1. The Meaning of Entrepreneurship
Course Introduction

2. Entrepreneur The word comes from the Latin and French word “to take”
Meaning that an entrepreneur takes hold of opportunities when they see them
Willing to assume calculated
risks as they look for ways to
satisfy the needs and wants of
others through innovation

3. Needs vs. Wants Needs Wants Essential for human survival
“Real” or “Psychological”
Real needs are also known as basic needs
Food, shelter, etc.
Real needs are tangible
Wants
Human desires that go beyond the basic needs and are not essential for survival
Make people feel good or help them achieve a goal

4. The Goal of Entrepreneurship
TO CREATE AND BUILD A VENTURE THAT WILL FILL THE CUSTOMERS NEEDS OR WANTS

5. Characteristics of Ventures
For Profit / Not-For-Profit
Profit – normal business
Not-For-Profit – raise money for their cause
Large Scale / Small Scale
Service Production / Goods Production
Physical / Virtual
Physical – actual store to go to
Virtual – uses e-commerce over the internet
Local / Provincial / National / International
Globalization
Gross National Product
Tariffs, NAFTA and GATT

6. Technology and Change Changing demographics
Data about groups of people
Age, ethnic origin, religion, family size, income, etc.
Information Technology has fundamentally changed how companies do business
Allowing smaller companies the information that used to be only accessible for large companies
Job losses from technology and the recession
Although would be considered a negative, it has resulted in increased numbers of entrepreneurs

7. Supply and Demand
An alert entrepreneur takes advantage of consumer DEMAND by providing a SUPPLY of goods or services
When supply is greater
than demand, prices go
down
When demand is greater
than supply, prices go up
Entrepreneurs try to find
the balance where demand
and supply are equal

8. Impact on the Community
Job Creation
The Multiplier Effect
New Ideas
Often generate new ways of doing things
Economic Benefits
Lower prices, improved standard of living
Political Benefits
Entrepreneurship strong in free, democratic societies

9. Entrepreneurship and Demographics
Study of the characteristics of people in a population
Help entrepreneurs predict what their customers may want
The “Baby Boomer” generation and its effect on Canadian economy and government
Think of what older people spend their money on
Immigration
They present opportunities that may not have been met by other businesses in the community

10. Questions on the Computer
What is the difference between wants and needs? How do these terms relate to demand? Do you think having a job is a need or a want?
Give examples of 2 trade agreements Canada has signed. How do countries benefit from trade agreements?
In pairs, identify an entrepreneurial venture operating in your local community.
Is this venture a for-profit or not-for-profit initiative?
Does it provide a product or service? What is it?
Is it large or small scale
Is it local, provincial, national, or international in scope?
In what ways does it take advantage of innovations in technology