØOn average, a company will be in business about 6 years ØOnly about 30% make it for 10 years ØA business plan & research helps you beat the odds Copyright © 2011 Nelson Education Ltd. 1 -22

What is a Business Plan? ØA written summary of: • Business goals • Resources needed • Plan to organize resources to meet personal & business objectives. ØA blueprint or road-map for operating your business start-up & measuring progress. Copyright © 2011 Nelson Education Ltd. 1 -23

A Business Plan: Why Bother? A business plan is important because it: • Lays out goals • Provides an organizing tool • Acts as a financial guide • Helps obtain advice • Helps secure investment. Copyright © 2011 Nelson Education Ltd. 1 -24

Broad Components of

Conducting Research Market Research Collection and analysis of data pertinent to an existing or potential market Three Main Research Approaches Primary Research 2. New-Eyes Research 3. Secondary Research 1. Copyright © 2011 Nelson Education Ltd. 1 -26

3 Research Approaches 1. Primary Research Involves interacting with the world through interviews, observation, etc. (Action Step 6) 2. “New-Eyes” Research Involves the use of intuition and observation to learn things about the marketplace (Action Step 7) 3. Secondary Research Involves referring to someone else’s primary research (Action Step 8) Copyright © 2011 Nelson Education Ltd. 1 -27

Business Plan Building Block Chapter 1 helps you inspire confidence in money lenders by identifying: ØWhere you are now • Strengths & weaknesses • Entrepreneurial aptitudes & skills ØWhere you are going • Goals, passion & commitment Copyright © 2011 Nelson Education Ltd. 1 -28

Checklist for Your Business Plan q Are you organized? Do you have a central deposit for all your ideas? q Do you have what it takes to be an entrepreneur? q Have you assessed your interests, abilities, and weaknesses as they relate to owning a business? q Have you assessed your past accomplishments and shortcomings? q Do you have a list and a plan of new skills you will have to work on? Copyright © 2011 Nelson Education Ltd. 1 -29

Checklist for Your Business Plan q Is your family or those you live with “on board”? q Are you prepared to take the time to do the research to write a business plan? q Have you interviewed entrepreneurs to see what it is really like to be in business for yourself? q Do you have any business ideas which you are passionate about? Copyright © 2011 Nelson Education Ltd. 1 -30

Case Study Garrison Guitars, Part I Chris Griffiths has POP: he’s passionate, opportunity-seeking and persistent. Answer the Chapter 1 case study questions to learn: Ø That mind mapping can help you get new ideas Ø The entrepreneurial skills & personality traits that helped Chris Garrison launch his successful invention Ø How Chris overcame major roadblocks Ø How Chris used primary and “new eyes” research Ø How a business plan helped Chris launch his successful business. Copyright © 2011 Nelson Education Ltd. 1 -31