Entrepreneurial behaviours and skills

Investigating entrepreneurial behaviours and skills What is an entrepreneur? What behaviours do entrepreneurs exhibit? What skills do entrepreneurs possess? We will be considering entrepreneurial behaviours and skills. For example: What is an entrepreneur? What skills do entrepreneurs possess? What behaviours do entrepreneurs exhibit?

What is an entrepreneur? Firstly, let’s determine the meaning of the word entrepreneur.

Insert photo of yourself here! entrepreneur (n.) A person who sets out to build a successful business in a new field. An entrepreneur’s methods are sometimes regarded as ground-breaking and innovative. Insert photo of yourself here! Entrepreneurs come from a diverse range of cultural and educational backgrounds, professions and age groups. What they have in common is the ability to use a set of skills and behaviours to build a successful business in a new field. An entrepreneur is a person who sets out to build a successful business in a new field. An entrepreneur’s methods are sometimes regarded as ‘groundbreaking’ and innovative. There are several words in this definition that are crucial for understanding what an entrepreneur is and does. (zoom in) new field – means that the area the entrepreneur is working in is either new, developing or based on a future scenario (zoom in) methods – refers to the way an entrepreneur thinks, works and runs their business (zoom in) ground-breaking and innovative – refers to the idea that the entrepreneur does not always approach work and business in a traditional way; they have ideas and a vision that are new and they are prepared to think in new ways.

Famous entrepreneurs In recent times, a number of people have shown entrepreneurial skills in the fields of technology and social media. For example, you have probably heard of Bill Gates and his company Microsoft Office and the late Steve Jobs whose company Apple is famous for its cutting edge technologies. Other famous entrepreneurs include: Click - Richard Branson, the British Head of Virgin group including Virgin Music and Virgin airlines. Click – Anita Roddick, British born founder of The Body Shop Click - Dick Smith, Australian Entrepreneur whose companies include Dick Smith Electronics, Dick Smith Foods and Australian Geographic. Richard Branson – Head of Virgin group including Virgin Music and Virgin Airlines Anita Roddick – Founder of The Body Shop Dick Smith – Founder of Dick Smith Electronics, Dick Smith Foods and Australian Geographic

Hi, I’m Jake. I’m a keen surfer who is concerned about the environment. I invented a new type of surfboard using only recyclable materials. I started selling them at markets on the weekends. Now I own a small workshop and employ three people. The business is expanding rapidly. My name is Phuong. Eight years ago, I started an online tutoring program to help students improve their Vietnamese language skills. There were no online language programs at that time. My business is now generating $300,000 a year and I have brought in a business partner. (click) Hi, I’m Jake. I’m a keen surfer who is concerned about the environment. I invented a new type of surfboard using only recyclable materials. I started selling them at markets on the weekends and now I own a small workshop and employ three people. The business is expanding rapidly. (click) My name is Phuong. Eight years ago I started an online tutoring program to help students improve their Vietnamese language skills. There were no online language programs at that time. My business is now generating $300,000 a year and I have brought in a business partner. Jake and Phuong are two examples of entrepreneurs. Both of these people have set out to build a successful business in a new field. They have also demonstrated an ability to be innovative with their ideas and approaches to running a business.

Who can be an Entrepreneur? https://www.youtube.com/watch?v=2Uyd5S1mZqY

What behaviours do entrepreneurs exhibit? Now we will examine some of the typical behaviours that are exhibited by entrepreneurs.

Enterprising people… persevere through challenges take care of their health and stress levels take care of their health and stress levels are self-confident are self-confident show initiative show initiative are motivated to succeed are motivated to succeed have a clear vision have a clear vision Enterprising people display a range of behaviours that help them to succeed in the economics and business environment. For example, enterprising people: click – embrace change; they are able to adapt and revise their thinking where necessary click – seek innovative solutions by looking at all the options and considering new ways of doing things click – work well with others; they can be both a leader and a team member; click – take calculated risks; they aren’t afraid to try new ideas and methods if they believe they will be successful click – show initiative; they are proactive in getting things done and don’t wait to be directed click – are motivated to succeed; they are driven to work hard to achieve business success click – have a clear vision; they have clear goals and ideas that they want to achieve click – take care of their health and stress levels; being healthy and thinking clearly is a crucial component as entrepreneurs work hard to establish businesses and their operations click – are self-confident; they have faith in their own strengths and abilities and do not allow others to influence them negatively click – persevere through challenges; they are able to view setbacks and failures as potential learning experiences. embrace change seek innovative solutions work well with others take calculated risks

What skills do entrepreneurs possess? Entrepreneurs possess a variety of skills.

Questioning and research Being able to gather data and information is crucial to investigate business ideas. Sources: print online observation interviews Questioning and research skills are vital to succeed as an entrepreneur. They are necessary to learn more about potential markets, product ideas and ways of doing business. An entrepreneur is willing to gather data and information about best business practices and ideas from a range of sources. (click) Sources can include: (click) – print sources such as books, posters, graphs, journals, magazines and newspapers (click) – online sources such as e-books, online journals, blogs, websites and wikis (click) – observations of other businesses, consumer behaviour and trends (click) – interviews, surveys and conversations.

Interpretation and analysis Entrepreneurs read data and information to: identify trends and patterns make predictions. Interpreting and analysing data and information is essential to: (click) identify patterns and trends (click) make predictions. Entrepreneurs use these skills to find patterns and clues about how the economics and business world is operating. By identifying trends and patterns they are able to make predictions about future consumer demands and incorporate these into their future business plans. Source 1: The demand curve for ice blocks

Communication and reflection Entrepreneurs need these skills to: share ideas write proposals manage staff monitor their decision-making Communication and reflection skills help entrepreneurs: (click) share ideas (click) write business proposals (click) manage staff (click) monitor their decision-making. https://www.youtube.com/watch?v=VH35Iz9veM0

Economic reasoning and decision-making Economic reasoning and decision-making involves: identifying potential costs and benefits examining trade-offs employing informed decision-making strategies. Economic reasoning and decision-making involves thinking like a businessperson or economist. This includes: (click) identifying potential costs and benefits of new proposals (click) examining trade-offs (click) using strategies to make informed decisions. Thinking in these ways allows entrepreneurs to use effective strategies to weigh up the costs and benefits of potential ideas and products. When entrepreneurs take calculated risks, they first weigh up potential costs and benefits to help them decide whether the level of risk is acceptable. This ensures that an informed choice is made, rather than a random decision.

Using new technologies Entrepreneurs need to use new technologies to: work in real and online environments adapt to changing customer demands find more efficient methods of operating. In contemporary markets, entrepreneurs are faced with a wide range of rapidly changing technologies. The ability to use new technologies to help build a successful business is a vital skill. Examples of this include: (click) working in real and online environments (click) using technology to adapt to changing customer demands (click) finding more efficient methods of operating.

Planning and organisation establish short- and long-term plans to achieve objectives set clear objectives for the business organise efficient systems that contribute to business success Good planning and organisational skills are essential for business success. Entrepreneurs need to: Click – set clear objectives for the business Click – establish short- and long-term plans to achieve objectives Click – organise efficient systems that contribute to business success

managing human resources managing capital and natural resources Management Entrepreneurs utilise management skills to: recruit and keep quality staff (human resources) use resources efficiently (natural and capital) solve problems. managing human resources managing capital and natural resources problem solving Entrepreneurs possess good management skills that they adapt to a variety of situations. Management involves many areas of a business such as: managing human resources – recruiting and keeping quality staff managing capital and natural resources – efficient use of resources problem-solving – these skills are highly transferable and can be used in many different situations to help find creative and innovative solutions to build business success.

Attributions Slide 5: David Shankbone, 2010, http://en.wikipedia.org/wiki/File:5.3.10RichardBransonByDavidShankbone.jpg CC BY http://creativecommons.org/licenses/by/3.0/deed.en Roice70, 2011 http://commons.wikimedia.org/wiki/File:Dick_Smith.jpg CC BY SA http://creativecommons.org/licenses/by-sa/3.0/deed.en Eradicating ecocide Global Initiative http://eradicatingecocide.com/letter-from-women-to-world-leaders/ CC BY http://creativecommons.org/licenses/by-nc/4.0/

Activity 1 ENTHUSIASTIC N T R E P U In your book you are to write a word or phrase after each letter of ENTREPRENEUR that describes a characteristic, trait, or skill of an entrepreneur. ENTHUSIASTIC N T R E P U

Activity 2 Research an entrepreneur from the list provided. Present your findings as an attractive Word doc or PowerPoint. Ensure that your research covers the following points: some background about the entrepreneur and the business/es they are involved in eg. Date of birth, place of birth, What was their childhood like? What did their parents do for work? How they started the business. Wealth $$ List some the skills they have used to become successful.