1. Mr. Singh
Chapter 1

2. Entrepreneurship What does it mean to be an entrepreneur?
Entrepreneurs are people who take hold of opportunities when they see them
They are willing to assume calculated risks as they look to satisfy their needs and wants

3. Needs vs Wants Need - essential for human survival Eg. Food, Shelter
2 different kinds of needs “real” which are mentioned above and “psychological” which is companionship and security
Want – human desires that go beyond basic needs and not essential for survival
Entrepreneurship – creation and building of a venture to fill a market niche

4. Different types of ventures
For-Profit/Not-For-Profit
Profit business’s main goal is to make profit (money)
Not-For-Profit – fundraising activites and their goal is not to make profit but rather raise money they need to deliver their serivce
Eg. Save the children, salvation army, Heart and Stroke Foundation etc.

5. Different types of ventures
Large Scale/Small scale
Big Corporations that want to satisfy on a large scale usually international or national level
Smaller companies may work to satisfy a smaller more local level
The cancer society is an example of a large scale business and dedicates large sums of money to large scale research iniatives

6. Different types of ventures
Service production/Goods Production
Produce either a service or a good
A good is something that can be sold for profit either in store or online (ex. Clothes, electronics etc.)
A service can be anything from work that a mechanic does or repairperson, lawyer etc

7. Different types of ventures
Physical/Virtual
Entrepreneurs can have businesses that don’t require a physical location such e-commerce or virtual businesses
Many people run successful businesses completely online

8. Local/Provincial/National
When an entrepreneur grows beyond their local community to the province, this is provincial entrepreneurship
Enterprise that operates in more than one province is a national enterprise
Globalization – companies are engaged in business activities around the world
GNP - Gross National Product is the total of all goods and services produced in Canada in one year

9. Technology and Change
Technology continues to grow and people can make a lot of money selling online (E- commerce)
Small business can compete with larger ones because of this
Demographics – data about groups of people including age, ethnic origin, family sizes, income, etc.

10. Technology and Change
Being knowledgeable in technology is an asset because it helps you be flexible and adapt to trends
Technology has changed the way we do business. Google has enabled us to search and research anything we want therefore preparing us much better
Aps and new software make doing business much easier

11. Technology and Change Technology has hurt some people too
Loss of jobs to machines (McDonalds)
Companies downsize a lot more now and people lose jobs
Today many Canadian residents are small business owners
Government, banks, and other community based organizations have a keen interest in helping entrepreneurs succeed by providing resources, education and support

12. In class assignment Task:
Research an entrepreneur and describe why you believe he/she is successful? What made them into a success?
Write a paragraph describing what entrepreneurship means to you.
You will need to know this for your test

13. Supply and Demand Demand – What people need and want
Supply – What is being sold to people (Goods or services)
When supply is greater than demand, the price 
When Demand is greater than supply, the price 
The key is to reach the right balance between the two in order to be successful

14. Impact on the Community
Job creation
When I started Nemesis Sports, I created jobs for people (coaches, admin, etc.)
Those who work for Nemesis Sports have money to buy goods and services
A lot of that money is spent on items in the local community
As businesses grow more people are hired and more goods and services will be needed

15. Impact on the community
New ideas
The community benefits from learning new ways of doing things
Encourages the creation of a broader range of goods and services
Entrepreneurship helps bring new life and new innovation to communities

16. Impact on Community Economic Benefit
When multiple entrepreneurs create businesses, this helps lower prices in the community through competition
The success of one new business venture can produce a lot more wealth for everyone
Ex. When computers were invented, we saw many jobs created because of it such as hardware, repair services, e-commerce etc.

17. Impact on Community Political Benefits
Many governments support entrepreneurship
They provide grants or loans with lower interest rates
They can provide education and training
This is only in some countries. Communist and Dictatorship countries do not have the same opportunities for entrepreneurship as Canada and the US

18. Intrapreneurship
Entrepreneurship that occurs within an existing organization or corporation
Organizations encourage this to become more competitive, improve their productivity, or keep pace with changing markets
Corporations create teams and then challenge teams to be innovative and turn an idea into a new product or service
Some invite customers to give ideas about changes that are needed in their product

19. Intrapreneurship Cont’d
Organizations that are not entrepreneurial are at a disadvantage
If companies don’t anticipate the way markets change they will lose their market share

20. Approaches to Entrepreneurship
Two approaches
1. Start business from scratch or
2. Buy an existing business
Some entrepreneurs modify or change one persons idea and turn it into success
Ex. McDonalds (discussed in class)

21. Entrepreneurs: Made or Born?
Studies show that entrepreneurs whose parents or grandparents are self-employed are more likely to start their own business
What about the environment around you? How does this have an affect?
What all entrepreneurs share is a vision for the future and the willingness to take the risk of starting a venture