1 Entrepreneurship …what is it?  The act of identifying opportunities and taking calculated risk to satisfy the needs and wants of others  Entrepreneur: Someone who has an idea and makes it happen

2 Entrepreneurship (Con’t)  Enterprising People: Much like entrepreneurs; have similar characteristics Only those who are willing to take financial risks will become Entrepreneurs  Intrapreneurs: People who are entrepreneurial or enterprising within a corporation or organization

3  Venture: A business undertaking or startup that has an impact on people’s lives  Success: Favourable or desirable outcome – to meet a goal Entrepreneurship (Con’t)

4 Venture Categories: 1.For-Profit / Not-For-Profit Profit: to make money Not-For-Profit: created for social or community purposes, i.e. Big Sisters, Heart & Stroke, United Way, etc.

5 Venture Categories: 2.Large Scale / Small Scale  Size of business doesn’t matter  Businesses seek to satisfy needs or wants based on the scale size of their business i.e. Small Business / Smaller Scale Satisfy needs or wants at Local Level i.e. Large Business / Large Scale Satisfy needs or wants at either a national or international Level Entrepreneurship (Con’t)

6 Venture Categories: 3.Service Production / Goods Production Service: performing an action that is useful to others Good: a product produced or distributed for sale Entrepreneurship (Con’t)

7 Venture Categories: 4.Physical and Virtual Physical (a.k.a. Bricks & Mortar): - locations to shop Virtual Business: business conducted electronically through E-Commerce over the Internet Entrepreneurship (Con’t)

8 Venture Categories: 5.Local/Provincial/National/International: a) Local: confined to one community (Keswick) b) Provincial: located in several towns & cities in one province (Ontario) c) National: located in more than one province d) International: located in more than one country Entrepreneurship (Con’t)

9 Impact on the Community  Entrepreneurs can hugely impact a local economy in terms of …  Job creation (multiplier effect) 1. Employees make 2. They buy goods & services - if G&S are provided locally, good chance they will spend their within the community - in turn, creates more jobs 3. Growing communities attract people

10 Impact on the Community (Con’t)  New Ideas (generate a new way of doing things)  Economic and political benefits - Competition lowers prices - Leads to improved standard of living - One successful new business can produce additional opportunities - Government support encourages entrepreneurship