Entrepreneurship

Entrepeneurs & Enterprising People

What is entrepreneurship?
The act of identifying opportunities and taking calculated risks to satisfy the needs and wants of others.

What is an entrepreneur? Someone who has an idea AND makes it happen!

Local Entrepreneurs (Delta)
EHR -- Robert Bragdon, manager for 25 years (open since 1931)
Shipton’s Heating and Cooling (open since 1926)
Rankin’s Restaurant -- Gary Rankin, owner and son of founder (1st bar & grill in Hamilton)
Sealed Art across from Gage Park -- Les Stone

How entrepreneurs benefit communities:
Provide new, improved products / services
Improving our living condition
Find new ways to make products / services available to more people
Competition which improves quality, production and keeps prices down.
Create jobs
Provide a spirit of energy, initiative and potential for other entrepreneurs (one venture often creates a demand for other ventures)
Pay taxes, sponsor teams, support fund raising, help to improve community

Factors that help people overcome barriers to becoming an entrepreneur:
Government incentives/funding
Education
Changing attitudes-women, natives and disabled Canadians can be entrepreneurs!
Mentoring-support from someone with experience

Enterprising People (Also called Intrapreneurs) Enterprising People make things happen within a company or organization or in their spare time. Many are agents of social change. They respond to needs and wants in order to improve the lives of others.

Enterprising People & Accomplishments
Terry Fox – Run for Cancer
June Callwood – Home for Abused Women
Rick Hansen – World Motion Tour for Handicapped
Arthur Fry – 3M post-it
Lee Iacocca – Chrysler mini van

Creative and innovative thinking by employees:
Band-Aid (Earl Dickson working for J & J)
Cell Phone (Dr. Martin Cooper for Motorola)
Hybrid Car (Ferdinand Porsche)
Digital Camera (Steven J. Sasson for Eastman Kodak)
Innovation – is a change to something that already exists. Someone asked, “What if?”

Entrepreneur VS Enterprising Person
Same :
Visionary--look for opportunities
Resourceful--make things happen
Risk-taker--chance of losing own $ or their reputation within a company.
Different :
Entrepreneur - setting up a business to make a profit.
Enterprising Person - work within an established organization or company to make improvements.

More and more corporations want employees to be enterprising people. Why are enterprising people valued?
Need leaders to help the company grow
Help the company compete
Keep pace with changing customer needs/wants and technology

What does the enterprising employee get?
Improved pay, benefits and profit sharing
Job security
Sense of accomplishment
Recognition
Leadership opportunities

Ways a company can encourage employees to be enterprising people:
Suggestion box e.g., General Motors, Honda
Profit sharing e.g., E.D. Smith, Dofasco
Team concept e.g., 3M – creative groups for new ideas
Stock purchase plan e.g., Canadian Tire
Pay for courses that employees take to upgrade skills
Innovative and fun work environment
Reward and recognize efforts and results
Provide freedom from constraints (flex hours)
Share power

Risks for Enterprising Employees
Rejection of their ideas
Responsibility for results
Ridicule by others
Loss of credibility
Demotion

Ways to Manage Risk
Communicate effectively
Build a team
Use the expertise of others
Take calculated risks…research & plan!

The Importance of Self-Confidence
It is very difficult for other people to trust and have confidence in someone when that same person does not have confidence in themselves. In the enterprising world, that kind of lack of confidence can paralyse a business.

How can you gain self-confidence?
By having successes
By being good at something
By doing what you love to do
Read books about successful people
Challenge yourself
Tackle your fears (on the other side of your fears is your greatest growth)
Be positive (you are in control)
Have initiative (getting started is half the battle)
Establish goals

Ways in which you can be Enterprising.
Get involved in your school
clubs - teams - student council - yearbook
school newspaper - spirit days - helping others
start a club - start a band - fundraising
Get involved in your community
volunteer - contribute - help a senior
listen for problems, there may be an opportunity
look for ways to do things better
create your own summer job
talk to local entrepreneurs

Entrepreneurship

by kathygoodwin on Feb 02, 2011

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