Entrepreneurship

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Introduction to entrepeneurship.

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Entrepreneurship

  1. 1. Entrepeneurs & Enterprising People
  2. 2. What is entrepreneurship? <ul><li>The act of identifying opportunities and taking calculated risks to satisfy the needs and wants of others. </li></ul>
  3. 3. What is an entrepreneur? Someone who has an idea AND makes it happen!
  4. 4. Local Entrepreneurs (Delta) <ul><li>EHR -- Robert Bragdon, manager for 25 years (open since 1931) </li></ul><ul><li>Shipton’s Heating and Cooling (open since 1926) </li></ul><ul><li>Rankin’s Restaurant -- Gary Rankin, owner and son of founder (1st bar & grill in Hamilton) </li></ul><ul><li>Sealed Art across from Gage Park -- Les Stone </li></ul>
  5. 5. How entrepreneurs benefit communities: <ul><li>Provide new, improved products / services </li></ul><ul><li>Improving our living condition </li></ul><ul><li>Find new ways to make products / services available to more people </li></ul><ul><li>Competition which improves quality, production and keeps prices down. </li></ul><ul><li>Create jobs </li></ul><ul><li>Provide a spirit of energy, initiative and potential for other entrepreneurs (one venture often creates a demand for other ventures) </li></ul><ul><li>Pay taxes, sponsor teams, support fund raising, help to improve community </li></ul>
  6. 6. Factors that help people overcome barriers to becoming an entrepreneur: <ul><li>Government incentives/funding </li></ul><ul><li>Education </li></ul><ul><li>Changing attitudes-women, natives and disabled Canadians can be entrepreneurs! </li></ul><ul><li>Mentoring-support from someone with experience </li></ul>
  7. 7. 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.
  8. 8. Enterprising People & Accomplishments <ul><li>Terry Fox – Run for Cancer </li></ul><ul><li>June Callwood – Home for Abused Women </li></ul><ul><li>Rick Hansen – World Motion Tour for Handicapped </li></ul><ul><li>Arthur Fry – 3M post-it </li></ul><ul><li>Lee Iacocca – Chrysler mini van </li></ul>
  9. 9. Creative and innovative thinking by employees: <ul><li>Band-Aid (Earl Dickson working for J & J) </li></ul><ul><li>Cell Phone (Dr. Martin Cooper for Motorola) </li></ul><ul><li>Hybrid Car (Ferdinand Porsche) </li></ul><ul><li>Digital Camera (Steven J. Sasson for Eastman Kodak) </li></ul>Innovation – is a change to something that already exists. Someone asked, “What if?”
  10. 10. Entrepreneur VS Enterprising Person <ul><li>Same : </li></ul><ul><li>Visionary--look for opportunities </li></ul><ul><li>Resourceful--make things happen </li></ul><ul><li>Risk-taker--chance of losing own $ or their reputation within a company. </li></ul><ul><li>Different : </li></ul><ul><li>Entrepreneur - setting up a business to make a profit. </li></ul><ul><li>Enterprising Person - work within an established organization or company to make improvements. </li></ul>
  11. 11. More and more corporations want employees to be enterprising people. Why are enterprising people valued? <ul><ul><li>Need leaders to help the company grow </li></ul></ul><ul><ul><li>Help the company compete </li></ul></ul><ul><ul><li>Keep pace with changing customer needs/wants and technology </li></ul></ul>
  12. 12. What does the enterprising employee get? <ul><li>Improved pay, benefits and profit sharing </li></ul><ul><li>Job security </li></ul><ul><li>Sense of accomplishment </li></ul><ul><li>Recognition </li></ul><ul><li>Leadership opportunities </li></ul>
  13. 13. Ways a company can encourage employees to be enterprising people: <ul><li>Suggestion box e.g., General Motors, Honda </li></ul><ul><li>Profit sharing e.g., E.D. Smith, Dofasco </li></ul><ul><li>Team concept e.g., 3M – creative groups for new ideas </li></ul><ul><li>Stock purchase plan e.g., Canadian Tire </li></ul><ul><li>Pay for courses that employees take to upgrade skills </li></ul><ul><li>Innovative and fun work environment </li></ul><ul><li>Reward and recognize efforts and results </li></ul><ul><li>Provide freedom from constraints (flex hours) </li></ul><ul><li>Share power </li></ul>
  14. 14. Risks for Enterprising Employees <ul><li>Rejection of their ideas </li></ul><ul><li>Responsibility for results </li></ul><ul><li>Ridicule by others </li></ul><ul><li>Loss of credibility </li></ul><ul><li>Demotion </li></ul>
  15. 15. Ways to Manage Risk <ul><li>Communicate effectively </li></ul><ul><li>Build a team </li></ul><ul><li>Use the expertise of others </li></ul><ul><li>Take calculated risks…research & plan! </li></ul>
  16. 16. The Importance of Self-Confidence <ul><li>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. </li></ul>
  17. 17. How can you gain self-confidence? <ul><li>By having successes </li></ul><ul><li>By being good at something </li></ul><ul><li>By doing what you love to do </li></ul><ul><li>Read books about successful people </li></ul><ul><li>Challenge yourself </li></ul><ul><li>Tackle your fears (on the other side of your fears is your greatest growth) </li></ul><ul><li>Be positive (you are in control) </li></ul><ul><li>Have initiative (getting started is half the battle) </li></ul><ul><li>Establish goals </li></ul>
  18. 18. Ways in which you can be Enterprising. <ul><li>Get involved in your school </li></ul><ul><ul><li>clubs - teams - student council - yearbook </li></ul></ul><ul><ul><li>school newspaper - spirit days - helping others </li></ul></ul><ul><ul><li>start a club - start a band - fundraising </li></ul></ul><ul><li>Get involved in your community </li></ul><ul><ul><li>volunteer - contribute - help a senior </li></ul></ul><ul><ul><li>listen for problems, there may be an opportunity </li></ul></ul><ul><ul><li>look for ways to do things better </li></ul></ul><ul><ul><li>create your own summer job </li></ul></ul><ul><ul><li>talk to local entrepreneurs </li></ul></ul>

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