Entrepreneurship

“We usually think of an entrepreneur as someone who is highly responsive to change, who sees opportunities that others may not see, and who mobilizes resources to make new things happen. Although some people feel that entrepreneurs are born, not made, experience has shown us that entrepreneurship can be taught, and that a positive environment encourages entrepreneurial thinking, promotes innovation, and leads to a higher degree of social and economic sustainability. Business, organizations and communities can become more entrepreneurial.”

(Western Economic Diversification Canada)

Entrepreneurship

Entrepreneurship – involves the recognition of opportunities (needs, wants, and problems) and the use of resources to implement innovative ideas for new, thoughtfully planned ventures.

(the Spirit Lives)

Entrepreneurship

Entrepreneurship deals with setting up a small business or making a quick buck?

True? False?

Entrepreneurship

Innovation is needed in entrepreneurship

(The Spirit Lives)

Entrepreneurship

Entrepreneurs tend to:

Have a spirit of adventure Have a strong need to achieve and seek

personal accomplishment Be self-confident and self-reliant Be goal-oriented Be innovative, creative, versatile

Entrepreneurship

Entrepreneurs tend to:

Be persistent Be hardworking and energetic Have a positive attitude Be willing to take initiative Have a strong sense of commitment

(THE SPIRIT LIVES)

Entrepreneurship

Entrepreneurs (Important Skills):

• OPPORTUNITY IDENTIFICATION• IDEA FORMULATION• EVALUATION AND ASSESSMENT• GOAL SETTING• COMMUNCATON• PLANNING ORGANIZATION• DECISION MAKING• TEAM BUILDING• NETWORKING

(THE SPIRIT LIVES)

Entrepreneurship

Entrepreneurs (Important Skills):

• LEADERSHIP• STRESS MANAGEMENT• RECORD KEEPING• NEGOTIATION• MARKET ANALYSIS• MARKETING• FINANCIAL MANAGEMENT• FINANCIAL PLANNING

(THE SPIRIT LIVES)

Entrepreneurship

Entrepreneurs

• Create new products and/or service businesses• Encourage better and/or lower-cost production• Provide employment opportunities and create jobs• Help contribute to regional and national economic

growth• Encourage greater industrial efficiency/productivity to

enhance our international competitiveness. (Robert Anderson)

Entrepreneurship

Entrepreneurs

• Find new ways of making products and services available to more people.

• May compete with each other to be the ‘best’, which improves production and keeps prices down.

• Create opportunities for others through their initiatives and innovations.

• Provide a spirit of energy, initiative, and potential for progress to a community. (the spirit lives)

Entrepreneurship

Entrepreneurship applies to:

New enterprises, whether business or notSmall businessNon-businesses (health care, education and so onActivities that were simply not to be considered

‘enterprises’ at all; and above all,The search for and the exploitation of new

opportunities for satisfying human wants and human needs. (Robert Anderson)

(Ro

Entrepreneurship

(Ro

Why go into business for yourself?

Profit, the desire to make truckloads of money or the dream of wallpapering your house with $100.00 bills are the main reasons people choose to start their own business.

True? False?

Fact: While it is important to make a profit when you are in business, otherwise your business will not survive, in reality ‘profit’ is very far from the real reason why people go into business for themselves.

Entrepreneurship

“Entrepreneurship expects that more than money is put at risk-an new idea, approach, method, or style is expected to be put to the test to see if it is any better than what is already being done.”

(The Spirit Lives)

Entrepreneurship (Ro

Common reasons why people start a business

Unable to find a jobUnable to hold a jobDriven by a need for powerIndependence (own boss)Finance educationFamily demandsExisting life boring and unrewarding

Entrepreneurship (Ro

How to tell a non-entrepreneur from the rest of the crowd

Invulnerability Machismo Anti-authoritarianism Outer control Perfectionism Being a know-it-all Counter dependency

Entrepreneurship (Ro

How to tell an entrepreneur from the rest of the crowd

When opportunity knocks, an entrepreneur rushes to open the door, trumpets blare and the entrepreneur leads it by the hand to the living room, offers it a glass of water and starts asking it questions.

They never feel satisfied until they have built their business into a vibrant enterprise.

When their business is vibrant, they often delegate the responsibility for managing the company to someone else while they go off and build another.

Entrepreneurship (Ro

How to tell an entrepreneur from the rest of the crowd

Make no distinction between their personal lives and work.

Do not take time off to play golf, unless it helps build their business.

Act like fire-fighters, extinguish fires (problems) as they arise.

Are always looking for opportunities.

Entrepreneurship

The greatest achievements in business result from small ideas shaped by an entrepreneurial perspective.

(Peter Drucker)

Entrepreneurship

Entrepreneurs

Are self-confident and determinedAre creative and full of initiativeAre people who get things done, often without paying

attention to the rulesKnow how to gather resources and build an organization to

take advantage of a business opportunityAre opportunists who seek out a problem or unfulfilled

need and find creative ways to solve the problem or satisfy the need

Create something from nothing, seizing and pursuing an opportunity regardless of the resources at their disposal

Entrepreneurship

Approximately 50% of all new businesses started every year are started by entrepreneurs who have failed at least once before in another business.

Entrepreneurship

I regard what some people term a failure as a lesson. There is no such thing as a failure in my eyes.

(Ron Foxcroft, President of Forton International)