Post on 23-Feb-2016
description
BDI3CRATZ
Entrepreneurs and Enterprising PeopleUnit Notes
BDI3CRATZ
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?
BDI3CRATZ
Enterprising/Entrepreneurial OpportunitiesMarket-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
BDI3CRATZ
Enterprising vs. Entrepreneur
BDI3CRATZ
Who are Entrepreneurs?What do entrepreneurs look like?
Age? Sex? Marital status? Nationality? Background? Born or made?
Let’s do some research!
BDI3CRATZ
Desirable Skills of EntrepreneursNumeracyLiteracyFinancial managementTime managementDecision makingOrganizationPlanning
LeadingStress managementRecord keepingCommunicationNegotiation
BDI3CRATZ
Desirable Characteristics of EntrepreneursWilling to take a riskPositive attitudeStrong sense of
commitmentHardworking and
energeticHave spirit of adventureSelf-confident and self-
reliant
Be goal orientedBe innovative, creative
and versatileBe persistentStrong need to achieve
and seek personal accomplishment
BDI3CRATZ
Undesirable Characteristics for Entrepreneurs InvulnerabilityBeing machoBeing anti-authoritarian ImpulsivenessPerfectionistsKnow-It-All
BDI3CRATZ
Contributions of Entrepreneurs to SocietyCreate new ventures that provide new,
improved products and servicesFind new ways of making products and services
available to more peopleCompete 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
BDI3CRATZ
Social ResponsibilityDoing 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 moreBusinesses must consider social and
community consequence of their actions
BDI3CRATZ
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
BDI3CRATZ
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
BDI3CRATZ
How does a business act socially responsible?Treats employees fairlyMakes decisions that help protect environmentContributes to charitiesContributes to community development
Can you build a socially responsible business?http://www.pbs.org/opb/thenewheroes/engage/
business.html
BDI3CRATZ
Examines needs, wants and problems for which he/she feels there is something that can be done
The Entrepreneur’s Dozen
BDI3CRATZ
Narrows the possible outcomes down to one specific opportunity
BDI3CRATZ
Thinks of an innovative idea
BDI3CRATZ
Researches the opportunity and idea thoroughly
BDI3CRATZ
Enlists the best source of advice and assistance
BDI3CRATZ
Plans the venture and looks for possible problems that may arise
BDI3CRATZ
Ranks the risks and possible rewards
BDI3CRATZ
Evaluates the risks and possible rewards and makes a decision
BDI3CRATZ
Never hangs on to an idea if research shows it won’t work
BDI3CRATZ
Employs the resources necessary if the decision is made to go ahead with the venture
BDI3CRATZ
Understands that any entrepreneurial venture will take a great deal of long, hard work
BDI3CRATZ
Realizes a sense of accomplishment from successful ventures and learns from failed ones to achieve success in the future
BDI3CRATZ
Advantages of EntrepreneurshipBe 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.
BDI3CRATZ
Disadvantages of EntrepreneurshipEntrepreneurship 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
BDI3CRATZ
Entrepreneur QuizTrue or False?1. Entrepreneurs are born, not made.2. Entrepreneurs are gamblers.3. Entrepreneurs are completely independent.4. Entrepreneurs face greater stress than
corporate managers.5. Most new businesses end in failure within five
years.6. Money is the most important startup
ingredient.
BDI3CRATZ
True or False?7. Talented entrepreneurs achieve success
within the first year.8. Most entrepreneurs do not complete high
school.9. Entrepreneurs thrive on accomplishment
more than power.10. Entrepreneurs are generally young (25 and
under)and full of energy.