1. Characteristics of a success venture
Entrepreneurship 30
Characteristics of a success venture

2. Characteristics of an Entrepreneurial Venture
Common set of characteristics:
A set goal
An element of risk
Personal commitment
Planning and preparation
Commitment of numerous resources
Not the only ones, vary from venture to venture, have their own unique characteristics as well,

3. continued
The application of these characteristics requires a level of organization, management, responsibility and very often ownership of the enterprise being created
Help determine whether an individual is undertaking or apart of an entrepreneurial venture

4. Venture Structure Unlimited possibilities Three main:
Local/national/multinational
Service provision/good provision
Profit/non-profit

5. Local/National/Multinational
Operate on three geographic scales – becomes more complex as the area expands
Local
Exist in your school, local community, larger urban centres nearby – gives the town or city it’s personality and strength
Most basic venture, restricted to a well-defined market area (rural grocery store, family farms – total income for family), urban centre has an increased population base, more possibilities to expand, start operating a chain of video outlets or pizza stores in the city

6. National Multinational
Typically the national retail chains, or nationally based professional firms. (The Bay, Zellers, Saan, Eaton’s, Safeway, Superstore, Deliotte Touche, Price Waterhouse – accounting firms)
They all usually start with one store, or idea
Ex: Timothy Eaton
Multinational
Very powerful, represent money, capital, and even political power.
Large and have the ability to influence
Becoming more of an option than before with globalization and technology
Ex: Exxon Corporation: oil and gas
Ex: manufacturing pulp and paper, tobacco, etc.

7. Service/Good Provision – what does the venture offer?
Service Provision
No good or things just a service, typically for a fee
Specialized areas – service then fee
Include:
Transportation (STC), dry cleaning, real estate, custom combining, autobody work, interior design, lawyers, and accountants are just a few.

8. Good Provision
Ventures that operate in the retail/wholesale sector are in the business of supplying goods to the public, or to other retailers.
Retailers sell directly to the public.
Ex: gas stations, corner store, department stores, specialty stores
Wholesalers sell to retailers
Take out contracts with producers to purchase their produce, wholesalers then sell the produce to the retailers for a profit.
“middleman”
In many situations the company owns the wholesaler and the retail enterprise.

9. Profit/Non-Profit Profit Ventures
A commercial venture is created b/c of a desire to provide a product or service to the public in exchange for a monetary benefit (profit).
Profit – is the value that remains after all of the expenses (cost of purchasing goods, salaries, rent, utilities, supplies) of running the business have been paid.
Revenue – expense = net profit or loss
Most entrepreneurs make their living off of their venture.
Have to pay ee’s, however, owner’s take home pay depends on the success of the venture that month.

10. Non-Profit In the business to raising money for other people or causes
Any surplus in funds after expenses will be used for the benefit of others, and not to increase the asset value of the owners, there are no owners in the sense of profit takers
Typically run by community groups, religious organizations, governments, and other civic-minded people.
Supported by volunteers (cuts down on costs) – food bank
Ex: international non-profit – International Red Cross

11. Examples Local/Provincial/Canada Non-profit International Non-profit
Big Brothers, Children’s Wish Foundation (SK), Canadian Cancer Society (MJ office), girl guides, 4-H, multicultural centre, human society
International Non-profit
YMCA, girl guides, Red Cross, United Way, Amnesty International,
Local / Goods
Hoopla, New Board Shop, Yvette Moore
International / Service
McDonalds

12. Key concept:
Maximize revenue and minimize expenses to increase the profit
in both profit and non-profit the accumulation of funds is the primary goal of the enterprise
Handout of vocabulary and homework

13. Relationship of Ent to the individual, community and society
The world is undergoing rapid economic change – economics that are not innovative will rapidly fall behind those economies that are
Global and competitive economy
Entr. Are people who recognize a need or want
Need – something essential to life
Want – something that is desirable, but not essential
It is more than just money (new ides, approaches, methods, style), social responsibility
Entrepreneurship Spirit: applies to everyone regardless of what positions, occupations or professional an individual selects – it is even in school

14. Moose Jaw and Canada needs entrepreneurs:
Increase productivity
New jobs
Raise standard of living
Inspire and enhance opportunities for aboriginal peoples, women, youth, elderly and other minorities.
Turn lemons into lemonade

15. Entrepreneurship 30
Venture Ownership