CHAPTER 4 THE ENTREPRENEUR

FACT OR MYTH?

WHAT IS AN ENTREPRENEUR? Individuals who start their own businesses or aggressively expand existing ones Organize productive resources (human, natural, capital) to make goods or services Assume risk of financial failure

ENTERING THE MARKET Decide what, how and for whom to produce based on signals from the market  potential profits Correct decisions  big rewards (profits = revenues - costs) and incorrect decisions  big losses (debt) Consumers benefit from high quality, affordable goods of great variety

CHARACTERISTICS OF SUCCESSFUL ENTREPRENEUR Go-getter attitude: recognize opportunities, optimistic Risk taking: moderate Hard work: don’t notice the passage of time Motivation: work for themselves, make money Self-confidence: rely on yourself rather than luck or friends Objectivity: realize strengths and weaknesses and get expert help for weaknesses

BECOMING AN ENTREPRENEUR? BDC has numerous resources for young entrepreneurs: t.aspx

ENTREPRENEUR “PROFILES” 1.In your table groups, research a Canadian entrepreneur (can be deceased) 2.Create a “profile” by answering the questions below 3.You will then present these “profiles” to the class (you may use PowerPoint if you wish) 4.Presentations should be approximately 3-4 minutes Profile questions 1.Give the audience a brief background of the entrepreneur (i.e. Where are they from? What led them to become entrepreneurs? Which company did they startup? Provide a picture, etc.) 2.How did they start their business? How did they get the idea? 3.Were there any obstacles they encountered when trying to make their business successful? If so, what were they? 4.Did the entrepreneur take any risks why building their business? 5.Did they make any major contributions to the society? 6.Are there any other interesting facts about your entrepreneur?