What is entrepreneurship?  The act of identifying opportunities and taking calculated risk to satisfy the needs and wants of others.

What is an entrepreneur? SOMEONE WHO HAS AN IDEA AND MAKES IT HAPPEN

CANADIAN HALL OF FAME ENTREPRENEURS  William & Alfred Billes – Canadian Tire  Armand Bombardier – Bombardier  George Cohon – McDonald’s Canada  Timothy Eaton – Eaton’s  K. C. Irving – Irving Empire  Lord Thompson – Hudson Bay & Thompson Empire  Wallace & Harrison McCain – McCain Foods  Ed Mirvish – Honest Ed’s  Frank Stronach – Auto Parts  Garfield Weston - Weston’s  Guy Laliberte & Guy Caron – Cirque du Soleil  Mac Voison- M&M Meats  Christine Magee – Sleep Country Canada

The Enterprising Person Intrapreneurs – people who are entrepreneurial or enterprising within a corporation or organization. Enterprising People – are people who demonstrate many of the characteristics of entrepreneurs. They can make things happen. They may pursue their visions as intrapreneurs, or they may try to accomplish their goals in their spare time. Many enterprising people are agents of social change. They respond to needs and wants in order to improve the lives of others or to contribute to the community.

Ways a Corporation can Encourage Employees to be Enterprising People.  Suggestion box e.g., High Schools, General Motors, Honda  Profit sharing e.g., Chez Piggy’s restaurant – Kingston, E.D. Smith  Team concept e.g., 3M – creative groups for new ideas  Stock purchase plan e.g., Canadian Tire  Pay for courses employees take to upgrade skills  Innovative and fun work environment

 Provide support for enterprising people  Evaluate ideas and Reward efforts and results  Provide freedom from constraints (flex hours)  Encourage passion and commitment  Share power  Reward commitment and innovation  Build teams and collaborative problem solving  Lead by example  Celebrate achievement and Recognize efforts  Establish a system to accept ideas and invest in idea generation Ways a Corporation can Encourage Employees to be Enterprising People.

Difference between an Entrepreneur and an Enterprising Person  Entrepreneur - identify opportunities and take calculated risk to satisfy the needs and wants of others by setting up a business to make a profit.  Enterprising Person - respond to needs and wants in order to help the company they work for or to improve the lives of others or to contribute to the community.

Ways in which you can be Enterprising.  Get involved in your school  clubs- teams -student council -yearbook  school newspaper - spirit days -helping others  start a club -start a band - fund raising  Get involved in your community  volunteer - contribute - help a senior  listen for problems there may be an opportunity  look for ways to do things better  create your own summer job  talk to local entrepreneurs

Entrepreneurial Characteristics Self-confident Perceptive Hard working Motivated Resourceful Able to manage risk Creative Achievement oriented Optimistic Flexible Independent Visionary Able to get along with others Goal-oriented Enjoys helping others Determined

ARE YOU AN ENTREPRENE UR  How independent are you?  A. veryB. somewhatC. not at all  Is perseverance part of your personality?  A. yesB. sometimesC. no  Does risk and unpredictability unsettle or excite you?  A. Yes, it really excites me, I embrace challenging life situations.  B. Yes, it excites me, but I often favour predictability and security.  C. No. It unsettles me and I like predictability.

 Would you say you’re focused, and achieve dreams?  A. reallyB. somewhatC. not at all  When opportunities knock, do you open their doors?  A. alwaysB. often, but depends on situation and opportunityC. not usually  Are you a creative thinker?  A. veryB. moderatelyC. not at all  How much stamina do you have?  A. a lotB. muchC. not much  Is self-confidence one of your strongest traits?  A. yesB. not sureC. no  Have you a special background related to your dream venture?  A. yesB. somewhatC. not really  Do you competently meet deadlines/commitments?  A. alwaysB. usuallyC. often

 Score, 8A’s or more: Congratulations! You’re a natural entrepreneur. You’ve got the dynamic personality needed to succeed as an entrepreneur. Go for it!  8B’s or more: Although you possess the basic entrepreneurial character traits, you’re unsure of yourself yet. Unleash your creativity. Embrace your challenges. Empower yourself.  8C’s or more: The entrepreneur career doesn’t fit you at all right now but that can change as you grow and mature. YOUR SCORE

CHALLENGES FACING YOUNG ENTREPRENEURS Lack of money Lack of experience and knowledge Confidence Credit history Collateral No track record Red tape Energy Adults’ attitude (not taking you seriously) Skills Peer pressure Accurate self-assessment Establishing goals

Risks and Rewards of Entrepreneurs

Rewards of Being an Entrepreneur  Your own boss  Doing work you enjoy/interests you  Can be creative  Possibility of greater wealth – if business is successful owner reaps the benefits  Helping your community

Risks of Being an Entrepreneur  Risky – potential failure  Face uncertain and irregular incomes  Work long hours and hard work  Must make all the decisions  Financial insecurity