1. Entrepreneurship 30 (1c)

2. Objectives:  Venture Types  Form of Ownership  Types  Indian Act – Treaties – Business and Agriculture  Regulations/Law/Intellectual Property

3. Types of Business Ownership/Forms of Business Sole Proprietorship Partnership Corporation(private, public, crown) Cooperative Franchise

4. Characteristics of Entrepreneurial Ventures  Local – National - International  Service - Goods  Profit or Not-For-Profit  Large Scale/Small Scale  Physical/Virtual  Note: GNP (gross national product) and Trade Agreements (NAFTA, GATT)  See Handout

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  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. 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.

8.  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

9. What does the venture offer?

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

11. Examples:  Mobile pet grooming  Diaper delivery  Mobile locksmith  Golf club cleaning  Adventure tours  Self defence instructor  Pet sitting  Personal chef  Resume and cover letter service  Tax consultant  Mystery shopping  Professional organizer  Tutoring  Packing and unpacking service  Bookkeeping  Language translator  Limousine service  Catering  Welcoming service

12.  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.

13.  Manufacturing:  The process of converting raw materials, components, or parts into finished goods that meet a customer's expectations or specifications. Manufacturing commonly employs a man-machine setup with division of labor in a large scale production.processconvertingraw materialscomponentspartsfinished goodscustomer'sexpectationsspecificationsManufacturingsetupdivision of laborscaleproduction

14. Entrepreneurial Ventures: Choices

15. Let’s Think of Businesses in: Brantford vs. Burford Brantford vs. Burlington Burlington vs. Toronto Toronto vs. NYC

16. Entrepreneurial Ventures Profit – Entrepreneurial ventures are usually thought of as for profit Their goal is to make income for the owner – There are more and more Non-For-Profit entrepreneurial ventures starting everyday A result of a socially responsible generation Size – Usually start small and grow larger

18. Entrepreneurship Service/Goods – Lawn Care vs. Clothing Physical/Virtual – Bricks and Mortar – actually have a store for people to visit – E-Commerce – The business is conducted online – Many do both

19. Entrepreneurship Local/Provincial/National/International – For this course we will mostly talk about local businesses – Provincial – Entrepreneurs take their business to similar markets in their own province – Globalization – has enabled businesses compete internationally Mostly due to the ease of doing business over the internet

20. Article: Hangin’ With The Hemp Queen

21. Ways To Start a Business Scratch The idea is unique, the concept is unique, the business is unique in all aspects Advantages: First to Market Less Competition More Potential for high income Disadvantages No tested model (Trial & Error) High Risk Can be copied

22. Ways to Start a Business Buying an existing Business Often done in the form of franchising Taking an existing idea, product/service and offering it to a specific market Advantages: – An existing Model – Lower Risk – Established name (usually) Disadvantages: – Less Control (Manager rather than entrepreneur) – Often Pay a high price for the business – Change is difficult

23. Ways to Start a Business Modifying an Existing Model Changes that are made to a pre-existing idea or business You see a good business idea but feel it can be “tweaked” in order to fulfill needs or wants of a specific market Advantages – An established product/product/idea – A sound business model – Knowledge of your market Disadvantage – No guarantees – Change might not be “big” enough for customers to change – Legal Concerns

24. Goods vs Services

25. Physical vs Virtual

26. Venture Type

27. Indian Policy – Early Reserve Period  Does everyone have a right to run their own business?  Should they be restricted based on their ethic origin?  Dark Spot on Saskatchewan History: - Indian Policy and Early Reserve Period - Two articles - http://www.ammsa.com/publications/windspeaker/indian-act-permit- control-culture http://www.ammsa.com/publications/windspeaker/indian-act-permit- control-culture - http://esask.uregina.ca/entry/indian_policy_and_the_early_reserve_ period.html http://esask.uregina.ca/entry/indian_policy_and_the_early_reserve_ period.html

29. Agriculture/Aboriginal and Non Aboriginal Farmers

30. How do you Protect your ideas?  Once you’ve come up with an idea, or invention, or an innovation, there are a number of ways to protect it so potential competitors can’t take advantage of it.  In Canada there are several ways to protect your intellectual property.

31. definitions  Patents  Is a grant made by the government that gives the creator of an invention the sole right to make, use and sell the invention for a set period of time.  Copyrights  Protects literacy works, musical works, artistic works, and software. Copyright to any original work they have created unless they were hired or employed to create it.  Copyright act – can’t use without the persons permission  Trademarks  Industrial Design Act  Integrated Circuit Topography Act

32. What does an entrepreneur Do?  Ideas and opportunities/aware/outside the box  Identify needs for products or services  Generate ideas on how to provide the needed products or services  Evaluate whether an of the ideas present a venture opportunity  Evaluate ideas and opportunities for development of a venture  Develop a plan  Implement the plan