BDI3C RATZ Entrepreneurs and Enterprising People Unit Notes.

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Entrepreneurs and Enterprising PeopleUnit Notes

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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?

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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

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Enterprising vs. Entrepreneur

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Who are Entrepreneurs?What do entrepreneurs look like?

Age? Sex? Marital status? Nationality? Background? Born or made?

Let’s do some research!

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Desirable Skills of EntrepreneursNumeracy

Literacy

Financial management

Time management

Decision making

Organization

Planning

Leading

Stress management

Record keeping

Communication

Negotiation

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Desirable Characteristics of EntrepreneursWilling to take a risk

Positive attitude

Strong sense of commitment

Hardworking and energetic

Have spirit of adventure

Self-confident and self-reliant

Be goal oriented

Be innovative, creative and versatile

Be persistent

Strong need to achieve and seek personal accomplishment

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Undesirable Characteristics for Entrepreneurs Invulnerability

Being macho

Being anti-authoritarian

Impulsiveness

Perfectionists

Know-It-All

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Contributions of Entrepreneurs to SocietyCreate 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

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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 more

Businesses must consider social and community consequence of their actions

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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

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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

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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?

http://www.pbs.org/opb/thenewheroes/engage/business.html

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Examines needs, wants and problems for

which he/she feels there is something that can be done

The Entrepreneur’s Dozen

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Narrows the possible outcomes down

to one specific opportunity

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Thinks of an innovative idea

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Researches the opportunity and idea

thoroughly

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Enlists the best source of advice and

assistance

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Plans the venture and looks for possible

problems that may arise

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Ranks the risks and possible rewards

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Evaluates the risks and possible

rewards and makes a decision

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Never hangs on to an idea if research

shows it won’t work

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Employs the resources necessary if the

decision is made to go ahead with the venture

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Understands that any entrepreneurial

venture will take a great deal of long, hard work

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Realizes a sense of accomplishment

from successful ventures and learns from failed ones to achieve success in the future

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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.

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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

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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.

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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.