1. Entrepreneurship: Creating Opportunity
Mr Kuhn

2. The Entrepreneurial Start-Up Process
The Entrepreneurial Start-Up Process consists of five components:
The Entrepreneur
The Environment
The Opportunity
Resources
New Venture Organization

3. The Entrepreneur
The entrepreneur is the driving force of the start up process for he or she recognises an opportunity
Responsible for pulling together all resources for project and creating a company
The entrepreneur is a calculated risk taker
Requires persistence, passion and patience (The Marshmallow Theory)

4. The Environment
Not all variables are controlled by the entrepreneur, in general four categories of environmental variables affect a new ventures ability to start and grow:
The nature of the environment. Is it uncertain, fast changing, stable or highly competitive?
The availability of resources, such as skill labour, start up capital, and sources of assistance
Ways to realize value, such as favorable taxes, good markets, and supportive governmental policies
Incentives to create new businesses. Enterprise Zones are specifically designated areas of a community that provide tax benefits to new businesses locating there

5. Start-Up Resources
When ready to execute a concept or opportunity for a new business, and entrepreneur must pull together:
Capital
Skilled Labour
Management
Legal and financial advice
A facility
Equipment
Customers

6. The New Venture Organization
The execution of the new business concept
The infrastructure of the business
The foundation that supports all products, processes, and services of the new business
Creates benefits for entrepreneur, customers, employees, and economy

7. The Opportunity
An opportunity in business is best describes as an idea with commercial value
An idea only has value if customers are ready and willing to buy your product
An Idea + A Market = Opportunity

8. Learning to Recognize Opportunity
Creativity is the activity that results in innovation (Finding new ways of doing things)
The general process of creativity is as follows:
Connection (Bringing things that are not usually connected together)
Davinci using observations of tree branches to engineer canals that lead to the sea
Discovery
Davinci discovers he needs a way to let boats move under a bridge in new canal system
Invention
Davinci creates hydraulic system that controls water levels and lets boat pass under bridge
Application (Going beyond original uses to other uses in other areas)
Davinci’s idea was later used to power water mills

9. Idea versus Opportunity
Ideas and opportunities are two different concepts in business
Opportunities have commercial potential and can be turned into a business
Most good business opportunities result from an entrepreneur’s alertness to unmet customer needs and unfilled market niches (Small Specialized Market)

10. Finding Opportunities by Understanding Industries
An industry is a grouping of businesses with a common purpose
In every industry the market is continuously changing which leads to new niches to be filled
The new development of new product and services in industry creates the need for complementary types of business
If you understand an industry, you understand how to respond and take advantage of its changes. You can also understand problems that customers experience

11. Recognizing Trends Observe the World Around You
Watch people in your community and inquire what people want and what they need
Eg. Mary Naylor learned people in business buildings wanted same concierge service as hotels. She created a company that offered such services and is now worth millions
Watch Demographic Changes
An increase in diversity in North America has lead to a surge in ethnic products including foods, hair-care products, cosmetics, and others
Current Trends
What is popular in your community now?
Example: Health and Fitness

12. Keys to Success Go out and try! Take a risk!
Make a plan! (It will change)
Failure is key to young entrepreneurs
Be honest and reliable
If you aim to help people, money will come. Don’t focus on the money
Do what you enjoy!
You know what you enjoy. Knowledge is power.
If you are excited, you will be committed