1. The Entrepreneur: A Closer Look

2. The Entrepreneur in Me Answer booklet questions to see “the entrepreneur in you!”

3. “Entrepreneurship encompasses those characteristics and skills that prompt and equip a person to take the initiative to launch new ventures of all kinds that addresses problems, needs and wants in our society” Entrepreneurship for Canadian’s: The Spirit of Adventure

4. Entrepreneur Videos http://www.youtube.com/watch?v=T6MhA wQ64c0http://www.youtube.com/watch?v=T6MhA wQ64c0 http://www.youtube.com/watch?v=F76jr0tJ emEhttp://www.youtube.com/watch?v=F76jr0tJ emE http://www.discovery.com/tv- shows/curiosity/topics/what-makes-a- successful-entrepreneur.htmhttp://www.discovery.com/tv- shows/curiosity/topics/what-makes-a- successful-entrepreneur.htm http://www.entrepreneur.com/video/22732 8http://www.entrepreneur.com/video/22732 8

5. Characteristics of Successful Entrepreneurs (some of them) Self Confident Perceptive/Intuitive Hard-Working Motivated Resourceful Able to Manage Risk Creative Goal-Oriented Optimistic Flexible Independent Visionary Able to Get Along with Others

6. ENTREPRENEURIAL SKILLS In addition to entrepreneurial characteristics, entrepreneurs require certain skills to ensure the success of their venture. (These skills can all be learned through: Job experience Club activities Education Your friends Your family Home experiences

7. Business Skills Needed by Successful Entrepreneurs 1.Managing Money 2.Managing People 3.Directing Business Operations 4.Directing Sales and Marketing Operations 5.Setting Up a Business

8. Managing Money a.Borrowing money and arranging financing a.Keeping financial records b.Managing cash flow c.Handling credit d.Buying insurance e.Reporting and paying taxes f.Budgeting

9. Managing People a.Hiring employees b.Supervising employees c.Training employees d.Motivating people e.Scheduling workers

10. Directing Business Operations a.Purchasing supplies and raw materials b.Purchasing machinery and equipment c.Managing inventory d.Filling orders e.Managing facilities

11. Directing Sales and Marketing Operations a.Identifying different customer needs b.Developing new product and service ideas c.Deciding appropriate prices d.Developing promotional strategies e.Contacting customers and making sales f.Developing promotional materials and media programs

12. Setting Up a Business a.Choosing a location b.Obtaining licenses and permits c.Choosing a form of organization and type of ownership d.Arranging initial financing e.Determining initial inventory requirements

13. What motivates people to become entrepreneurs? In 2002, 1-in-10 Americans were creating or growing their own business. This was 50 percent higher than in1998. With a recent Angus Reid poll suggesting that 70 percent of today’s youth are likely or more than somewhat likely to engage in entrepreneurial activity.

14. Principal Reasons Why Canadians Start Businesses of Their Own To seize an opportunity 17% To achieve a sense of personal accomplishment 13% Dreamed of running their own business 9% A chance to use their experience/skills 9% To be their own boss 8% Economic necessity; to make a living 7% Had previous experience they wished to use 7% To supplement their income from other employment 5% To create a job for themselves 4% Frustrated in their previous job 3% To make lots of money 3% Other reasons 15%

15. What Motivates You to Excel? Most people are motivated by internal factors. –i.e. receiving recognition for work well done, getting time off to be with family Money is an external motivator and does not usually motivate people for very long

16. CHALLENGES FACING YOUNG ENTREPRENEURS Lack of Experience Lack of Knowledge Viewed with Caution by Other Business People No Credit History Faced with a Lot of “Red Tape” (legal issues & paperwork).

17. SETTING GOALS Goals are vital to the success of a business. Writing down goals will increase the chances of your success as it reminds you of what you are working toward. Goals should always follow the SMART principle:

18. SMART S = Simple ( stated simply & written down) M = Measurable (how will you measure success?) A = Achievable R = Realistic ( is it a reasonable goal you can reach) T = Timely (set dates & follow them…shorter time frames are easier to follow)

19. Are you Edison or Einstein? Thomas Edison: applied logical step-by-step process to achieve his goal. Albert Einstein: out-of-the-box thinking rather than hands-on experiments. In fact, most of his ideas were not proven by experiments until years later.

20. Terry Fox http://www.youtube.com/user/33Goaty/vid eoshttp://www.youtube.com/user/33Goaty/vid eos Answer questions Value: 10

21. Canadian Entrepreneur Research Paper Canadian Entrepreneur Research Paper Details.docCanadian Entrepreneur Research Paper Details.doc