What is the difference between an entrepreneurial skill and an entrepreneurial characteristic?

Characteristics of Successful Entrepreneurs

Self-Confident Entrepreneurs are realistic in what they can accomplish Believe in themselves and in their ability to succeed Set attainable goals and approach them with confidence

Perceptive Entrepreneurs are intuitive. They know what is going on. Able to identify problems and find solutions

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Hard-working Long hours Need mental and physical stamina Balance work/life balance

Motivated Driven by an internal need to accomplish Seek opportunities for success

Resourceful Ask questions Develop a broad network of associates who can help them overcome obstacles

Able to Manage Risk Challenge or Problem? Take only calculated risks

Creative Look at things in a new way Take charge in shaping our world

Goal-oriented Work towards goals 1, 5, 10 year goals

Optimistic Positive mental attitude

Flexible Adjust to changes

Make own decisions, make own mistakes Be person in charge

Visionary Have a vision of how things should be in the future

Able to Get Along with Others Build an effective team

Entrepreneurial Skills

Communicate Listen Speak Write Non-verbal

Generate Ideas

Identify Opportunities

Organize

Make Decisions

Solve Problems

Negotiate

Network

Market Your Ideas

Keep Records Financials Orders / Sales

Lead others Create a vision and then communicate that vision to others

Technology Use a: –Computer –Fax Machine –Photocopier –Telephone System –Security System

Administrative Duties

Assignment: Review the entrepreneurial characteristics and skills we covered. Pick four characteristics and four skills you have demonstrated in your life. Create a chart. Write a paragraph or points for each explaining how you accomplished this skill or characteristic. You will have 20 minutes to complete this assignment. It must be handed in and marks will be allotted.

Assignment: Group Work: (create 6 groups) You have 15 minutes to brainstorm the TEN names of entrepreneurs in your community. Choose one entrepreneur from your list and record all of his/her entrepreneurial characteristics and skills. Use actual examples if possible. One person from your group will then share your findings with the rest of the class.

Assignment: Entrepreneurial Profile: –Chris Wood, SupperWorks.com

What Makes an Entrepreneur Tick?

Most Important achieve a sense of personal accomplishment be own boss have an element of variety and adventure use training and skills freedom to adopt my own approach to work troubleshoot and grow the business

What Makes an Entrepreneur Tick? Least Important continue family tradition do the only thing I can contribute to the welfare of my ethnic group

Assignment Traits for an Entrepreneur –Rank the following as M = Most Desirable D = Desirable U = Undesirable

Deborah Meaden, Dragons' Den (Part two) | Smarta video interview Member of the British Dragon’s Den Team min

The Enterprising Person

Define: Enterprising Employee?

Enterprising Employees Defined Enterprising Employees: –show initiative, –have ideas and –do something about them, or –take advantage of opportunities to bring about change.

Enterprising Employees Defined Being enterprising is: –not just concerned with starting your own business (entrepreneur); It is: –about developing the skills that you need to make you innovative and commercially aware. Where you make things happen. (intrapreneur).

How Does an Entrepreneur Differ from an Enterprising Person?

Enterprising people have most of the characteristics and skills of an entrepreneur but work for a company, not themselves. Reason: They often do not want to take the financial risk to own their own business.

How do Employers Support Enterprising Employees This is a review of Chpt 1

Create a workplace culture where employees feel their input is valued and where the employee can learn from his or her mistakes Provide tools needed to achieve desired results Provide them with meaningful work opportunities

Provide alternative work arrangements: flex-time; telecommuting Support employees with benefit packages that are tailored to the needs of the employee

What could an enterprising person do around our school? Create a group Get a large piece of flip chart paper Brainstorm all the different opportunities within the school community a person could do to demonstrate their enterprising spirit.

An enterprising Eden Car wash to raise money fundraising Volleyball to Cuba: buy outs, tournaments, concessions, head bands, Eden: co-op in business, set up a business selling flavoured water, litre of milk, ipods,

What could an enterprising person do around our school? Each group is given a large piece of flip chart paper and asked to brainstorm all the different opportunities within the school community a person could use to demonstrate their enterprising spirit. Some possible responses for volunteer activities could be representing your school on a sports or academic team, being part of a club, acting in a play, and being a member of student council. Paying jobs at the school could be answering phones in the office and scoring sports games.

What Motivates You to Excel? Why are some people so motivated while others are not? WHY?

MOTIVATION: the forces within the individual that accounts for the level, direction, & persistence of effort expended at anything you do

REWARDS: –Extrinsic Reward: is given to someone by another person –Intrinsic Reward: naturally occurs as a person works on a task Some People believe all it takes is a reward

Extrinsic RewardsIntrinsic Rewards. Pay. Bonuses. Promotions. Time Off. Special Assignments. Office Fixtures. Awards.Verbal Praise. Feelings of Competency. Personal Development.Self-Control

Extrinsic RewardsIntrinsic Rewards Performance bonuses Overtime & holiday premiums Profit sharing Stock options Impressive titles Preferred work assignments Praise and recognition Participation in decision making Increased responsibility Opportunities for personal growth Greater job freedom & discretion More interesting work Diversity of activities Training opportunities

SO…… –Does bribery work?????? –Why is it used so often?????

So…. What do you think? Would you work harder for a long period of time if you were promised a reward??

What Motivates You to Excel?

Asks the question: “What determines the willingness of an individual to work hard at tasks important to the organization?” Expectancy theory by Victor Vroom

Theory suggests: “people will do what they can do when they want to do it” your motivation to work depends on the relationship between three expectancy factors

Expectancy (Expectation) Instrumentality (Reward) Valence (Value given to reward) a person’s belief that working hard will result in a desired level of performance being achieved and that they are capable of completing the task a person’s belief that successful performance will be followed by rewards or other potential outcomes the value a person assigns to possible rewards or other work-related outcomes

So…. In order to be motivated, you MUST value each: ExpectationReward Value Given to Reward You must know that if you try, you are capable of results You must perceive that working hard will be followed by certain outcomes You must value the outcomes I am “smart” enough to do the work in this course If I work I will passPassing is important so I can graduate E x R x V = M 4 x 4 x 2 = 16 2 x 0 x 4 = 0

What Motivates You to Excel? Article and Video Clip –What Motivates You to Exceed Expectations –18 mins

Read pages Answer questions 1, 3, 4, 6, 7. Review: Lessons Learned – Question #3 Venturing Out – Question #4, #5, #8 Test Wednesday, Sept 28 on Chpt 1 & 2