1. Entrepreneurial behaviours and skills

2. Investigating entrepreneurial behaviours and skills
What is an entrepreneur?
What behaviours do entrepreneurs exhibit?
What skills do entrepreneurs possess?
We will be considering entrepreneurial behaviours and skills. For example:
What is an entrepreneur?
What skills do entrepreneurs possess?
What behaviours do entrepreneurs exhibit?

3. What is an entrepreneur?
Firstly, let’s determine the meaning of the word entrepreneur.

4. Insert photo of yourself here!
entrepreneur
(n.) A person who sets out to build a successful business in a new field.
An entrepreneur’s methods are sometimes regarded as ground-breaking and innovative.
Insert photo of yourself here!
Entrepreneurs come from a diverse range of cultural and educational backgrounds, professions and age groups. What they have in common is the ability to use a set of skills and behaviours to build a successful business in a new field.
An entrepreneur is a person who sets out to build a successful business in a new field. An entrepreneur’s methods are sometimes regarded as ‘groundbreaking’ and innovative.
There are several words in this definition that are crucial for understanding what an entrepreneur is and does.
(zoom in) new field – means that the area the entrepreneur is working in is either new, developing or based on a future scenario
(zoom in) methods – refers to the way an entrepreneur thinks, works and runs their business
(zoom in) ground-breaking and innovative – refers to the idea that the entrepreneur does not always approach work and business in a traditional way; they have ideas and a vision that are new and they are prepared to think in new ways.

5. Famous entrepreneurs
In recent times, a number of people have shown entrepreneurial skills in the fields of technology and social media. For example, you have probably heard of Bill Gates and his company Microsoft Office and the late Steve Jobs whose company Apple is famous for its cutting edge technologies.
Other famous entrepreneurs include:
Click - Richard Branson, the British Head of Virgin group including Virgin Music and Virgin airlines.
Click – Anita Roddick, British born founder of The Body Shop
Click - Dick Smith, Australian Entrepreneur whose companies include Dick Smith Electronics, Dick Smith Foods and Australian Geographic.
Richard Branson – Head of Virgin group including Virgin Music and Virgin Airlines
Anita Roddick – Founder of The Body Shop
Dick Smith – Founder of Dick Smith Electronics, Dick Smith Foods and Australian Geographic

6. Hi, I’m Jake. I’m a keen surfer who is concerned about the environment.
I invented a new type of surfboard using only recyclable materials. I started selling them at markets on the weekends.
Now I own a small workshop and employ three people. The business is expanding rapidly.
My name is Phuong. Eight years ago, I started an online tutoring program to help students improve their Vietnamese language skills. There were no online language programs at that time. My business is now generating $300,000 a year and I have brought in a business partner.
(click) Hi, I’m Jake. I’m a keen surfer who is concerned about the environment. I invented a new type of surfboard using only recyclable materials. I started selling them at markets on the weekends and now I own a small workshop and employ three people. The business is expanding rapidly.
(click) My name is Phuong. Eight years ago I started an online tutoring program to help students improve their Vietnamese language skills. There were no online language programs at that time. My business is now generating $300,000 a year and I have brought in a business partner.
Jake and Phuong are two examples of entrepreneurs. Both of these people have set out to build a successful business in a new field. They have also demonstrated an ability to be innovative with their ideas and approaches to running a business.

7. Who can be an Entrepreneur?

8. What behaviours do entrepreneurs exhibit?
Now we will examine some of the typical behaviours that are exhibited by entrepreneurs.

9. Enterprising people… persevere through challenges
take care of their health and stress levels
take care of their health and stress levels
are self-confident
are self-confident
show initiative
show initiative
are motivated to succeed
are motivated to succeed
have a clear vision
have a clear vision
Enterprising people display a range of behaviours that help them to succeed in the economics and business environment.
For example, enterprising people:
click – embrace change; they are able to adapt and revise their thinking where necessary
click – seek innovative solutions by looking at all the options and considering new ways of doing things
click – work well with others; they can be both a leader and a team member;
click – take calculated risks; they aren’t afraid to try new ideas and methods if they believe they will be successful
click – show initiative; they are proactive in getting things done and don’t wait to be directed
click – are motivated to succeed; they are driven to work hard to achieve business success
click – have a clear vision; they have clear goals and ideas that they want to achieve
click – take care of their health and stress levels; being healthy and thinking clearly is a crucial component as entrepreneurs work hard to establish businesses and their operations
click – are self-confident; they have faith in their own strengths and abilities and do not allow others to influence them negatively
click – persevere through challenges; they are able to view setbacks and failures as potential learning experiences.
embrace change
seek innovative solutions
work well with others
take calculated risks

10. What skills do entrepreneurs possess?
Entrepreneurs possess a variety of skills.

11. Questioning and research
Being able to gather data and information is crucial to investigate business ideas.
Sources:
print
online
observation
interviews
Questioning and research skills are vital to succeed as an entrepreneur. They are necessary to learn more about potential markets, product ideas and ways of doing business. An entrepreneur is willing to gather data and information about best business practices and ideas from a range of sources.
(click) Sources can include:
(click) – print sources such as books, posters, graphs, journals, magazines and newspapers
(click) – online sources such as e-books, online journals, blogs, websites and wikis
(click) – observations of other businesses, consumer behaviour and trends
(click) – interviews, surveys and conversations.

12. Interpretation and analysis
Entrepreneurs read data and information to:
identify trends and patterns
make predictions.
Interpreting and analysing data and information is essential to:
(click) identify patterns and trends
(click) make predictions.
Entrepreneurs use these skills to find patterns and clues about how the economics and business world is operating. By identifying trends and patterns they are able to make predictions about future consumer demands and incorporate these into their future business plans.
Source 1: The demand curve for ice blocks

13. Communication and reflection
Entrepreneurs need these skills to:
share ideas
write proposals
manage staff
monitor their decision-making
Communication and reflection skills help entrepreneurs:
(click) share ideas
(click) write business proposals
(click) manage staff
(click) monitor their decision-making.

14. Economic reasoning and decision-making
Economic reasoning and decision-making involves:
identifying potential costs and benefits
examining trade-offs
employing informed decision-making strategies.
Economic reasoning and decision-making involves thinking like a businessperson or economist. This includes:
(click) identifying potential costs and benefits of new proposals
(click) examining trade-offs
(click) using strategies to make informed decisions.
Thinking in these ways allows entrepreneurs to use effective strategies to weigh up the costs and benefits of potential ideas and products. When entrepreneurs take calculated risks, they first weigh up potential costs and benefits to help them decide whether the level of risk is acceptable. This ensures that an informed choice is made, rather than a random decision.

15. Using new technologies
Entrepreneurs need to use new technologies to:
work in real and online environments
adapt to changing customer demands
find more efficient methods of operating.
In contemporary markets, entrepreneurs are faced with a wide range of rapidly changing technologies. The ability to use new technologies to help build a successful business is a vital skill.
Examples of this include:
(click) working in real and online environments
(click) using technology to adapt to changing customer demands
(click) finding more efficient methods of operating.

16. Planning and organisation
establish short- and long-term plans to achieve objectives
set clear objectives for the business
organise efficient systems that contribute to business success
Good planning and organisational skills are essential for business success. Entrepreneurs need to:
Click – set clear objectives for the business
Click – establish short- and long-term plans to achieve objectives
Click – organise efficient systems that contribute to business success

17. managing human resources managing capital and natural resources
Management
Entrepreneurs utilise management skills to:
recruit and keep quality staff (human resources)
use resources efficiently (natural and capital)
solve problems.
managing human resources
managing capital and natural resources
problem solving
Entrepreneurs possess good management skills that they adapt to a variety of situations. Management involves many areas of a business such as:
managing human resources – recruiting and keeping quality staff
managing capital and natural resources – efficient use of resources
problem-solving – these skills are highly transferable and can be used in many different situations to help find creative and innovative solutions to build business success.

18. Attributions
Slide 5:
David Shankbone, 2010,
CC BY
Roice70, 2011
CC BY SA
Eradicating ecocide Global Initiative CC BY

19. Activity 1 ENTHUSIASTIC N T R E P U
In your book you are to write a word or phrase after each letter of ENTREPRENEUR that describes a characteristic, trait, or skill of an entrepreneur.
ENTHUSIASTIC N T R E P U

20. Activity 2
Research an entrepreneur from the list provided. Present your findings as an attractive Word doc or PowerPoint.
Ensure that your research covers the following points:
some background about the entrepreneur and the business/es they are involved in eg.
Date of birth,
place of birth,
What was their childhood like? What did their parents do for work?
How they started the business.
Wealth $$
List some the skills they have used to become successful.