1. Entrepreneurs and Enterprising People
Unit Notes

2. Enterprising: What does it mean?
The enterprising children opened a lemonade stand.
Enterprising:
showing initiative and willingness to undertake new projects; ready to undertake important, difficult or new projects, energetic in carrying out an undertaking
Are enterprising people also entrepreneurs?
Are entrepreneurs enterprising?

3. Enterprising/Entrepreneurial Opportunities
Market-pulled opportunities
Developing a solution to a problem and taking advantage of it
E.g., Bombardier snowmobile
Product-driven opportunities
Developing an idea first and then looking for a marketing opportunity
E.g., 3M post-it notes

4. Enterprising vs. Entrepreneur

5. Who are Entrepreneurs? What do entrepreneurs look like?
Age?
Sex?
Marital status?
Nationality?
Background?
Born or made?
Let’s do some research!

6. Desirable Skills of Entrepreneurs
Numeracy
Leading
Literacy
Stress management
Financial management
Record keeping
Time management
Communication
Decision making
Negotiation
Organization
Planning

7. Desirable Characteristics of Entrepreneurs
Willing to take a risk
Be goal oriented
Positive attitude
Be innovative, creative and versatile
Strong sense of commitment
Be persistent
Hardworking and energetic
Strong need to achieve and seek personal accomplishment
Have spirit of adventure
Self-confident and self- reliant

8. Undesirable Characteristics for Entrepreneurs
Invulnerability
Being macho
Being anti-authoritarian
Impulsiveness
Perfectionists
Know-It-All

9. Contributions of Entrepreneurs to Society
Create new ventures that provide new, improved products and services
Find new ways of making products and services available to more people
Compete with each other to be the “best” which improves production (product quality) and keeps prices down
Create jobs in the community through their new venture

10. Social Responsibility
Doing things to contribute to the “common good” or contribute positively in the community
Goal of socially responsible business is to have a positive impact on society
In the past, company’s success was measured only by net income
Now, society demands more
Businesses must consider social and community consequence of their actions

11. Contributions of Entrepreneurs to Society
Increase the quantity of products and services we produce in our economy be creating new ventures
Create new opportunities for others through their initiatives and innovations
Provide communities with a spirit of energy, initiative and potential for progress

12. Social Responsibility
Investors, customers and employees want to know that companies they invest in, buy from and work for positively impact society while achieving financial success

13. How does a business act socially responsible?
Treats employees fairly
Makes decisions that help protect environment
Contributes to charities
Contributes to community development
Can you build a socially responsible business?
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14. The Entrepreneur’s Dozen
Examines needs, wants and problems for which he/she feels there is something that can be done

15. Narrows the possible outcomes down to one specific opportunity

16. Thinks of an innovative idea

17. Researches the opportunity and idea thoroughly

18. Enlists the best source of advice and assistance

19. Plans the venture and looks for possible problems that may arise

20. Ranks the risks and possible rewards

21. Evaluates the risks and possible rewards and makes a decision

22. Never hangs on to an idea if research shows it won’t work

23. Employs the resources necessary if the decision is made to go ahead with the venture

24. Understands that any entrepreneurial venture will take a great deal of long, hard work

25. Realizes a sense of accomplishment from successful ventures and learns from failed ones to achieve success in the future

26. Advantages of Entrepreneurship
Be your own boss
Entrepreneurs control their own destiny.
Choose a business that interests you
Combine hobbies and interests
Be creative
Implement creative ideas you have
Make lots of money
Entrepreneurs can make lots of money if their business succeeds.

27. Disadvantages of Entrepreneurship
Entrepreneurship is risky
All entrepreneurs face the possibility of failure, going out of business or losing business.
Uncertain and irregular income
You won’t know for sure how much money you’ll have each month.
Long hours
Evenings and weekends are often work hours. Entrepreneurs do not get paid for time off.
Make all decisions yourself
You are responsible for everything

28. Entrepreneur Quiz True or False?
Entrepreneurs are born, not made.
Entrepreneurs are gamblers.
Entrepreneurs are completely independent.
Entrepreneurs face greater stress than corporate managers.
Most new businesses end in failure within five years.
Money is the most important startup ingredient.
Entrepreneurs are born, not made.
False. While there is some debate, the skills and characteristics necessary for entrepreneurial success can be developed.
Entrepreneurs are gamblers.
False. Entrepreneurs are not gamblers, they are calculated risk-takers.
Entrepreneurs are completely independent.
False. They are not completely independent, they enlist the help and advice of other professionals: bankers, mentors, etc.
Entrepreneurs face greater stress than corporate managers.
False. Both have levels of stress. The entrepreneur's stress level may be less than the corporate manager because they love what they do.
Most new businesses end in failure within five years.
True.
Money is the most important startup ingredient.
False. Money is very important but the idea is the most important.
False.

29. True or False?
Talented entrepreneurs achieve success within the first year.
Most entrepreneurs do not complete high school.
Entrepreneurs thrive on accomplishment more than power.
Entrepreneurs are generally young (25 and under)and full of energy.
Talented entrepreneurs achieve success within the first year.
False. Even talented entrepreneurs do not usually achieve success in the first year. It usually takes 3- 5 years to be successful.
Most entrepreneurs do not complete high school.
False. Most entrepreneurs complete high school and often post-secondary education.
Entrepreneurs thrive on accomplishment more than power.
True.
Entrepreneurs are generally young (25 and under)and full of energy.
False. They are full of energy but usually between 25 and 40 years of age.